Reglstered Charlty Number: 1126274 Indian Institute of Technology - Alumnl Assoclation UK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Indlan Instltute of Technology- Alumnl Assoclatlon UK Content5 Page Trustees Annual Report Independent Examiner Report Statement of Financial Activities Statement of Flnanclal Posltion Accounting Policies li Notes to the Accounts 12 Trustees Annual Report forthe year ended 31 March 2024 The Trustees present thelr annual report and financial statements for the year ended 31, March 2024. Reference and Adminlstrative Informatlon Charity Name: Indian Institute of Technology - Alumni Association UK Other Names the Charlty is Known Bv: Charlty Registration Number: Registered Office; IIT AA UK 1126274 60A Goddlngton Lane Orpington Kent BR6 9DS Trustees: Ajay Chaudhary {Chalr) Lalatendu Dash (Secretary) Yusuf Jazakallah (Treasurer) Shankar Meembat (Events) Dr Raj Krishan Jain Dr Rajeev Wasudeo Benodekar Ritu Goswami Kataky (Education Initiative) Jiwan Jaln {Membership) Dr Abin Thomas Arun Kumar Ravikumar- Appointed 21 January 2024 Rajkamal Srivastava
Indian Instltute of Technology- Alumnl Assoclation UK Independent Examlner: Sebastian Machukattu Devasia Sebastian and Daughters Ltd Chartered Certified Accountants 17 Neals Corner, 2 Bath Road Hounslow, TW3 3HJ Bankers: HSBC, 5 Wimbledon Hill Road, Wimbledon, London SW19 7NF
Indian Institute of Technology- Alumni Assoclation UK Trustees Annual Report for the year ended 31 March 2024 Governing Document The constitution adopted on 09108/2008 as amended on 14/0512011 and amended on 0410712011 and amended on 08110/2022 Is the governing document of the charlty. Appolntment of Trustees The charity Trustees are appointed in accordance with the constitution. Our aims and ob ectives Our charity's aim and objectives are as given below: To organise networking events for IIT alumni resident in the United Kingdom to raise funds for charitable activities; Support IIT Alumni resident in the United Klngdom to donate to their alma mater In India to progress the objectives of the charity; To advance education in science and technology for the benefit of the public; To advance education of students in financial need by the provision of financial Brants to Ind ian Institutes of Technology (The IITs} in India to enable them to study at the IITS in Indla; and 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 excluslvely, by providing advice, assistance and support with the objective of improving their integration into society and their quallty of life Activities durln 2023-2024 Indian Institute of Technology- Alumni Association UK IIITAAUKI had another very eventful year In terms of supporting the Alma Mater in India and ralsing funds for IIT Delhi, IIT Bombay and IIT Madras. In total, over £30,000 was raised during the year. Also, to further our objective to actively support much needed grass roots level education in India wlth maximum outreach, an Education Initiative IIITAAUK Ell was setup in 2022-2023. As part of IITAAUK El, three India based charities were awarded grants between £2,000 and £3,000 during 2023-2024. During the period, the charities have used the funding to open new libraries, schools
Indian Institute of Technology- Alumnl Association UK and expand reach of technology to children in India. More information on the Education Iniknative is available at the followlng link. htt www.iituk.or iitaauk-educational-initiatives The year continued a drive to increase awareness of the IITAAUK and to increase the engagement of IIT Alumni in the UK. For the accounting year 2023-24, we had 40 new Paid members joining the Association. While this is a decrease in the number of new members added, there has been an increase In overall membership fees collected. During this period, we continued to have new registrations by alumni on our website and into our Alumni Directory. Our monthly Drop in and chat online sessions continued whlch had over 200 members registrations. In-person events this year were expanded to include multi-city networking events to connect more of our Alumni outside London. The Scotland team was especially active in running local events. The events included: Multi-city networking drinks in June 2023, October 2023 and March 2024 Annual Picnic in July 2023 15th Annlversary event in December 2023 Scotland regional events in June 2023 and March 2024 www.iituk.or continues to be the plafft)rm for IITians based in UK to find each other and collaborate. With over 1,700 registered members on the website, it is the slngle channel for IITlans to reach out to each other. Ensuring our work dellvers our alms 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 thls review and when planning our future activities. The review helps us to ensure our aim, objettives and activities remain focused on our stated purposes, Public Benelit All our attivities are undertaken to further our charitable purposes for the public benefit. Flnancial Revlew The trustees are pleased to report an operational surplus forthe yearof £8,176, excludingthe grants awarded until the Education Initiative. There is a loss of £24 after the award of £8,200 in grants.
