The Charity Registration Number is : 1183696
Bridge India
Report and Accounts
31 July 2020
Bridge India
Report and accounts for the period ended 31 July 2020
Contents
| Page | ||
|---|---|---|
| Charity information | 1 | |
| Trustees' Annual Report | 1 | |
| Accountants' report | 6 | |
| Funds Statements:- | ||
| Statement of Financial Activities | 7 | |
| Balance sheet | 11 | |
| Cash flow statement | 12 | |
| Notes to the accounts | 15 |
Bridge India
Trustees' Annual Report for the period from 3 June 2019 to 31 July 2020
The Trustees present their Report and Accounts for the period ended 31 July 2020.
Reference and administrative details
The charity name.
The legal name of the charity is: Bridge India.
The charity is also known by its operating name, Bridge India.
The charity's areas operation and UK charitable registration.
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1183696.
Legal structure of the charity
The charity is constituted as a Charitable Incorporated Organisation (CIO) in England & Wales. The governing document of the charity is the constitution of the CIO as approved by the Charity Commission in England & Wales (CCEW) .
The governing document is dated 03 June 2019
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
The trustees are all individuals.
1
Bridge India
Trustees' Annual Report for the period from 3 June 2019 to 31 July 2020
The principal operating address, telephone number, email and web addresses of
c/o EPG, TOG, 2 Stephen Street Fitzrovia, London W1T 1AN Telephone 02079936851
Email Address contact@bridgeindia.org.uk Web address www.brindgeindia.org.uk
The Trustees in office on the date the report was approved were:-
Supriyo Chaudhuri Raqib Islam Ashwin Kumaraswamy
The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the year end and the approval of the accounts.
All the trustees are also members of the charity.
Objects and activities of the charity
The purposes of the charity as set out in its governing document.
To advance the education of the public in all matters relating to India, including but not limited to cultural, social, socio-economic, political and other issues including public policy, in particular but not exclusively through conferences, facilitating debate, conducting and publishing objective research and seminars.
The main activities undertaken in relation to those purposes during the period.
During the period under review, Bridge India rose considerably in prominence amongst the Indian community and extended awareness to other, particular business, communities in the UK.
During this time, the charity set up reciprocal memberships with complementary organisations in Luxembourg and Ireland. We took a delegation to the 29th Economic Forum in Poland, organised a tailored week-long visit for one of our members to India to meet policy-makers and CEOs, have published unique content on our website, and released our first publication on the future of clean transportation in India. During the Covid-19 lockdown, we continued to hold regular events through a webinar series.
2
Bridge India
Trustees' Annual Report for the period from 3 June 2019 to 31 July 2020
The main activities undertaken during the period to further the charity's purpose for the public benefit.
In shaping our objectives for the first year in operation, the trustees have considered the Charity Commission’s guidance on public benefit. The objectives of the charity are to advance the education of the public in all matters relating to India, including but not limited to cultural, social, socio-economic, political and other issues including public policy, in particular but not exclusively through conferences, facilitating debate, conducting and publishing objective research, and seminars.
Bridge India is a unique charity in this respect, as a think tank of this kind does not currently operate in England & Wales. During this year, we have worked with several organisations typically working in one of the following areas: trade promotion, quasi-government, government, civil society, academic institutions and corporates.
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
The main achievements and performance of the charity during the period.
The Charity submitted evidence to the House of Commons Foreign Affairs Select Committee’s report on closer UK and India ties; was interviewed or quoted appeared in the BBC, NDTV and Aaj Tak as well as Times of India, published our first survey of NRI voting intentions and engagement with India, and hosted nearly 30 in-person events, including exclusive dinners with former and current UK and Indian ministers and CEOs, a former Governor of Reserve Bank of India, as well as the Vice President, Health Minister and an Army Chief from Uganda. Our most successful events were smaller sessions conducted under Chatham House rule, where there was close interaction with senior speakers possible.
Fundraising activities during the period.
The Charity hosted nearly 30 in-person events, including exclusive dinners with former and current UK and Indian ministers and CEOs, a former Governor of Reserve Bank of India, as well as the Vice President, Health Minister and an Army Chief from Uganda. Our most successful events were smaller sessions conducted under Chatham House rule, where there was close interaction with senior speakers possible.
We took a delegation to the 29th Economic Forum in Poland, organised a tailored week-long visit for one of our members to India to meet policy-makers and CEOs, have published unique content on our website, and released our first publication on the future of clean transportation in India.
During the Covid-19 lockdown, we continued to hold regular events through a webinar series.
