Charlty reglstratlon number 312879 Cornpany registration number 01090630 (England and Wales} BHARATIYA VIDYA BHAVAN LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BHARATIYA VIDYA BHAVAN LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Shanlilal Hirji Ruparell Mrs Candida Connolly Dr Surekha Mehta Mr Kaushik Nalhwani Mrs Jayshree Rajkolia, JP Mr Shashi Vekaria Mr Subhanu Saxena Mr Varinder Singh Mr Rajendra Patel Mr Vinod Thakrar Ms M Singh Mr Ramnalh Gh8erawo Ruby Bunker Chalrman Jolnt Chalrman Mr Subhanu Saxen8 Mr Shanlilal Hirji Ruparell Dlrectors Mr Shanlilal Hirji Ruparell Mr Kaushik Nathwani Mr Subhanu Saxena Chlel Executlve Offlcer Dr M.N. Nandakumara Charlty numbér 312879 Company number 01090630 R8glst8rod offl¢o 4a Castlelown Rd, London W14 9HE Audltor KLSA LLP Kalamu Housè 11 Coldbalh Squarè London EC1R 5HL
BHARATIYA VIDYA BHAVAN LIMITED CONTENTS Page Trustees report Stal&monl of Trust88s r8sponsibilities Independent auditorfs report 8-10 Statement of finBncial activities 11 Balance sheet 12-13 Statement of cash flows 14 Notes lo the financial slalemenls 15-29
BHARATIYA VIDYA BHAVAN LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are ple8sed lo present their report together with the audited financial slalements of the charity for the year eTTrded 31 March 2024. The financial stalemenls comply with thè Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the charities Statement of Recommended Practice (applicable lo charities prepanng their accounts in accordance with the Financial R8porting Standard applicable in the UK and Republic of Ireland., FRS 1021 Issued in October 2019. Objectives and activities A unique Indian institution in the U.K, Bh8raliya Vldya Bhavan (The Bhavan} promotes Indian arts,culture and languages, with particulaT emphasis on Sanskril, for the benefit of the UK'S diverse and multicultural society and engages with the local people, providing them opportunities to stage their own arts and music performances al The 8havan concert hall. It also promotes the heallh of the locals particularly the elderly and the infirm and undertakes such other charitable activities for the benefit of the local people as Trustees may think fit from lime to time. The strategies employed to achieve the charfly's objectives are.. Providing d&dicaled in-house training in Indian arts, culturè and languages by profassionally qualified teachers. Collaborating with the diverse local community and young pèople and encouraging them to avail themselves of th6 arts and cullural-rèlaled facilities available al The Bhavan. and particularly making available lo them the concert hall for their prelerrod genr8s of art and music, Providing young and up-coming artists with low cosl-based studio spacè, Helping professional artists lo further develop their chosen specialisms in arts, Providing workshop training al local schools and colleges, Encouraging. assisting and training in the adminislralive procéssès involved in bids for funding by The Bhavan graduates airning lo become profession815. Providing yoga and meditation cla55es. The Bhavan has been training students lo qualify as teachers and perform their own concerts al the Bhavan and other venues. This also encourages our other students lo attend performances at The Bhavan and elsewhere.
BHARATIYA VIDYA BHAVAN LIMITED TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfomance Significant activities and achievements 8g8inst objectives The Delivery of Arts and Cultural Educatlon The 8havan delivers year-round Diploma courses in Indian Music, Indian Dance. Indian Languages, Indian Art History and Yoga. During the year. 68 students were awarded DiplomaslPosl Diplomas. For its highly pcspular annual Summer School. The Bhavan invites renowned teachers from India for a Ihree-week programme of intensive training. In 2023-2024 the Bhavan invited 6 teacher5 from India lo leach. conduct workshops and present concerts by students during their 3-week slay al the Bh8van. Their Speclal training courses allracled 243 students from 10 subjects covered. The following memorable events were staged at The 8havan'. TRIVENI Which is three fold represep)lation of Indian classical arts. was hostod at the Bhavan. This unique festival is cenlered on the youth artists currently under training in the UK. THE BHA VAN S MUSIC FESTIVAL - Held in March 2024, th8 f8slival f88tur8d Hindustani vocal recital by Sajan Misra and Swaransh Mishra. Sitsr by Punila Gupla. Karnalic vocal by Neyveli Santhanagopalan and Karnatic Violin by A Kanyakumari. Solo performances by our artistsl students with live music from local and overseas artists have continued. More collaborations with organisalions such as Sanskruli Centre, Kaashi Arts, Tagoreans, Kalakar Arts UK, Punascha, and several cilhers took place at The Bhavan. Performances by our students al the annual Founder's Day celebrations, followed by the awarding of Diploma certificates. The