Charity registration number.. 283338 Charles Wallace India Trust Annual Report and Financial Statements for the Year Ended 5 April 2025 Fv&ld 5ulliivan Limited 9 Hare & 8illet Road Blatkheath SE3 ORB
Charles Wallace India Trust Contents (continued) Reference and Adrninistrative Detsils Trustees, Report 2to6 Independent Auditors. Report 7tolO Statement of Financial Actiwtie5 li Balance Sheet Note5 to the Financial Statements 13to23
Charles Wallace India Trust Referente and Admlnlstratlve Detsils Trusiees Mrjohn Falconer Professor William Gould Ms Ekta Kaul Mr Charles Walker Ch¥rSty Reu1straIn Number 283338 Pvthcl)al Office 9 Ha & Billet Road Blackheath SE3 ORB Avditor Field 5ulliivan Mited 9 Hare & Billet Road Blaekheath SE3 ORB Ibwestment advisors Cazenove Capital Management l London Wall Place London EC2Y SAU Bankers CAF Bank Ltd 25 King5 Hill Avenue Kings Hill West Malling Kent ME19 4JQ Page I
Charles Wallace India Trust Trustees, Report The trustees present the annual report together wlth the financial statements and auditors, report of the charity for the year ended 5 Aprll 2025. The accounts have been prepared in accordante wlth the accounting policies set out in note I to the accounts and ¢omply with the TrusV5 deed, the Charities Att 2011 and the 'Accounling and Reportlng by Charitles.. Statement of Re¢ommended Practice applicable to charities preparing their accounts in accordance wth the Financial ReportlnB Standard applicable in the UK and Republic of Ireland IFR51021 leffective l January 20151-. Stwrture. governano and management The Trust was set up by means of a Declaration ofTrust dated 29 May 1981 a5 amended by a deed of Varlation on 19 April 2002. It registered with the Charity Commissioner5 With Charity Number 283338. It is exempt from taxation. The Britlsh Council, exertisln8 their right under clause 9ldllSvl of the Trust, fetired their ctsrporate truSeShip wef 12 May 2017. Catherine Stephen5 contlnued to 5eTve as an ordinary trustee. The Trustees who seNed durin8 the year were.. Mrjohn Fal¢oner (appointed 29 May 20201 Prof. William Gould lappointed 29 May 20201 Ms Ekta Kaul (appointed 8 May 20241 Mr Charles Walker lappointed 8 December 20221 Trustees are appointed through a process of recommendation and intervlew. 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 tre ilted to write to us. telling us what they believe they could offer the trusL Shortli5ted candidates are then interviewed by one or more trustees and the Secretary. who make a recommendatlon to the board of trustees. The main aim is to ensu that trustees have the rl8ht level of expertise in the relevant a35 covered by our grant 8ivin& and that they demonstrate a commitment to the airns of the trust. Objecil¥es and artivilis Under the Declaration of TrLtst, the Trustees are emp¢)wered tg use all or any of the capital or income ol the fund for the provision of financial asslstante for either Men and women of Indlan nationality who are domiciled and normal sident in India to enable them to travel to the United Kln8dom tg follow a course of study, researth or other educational pursuit= or Any charitable institution In the United Kingdom seNing persons of Indian nationality domiclled and normally resident in India ln the event of the Trust failin& the Trusiees are ernpowered to use funds for charitable purposes 8enerally. Operations of the Trust are governed by the Trustees. Ms Shreela Ghosh formal joined the Trust on 7 December 2018 and continue5 a5 Secretary. The Trustees have pald due regard to guidance issued by the Charity Commission in deciding wh activities theTrust should undertake. Publlc Benefit The TrusY5 income 15 devoted almost entirely to scholarshlps and grants. In 2024 - 2025 the ratio of 60¥ernance expenditure to grants was 1% lin 2023124 this w35 1%). Page 2
Charles Wallace Indla Trust Truslees, Report (continued) The TrusV5 offer is publicised wldely through its website and the web pa8es of 8ritish Council India. As well as the Charles Wallace India Trust's 50Ctal media adrvity, there is a150 a Facebook Group page, and word of mouth also plays a blg role. The grants are also publiclsed by L1T5 partners in the UK and in India via their own networks and on theirwebslteslsocial media activity. Applitatlons are received from across India. Appllcants are required to outline how they will benefit direruy throu8h the grant or scholarship. In addition, i e how it might beneflt they are requlred to tell us about the wider impart of the grant on Indlan so¢ietYi i other Indian people. Thls is in keepinB Wlth Charles Wallate's will. Visitin8 Fellowships (including artists, residenciesl-. as well as benefitin8 the individual grantee. these fellowships are also designed to benefit the UK host institutions, enabling them to develop and maintsin mutually beneficial link5 with India. Flnandal revlew As at 5 April 2025 the unrestricted funds totslled £6.586,S¢2024.. £6.9765471. Income for the year was investment Income 3Ad Interest on deposit totalling £287,556 12024: £288.0931. £205.056 was spent on awards12024.. £257,754>, £57.187 was spent on support C05ts12024.' E48,4231 and ncluded within thss was £3,744 spent on 8ovemance12024: £3,fA)01. Expendlture on govemance cost for the perrod under review 15 fully disclosed within the notes to the accounts. Investment management fees were £20.81312024.. £19,742). Over the past few years, our