Charlty regi5tratlon number.. 283338 Charles Wallace India Trust Annual Report and Financial Statements lor the Year Ended 5 April 2024 Field Sulliivan Llmlted 9 Hare & Blllet Road B13ckheath SE3 ORB
Charles Wallace India Trust Contents {¢ontlnuedl Reference and Admlnlstrative Detalls Trustees, Report 2to6 Independent Auditors, Report 7tolO Statement of Financial Activlties li Balance Sheet 12 Notes to the Flnancial Statements 13to23
Charles Wa113ee India Trust Reference and Admlnlstratlve Detalls Trystees MrJohn Falconer Professor Wllllam Gould Mr Charles Walker Charlty Reglstratlon Number 283338 Prlnclpal Ofllce 9 Hare & Billet Road lackheath SE3 OR8 Audhoi Field Sulllivan Llmlted 9 Hare & Blllet Rtsad Blackheath SE3 ORB Investment advlsors Cazenove Capital Management l London Wall Place London EC2Y SAU Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 41Q Page I
Charles Wallace Indla Trust Trustees, Report The trustees present the annual ¥eport together with the financial statements and auditors, report of the charilv for the year ended S Aprll 2024. The account5 have been prepared In accordance with the accounting polldes set out In note I to the accounts and comply with the Trust's deed, the Charities Act 2011 and the "Accounting and Reporting by Ch3rities.' Statement ol Recommended Practice applicable to charltles preparSng their accounts in accordance with the FlnancSal Reportlng Standard appllcable in the UK and Republic ol Ireland IFR51021 lelfective I january 20151. Structure, governance and management The Trust was set up by mean5 of a Declaratlon of Tiust dated 29 May 1981 a5 amended by a deed of VarSatSon on 19 April 2002. It is reglstered with the Charity Commi5sloners wlth Charity Number 283338, It Is exempt from taxatlon. The Brltlsh Council, exercising their rlght under clause 9ldllivl of the Trust. retired their corporate trusLee5hip wef 12 May 2017. Catherlne Stephens continued to serve as an ordinary trustee. The Trustees who served during the year were.. Mr John Falconer (appointed 29 May 2020,. Prof. William Gould (appointed 29 May 2020,. Ms Catherine Stephens OBE (December 2015 to 8 May 2024,. Mr Charles Walker lappotnted 8 December 20221. Trustees are appointed through a process ol recommendatlon ènd interview. In good time before a trustee is due to step down, suggestlons 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 candidate5 are then interviewed by one or more trustee5 and the Secretary, who make a recommendation to the board of trustees. The maln alm Ss to ensure that trustees have the right level ol expertise in the relevant areas covered by ourgrant giving. and that they demonstrate a commitment to the airns ol the trust. Objectives and actlvltle5 Under the Declaratlon of Trust, the Trustees are empowered to Use all or any of the capltal or Income of the fund lor the provlslon of financial assistance lor elther Men and women of Indlan natlonality who are domiciled and normally resident In Indla to enable them to tr3vel to the United Kingdom to follow a course ol study, research or other educalsonal pursuIt.' or Any charitable institutlon In the United Kingdom seNing persons ol Indlan natlonality domiciled and normally resident in Inda In the event of the Trust falling, the Trustees are empowered to use funds for tharltablè purposes generally. Operation5 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 pard due regard to guidance Issued by the Charlty Commission In decldlng what activities thé Trust should undertake. Publlc Beneflt The Trust'5 Income Is devoted almost entirely to s£holar5hlps and grants. In 2023 - 2024 the ratio of governance expenditure to grants was 1% lin 2022123 this was 2 %). Page 2
Charles Wallace Indla Trust Trustees, Report (continued) The Trust's offer is publicised wldely through its website and the web pages of Britlsh Councll IndSa, as well as through the Charles Wallace Indi3 Trust soclal media activlty. the Facebook Group page and word of mouth also plays a big role. The 8rants are also publlci5ed by CWIT'S partners in the UK via thelr network5 and on their websites/soclal media activity. Appllcatlons are re5Ved frorn across Indla. Applicants are requlred to outline how they will benefit directly throu8h the grant or scholarshlp. In addltSon, thev are requlred to tell us about the wlder impact of the grant on Indian 50cietYJ i.e how it w511 benefit Indian people. This is in keepln8 wlth Charle5 Wallace's wlll. Vlsitlng Fellowships Ilncluding 3rt1sts' resldenclesl.. as wéll as benefitlng the indlvidual grantee, these fellowship5 are also deslgned to benefit the UK host Institutions, enabllng them to develop and maintain mutually beneficial 1Snks with Indla. Flnanclal revlew As at 5 April 2024 the unrestrScted fund5 totalled £6,976,54712023: £6,724,623]. Income lor the year was investment Income and interest on deposlt totallng £288.09312023: £281,479). £257.754 was spent on 3ward$12023-. £233,817), £44,923 was spent on support