EGISTERED COMPANY NUMBER: N1019141 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC100566 Report of the Trustees and Unaudlted Flnanci&l gtatements FOR THE YEAR EIYDED 30 September 2023 for CHINÈSE WÈLPARE ASSOtIATIUN LIMItÈ •AD5RRHHD' 2210612024 COMPANIES HOUSE A13
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M.B.McGrady & Co Chartered Accountants guite 2B Cadogan House 322 Lisbum Road Bclfast Co. Antrim BT9 6GH
cHSE WELFARE ASSOCIATION LIMITED Contents of Ihe Knanciai S-tatements FOR THE YEAR ENDED 30 SEPTEMBER 2023 Page keference and Adminislrgtsve l5e¢ai1s Report of tbe Trustees Independent ExArnlner'8 Report Sliiteinefit Of FiniiDciII AcNvilfiès B•lance Sh¢¢t 7 to 8 Notes lo ¢be FIAAoelal Staternents 9 to 17 Ditaiiud Stat¥m¥Nt AedMrf¥i 18 10 19
CHINESE WELFARE ASSOCIATION LtMITED Ref¢rencc ind AdministrAtivt betsiIs FOR THE YF.AR ENDFD 30 SEPTEMBER 2023 TRUSTEES Wai Cbin8 Won8 Ping Kwan Li W'ai Heung Lam Yun Fai Wong Yuet Kwan Lee Koon Chung Tong (resigned 1811212022) Mo Yuen Tsang Lee Jiemin Tomita Jin Zlie Lili Li Lhang Hai Lhu Lin8 Sun John Cl¢8vcr Stewart Tung Loi Tsang Min Shen YuanyyuaD Mccoo Zhans (appointed 1811212022) WLI Xia (uppoiiitLd 1811212022) Fenglian Carter (appointed 1811212022) COMPANY SECRETARY Mln Shen REGISTERED OFFICF I Stranmillis Embankmcnt Belfast Co. Antrim BT7 IGB REGISTERED COMPANY NUMBER NIOI 9141 (Northern Ireland) RF.GISTERED CHARITY NUMBER NIC1566 ]ThDEPENDENT ExA1lER M.B.McGrady & Co Chartered Accountsnts Suitc 2B Cadogan House 322 LisTr>iim Ro&a B¢lf&st Lo. Antrim BT9 6GH BANKERS Danske Bank Donegall Square Wcsi BTI 6JS
CHINESE WELFARE ASSOCTATION LIMITED Report oféhe TrustLies FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees present their report with the financial statements of the dmrity for the year ended 30 September 2023. The financial statements have been prepar¢d in aOrdanCe with the Charities SORP (FRS 102) 'Ac(x)unting and Reporting by ehariti¢s.' gtatem¢nt ot'kecommcnded Frnctirx applicable in thc Uk and kepu61ic ot'treland (Vkg 1023 (effective l January 2015),. Financial Reporting Standard 102 'The Financial Reporting SthDdard applicable in the UK and Republic ot Ireland, and the Companies Act 2006. 0ECTIVEs AND ACTIVITIES Strateg]t Ahrns The aiinese Welfaré Associolion li&% sévéli re gtralegic aiins.. l. Enabling and supporting community development and developing the comrnunity infrnstwcture within the community. 2. Providing or secuTing servi¢¢s wlu'¢h meet the so¢ial and health n¢fyts arising out of the disadvaniaged position of the Chinese community; 3. Enabling children and young people to reaiise their full potential as active citizens within both the Chinese and wider community. 4. Developing a grcatcr cultural aw&renes$ withi'n both the ChineAe And widc.r community And workin8 toward6 the climinalion of racism and dis¢rirninalion' 5. Securing the resources and facilities needed to achieve the cor¢ aims of the organisation. 6. Using our uniqu¢ community's experience to provide leadership And mentotship lo other BME communities: and 7. Supporting and Strcngthening links between Northern Ireland and the Peoples R¢public of China. Volunteers The charity is grat¢fui for the efforts of its vOlUnerS who are involved in services provision and fund-rnisin8. ACH.IEVEMENT AND PERFORMANCE Charltabie A¢tSvitles The Chinese Welfare ASslatiOn of Northern Ireland has ¢ontinued lo work towards its 7 slraiegic goals in Ihc las¢ ririari¢io1 y¢ar. We havè endeaiioiired fo silpp(iH the 4 oulLoin¢s Of Ihe Racial Iquality. SFalè8y 2015-25- equalify. of acca8s to seNices for all, culttwal diversity is ¢elebrate4 a sense of