Registered Charity Number: 1126274
Indian Institute of Technology Alumni Association UK
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
Indian Institute of Technology Alumni Association UK
| Contents | Page |
|---|---|
| Trustees Annual Report | 3 |
| Independent Examiner Report | 7 |
| Statement of Financial Activities | 8 |
| Statement of Financial Position | 9 |
| Accounting Policies | 10 |
| Notes to the Accounts | 11 |
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
Indian Institute of Technology Alumni Association UK
Trustees Annual Report for the year ended 31 March 2021
The Trustees present their annual report and financial statements for the year ended 31[st] March 2021.
Reference and Administrative Information
Charity Name: Indian Institute of Technology Alumni Association UK Other Names the Charity is Known By : IIT AA UK Charity Registration Number: 1126274 Registered Office: 60A Goddington Lane Orpington Kent BR6 9DS
Trustees:
Shankar Meembat (Chair) Sandeep Reddy Vittal Reddy Gari (Secretary) Ajay Chaudhary (Treasurer) Dr Raj Krishan Jain Shyamal Desai Yusuf Jazakallah Lalatendu Dash Appointed 16 May 2021 Manish Jain Appointed 16 May 2021 Dr Rajeev Wasudeo Benodekar
Independent
Examiner: Sarah Wilson FCA Wilsons Accounting Services Cherry Lodge, West Haddon Road Watford, NN6 7UN Bankers: HSBC, 5 Wimbledon Hill Road, Wimbledon, London SW19 7NF
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
Indian Institute of Technology Alumni Association UK
Trustees Annual Report for the year ended 31 March 2020
Governing Document
The constitution adopted on 09/08/2008 as amended on 14/05/2011 and amended on 04/07/2011 is the governing document of the charity.
Appointment of Trustees
The charity Trustees are appointed in accordance with the constitution.
Our aims and objectives
Our charity’s aim and objectives are as given below:
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To organise networking events for IIT alumni resident in the United Kingdom to raise funds for charitable activities;
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Support IIT Alumni resident in the United Kingdom to donate to their alma mater in India to progress the objectives of the charity;
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To advance education in science and technology for the benefit of the public;
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To advance education of students in financial need by the provision of financial grants to Indian Institutes of Technology (The IITs) in India to enable them to study at the IITs in India; and
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To provide relief for the newly arrived IIT alumni in the United Kingdom, who are in conditions of need, hardship or distress, in particular but not exclusively, by providing advice, assistance and support with the objective of improving their integration into society and their quality of life
Activities during 20202021
The year 20202021 has been a relatively quiet one due to the advent of COVID19. We continued supporting the Alma Mater in India and raising funds for IIT Roorkee, IIT Madras and IIT Bombay. In total, over £62,000 was raised and distributed to these institutions. Discussions have been ongoing for signing the Memorandum of Understanding (MoU) with IIT Kanpur and IIT Delhi allowing us to support them similarly to the other three IITs.
There were no in person events held during the year. However, since January 2021, the committee embarked on organising virtual events with one event held every month. These events were well attended.
There was also a push to enrol more members and very importantly get members registered on the website, so we have the ability to reach out and engage with the alumni more regularly. We had over 200 new registrations on our website and 25 new members in 202021.
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
Indian Institute of Technology Alumni Association UK
Trustees Annual Report for the year ended 31 March 2021
During 20202021, the committee continued efforts to upgrade the supporting IT systems and infrastructure. As part of that, the website was enhanced to include a Alumni Directory and other engagement tools such as a Discussion Board.
Ensuring our work delivers our aims
Each year we review our objectives and activities to ensure they continue to reflect our aims. We refer to the Charity Commission’s general guidance on public benefit when carrying out this review and when planning our future activities. The review helps us to ensure our aim, objectives and activities remain focused on our stated purposes.
Public Benefit
All our activities are undertaken to further our charitable purposes for the public benefit.
Financial Review
The trustees are pleased to report a surplus for the year of £4,400
Unrestricted Funds
The unrestricted fund represents funds that may be applied by the trustees in fulfilment of the general objectives of the charity
Responsibilities of the Trustees
The Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
Indian Institute of Technology Alumni Association UK
Trustees Annual Report for the year ended 31 March 2020
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT EXAMINER
Sarah Wilson FCA has been appointed as independent examiner for the ensuing year.
