Charlty rnglstratlon numb•r 1092669 THE INDIA OVERSEAS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2022 THE INDIA OVERSEAS TRUST LEGAL AND ADMINISTrATIVE INFORMATION Trustees Mr M Patel Dr F A Shepherd MrAJ Crilthley Charfty Thumb¢r 1092669 Reglstered offke 9 E￿ingtOn Road CakP*ler Essex C03 3EA Urmted lfjngdorn Bank•Y8 Metro Bank PLC One Soithampton Ru London f1B5tr THE INDIA OVERSEAS TRUST CONTENT5 Pago Trustees report Slat8menl Off￿anual aEb¥ibes BalarTh sheel Noles to the flnanclal 5tsternents THE INDIA OVERSEAS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present Ihelr annual repart and fm8naal slal8ments for the year end￿ 31 Derernber 2022. The accounis have bgen prepared in 8t>xffdwKe wilh thg a¢￿jr￿lnY poldes sel out In nolo 1 to Ihe acuunts and comply wilh the T￿SYS goveming (kn￿Ment. Ihe Charil.:8s Act 2011 8nd the Statement of RecDmmended PractIce,.Ar￿unlfing and Repthng by Chanlies", issued n March 2005. ObJeetiVe8 and activitie5 The objects are Ihe adwdn¢emenl ol the ed￿all[￿ of the pubk in the history If Indian communlues outsldo 01 IrKlla. and also the rellefof poverty amoThJ people from Indlan ￿mMUnit￿S outside Indi8. The Truslees have paid due ffjgarf lo guldarKe Issu8d by the Charity Comrnis5ion ryi decldlng wttat adiwllgs Ihe Trus1 Sh(￿[d und8rtak Achlevemgnts and p•rfamMnce Incoming resources In tho period werè £93,99612021'. £NiD and resoLYees expended in the perfod were £e4,014 (2021.. £3,375). The re52rves al the end of the period were £39.13112021'. £9,149). Flnanclal rèvlew The Iru51ees Tegularty mon11￿ the [￿d$ uf the coThyany. DLrrir4J the year there wa5 £35.047 unre51rKled fijnds and £4.084 re5ts1ded tund512021: £9.14g unr2511icted funds). Et is the poli¢y ol the Trust that unr&slricted funds whK* have not been deslgnaled for a sperafic use should be rnainlained al a level equivalent to be￿een trree and six monlh's expenditure. The Tru51ees conslder Ihal reserves at thls level will ell5ure tha¢ in the event of a signfficanl drop in fijnding. Ihey wll be atle to continue Ihe Trusvs Djrteni activities while conslderallon is given to Ways In adth'i•)nal funds may b& raised. Th15 level of Te5eNe5 has been malnlained Ihroughoul the year. The fruslees have assessed th• malor risks lo whK* the Trusl Is exposed, and are sallsfied thai 5y51Bms aro in plaGe lo mitigate exposure to the malor risks. Structurei governance and management The Tnjsl was &stat4ished by a charits1￿e tru51 deed on 28 June 2￿2. 11 has no share capit81 and is a registered Chartty. The guarantee ol each mémbw $5 limited to £10. The 9D¥gming (lJGurnent Ls thg Dged TnJsL The Tru51ee5 who 5eTh&l during IhE year and up to the dalg of sSgnalure ofthe thwKlal statements were.. Mr P Patel (Deceased 16 Augu5120231 Mr M Patel Dr F A Shepherd MrAJ Criithley Dr C Patel (Deceas￿1 4 Jarnjary 2022) well Is deslrous lo app￿nI nBW Iwslees any gjch appoknlment mu51 be ratified by the ex15ting Iruslees * a d￿Y con5bluted boa￿ meeung. Any suth ntr•Y trustees are inlllally selec4ed ha￿￿ regard to Ihelr pe￿nal and profe551onal expertise in the actI￿lieS of the tharity. If requlred. tralning 15 gfven to new trusl8#s to ensur3 they ar? Gufflplalnt and able to fulfil Ihetr