Durgashlami and Shivaralrl Festlvals, Republic Day and Independence Day were observed with performances by our students and teachers have continued as before. Dance and music WOTkshops by eminent artlsts Ilke Baby Sreeram. Abhay Shankar Mlshra. Srekala Bharalh, Subr818 Gupta, Nagaral Havaldar. Rlshab Rikiram, Ram8 Vaidyanalhan and many others have taken place during the year. A series of specialised workshops, Le¢-Dems called 'Vidyamagna' were conducted with a webinar on "Sensing Self with Miranda Tufnell & Navtej Johar and a workshop on 'Making Movement, with Cai Thomas and Filipa Pereira-slubbs. Solo drama act by inlernalionally acctaimed stage and film artiste Srinivas Prabhu, film on great Indian composeT, Dikshilar, book release function of two very young aulhors111-14 yearsF Adhyalm and Deeva. We have, as atways, participated al Gandhiji's birth and death anniversary commemoration events held by Indian High Commisslon. Student numbers 2019-20.. 795 2020-21.. 705 2021-22.. 582 2022-23.. 606 2023-24.. 656 The student numbers declined during the Covid pandemic. However, they increased at the tail end of the Covid pandemic in the second half of 2022-23, although still way behind the historical nLJmbers before the pandemic. The Iruslees are confident that the upward trend will continue in the forthcoming years. The Hlrè of Premlso8 The hire of rehearsal and performance space to outside organisations, which declined during Covid. is on the up again. We are eternally grateful lo the Arts Council for funding the necessary building, hoaling and space ulilis81ion improvements that were carried during the lull Covid period and hope that these will lead to greater demand for the hirè of thè premises.
BHARATIYA VIDYA BHAVAN LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 DlversSty of Programmlng While the Bhavan is principally an Indian Art and Culture teaching inslilule it welcomes and encourages artists from all parts of the world. The aim is lo increase diverse participation by varied ethnicity groups. The Bhavan provides a safe space for artists and audience of different backgrounds and abilities. Partnèrshlps Consullalions with prosp8ctiv8 partners such as Kalakar UK. S- VYASA Yoga Unlvèrsily in Bangalore and the Kalakshetra Found8tion in Ch8nnai are taking place lo consider the mutu81 benefits of collaborations. 11 has been proposed lo kick-slart the S-vyasa Yoga teacher training course with effect from January 2025. 11 is anticipated that partn8rship courses would allow our students to gain inlern81ionally recognisad certifitales, 18aching qualifications or access lo external 8AJMA prograrnmes. Formal collaborations would also rais& opportunit16s for those al Thè Bhavan looking towards a professional car88r in Performance, Production. Arts Adminislralion or Ac8demi8. Developing programm8s under the Trinity Arts Aw8rd scheme, or through the many options for Exlended Proj'ect Qu81ific81ions, would p•rmil younger slud8nts to pul thè arts skills training 16amèd al The Bhavan's practical classes towards certifications earning UCAS points. Past inlemal surveys have indicat8d that this opportunity would be very attractive lo slud&nls and parents and could therefore incrèa86 slud8nl numb8rs markedly. Vve are working on this with our Education Coordinator lo find a suitable partnership with a r8cognisad local educational body. The Bhavan aims lo formalise al 188sI four new partnerships for 2024-25 and extend support by providing oulre8ch, marketing and production re90urc8$. FinancSal r•vlew Income for the year ended 31 March 2024 increased by £4,741 compared wllh that of the previous year. The increase in that income was 18rgely attributable lo the recommencemenl after covld the highly successful Diwali Gala Function. the performing arts training and hire of premises. The 2024 total expenditure of £807,942 was £6,892 higher than that of 2023. All in all. the not surplus of £S96 for the year ended 31 March 2024 in the aflermalh of the Covid. is considerod lo be quite salisfaclory by the Trustees. Reserves policy Reserves Pollcy & Rlsk Revlew The Iruslees review anij revise the reserves policy from lime lo time lo reflect changes in the organlsalion's risk profile and the country's economic conditions. However, they consider that the current policy. based on three months of the organisalion's recurring expenditure, is appropriate Investments The trustees have the power under the Governing document lo make any investment they deem fil. Given the low interest rates on deposit accounts currently available, the Iruslees of the Corpus Fund have consulted professional investment advisers on alternative low-risk investments on the Stock Exchange for beller returns. However, in view of the present volatility of the stock market and the associated risks of investment, the Iruslees have decided lo defer the idea of investment therein until the market stabilises.
