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2022-04-05-accounts

Charity registration number 283338

THE CHARLES WALLACE INDIA TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

THE CHARLES WALLACE INDIA TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr John Falconer
Professor William Gould
Dr Mallica Kumbera Landrus
Ms Catherine Stephens
Charity number 283338
Registered office c/o Harwood Hutton
4 Devonshire Street
London
W1W 5DT
Auditor Harwood Hutton Limited
4 Devonshire Street
London
W1W 5DT
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment advisors Cazenove Capital Management
1 London Wall Place
London
EC2Y 5AU

THE CHARLES WALLACE INDIA TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 16

THE CHARLES WALLACE INDIA TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their annual report and financial statements for the year ended 5 April 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's deed, the Charities Act 2011 and “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)” (The Charities SORP).

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:

In the event of the Trust failing, the Trustees are empowered to use funds for charitable purposes generally.

Operations of the Trust are governed by the Trustees. Ms Shreela Ghosh formally joined the Trust on 7 December 2018 and continues as Secretary.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Public Benefit

The Trust's income is devoted almost entirely to scholarships and grants. Governance costs as a percentage of grants awarded was 2.8% (2020/2021: 14.5%). The decreased percentage in this regard was due to the increase in grants awarded in 2021/22 compared to 2020/21.

The Trust’s offer is publicised widely through its website and the web pages of British Council, India, as well as through the Charles Wallace India Trust Facebook Group page and word of mouth also plays a big role. The grants are also publicised by the UK host institutions through their networks and on their websites. Applications are received from across India.

Applicants are required to outline how they will benefit directly through the grant or scholarship. In addition, they are required to tell us about the wider impact of the grant on Indian society, i.e. how it will benefit Indian people. This is in keeping with Charles Wallace’s Will.

Visiting Fellowships (including artists’ residencies): as well as benefiting the individual grantee, these fellowships are also designed to benefit the UK host institutions, enabling them to develop and maintain mutually beneficial links with India.

Programme

The overall policy of the Trust is to support education, training and professional development through attachments in the UK. The grantees are usually post-graduate students, research scholars and professionals active in the arts, heritage conservation and the humanities. There were five new Scholarships awarded in 2021/22, four of them were for postgraduate study in the UK and these grantees will be taking up their university places in the autumn of 2022. A full list of grants including Visiting Fellowships and Research Grants are available in the appendix.

Visiting Fellowships (including artists’ residences and summer schools): these grants enable the scholars/artists to visit the UK in a professional capacity for research and/or training usually for a period of three months.

Research Grants : these short-term grants (around 3 to 4 weeks) enable researchers, usually at a doctoral or postdoctoral level to visit particular libraries and other UK institutions.

THE CHARLES WALLACE INDIA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

India Visit and marking CWIT’s 40th Anniversary

Broadly, the objectives of the annual India Visit are to understand recent developments related to:

Due to the Covid pandemic (Omicron wave) it was deemed prudent to cancel the winter visit to India so neither the Secretary nor the trustees have been to the subcontinent since 2020. However, we have tried to fulfil some of the stated objectives (see above) through online meetings with a range of Indian partners including the British Council, in order to exchange news and views.

The 40th Anniversary of CWIT was commemorated through a new partnership with the Centre for South Asian Studies (CSAS) in Cambridge. Trustees have agreed that the CWIT archive should be held at CSAS and in time some of the holdings will be digitised.

A series of special webinars and roundtables were held to mark the 40th Anniversary of CWIT. These were attended by c.40 people (alumni) from India as well as academics from the UK and beyond. To launch the series, in April 2021 we invited several visual artists who had done their residencies in the UK since 2014 to take part in an online roundtable. Our partners, Delfina Foundation and Triangle Arts (Gasworks) also contributed to the success of the roundtable.

During the autumn/winter of 2021 we held a series of three online seminars with CWIT alumni in India, in partnership with:

Achievements and performance

Our investment managers attend the trustee meetings and present their reports on investment performance and any recommendations they may have for changes to the investment strategy. Trustees are also kept informed through the quarterly reports. The Trust’s investment policy is to maintain a level of income consistent with our grant giving while maintaining capital growth. The Secretary attends more general briefings arranged by Cazenove Capital Management and also specialist sessions on areas like ethical investing.

