REGISTERED CHARITY NUMBER: 283337
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2024
for
The Charles Wallace Pakistan Trust
Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW
The Charles Wallace Pakistan Trust
Contents of the Financial Statements for the Year Ended 31 August 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 15 |
| Detailed Statement of Financial Activities | 16 |
The Charles Wallace Pakistan Trust
Report of the Trustees for the Year Ended 31 August 2024
The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. 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 activities
Under the Declaration of Trust, the Trustees are empowered to use all or any of the capital or income of the fund for the provision of financial assistance for either:
a. Men and women of Pakistani nationality who are domiciled and normally resident in Pakistan to enable them to travel to the United Kingdom to follow a course of study, research or other educational pursuit, or
b. Any charitable educational institution in the United Kingdom serving persons of Pakistani nationality domiciled and normally resident in Pakistan.
In the event of the Trust failing, the Trustees are empowered to use funds for charitable purposes generally.
Public benefit
The Trusties have complied with their duty to have regard to the Charity commission's published guidance on the public benefit requirements. The public benefit of the charity's activities are outlined under objectives and activities above.
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The Charles Wallace Pakistan Trust
Report of the Trustees
for the Year Ended 31 August 2024
ACHIEVEMENT AND PERFORMANCE Grant funded activity in 2023-24
Open Visiting Fellowships
A record number of twenty-three Open Fellows were recruited in the previous financial year, utilising funds saved during the pandemic, and seven of these took up their awards in 2023-24. In July, 2023, fourteen Open Fellows were recruited for 2023-24 and every one of them took up their awards during the year. In July, 2024, the Secretary and the Chair visited Pakistan and took part in four rounds of interviews in Islamabad and Lahore, during which a further fifteen candidates were awarded fellowships. Once again, the maximum period of these awards funded in the UK was reduced to two months, but as it turned out none of the beneficiaries was granted more than a six-week stay. Once again, the programme attracted a greater proportion of senior candidates seeking specific interactions with their UK hosts rather than in-depth research attachments.
Reserved Visiting Fellowships
During the year we made some radical changes to the Reserved Fellowship Programme: in future the trust will only support two awards every year, and none of the awards would last longer than two months. Our UK hosts were invited to recruit not every year but every other year. However, during the year, a new award was set up at Edinburgh University, at the Institute of Advanced Studies of the Humanities in partnership with the Centre for South Asian Studies. In 2023-24, we have funded two awards, at LSE and at SOAS, and in 2024-25, we have agreed to fund awards at Nottingham and Edinburgh. In 2025-26, it will be the turn of the two London universities, and in 2026-27 Nottingham and Edinburgh once again.
Doctoral Bursaries
Twelve doctoral students from Pakistan were awarded grants of £1,000 towards the end of their studies. The trust continues to believe that these grants, modest though they are, have a positive impact on the capacity of the beneficiaries to bring their doctoral studies to a successful conclusion. In the event that funds become tighter, my recommendation is that, instead of candidates being able to apply twice a year, before each of our two trustees' meetings, that this is reduced to once a year only.
Visiting Artists
Gasworks Arts Centre :
Unusually, two artists were funded at Gasworks in 2022-23, one of them, Rameesha Azeem, after a long delay in acquiring her UK visa, and the second, Niamat Nigar, towards the end of the year. In 2023-24 the artist selected by Gasworks, Saadia Batool, commenced her residency in August, 2024. The Rangoonwala Foundation continues to cover half of the cost of the three-month residency, and Gasworks, which celebrated its 30th anniversary during the year, continues to provide wonderful support to all of its international artists.
King's Foundation School of Traditional Arts :
The Lahore-based artist, Adnan Ali Umrani, had a successful residency in 2022-23 and became a faculty member of the National College of the Arts on his return. During our visit to Lahore in July, 2024, Peter Elborn and I met the artist scheduled to arrive in London in September, 2024, Abu Hanzala, and were happy with his selection. He is the second male award-winner in a row, but the gender balance has been well-maintained on this programme, as at Gasworks, over the years.
British Museum:
The credit balance on our account with the BM (£3,190) has been carried over to 2024-25 since the museum did not select a Pakistani curator in the summer of 2024.
Other Arts Initiatives
We supported a transgender Pakistani artist at the Walsall New Art Gallery, as part of an exchange also supported by the British Council in Pakistan. Our proposed residency at the Manchester Museum's South Asia Gallery did not take place since ASAP was unable to cover their share of the cost. This relieved us from similar strains on our own finances. A more promising new project is the London Theatre Residency, being set up as a partnership between the Trust, the Arts Council of Pakistan, the Battersea Arts Centre, and the People's Palace Projects at Queen Mary University. Our trustee, Shahla Zaidi, has played a prominent role in establishing this award. Three Pakistani theatre directors have been short-listed for the award and one of them hopefully will come to London for 6-8 weeks in March, 2025.