costs12023.' £46,757) and £3.600 was spent on governance12023.. £4,740). Expenditure on governènte c05t for the perlod under review is fully disclosed wlthln the note5 to the accounts. Investment management fees were £19,74212023.. £20.2831. Over the past few years, our approach to Investrnent has changed as Trustees are concerned about the environment and keen to see how our funding can support Cazenove's ESG IEnvironmental, Social and Governancel goals. Therefore we have invested in STUL Cazenove Charity Responsible Multi-A5S&t Fund IRMAFI whlch Is regulated by the Charity Comm1s5ion and the FCA. At the year end this investment was valued at £6.819,23612023.. £6,544,523). Achlevements and performance Our inve5trnent m3na8ers attend the trusteè meeting5 and present their reports on investment perlomènee and any recomm@ndatlons they may have for changes to the investment 5trateey. Trustees ère also kept informed through the quarterly reports. The Trusvs Investment policy Is to maintain a level of income consistent with our Erant giving whlle maSntalnin8 capital growth. The Secretary attends more general briefings arranged by Cazenove Capltal Management and also specialist sessions on areas Ilke ethical investing. The Investment objective continues to be to maximise capital and income 8rowth in real terms, whllst maintainlng incorne consistent with the needs ol the TTUSt. In December 2021 trustees agreed to change the Investment strategy to a fully global approach to equity investment. Moreover, to achieve a better allgnment between the Trust's value5 i.e sustainabllity, and our Investment pollty, the trustees made a hlstoric decision to move 100% of the CWIT investments Into the Charlty Sustaln3ble Multl Asset Fund In Ilne with the advice of the Cazenove man38ers. In 202212023 Trustees took the deasion to move to online bankin8 and CWIT has opened two account5 Ideposit or Gold account, and a current account) with CAF Bank Icharities Aid Foundation Bank). It Is the policy ol the Trustees to maintain 8 resekve lund to a minimum value of £80,000 held on deposlt. The aim of this fund Is to enable the Trust to maintain maximum activity through fluctuatlon In income. Page 3
Charles Wallace India Trust Trustees, Report (continued) Programme The overall policy of the Trust is to support education, academic research and professional development through study or residencies in the UK. The 8rantees are.. post-graduate Students, academic research scholars and professionals active im the afts, heritage conservation and the humanitles. There were two new Full Scholarships 3warded in 2023124 for p05tgraduate study in the UK and both of them wlll be taklng up thelr places at the University of Edlnburgh In the autumn of 2024. A full Ilst of grant5 includlng Scholarships, Visitin8 Fellowships and Research Grants are avallable In the appendlx., Visiting Fellowships lincludin8 artlsts, residences).. these grants enable the scholars/artists to vlslt the UK in a professional capaclty for research 3nd/or training usually lor a period of three months. Research Grants.. these short-term grant5 (around 3 to 4 weeksl enable researchers, usually at a dottoral or post-doctoral level to V151t particular librarSes and other UK institutions. Indla Vlsll Br03dly, the objectives of the annual India Visit are to understand recent development5 related to.. Arts and Heritage Conservatlon in India Meet British Councll colleagues • Meet key external stakeholders • Discussions with CWITs about their careers and CWIT'S direction In the Comin8 years. Britlsh Councll's current prlorli5es In Higher Education and In the Arts, wider socletal Issueslchanging trends In Indla Opportunity to exchange Information and dlscuss challenges The CWIT Secretary vlsited India In January 2024 lor almost three week5123 Jan- 12 February). The CWIT Chalr joined the Secretary for a week in early February and together they held meetings with CWIT alurnni and other partneTS e.g Alk3zi Foundation for the Art5. In the following place5'. New Delhi, Kolkata and Santlnlketan (the Vishwa Bharati Universlty had been created by Rabindranath Tagore, India's Nobel prlze wlnnlng poet). The Secr&tary had also visited Bangalore and Mumbal and met wlth CWIT alumni and key partner5 e.g new dirertor at the Inlaks Shlvdasani Foundatlon and the dlrector of the India Foundation for the Art5. Rlsk management The Trustees recognise that although the Trust generally operate5 in a low rlsk envSronment, it does face operational and financial risks. Every ellort Is made to put in place controls and procedures that are deslEned to mitlgate the risks identified. Rlsk is revlewed annually in accordance with Charity Commission guldellnes, against a Risk hAatrix. Acknowledgements The Trustees wish to thank the Secretary 5hreela Gh05h, for her work. The Trustee5 W15h to thank Colleague5 at British Council Indla lor thelr cooperatlon throughout the year and for the practical support that is offered to CWIT scholars. Pa8e 4
