back to THE WU XIANHONG FOUNDATION detail THE_WU_XIANHONG_FOUNDATIO - Accounts
Charity Registration No. SC048305 (Scotland)
Company Registration No. SC587521 (Scotland)
THE WU XIANHONG FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
THE WU XIANHONG FOUNDATION
CONTENTS
Page
Director's report
1
Independent examiner's report
2
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 6
THE WU XIANHONG FOUNDATION
DIRECTOR'S REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE PERIOD ENDED 28 FEBRUARY 2019
- 1 -

The Directors present their report and financial statements for the Period ended 28 February 2019.

Objectives and activities

The Company's objects are to promote educational, academic and research projects at the University of St Andrews and to support educational and professional development to the residents of St Andrews.

The charity hopes to sponsor the University of St Andrews activities by way of research grants, scholarships and other donations. We will co-ordinate with the university to find areas of the greatest need whether it be in the university or to the residents of St Andrews. All funds received, after payment of accountancy and related fees, will be used for the direct purpose of sponsoring education in the town.

Achievements and performance

The charity has not received any income in the year and has started to pursue charitable donations.

Financial review

The unrestricted funds represent income earned but not utilised in supporting charitable activities. As the charity has not received any funding as at the year end, those reserves stand at £20.

Structure, governance and management

The Directors who served during the Period and up to the date of signature of the financial statements were:

 

Piotr Przemyslaw     (Appointed 1st February 2018, Resigned 4th February 2019)

Jie Guo            (Appointed 1st February 2018)

Emily Allen         (Appointed 3rd February 2019)

Annalisa Tamellini        (Appointed 3rd February 2019)

 

Contact Address:

1 Morton Crescent

St Andrews

Fife

KY16 8RA

 

Independent Examiner:

Fiona Haro CA

Thomson Cooper Accountants

3 Castle Court

Carnegie Campus

Dunfermline

Fife

KY11 8PB

The Director's report was approved by the Board of Directors.

Annalisa Tamellini
Director
Dated: 22 April 2019
THE WU XIANHONG FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF THE WU XIANHONG FOUNDATION
- 2 -

I report on the financial statements of the Company for the Period ended 28 February 2019, which are set out on pages 3 to 6.

Respective responsibilities of Directors and examiner

The Company’s directors, who also act as trustees for the charitable activities of The Wu Xianhong Foundation, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Directors consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

During my examination, no other matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Fiona Haro CA
Thomson Cooper Accountants
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Dated: 24 April 2019
THE WU XIANHONG FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 28 FEBRUARY 2019
- 3 -
Unrestricted
funds
2019
Notes
£
Income from:
Donations and legacies
2
20
Expenditure on:
Charitable activities
3
900
Fund balances at 28 February 2019
(880)

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

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.
THE WU XIANHONG FOUNDATION
BALANCE SHEET
AS AT
28 FEBRUARY 2019
28 February 2019
- 4 -
2019
Notes
£
£
Current assets
Cash at bank and in hand
20
Creditors: amounts falling due within one year
6
(900)
Net current liabilities
(880)
Income funds
Unrestricted funds
(880)
(880)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the Period ended 28 February 2019.

The Directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the Period 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 Directors on 22 April 2019
Mrs A Tamellini
Director
Company Registration No. SC587521
THE WU XIANHONG FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2019
- 5 -
1
Accounting policies
Charity information

The significant accounting policies applied in the preparation of these financial statements are set out below. These polices have been consistently applied to all years presented unless otherwise stated.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

 

The company 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 company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

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

1.3
Charitable funds

Unrestricted funds are funds that can be used in accordance with the objectives of the charity at the discretion of the directors.

Restricted funds are funds that can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

1.4
Incoming resources
Income is recognised when the Company 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 Company 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.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5
Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. All expenditure was incurred in carrying out charitable activity of the charity, including the costs of operating.

 

The charity is not registered for VAT and therefore all expenditure is recorded inclusive of VAT..

THE WU XIANHONG FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 6 -

Allocation of Support Costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, general administration, and governance costs and are incurred directly in support of expenditure on the objects of the charity. The bases on which support costs have been allocated are on a direct basis or as a proportion of time spent.

1.6
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.

2
Donations and legacies
Unrestricted
funds
2019
£
Donations and gifts
20
3
Charitable activities
2019
£

Accountancy Fees

900
4
Directors
None of the Directors (or any persons connected with them) received any remuneration or benefits from the Company during the Period.
5
Employees
There were no employees during the Period.
6
Creditors: amounts falling due within one year
2019
£
Loan
900
7
Related party transactions
During the year £900 was paid into the company for the purpose of providing initial working capital from Piotr Przemyslaw (director until 4 February 2019). This will be repaid when funding has been received.
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