REGISTERED COMPANY NUMBEI R: N1019141 (Northern Ireland) RECISTEI RED CHARITY NUMBER: NIC100566 Report of the Trustees xnd Unaudited Finaneial Statements FOR THE YEAR ENDED 30 September 2022 ror CHINESE WELFAIiE ASSOCIATION LIMITED M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antriin BT9 6GH
CHINESEI WELFARE ASSOCIATION LIMITED Contents of the Financial Statements FOR THE YE4 AR ENDED 30 SEI PTEMBER 2022 Page Reference and Administrstive Details Report of the Trustees 2 to 4 Independent Examiner's Report Statement of Fin2nci21 Activities Balance Shett Notes to te FinAnclal Statements 9 to 17 Detailed Statement of Financial Aetivltles 18 to 19
CHINLI SE WELFARE ASSOCIATION LIMITED Refei'ence aud Administratlve Details FIOR THE YEAR ENDED 30 SEPTEMBER 2022 TRUSTEES Wai Ching Wong Ping Kwan Li Wai Heung Lam Yun Fai Wong Yuet Kwan Lee Koon Chunts Tong (resigned 1811212022) Mo Yuen Tsang Lee Jiemin Tomita Jin Zhen Lili Li Chang Hai Zhu Ling Sun John CEeaver Stewart Tung Loi Tsang Min Shen yuYyllan Mccoo Zhang (appointed 181l2r2022) Wei Xia (appointed 18112r2022) Fenglian Carter (appointed I81I212022) COMPAflY SECRETARY Min Shen REGISTERII D OFFICE I Stranmillis Embankment Belfast Co. Antriin Bf7 IGB REGISTERED COMPANY NUMBER NIOI 914 l (Northern Ireland) REGISTERED CIIARrrY NUMBER NIC100566 INDEPLNDENT EXAMINER M.B.McGrady & Co Chartered Accountants Suite 2B Cadogen House 322 Lisbum Road Belfast Co. Antrim BT9 6GH BANKERS Danske Bank Donegall Square West Belfast BTI 6JS
CHINEI SE Wn4 LFARE ASSOCIATION LIMITED Report of the Trustees FOR THE AR ENDEI D 30 SEPTEMBER 2022 The trustees piesent their report witb the financial statements of the charity for the year ended 30 Septembei. 2022. The financial statements have been Prepared in accoTdance with the Charities SORP (FRS 102) 'Accounting and Reporting by Cliarities: Stateinent of RecomnLended Practice applicable An the UK and Republic of Ireland (FRS 102) (effective I January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. OBJECTIVES AND ACTIVITIES Strategic Aims The Chinese Welfare Association has seven core strategic airns: l. Enabling and supporting conwnunity development and developing the community infrastructure within the coinmunity; 2. Providing or securing services which ineet the social and bealth needs aTising out of the disadvaataged position of the Chinese community: 3. Enabling children and young people to realise their fvll potential as active citizens within both the Chinese and wider con]munity' 4. Developing a greater cultural awareness within both th¢ Chinese and wider community and working towards the elimination of racism and discrimination. 5. SecuTing the resources and facilities needed to achieve the core aims of the organisation: 6. Using our unique cominunity's experience to provide leadership and mentorship to other BME communities. and 7. Supporting and strengtheniF]g links between Nortbern Ireland and the Peoples Republic of China. Volunteers The charity is gratefjjl for the efforts of its volunteers who are involved in services, provision and fiind-raising. ACIUEI VEMEI NT AND PERFORMANCE Charitable activities The Chinese Welfare Association of Northern treland has continued to work towards its ? strategic goals in the last fman¢ial year. We have endeavoured to support the 4 outcomes of the Racial Equality Sttztegy 2015-25- equality of access to services for all, cultural diversity is celebrntel a sense of belongino is felt by ow Community and the elimination of racial dAs¢iimination. With the easing of Covid restrictions and increasing user confidence, we have seen a steady stream of return footfall to the centre. This AS Posltive news and with greater centre use. we have seen a welcome incTease in ow income generation through room ientals. Our inain health contracts along with core fimding from The Executive Office bave supplied us with the resources to meet the needs of the comrnunities we setve. We were delighted to see an increase in our TBO core tsnding level froEn £45,000 to £60,000 and this will remain in place until 2025 as part of 3-year funding. SimilaTly the TEO also awarded us with the highest verification level for fmancial management which only instils confidence that we are managing well the resoutces we have. All our contracts achieved their agreed outcoines and in some ¢ase5 we exceeded our KPIS despite the challenges of moving out of Covid.