BHARATIYA VIDYA BHAVAN LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Major risks Rlsk Management The Audit & Finance Committee reviews the Risk Register and reports the identified risks and recommends the risk miligalion measures to the Executive Committee for its consideration. The AFC 81so addresses non-financial risks which may adversely impact on the reputation of the organisation arising from such mallers as Governance, HR and Health and Safely, Employment, Data Protection elc. Grants and Sponsorshlp The Bhavan is an Arts Council Nallonal Portfollo Organisalion INPOI and receives funding on 8 3-year basis. Our current business p18n is based on this support for tho duration of the period 2023-2026. This has been extended for one more year. The trustees once again express their appreciatSon for the Arts Council's regular NPO funding of £131.373. The Iruslees also extend thanks to The 8h8V8n's long-lerm sponsors: Sml Sudha Muty through Bangalore Bharatiya Vidya 8havan, Slate Bank of India and Chellaram Foundation. Plani for futur6 poflods In the opinion of the Trustees, il is unlikely that the pre-covid demand for such vital services for which the Bhavan is renowned should be restored unlil 2025. Nonetheless. its perfomiance for 2024 has well exceeded the expectations. The Bhavan Trustees are constantly reviewing its activitie5 for wider audiences always bearing in mind the UK'S diverse society. They are commilled lo engaging with and supporting upcoming artists of all sections of the community. There is an increasing demand for Indlan arts and culture in the UK bul there are not enough organisalions who can satisfy the increasing demand. Therefore. The Bhavan has very pivotal role lo play lo meet the demand. As 8 result of the measures The 8havan has already taken, the following developments have already taken place or are in the pipeline.. Students have slowly come back lo live classes after the Covid period. 2. Online courses for some language class8s are continuing. There ar& online music and dance classès during weekdays for thos6 who ar6 unable lo attend al week8nds. Online courses have also b68n provided al this year's summer school. Increase in mark&ling lo allracl a wider audi8nc8 and international 81udenls who contact us online. Update and extend our curriculums in accordance with the demand. 5. Extend our work with the local community and building on activities to support and work with local artists and praclilioners such as Tri- Borough Music Hub. 6. Partnerships with artists and arts organisations to promote grass-rool level development of arts. 7. Slrenglhening programming with unique events like World Dance Day and Youth Day. 8. Empowering the Youth Council by formalising the charter and introducing new office bearers to management learn.
BHARATIYA VIDYA BHAVAN LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure, governanct and management Legal Status Bharatiya Vidy8 Bhavan Limited is a company limited by guarantee. incorporated on 12 January 1974 (Company number10906301. Ils governing document is the Memorandum and Articles of Association as amended by special resolutions on 28 May 1973, 5 November 2003, 4 October 2006 and 3 October 2007. The organisalion was registered as a charity on 7 June 1973. While The Bhavan is the UK branch of the international arts and educational network, Bharaliya Vidya Bhavan. headquarters in India. il operates fully autonomously and is financially independent of it. Structure, Governonc& and Management The Executive Committ6e. comprising thè Trustees, meets 10 limes a year and is responsible for ils overall management and direction, its policies and procedures, ils long-lerm strategic development. the design of ils internal controls. all keeping in mind its adherence lo the principles of ils headquarters in Mumbai. The subcommitt6es, appointed by thè Trustees. such as the Audit & Finance. Education, Marketing and Evènts ommillees oversee specific areas of attivily. Financial planning and budgeting are undertaken by the Audit & Finance Committee. The sub-commilleés, recommendations are considered and ralif1ed by the Executiv& Committee. The day-tcpday running of the operatlDns is undertaken by a team of full and part-limè staff, headéd by the full-lime Executive Director, who reports lo the Executive Committee al ils monthly meeting. The board of trustees who served during the y8ar and up lo the date of signature of the fin8nci81 statements wer6.. Mr Shanlilal Hirji Ruparell Mrs Candida Connolly Dr Surekha Mehta Mr Kaushik Nalhwani Mrs Jayshree Rajkotia. JP Mr Shashi Vekaria Mr Subhanu Saxena Mr Varinder Singh Mr Rajendra Patel Mrs Asma Sulerwalla Mr Vinod Thakrar Ms M Singh Mr Ramnalh Gheerawo Mr Joginder Sanger Mr Indra Kumar Selhia Mr Manubhai Ramji Ruby Bunker (Resigned 1 April 2024) (Resigned 2 Septemb8r 20231 (Resigned 3 June 2023} (Resigned 14 July 2023} R&cruitment and appoinlm&nt of trustees Appointment of Trustees The office bearers, the Chairman of the Board of Trustees, th& Hon Treasurer and the Hon General Secretary of the Bhavan are appointed by the Executive Committee. Nominations for new trustees are initially considered by The Chairman. following which they are voted upon by the Board of Trustees and only then are formally ratified by Bharaliya Vidya Bhavan India. All Iruslees give their time freely.
