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2023-04-01-accounts

REGISTERED COMPANY NUMBER: CE004244 (England and Wales) REGISTERED CHARITY NUMBER: 1162982

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Ancient India & Iran Trust

Thornton Springer LLP Chartered Accountants

67 Westow Street London SE19 3RW

Ancient India & Iran Trust

Contents of the Financial Statements for the Year Ended 31 March 2023

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 16
Detailed Statement of Financial Activities 17 to 18

Ancient India & Iran Trust

for the Year Ended 31 March 2023

Report of the Trustees

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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

Objectives and aims

The broad aims of the Trust are the advancement of knowledge of the Indo-Iranian languages and their history, and of the early cultures of the Indian and Iranian worlds particularly as represented by the pre-history, archaeology, art history and ancient history of the regions involved.

The Trustees’ policy has been guided by four main considerations:

a) The maintenance of a house to accommodate the library, initially consisting of the individual libraries of Sir Harold Bailey, of Professor J van Lohuizen and of the Doctors Allchin.

b) The house would also serve as the centre for the Trust’s administration and as the base for their wider cultural and educational aims (i.e. lectures, seminars, conferences and exhibitions etc.).

c) The creation of an endowment fund which would be used both to support the library and to further the wider aims of education and research, particularly by making grants for travel and research, and assisting publication.

d) The Trustees accept that for the time being their primary responsibility must be the establishment, care and maintenance of the library, and will remain so until the necessary funding is raised to guarantee its continuity and further development. During the year we continued to meet the objectives of the Trust.

Public benefit

The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity's activities are outlined under 'Objectives and Activities' and 'Achievements and Performance' within this report.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Income:

The Trust’s income is derived mainly from the following sources:

a. income from its investments which are held in an amalgamated fund (comprising a number of special funds);

b. income from special grants: from The Bestway Foundation to fund visiting fellows from Pakistan.

c. from gifts and covenants made by Friends of The Ancient India & Iran Trust.

d. rent from two flats in Brooklands House.

Outgoings:

The Trust’s outgoings are primarily the payment of staff, the repair and maintenance of Brooklands House, the cataloguing and maintenance of the library, support for symposia and the award of small personal research grants. The staff comprise: a resident custodian for the house and library, a part-time administrator and a part-time library assistant.

The following on-going projects are being funded with money raised from outside sources: Conservation and preservation of manuscripts and rare books

Investment performance

The value of the Charity's investment portfolio is £1,541,973 (2022 £1,665,652).

The Trust’s freehold property of Brooklands House, which was purchased specifically for Trust objectives by the Founding Trustees, is owned not as an investment, but as a tool for fulfilling the Trust’s objectives. The Trustees do not anticipate at the present time that it will be necessary to sell the property.

Page 1

Ancient India & Iran Trust

for the Year Ended 31 March 2023

Report of the Trustees

ACHIEVEMENT AND PERFORMANCE

FINANCIAL REVIEW

Investment policy and objectives

The Charity’s investment objective is to protect, in so far as is reasonable and with the avoidance of undue risk, the real value of the charity’s capital and income after allowance for inflation.

Reserves policy

Over the medium term it is the Trustees’ intention to spend annual income while maintaining the real value of the General Fund, as represented by the four designated funds.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Trust is regulated by the Charity Commissioners for England & Wales under the Trust Deed of 17 July 1978 and a Deed of Variation of 17 July 1994.

The Trust was converted to a Charitable Incorporated Organisation (CIO) on 31 October 2016.