Charles Wallace India Trust Trustees, Report Icontinuedl Trustees Mrjohn Falconer Professor William Gould Ms CatherSne Stephens 08E Iresigned 8 May 20241 Mr Charles Walker Statement of Trustees. RespoMslbllitle5 The trustees are responsible for preparing the tru5tees' report and the flnanclal statement5 in aCCQTdance with the Unlted Klngdom AccountSng Standards (Unlted Klngdom Generally Accepted AccountinE Practleel and applicable law and regulatlons. The law applicable to charlties requlres the trustees to prepare flnandal statements for each flnanclal year which gSve a true and lalr vlew of the state ol allalrs of the charity and ol the Incoming resources and application of resources of the charlty for that period. In preparSng these flnanclal statements. the trustees are required to.. select sultable èccounting policies and then apply them conslstently,. obsetve the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent.. state whether applltable accounting standards have been followed, subject to any materlal departures disclosed and explained Sn the financlal statements,. and prepare the financial statements on the golng concern basls unless it 15 inappropriate to presume that the charity wlll contSnue in business. The trustees are responsible for keeping proper accountlng records that disc105e with reasonable accurary at any time th& financial position of the charity and enable them to ensure that the financial statements tomply w1th the Charitles Act 2011, the Charities (Accounts and Reportsl Regulations 2008, and the provisitsns of the constitution. The tru5tee5 are also responsible for safeguarding the assets of the charity and hence lor taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. The tTU5tees are responsible for the maintenance and Integrity of the corporate and financial inform3tlon Included on the charitable company's website. Legislation governing the preparation and dlssemlnauon of financial statement5 may differ from legislation in other lurisdictions. Dlst105uYe of Informatlon to audltor Each trustee has taken Steps that they 0Sht to have tsken a trustee In order to make themselves aware of any relev3nt audlt Snformatlon and to establlsh that the charity's audilor Is aware of that Snformatlon. The trustees conflrm that there Is no relevant information thai they know of and of whlch they know the audltor Is unaware. Page 5
Charles Wallace Indla Trust Trustees, Report Icontlnued) The annual report was approved by the trustees ol the charlty on 9 January 2025 and signed on its behalf bv.. Mrjohn Falconer Trustee Mr Chailes Walker TrusteÈ Page 6
Charles Wallace Indla Trust IndependentAuditor's Reportto the Member5 of Charles Wallace Indla Trust Opinlon We have audlted the financial statements of Charles Wallace Indla Trust (the 'charlty'l for the year ended S April 2024, whSch comprise the Statement ol Financial Activities, Balance Sheet. and Notes to the Financlal Statements, includlng a summary of significant accounting policies. The financial reporting framework that has been applied in thelr preparation Is Unlted Klngdom Accounting Standards, comprising Charlties SORP - FRS 102 'The Financlal Reporting Standard applicable in the UK and Republle of Ireland, and applicable law Iunited Kingdom Generally Accepted Accounting Practice). In our oplnion the financlal statements.. give a true 3nd fair view of the state of the charlty's affairs a5 at 5 April 2024 and of Its Incomlng resourtes and applicatlon of resour$, Indudlng Its incorne and expenditure, for the year then ended.. have been properly prepared In accordance wiLh United Kingdom Generally Accepted Accountlng Pract[., ané have beefi prepared in accord3nce with the requlrements of the Charities Act 2011. 8asls for oplnlon We conducted our audit in accordance wlth International Standard5 on Auditlng IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are furth&r described In the auditor re5ponsiblllties for the audlt of the financial statements section of our report. We are Independent of the charity in accordance wlth the ethlcal requlrements that are relevant to our audit ol the financial statements In the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbillties In accordance with these requirements. We believe that the audit evidence we have obtalned is sufficient and approprlate to provide a basls lor ouroplnion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trvstees use of the goSng concern basis of accounting Sn the preparation of the finanaal statements Is appropriate. Based on the work we have performed, we have not identified any material uncertalntles relating to events or conditlons that, Indivldually or collectively, may cast significant doubt on the tharity's ability to continue as a going concern for a period ol at least twelve months from when the original fi'nancial statements We authorised for Issue. Our responslbi1Sties and the responslbllltles of the trustees wlth respect to going concern are descrlbed in the relevant sectlons of this report. Other information The tru5tee5 are respon51ble for the other inforrnatlon. The other Informatlon comprises the information included in the annual report, other than the flnanclal statements and our auditoes report thereon. Our opinion on the linanclal statements does not cover the other information and, except to the extent otherwise explicitly stated in OUT report. we do not express any form of assurance conclusion thereon. Page 7
