Charity registration number 1092670
Company registration number 03765685 (England and Wales)
INDO-BRITISH CULTURAL EXCHANGE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INDO-BRITISH CULTURAL EXCHANGE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Board Of Trustees
Mr Kanti Gohil (Chairman)
Mr A Rach
Dr F A Shepherd
Charity number
1092670
Company number
03765685
Registered office
Flat 9 Woodchester Court
36, Rickmansworth Court
Northwood
HA6 2HE
Bankers
Metro Bank
2, 24 Farnham Road
Slough
SL1 3TA
INDO-BRITISH CULTURAL EXCHANGE LIMITED
CONTENTS
Page
Trustees report
1 - 2
Statement of financial activities
3
Balance sheet
4
Notes to the accounts
5 - 7
INDO-BRITISH CULTURAL EXCHANGE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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).

Objectives and activities

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 have given careful consideration to the Charity Commissions general guidance on public benefit.
Achievements and performance
The Statement of Financial Activities for the year is set out on page 4 of the financial statements.
Financial review

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.

Structure, governance and management

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.

INDO-BRITISH CULTURAL EXCHANGE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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.

All decision making is undertaken by members of the Board. The charity has no staff and there is, therefore, no requirement to delegate decision making further.

 

On behalf of the Board of Trustees

Mr Kanti Gohil (Chairman)
Dated: 11 September 2024
INDO-BRITISH CULTURAL EXCHANGE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Expenditure on:
Charitable activities
2
(17,684)
7,992
Total expenditure
(17,684)
7,992
Net income/(expenditure) and movement in funds
17,684
(7,992)
Reconciliation of funds:
Fund balances at 1 January 2023
(17,027)
(9,035)
Fund balances at 31 December 2023
657
(17,027)

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
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
13,249
20,659
Cash at bank and in hand
18,778
20,790
32,027
41,449
Creditors: amounts falling due within one year
7
(31,370)
(58,476)
Net current assets/(liabilities)
657
(17,027)
The funds of the Charity
Unrestricted funds
8
657
(17,027)
657
(17,027)

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 December 2023.

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 Board of Trustees on 11 September 2024
Mr Kanti Gohil (Chairman)
Company registration number 03765685 (England and Wales)
INDO-BRITISH CULTURAL EXCHANGE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Charity information

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.

1.1
Accounting convention

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.

1.2
Going concern

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.

1.3
Charitable funds

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

1.4
Incoming resources
Income is recognised when it is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probably that income will be received
Cash donations are recognised on receipt. Other donations are recognised once they have 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 donation.
1.5
Resources expended
All expenses are accounted for on a paid basis. Direct charitable expenditure includes general overhead costs.
1.6
Cash and cash equivalents

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.

2
Charitable activities

Charitable Expenditure

Charitable Expenditure

2023
2022
£
£
Share of governance costs (see note 3)
(17,684)
7,992
INDO-BRITISH CULTURAL EXCHANGE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Support costs allocated to activities
2023
2022
£
£
Governance costs
(17,684)
7,992
Analysed between:
Charitable activities
(17,684)
7,992
4
Board Of Trustees

None of the Board of Trustees received any remuneration during the year, there were no reimbursement during the year.

5
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
13,249
20,659
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
31,224
58,330
Accruals and deferred income
146
146
31,370
58,476
8
Unrestricted funds

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.

At 1 January 2023
Resources expended
At 31 December 2023
£
£
£
General funds
(17,027)
17,684
657
INDO-BRITISH CULTURAL EXCHANGE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Unrestricted funds
(Continued)
- 7 -
Previous year:
At 1 January 2022
Resources expended
At 31 December 2022
£
£
£
General funds
(9,035)
(7,992)
(17,027)
9
Analysis of net assets between funds
Unrestricted
funds
2023
£
At 31 December 2023:
Current assets/(liabilities)
657
657
Unrestricted
funds
2022
£
At 31 December 2022:
Current assets/(liabilities)
(17,027)
(17,027)
10
Related party transactions

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.

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