BHARATIYA VIDYA BHAVAN LIMITED TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Induclfton 8nd training of trustees Trustee Induction and Tralning New Iruslees undergo induction and are briefed about their legal obligations and responsibilities. They are also appraised of The Bhavan's decision-making process. business plans and recent operational and financial performances of the organisalion. Tnjslees are encouraged lo attend appropriate external training courses. designed to help them to keep abre8St of changes in Charity Laws and Regulations. Company Law and other laws such as Ihe Data Protection, Health & Safety and Employment. The Bhavan also organises in house training for Iruslees as and when required. Related Partles None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior management of the charity with a provider of service, production company, contractor actor. performer or exhibitor musl be disclosed lo the full board of Iruslees in the same way as any other conlraclual relationship with a related paty. In the current year no such related party transactions were reported. Audltor In accordanc6 with the companrfs artic18s, a r8solution proposlng that KLSA LLP b8 r8appoinlèd as auditor of the company will be put al a Gen8ral Meeting. The Trustee rt was approved by the Board of Trustees. r K3ushik Nathwgni Trustee Mr ubhanu Saxena Trustee 12 December 2024
BHARATIYA VIDYA BHAVAN LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors of Bharaliya Widya Bhavan Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the Trustee5 to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the enlily and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial slalements, the Trustees are required lo.. select suitable accounting policies and then apply Ihern consislenlly.. observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent.. stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the entity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the entity and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the enlily and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Statement of Dlsclosuro to the AudStors In so far as the Iruslees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware, and the Iruslees have taken all steps that they oughl lo have taken lo make themselves aware of any relevant audit information and lo establish thal the audilof is aware of that information.
BHARATIYA VIDYA BHAVAN LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BHARATIYA VIDYA BHAVAN LIMITED Oplnlon We have audited the financial slalements of Bh8ratiya Vidya Bhavan Limited (the 'enlily'l for the year ended 31 March 2024 which comprise the slalernenl of financial activities, the balance sheet, the slalemenl of cash flows and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law an¢J United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting St8nd8rd applicable in the UK and Republic ol Ir818nd Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion. the financial slalements.. give a true and fair view of the slate of the charitable company's affairs as 8131 March 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with Uni16d Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of Ihe Companiés Act 2006. Bas18 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's r8sponsibililies for the 8udil ol the fin8n¢i81 st8temenls section of our report. We are independent of the entity in accordance with the ethical requirements that are relevant lo our audit of the financial stal&menls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the audit eVence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In èudiling the financial stalemenls. we have concluded that the Trust88s use of the going conrn basis of accounting in the prep8rallon of the financial statements is appropriate. 8ased on the work we have perform8d. we have not identifièd any material uncertainties relating lo &vents or condilions that, individually or collectively, may cast significant doubl on the enlily's ability lo continue as a going concern for a period of at least Nvelve months from when the financial slalemenls ale authorised for issue. Our responsibilities and the responslbilllies of the Trustees with respect to going concern are described in the relevant sections of this report. Othor InformatSon The other information compris8s th8 information included in th& annual report other than the financial statements and our audilorfs report Ihereon. The Truslo6s are responsible for the other information contained within th8 annual report. Our opinion on the financial statements does not cover the other information and we do not 8xpr8ss any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalements or our knowledge obtained in the course of the audit. or othemise appears lo be materially misslaled. If we identify such m81erial inconsistencies or apparent material misstatements, we are qUired lo determine whether this gives rise to a material misstalemenl in the financial statements themselves. If. based on the work we h8ve performed, we cor)clude that there is a material misstatement of this other information, w& aro required lo report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to report by excèption We have nothing lo report in respecl of the following mallers in relation lo which the Charities {Accounls and Reports) Regulations 2008 require us lo pOrt to you if, in our opinion.. the inform8tion given in the financial statements is inconsistent in any material respect with the Trustees report., or sufficient accounting records have not been kept.. or the financial slalomenls are not in agreement with the accounting records,. or we have not ceiVed all the information and explanations we require for our audit.
BHARATIYA VIDYA BHAVAN LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BHARATIYA VIDYA BHAVAN LIMITED Responsibilities of Trustees As explained more fully in the slalement of Trustees responsibilities. the Trustees. who are also the direclors of the enlily for the Pufpose of company law, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the entity'5 ability lo continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic allernalive but to do so. Audltor's responslbllltles for thè audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and levant regulations made or having effect thereunder. Our objectives are lo obtsin reasonable assurance about whether the financial slalements as a whole ar& free from material misslalemenl. whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high 18vel of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delecl material rnisslalements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misslalemenl in respect of IrregLtlarilies. including fraud and non-compliance with laws and regvlalions, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabi1Slles and skllls lo Idenllfy or recognlse non<ompllanco wllh appllcablo laws and regulallons., we identified the laws and regulations 8pplicable to the limited Ilability partnership through dlscussions with mèmbèrs and other management. and from our commercial knowledge and experience of the sector,. and we focused on specific laws and regulations which we considered may have a direct material effecl on the financial statements or the operations of the limited liability partnership, Including Ihe Companies Act 2006, laxalion legislation and data protection, anli-bribery, employrnenl, environmental and health and safety legislation.