CHINEI Sf WEI LFARE ASSOCIATION LIMITED Report of the Trustees FOR THEI YEAR ENDEI D 30 SEPTEMBER 2022 ACHIEI VEI MEI NT AND PERFORMANCE Fundraising activities We were delighted to successfjjlly bid for funding to explore the centenary of the founding of Nortbem Ii'eland. We receiv¢d £79,000 from the BICT Lottery Shared History Fund and this lias been one of our largest CWA projects to date. Finishing in June 2022 we had a very busy year of work We held workshops, created a new website and app ( www.iinni.co.uk), installed a pern]anent exhlbition in the centre and created fths to explore how our Chinese community and other Minority Ethnic communities have made Northern Ireland their home. We are hoping to build on this success with a futse flagship funding bid which will explore the history of our Chinese conynunity further. User fredback from all our services remains highly positive and our clients report a high level of support and a strong sense of belonging. All this speaks to the commitment aud skills of our staff team who are the 'coal face, of all our services. Their support and care has insured our client5 get the help they need and are able to not only cope, but prospei. in North¢rn Ireland. We continue to promote online F.nglish learning throuJ the use of the app Klik2Learn. CWA is committed to keeping up to date with Ihe best ways to con]municate our message to our MmunIties. Our relationship with Queens University supporting Chinese overseas sdeThts doing a masters in Leadership for Sustainable Developmenl continues from strength to strength. As CWA is also a placement host, we are able to diTect students into research CWA Currently does not have the capacity to carry out and the reports produced by the placement students aid in our Orga]SatIon,S long-terni sustainability. Nevertheless as we look to the year ahead, there are challenges. The centre is now over 10 years old and will need some rerb]shrn¢nt due to simple wear and tear. The inanagement con)Jnittee have begun a new round of community fimdraising helping to meet the gap which funding and income generation is not able to coinpletely meet (our service level agreements provide little for overheads). We have been encouraged by the fmancial conuniirnents we have received already before the camp8ign has been officially launched. We do have a strong volunteer base and this helps support our work but we will certainly need to coordinate it better in order to maximise the use of the centre. CWA continues to make a SIlf1¢ant contribution to a resilient and diverse Northern Ireland. We have an experienced staff team and a management board who are ready and willing to strive for our tre. I confident CWA will go froi strength to strength. FINANCIAL REVIEW Financial Revieiv The i'esults for the year are set out in detsil on pages 6 to 18. Reserves poliey It is the policy of the charity to maintain free reserves which matches tbe needs of the trusL both at the current tiEne and in the foreseeable filture. This provides sufficient lld5 to Cover Tunning costs which include management, administration and support Costs. Free reserves are those unrestricted Teserves not designated or invested in fixed assets which are available for general use. These include activities created through income generation. Funding The prllicipal fi]nding is from grants. A list of these can be found in nofr 12 on page 14.