Indlan Institute of Technology- Alumnl Assoclation UK 3 Trustees Annual Report for the year ended 31 March 2024 Unrestrlcted Funds The unrestricted fund represents funds that may be applied by the trustees In fulfilment of the general objectives of the charity Res onsiblllties 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: Select sultable accounting policies and then apply them con515tently; Observe the methods and principles in the Charlties SORP; Make judgements and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracyat anytime thefinancial position of the charityand enablethem toensure thatthefinancial statements comply with the Charities Act 2011. They are also responsible for safeguardingthe assets of the charity and hence for taklng reasonable steps for the prevention and detectson of fraud and other irregularities. INDEPENDENT EXAMINER Sebastian and Daughters Ltd has been appolnted as independent examiner for the ensuing year. Signed on behalf of the Trustees by: Ajay Chaudhary- Chair
Indian Institute of Technology- Alumnl Assoclation 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 2024 which are Set out on pages 8 to 12. Respective responslbllities of trustees and examlner As the charity's trustees you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 20111'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 14515llbl 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 belleve that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {A¢counts and Reports} Regulations 2008 other than any requirement that the accounts give a 'true and falr vlew, 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. astian ukattu Devasia Sebastian and Daughters Ltd Chartered Certified Accountants 17 Neals Corner, 2 Bath Road Hounslow, TW3 3HJ Sebastian and Oaughters Ltd Chaltefed Geytilied IkGGOUntants 17 Weals Coitief 2 Bath Road 4oLknslo TVI3 3HJ TeL'. 020 31490 9263
INDIAN INSTITUTE OF TECHNOLOGY-ALUMUNI ASSOCIATION UK STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Total Total Fund5 Funds Notes Income Donations 39,607 105,937 Charitable Activities 347 14,712 Total Income 39,954 120,649 Expenditure Charitable activities Contribution to IIT Funds 22,714 97,485 Other Events & Grants 11,928 13,011 ort Costs Admin Expenses 4,125 2,157 Bank Charges 611 225 Governance Costs Independent Review 600 360
Total expenditure 39,978 113,238 Net Surplus {deficlt} -24 7,411 Total Funds brought forward 37,228 29,817 Total Funds carried forward 37,204 37,228 There were no recognised gains or losses for 2024 or 2023 other than those Included in the Statement of Financlal Activities. All income and expenditure derives from continuing activities. INDIAN INSTITUTE OF TECHNOLOGY- ALUMNI ASSOICATION UK STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Note Current Assets Debtors Bank Accounts 372 472 56,174 61,634 56,546 62,106 Credltors 19,342 24,878 Net assets/(liablllties) 37,204 37,228 Charity Funds Unrestricted funds 37,228 29,817
Total Charity Funds 37,204 37,228 th These financial statements were approved by the members of the committee on 28 January 2025 and are signed on thelr behalf by: Ajay Chaudhary Trustee 10
INDIAN INSTITUTE OF TECHNOLOGY- ALUMNI ASSOCIATION UK ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2024 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 charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS 1021 (Charities SORP IFRS 1021) and the Charities Act 2011. Indian Institute of Technology- Alumni Assoclation UK is an unincorporated charity with charltable 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 charlty is legally entitled to the income and the amount can be quantified with reasonable accuracy. No amounts are included in the financial statement5 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 accountlng Unrestrirtedfunds Unrestricted funds represent funds that are expendable at the discretion of the trustees in the furtherance of the objects of the charity, li
INDIAN INSTITUE OF TECHNOLOGY- ALUMNI ASSOCIATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Donations and Membershlp Income 2024 2023 Membershlp Income Institute Specific Donations 6,083 33,524 4,715 101,222 39,607 105,937 Unrestricted Funds 2024 2023 Balance brought forward Recelpts in year Payments in year 37,228 29,817 39,954 120,649 139,978) {113,238) Balance carrled forward 37,204 37,228 Trustees No trustee received remuneration or expenses during the year and no employee earned more than £60,000 12