belonging is felt by our Community and the elimination ol'rncial disorimination, We have seen increasing user confidence and a steady stream of return foorfall to the centr¢. This is positive news and with gr¢al¢r ¢¢ntrc use, wc have s¢cn a wclcomcd incr¢as¢ in our incom¢ gencrdtion IIwou8h room nta]s. Our main health contracts along witli eore fijnding from The Executive Otrice have supplied us wtih the resources to meel the needs of th¢ communities we Se¢. Our increased TEO core funding level (from £45,000 10 £60,000) is evidenc¢ of our ability to work with other minority communities lo support their development. Similarly, the TEO Iso awarded us with the highest verification level ('robusV) for financial management which only instils confidence that we ¢ mana8&ng ivell the rewurces we have. All our contracts achieved their agreed outcomes, and, in som¢ 8¢s, we exc¢eded our Key Perforn]ance Indicator8.
CHINESE WELFARE ASSOCIATION LIMrrED R¢port of the Trnstees FOR THE YFAR ENDED 30 SEPTEMBER 2023 ACIIIEVEMENf A]¥D PERFORMANCE Fundrafislng activilles Seeing thc diOnneCt beiiveen the FsFif ha*4rime reporfing mechanisms and the experienc¢s of idE communities. we successfully applieAI for funding under the Assets Re¢overy Community Scheme and managed to receivc £17,000. We have since develop¢d an app in English, Chinesc, Arabic. Polish and Romanlan lo support the victims of hate crime and encournB¢ them to report hale inctdenrs. User feedback from all our services remains higb]y wisitive and our Clients report a higb level of support and a strong sense of belonging. All thi5 speaks to the commitment and skius of our staff team who are the 'f&ce' of all our services. t'heir support and care has in8iired our clients gel the help they need and Gan not only Cope bul prosper in Northern Jrcland. We continue to promole online English learning u8ing the app Klik2L¢am. CWA is committed to ke¢pin8 up dale with the best ways to ¢oinmunicale our message to our Lommuiiilies. FINAINCIAL REVIEW Flnanclal Revlew Tlic r¢sults for the ycar are set out in detail on pages 6 10 1 ¥. Rtscrves policy Jt is the policy of tbe charity to maintain fTee reserves which matches tbe needs of thc trust, both at the currcnl l'ime and in the furcseeablr fuNte. This provides suffitient futsds tuver runnlff¥ custs which includc managcmenl ttdministration and support costs. Free reserves are those unresricted reserves not designated or invested in fix assets which are available for general use. These include activities cr¢at¢d through incorne gencralion. FuDdlng The principal funding is from grants. A list of these can bc found in noie 12 on page 14. FUTURE PLANS The eeiitre 15 IIOW Dvtt 10 ytars old ants wyll nted )rrie Mlknrbi&h]fiehi due to githpl'e Wtat attd teat. The hIaSell1ertt committce have begun a oew round of community fuDdtaising helping to rncet the Eap w.¢ funding, and income generntion is not able to Lompletcjy meet (our service Icvel agreements PTovide lirtje for ovcrheads). We have been encouragcd by the financial commitments wc havc receivcd a]r¢ady befor¢ th¢ campaign has been offioially launchul. We do bave a stron8 volunteer b&se, And this helps 8llPPOrt our work but we will certainly need to coordinate it better in order to maximise th¢ use of the centre. CWA continues to make 8 silficant contribution to a resilient and divcr8c Northern Ireland. We have on experienced staff team who are ready and willing to strive for our fvture. l am confident CWA will go from strenh to slrength. We must not howcver be complacent in our achievements but press forward to ¢xtend our ambitions and scope of infiuenc¢.