Charles Wallace Indla Trust Independent Audltor's Report to the Members of Charles Wallace India Trust Icontinuedl In connection with our audit DI the financial statement5, our responsil7illty Is to read the other informatlon and, In floin8 so, consider whether the other information is materlally Ineons15tent with the financlal statements or our knowledBe obtained in the audit Dr otherwise appears to be materially mlsstated. If we identSfy such material inconslstencies or apparent material misstatements, we are requlred to determine whether there Is a material m1$5tatement In the financial ststements or a materlal mlsstatement ol the other Informatlon. If, based on the work we have performed, we conclude that there 15 a material mlsstatement of this other information, we are requlred to report that fart. We have nothing to report In thls regard. Mattèls on whlch we are required to report by exceptlon In the light ol our knowledge and understandln8 of the charity and It5 envlronment obtalned In the course of the audlt, we have not identlfled materlal misstatements In the trustees report. We have nothing to report in respect of the following rnatters where the Charitles (Accounts and Report ReBulations 2008 requSres us to report to you if, In our oplnion.. adequate accounting records havÈ not been kept, or returns adequate for our audit have not been recelved from branches not vlslted by us,. or the financial staternents are not In agreement with the accounting rE£ords and returns.. or certain di5d05ures of trustees remuneratlon specllied by law are not made,. or we have not received all the information and explanatlons we requlre for our audit. Re5ponslbllltles of trustees As explained more fully in the Statement ol Trustees, Responsibilities Iset out on page 51. the trustees are responsible for the preparatlon of the financial statements and for being Satisfied that they 8ive a true and lair vlew, and for such internal control as the trustees determine 15 necessary to enable the preparation ol financial statements that are free from rnaterial misstatement, whether due to fraud or error. In preparlng the fSnancial statements, the trustees are responsible for assessing the charlty'5 ability to continue as a golng concern, disclosin& as applleable, matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charlty or to cease operations, or have no realistic alternative but to do so. Avdltor Responslbllltles for the audlt of the finènclal Statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 8 whole are free from material mlsstatement. whether due to fraud or error, and to Issue an auditor's report that Includes our oplnlon. Reasonable a5suranc& is a high level of assurance, but is not a guarantee that an audlt conducted in accordance with ISAS IUKI wlll always detect a material misstatement when St exlsts. Misstatemerits can arise from fraud or error and are considered rnaterial if, indlvldually or In the aggregate, they could reasonably be expected to influence the economic decisions of users t3k&n on the basls of these linanclal statements. The extent to which our procedures are capable of detÉctin8 irre8ularltSes, including fraud is detailed below.. Page 8
Charles Wallace Indla Trust Independent Audltor's Report to the Members ot Charles Wallace India Tyust {continuedl Our approach to Identlfylng and assessing the rlsks of material misstatement In ¥espect of irregularltles, Including fraud and non-compliance with laws and regulations, was as follow5.. the engagement partner ensured that the engagement team collecUveW had the approprlate competence, capabllltie5 and skills to identify or recognise non-compllance with applicable laws and regulatlons,. we identified the laws and regulations 3pplicable to the Charity through dlscusslons with trustees and other management, and frorn our CDmmerclal knowledge and experience of the 5ector,' we focused on specSflc laws and regulations whSch we consldered may have a dlrect rnaterial effect on the financSal statements or the operauons of the Charlty, Includlng the Charitles Act 2011. taxation leglslation and data protectiofi, anti-brlbery and employment legislation,. we assessed the extent of compliance wlth the laws 3nd regulations Identlfied above through making enquiries of rnanagement 3nd inspectlng legal correspondence,. and identified laws and regulations were communicated within the audit team re8ularly and the tearn remalned alert to Instances of non-compllance throughout