Structure, governance and management of the charity
The methods used to recruit and appoint new charity trustees.
The trustees are appointed on a voluntary basis as and deemed fit by the existing trustess.
Bankers
Accountants
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ T KUMAR. White Lodge, Julian Close, Chilworth, Southampton, SO16 7HR
3
Bridge India
Trustees' Annual Report for the period from 3 June 2019 to 31 July 2020
Financial review
The charity's financial position at the end of the period ended 31 July 2020
The financial position of the charity at 31 July 2020 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
| Net income Unrestricted Revenue Funds available for the general purposes of the charity Total Funds |
2020 £ 684 684 684 |
2019 £ - |
|---|---|---|
| - | ||
| - |
Financial review of the position at the reporting date, 31 July 2020 .
The trustees consider the financial performance by the charity during the year to have been satisfactory considering it is the first year of its existence and considering the effect the pandemic has had.
Policies on reserves.
The trustees have decided that there is no immediate need to hold a reserve.
Going Concern
The trustees having reviewed the financial position of the charity and have decided to prepare the accounts under the going concern basis as the charity is able to meet its obligations as and when they fall due.
Details of The Independent Examiner
Mr T KUMAR, BCom, ACA(I), FCCA
Member of Association of Chartered Certified Accountants White Lodge Julian Close Southampton Hampshire SO16 7HR
4
Bridge India
Trustees' Annual Report for the period from 3 June 2019 to 31 July 2020
Statement of Trustees' Responsibilities
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
-
to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
-
select suitable accounting policies and apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under 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.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on 23 November 2020.
Ashwin Kumaraswamy Trustee
5
Bridge India
Report to the directors on the preparation of the unaudited statutory accounts of Bridge India for the period ended 31 July 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bridge India for the period ended 31 July 2020 which comprise of Statement of Financial Activities for the period ended 31 July 2020 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Mr T KUMAR, BCom, ACA(I), FCCA
Association of Chartered Certified Accountants White Lodge Julian Close Southampton Hampshire SO16 7HR
29 November 2020
6
Bridge India - Statement of Financial Activities for the period ended 31 July 2020
Statement of Financial Activities for the period ended 31 July 2020
| SORP Ref Income & Endowments from: Donations & Legacies A1 Expenditure on: Raising funds B1 Charitable activities B2 Total expenditure B Net income for the year Net income after transfers A-B Net movement in funds Reconciliation of funds:- Total funds carried forward |
16,564 12,294 3,586 15,880 684 684 684 684 Current year Unrestricted Funds 2020 £ |
- - - - - - - - Current year Restricted Funds 2020 £ |
16,564 12,294 3,586 Current year Total Funds 2020 £ |
|---|---|---|---|
| 15,880 | |||
| 684 | |||
| 684 | |||
| 684 | |||
| 684 |
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.
All the prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
7
Bridge India - Statement of Financial Activities for the period ended 31 July 2020
The notes attached on pages 12 to 21 form an integral part of these accounts.
Bridge India - Resources applied in the period ended 31 July 2020 towards fixed assets for Charity use:
| assets for Charity use: | |
|---|---|
| Funds generated in the year as detailed in the SOFA Net resources available to fund charitable activities |
2020 £ 684 |
| 684 |
8
Bridge India - Statement of Financial Activities for the period ended 31 July 2020
The notes attached on pages 12 to 21 form an integral part of these accounts.
Movements in revenue and capital funds for the period from 3 June 2019 to 31 July
Revenue accumulated funds
| Recognised gains and losses before transfers Unrestricted Funds 2020 £ 684 684 Closing revenue funds 684 Summary of funds Unrestricted and Designated funds 2020 £ Revenue accumulated funds 684 |
Restricted Funds 2020 £ - - - Restricted Funds 2020 £ - |
Total Funds 2020 £ 684 |
|---|---|---|
| 684 | ||
| 684 | ||
| Total Funds 2020 £ 684 |
9
Bridge India - Statement of Financial Activities for the period ended 31 July 2020
The notes attached on pages 12 to 21 form an integral part of these accounts.