CHINESE WELFARE ASSOCIATION LJMrfED Report ofthe Trustses FOR THE YEAR ENDED 30 SEPTEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Tru$tee5' and oifKers' 114blllty During the year the Company Maintaed insurance cover against liabilities incurred whilst ading in their capaciry as twst¢es or offi¢eTS of Ihe company. The tnttts who served during the year were: Danny Wai Ching Wong Lili Li Jiilin Cluver Sléiv Mo Yuen Tsang Lee Ajthur Ping Kwan Li Wai Heung Lam Yun Fai Wong Yuel Kwan Lee Koon Chung Tong (resigned 18112ll022) Jicmin Tomita Jin Zhen Chang Htti Zhu Ling Sun Min Shen Tung boi Tsang Yuanyyuan Mccoo Zhang lappointed 1811212022) Wei Xia (appointed 18112P022) Fcnglian Cartcr (appoinlcd 1811212022) Approved by order of the b08rd of tneeS on 21 June 2024 and signed on its behalf by: Lili Li - Trustee
Independent Examlner'$ Report to the Trustees of Chlnese Welfare Associgllon Limited I TqKIrt on the accounts of ihe company for thc year cnde4130 September 2023, which are set out on pages six to s¢v¢nteen. RésiK*tive respoiisibililiti 6f eharity friisfees ana éxaniinèr As the charity's trustees (and also the diFectors for the pU$¢S of company law) you are responsibl¢ for the preparation ot'the aLLounts acLX)rdance with the requirements ot'tl)e tompanies Act 2(M)6. Having satisfied myself that the charity ts not subject to audit under company law and is eligible for independtnt examination, it is my responsibility to.. examine the accounts under Section 65 of the Chorities Act follow the procedures laid do¥ in the general Directions 8iven by the Charity Commission for Northern Ireland lthder SeLtion 65(9)(b) of the Charities Acl - stste wbethcr particular matters have corne to my attcntion. B4Jl$ of the Independent exgmlner's report I h&ve exdrnined your chdrity acwunts as required under Section 65 of the Charities Acl und my exumination wa¥ caffied out in accordanL% With the general tjirections given by the Uiarity eommission fo. r N"orthern Jreland under Section 65(9Xb) of th¢ Charities Act. The examinaiion included a revi¢w of the accounting rccords kcpt by the charity and a comparison of the accounts preSend with those records. It &Lso included consideraiion of any unusual items or disclosures in the accounts, and 5¢eking explanations from you as charity trustees concerning any such matters. My role is lo state whether any material matters have come to my attention 8ivillE me cause to believe: l. fhat aountIng recor& were not kept in accordance with gection 386 of the tompanies Aer 2006 2. That the aceounls do not aecord with those accounting records 3. That the accoLfftts do not comply with Ihe accounting requir¢tnen¢s of Scction 396 of th¢ Companies Acl 2006 and with the rnethods aDd principles of the Ch8ri1ic5 Statement of Recommended Practic¢ applicable to charities preparing Iheir accounts in accordance with the Financiftl Rcponing St&ndard applieable in the UK and Republic of Jreland 4. That there is fillthcr infomiation needed for a proper understanding ofthe accounts to be reach¢d. Independent ¢x•mlner's itatemenf Since your charity's gross income excc&led £2'50,000 your examther must be a member ot a listed body. I can contirrn thai l am qualified to undcrtake the cxaminailon because l am a member of the Institute of Chartered Accountants in Ireland which is one of the li8ted bodies. I have completed my examinalion and have no ¢oneerns in respect o.f the matters (l) to (4) listed above and, in c(Jnnection with foll¢)Iving the Directi(ms fJf the Charity ConlllliSSiOll for Northern Ireland, I have found no mattels that require drawing to your attention. Mr Seamus McLernon FCA .8.hlc6rady & Co Chartercd Accountants Suite 2B Cadogan House 322 Lisburn Road Belfasr CO. At[l[l BT9 6GH 21 June 2024