Recruitment and appointment of new trustees

New Trustees are usually known to and recommended by existing Trustees. Their selection will be based on their experience, qualifications and skills. Any training requirements if considered necessary will be identified at an early stage and relevant courses arranged.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

CE004244 (England and Wales)

Registered Charity number

1162982

Registered office

23 Brooklands Avenue Cambridge CB2 8BG

Page 2

Ancient India & Iran Trust

Report of the Trustees

for the Year Ended 31 March 2023

Trustees

Professor N Sims-Williams (Chair) Dr C Petrie (Hon Secretary) Professor S Lieu Professor J Lipner Professor A Hintze (Hon Treasurer) Dr C Ruymbeke Mrs UMJ Sims-Williams (Hon librarian) Sir N Barrington Mr T R Blurton Mr J Cribb Dr P H B Baker (appointed 14.10.22)

Independent Examiner

Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... Professor N Sims-Williams (Chair) - Trustee

Page 3

Independent Examiner's Report to the Trustees of Ancient India & Iran Trust

Independent examiner's report to the trustees of Ancient India & Iran Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

S B Ison FCCA

Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW

Date: .............................................

Page 4

Ancient India & Iran Trust

Statement of Financial Activities

for the Year Ended 31 March 2023

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
Other trading activities
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
Investment management costs
4
Charitable activities
Other
Brooklands House
Total
Net gains/(losses) on investments
NET
INCOME/(EXPENDITURE)
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds
£
16,051
1,746
66,823
84,620
4,968
4,968
65,735
51,669
122,372
(118,859)
(156,611)
1,154,169
997,558		 Restricted
funds
£
-
-
-
-
-
-
4,342
-
4,342
-
(4,342)
217,030
212,688		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
2,373,625
2,373,625		 31.3.23
Total
funds
£
16,051
1,746
66,823
84,620
4,968
4,968
70,077
51,669
126,714
(118,859)
(160,953)
3,744,824
3,583,871		 31.3.22
Total
funds
£
2,685
4,627
66,001
73,313
5,278
5,278
57,702
19,065
82,045
43,246
34,514
3,710,310
3,744,824

The notes form part of these financial statements

Page 5

Ancient India & Iran Trust

Balance Sheet

31 March 2023

Notes
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENT ASSETS
Debtors
10
Investments
11
Cash at bank and in hand
CREDITORS
Amounts falling due within one
year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
funds
£
6,523
938,578
945,101
12,371
17,082
24,965
54,418
(1,961)
52,457
997,558
997,558		 Restricted
funds
£
-
212,688
212,688
-
-
-
-
-
-
212,688
212,688		 Endowment
fund
£
2,000,000
373,625
2,373,625
-
-
-
-
-
-
2,373,625
2,373,625		 31.3.23
Total
funds
£
2,006,523
1,524,891
3,531,414
12,371
17,082
24,965
54,418
(1,961)
52,457
3,583,871
3,583,871
997,558
212,688
2,373,625
3,583,871		 31.3.22
Total
funds
£
2,000,000
1,639,366
3,639,366
9,031
26,286
76,257
111,574
(6,116)
105,458
3,744,824
3,744,824
1,154,169
217,030
2,373,625
3,744,824

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

continued...

Ancient India & Iran Trust

Balance Sheet - continued 31 March 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Professor N Sims-Williams (Chair) - Trustee

............................................. Professor A Hintze (Hon Treasurer) - Trustee

The notes form part of these financial statements

Page 7

Ancient India & Iran Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 8

Ancient India & Iran Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

2. OTHER TRADING ACTIVITIES
31.3.23 31.3.22
£ £
Royalties - 749
Sale of books 1,746 3,878
1,746 4,627
3. INVESTMENT INCOME
31.3.23 31.3.22
£ £
Rents received 19,200 19,200
Deposit account interest 179 8
Other interest - 14
Curr asset inv income 47,444 46,779
66,823 66,001
4. INVESTMENT MANAGEMENT COSTS
31.3.23 31.3.22
£ £
Portfolio management 4,968 5,278

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

6. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.3.23 31.3.22
Administrator 1 1
Librarian 1 1
Custodian 1 1
3 3

No employees received emoluments in excess of £60,000.

continued...

