The Board of Trustees present their annual report and financial statements for the year ended 31 December 2023.
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 [governing document], 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)" (effective 1 January 2019).
The objects are to promote culture and artistic activities between the Indian sub-continent and Great Britain. To develop mutual respect, understanding and inter-racial harmony between the people of the Indian-sub-continent and Great Britain. The policies adopted in furtherance of these objects are to provide facilities and premises for the teaching and performance of arts, drama, dance music and other cultural activities and there has been no change in these during the year.
The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives.
The Board of Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
The trustees regularly monitor the funds of the company. At the year end, the balance of unrestricted funds amounted to £657 (2022: a deficit of £17,027).
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 Board of Trustees considers 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 Board of Trustees have 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 company was incorporated by guarantee on 6 May 1999. It has no share capital and is a registered charity. The guarantee of each member is limited to £10. The govering document is the Memorandum and Articles of Association of the company.
Mr. Praful Patel, a Director and Chairman of the Board of Trustees sadly passed away on 16th August 2023.
The following directors resigned from the Board of Trustees during the year:
Ms Shakuntla Shukla (Resigned 19th October 2023)
Mr Diptesh Pate (Resigned 19th October 2023)
Vyjayanthi Kumar (Resigned 21st October 2023)
Kishor Davdra (Resigned 24th October 2023)
The Board of 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:
Mr. Kanti Gohil (Chairman)
Mr A Rach
Dr Frances Shepherd
Where it is desirous to appoint new directors any such appointment must be ratified by the existing directors at a duly constituted board meeting. Any such new directors are initially selected having regard to their personal and professional expertise in the activities of the charity. If required, training is given to new directors to ensure they are complaint and able to fulfil their roles.
On behalf of the Board of Trustees
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Indo-British Cultural Exchange Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Flat 9 Woodchester Court, 36, Rickmansworth Court, Northwood, HA6 2HE.
The accounts have been prepared in accordance with 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 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.
At the time of approving the financial statements, the Board of Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Board of Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Board of Trustees in furtherance of their charitable objectives.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
Charitable Expenditure
Charitable Expenditure
None of the Board of Trustees received any remuneration during the year, there were no reimbursement during the year.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
In creditors: amount falling due within one year is an amount due to Mr P Patel of Nil (2022: £298) and an amount due to Ms Shakuntla Shukla of Nil (2022: £967) and an amount due to The Manava Trust of £4,000 (2022: £4,000) and an amount due to The India Overseas Trust £27,225 (2022: £27,225). Ms Shakuntla Shukla was a member of board of trustees until her resignation on 19th October 2023.
In other debtors is an amount from The Manava Trust of £13,250 (2022: £13,250).
Other than the trustees the charity does not consider itself to have any other key management personnel.