BHARATIYA VIDYA BHAVAN LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BHARATIYA VIDYA BHAVAN LIMITED We assessed the susceplibilily of the charity's financial statements to material misslatemenl. including oblaining an LJnderstanding of how fraud might occur, by.. making enquiries of members as to where they considered there was Susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place lo mitigate risks of fraud and non-compliance wllh laws and regLJlalions. To address th& risk of fraud through members bias and ovèrridè of controls, w8. performed analytical procedures lo id6ntify any unusual or unexp&cl&d r8lalionships,' lesled journal entries to identify unusual transactions: assessed whether judgements and assumptions made in determining the accounting eslimales sel were indicative of potential bias.. and investigated the rationale behind significant or unusual transactions. In response to the risk of Irregularities and nonrycompliance with laws and regulallons. we designed procedures whlch ineluded, but were not limited to.. agreeing financial statement disclosures lo underlying supporting documenlallon., rèading th8 minutes of m6elings of those charged with gov8rnan¢e'. and enquiring of members 89 to actual and polentsal litigation and claims. There are inherent limitations in the audit procedures described above., any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likellhood of dele¢lion. Furthermore, the risk of not delecling a material misslalemenl due lo fraud is greater than the risk of not delecling one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation. or through an act of collusion that would miligale internal conlrols. A further description of our responsibilities is available on the Financial Reporting Coun¢ll's website al.. hllps'.11 wvAv.frc.org.uklauditorsresponsibililies. This description forms part of our audilorfs report. Use of our report This report is made solely lo the charity's Iruslees, as a body, in accordance with part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those matters we are required lo slate lo them in an audilorfs report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body, for our audit work. for this report. or for the opinions we have formed. KLSA LLP Harsheel Dodhla (Senlor Statutory Audltorl for and on behalf of KLSA LLP 12 December 2024 Chartered Accountants Statutory Audltor Kalamu Hovse 11 Coldbath Square London EC1R 5HL 10
BHARATIYA VIDYA BHAVAN LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrl¢t•d funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 263.403 543,752 1,383 263.403 543.752 1.383 311.895 489.246 3.205 311,895 489,246 2,656 15491 Total Incomo 808,538 808.538 804,346 15491 803,797 Expendlture on: Raising funds Charitable activities 86,182 721,760 86.182 721,760 83.826 717,224 83,826 717,224 Total expendlture 807,942 807.942 801,050 801,050 Not Income and movement In funds 596 3,296 15491 2,747 Reconclllatlon of funds: Fund balances at 1 April 2023 241,553 1,656,556 1,898,109 238,257 1,657.105 1,895,362 Fund balances at 31 March 2024 242,149 1,656,556 1.898,705 241.553 1,656.556 1,B98,109 Tho slalement of financial activitios includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. 11
BHARATIYA VIDYA BHAVAN LIMITED BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets Investments 13 14 1,614,344 284,298 1.633,040 204,302 1,898.642 1,837.342 Current assets Debtors Cash al bank and in hand 15 5,749 101.028 57.465 115.326 106.777 172,791 Crèdltors: amounts falllng due wlthSn one year 16 186,4921 186.4241 Nel current assets 20.285 86,367 Total a8¥et8 less curront Ilabllltl•8 1,918,927 1,923,709 Creditors.. amounts falllng due aft•r more than on& y8ar 17 120,2221 (25,6001 Nèt assets 1,898,705 1,898.109 Income funds Restricted funds nre 18 1.656,556 1.656,556 Designated funds General unreslricled funds 20 86,015 156.134 86,015 155.538 242,149 241,553 1,898,705 1,898,109 12
BHARATIYA VIDYA BHAVAN LIMITED BALANCE SHEET (CONTINUED) ASAT31 MARCH 2024 The company is entitled lo the exemption from the audit requirement conlained in section 477 of the Companies Act 2006. for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Chartties Act 2011. The dir&clors acknowlèdge their responsibilities for complying with thè r8quiremènls of th8 Companies Act 2006 with r8SP8Ct to accounting records and the preparation of financial stat8m6nts. The members have not roquired the company lo obtain an audit of ils financial ststements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial slalemenls have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. The financia atements were approved by the Trustees on 12 December 2024 Mr Kaushlk Nalhwarni Trustee Company règlstratlon number 01090630 13
BHARATIYA VIDYA BHAVAN LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note5 Cash flows from opèratlng actlvltles Cash generated from operations 23 66,715 9,380 Investing actlvltles Purchase of tangible fixed assets Purchase of investments Investment income received {2,4001 179.9961 1,383 11,2101 12,9441 2,656 Not cash used In InvestSng actlvltles 181,0131 11.4981 Net cash used In flnan¢lng a¢tlvltl•s Not Idocrèasèlllncreas? In cash and ¢ash equlvalènts (14,2981 7,882 Cash and cash equivalents al beginning of year 115.326 107,444 Cash and cash equlvalont8 at ond ol year 101,028 115.326 14
