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 Ind￿a
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 re￿5Ved 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 0￿Sht 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 kNO￿edge
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
reg￿latIOnS 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 a*d Endowmentslrom..
In￿stmeAt 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
6,724￿23
6,724,613
7,171,231
7,171,231
Tot￿ funds carr￿d loNard
16
6,976,547
6.976,547
6,724,623
6,724,623
l ol the tharlws a¢llvkne5 der￿from£0ntlnUlngaO¢r3lIOv$dVrInl*heats0v2 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
con￿rn.
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 re￿iVed within categorles cOVe￿d 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 Cha￿ed 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 ￿nte￿St 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
Resour￿5
expended
B•tsn¢eat 5
Aprll 2024
UmYestrk*Èdfundi
General
6,563.223
288,093
30,7J91
294￿S0
6,815.147
t*5￿￿01ed
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
6￿63,223
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