CHINESE WELFARE ASSOCIATION LIMITED Itat¢ment olFinancial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2023 3019123 3019122 Restrictcd tapltal Funds Uiirèsfrlcted Nègtrlèted funds funds Tolal funds Tol•l funds Notes INCOME AND ENDOWMENTS FROM Donations and legaci¢s 80334 80334 76,862 Charltablc aethltles Restri¢l¢d 220.184 220.184 209,408 Invesiment income 27 27 Total 80361 220,184 3UO,443 286.271 EXPENDITURE ON Charttable Sctivitles Restricted Unfestri¢tEd 220,184 31,435 251,619 19,089 271,139 60,8&1 19,689 Total 220,184 31,435 271 J08 332,003 NET YCOMLI(EXPENDITURE) 60A72 (31,435) 29,137 {45,732) RECONCILIATION OF FUNDS Tolal funds brought forward 247244 802,7n 1.050,016 1,095,748 TOT AL FUNDS CARRIED FORWARD 307•16 771J37 1,079,153 1,050,016 The notes fo part of these financial ststements
CHINESE WELFARE ASSOCIATION LIMITED lince ¥heet 30 SEPTEMBER 2023 3019123 3019122 Notes FIXED ASSETS Tanble a&sets 1,087,526 1.118,961 CURRENT ASSETS Debtors Cash al bank and in hand 16J09 25,86 11,486 13,453 42,175 24,939 CREDITORS Amounts f811ing due within one year ($0,548) (93,884) IYET CURRENT ASSETS (8J73) (68,945) TOTAL ASSETS LESS CURRENT LIABILITIES 1,079,153 1,050,016 NET ASSETS ,079,153 1,050,016 FUNDS Unre5tri¢ted funds Rostrieted fun(L5 12 307,816 771037 247.244 802,772 TOTAL fuyi DS 1,079,IS3 1,050,016 The charitable company 15 entitl to exemption from audit under Section 477 of the Companies Act 2006 for the ye ended 30 September 2023. The members have not r¢quir¢d the company to obtain an audil of its finan¢ia] slatem¢nls for thc yw cnded 30 Septernber 2023 kn accordance with Section 476 of the Companics Act 2006. The trus¢ees acknowledge their resrK)nsibilities for {a) ensuring that th¢ charitable company keeps accowifing records that comply with Sections 386 and 387 of the CotdNAIé¢ Aèl 2006 atia preparing financial statements which give a ITue and fair view of the state of affairs of the charitabl¢ company as at ihe end ot. each tuwicihl Ye and of its surplus or deficit tor each tinancial year in ac(x)rdanc¢ wit'h the rcqiiirements of Sections 394 and 395 and whicb other4vise comply with the Tequircments of the Companics Act 2006 relating to financial stat¢m¢nts. so far as applicable to th¢ charitable wmpany. (b) The note5 fom part of these financial aternents continucd..-
CHtNESE WELFARE ASSOCIATION LIMITED BAl8nce gheet- continued 30 SEPTEMBER 2023 These financial statements have been prepared in aeconlance with thc provisions 8ppli¢able to Cbaritable compani&s subjecl to the small companies rewmc. The financial ststcments were approved by the Board of Trustees and authorised for issue on 21 June 2024 and were signed on its bebalt by: Lili Li - Trus*e //, 4d- John Cleaver Stewurt - Tnre¢ The notes fomi part of these financial statemcnts
CHINESE WELFARE ASSOCIATION LIMrrED Notes to the Financial gtalemeDI$ FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICJES 58sls olprepanng the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS I02, have been prcparcd in accordance with the Charilies SORP (FRS 102) 'Accounting and R¢porting by Charilics.. Stalcmenl of Recommended Practic¢ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Srandard 102 The Financial Rcporting Standard applicdblc in ihe UK and R¢public of Irelai)U' and flie &impiani¢tr* ALE 2006. The fiiianLi&iI g.