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting pollcles Charlty Informatlon Bharaliya Vidya Bhavan Limited is a priva16 company limited by guarantee incorporated in England and Wales. The registered office is 4a Casllelown Rd,, London, W14 9HE. 1.1 Ac¢ounting conventlon The financial statements have been prepared in accordance with the entity's Igoverning documentl. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in aordanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 20191. The entity is a Public Benefit Entity as defined by FRS 102. The financlal statements are prepared Sn sterling, which is the fvncllonal currency of the enlily The financial slalemenls have been prepared under the historical cost convention, Imodified lo include the revaluation of freehold properties and lo include investment properties and certain financial instruments al f81r valuel. The principal accounting policies adopted are sel out below. 1.2 Golng concern Al the lime of approving the financial statements. the Trustees have a reasonable expectation that the &ntity has adequate resources lo conlirnue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concèrn basis of accounting in preparing the financlal slalèmenls. 1.3 Charltable funds Unreslricled funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Reslricled funds are subject lo specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the nol8s lo the financial slalemenls. 1.4 Income Income is recognised when the entity is legally entitled lo il after any performance conditions have beèn met, Ihe amounts can be measured reliably, and it is probable that income will be received. Income from donations and grants. whelh&r 'capilal' grants or revenuè grants is r&¢ognis8d whèn lal the charity becomes legally enlilled to the funds Ibl any p6rformance Conditions allached lo the grants hav6 been mel Icl il is probable that the income will be received and the amount can be measured reliably and Idl Is not deferred. Legaci88 are r8cognised on rècèipt and, if not rèceived but the entity has b88n notified of an impending distribution, of which the amount is known, and receipt is certain. If the amount is not known. the legacy Ig Irèaled as 8 contingent ass81. Membership income consists of subscriptions received in advance from life members, corporate, donor members. fellow rnembers and 5-year members. This is init1211y Irealed as deferred income and subscriptions from life,corporale, donor members is spread over 15 years, fellow members over 10 years and 5 year members over 5 years. The purpose is to match the income against the expected cost of providing service lo the members. Receipts from the annual members are accounted for in the year of receipt. Interest on bank deposits is recognised when the interest is credited by the bank. 15
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng policles (Continued} 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit Io 8 third party, il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured lIablY. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable lo a single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible flxed as$et8 Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuallon. nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residu81 values over their useful lives on the following bases.. Fr88hold land and buildings Fixtures and fillings Motor v6hicl&s 2¥0 per annum on straight line basis 20 /0 per annum on slraighl lin8 basis 25 10 per annum on slraighl line basis Th8 g8in or1088 arising on the disposal of an asset 1$ delemiined as the difference between the sale proceeds and the carying value of the asset, and is recognised in the slalemenl of financi81 activities. The freehosd property is slated al cost. The Trustees are of the opinion that depreciation should not be charged on freehold buildings as the residual value is considered lo be al least equal lo or higher than the carrying value and the resull8nl depreciation is immaleri81. 1.7 Flxed asset Investments Fixed asset investments are initially measured al transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel incDmellexpendilure} for the year. Transaction costs are expensed as incurred. 1.8 Impalrnient of flxed assets Al each reporting end dale, the entity reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists. the recoverable amount of the asset is eslimaled in ordef lo determine the exlersl of the impairment loss lif any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings In current liabilities. 16-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢les (Contlnuedl 1.10 Financial instruments The entity has elected lo apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Olher Financial Inslrumènls Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the entity's balance sheet when the enlily becomes party to the conlraclual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial slalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo sellle on a nel basis or lo realise the asset and sellle the liability simultaneously. Baslc financlal assets Basic financial ass8ls, which includ8 debtors and cash 8nd b8nk balan¢8s, are Initially measured at transaction pricè 1ncluding transaction costs and arè subsequonlly carried al 8mortised cost Using the effectiv8 interest method unless the arrang8menl conslilutes a financing Iransaclion, where the Irans8clion is measured 81 the pres&nl valu6 of the future receipts discounted at 8 market ra16 of in16rèsl. Financial assets cla5sif18d as receivable within one year arè not 3mortised. 