Summary
Despite continuing challenges to the overall value of the trust's investments, 2023-24 was a satisfactory year for the trust's activities on all fronts, facilitated by our productive partnership with the British Council in Pakistan.
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The Charles Wallace Pakistan Trust
Report of the Trustees for the Year Ended 31 August 2024
ACHIEVEMENT AND PERFORMANCE INDIVIDUAL BENEFICIARIES AND SUMS EXPENDED IN 2023-24
| ACHIEVEMENT AND PERFORMANCE INDIVIDUAL BENEFICIARIES AND SUMS EXPENDED IN 2023-24 |
|
|---|---|
| Open Visiting Fellows 2022-23 Dr Nabeel Chaudhry Cardiology Cambridge Dr Somia Iqtadar Anti-microbial Resistance Oxford Dr Amina Muazzam Eating Disorders Manchester NHS Dr Sidrah Saleem Management Education Essex Ms Granaz Baloch Water & Rural Women IDS, Sussex Dr Imrana Amir Aquaculture Glasgow Dr Saba Anwar Global Supply Chains Cardiff Total 2023-24 Dr Munir M Sewani Disability & Education Open University Dr Taseer Salahuddin Women’s Empowerment Warwick Dr Marium Chaudhry IT & Agriculture Glasgow & Cranfield Dr Ghulam H Abbasi Water Management Birmingham Ms Zehra Aziz Arts management In-Situ, Pendle Arts Dr Md Ansar Farooq Agriculture & climate Aberdeen Dr Hidayat Ullah Khan CPEC & Balochistan Oxford Dr Iram Rubab Women's right King's London Imran Ahmad Sajid Family Justice Lancaster Ms Mariam Khalil Career Counselling Essex Dr Noreen Khalid Ecotoxicolgy Exeter Ms Henna Karamat Shakespeare Studies Shakespeare Inst. Prof Shabir Hussain Hate Posts/Disinformation Cardiff Dr Liaqat Ali Gastroenterology Queen Mary Total Reserved Visiting Fellows Dr Aisha Jalil Women’s Rights in Pakistan LSE Dr Shagufta Jahangir Women & Climate Change SOAS Md Moqueet Afzal Library Management Brit Library Visiting Artists Shayaan Naveed Afsar Contemporary Art Walsall Adnan Ali Umrani Traditional Art PSTA Saadia Batool Contemporary Art Gasworks Doctoral Bursars (£1,000 each) Zafar Ullah Social Anthropology Edinburgh Iftikhar Ahmed Mathematics Queen Mary Nauman Naseem Cultural Marketing Strathclyde Muhammad Khan Sustainable Agriculture Harper Adams Mariam Arif Politics Hull Umar Shehzad English Edinburgh Afshan Jalilk Marketing Univ of West Scotland Mohammad Osama Shafiq Cancer Biology Kingston Azka Asif Pharmacy King's London Abdul Wahid Khan Geog & Environment Oxford Maryam Altaf Geog & Environment Oxford Jawad Mohammad Economics Leicester Grand Total (Activity) |
2,409 2,409 1,509 1,509 1,509 750 3,018 £13,113 |
| 2,517 2,517 3,268 1,759 2,517 1,759 3,268 3,268 3,268 1,759 1,759 1,759 2,516 2,517 £34,451 |
|
| 5,535 5,534 1,008 £12,077 |
|
| 2,009 5,535 4,500 £12,044 |
|
| £12,000 | |
| £83,683 |
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The Charles Wallace Pakistan Trust
Report of the Trustees for the Year Ended 31 August 2024
ACHIEVEMENT AND PERFORMANCE
Investment performance
The continuing war in Ukraine, and its impact on the world economy, combined with the residual fall-out from the pandemic, led to continued uncertainty in world markets. Inflation was brought under some control during the year, but interest rates have not fallen as sharply as had been hoped. Markets reacted well to the Labour election victory but the looming US elections remain a source of instability. Our portfolio managers hedged against these uncertainties as best they could, but are hoping for a more stable investment environment in 2024-25. During the year Investec was merged with Rathbones, now the senior partner.
Internal and external factors
Partnership with the British Council in Pakistan
Our three-year agreement with the Council was signed in April, 2023, and expires at the end of March, 2026. In the meantime, the Council's team managing the recruitment of our Open Fellows, as well as the pre-departure arrangements for most of the Trust's visitors to the UK, continues to carry out this work with great commitment and efficiency. The British Council's current director, James Hampson, speaks warmly of the trust's work and told us in July that he hopes to sustain our relationship. At present, the trust contributes a total of £4,700 towards the Council's annual overheads, including a component to cover its staff costs during the annual fellowship recruitment round. Obviously, we hope that these costs will not rise.