role8. AJI declsbn maklng15 undertaken by ￿ernbe￿ olthe Board. Th• thar5ty has rKJ staff and therg Is, therefor8, no 4UITemenl lo delegate dec￿1(￿ malltvj further. The TfU5 ort proved by the 8oard ofTnth. Tnjslee Daled: 30April 2024 THE INDIA OVERSEAS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITLIRE Accoumr FOR THE YEAR ENDED 31 DECEMBER 2022 iknrnstrlGted Restrlcted runds nds 2022 2022 Total Unrnstrlcted fijnds 2021 2022 Notws Ineo Donations and lega￿e3 71.992 93.996 endlture on: Charitable activilies (3.WJ4) 84,014 3,375 Net Incomgll•xpèndlturnl lorthÉ yoarf Net movementln funds 25,B9B 4,084 29.982 (3.3751 Fund balarKes al 1 January 2022 9.149 9.149 12,524 Fund balanees at 31 December 2022 35.047 4,084 39.131 9,149 The slatemenl of fvanaal activrties inclLides all gans and lossè5 reoign15ed in the year. AJI Sncome and expenthlure d￿1Ve trom ojnlinuing aclivilias THE INDIA OVERSEAS TRUST BALANCE SHEEr ASAT31 DECEMBER 2022 2022 2021 Flx•d assets Tangibk a55ets 109 Current assets Debtors Cash al bBrth and in hand 50,399 7,16e 57,565 Credltorn: amounts faI￿n9 duo withSn one yéar 124.318} (48,5251 Net current assets 39,130 Total assets less cvrrÈnt IlabJTIti•g 39,131 9,149 Income funds Reslricied funds Unrestrlcled funds 4,064 35,047 9,149 39,131 9,149 The fmano81 enls were approved by the Truslees Dn 30Aprfi 2024 Truste? THE INDIA OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPABER 2022 Accountlng pollcles Charlty InfonnatSon The Indkq Overseas Trust 1$ a wi5tered tharity setup In 21JOI 1.1 AG¢ountlng conventlon The accounts have been prepafed in accordanc* wtth the Cha¥ilie5 Aci 2011 aNJ 'A￿￿Unting and Reporling by Charilfes: Stslemenl of Recommended Pracbt% appliGable to charities ￿parIfty thelr accounls In acrA)rdance with the Financkil Reporting Stsndard apWicats￿ in the UK and Rèpublic of IT8land IFRS 102>. {as amended for accounling p￿10d5 coMm￿n9 tn¥n 1 January 20161. The TNst Is a Publlc Benefit Enuty a5 defined by FRS 102. The Ilnandat statements have departgd from the Charit*s (AtsJyJnts 8n(F Reports) Regulalforts 2008 only lo Ihè exlènt required lo provide a tru8 and lair wew. Thls departure has involved following the Stslefft8nl of Re￿rnmended Practtce for charitte5 applying FRS 1Q2 rather than the version of thè Slalemenl of Recommènded Practit% whith 15 referTBd lo in the Regulatlons bul whlch has slnce been wthdrawn. The financ9￿ slai8ments a￿ prepared kn ste￿ng, whlch IS th9 furKUonal rjjtrency of Ihe Tn￿L Monetary arTrJunts In these finandal stalemeFrts ate T0￿d￿ lo Ihe nearest £. The financial slalemenls hava bèen pwprBd UTK(Br th& historKal o)5t eAJnvenUon. n￿)dilled to Include the rEWdlualion of freehold properues and lo Inc*Jde Investrnenl properties and (*rta¥i fin8nrAal in5trurnents al fatr value. The princryRI accountirg poSca*s adopted awp Sel uul below. 1.2 Golng eont•m Al the Ilme ol appro￿ng th9 financial sta1wm￿ls, the Tru5te85 have a reasonab￿ expectalhjn that Ihe Trusl ha5 8de4uale rescurce5 lo continu8 in operallona exlslencE for the foreseeable fulure. Thus th8 Tru5te8S contknue la adopt the golng concem basis ofaccounting in P￿paring the finanoal statements. IJ Chorltsble funds Unrestricted funds are avaNaLle for use al Ihe di5uetion ol the TrustEe5 in furtheranrè of thelr charilable objectivos Reslrfcted lund5 are 5ublect 10 5peclfic condrflons by as lo how Ihey may b? used. ThE purpose5 and of the reslriL*ed funds are Set oul in tho not¢$ lo Ihe financial 5talernents. 