the audit. We assessed the susceptibility of the CharSty's flnancial statements to materf81 mi5Statement, Including obtalning an understanding ol how fraud mlght occur, bv.. making enquiries of managernent as to where they considered there was susceptibllity to fraud, thelr kNOedge of actual, Suspected and alleged fraud., £on5idering the internal Controls in place to mltl8ate rlsks of fraud and non-complian with laws and regulations. To address the risk of fraud through managernent blas and overrlde of controls, we.. performed analytlcal procedures to identify any unusual or unexpeited relatlot)ship5: • tested journal entries to identify unusual transactions,. assessed whetherludgements and assumptions made In determining th2 accounting estimates were Indlcative of potential bias,. and Snvestlg3ted the rationale behlnd slgnilicant or unusual transaetlons. In response to the risk of irregularities and non-compliance with laws and regulations, we deslgned proodures whlch included, but were not limited to.. agreeing financial Statement disclosures to underlying Supporting documentation,. reading the minutes of meetings of those charged with governance,. enquiring ol management as to actual and potential Iltlgatlon and claims. There are inherent limitatSons Sn our audit procedures descrlbed èbove. The more removed that laws and reglatIOnS are from flnancial transactlon5, the less Ilkely it 15 that we would become aware of non-compllance. Audltlng standards also Ilmit the audit procedures ¥equ5red to Identify non-compllance with laws and regulations to enquiry of the trustees and other managernent and the inspectlon ol regulatory and legal correspondencÈ, if any. Materlal misstatements that arlse due to fraud can be harder to detect than those that ailse from error as they rnay Involve deliberate concealment or collusion. A further descrlpt1on of our re5ponsibllities is available on the Flnancial Reporting Council's website at.. www.frc.org.uklaud5torsre5ponsibi1Stles. Thls descriptlon forms part of our audltorf5 report. P&ge g
Charles Wallace India Trust Independent Auditor's Report to the Members of Charles Wallace India Trust (Continued) Use of our report This report 15 made solely to the charity trustee5. a5 a body, in accordance with sectlon 144 of the Charltles Act 2011 and regulations made under section 154 01 that Act. Our audlt work has been undertaken so that we might state to the trustees those matters we are requlred to State to trustees In an auditors, report ancj lor no other purpose. To the fullest extent permStted by law, we do not accept or assume responsibility to anyone other than the charlty and it5 trustees as a body, for our audSt work. for this report, or for the opinions we have formed. Tim SLJllivan (Senlor Statutory Audltorl For and tsn behalf of Field Sulllivan Limlted. Statutory Audltor 9 Hare & Blllet Road Blad(heath SE3 ORB Date.. .1..?. Field Sulliiv3n Limited is eligible for appolntment as auditor of the charlty by virtue of Its ellgibility for appointment as auditor ol a company under sectlon 1212 of the Compbnles Act 21)06. Page 10
Charle5 Wallace India Tru51 statement ol FlnanclalActlvhles IOT theyear Ended 5 Aprll 2024 Totol 1024 Total 2023 Unre51rlcted Vnrestritted Note Income ad Endowmentslrom.. InstmeAt In¢orne 288,IPJ3 288.093 281879 2BL479 120,2831 12a1È31 ChèrltsblÈèEbvltle5 lalO,977 1310,9771 1330,?19 1330,7L91 1312,397 1322,3971 Netexpendllure 140.9181 140,9181 Other re¢o8n15ed 8alr•Sand losst$ 4,550 294,5SD I405,6) Nerfiv)vement In lun 251,524 25L924 1446,6081 144&6C61 ReEonc111aiion otlunds Total fvnds brou8hrfotWdid 6,72423 6,724,613 7,171,231 7,171,231 Tot funds carrd loNard 16 6,976,547 6.976,547 6,724,623 6,724,623 l ol the tharlws a¢llvkne5 derfrom£0ntlnUlngaO¢r3lIOv$dVrInlheats0v2 pèrlods. The funds biÈakdownfor 2025 Is shown In notè IE, Thenote5 pages 13 to23 form an integtsl part ofthlse nnancklstsiements.
Charles Wallace India Trust (Registratlon number: 2833381 Balance Sheet as at 5 Aprll 2024 2024 2023 Note Fixed assets TanElble assets Investments li 212 283 12 6,819.236 6.544,523 S,819,448 6.544,806 Current assets Debtors 13 71.875 90,927 71,165 115,889 Cash at bank and in hand 14 162.802 187.054 Creditors: Amounts fallSn8 due wlthln one year 15 15.7031 17,2371 Net ¢urrent assets 157.099 179,817 Net assets 6.976.547 6,724,623 Funds of the charity.. Unrestrlrted Income funds eslgnated funds General fund5 161,4(K) 6,815,147 161,4(K> 6,563,223 Total unrestricted fund5 6.976,547 6.724.623 Total funds 16 6.976,547 6.724,623 The flnancial 5tateTnent5 on page5 11 to 23 were approved by the trustees, and authorised for issue OTh 9 January 2025 and signed on thelr behalf by.. Mr John Falconer Trust Mr Cha¥les Walke¥ Trustee The notes on pa8es 13 to 23 form an Integral part of these financial staternent5. Page 12
