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2023-04-05-accounts

Charity registration number 283338

THE CHARLES WALLACE INDIA TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

THE CHARLES WALLACE INDIA TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr John Falconer
Professor William Gould
Ms Catherine Stephens OBE
Mr Charles William Walker
Charity number 283338
Registered office 4 Devonshire Street
London
W1W 5DT
Auditor CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
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 2023

The Trustees present their annual report and financial statements for the year ended 5 April 2023.

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. In 2022/23 the ratio of governance expenditure to grants was 2.0% (2021/22: 2.9%).

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 social media activity, the Facebook Group page and word of mouth also plays a big role. The grants are also publicised by the UK host institutions via 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, academic research and professional development through study or attachments in the UK. The grantees are: post-graduate students, academic research scholars and professionals active in the arts, heritage conservation and the humanities. There were two new Full Scholarships awarded in 2022/23 for postgraduate study in the UK and both of these grantees will be taking up their university places in the autumn of 2023. Additionally, CWIT has created a new partnership with the University of Oxford (Ruskin School of Art); the University will fund c33.3% of the costs of a full scholarship for a talented young Indian artist to complete their MFA, and CWIT will fund the lion’s share (66.7% return). · Visiting Fellowships (including artists’ residences): 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.

THE CHARLES WALLACE INDIA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

India Visit

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

The Secretary visited India in January 2023 for almost three weeks (9 – 25 January). Due to the pandemic no official visits had been undertaken by the Secretary/trustees since 2020. However, two trustees - Catherine Stephens and William Gould - had travelled to India in their personal capacity in 2022 and they had visited the two CWIT exhibitions in New Delhi. Catherine had been given a tour of the ceramics exhibition Journeys of Clay and Fire by the curator Kristine Michael; William had been given a tour of the exhibition Poetics of the Real and the Imagined by curator Latika Gupta.

Exhibitions presented in collaboration with British Council India

The British Council in India is one of CWIT’s main partners. In 2022/23 they had launched a nationwide festival celebrating the partnership between the two countries and to commemorate the 75[th] Anniversary of Indian independence. Within the context of the IN/UK 75 Together Season in New Delhi, CWIT was invited to create two exhibitions to showcase the work of our alumni. CWIT alumna Kristine Michael (ceramicist) was selected to curate Journeys of Clay and Fire (September – November 2022); Latika Gupta (CWIT alumna) was selected to curate a visual arts exhibition: Poetics of the Real and the Imagined (January – February 2023). More information about the artists (CWIT alumni) can be found online and on the CWIT website.

Meeting the CWIT alumni and partners

Shreela Ghosh launched the Poetics of the Real and the Imagined at the British Council in New Delhi. The event was attended by more than 60 people including artists, curators, academics and other Indian dignitaries as well as representatives from the British High Commission in New Delhi.

After New Delhi, Shreela travelled around India visiting Mumbai, then the Kochi Biennale, and finally Bangalore. In total, Shreela had face to face meetings with more than 50 people in the four cities. These meetings were with CWIT alumni, artists, academics as well as existing and potential partners in India. One of the highlights of the India visit was a guided tour of MAP – Museum of Art & Photography in Bangalore. At MAP Shreela was thrilled to see the original artwork for a label for cloth made in India and exported to the UK by the Shaw Wallace Company; Charles Wallace, CWIT’s benefactor was one of the founders of this famous trading company established in 1886 in Calcutta, the capital of British India.

THE CHARLES WALLACE INDIA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

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.

Financial review

As at 5 April 2023 the unrestricted funds totalled £6,724,623 (2022: £7,171,231).

Income for the year was investment income and interest on deposit totaling £281,479 (2022: £258,108). £233,817 was spent on awards (2022: £175,156), £46,757 was spent on support costs (2022: £34,702) and £4,740 was spent on governance (2022: £4,860). Expenditure on governance cost for the period under review is fully disclosed within the notes to the accounts. Investment management fees were £20,283 (2022: £24,486).

Over the past few 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. Therefore we have invested in STUL Cazenove Charity Responsible Multi-Asset Fund (RMAF) which is regulated by the Charity Commission and the FCA. At the year end this investment was valued at £6,544,523 (2022: £6,947,697).

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 2023 this figure was £18,417 (2022: £157,156). While this is lower than the stated policy the Trustees believe that this is just a temporary dip and that it will be reversed next year.

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 continues as an ordinary trustee.

THE CHARLES WALLACE INDIA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

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 (Resigned 5 May 2022) Ms Catherine Stephens OBE Mr Charles Walker (Appointed 8 December 2022)

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 board of trustees. The main aim is to ensure that trustees have the right level of expertise in the relevant areas covered by our grant giving, and that they demonstrate a commitment to the aims of the trust.

Statement of Trustees' responsibilities

The Trustees 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 Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' report was approved by the Board of Trustees.