1.4 Incumlng re50uYces Incorne is recognlsed then the Tru5t15 legalty gnblled lo It aNer any perfvrmance condllknns havè been rngl, tho amounts can bè measured rpllably, and it is probab￿ that InrJ)nw will be received. Cash d¢￿all0￿9 are wnised on ￿elpL Olh8r doDatbns arè ￿GUgnISed Ihe Trust ha5 been noliffed ol lh8 donation, unless perf0rnan￿ Djnditions requlre deferral of the arnounl. Income tax recoverable in rglatlon lo don81ions received under GiftAid w deeds of tX)￿an1 bs recc4Jnlsed al the lime of the donation. 1.5 Resources expended Govemance Cosls Costs asswlaled wlth The India Overseas Trust con5titullonal and st81thy ￿uIre￿eTrts. THE INDIA OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounung pollcles Iconllnued 1.6 Tanglbl• ffxed assets Targible frAed asse15 are inNiaHy measured at cost and wbsewenlty rneasured al ujst c¢ valuation, nel of dapredatlon and ￿Y impairmenl1065e5. DeprerAation is recognlsEd so as lo wrfte off Ihe o)st orV￿U81b)n of assets less Iheir residual value5 over th81r Useful live5 on the following bases: Plant and rnthnery 25% Red￿kng WarKe method The galn or loss arfslng on the (fisposal of an asset 15 delerrnined as th8 drff•rence be￿en the sate Proceeds and Ihe rarryNig valu8 olthe asseL and15 iecwnised In Ihe Statement of finan(#al 8Ctivitie5. 1.7 Impalrment of Ilxed assets Al each reportlng end dale, the Trust the ¢J￿n9 arnO￿ts ofits tangible assets lo delennine whether Ihere is any IndlcalbJn Ihal Ihose assets hav& suff8red an impai￿ent loss. If any such Indlcaucn exlsts. the recovoiabl8 amount ol Ihe asset 15 estimated ￿ order lo detemlne the extent ol Ihe Mpaim8nl105s lil any). 1.8 Cash and cash equivalent5 Cash and (ash equivaknls Indthle cash kn harKI. dep)sils hetd at w6th banks, Dther short-lèm7 Ilquld Investments wilh crfiginal maturiues of thffje months cf less. and bank overdrafts. Bank overdraft5 are shown within bom)wngs in cuThent liabilrties. 1.9 Flnancial Instrum?nts The Twsl has elec18d lo appty prothslons of Se(*ion 11 '￿$￿ Finandal In5trumen15' aThl Sectbn 12 'Olher Financial In51ruments155ues' of FRS 102 ID all of ts fmancaal instrument5. Fhanclal Instrumen15 are rewJni5ed li the Twsfs balance sheei wh8n th8 Twsl becomes party lo Ihe contractual provish)ns ollhe in51rumenL Flnancial assets and li8bilitie5 are Dff3el. wilh Ihe net amounls wesented in thp finandal stalemenls. when there is a legalty enfOr￿ble dghl lo sel off the recogni5ed amounls and thwe is an inlenbon lo settle on net basis or io reaSse th8 a55et and 5etUe the liabilty s1fflu1taneous￿. 