8aslc flnanclal Ilabllltlès Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rale of interest. Financi31 liabilities classified as payable within one year are not amortisèd. Debt instruments are Sltbsequenlly carried al amortised cost, using the effective Interest rale method. Trade creditors a obligations lo pay for goods or services that have betsn acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al transaction pnce and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the enlily's eontraclual obligations expire or are dlscharged or cancelled. 1.11 Employeè bèneflts The cost of any unused hollday 8ntitlèmenl is r8cognised in th8 p8rlod In whlch th8 èmployee's services ar& received. Termination bènefits are recognised immediately as an èxpénse when the entity is demonstrably committed to lerminalo the employment of an employee or lo provid8 lerminalion benefits. Crltlcal accountlng estlmates and Judgèments In the application of the entity's accounting policie$, the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and li8bililies thal are not readily apparent from other sources. The eslimales and 8sso¢iated assumptions are based on hislorlcal experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or In the period of the revlsion and future periods where the revision affects both current and future periods. 17
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donatlons and legacles Unr•strlct•d Unrestricted funds funds 2024 2023 Donations and gifts Grants- NPO Membership fees 125.592 131,373 6.438 173,254 131,373 7,268 263.403 311,895 18-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Income from Investments Unrè$trlcted Restrlcted fund$ funds 2024 2024 Total Unrestrlcted Restrl¢ted funds funds 2023 2023 Total 2024 2023 Interest receivable 1,383 1,383 3,205 {5491 2.656 Expendlture on ralslng funds Unrestrlcted Unrestrlcted funds funds 2024 2023 Fundralslng and publlclty Seeking donations, grants and legacies Support costs 2,260 83,922 2,963 80,863 86,182 83,826 20-
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BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvltles 2024 2023 St8ff costs Depr8cialion Other admin costs Establishment costs Govèrnance costs 219,593 21,097 84,266 119,626 7,528 228,209 21,598 69,465 117.151 8,500 452.110 444,923 Analysed betr4Y&en: Fundraising Performing Arts Events Classes Facilities Hire 86,182 92.211 142,665 131,052 83,826 99,409 133,878 127,810 452,110 444.923 Net mov•ment in funds 2024 2023 The net movement in funds is staled after chargingllcrediling}'. Fees payable for the audit of tho charity's financi818t8temenls Depreciation of owned tangible fixed assets 7,528 21.097 8,500 21,598 10 Trustees None of the Trusle6s {or any p8rsons connect8d wiltt them) rec&ived any remuneration or bènèfits from the enlily during the year. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 21 21 Employment costs 2024 2023 Wages and salaries 470,143 459,458 There were no employees whose annual remuneration was more than £60,000. 22-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Taxatlon The charity is exempl from taxation on its activities b8cause all its income is applied for charitsble purpos&s. 13 Tanglble flxed assets Fr••hold l•nd Flxtur•• and and buSldlng• flttlnp• Motor v•hlclfr• Total Cost Al 1 April 2023 Additions 1.570,950 395.718 2.400 26,490 1,993,158 2,400 Al 31 March 2024 1,570,950 398,118 26,490 1,995.558 Depreclatlon and Impalrment Al 1 April 2023 Depreciation charged in th8 year 333,627 21,097 26,490 360,117 21,097 At 31 March 2024 354,724 26,490 381,214 Carrylng amount Al 31 March 2024 1.S70.950 43,394 1,614,344 Al 31 March 2023 1,570,950 62,090 1,633,040 14 Fixed asset investments - Bank dep081t8 2024 Cost or valuatlon Al 1 April 2023 Additions 204,302 79.996 Al 31 March 2024 284.298 Carrylng amount Al 31 March 2024 284.298 At 31 March 2023 204,302 15 Debtors 2024 2023 Amounts falllng due wlthln one year.. Other debtors 5,749 57.465 -23-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Creditors.. amounts falllng due wlthln one year 2024 2023 Def8rr8d income Trade cr8dilofS Othor cr&dilors Accruals 59.033 1.954 12.367 13.138 51.993 7.015 9,741 17,675 86,492 86,424 Deferred incom8 relates lo facilities hirè incom6 and sludenl fees received in advance. Oth8r cr8ditors relal6s lo VAT payable, pension payab16 and short term portion reclassification of the long term m8mb&fship fund. The actrua15 relate lo accrued audit fees, electricity and gas. 17 Credltors: #mounts falllng due after more than one year 2024 2023 Other creditors 20,222 25,600 This comprises of subscriptions received in advante from Life subscription. Corporate subscription, Fellow membership and 5-year memb6rship. 