CHINESE WELFARE ASSOCIATION LIMITED Report of the Trustees IOR THE YII AR ENDED 30 SEPTEMBER 2022 FUTURE PLANS The centre is now over 10 years old and will need some refi]rbishment due to simple wear and tear. IncTeased energy costs will put a strain on OUT overall running costs- most of which are met by fvndraising as many of our service level agreeinents provide little for overheads. To overcome this obstacle, we will need to establish reoular fundi'aising activities in addition to our annual special effort at Chinese New Year. We do have a strong volunteer base, and this helps support our work but we will certainly need to coordinate it better in order to maximise the use of the centre. CWA continues to make a significant contribution to a resilient and diverse Northern Ireland and I'm confident with hard work and strong community support we will go from strength to strength. STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees, and officers, liability During the year the Company maintained insurance coveT against liabilities incurred whilst a¢ting in their Capacity as trustees or officers of the ¢ompany. The trustees who served during th¢ year were: Danny Wai Ching Wong Lili Li Jolm Cleaver Stewart Mo Yuen Tsang Lee Arlhui. Ping Kwan Li Wai Heung Lam Yun Fai Wong Yuet Kwan Lee Koon Chung Tong (resigned 1811212022) Jiemin Toinita Jin Zhen Cl)ang Hai Zhu Ling Sun Min Shen Tuno Loi Tsang Yuanyyuan Mccoo Zhang (appointed 18112t2022) Wei Xia (appointed 1811212022) Fenglian Carter (appointed 1811212022) Approved by order of the board of trustees on 29 June 2023 and signed on its behalf by.. Lili Li- Trustee
Independent Ei xaminer's Report to tlie Ti-ustee5 of Chinese Welfai-e Association Limited I report on the accounts of the coinpany for the year ended 30 September 2022, which are set out oil pages six to seventeen. Re5pectAve responsxbilities of charity trustees and examiner As the charity's trustees (and also the directors for the PUTposes of company law) you ar¢ responsible for the piq)aration of the accounts in accordance with the requirements of th¢ Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligÈble for independent examination, it is my responsibility to- examine the accounts under Section 65 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under Section 65(9)(b) of the Cl]arities Acl state whether particulaT matters have Come to my attention. Basis of the independent examiner's report I have examined your ¢haTity accounts a5 required under Section 65 of the Charilies Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern treland und¢r Section 65(9)(b) of the Charities Act. The examination included a review of the accounting Tecords kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seekiDg explallations from you as charity trustees ¢oncerning ally such m&tteTS. My Tole is to state whether any material matters have Come to my attention giving me cause to believe: That accounting records were not kept ill accordance with Section 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of Section 396 of the Companles Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordonce with the Financial Reporting Standard applicable in the UK and Republic of Ireland That there 15 further infonnation needed for a proper undetandIng of the accounts to be reached. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. l Can confirni that l arn qualified to undertake the examination because l am a meinber of the Institute of Chartered Accountants in Ireland which is one of the listed bodi¢5. I have ¢oinpleÈed my examination and have no con¢ems in respect of the Djatters (l) to (4) listed above and, in onnection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. s((0} Mr Seainus McLernon FCA M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antriin BT9 6GH 29 June 2023
CHINESEI WELFARE ASSOCIATION LIMTTED Statement of FiIiaELcial Activities FOR THE YE% AR fi NDED 30 SEPTEMBER 2022 3019122 3019r21 Restricted Capital Funds Unrestricted funds Restricted funds Total funds Total funds Notes INCOML IiND ENDOWMEwfs FROM Donations and legacies 76,862 76,862 41,687 Charitable activities Restt'icted 209,408 209,408 230,062 IDvestment incom¢ Total 76,863 209,408 286,271 27l,753 EXPEfmiTURE ON Charitable activities Restricted Unrestricted 239,445 31,694 271,139 60,864 290,923 27,042 60,864 Total 60,864 239,445 31,694 332,003 317,965 NET INCOMEI(EI XPII NDITURE) 15,999 130,037) (31,694) (45,732) (46,212) RECONCILIATION OF FUNDS Total fid$ brought forward 231,245 30,037 834,466 1,095,748 1,141,960 TOTAL fiUNDS CARRIED FORWARD 247,244 802,772 1,050,016 1,095,748 The notes forn] part of these fJnanGial staternents
CHI¢ SE WELFARE ASSOCIATION LIMITED Balance Sheet 30 SEPTEI MBER 2022 3019122 3019121 Notes FIXED ASSLI TS Tangible assets 1,118,961 1,150,206 CURRENT ASSETS Debtors Cash at bank and in hand 11,486 13,453 11,073 3,230 24,939 14,303 CREDITORS Amounts falling due within one year (93,884) (68,761) NET CURREI NT ASSETS (68,945) (54,458) TOTAL ASSETS LESS CURRENT LIABILrrIES 1,050,016 1,095,748 NET ASSEI TS 1,050,016 I,095.748 FUNDS Unrestricted funds Restricted fjjnds 12 247,244 802,772 231,245 864,503 TOTAL FUNDS 1,050,016 1,095,748 The charitable company 15 entLtled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022. The members have not required the ¢ompany to obtain an audit of its financial statements for the year ended 30 September 2022 in accorddnce with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and prepaTing financial statements which give a twe and fair view of the state of affairs of the charitable company as at the end of each fmanGial year and of its surplus or deficit for each fmancial year in accordanc¢ with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companics Act 2006 relatino to fAnancial stateinents, so far as applicable to the charitable company. (b) The notes forni part of these financial statements continued...