Bridge India
Income and Expenditure Account for the period from 3 June 2019 to 31 July 2020 as required by the Companies Act 2006
| Income Income from operations Investment income Gross income in the period before exceptional items Gross income in the period including exceptional items Expenditure Charitable expenditure, excluding depreciation and amortisation Fundraising costs Realised losses on disposals of social investments which are programme related Total expenditure in the period Net income before tax in the financial year Tax on surplus on ordinary activities Net income after tax in the financial year Retained surplus for the financial year |
2020 £ 16,564 |
|---|---|
| 16,564 | |
| 16,564 | |
| 3,586 12,294 - |
|
| 15,880 | |
| 684 - |
|
| 684 | |
| 684 |
All activities derive from continuing operations
10
Bridge India - Balance Sheet as at 31 July 2020
| SORP NoteRef Current assets B Cash at bank and in hand B4 Creditors: amounts falling due within one year 4 C1 Net current assets The total net assets of the charity |
2020 £ 1,184 (500) 684 684 |
2020 £ 1,184 (500) 684 684 |
|---|---|---|
| 684 |
The total net assets of the charity are funded by the funds of the charity, as follows:-
| Restricted funds Unrestricted Funds Unrestricted Revenue Funds 7 D3 684 Designated Funds Total charity funds |
- 684 |
|---|---|
| 684 |
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
Ashwin Kumaraswamy
Trustee Approved by the board of trustees on 23 November 2020
The notes attached on pages 12 to 21 form an integral part of these accounts.
11
Bridge India
Cash Flow Statement for the period from 3 June 2019 to 31 July 2020
| Cash flows from operating activities Net cash provided by operating activities as shown below A Cash flows from financing activities Net cash provided by financing activities C Overall cash provided by all activities A+B+C Cash movements Change in cash and cash equivalents from activities in the period ended 31 July 2020 Cash and cash equivalents at 3 June 2019 Change in cash and cash equivalents due to exchange rate movements Cash at bank and in hand less overdrafts at 31 July |
2020 £ 1,184 |
|---|---|
| - | |
| 1,184 | |
| 1,184 - - |
|
| 1,184 |
12
Bridge India
Cash Flow Statement for the period from 3 June 2019 to 31 July 2020
| Reconciliation of net income to net cash flow from operating Net income as shown in the Statement of Financial Activities Adjustments for :- Write downs of investments Net unrealised losses on investment assets Increase in creditors, excluding loans Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand at for the period ended 31 July 2020 Notice deposits - (less than 3 months) Total cash and cash equivalents |
activities 684 - - 500 |
|---|---|
| A 1,184 |
|
| 2020 £ 1,184 - |
|
| 1,184 |
13
Bridge India
Cash Flow Statement for the period from 3 June 2019 to 31 July 2020
| Analysis of change in net debt Cash Total |
At start of year - - |
Cash Flows and 1,184 1,184 |
|---|---|---|
| 1,184 |
14
Bridge India
Notes to the Accounts for the period from 3 June 2019 to 31 July 2020
- 1 Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
Going Concern
The charitable activities are entirely dependent on continuing donations as well as event participation revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 July 2021, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.
Risks and future assumptions
The charity is a public benefit entity.
Membership subscriptions
The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.
Allocating costs to activities
Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.
The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-
Staffing - on the basis of time spent in connection with any particular activity.
Premises related costs - on the proportion of floor area occupied by a particular activity.
Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures
15
Bridge India
Notes to the Accounts for the period from 3 June 2019 to 31 July 2020
Volunteers
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
There are no endowment funds.
2 Liability to taxation
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose.
3 Remuneration and payments to Trustees and persons connected with them
No trustees or persons connected with them received any remuneration from the charity, or any related entity.
| 4Creditors: amounts falling due within one year Accruals 5Income and Expenditure account summary At 3 June 2019 Surplus after tax for the year At 31 July 2020 |
2020 £ 500 |
|---|---|
| 2020 £ - 684 |
|
| 684 |
6 Particulars of how particular funds are represented by assets and liabilities
| At 31 July 2020 Current Assets Current Liabilities At 3 June 2019 |
Unrestricted funds £ 1,184 (500) |
Designated funds £ - |
Restricted funds £ - - |
|---|---|---|---|
| 684 | - | - | |
| Unrestricted funds £ |
Designated funds £ |
Restricted funds £ |
|
| - | - | - |
16
Bridge India
Notes to the Accounts for the period from 3 June 2019 to 31 July 2020
7 Change in total funds over the period as shown in Note 6, analysed by individual funds
| Unrestricted and designated funds:- Unrestricted Revenue Funds Total unrestricted and designated funds Total charity funds |
Funds brought forward from 2019 £ - |
Movement in funds in 2020 See Note 8 £ 684 |
Transfers between funds in 2020 See Note 0 £ - |
|---|---|---|---|
| - | 684 | - | |
| - | 684 | - |
8 Analysis of movements in funds over the period as shown in Note 7
| Unrestricted and designated funds:- Unrestricted Revenue Funds |
Income 2020 £ 16,564 |
Expenditure 2020 £ (15,880) |
Other Gains & Losses 2020 £ - |
|---|---|---|---|
| 16,564 | (15,880) | - |
9 The purposes for which the funds
Unrestricted and designated funds:-
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , Unrestricted Revenue Funds subject to charity legislation, are free from all restrictions on their use. None Unrestricted Revaluation Reserve None Designated Revenue Funds None Designated Fixed Asset Funds Restricted funds:- Restricted Fixed Asset Funds None Restricted Revaluation Reserve None
10 Ultimate controlling party
The charity is under the control of its legal members.