The investment objective continues to be to maximise capital and income growth in real terms, whilst maintaining income consistent with the needs of the Trust. In December 2021 trustees agreed to change the investment strategy to a fully global approach to equity investment. Moreover, to achieve a better alignment between the Trust’s values i.e sustainability, and our investment policy, the trustees made a historic decision to move 100% of the CWIT investments into the STUL Cazenove Charity Responsible Multi-Asset Fund (RMAF) in line with the advice from the Cazenove managers.

Trustees took the decision to move to online banking and CWIT has opened two accounts (deposit or Gold account, and current account) with CAF Bank (Charities Aid Foundation Bank). It is the policy of the Trustees to maintain a reserve fund to a minimum value of £30,000 held on deposit. The aim of this fund is to enable the Trust to maintain maximum activity through fluctuation in income.

THE CHARLES WALLACE INDIA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Financial review

As at 5 April 2022 the unrestricted funds totalled £7,171,231 (2021: £6,902,944).

Income for the year was investment income and interest on deposit totaling £258,108 (2021: £179,159). £165,156 was spent on awards (2021: £30,966), £34,702 was spent on support costs (2021:£40,385) and £4,860 was spent on governance (2021: £4,500). Expenditure on governance cost for the period under review is fully disclosed within the notes to the accounts. Investment management fees were £24,486 (2021: £22,525).

Over the past two years, our approach to investment has changed as Trustees are concerned about the environment and keen to see how our funding can support Cazenove's ESG (Environmental, Social and Governance) goals. That is why £7 million is invested in the STUL Cazenove Charity Responsible Multi-Asset Fund (RMAF) which is regulated by the Charity Commission and the FCA.

Reserves policy

It is the policy of the Trustees that unrestricted funds not invested and which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure with a minimum of £30,000 held on deposit. The aim of the unrestricted fund is to enable the Trust to maintain maximum activity through fluctuation in income. As at the 5 April 2022 this figure was £157,156 (2021:£229,024)

Risk Management

The Trustees recognise that although the Trust generally operates in a low risk environment, it does face operational and financial risks. Every effort is made to put in place controls and procedures that are designed to mitigate the risks identified. Risk is reviewed annually in accordance with Charity Commission guidelines, against a Risk Matrix.

Acknowledgements

The Trustees wish to thank the Secretary Shreela Ghosh for her work. The Trustees wish to thank colleagues at British Council, India for their cooperation throughout the year and for the practical support that is offered to CWIT scholars.

Structure, governance and management

The Trust was set up by means of a Declaration of Trust dated 29 May 1981 as amended by a deed of Variation on 19 April 2002. It is registered with the Charity Commissioners with Charity Number 283338. It is exempt from taxation. The British Council, exercising their right under clause 9(d)(iv) of the Trust, retired their corporate trusteeship wef 12 May 2017. Catherine Stephens continued as an ordinary trustee.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr John Falconer

Professor William Gould Dr Mallica Kumbera Landrus Ms Caroline Douglas (Resigned 7 May 2021) Ms Catherine Stephens

Trustees are appointed through a process of recommendation and interview. In good time before a trustee is due to step down, suggestions for a replacement are made and possible candidates are approached. Those who express interest are invited to write to us, telling us what they believe they could offer the trust. Shortlisted candidates are then interviewed by one or more trustees and the Secretary, who make a recommendation to the other trustees. The main aim is to ensure that trustees have the right level of expertise in the fields covered by our grant giving, and that they demonstrate a commitment to the aims of the trust.