&leiiienls liiivé been prèiiiif¢U iin(ler fli¢ lii¥fonLal iljsf convention. Incorne All income is recognised in the Sthtement of Financial Activities once the charity has entitlement io the funds, il is probable that thc income will be received and the amount can be measured reliably. Expenditure Liabilitie5 are recogmised as expenditure Soon as there 1$ a legal or constructive obligation cothmitting the harily io thai expenditure, il ig probable ihat a Iransfer of economic benefits will be required in seiilement and the amount of the obligation con be measured reliably. Expenditure is o¢¢oiinted for on an a¥Gruals basis and been cl&ssifi¢d under headings that aggregate all cost related to the category. Where Qosts cannot bc diTe6ily attributed to rtiE¥lar headings they bav¢ b¢¢n 8llo¢attd to a¢tiviti¢s on a. basis EonsisieDt with lh¢ ys¢ of resour¢e5. Allocatlon and apportlonment of ¢osts All costs are allocated beiween the expendirure categories of the Statement of Financial Activities on a basis designed to reflect the usc of the resource. Costs relating io a particular athivity are allocated directly. others are upportioned on an appropriate basis. Staff cosls and overhead expenses are allocated lo aclivilies on the basis of slaff lime spent on those activilic5. Flxed aJs¢ts AU fixed assets are initially ttLorded ai cost. Deprecladon .Dep.Tcciatinn 18 calculated .80 &8 to write nff. the c(k8t nf asset, le its estimated rcsidual value, over the use1 economic life of that Se1 As follows.. Buildings- 20/0 Straigbt line OfTicc Equipment- 20Yo Reducing balance Fixtures & Fitrings - 33. JO/. keducing balance Other Eqijipment _ 250/0 Reducing balance Taxotlon The charity is exempi from COTporation tax on its Cbaritablc activities. Fllhd aéeollfiflng Unr¢strictsd fund8 are funds of the charily consisting of a General Fund which 15 expendable at the discretion of the trte¢S in filltheTance otthe ¢haritable o.bjectives otfiie charity and whicii has been designa11 for other purposes. R&8tricted funds are Sjnds which are to be used in accordance with specifjc restrictions imposed by donors or which hav¢ been raised by the charity for a particular purposes. The cosl of raising and administering such ban& are Charged winst th¢ specific fimd. continued...
CHtNESE WELFARE ASSOCIATION LIMrrED Notes to the financial gtatemenls- eonh'nued FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES - contlnued Uire purchase and leaslng wmmitments R¢Dtsls paid under op¢rnting le&8es are char8ed to the Statement of Financial Activities on a Straight line basis over thc period of the lease. Pension costs and other posl-retlrement benefits The c.haritsbl¢ company operafrs a defthed contribution pension scbeme. Contributions payable lo the ¢aritable ¢oinpany's p¢Dsion scheme are cliaTged to Slaleii]ent ¢if Financial Activities in the peri¢)d t(? which they relate. INVESTMENTINCOME 3019123 3019122 D¥poslt a¥¥ththt Iht¥t 27 NET INCOME/(EXP£NDITURE) Nei iacomel(expenditur¢) is ststed after Chargin{CredIting)'. JOffji22 Independent bxaminers Fee Depr¢ciation - owned assets Other opmting leases 1,650 31.435 1,560 31,694 2.363 TRUSTEES, REMUNERATION AND BENEFITS There were no tru$t¢¢s' remuneration or other benefiL8 for thc year ended 30 September 2023 nor for the year cnded 30 Seplcrnbcr 2022. TfilSt¥t¥' t%péfiiè¥ 'rh¢re wcre no trustees, cxpcn5c$ paid tOT thc year ended JO Septembcr 2O2J nor for the year endcd 30 September 2022. STAFF COSTS e average monthly number ot'employees during the year was as follow5: 3019123 3019122 AdministrAtivc staff F40 eiiiploy'èe8 iuèiiied emoliinients in excèss of £60,UUU. io continued...