CHINESE WELFARE ASSOCIATION LIMITED Balance Sheet- continued 30 SEPTEMBER 2022 These finaiicial stateiiients have been prepared in accordance with the provisions applicable to charitable companies subje¢t to the sinall coinpanies regim¢. The financial stateillents were approved by the Board of Trustees and authorised for issue on 29 June 2023 and were signed on its behalf by: Lili Li - Trustee £LL John Cleaver Stewart - Trustee The notes form part of these financial statetnents
CHINEI SE WEI LFARE ASSOCIATION LIMITEI D Notes to the Fiiiancial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by C]wities: StatemenÉ of Recommended Practice applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Fils 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities onc¢ the charity bas entitlement to the fvnds, it is probable that the Income will be received and the amount can be measured teliably. 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 traDsfer of economic benefits will be required in settlement and the amount of the Dbligation can be measured reliably. Expenditure is accounted foT on an accruals basis and has been ¢18ssified under headings that aggregate all cost related to the category. Where costs cannot be dire¢tly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation and Rpportionment of costs All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. Stsff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. Fixed assets All fixed assets are initially Tecorded at eosL Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Buildings- 20/0 Straight line OffLce Equipment_ 200/0 Reducing balance Fixttu'es & Fittings - 33.3Yo Reducing balance Other Equipment - 25% Reducing balance Taxation The charity is exernpt from COTporation tax on its charitable activities. Fund accounting Unrestricted funds are fidS of the chaiity consisting of a General Fund which is expendable at the discretion of the trustees in rthernce of the charitable objectives of the charity and which has been designated foi other purposes. Restricted fi]nds are funds which are to be used in accordallce with speciflc restrictions unposed by donors or which have been raised by the charity for a particular purposes. The cost of raising and administei'ing such funds are charged against the specific fund. continued...
CHINESE WEI LfiARE ASSOCIATION LIMITED Notes to tlie Fin2nci21 Statements - contitAued FOR THE YEI AR E< NDED 30 SEPTEMBEI R 2022 ACCOUNTING POLICIES- continued Hire pui'chase and leasing COTnJnitments Rentals paid under operating leases are cliarged to the Statement of Financial Activlties on a straight line basis over the period of the lease. Pension eosts and other post-retirement benefits The charitable company operates a defmed contribution pension scheme. Contributions payable to the charitable oinpany's pension scheme are charged to the Statement of Financial Activitles in the period to which they relate. INVEI STMENT INCOME 3019r22 3019121 Deposit account inter¢st NEI T INCOMEI(EXPENDITURE) Net incoinel(expenditAire) is stated after chargingl(crediting): 3019122 3019121 Independent Examiners Fee Depreciation - owned assets Other operating Leases 1,560 31,694 2,363 I,440 31,919 TRUSTEES, REMUF4ERaTION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 10 September 2021. Trustees, expens&s There were no trustees, expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021. STAFF COSTS The average monthly number of employees during the year w&$ as follows: 3019ll2 3019121 Administrative sts£Y No employees received emoluments in excess of £60,000. io continued...
