The Directors and Trustees of The International Ayurveda Foundation submit their Annual Report and Financial Statements for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and the Charities Act 2011 and the "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 2015)"
The objectives of The International Ayurveda Foundation are
i)To advance the knowledge of research in the alternative forms of medicine and schools and traditions of medicines and cultures, such as Ayurveda and to promote an understanding of the spiritual and scientific basis of the values propounded by such schools and traditions, but not limited to Ayurveda.
ii) To educate the general public, medical doctors and complementary practitioners in all areas of holistic health, including but not limited to Ayurveda.
iii) To relieve sickness worldwide and provide treatment, care and assistance to all those who require medical treatment, through use of alternative treatments, including use of both not limited to Ayurveda.
iv) To carry out research into all areas of holistic health care including but not limited to Ayurveda and traditional medical systems and remedies throughout the world and matters directly or indirectly related there to and to disseminate the results of such research.
The trustees have given due consideration to Charity Commission's published guidance on the Public Benefit requirement under the Charity Act 2011.
The International Ayurveda Foundation for health professionals promotes the most effective approaches that enable people to permanently change their behavior towards a more health promoting life style. This involves the management of all aspects of life – the body, mind, and environment.
The has assessed the major risks to which the is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
It is the policy of 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 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 ’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 company was incorporated by guarantee on 24 June 2003. It has no share capital and is a registered charity. The guarantee of each member is limited to £10. The governing document is the Memorandum and Articles of Association of the company.
The Trustees ,who are also the directors for the purpose of company law, and who served during the year were:
Where it is desirous to appoint new trustees any such appointment must be ratified by the existing trustees at a duly constituted board meeting. Any such new trustees are initially selected having regard to their personal and professional expertise in the activities of the charity. If required, training is given to new trustees 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.
The Trustees report was approved by the Board of Directors and signed on their behalf by :
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The accounts have been prepared in accordance with the Charities Act 2011 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 Trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the . 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 accounts, the trustees have a reasonable expectation that the International Ayurveda Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
Unrestricted funds are available for use at the discretion of the in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the 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.
All expenses are accounted for on a paid basis. Direct charitable expenditure includes general overhead costs.
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.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
None of the Board of Trustees (or any persons connected with them) received any remuneration or benefits during the year, there were no reimbursement during the year.
In creditors: amount falling due within one year is an amount due to Manava Trust of Nil (2022: £18,820) and India Overseas Trust £ 27,975 (2022: 27,975) and Mr P Patel of Nil (2022: £198).
Above are related by virtue of common trustees.
Other than the trustees the charity does not consider itself to have any other key management personnel.