Mr John Falconer Ms Catherine Stephens

8 December 2023

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 2023 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 (CONTINUED) 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 regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement 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 for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

This report is made solely to the charity's trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

CLA Evelyn Partners Limited (Statutory Auditor)

23 January 2024 22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB

CLA Evelyn Partners Limited is eligible for appointment as auditor of the Trust by virtue of its 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 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Investments 3 281,479 258,108
Total income 281,479 258,108
Expenditure on:
Cost of generating funds 4 20,283 24,486
Charitable activities 5 302,114 214,718
Total resources expended 322,397 239,204
Net gains/(losses) on investments 9 (405,690) 249,383
Net movement in funds (446,608) 268,287
Fund balances at 6 April 2022 7,171,231 6,902,944
Fund balances at 5 April 2023 6,724,623 7,171,231

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

All income and expenditure derives from continuing activities.

THE CHARLES WALLACE INDIA TRUST

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
Designated funds
15
General unrestricted funds		 2023
£
£
283
6,544,523
6,544,806
71,165
115,890
187,055
(7,238)
179,817
6,724,623
161,400
6,563,223
6,724,623
6,724,623		 2022
£
£
378
6,947,697
6,948,075
69,452
174,615
244,067
(20,911)
223,156
7,171,231
66,000
7,105,231
7,171,231
7,171,231		 2022
£
£
378
6,947,697
6,948,075
69,452
174,615
244,067
(20,911)
223,156
7,171,231
66,000
7,105,231
7,171,231
7,171,231
6,948,075
223,156
7,171,231
7,171,231
7,171,231

The financial statements were approved by the Trustees on 8 December 2023

Mr John Falconer Trustee

Ms Catherine Stephens Trustee

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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 2023

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.

1.6 Tangible fixed assets

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.

1.7 Fixed asset investments

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 cost 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 2023

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
2023 2022
£ £
Income from listed investments 280,611 257,525
Interest receivable 868 583
281,479 258,108

4 Cost of generating funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Investment management 20,283 24,486
20,283 24,486

5 Charitable activities

Educational
grants
Educational
grants
Personal
development
grants
2023
2022
2022
£
£
£
Art exhibition
12,000
-
-
Grant management costs
4,800
-
-
16,800
-
-
Grant funding of activities (see note 6)
233,817
165,156
10,000
Share of support costs (see note 7)
46,757
34,702
-
Share of governance costs (see note 7)
4,740
4,860
-
302,114
204,718
10,000		 Total
2022
£
-
-
-
175,156
34,702
4,860
214,718

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

6 Grants payable

Educational
grants
2023
£
Grants to institutions:
HUMSoc - Oxford University Hindu
Society
-
Grants to individuals
233,817
233,817		 Total
2023
Educational
grants
Personal
development
grants
2022
2022
£
£
£
-
-
10,000
233,817
165,156
-
233,817
165,156
10,000		 Total
2022
£
10,000
165,156
175,156

7 Support costs

Depreciation
Secretary's fees
Freelance administrator
fees
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
£
£
95
-
34,500
-
2,700
-
272
-
755
-
6,773
-
-
-
622
-
1,040
-
-
4,740
46,757
4,740
46,757
4,740		 2023
£
95
34,500
2,700
272
755
6,773
-
622
1,040
4,740
51,497
51,497		 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

8 Trustees

During the year, no trustees received remuneration (2022: £Nil). Trustees were reimbursed £195 for travel expenses in performance of their duties (2022: £54).

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

9 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (405,690) (198,102)
Gain/(loss) on sale of investments - 447,485
(405,690) 249,383

10 Taxation

The charity is exempt from taxation in respect of income or capital gains received within categories covered by s. 532 to 536 of the Income Tax Act 2007 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

11 Tangible fixed assets

Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 6 April 2022 1,196
At 5 April 2023 1,196
Depreciation and impairment
At 6 April 2022 818
Depreciation charged in the year 95
At 5 April 2023 913
Carrying amount
At 5 April 2023 283
At 5 April 2022 378

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2022 6,947,697
Additions 3,023
Valuation changes (405,690)
Equalisation and other movements (507)
At 5 April 2023 6,544,523
Carrying amount
At 05 April 2023 6,544,523
At 05 April 2022 6,947,697
2023 2022
£ £
Investments at fair value comprise:
Multi-Assets Funds 6,544,523 6,947,697

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.

13
Debtors
Amounts falling due within one year:
Other debtors
14
Creditors: amounts falling due within one year
Accruals and deferred income		 2023
£
71,165
2023
£
7,238		 2022
£
69,452
2022
£
20,911

THE CHARLES WALLACE INDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

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. The amount is expected to be expended by the end of financial year 2023/24:

Balance at
6 April 2021
£
From general fund
66,000
66,000		 Transfers
Balance at
6 April 2022
Resources
expended
£
£
£
-
66,000
(17,800)
-
66,000
(17,800)		 Transfers
Balance at
5 April 2023
£
£
113,200
161,400
113,200
161,400		 Transfers
Balance at
5 April 2023
£
£
113,200
161,400
113,200
161,400
161,400