Signed on behalf of the Trustees by:
Shankar Meembat Chair
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
Indian Institute of Technology – Alumni Association UK
INDEPENDENT EXAMINERS’ REPORT TO THE MEMBERS OF INDIAN INSTITIE OF TECHNOLOGY – ALUMNI ASSOCIATION UK
I report on the accounts of the company for the year ended 31 March 2021 which are set out on pages 8 to 11.
Respective responsibilities of trustees and examiner
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records[; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Sarah Wilson FCA Wilsons Accounting Services Cherry Lodge West Haddon Road Watford Northants NN6 7UN
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INDIAN INSTITUTE OF TECHNOLOGY – ALUMUNI ASSOCIATION UK
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
| Notes Income Donations 1 Charitable Activities Total Income Expenditure Charitable activities Contribution to IIT Funds Other Events Support Costs Admin Expenses Bank Charges Governance Costs Independent Review Total expenditure Net Surplus (deficit) Total Funds brought forward Total Funds carried forward |
2021 Total Funds £ 64,240 64,240 59,069 342 39 350 58,800 4.400 16,946 21,386 |
2020 Total Funds £ 34,387 518 |
|
|---|---|---|---|
| 34,905 | |||
| 31,975 697 135 6 350 |
|||
| 33,163 | |||
| 1,742 15.204 |
|||
| 16,946 |
There were no recognised gains or losses for 2021 or 2020 other than those included in the Statement of Financial Activities. All income and expenditure derives from continuing activities.
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
INDIAN INSTITUTE OF TECHNOLOGY – ALUMNI ASSOICATION UK
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021
| Note Current Assets Bank Accounts Creditors Net assets/(liabilities) Charity Funds Unrestricted funds 2 Total Charity Funds |
2021 £ 57,468 57,468 36.082 21,386 21,386 21.386 |
2020 £ 18,206 |
|---|---|---|
| 18.206 1,260 |
||
| 16.946 | ||
| 16,496 | ||
| 16,496 |
These financial statements were approved by the members of the committee on ………………………….. 23/01/2022 and are signed on their behalf by:
Shankar Meembat Trustee
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
INDIAN INSTITUTE OF TECHNOLOGY – ALUMNI ASSOCIATION UK
ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2021
The financial statements have been prepared in compliance with FRS 102. ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
Indian Institute of Technology Alumni Association UK is an unincorporated charity with charitable status controlled and managed by the Trustees who are individually named in the Annual Report .
Income
All income is included in the financial statements when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. No amounts are included in the financial statements for services donated by volunteers
Investment Income
There has been no Investment income.
Intangible Income
Intangible income, in the form of donated facilities and voluntary help etc., is not included in the financial statements since it is not considered practicable to quantify such income.
Expenditure
Expenditure is accounted for on a receipts and payments basis and has been classified under headings that aggregate all costs relating to the charity. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fund accounting
Unrestricted funds
Unrestricted funds represent funds that are expendable at the discretion of the trustees in the furtherance of the objects of the charity.
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
INDIAN INSTITUE OF TECHNOLOGY – ALUMNI ASSOCIATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Donations and Membership Income
| Membership Income Institute Specific Donations |
2021 £ 1,775 62,445 64,220 |
2020 £ 715 33,672 34,387 |
|---|---|---|
2 Unrestricted Funds
| Balance brought forward Receipts in year Payments in year Balance carried forward |
2021 2020 £ £ 16,946 15,204 64,240 34,905 (59,800) (33,163) 21,386 16,946 |
|---|---|
3 Trustees
No trustee received remuneration or expenses during the year and no employee earned more than £60,000
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Doc ID: e791fa2b8b6cce54229b4f497ce0608930d684c8
Audit Trail
Title 2020-2021 Annual report File Name IIT AA UK - Trust...d 20 Jan 2022.pdf Document ID e791fa2b8b6cce54229b4f497ce0608930d684c8 Audit Trail Date Format DD / MM / YYYY Status Signed
24 / 01 / 2022 Sent for signature to Sarah Wilson 14:51:18 UTC (sarahwilson845@gmail.com) from shankar.meembat@iituk.org IP: 86.156.80.229 25 / 01 / 2022 Viewed by Sarah Wilson (sarahwilson845@gmail.com) 16:43:24 UTC IP: 31.185.191.48 25 / 01 / 2022 Signed by Sarah Wilson (sarahwilson845@gmail.com) 16:44:52 UTC IP: 31.185.191.48 25 / 01 / 2022 The document has been completed. 16:44:52 UTC