FINANCIAL REVIEW
Financial position
This was the forty-second year of operation of the Trust, and as at 31 August, 2024, the financial summary of the year was as follows:
| 2023-24 | 2022-23 | 2021-22 | |
|---|---|---|---|
| Value of investments | 1,844,829 | 1,749,666 | 1,773,743 |
| Total income | 51,122 | 45,579 | 50,636 |
| Expenditure on awards | 83,683 | 110,826 | 21,390 |
| British Council Levy | 4,700 | 4,700 | 4,335 |
| Admin expenses | 7,031 | 6,872 | 6,414 |
| Admin as % of activity | 8.40% | 6.20% | 29.99% |
| Invest. fees as % of income: | 21.52% | 23.44% | 22..69% |
The accounts for 2023-24 accompany this report. The Trust settled down during the year after an unusual burst of activity following the pandemic, when surplus fund had accumulated.
It should be noted that our unusually high ireceipts during the year was the product of an error on the part of our investment managers, who had undertaken to credit us with four tranches of £18k annually, regardless of the performance of the portfolio, but then continued to pass on dividend income to us for a period. This will be remedied in 2024-25 when regular transfers of the agreed sum will be credited to our account.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Charles Wallace Pakistan Trust was set up by means of a Declaration of Trust dated 24 June, 1981, amended by a Deed of Variation dated 28 February, 2002, and by a further Deed of Variation dated 12 June, 2017, and is registered with the Charity Commissioners as Charity Number 283337.
Page 4
The Charles Wallace Pakistan Trust
Report of the Trustees
for the Year Ended 31 August 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
The operations of the Trust are governed by a Board of Trustees, consisting of a Chair, up to six Trustees, and a Secretary. In 2016-17, the British Council resigned as a Corporate Trustee, and revised Trust Deeds were approved to accommodate this change. The Chair, the Secretary, and new Trustees are appointed by the Trustees. Although designated a Corporate Trustee, in recent years the Pakistan High Commission has chosen not to be represented on the Board. At the end of the year, Tim Butchard stepped down as Secretary after seventeen years in the post, and will be succeeded in 2024-25 by Rebecca Walton CMG.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
283337
Principal address
The Old Manor House Cholesbury Lane Cholesbury Buckinghamshire HP23 6ND
Trustees
Mr Peter Elborn OBE Professor Sarah Ansari Dr Nada Raza Dr Shehla Zaidi Professor Adnan Qadir Khan Ms Ann Rosemary Arnott OBE Professor Faisal Devji
Secretary
Tim Butchard
Website
www.wallace-trusts.org.uk
Independent Examiner
Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW
Bankers
CAF BANK LTD 25, King's Hill Avenue King's Hill West Malling Kent ME19 4JQ
Investments
Rathbones Incorporating Investec Wealth & Investment 30 Gresham Street London EC2V 7QN
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The Charles Wallace Pakistan Trust
Report of the Trustees for the Year Ended 31 August 2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Mr Peter Elborn OBE - Trustee
Page 6
Independent Examiner's Report to the Trustees of The Charles Wallace Pakistan Trust
Independent examiner's report to the trustees of The Charles Wallace Pakistan Trust
I report to the charity trustees on my examination of the accounts of The Charles Wallace Pakistan Trust (the Trust) for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S B Ison FCCA
Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW
Date: .............................................
Page 7
The Charles Wallace Pakistan Trust
Statement of Financial Activities for the Year Ended 31 August 2024
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Doctoral bursaries Reserved visiting fellowships Open visiting fellowships Visiting artists Miscellaneous grants Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.8.24 Unrestricted funds £ 51,123 11,001 11,999 12,077 47,563 12,044 - 11,732 106,416 172,619 117,326 1,783,341 1,900,667 |
31.8.23 Total funds £ 45,579 10,646 10,750 12,054 61,837 16,185 10,000 11,572 133,044 (59,898) (147,363) 1,930,704 1,783,341 |
|---|---|---|
The notes form part of these financial statements
Page 8
The Charles Wallace Pakistan Trust
Balance Sheet
31 August 2024
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Debtors 7 Cash at bank 8 CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
31.8.24 Unrestricted funds £ 1,844,829 3,190 54,088 57,278 (1,440) 55,838 1,900,667 1,900,667 1,900,667 1,900,667 |
31.8.23 Total funds £ 1,749,666 13,579 21,536 35,115 (1,440) 33,675 1,783,341 1,783,341 1,783,341 1,783,341 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Mr Peter Elborn OBE - Trustee
The notes form part of these financial statements
Page 9
The Charles Wallace Pakistan Trust
Notes to the Financial Statements for the Year Ended 31 August 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
Taxation
The charity is exempt from 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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.8.24 | 31.8.23 | |
| £ | £ | |
| Deposit account interest | 52 | 170 |
| Interest | 494 | - |
| Curr asset inv income | 50,577 | 45,409 |
| 51,123 | 45,579 | |
continued...