Charles Wallace Indla Trust Notes to the Financial Statements for the Year Ended 5 Aprll 2024 I Charlty status The charity is domlciled In England and Wales. The address of its re8lStered office 15.. 9 Hare & Billet Road SE3 ORB 2 Accounting pollcles Statement of tompliance The financlal staternents have been prepared Sn accordance wlth Accounting and Reporknng by Charftie5.' Staternellt of Recommended Practice applicable to charitles preparing theSr accounts in accordance with the Flllanclal Reportlng Standard applicable In the UK and Republic of Ireland IFRS 10211@ffectlve l Janu8ry 20191 Icharltles SORP IFRS 1021 Second edition October 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. They also comply wllh the Companies Act 2006 and Charities Act 2011. Basls of pyeparatlon Charles Wallace Indla Trust meets the definition of a public benefit entity under FRS 102. The actounrs IfinancS31 statementsl have been prepared under the historical cost convention with items reco8nised at cost or transactlon value unless otherwise stated In the relevant notelsl to these account5. The flnanclal st3tements are prepared In sterling, which is the functional currency of the charity. Monetary amount5 in these fSnanclal statements are rounded to the nearest £. Going concern The trustees consider that there aré no material uncertalntles about the charity's abllity to continue as a going conrn. Judgements and key sour¢es of estlmation uncertalnty In the appllcatlon of the charit¢s accounting policies, the trustees are required to make jud8ements, estimates and assumptions about the carrying amount of assets and liabilitles that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are consldered to be relevant. Actual results may differ from these estimates. The estlmates and underlying assumptSons are revlewed on an ongolng lJa515. Revisions to accoullting estimates are recognised In the periods In whlch the estimate is revised where revisions affects only that period, or In the period of the revlslon and future periods where the revlsions affects both current and future perlods. Page 13
Charles Wallace India Trust Notes to the Financial Statements for the Year Ended 5 Aprll 2024 (Contlnuedl Income and endowments Investment Income Divldends are recoBnSsed onte the dlv5dend has been declared and notilicatlon has been received of the dlwdend due. Expenditu¥e All expendlture Is recognlsed once there is a legal or constructive obligation to that expendlture, St is probablè settlement is required and the amount can be measured reliably. All cost5 3re allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent wSth the use of resources, with central staff Costs allocated on the b2sis of tlme spent, 8nd depreci2tlon charges allocated on the portion of the asset's use. Other support costs are allocated based on the spiead Of staff costs. RulslngAunds These are costs Incurred In attTacting voluntary Ineome, the management of Inve5trnents and those Incurred in tradlng aetlvlties that raise funds. Chorltoble uctlvltles Charltable expenditure comprlses those costs Incurred by the charity In the dellvery of its activltie5 and servicÈs for its benelia3Ties. It Includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to Support them. Gruntprovisions Provlslons for grants are made when the intention to make a grant has been communlcateij to the recipient but there is uncertainty about either the tIlHln8 of the grant or the amount o18rant payable. Support costs Support costs include central functlon5 and have been allocated to actlvity cost categories on a basss tonsistent with the use of resource5, for example, 311oc3tin8 property costs by floor areas, or per caplta. staff costs by the time spent and other c05t5 by their usage. Governance costs These include Lhe costs attrlbutable to the charity's compliance wlth constitutional and statutory requirements, includlng audSt, strategic management and trustees meetlngs and reimbursed expenses. Page 14
Charles Wallace India Trust Notes to the Financial Statements for the Year Ended 5 April 2024 Icontinuedl TaKation The charity is consldered to pass the tests set out in Para8raph I Schedule 6 01 the Flnance Att 2010 and therefore It meets the definition ol a charitable company for UK corporation tax purposes. Accordingly. the charity Is potentially exempt from taxation in respect of income or capltal gain5 reiVed within categorles cOVed by Chapter 3 Part 11 ol the Corporatlon Tax Act 2010 or Section 256 of the Taxetion of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable puiposes. Tanglble flxed assets Individual fixed assets costing £250.