approach to investment has changed as Trustees are tontemed about the environment and keèn to see how our funding can support Cazenove's ESG IEnvironmental. Social and Sovemantel goals. Therefore we have invested in STUL Cazenove Charity Responsiblè Multi-Asset Fund IRMAFI whith is Elated by the Charity Commission and the FCA. At the year end this investment was valued at E6.409,54012024.. £6.819,2361. Achlevements and perfomwnce Qur investment manager5 attend the trustee meetings and present thelr reports on investment performance and any recommendatlons they may have for changes to the investment strategy. Trustees are also kept informed through the quarterly report5. The Trusvs investment policy is to maintsin a level ol income consistent wlth our grant givin8 while maintaining capital growth. The Setretary attends more general briefings arran8ed by Cazenove Capital Mana8ernent and also specialist sessions on areas Such as ethital investing. The investment objectNe continues to be to maximise capital and income growth in real terms, whilst maintaining intome consistent with the needs of the Trust. In Dember 2021 trustee5 a8reed to change the investment strategy tts a fully global approach to equity investmeni. Moreover. to achleve a better aliEnment beleen the Trust's values i.e sustainability, ancl our investment polity. the trustees made a historic decision to move 100% of the cw investments into the Charity 5tJstsTrnable Multi Asset Fund in14ne w4th the advice of the Cazenove managers. In 202212023 Trustees took the decision to move to online banking and CWIT has opened accounts Ideposit or Gold account. and a current account) with CAF Bank (Charities Aid Foundation Bankl. It is the policv of the Trugtees to maintain a reserve fund to a minimum value 01 £80.000 held on deposit. The aim of thls fund is tts enable the Trust to maintain maximum activity through fluctuation in incomè. Page 3
Charles Wallace India Tru Trustee5' Report {contlnued) Pro8ramme The overall polity of the Trust is to support educatlon, academic researth and professional development through study or resldÈncies in the UK. The 8rantee5 are.. post-graduate students, academic research scholars and profes5ion3ls artive In the arts. heritage conservation and the humanities. The were two new Full Scholarships awarded in 2024125 for postgraduate study In the UK and both of them will be takin8 UP their places at their chosen university in the autumn of 2025. A full list of grants includin8 Stholarships, Visitin8 Fellowship5 and Research Grants are available In the appendlx: visiting Fellowships lincludlng art15ts' residencésl.. these 8rants enable the scholars/artists to V151t the UK in a professional capacityfor research andlor trainin8, usually for a period of three months. Research Grants.. these short-term grants laround 3 to 4 weeksl enable researcher5, usually at a doctoral or post4ortoral level. to visit particular libraries/archives and other UK institution5. India Vislt Broadlyi the objectives of the annual India Visit are to understand recent developments related to.. Arts and Heritsge ConseThatSon in India Meet British Councll collea8ue5 Meet key external stakeholders Discu55ions with CWITS about their careers and cwif5 plan5 lorthe coming years 8ritish Council's current prioritie5 in Higher Education and in the Arts, wider societsl issueslthan8ln8 trends in India Opportunlty to exchange information and discuss challenges The CWIT Chalr and the Secretary visited Indla in February 2025 for weeks19- 24 February 20251. They held meetings with CWIT alumni and other partners e.8 INTACH and the Alkazi Foundation for the Arts. in the followln8 places.. Chennai,. Kolkata,. Mumbai,. New Delhi, and Santiniketan Mr John Falconer (Chairl who is a curator, formerly of the collections at the British Library. is also an expert on 19th century photO8raphy in Asia. John 8ave a number of presentations about photography and took part in VaflOU5 panel dlstussions alongside select CWIT alumni. and other Indian experts. The visit was extendd to include Chennai a5 the city's Photo Biennale was happening in February 2025. Ms Shreela Ghosh Isecretaryl attended a small alumni reception in Santiniketan with Debanjan Chakrabartl, the Britlsh Council's area director. This event Wa5 appreciated by the alumni a5 previously, no Secretsry had travelled to that distrSct of West Bengal. There were also alumni gatherings held al the Britlsh Council'5 Qffices in Kolkata and New Delhi. Around 60 alurnni attended these events. and some people had travelled from as far as Srinagar, in Xashmir. Rlsk Mana8ernent The Trustees reccÉnise that although the Trust generally operates in a low risk environment. It does lace operational and finanual risks. Every effort Is made to put In place controls and procedures that are desiBned to mitlgate the rlsks identified. Risk is reviewed annually in accordance with Charity Commission 8uidellnes, against a Risk Matrix. A¢knowled8Èmènts The Trustees wish to thank the Secretary Shreela Ghosh, for herwork. The Twstees wlsh tg thank colleagues Ht British Countil India for their cooperatiC*n throu8hout the year and for the practical support that is offered to cw scholar5. Page 4