Page 9

Ancient India & Iran Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

7.
COMPARATIVES FOR THE STATEMENT OF
INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Investment management costs
Charitable activities
Other
Brooklands House
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
2,685
-
4,627
-
66,001
-
73,313
-
5,278
-
5,278
-
57,702
-
19,065
-
82,045
-
43,246
-
34,514
-
1,119,655
217,030
1,154,169
217,030		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
2,373,625
2,373,625		 Total
funds
£
2,685
4,627
66,001
73,313
5,278
5,278
57,702
19,065
82,045
43,246
34,514
3,710,310
3,744,824

continued...

Page 10

Ancient India & Iran Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

8. TANGIBLE FIXED ASSETS

COST
At 1 April 2022
Additions
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
9.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
There were no investment assets outside the UK.
Cost or valuation at 31 March 2023 is represented by:		 Freehold
property
£
2,000,000
-
2,000,000
2,000,000
2,000,000		 Improvements
to
property
£
-
6,523
6,523
6,523
-		 Totals
£
2,000,000
6,523
2,006,523
2,006,523
2,000,000
Listed
investments
£
1,639,366
343,587
(339,204)
(118,858)
1,524,891
1,524,891
1,639,366
Valuation in 2023
Cost		 Listed
investments
£
143,838
1,381,053
1,524,891

continued...

Page 11

Ancient India & Iran Trust

Notes to the Financial Statements-continued
for the Year Ended 31 March 2023
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Investment income
Tax
11.
CURRENT ASSET INVESTMENTS
Cash at brokers
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors		 31.3.23
£
269
8,594
3,508
12,371
31.3.23
£
17,082
31.3.23
£
(558)
2,519
1,961		 31.3.22
£
215
8,321
495
9,031
31.3.22
£
26,286		 31.3.22
£
215
8,321
495
9,031
31.3.22
£
26,286
31.3.22
£
934
5,182
6,116
6,116

continued...

Page 12

Ancient India & Iran Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

13. MOVEMENT IN FUNDS

Unrestricted funds
General fund
The Allchin S Asian Research & Travel
Fund
The Joan Van Lohuizen Memorial Fund
The Harold Bailey Fund for Iranian Studies
The Joan Van Lohuizen Bequest
Restricted funds
Charles Wallace India Fund
Conserve Zoroastrian manuscripts
Pakistani Visiting Fellowships
Kreitman Library Endowment
Kreitman Garden Fund
Bimaran Fund
BIPS Fund for Allchin Archive
Endowment funds
Permanent Endowment
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
84,620
Restricted funds
Pakistani Visiting Fellowships
-
TOTAL FUNDS
84,620		 At 1.4.22
£
408,022
97,446
73,877
225,106
349,718
1,154,169
114
289
14,791
100,000
100,000
1,707
129
217,030
2,373,625
3,744,824
Resources
expended
£
(122,372)
(4,342)
(126,714)		 Net
movement
in funds
£
(156,611)
-
-
-
-
(156,611)
-
-
(4,342)
-
-
-
-
(4,342)
-
(160,953)
Gains and
losses
£
(118,859)
-
(118,859)		 At
31.3.23
£
251,411
97,446
73,877
225,106
349,718
997,558
114
289
10,449
100,000
100,000
1,707
129
212,688
2,373,625
3,583,871
Movement
in funds
£
(156,611)
(4,342)
(160,953)

continued...