24-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Restricted funds The restricted funds of the charity comprise the unexpended balancas of donations and grants held on trust subject lo specific conditions by donors as lo how thay may be us8d. Movement In funds Incomlng r••ourc•i Movement In funds Incomlng B•l•n¢• •t r••oure•# 31 March 2024 B•lanco at 8alanc• at 1 Aprll 2023 1 Aprll 2022 Building Fund MP Birla Lecture Fund Scholarship Fund Music and Art Scholarship Fund Sanskrit Fund Dr Sastry Memorial Fund Archive Project Fund 1,488.390 60.295 35.950 52.250 3,822 10,782 5,616 1,488,390 60,295 35.950 52.250 3.822 10.233 5.616 1,488,390 60,295 35,950 52,250 3.822 10.233 5,616 15491 1.657,105 15491 1,656,556 1,656,556 -25-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Restrlcted funds (Continued) Purposes of Restricted Funds Building Fund The fund represents amounts collected for the purchase of the freehold building al an original appeal, together with subsequent donations and amounts received from the Millennium Commission for the development of the Mountbatten Hall. M.P. Blrla Lecture Fund The fund represents a donation from the M.P. Birta Foundation lo be ulilised in the conduct of an annual M.P. Blfla Memorial Lecture. Unulilised d8posils are held in the medium term deposits. Scholarshlplsangeet Award Fund This amount has been provided through H.E. Dr L.M. Singhvi the previous High Commissioner of India. for promoting Indian art and culture. The funds not required lor immediate use are held in short term deposits. Muslc and Art Scholarshlp Fund This amount has been provided through The Northbrook Society for supporting students from India who came here to study Indian Music and Indian Dance with the condition that they return back lo India after their studies. Sanskrlt Fund This fund represents specific amounts received for propagating Sanskrit and other similar subjècts such as Vèdas and Upanishads. Dr Sastry Memorial Fund This fund was sel up In memory of the Bhavan's former Academic Diieclor and Sanskrit teacher, Dr Saslry who passed away on 27 January 2016, by his family and his many admirers and students, in order to organisè annu81 lectures and courses in the field of Sanskril and related subjects. Archlvè Projècts This fund represents amounts received from the Heritage Lollery Fund and Minerva Trust towards archive and library resource. 19 Analys1$ of net assets between funds Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Nel Assets Long term liabilities 125.954 116.132 20,285 120.2221 1,488,390 168,166 1,614,344 284,298 20,285 120,222) 242.149 1,656,556 1,898,705 26-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysls of net assets between funds {Contlnuedl Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible asset5 Inve5tmenls Net Assets Long temi liabilities 1,633,040 1,633,040 204,302 86,367 125,6001 204,302 1,452,254 11,365,887) 125,6001 241.553 1,656,556 1.898,109 20 Deslgnated funds The unreslricled lunds of th8 charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unreslricled funds by the trustees for specif1c purposes. Movement In fund$ Incofnlng r••our¢•B Movement In funds Incomlng 8•l•n¢• •t r•#oure•• 31 March 2024 8alanc• tht 1 Aprll 2022 Bil•ne• at 1 Aprll 2023 Building and Maintenance Fund 86.015 86,015 86,015 86,015 86.015 86,015 These are amounts transferred from the General Fund by the Trustees &am)8rked towards future propety refurbishment and maintenance. -27-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 The Bhavan Charltable Fund A charity established under a 1987 Trust Deed and referred lo as . The Corpus Fund ' is a charity dislincl and separate from the charity Bharaliya Vidya Bhavan Limited IBVBLI. although BVBL is it's sole b8n8ficiary . The Corpus Fund trust6es have the discretion to financially assist the Bhavan by way of a gfft or loan as and when they consider il appropriat8 out of the income earned from the investment of the capital of the Fund. By virtue of an application und8r section 12 of the Charity Act. approv6d by the Charity Commission, th8 two charities, whilst distinct from 6ach other, are linked for accounting and registration purposes. 2024 2023 Fixéd Assets Invèstments 1.114,438 1.104.142 Funds un Capital account as 8t 1 April and 31 March 715,329 715,329 Income account 1 April Interest received during the year Donation lo Bharaliya Vidya Bhavan 388,813 40.296 130.000) 430.220 8,593 150,0001 1,114.438 1,104,142 22 Related party transactlon$ During the year, donations of £30.000 {2023.' £50.0001 were received or pledged by Ihe Trustees of the Corpu5 Fund. Al the balance sheet date, an amount of £Nil12023: £50,000) was due from the Corpus Fund, a charity related by virtue of common Iruste6s. No Tnjslee or members of executive committee received any remuneration or had any expenses reimbursed during the year. 28-
BHARATIYA VIDYA BHAVAN LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Cash generated from operatlons 2024 2023 Surplus for the year 596 2,747 Adjustments for.. Investment income recognised in slalement of financial activities Depreciation and impairment of tangible fixed ass6ls 11,383 21,097 12,656) 21,598 Movements in working capital.. Decrease in debtors IDecr8asel in creditors Increase In deferred income 51,716 {12,3501 7,040 28.151 192.4541 51,993 Cash gonoratod from operatSon$ 66,716 9.379 24 Analy818 of ehanges In net funds The entity had no matèrial debt during the year. -29-