8asic financlalassets Basic finandat a55ets, whith nclude d8blors and cash and bank balances. are Ir,￿allY measured al Iransactlon F￿¢8 in¢ludlng tran5adion DJs15 and ate Subsequen1￿ caffled al amott58d c051 using the effective InterBsI method unless the 8rrangernent consbiules a financing ITansa(*ion, vth2re lh2 tr3nsadttn1s measured al the present Val￿ of the fulure recep15 discou￿ed at a market rate of int8r8sL Finandal a95?ts dassifted a5 receivab￿ within ong year Bre not amorlised. THE INDIA OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Critlcal accountlng estSmates and b•dg8m•nl8 In the appltcation Df Ihe Tfusl's aLl￿n11ng FK)Ildes. Truslees are fequired to rnake Judgements, estimate5 and a55umplion5 about Ihe Ca￿ng amount ol assels and liabilities that arè nol readi￿ apparenl from olher 8ource3. The e5tirnale5 and a55ocialed assumptions are based on historical experience and other fact￿5 that are consldered lo be relerdnL Actual results may drfl8r from Ihesa estimate& The esllmales arKI undetfying 8S5umpIi￿ are ￿eWed on an onwng bash. Re￿$￿1￿5 to accounting eslSm3tes are recognlsed in the periDd tn whlch thp estimate is revised wher¢ the revlsion affe(as only that period, OT in Ihe perHJd of revisk)n and future period5 where the re￿sion affects bolh currenl and fulure perJod$. Donatlons and lffjacl•s Unrestricted RestriGted fvnds funds Tolal Tolal 2D22 2022 2021 Donalions and gift5 71,992 93,996 Charftabl• actlvltles Charttable Chartlable Expenditure Expendiiure 2032 2021 Consult8n¢y fee6 Admln15tralive ser￿CeS charges- Falth In Sooety Expgnses for oral History workshops Expenses for pand discussion ai Natior4lArchi¥es PAnling & stslionery Tfavelling. accomodation and hospitalrfy Medla expenses Venue hire charge5 Writing LX)mmission General expenses 2,364 36,837 2,962 500 21,873 8,589 41,795 654 700 1.175 476 117.449 478 Share olgovernanc& costs (see nol8 SJ (53.435) 2.899 64.014 3.375 Analysls by fund Unr8stricl8d lund5 Reslricted (unds {3,8941 87.$D8 3,375 84.014 3.375 THE INDIA OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMEMfs (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2022 Supportcosts Support Governanco Costs costs 2022 2021 DeprerAation Bad and doubt￿ debts Accountancy OffK& sharing expenses 271 {56.819) 240 2.873 271 156.8191 240 2.873 120 2,743 {53.435) 153,435) 2,899 Ana]ysed be￿Pen Charilable activitie¥ {53,435) 153.435) 2,899 Govemance cos15 indudes Pa￿￿entS lo thg at￿￿￿tan1 of£240 (2021: £120) for a¢countsnry fees. None of the Trustees lor any peFson5 connected wllh them) recew any remneration or b8nefi15 from the Tw51 during the year. Tangible fix•d ass•ts Pl•n14nd mathlnpry Cost At 1 January 2022 Additions DIspD5als 1,087 162 {1,0871 At 31 Decpmber 2022 162 Depreciation and impairnwnt At l January 2022 Depreu31knn Charged in the year Elimlnated In respeot of dlsposals P78 161 19781 At 31 Dgcember 2022 181 Carrylng amount At 31 December 2022 At 310eceffl￿r 2021 109 THE INDIA OVERSEAS TRUST NOTES TO THE FINANCIAL STATEmE￿rs ICONTINUED) FOR THE YEAR ENDED 31 DECEIABER 2022 DebtOfS 2022 2021 Amounts falung du8 wlthln one year. Other debtor5 62.700 50,40D iedltorn: amounts falllng due wlttthi one year 2022 2021 Other credltor5 24.318 48,$25 10 Relatsd party transactlons In c¥edilors: amourrt fafiing due withkn cffle year was gn amount due lo Mr P P8lel of £nil12021.. £7,50DI. Mr P Patel was a mernber oflhe board of In￿lee¥ Olherthan Ihe tru5tee5 the tharity does not rxn51der115elfto have any other key nwnagemwl per50nneL 11 Analysls of changes In netfvnds The Trusl had no debt duiFng the year.