17
Bridge India
Detailed analysis of income and expenditure for the period from 3 June 2019 to 31 July 2020 as required by the SORP 2015
This analysis is classsified by conventional nominal descriptions and not by activity.
11 Donations, Grants and Legacies
| Sponsorship Total sponsorship income Event ticket sales Total Event ticket sales Total Donations, Grants and Legacies Total Donations, Grants and Legacies A1 Support costs for charitable activities Current Year Membership subscriptions as donations |
Current year Unrestricted Funds 2020 £ 5,550 |
Current year Restricted Funds 2020 £ |
Current year Total Funds 2020 £ 5,550 |
|---|---|---|---|
| 5,550 | - | 5,550 | |
| Current year Unrestricted Funds 2020 £ 3,297 |
Current year Restricted Funds 2020 £ - |
Current year Total Funds 2020 £ 3,297 |
|
| Current year Unrestricted Funds 2020 £ 7,717 |
Current year Restricted Funds 2020 £ |
Current year Total Funds 2020 £ 7,717 |
|
| 7,717 | - | 7,717 | |
| 16,564 | - Current year Restricted Funds 2020 £ |
16,564 | |
| Current year Unrestricted Funds 2020 £ |
Current year Total Funds 2020 £ |
Total Donations, Grants and Legacies Total Donations, Grants and A1 Legacies 12 Support costs for charitable activities Current Year
18
Bridge India
Detailed analysis of income and expenditure for the period from 3 June 2019 to 31 July 2020 as required by the SORP 2015
| Employee costs not included in direct costs Cost of salaries recharged to other organisations 2,640 - Volunteer costs Travel and subsistence - volunteers 136 - Administrative overheads Stationery and printing 99 - Membership subscriptions 156 - Professional fees paid to advisors other than the auditor or examiner Accountancy fees other than 500 - examination or audit fees Financial costs Bank charges 55 - Support costs before reallocation 3,586 - Total support costs - Current Year 3,586 - |
Employee costs not included in direct costs Cost of salaries recharged to other organisations 2,640 - Volunteer costs Travel and subsistence - volunteers 136 - Administrative overheads Stationery and printing 99 - Membership subscriptions 156 - Professional fees paid to advisors other than the auditor or examiner Accountancy fees other than 500 - examination or audit fees Financial costs Bank charges 55 - Support costs before reallocation 3,586 - Total support costs - Current Year 3,586 - |
Employee costs not included in direct costs Cost of salaries recharged to other organisations 2,640 - Volunteer costs Travel and subsistence - volunteers 136 - Administrative overheads Stationery and printing 99 - Membership subscriptions 156 - Professional fees paid to advisors other than the auditor or examiner Accountancy fees other than 500 - examination or audit fees Financial costs Bank charges 55 - Support costs before reallocation 3,586 - Total support costs - Current Year 3,586 - |
2,640 136 99 156 500 55 |
|---|---|---|---|
| 3,586 | - | 3,586 3,586 |
|
| 3,586 | - |
The basis of allocation of costs between activities is described under accounting policies
13 Total Charitable expenditure
| Total Charitable expenditure | |||
|---|---|---|---|
| Current Year Total support costs B2d Total charitable expenditure B2 |
Current year Unrestricted Funds 2020 £ 3,586 |
Current year Restricted Funds 2020 £ - |
Current year Total Funds 2020 £ 3,586 |
| 3,586 | - | 3,586 |
14 Expenditure on raising funds and costs of investment management
| Current Year Costs of staging fundraising events Total fundraising costs B1 |
Current year Unrestricted Funds 2020 £ 12,294 |
Current year Restricted Funds 2020 £ - |
Current year Total Funds 2020 £ 12,294 |
|---|---|---|---|
| 12,294 | - | 12,294 |
20