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2024-03-31-accounts

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

Charity registration number 297742

Company registration number 02149909 (England and Wales)

CHINESE COMMUNITY CENTRE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Patron Lady Youde
Trustees Ms C Y W Yau
Mr D Lee
Mr I D Haworth
Charity number 297742
Company number 02149909
Registered office 2 Leicester Court
London
England
WC2H 7DW
Independent examiner abacus azure
Chartered Certified Accountants
85-87 Bayham Street
London
NW1 0AG
Bankers HSBC Plc
17 Gerrard Street
London
W1V 8HB
The Bank of East Asia Limited
London Branch
75 Shaftesbury Avenue
London
W1D 5BB
Aldermore bank
The Broadgate Tower
20 Primrose Street
London
EC2A 2EW
Solicitors Dominic Lee
60-66 Wardour Street
National House
London
W1F 0TA

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 14

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are is to improve the quality of life and well-being of the Chinese Community in London, particularly the new arrivals and those who are disadvantaged, preserving Chinese culture, arts, identity and traditions. The policies adopted in furtherance of these objects are those that continue to provide services to meet the needs of Chinese Community across London. There has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The London Chinese community centre has continued to offer an ever-growing range of vital community and social service activities, particularly for those who are disadvantaged, isolated and vulnerable. Our expert staff provide free, confidential and impartial one-to-one support in areas where many struggle, such as welfare, education, housing, health and even family/personal problems. We provide free access to professional legal advice. There has been a significant increase in demand during the last year for our service.

Our charity has kept up the required high standard and retained the accreditation of the Advice Quality Standard (AQS) in Welfare/ Benefits. The accreditation enables us to enhance the required expectation of facilitating our clients’ access to both statutory benefits and services – without such accreditation the provision of assistance would prove more difficult.

Our Information & Advice services continue to offer impartial advice to a total of 2,446 cases, claiming £ 829,700.55 in benefits and making over 20 outreach trips for the year 2023-2024. The UK Society of Chinese lawyers (UKSCL) carry out pro bono legal advice for our members over the phone or via Zoom. To date we have handled a total of 66 cases. We also have worked with the NHS and ran a number of health workshops for our members such as “measuring your blood pressure”, “how to stay healthy”, “dementia” workshop and “mental well-being”. Our Centre has worked in partnership with the “Chinese Welfare Trust (CWT) & dementia UK to provide an ongoing and weekly consultation service to our Centre, we are grateful for their contribution.

Our partnership with Westminster Adult Education Service (WAES) continues to provide three ESOL classes weekly. With their further financial support, we managed to run a series of cultural workshops & outings for our members that has remarkably improved their mental well-being. We estimate about 20-25 members and nonmembers support our Lunch Club on a daily basis, some of our elderly members live alone and unable to cook for themselves, after Covid we continued our takeaway services especially for those who were in greatest need, we serve hundreds of lunches and takeaways at the Centre each month.

Financial review

In terms of funding, our annual fund-raising activities such as Opera concerts, Brent cross and Chinese New Year celebrations contributed to the Centre. Subsequently, our Centre has bid for a number of funding applications, several online campaigns and working with new business partners, at the same time taking the opportunity to raise the Centre’s profile. During traditional Chinese festivals, we worked to arrange performances, such as Lion dance, calligraphy and Taichi for private companies to raise funds for the Centre. We were fortunate enough to have some of those companies donate sufficient sums to secure our immediate future. The Trustees have decided that any surplus amounts will be left as a reserve and set aside to rent a more permanent property when our rental lease with the Hippodrome casino expires in a few years’ time, or in future we face difficult times.

The cost of living has been rising significantly since last year, largely driven by high inflation. Thankfully, our charity has managed to survive with lots of supports and remains a vital hub for the Chinese community.

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The main risks are as follows:

Identified Risks Risk Management

Competitive environment Identify resources Identify resources
Insufficient funding Cutback in
office		 activities,
review		 work programme
regularly, negotiate with funders
for		 increased
support and
further
develop
income		 generation
activities
Highly in-demand services Regular reviews of services criteria
and
programmes
Capacity demands on staff Regularly review staff training and development plan,
strengthen supervision and appraisal processes to link with
organisational, financial and services objectives. Focus on
impact and outcomes

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Ms C Y W Yau

Mr D Lee

Mr I D Haworth

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Ms C Y W Yau

trustee

23 September 2024

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHINESE COMMUNITY CENTRE

I report to the trustees on my examination of the financial statements of Chinese Community Centre (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Noel Aloko FCCA

FCCA

abacus azure Chartered Certified Accountants 85-87 Bayham Street London NW1 0AG

Dated: 26 September 2024

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
36,036
74,750
Charitable activities
4
40,358
-
Other activities
5
76,760
-
Investments
6
12,220
-
Material other income
3,149
-
Other income
7
8,673
-
Total income
177,196
74,750
Expenditure on:
Raising funds
8
3,873
7,475
Charitable activities
9
167,577
67,275
Material other
expenditure
7,213
-
Total expenditure
178,663
74,750
Net expenditure for the year/
Net movement in funds
(1,467)
-
Fund balances at 1 April 2023
483,760
5,297
Fund balances at 31 March
2024
482,293
5,297		 Total Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
110,786
22,978
43,029
40,358
73,421
-
76,760
78,536
-
12,220
2,210
-
3,149
930
-
8,673
1,503
-
251,946
179,578
43,029
11,348
7,061
4,303
234,852
173,322
38,726
7,213
12,791
-
253,413
193,174
43,029
(1,467)
(13,596)
-
489,057
497,356
5,297
487,590
483,760
5,297		 Total
2023
£
66,007
73,421
78,536
2,210
930
1,503
222,607
11,364
212,048
12,791
236,203
(13,596)
502,653
489,057