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The Charles Wallace Pakistan Trust
Notes to the Financial Statements - continued
for the Year Ended 31 August 2024
| 3. | RAISING FUNDS | ||
|---|---|---|---|
| Investment management costs | |||
| 31.8.24 | 31.8.23 | ||
| £ | £ | ||
| Portfolio management | 11,001 | 10,646 | |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Doctoral bursaries Reserved visiting fellowships Open visiting fellowships Visiting artists Miscellaneous grants Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 45,579 10,646 10,750 12,054 61,837 16,185 10,000 11,572 133,044 (59,898) (147,363) 1,930,704 1,783,341 |
|---|---|
continued...
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The Charles Wallace Pakistan Trust
Notes to the Financial Statements - continued
for the Year Ended 31 August 2024
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 September 2023 Additions Disposals Revaluations At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 There were no investment assets outside the UK. Cost or valuation at 31 August 2024 is represented by: |
Listed investments £ 1,749,666 313,343 (427,755) 209,575 1,844,829 1,844,829 1,749,666 |
|---|---|
| Valuation in 2024 Cost 7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other debtors 8. CASH AT BANK Bank account Cash at brokers Total |
31.8.24 £ 3,190 31.8.24 Total funds £ 413 53,675 54,088 |
Listed investments £ 294,154 1,550,675 1,844,829 31.8.23 £ 13,579 31.8.23 Total funds £ 5,760 15,776 21,536 |
|---|---|---|
continued...
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The Charles Wallace Pakistan Trust
Notes to the Financial Statements - continued
for the Year Ended 31 August 2024
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds General fund Capital TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 51,123 TOTAL FUNDS 51,123 Comparatives for movement in funds Unrestricted funds General fund Capital TOTAL FUNDS |
At 1.9.23 £ (108,346) 1,891,687 1,783,341 1,783,341 Resources expended £ (106,416) (106,416) At 1.9.22 £ 39,017 1,891,687 1,930,704 1,930,704 |
31.8.24 £ 1,440 Net movement in funds £ 117,326 - 117,326 117,326 Gains and losses £ 172,619 172,619 Net movement in funds £ (147,363) - (147,363) (147,363) |
31.8.23 £ 1,440 At 31.8.24 £ 8,980 1,891,687 1,900,667 1,900,667 Movement in funds £ 117,326 117,326 At 31.8.23 £ (108,346) 1,891,687 1,783,341 1,783,341 |
|
|---|---|---|---|---|
continued...
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The Charles Wallace Pakistan Trust
Notes to the Financial Statements - continued
for the Year Ended 31 August 2024
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 45,579 45,579 |
Resources expended £ (133,044) (133,044) |
Gains and Movement losses in funds £ £ (59,898) (147,363) (59,898) (147,363) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Capital TOTAL FUNDS |
At 1.9.22 £ 39,017 1,891,687 1,930,704 1,930,704 |
Net movement in funds £ (30,037) - (30,037) (30,037) |
At 31.8.24 £ 8,980 1,891,687 1,900,667 1,900,667 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 96,702 96,702 |
Resources expended £ (239,460) (239,460) |
Gains and Movement losses in funds £ £ 112,721 (30,037) 112,721 (30,037) |
|---|---|---|---|
continued...
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The Charles Wallace Pakistan Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2024.
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The Charles Wallace Pakistan Trust
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| Detailed Statement of Financial Activities for the Year Ended 31 August 2024 |
||
|---|---|---|
| 31.8.24 | 31.8.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Deposit account interest | 52 | 170 |
| Interest | 494 | - |
| Curr asset inv income | 50,577 | 45,409 |
| 51,123 | 45,579 | |
| Total incoming resources | 51,123 | 45,579 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 11,001 | 10,646 |
| Charitable activities | ||
| Grants to individuals | 83,683 | 110,826 |
| Support costs | ||
| Management | ||
| British Council Levy | 4,700 | 4,700 |
| Secretary's Honorarium | 2,750 | 2,751 |
| Secretary's fixed overheads | 504 | 504 |
| Secretary's visit to Pakistan | 1,363 | 1,635 |
| IT Costs | 500 | - |
| Sundries | 395 | 285 |
| Trustees meetings | - | 172 |
| Finance | 10,212 | 10,047 |
| Bank charges | 80 | 85 |
| Governance costs | ||
| Accountancy and legal fees | 1,440 | 1,440 |
| Total resources expended | 106,416 | 133,044 |
| Net expenditure before gains and losses | (55,293) | (87,465) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | (36,956) | 56,373 |
| Net expenditure | (92,249) | (31,092) |
This page does not form part of the statutory financial statements
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