CHINESE WELFARE ASSOCIATION LIMITED Notes to Ihe FinaDci*I gtatement$- conilnued FOR THE YEAR ENDED 30 SEPTEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FllYANCIAL ACTJVITIES Restricted CapliaR Funds Unrestrieted Aestrieted funds fund$ funds NCOME AND ENDOWMENTS FROM Donation5 and legacics 76,862 76,862 tharitable acdvltles Restrt¢ted 209,408 209,408 InvestmeDt inwme Total 76,863 209.408 286.271 XPENbl'i'ifKL ON Chlrltable actlvltles Restrictcd Unrestricted 239,445 31,694 271,139 60.864 60,864 Totsl 60,864 239,445 31,694 332,003 IYET INCOMFJ(EXPENDITURE) 15.999 (30,037) (31.694) (45.732) RECONCILIATION OF FUYDS Totsl furtds brought fortVArd 231,243 30,OJ7 834,466 1,095,748 TOTAL FUNDS CARRIED FORWARD 247,244 802,772 1.050,016 TANGIBLE FIXED ASSETS Fixtures
nd
Long leasehold Offlce Machlnery CUST At l Octob¢r 2022 and 30 September 2023 lJ27,216 43,901 78,459 DEPRECIATION At l October 2022 Charge for year 412J44 30,544 40,990 78385 AI 30 September 2023 442088 41572 78J43 NET BOOK VALUE At 30 Septemb¢r 2023 1,084J28 2,329 AI 30 S¥p*mber 2022 .114,872 2,911 174 continued...
CHINESE WELFARE ASSOCIATION LIMITED Notes to the Fillaneial ¥tatements- contiDu¢d FOR THE YEAR ENDED 30 SEPTEMBER 2023 TANGIBLE FIXED ASSETS - contlnued Llbrary Èooiis Other equipment totals COST At l October 2022 and 30 September 2023 2,433 IlJ68 1,663J77 DEPRECIATJON Al l OeliSBéP 2022 Charge for y¢ar 2,433 IOJ64 251 $44,416 31.435 AI 30 September 2023 2,433 10,615 575,851 NET BOOK VALUE At 30 Scplcmbcr 2023 753 I,08716 At 30 September 2022 1.004 1,118.961 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3019123 3019122 Trade debtors Prepayments and arxrued incorne 14568 1,741 9,740 1.746 16J09 11,486 CREDITORS: AMOUNTS FALLING.DUE TIll ONE YEAR J19rt2 Bank loans and overdrafts (sec noi¢ 10) Other loans (see note 10) Ttadv itEdlior¥ Social se¢urity und other t¢$ Other creditors Ac¢ruals and deferred income 45.915 37,038 4,805 3.424 22 2.680 33,038 5.42$ 7,8l7 4.244 $0,548 93,884 Bank bomwings have been secured by a petsonal guarantee of £IOO.000 from a director, Mr Danny Wai Ching Wong, supported by a legal mortgage over commercial premises owned by him. 12 continued...
CHINESE WELFARE ASSOCIATION LIMITED Notes to the Vinanci81 gtatemenls- coniinued FOR THE YEAR ENDED 30 SEPTEMBER 2023 io. LOANS An analysis ofthe maturity ot'loans is given below: 3019123 3019122 Amount% falling due within one year on demaftd.. Bank overdrafts 45,915 37.UJ8 JJ,U3¥ 33,038 82,953 ANALYSIS OF NET ASSETS BETWEEN FUNDS 3019123 3019122 Restrleted Capltal Funds Unrestrlcted fund$ Restrlcted funds Totsl funds Total funds Fixed assets Currcnl asscts Cuffenl liabiliti¢s 316,189 42,175 <40,54¥ J 771 J37 1,087A26 42,17S 150,54aJ 1,118,961 24,939 (¥J.yg4J 307016 771 J37 1,079.153 1,050,016 12. MOVEMENT IN FUNDS Net movemeni In funds 1110122 31U9123 Unre$trlcted funds General fund 247,244 60,572 307.816 kestrlcéed funds Restricted Capital Funds 802,772 {31,435) 771J37 TOTAL FUNDS 1,1150,016 29,A37 1,079,153 13 continued...