CHINESI WELFARE ASSOCIATION LIMITED Notes to the Financial Statements - continued FOR THEI YEAR ENDED 30 SEPTEMBER 2022 COMPARATIVES FOR THE STATEMENT OF FINklNCIAL ACTIVITIES Resti-icted Capital Funds Unrestricted lunds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 41.687 41,687 Charitable Activities Restricted 230,062 230,062 nvesttnent income Total 271,753 271,753 EXPENDfruRE ON Charitable activitie5 Restricted Unrestricted 259,004 31,919 290,923 27.042 27.042 Total 27.042 259,004 31,919 317,965 NET INCOMEI{EXPEKDITURE) (27,042) 12.749 (31.919) (46,212) RL4 CONCILIATION OF FUNDS Total fijnds brought forward 258,287 17,288 866,385 1,141,960 TOTAL FUNDS CARIUED FORWARD 231,245 30,037 834,466 1,095,748 TANGIBLE FIXED ASSETS Fixtures and rAttings Long leas¢hold Office Machinery COST At l October 2021 Additions 1,527,216 43,452 449 78,459 At 30 September 2022 1527,216 43,901 78,459 DEI PRLI CIATION At l October 2021 Charge for year 381,800 30,544 40,262 728 78,198 87 At 30 Septeinber 2022 412,344 40,990 78,285 NET BOOK VALU At 30 September 2022 1,114,872 2,911 174 At 30 Septeinber 2021 1.145.416 3,190 261 li continued...
CHINESEI WELFARE ASSOCIATION LlliqITED Notes to the Financi21 Statements - continued FOR THEI YEAR ENDED 30 SEPTEI MBER 2022 TIU+TGIBLf FIXED ASSETS - continued Library Books Other equipment Totals COST At l October 2021 Additions 2,433 11,368 1,662,928 449 At 30 September 2022 2,433 11,368 1,663,377 DEPRE4 CIATION At l October 2021 Charge for year 2,433 10,029 335 512,722 31,694 At 30 September 2022 2,433 10,364 544,416 NET BOOK VALUE At 30 September 2022 1,004 1,118,961 At 30 September 2021 1,339 1,150,206 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3019122 3019r21 Trade debtors Prepayinenls and a¢Ued income 9,740 1,746 8,402 2,671 11,486 11,073 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEI AR 3019122 3019121 Bank loans and overdrafts (see note 10) Other loans (See note 10) Trade credktors Social security and other taxes Other creditors Accruals and deferred income 45,915 37,038 4,805 3,424 22 2,680 30.705 27,038 1,091 6,034 36 3,857 93,884 68,761 Bank boOW]ngS have been secured by a persoiial guarantee of £IOO.000 froin a director, Danny Wai Ching Wong, supported by a legal mortgage over commercial premises owned by him. 12 continued...
CHINESE WELFARE ASSOCIATION LIMrrED Notes to the Financial St2tement5 - continued FOR THE YEAR EI NDED 30 SEPTII MBER 2022 10. LOANS An analysis of the maturity of loans is given below: 3019122 3019121 Amounts falling due within one year on demand: Bank overdrafts Other loans 45,915 37,038 30.705 27,038 82,953 57,743 ii. ANALYSIS OF NET ASSETS BETWEEN FUNDS 3019122 3019121 Restricted Capital Funds Unrestricted funds R&stri¢ted funds Total funds Total funds Fixed &ssets Current assets Cuent liabilities 316,189 24,939 (93,884) 802,772 1,118,961 24,939 (93,884) 1,150,206 14,303 (68,761) 247,244 802,772 1,050,016 1,095,748 12. MOVEMENT FUNDS Net movement in funds At Iiioni 3019122 Unrestricted funds General fund 231,245 15,999 247244 Restrlcted funds Restt'icted Capital Funds I in Nl heritage nd 834,466 30,037 (31,694) (30,037) 802,772 864,503 {61,731) 802,772 TOTAL fi UNDS 1,09S,748 (45,732) J,050,016 13 continued..