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Provisions for liabilities
Net assets
Income funds
Restricted funds
Unrestricted funds
Designated funds
18
General unrestricted funds		 2024
£
£
7,181
611,923
(10,514)
601,409
608,590
(121,000)
487,590
5,297
400,000
82,293
482,293
487,590		 2023
£
£
8,610
608,152
(6,705)
601,447
610,057
(121,000)
489,057
5,297
400,000
83,760
483,760
489,057

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 23 September 2024

Ms C Y W Yau

Trustee

Company registration number 02149909

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Chinese Community Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Leicester Court, London, WC2H 7DW, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

20% Reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Grants
-
23,500
Luncheons
14,477
-
Workshops/ other
21,559
51,250
For the year ended 31 March 2023
22,978
43,029		 Total
2024
£
23,500
14,477
72,809		 Total
2023
£
36,029
13,461
16,517
66,007

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

4 Charitable activities

Fundraising
Donations
Other charitable activities
Membership fees		 2024
£
20,278
11,399
-
8,681
40,358		 2023
£
21,569
47,301
363
4,188
73,421

5 Other activities

Other activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising events 2,993 10,593
Member fees other 1,931 4,497
Letting and licensing arrangements 68,418 45,952
Other income 3,418 17,494
Other activities 76,760 78,536
Investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 12,220 2,210
Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Sales within Charitable activity 8,673 1,503

6 Investments

7 Other income

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising and publicity
Workshops
3,873
7,475
3,873
7,475		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
11,348
7,061
4,303
11,348
7,061
4,303		 Total
2023
£
11,364
11,364

9 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Staff costs 182,172 160,999
Depreciation and impairment 1,749 2,037
Other activities 1,000 5,667
Luncheons 13,874 9,724
Youth activities 914 1,729
199,709 180,156
Share of support costs (see note 10) 29,985 26,545
Share of governance costs (see note 10) 5,158 5,347
234,852 212,048
Analysis by fund
Unrestricted funds 167,577 173,322
Restricted funds 67,275 38,726
234,852 212,048

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10 Support costs

Staff costs
Bankcharges
Training
Travelling
Rates
Insurance
Telecommunications
Staff recruitment
Cleaning & maintenance
IT costs
Print. post. & stationery
Subscription & sundries
Examiner's fees
Accountancy
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
1,601
-
1,251
-
731
-
273
-
5,377
-
580
-
5,689
-
2,711
-
3,342
-
2,198
-
3,965
-
2,267
-
-
1,800
-
3,145
-
213
29,985
5,158
29,985
5,158		 2024Support costs Governance
costs
£
£
£
1,601
999
-
1,251
628
-
731
614
-
273
2,766
-
5,377
4,659
-
580
-
-
5,689
1,559
-
2,711
152
-
3,342
2,698
-
2,198
9,047
-
3,965
2,671
-
2,267
752
-
1,800
-
1,500
3,145
-
3,280
213
-
567
35,143
26,545
5,347
35,143
26,545
5,347		 2023
£
999
628
614
2,766
4,659
-
1,559
152
2,698
9,047
2,671
752
1,500
3,280
567
31,892
31,892

Governance costs includes payments to the independent examiner of £1,800 (2023- £1500) for independent examination fees.

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
8
2024
£
172,125
8,779
2,869
183,773		 2023
Number
7
2023
£
147,080
12,182
2,736
161,998

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

13 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Loans and overdrafts
Bank overdrafts
Pension
Payable within one year
Creditors: amounts falling due within one year
Notes
Bank loans
14
Other borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 Fixtures and fittings
£
126,685
320
127,005
118,075
1,749
119,824
7,181
8,610
2024
2023
£
£
645
191
1,015
-
1,660
191
1,660
191
2024
2023
£
£
645
191
1,015
-
3,077
2,512
1,727
2,502
2,250
-
1,800
1,500
10,514
6,705		 Fixtures and fittings
£
126,685
320
127,005
118,075
1,749
119,824
7,181
8,610
2024
2023
£
£
645
191
1,015
-
1,660
191
1,660
191
2024
2023
£
£
645
191
1,015
-
3,077
2,512
1,727
2,502
2,250
-
1,800
1,500
10,514
6,705
127,005
118,075
1,749
119,824
7,181
8,610
2023
£
191
-
191
191
2023
£
191
-
2,512
2,502
-
1,500
6,705

14 Loans and overdrafts

15 Creditors: amounts falling due within one year

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Provisions for liabilities
Movements on provisions:
£
At 1 April 2023 and 31 March 2024
71,000		 2024
£
71,000
50,000
121,000
£
50,000		 2023
£
71,000
50,000
121,000
Total
£
121,000

17 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £2,869 (2023 - £2,736).

18 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement Movement
in funds in funds
Balance at Incoming Balance at Incoming Balance at
1 April 2022 resources
1 April 2023		 resources 31 March
£ £ £ £ 2024
£
Property Purchase/Lease/Rent Reserve 400,000 - 400,000 - 400,000
400,000 - 400,000 - 400,000

Docusign Envelope ID: 4BD7C85D-8B81-4162-861D-EC3C79D0EE39

CHINESE COMMUNITY CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

19 Analysis of net assets between funds Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Fund balances at 31
March 2024 are
represented by:
Tangible assets 7,181 - 7,181 8,610 - 8,610
Current assets/(liabilities) 601,409 - 601,409 196,150 5,297 601,447
Provisions (121,000) - (121,000) (121,000) - (121,000)
487,590 - 487,590 83,760 5,297 489,057

20 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).