CHINESE WELFARE ASSOCIATION LIMITED fv'otes lo the Financid gtatements- eoniinued FOR THE YEAR ENDED 30 SEPTEMBER 2023 12. MOVEMENT IN FUNDS- continued frlet movement in thnds, incl)Jded in the above are as tolfiows: Incomlng resources Resources expended Movement In funds Unrestricted funds Genernl fund aoJ61 (iy.w) 60371 Restricted funds Elderly Group .Rcstri¢tcd Capi181 Funds The Executive Office Belfast City, Col¢1[ STEP PHA-CAP PHA BME 14elp in Hand Ulster Scots 43,664 (43.664) (31,435) (81,095) {12WJ (15,488) (31,899) (21,909) (12J9J) (896) (31h35) 81,095 12,84(1 15,488 31,1199 21,909 12J93 896 220,1.84 (251,619) (31835) TOTAL FUNDS 31)0,445 (271J08) 29,137 CompArAtives for movement In funds Net mov¢meTrt In funds At Iiioni At 3019122 Unrtstrlcted ndS Gèner#1 231,245 15,999 247.244 Restricted funds Restricted Capital Funds l in Nl heritage fund 834,466 30,Q37 (31,694) (30,n37) 802,772 864,503 (61.7Jl) 802.772 TOTAL FUNDS 1,095,748 (45,732) 1,050,016 14 continued...
CHtNESE WELFARE ASSOCIATION LKMJTED Notes to the Vinancial gtatements- continued FOR THE YEAR ENDED 30 SEPTEMBER 2023 12. MOVEMENT IN FUNDS- Conthiued eomparative net movement in hmds, included in tile al)ove are as follows.. In¢omlnE resour Resources expended Movement in fun¢ts Unrestricted funds Genèral fund 76,863 (6u,g64) 15.gw Restrl¢ted fund$ Elderly Group Restricted Capital Funds The Lxe¢uth'V¢ Office Deitast city Cuuhyii STEP l in Nl herits¥e fund PHA . CAP PHA BME Nattonal L(ery- 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,S37 (30,037) 28,385 20,399 31,231 209,408 (271,139) (61,731) TOTAL FUNDS 286.271 {332,003) (45.732) A curreni year12 months and prior Ye 12 months combined position is fts follows., Net movement In funds At 1110121 At 3019123 Unrestrlcted funds General fiJnd 231245 76.571 307.816 Restricied fund$ Restricted Capitsl Funds l in Nt heritsge fvDd 834,466 30,037 (63,129) {30,037) 771,3J7 864,503 (93,166) 771.337 TOTAL FUNDS 1,095,748 (16.595) 1,079.153 15 continued...
cittNESE WELFARE ASSOCIATION LIMITED Notes to the FIDanciaf gtatemenls- continued FOR THE YEAR ENDED 30 SEFfEMBER 2023 12. MOVEMENT IN FUNDS - Continued A current year12 mon¢i)s and prior year 12 rnontiis combined net movement in hnds, included in the ax)ve aTe as follows.. Ineoming resources Resour¢ts expended Movement In funds Unresfrlctid funds General fund 157,124 (80,553) 76.571 Restrlcted funds Elderly Group Restricted Capital Funds The Execuve Offl¥E Bellast City Council STEP l in Nl heritage fund PFtA - CAP PHA BME Nfttionel Lottery - Grant for Heritage Help in Hand Ulskr Scots 83,950 (83,950) (63,129) (131,049) (36,460) (31,'025) (30.037) (60,284) (42.308) (31.231) (12,393) (896) {63,129) 131,045 36,460 31,025 (30,037) 60,284 42,308 12,393 896 429,592 (522,758) (93,166) TOTAL FUNDS 586,716 (603,311) (16,595) 13. REGISTERED CHARGES Thc Big Loltery Fund, Ihc Departincnl for Social Development (DSD) and The Executive Offi¢e (TEO), supplied gTant fijnding towards the construction of new premises for the Company al Stranmillis EmbanknienL kelkst. As such. they hav¢ gIStered chargcs on the property. 14. RELATED PARTY DISCLOSURES One of the Iruslees, Mr Danny Wai Ching Won& bas prnvided a Letter of Guardn*¢ for £IOO,000 supported by a Legal Mortgage over comrn¢rcial premise5. The loan was io assist the ¢ompletion of the chine Resou cellve. Includ in Other Loans as at JO September 2023, w&s an amount ot £iS.SOO owing to ttustees (2022.. £l9,5c). 16 continued...