CHINESEI WELFARE ASSOCJATION LITrLITED Notes to the Financial Statements - continued FOR THE YEAR ENDEI D 30 SEPTEMBER 2022 12. MOVEMENT IN Fuf4DS - continued Net movement in fi)nds, included in the above are as follows: Incoming resources Re50urce5 expended Movement in funds Unrestrieted fund5 General ftind 76,863 (60,864) 15,999 Restricted funds Elderly Group Restricted Capital Funds The Bxecutive Office Belfast City Council STEP I inNI heritage PHA - CAP PHA Bfv National Lottery - Grant for Heritage 40,286 (40,286) (31,694) (49,950) (23,620) (15,537) (30,037) (28,385) (20,399) (31,231) (31,694) 49,950 23,620 15,537 (30,037} 28,385 20?99 31,231 209,408 (271,139) (61,731) TOTAL FUNDS 286,271 (332,003) (45,732) Comparatives for move]nent in funds Net movement in funds At iiiono At 3019121 Unrestricted funds General fi3nd 258,287 (27,042) 23 I,245 Restricted funds Rests'icted C&pital Funds MEI Active Community Foundation Nl I in NI Eleritsge fund 866.385 5,288 12,000 (31,919) (5,288) (12,000) 30,037 834,466 30.037 883.673 (19.170) 864,503 TOTAL FUNDS 1.141,960 (46,212) 1,095,748 14 continued...
CHINESE WEI LfiARE ASSOCIATION LIMITED Notes to the Financial Statements- continued FOR THE YEAR ENDED 30 SEPTEMBER 2022 12. MOVE4 MEINT IN FUNDS - continued Comparative net movernent in funds, included in the above are as follows: Ineoming resollrcos Resources expellded Movement in funds Unrestricted funds General fid (27,042) (27,042) Restricted funds Core Blderly Group Restricted Capital Funds The Executive Office PHA Chinese Advocacy STEP ME Active Commuuity Foundation Nl BCC - Covid l in Nl heritage fimd National Lottery- Strong as an Ox Co op Ireland - Covid recovery PHA. CAP PHA BE PHA BME SE Community Foundation Nl - Covid Resilience Fund 43,010 40,286 (43,010) (40.286) (31,919) (43,180) (31,919) 43,180 (i) 15,780 15,861 3,000 5,000 39,501 io,000 2.000 28,014 21,668 1.536 (15,780) (21.149) (15,000) (5,000) (9,464) (10,000) (2,000) (28,014) (21,668) (1,536) (5,288) (12,000) 30,037 2,918 (2,918) 271,753 (290.923) (19,170) TOTAL FUNDS 271,753 (317,965) (46,212) A current year 12 months and prior year 12 months combined position is as follows: Net movemcnt in funds At Iiior20 At 3019122 UnrestrACted funds General fund 258,287 (11,043) 247,244 Restrlcted funds Restricted Capital Fund5 ME Active Community Foundation NI 866,3 85 5.288 12,000 (63,613) (5,288) (12,000) 802,772 883,673 (80,901) 802,772 TOTAL FUNDS 1,141.960 (91,944) 1,050,016 15 continued...
CHINEI SE WELFARE ASSOCIATION LIMITED Notes to the Financial Statemcnts - continued FOR THE YEAR ENDED 30 SEPTtI MBER 2022 12. MOVEMENT IN FUNDS - contilllled A current year 12 months and prior year 12 inonths combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General nd 76,863 (87,906) (11,043) Restricted funds Core Elderly Group Restricted Capital Funds The Executive Office Belfast City Council PHA Chines¢ Advocacy STEP E Active Community Fouudation Nl BCC - Covid l in Nl heritage fund National Lottery - Strong as an Ox Co op Ireland - Covid recovery PHA- CAP PHA BME PHA BMB SE Community Foundation NI - Covid Resilience Fund National Lottery - Grant for HerAt&ge 43,QlO 80,572 (43,010) (80,572) (63,613) (93,130) (23,620) (63,613) 93,130 23.620 (i) 31,317 15,861 3.000 5,000 39,501 10,000 2,000 56,399 42,067 1,536 (31,317) (21,149) (15,000) (5,000) (39,501) (10,000) (2,000) (56,399) (42,067) (1,536) (5,288) (12,000) 2,918 31.231 (2,918) (31,231) 481,16l (562,062) (80,901) TOTAL FUNDS 558,024 (649,968) (91,944) 13. CONTINGENT LIABILITY The Big Lottery Fund, the Department for Social Development (DSD) and The Executive Office (TEO), supplied grant funding towards the construction of new premises for the company at Strarnnillis Embanlrment, Belfast. As such. they have registered chwEes on the property. The grant fimding is subject to clawback on a disposal within ten years of completion. 16 continued...