THE CHARLES WALLACE INDIA TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE CHARLES WALLACE INDIA TRUST

Opinion

We have audited the financial statements of The Charles Wallace India Trust (the ‘Trust’) for the year ended 5 April 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE CHARLES WALLACE INDIA TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CHARLES WALLACE INDIA TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

THE CHARLES WALLACE INDIA TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE CHARLES WALLACE INDIA TRUST There are inherent limitations in our audit procedures described above. The more removed that laws and regulalions are from financial Iransaclion5, the less likely il is that we Would become aware ol non-compliance. Auditing standards also limit the aucsil proe&dures required lo identify non-compliance with laws and regulations lo enquiry of the Iruslees and other management and the inspection of regulatory and legal correspondence, if any. Material misslalemenls that arise due to fraud Can be harder lo detect than those that arise from error 8S they may involve deliberate con¢e8lmenl or ￿lI￿slon. A further description of our ￿SponSIbl1111eS is available on the Financial Reporting Council's websrte at.. hllps'.11 www.frc.org.ukJaudilorsresponsibililies. This description foms part of our auditor's report. Other matters Your attention 15 drawn to the fact that the charity has prepared financial slalements in accordance wilh"Accounling and Reporting by Charities.. Statement ol Recommended pra￿l¢e applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {as amended) in preference lo the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order lor the finanaal statements to provide a true and fair view in accordance wfth current GeneralIyA￿ePted Accounting Practice. This report is made solely lo the charills Iruslees as a body. in accordance with Part 4 ot the Charities (A¢￿unIS and Reports) RegLJlations 2008. Our audit work has been undertaken so that we might state lo the charity's trustees those matters we are required lo stsle to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not a¢￿pt or assume resptsnsibilily to anyone other than the charity and the charity's Iruslees, as a body, for our audit work. for this report. or for th8 opinions we have formed. Harw tton Limited Chartered Accountants statutory Auditor 4 Devonshire Street London W1W5DT Harwood Hutton Limited is eligible for appointment as auditor of the Trust by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE CHARLES WALLACE INDIA TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

**Unrestricted ** Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Investments 3 258,108 179,159
Total income 258,108 179,159
Expenditure on:
Cost of generating funds 4 24,486 22,525
Charitable activities 5 214,718 75,851
Total resources expended 239,204 98,376
Net gains/(losses) on investments 9 249,383 1,131,758
Net movement in funds 268,287 1,212,541
Fund balances at 6 April 2021 6,902,944 5,690,403
Fund balances at 5 April 2022 7,171,231 6,902,944

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

28.1.2023

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Charles Wallace India Trust is a unincorporated association that is domiciled in England and Wales.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and “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)'' (The Charities SORP). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of their charitable objectives and which have not been designated for other purposes.

Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements

1.4 Income

Dividends and interest from investments are credited to the statement of financial activities when they are receivable.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 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 activity. Direct costs attributable to a single activity are allocated directly to that activity.

Cost of generating funds

The cost of generating funds consists of investment management fees. The Trust's investments are managed by Cazenove Capital Management.

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

Charitable activities

Grants payable are debited to the statement of financial activities when an undertaking to pay the grant during the financial year has been entered into.

Governance costs

These costs include those costs associated with meeting the constitutional and statutory requirements of the trust and include the auditor and accountancy fees and costs linked to strategic management of the trust.

Support costs

These costs are incurred to facilitate charitable activities.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9 Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

2 Critical accounting estimates and judgements

The trustees do not consider there to be any significant judgement or key estimation uncertainty requiring additional disclosure.

3 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Income from listed investments 257,525 179,114
Interest receivable 583 45
258,108 179,159

4 Cost of generating funds

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Investment management 24,486 22,525
24,486 22,525

5 Charitable activities

Educational
grants
Personal
development
grants
2022
2022
£
£
Grant funding of activities (see note 6)
165,156
10,000
Share of support costs (see note 7)
34,702
-
Share of governance costs (see note 7)
4,860
-
204,718
10,000		 Total
2022
Educational
grants
2021
£
£
175,156
30,966
34,702
40,385
4,860
4,500
214,718
75,851		 Total
2022
Educational
grants
2021
£
£
175,156
30,966
34,702
40,385
4,860
4,500
214,718
75,851
2021
£
30,966
40,385
4,500
75,851