(M) or more are Initially recorded at cost. Depreclatlon and amortlsatlon Depreclation is provided on t3n8lble fixed assets so as to write off the cost or valuation, less any estimated residual value. over their expected useful economic life as follows: Asset t1355 Fixtures. fittings & equlpment Depreclatlon method and rate 25% reducing balance Flxed asset Investments Fixed asset investments, other than pro8ramme related Investments, are included at market value at the balance sheet date. Realised gains 2nd losses on investments are calculated as the dlfference L7etween sales proceeds and thelr market V31ue at the start of the year, or thelr subsequent cost, and are Chaed or credlted to the Statement of Financial Actlvltles In the perlod ol disposal. Unreallsed gains and losses represent the movement in market values during the ye8r and are credited or charged to the Statement of Flnèncl31 Activities based on the market value at the year end. Cash and cash equivalents Cash and cash equlvalents comprise cash on hand and call deposlts, and other short-term high1y1iquld Investments that are readlly convertible to a known amount of cash and are subject to an Insignificant risk of change in value. Borrowings Intere5t-bearing borrowlngs are Initially recorded at fair value, net ol transaction costs. Interest-bearln8 borrowing5 are subsequently carried at amortised cost, with the difference between the p¥oceeds, net of transaction costs, and the amount due on redemptlon being recognlsed as a charge to the Statement of Financlal Activities over the perlod of the relevant borrowing. Interest expense is reco8nlsed on the b851s ol the effective interest method and Is Included In nteSt payable and similar charges. 8orrowings are classified as Current liabllitles unless the charlty ha5 an unconditlonal right to defer settlement of the liability for at least twelve months afrer the reporting date. Page 15
Charles Wallace Indla Trust Notes to the Flnancial Statements for the Year Ended 5 Aprll 2024 leontlnuedl Fuhd structure Unrestrlcted Income funds are general lunds that are available for use at the trustees dlscretioll in furtherantè of the objectives of the charlty. Designated fund5 are unrestrlcted funds set aslde for specific purposes at the discretSon of the trustees. Flnanclal Instruments Classlllcatlon Financlal assets and fin8ncial Ilabllltle5 are reco8nlsed when the charlty becomes a party to the contractual provisions of the Snstrument. Fin8ncial Ilabllltles and equlty Instruments are classilled according to the substance of the contractual arrangement5 entered Into. An equity instrument is any contract that evidences a residual interest In the assets of the charlty after deducting all of its liabllities. Recognltlon ¢7nd meastsrement All financial assets and liabilitSes are Inltlally measured at transattion price (including transactltsn costs), except for those flnancial assets classlfled ès at falr value through profit or loss, which are inltlally measured at lair value (which is normally the tran58Ction prlce excluding transaction c05tsl. unless the arrangement constitutes a financin8 transaction. If an arranEement constitutes a fSnancing transaction, the financial asset or financial Ilabllltv Ss measured at the present value ol the future payment5 discounted at a market rate of interest for a similar debt instrument. Flnanclal assets and liabilitSe5 are only offset in the statement ol linancial position when. and only when there exists a legally enforceable right to set off the recognised amounts and the charlty intends elther to settle on a net basis, or to reallse the asset and settle the liability slrnultaneously. Financial assets are derecognised when and only when al the contractual rlghts to the cash flows from the finanelal asset expire or are settled, bl the charity transfers to another party substantially all of the T15ks and reward5 01 ownership of the financial asset, or cl the charlty, despite havlng retained some, but not all. significant risks and rewards of ownership. has transferred control of the asset to another partv. Inancial liabilities are derecognised only when the obligation spedlied in the contract Is dischar8ed, cancelled or expires. Investments Investments In non-convertible preference shares and non-puttable ordlnary or preference shares (where shares are publicly traded or their fair value is reliably measur3blel are measured 3t farr value through proflt OT loss. Where f8ir value Cannot be measured rellablyj Investments are measured at cost less impairment. Investrnents in subsldlarles and associates are measured at cost less ImpaiTment. For investments in subsidiaries acquired for consideration including the Issue tsf shares qualifying lor merger relief, cost is measured by reference to the nomlnal value of the shares issued plus fair value ol other consideration. Any premiurn is ignored. Page 16
Charles Wallace Indla Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (¢ontlnued) 3 Investment Intome Total 2024 Total 2023 Interest receivable and similar income; Other interest receiv8ble 1,653 286,440 868 Other income f¥om fixed asset investments 280,611 288,093 281,479 4 Expendltyre on ralslng funds al Investment manaKemeht Costs Total 2024 Total 2023 Other Investment management costs,. Other portfolio management costs 19,742 20,283 19,742 20,283 S Expendlture on charltable actlvltles Total 2024 Total 2023 Art exhibition 12,OLKI 4.800 233,817 51,497 Grant management Costs Grant funding of activltles Support costs 4,800 257,754 48,423 310,977 302,114 Page 17