CHtNESE WELFARE ASSOCIATION LIMrrED Notes to the fiDanei81 gtatemellts - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023 15. COMPANY LIMITED BY GUARANTEE rhe thmpany is limited by guarantee and has no share capithl. tn the eveni ora winding-up each member undertakes ¢0 contribu* such an amounL 0$ may bc required for the payment of liabilities. not exceeding £J. 16. GOING CONCERN The Company m¢ets its working capital requirements througb the provision of funding fTom various sour¢¢s, their own Income genernted monies, interest free loans some of which do not have agreed repayment temis, and an overdrafi tacility that is Tepayable on demand. the natt]re olthe organisafiion is such that there can be fluLtuations in continucd funding sources and income gencraling monies. The Trnstecs have projected cash flow inforniation for the next 12 months 8nd consider they will be able to opera¢¢ wiiht'n the curreni facility. How¢ver, the margin of facAIAti¢s over requirements IS 51nall and iDherently there can be no certainty in relation to these matters. On this basis, the TTUSt¢cs consider it appropriate to prepare the financial statements on the going concem basi5. I he hnancial statements do not include uny adjuslment that would result should the Association lail to securc any of its funding or if the income generating aclivitics do nol mea expccied levels. 17. KEY MANAGEMENT PERSONNEL key management petsonnel Include all petsoDs th have authorily and rpOnSIbIlity tor plannin81 d1Cn8 and controlling the activities of the charity. The tal consideralion paid to key management personnel, including employ¢rs national insurance Contributio for servic¢s provided to th¢ charity was £34,348 (2022: £34,720). 17
CHINESE WELFARE ASSOCIATION LIMITED betailed gtatcment olfinancial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2023 3019123 3019122 tNCOME AND ENDOWMENTS Donatlony and legac& Donations and fecs r¢c¢ived Other fund raising activities 20,240 59,994 25,730 51,132 80234 76,862 Investment Income Deposit aOUnt intercst 27 Charltible ac¢lvldEI Grdnts 220,184 209,408 Total Ineomlng r¢sourees 300h45 286,271 EXPENDITURE haAtable Acdvltles Wagcs Social stturity Pensions Advertising Workshop costs Acttvities Projed Food & Provisions Volunieers Expenses Room Hirc & Hospil?lity Transport, bus & Coach birc Hirc of equipment Olh¢r dirè¢1 ¢osts 136,118 6,108 2,802 152.830 12,575 3247 10,990 180 2¥,Yg3 4.754 22,153 949 977 1.372 10.606 2,187 195 177JS0 230,345 Support costs Management oFétill¥ ieax Rates and water Insurance Light and heat Telephone Postage and slalion¢ry Adtreh151H caled forward 2,363 3,260 4,556 13,003 1008 2,742 339 26,061 12,917 942 26,889 Thi5 pagc docs not forni part of the statutory financial stalcmcDts 18
CHINESE WTLFARE ASSOCIATION LIMITED etailed statement ol Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2023 30ll3 30n2 Miinageibient Brought forward Sundries Repairs and renewals Legal & professional fees Computer costs Equipment jIng Activities & hire of equipment DepreciatioD of tangible and heTitage assets Bank interest 26,061 35 12,137 594 3.505 2900 500 31,43S 3,141 26,889 35 10,251 14,202 3.476 3328 8,700 31.694 1,623 92J08 100,098 Governance eo$ts Independent Examinets bee 1,630 1,560 Totsl resouree9 expended 271J08 332,003 Ntt Inromrl(expcndlture) 29,137 (45.732) This page does not forni part of tbe statutory financial statemcuts 19