CHINESE WELFARE ASSOCIATION LIMITED Notes to the Financi21 Statcments - continlled FOR THEI YEAR ENDED 30 SEPTEMBER 2022 14. REI LATEI D PARTY DISCLOSURES One of the trustees, Mr Danny Wai Ching Wong, has provided a Letter of Guarantee for £IOO,000 supported by a Legal Mortgage over comtnercial premises. The loan was to assist the completion of the Chinese Resource Centre. Included in Other Loans as at 30 September 2022, was an amount of £19,500 owing to tSteeS (2021: £9,500). 15. COMPANY LIMrrKD BY GUARAl+rrEE The Company is limited by guarantee and has no share capital. In the event of a winding-up each Innber undertakes to Contribute such an amount, as may be required for the payment of liabilities, not exceeding £1. 16, GOING CONCERN The Company me¢ts its working capital requircn]ents tbrough the provision of fimding from various sources, their own income generated monies, interest fr¢e loans some of which do not have agreed repayment tem]s, and ar] ovei'draft facility that is repayable on demand. The nature of the organisation is such that there can be flucttLatiorAS in continued fi]nding sources and income generdting monies. The Tlustees have projected cash flow infornation for the next 12 months and consider they will be able to operat¢ withiJ] the Quent facility. However, the margin of facilities over requirements is sinall and itheTently there can be no certainty in relation to these matters. On thi5 basis, the Thistees consider it appropriate to prepare the fAnancial statements on the going concern basis. The fmancial ststeinents do not 1Clude any adjustmeni that would result should the Association fail to secure any of its fimding or if the income generdting activities do not meet expected levels. Tbe trustees have considered the impact of the Covid-19 health crisis on the fmanci81 ststements and the operations of the charity. and the risk and uncertainties associated. Following the assessment, the trustees do not Consider that there will be a material impact on the financial ststements. KEY MANAGEMENT PERSONNEL Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total consideration paid to key management personnel. including employers national insurance contribution, for services provided to the charity was £34,720 (2021: £36,148). 17. 17
CHINEI SE WE4 LFARE ASSOCIATION LIMrrED Detailed Statement of Financial Activiti&s FOR THEI YEAR ENDED 30 SEPTEMBER 2022 3019122 3019121 INCOME AND EI NDOWMENTS Donations and Legaci Donations and fees Teceived Otlier nd raising activities 25,730 51,132 226 41,461 76,862 41.687 Investment income Deposit account interest Charitable Activities Grants 209,408 230,062 Total ineomlng resources 286,271 271,753 EXPENDITURE Charitable activiti Wages Social security Pensions Advertising Interpreting & translation Workshop costs Activities Project Food & Provisions Volunteers Expenses Room Hire & Hospitality Transport, bus & coach hire FIiTe of equipment Other direct costs 152,830 12,575 3,247 10,990 144,524 8,107 8,128 165 19,677 36,819 4,673 1,861 180 28,783 4,754 1,844 977 1,372 10,606 2,187 999 4,772 230,345 229,725 Support costs Management Other operating leases Rate5 and water Insurance Light and heat Telephone Poslaue atLd stationery Sundries Repairs and renewals CaTried forward 2P63 3,260 3,361 12,917 4,046 942 35 10,251 37,175 1,145 3,735 6,488 4,383 385 35 7.245 23,416 This page does not ft?rni part Df the statutory financial statements 18
CHINESE WLI LFARE ASSOCIATION LIMrrED Detailed Statement of Finaneial Aetivities FOR THE AR NDED 30 SE4 PTEMBER 2022 3019122 3019121 Managem¢nt Brought foTward Trnvelling & subsistence Legal & PTofessional fees Coinputer costs Equipinent leasing Activities & hu'e of equipment Depreciation of tangible and heritage assets Bank inteTest 37,175 23,416 300 11,432 3,673 7,241 7,400 31,919 1,419 14,202 3,476 3,228 8,700 31,694 1,623 100,098 86,800 Governance costs Independent Examiners Fee 1,560 1,440 Total resources expended 332,003 317,965 Net expenditure {45,732) (46.212) This page does not forni part of the statutory fmancial stateinents 19