Charles Wallace India Trust Notes to the Flnancial Statement5 for the Year Ended S Aprll 2024 Icontlnued) 6 Analysls of Govemance and support ¢o$ts Governance and support costs Total 2024 Total 2023 Audit fee5 Audit of the financial statements Audit-related other costs Audit fee loverllunder provision Telephone and fa¥ Computer software and malntenance costs Prlnting, postage and stationery MeetinES, travel and subslstence Secretary's fees Freelance administrator fees Bad debts written off Bank charges Depreciation of fixtures and Ilttings 3,600 28 4,740 12401 499 1.040 754 750 33 273 9,647 31,500 2,475 6,772 34,500 2,700 623 60 71 95 48,423 51,497 Page 18
Charles Wallace India Trust Notes to the Financial Statements for the Year Ended 5 April 2024 Icontinuedl 7 Grant-makln8 Analysls of grants Grants to lftd5vlduals 2024 2023 Analys15 Grants 257,754 233,817 The support COSt5 assoclated with gr3nt-makln8 are £Nil15 Aprll 2023- £Nill. 8 Trustees remuneratlon and expenses During the year the charity made the following transactions with trustees: Mr Charles Walker £1,19912023.. £951 of expenses were incurred by Mr Charles Walker during the year. Trustee Charle5 Walker was In India for one week in late Januarylearly February 2024 and the costs of hi5 travel and accommodation tot311ed £1,199. No trustees, nor any persons connected with them, have recelved any remuneratlon from the charlty durlng the year. No trustees have received any other benefits from the charity durlng the year. 9 Net Incomingloutgoln8 resourtès Net out8oln8 resources lor the year include.. 2024 2023 Audit fèe5 3,600 4,740 Page 19
Charles Wallace India Trust Notes to the Financial Statements for the Year Ended 5 Aprll 2024 Icontlnuedl 10 TaKatlon The charity is a registered ch3rity and Is therefore exempt from tsxatlon. 11 Tangible flxed assets Furnlture and equlpment Total Cost At 6 AprS12023 1,196 1,196 At 5 Aprll 2024 1,196 1,196 Depreclation At 6 April 2023 Charge for the year 913 913 71 71 At 5 April 2024 984 984 Net book value At 5 April 2024 212 212 At 5 April 2023 283 283 12 Flxed asset Investments 2024 2023 Multl-A5sets Funds 6,819,236 6.544,523 Page 20
Charles Wallace Indla Trust Notes to the Financlal Statements for the Year Ended 5 April 2024 {¢ontlnuedl Other Invèstments Llsted Investments Total C05t or Valuation At 6 April 2023 RevaluatSon Disposals 6,544,523 294,550 119,8371 6,544.523 294,550 119,8371 At 5 April 2024 6,819,236 6.819,236 Net book value At 5 AprS12024 6,819,236 6,819,236 At 5 April 2023 6,544,523 6,544,523 All investments are carried at thelr falr value. Investment in equlties and Ilxed Interest securities are all traded in quoted public markets, prlmarlly the London Stock Exchange. Holdings in investment funds, unit trusts and open-ended investment companles are at the bld price. The basls of fair value for quoted investment5 is equiv31ent to the market value, using the bld price. Asset sales and purchases are reco8nSsed at the date of trade at cost. 13 Debtors 2024 2023 Accrued income 71,875 71,165 14 Cash and cash equEvalefits 2024 2023 Cash at bank 90,927 115,889 15 Credbtors.. amounts falllhg duè wlthln one year 2024 2023 Aecrua15 5,703 7,237 Page 21
Charles Wallac¢ Ind13 Trust Noies tothe FlThanclal Stalements lor the Year Ended 5 April 2024 Icontlnuedl 16 Funds Other recoinls g•lnslllosses Bal&nc@at Incomln8 Resour5 expended B•tsn¢eat 5 Aprll 2024 UmYestrkÈdfundi General 6,563.223 288,093 30,7J91 294S0 6,815.147 t501ed IS1,4 161,4 Tot&lluDd3 6,724,623 330,7191 294,S50 6,976.547 other B&lÈrtes16 Incoml lesourre5 Re5owr£ expended Balanceat 5 Apr112023 TroNsfers UmieJtrlrtedfund5 Genwal 7,IIE,2ai 281,47g 13045971 1113.2LKII 1405,6901 663,223 De51En4led 17,WJOI 113,2(k) 161,40D TOtrIfu$ 7,171,231 281,479 1322,397) 1405,6901 724.623 ThÈspeclfk PUTPOSes forwhkh the ttsnds¥e to be applled areas folows,. The funds of the charity Include the lollowSni desiinated ftsnds vthkh have bpen set a5fdè out of unfÈgtrlcièd fund5 bythe tivstees to representthe unspent stholarshlps research Efantsavallable to the yantees. Thè 3mountls expprtedio bpexpended b¥the@nd of fiDatKlalyear2024125. Page 22
Charles Wallace Indla Trust Notes to the Financial Statements for the Yeai Ended 5 April 2024 (¢ontlnuedl 17 An31ysls of net assets between funds Total funds at 5 Aprll 2024 Unrestrlctsd funds General Designated Tangible fixed assets Fixed asset investments Current assets 212 212 6.819,236 1,402 15.7031 6,819,236 162,802 15,7031 161,400 Total net as5et5 6,815,147 161,4CM) 6,976,547 Total funds at 5 Aprll 2023 Unrestrlctèd funds General DeslgnatÈd Tanglble fixed assets Flxed asset Investments 283 283 6,544,523 25,654 17,2371 6,544,523 187,054 17,2371 Current assets 161,4CKJ Total rket assets 6,563.223 161.400 6,724,623 18 Related party transactlons There were no other related party transactlons, other than those disclosed In note 8, in the year. Page 23