Page 13

Ancient India & Iran Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.4.21
£
Unrestricted funds
General fund
373,508
The Allchin S Asian Research & Travel
Fund
97,446
The Joan Van Lohuizen Memorial Fund
73,877
The Harold Bailey Fund for Iranian Studies
225,106
The Joan Van Lohuizen Bequest
349,718
1,119,655
Restricted funds
Charles Wallace India Fund
114
Conserve Zoroastrian manuscripts
289
Pakistani Visiting Fellowships
14,791
Kreitman Library Endowment
100,000
Kreitman Garden Fund
100,000
Bimaran Fund
1,707
BIPS Fund for Allchin Archive
129
217,030
Endowment funds
Permanent Endowment
2,373,625
TOTAL FUNDS
3,710,310
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
73,313
(82,045)
TOTAL FUNDS
73,313
(82,045)		 Net
movement
in funds
£
34,514
-
-
-
-
34,514
-
-
-
-
-
-
-
-
-
34,514
Gains and
losses
£
43,246
43,246		 At
31.3.22
£
408,022
97,446
73,877
225,106
349,718		 At
31.3.22
£
408,022
97,446
73,877
225,106
349,718
1,154,169
114
289
14,791
100,000
100,000
1,707
129
217,030
2,373,625
3,744,824
Movement
in funds
£
34,514
34,514
34,514

continued...

Page 14

Ancient India & Iran Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
The Allchin S Asian Research & Travel
Fund
The Joan Van Lohuizen Memorial Fund
The Harold Bailey Fund for Iranian Studies
The Joan Van Lohuizen Bequest
Restricted funds
Charles Wallace India Fund
Conserve Zoroastrian manuscripts
Pakistani Visiting Fellowships
Kreitman Library Endowment
Kreitman Garden Fund
Bimaran Fund
BIPS Fund for Allchin Archive
Endowment funds
Permanent Endowment
TOTAL FUNDS
A current year 12 months and prior year 12 months
follows:
Unrestricted funds
General fund
Restricted funds
Pakistani Visiting Fellowships
TOTAL FUNDS		 Net
movement
At
At 1.4.21
in funds
31.3.23
£
£
£
373,508
(122,097)
251,411
97,446
-
97,446
73,877
-
73,877
225,106
-
225,106
349,718
-
349,718
1,119,655
(122,097)
997,558
114
-
114
289
-
289
14,791
(4,342)
10,449
100,000
-
100,000
100,000
-
100,000
1,707
-
1,707
129
-
129
217,030
(4,342)
212,688
2,373,625
-
2,373,625
3,710,310
(126,439)
3,583,871
combined net movement in funds, included in the above are
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
157,933
(204,417)
(75,613)
(122,097)
-
(4,342)
-
(4,342)
157,933
(208,759)
(75,613)
(126,439)

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Page 15

continued...

Ancient India & Iran Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

Page 16

Ancient India & Iran Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Detailed Statement of Financial Activities
for the Year Ended 31 March 2023
31.3.23 31.3.22
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 16,051 2,685
Other trading activities
Royalties - 749
Sale of books 1,746 3,878
1,746 4,627
Investment income
Rents received 19,200 19,200
Deposit account interest 179 8
Other interest - 14
Curr asset inv income 47,444 46,779
66,823 66,001
Total incoming resources 84,620 73,313
EXPENDITURE
Investment management costs
Portfolio management 4,968 5,278
Charitable activities
Lectures 1,248 458
Book purchases 578 2,325
Symposia 242 248
Library expenses 1,537 1,050
Grants to individuals 10,287 264
13,892 4,345
Support costs
Management
Wages 43,166 41,469
Pensions 833 776
Insurance 2,575 2,412
Telephone 2,693 2,622
Postage and stationery 1,792 1,629
Sundries 1,010 499
Computer expenses 1,510 1,361
Carried forward 53,579 50,768

This page does not form part of the statutory financial statements

Page 17

Ancient India & Iran Trust

Detailed Statement of Financial Activities
for the Year Ended 31 March 2023
31.3.23 31.3.22
£ £
Management
Brought forward 53,579 50,768
Brooklands House maintenance 51,669 19,065
105,248 69,833
Finance
Bank charges 86 69
Governance costs
Accountancy fees 2,520 2,520
Total resources expended 126,714 82,045
Net expenditure before gains and losses (42,094) (8,732)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 51,575 51,481
Net income 9,481 42,749

This page does not form part of the statutory financial statements

Page 18