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

6 Grants payable

Educational
grants
Personal
development
grants
2022
2022
£
£
Grants to institutions (1 grants):
HUMSoc - Oxford University Hindu Society
-
10,000
Grants to individuals
165,156
-
165,156
10,000		 Total
2022
Educational
grants
2021
£
£
10,000
-
165,156
30,966
175,156
30,966		 Total
2022
Educational
grants
2021
£
£
10,000
-
165,156
30,966
175,156
30,966
2021
£
-
30,966
30,966

Personal development grants

Trustees wished to support the fundraising campaign led by CWIT alumni at the University of Oxford with a grant of £10,000. In awarding this grant the trustees are advancing the personal development education of the individuals involved in this fund raising. The individuals have developed personal skills as well as skills in fundraising, dealing with restriction regarding the moving of money and ultimately ensuring the funds were used for the correct purpose. The money was eventually utilised by Indian NGOs supporting COVID relief work in different areas of India in 2021.

7 Support costs

Depreciation
Secretary's fees
Freelance administrator
fees
HR consultancy
Printing and stationery
Website and IT costs
Meetings, travel and
subsistence
Sundry expenses
Bank charges
Telephone and
broadband
Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
128
-
30,000
-
2,850
-
-
-
45
-
150
-
147
-
60
-
409
-
913
-
-
4,860
34,702
4,860
34,702
4,860		 2022
£
128
30,000
2,850
-
45
150
147
60
409
913
4,860
39,562
39,562		 Support
costs
Governance
costs
£
£
499
-
30,000
-
1,200
-
1,200
-
517
-
94
-
3,603
-
386
-
906
-
1,980
-
-
4,500
40,385
4,500
40,385
4,500		 2021
£
499
30,000
1,200
1,200
517
94
3,603
386
906
1,980
4,500
44,885
44,885

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

8 Trustees

During the year, no trustees received remuneration. (2021: £Nil). One trustee was reimbursed £54 for travel expenses in performance of their duties (2021: One trustee was reimbursed £372 for travel expenses in performance of their duties).

9 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (198,102) 1,131,758
Gain/(loss) on sale of investments 447,485 -
249,383 1,131,758

10 Tangible fixed assets

Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 6 April 2021 1,196
At 5 April 2022 1,196
Depreciation and impairment
At 6 April 2021 690
Depreciation charged in the year 128
At 5 April 2022 818
Carrying amount
At 5 April 2022 378
At 5 April 2021 506

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

11 Fixed asset investments

Cost or valuation
At 6 April 2021
Additions
Valuation changes
Disposals
At 5 April 2022
Carrying amount
At 05 April 2022
At 05 April 2021
Investments at fair value comprise:
Managed Portfolio at Market Value
Multi-Assets Funds
Bond Fund - Cazenove Investment Fund
Hedge Funds & Portfolio Fund
Property
Other		 Listed
investments
£
6,607,414
6,797,179
(198,102)
(6,258,794)
6,947,697
6,947,697
6,607,414
2022
2021
£
£
-
3,985,443
6,947,697
1,062,565
-
489,012
-
84,191
-
621,847
-
364,356
6,947,697
6,607,414		 Listed
investments
£
6,607,414
6,797,179
(198,102)
(6,258,794)
6,947,697
6,947,697
6,607,414
2022
2021
£
£
-
3,985,443
6,947,697
1,062,565
-
489,012
-
84,191
-
621,847
-
364,356
6,947,697
6,607,414
6,947,697
6,947,697
6,607,414
2021
£
3,985,443
1,062,565
489,012
84,191
621,847
364,356
6,607,414

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

12
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
13
Debtors
Amounts falling due within one year:
Other debtors		 2022
£
6,947,697
2022
£
69,452		 2021
£
6,607,414
2021
£
2,541

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
£ £
Accruals and deferred income 20,912 9,596

15 Designated funds

The funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees to represent the unspent scholarships and research grants available to the grantees due to travel restrictions caused by the pandemic. The amount is expected to be expended by the end of financial year 2022/23:

Balance at Transfers Balance at Transfers Balance at
6 April 2020 6 April 2021 5 April 2022
£ £ £ £ £
From general fund - 66,000 66,000 - 66,000
- 66,000 66,000 - 66,000