Charles Wallace India Trust Trustees. Report {continued) Twste Mr John Falconer Prolessor William Gould Ms Ekta Kaul lappointed 8 May 20241 Ms Catherine Stephens 08E (reSned 8 M3y 20241 Mr Charfes Walker Statement of Trnstes' ResponslbSlltie5 The tru5tee5 are responsible for preparing the trustee5' report and the financial statements in accordance with the United Kingdorn Accountin8 Standards Iunlted Kingdom Generally AccÈpted Accounting Prarticel and applitable law and re8ulatlDn5. The law applicable to charities requires the trustees to prepare financial statements for each financial year whlch Bive a true and fair view of the slate of affairs of the tharity and of the incoming resourtes and application of resources of the charity for that peri9d. In preparin8 these flnancial statements, the trustees are required to.. selett sultable accounting policie5 and then apply ihem consistentlv: observe the methods and prfnaples in the Charities SORP,. make judÈements and estimate5 that are reasonable and prudent,. state whether applicable accountin8 Standards have been followed, subject to any material departures disdtssed and explained in the financial statements.. and Prepa the financial statements on the going concern basis unless it is inapproprlate to presume that the tharity will continue in busine5S. The trustees a responsible for keepin8 proper acccunting records that disclose with reasonable atturacy at any time the financial posltion of the tharSty and enable them tg ensure that the financial statements comply wrih the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisi5 of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hen for tikin8 rea50Aable steps for the prevention and detection ol Iraud and ¢*ther irregulèrities. The trustees arè rèsponsible for the maintenance and integrity of the corporate and financial Information ntluded on the charitable company's website. Legislation 8overning the preparation and di5seminatlon of financial statements may differ from le8islation in other Jurisdictions. D15closure of Information to alitOr Each trustee ha5 taken 5tep5 that they ought to have tsken a5 a trustee in order to make themsefves aware of any relevant audlt information and to establish that the charity's auditor is aware of that informatior5. The trustees confim thai there is no relevant information that they know of and of which they know the auditor Is nèware. Page 5
Charles Wallace India Trust Trustees, Report (contlnued) The annual report was approved by the trustee5 of the chailty on 4 December 2025 and signed on its trh31f Mrjohn Faltoner Trustee r Charles Walker Trustee Page 6
Charles Walla¢e Indla Trust Independent Auditor'5 Report to the Members of Charles walla India Trust Opinion We have audited the finantial statements of Charles Wèllace India Trust (the 'charity'l for the year endèd 5 April 2025. whlch comprise the Statement of Financial Activitles, Balance Sheet, and Notes to the Financial Statements, including a summary of si8nificant accounting policies. The financial reportin8 framework that has been applied in their preparation is United Kingdom Accountin8 Standards, comprising Charities SORP - FRS 102 The Financial Reportln8 Stsndard applicable in the UK and Republic of Ireland. and applicable law (United Kin8dom Generally Accepted Accountin8 Pra¢titel. In our opinion the financlal statements- glve a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its Incomlng sOurceS and application of resource5, Including its income and expenditure, for the year then ended: havè been properly prepared in atcordance with United Kingdom Generally Accepted Atcountlng PrartSce; and have been prepared in accordènte with the requirements of the Charitles Act 2011. asls tor oplnlon We tonducted our audit in accordance with InteTnationèl Standards on Auditln8 IUKI IISAS IUKII and èpplicable law. Our responsibilities under those standards are further described in the auditor responsibilities fgr the audit of the finantial statements 5ertion of our report. We are independent of the charity in acctsrdance with the ethical requirements that are relevant to our audit of the financial statements in the UK, IndudinB the FRC'S Ethical Standard, and we have luifilled our other ethical responslbllities in accordance with these requirements. Wè believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlnB to going concèrn In auditing the financial statements, we have concluded that the trustees use of the 8oing conrn basi5 Of accounting in the preparation of the fjnantial statements is appropriate. Based on the work we have perforn)ed, we havè not identified any material uncertainties relating to events or condition5 th3( individually orcollectivelytr may cast signifitant doubt on the charity's abilityto continue as 80ing concern for a period of at least twelve month5 from when the original financial statements were authorised for issue. Our responsibilities and the responsibiltties of the trusteès wrth $pert to goin8 concern are described in the relevant sertions ol this report. Other inforniatl¢)h The trustee5 are responsible for the other Information. The other informatlon comprises the information included in the annual report, other than the flnandal Statements and our auditorfs report thereon. Our opinion on the financial statements does not Cover the other information and, except to the extent otherwise explicitly stated in our report, we dts not express anyform ol assurance concluston therEon. In tt+nnection with our audit of the finan¢t81 statements, our responsibility 15 to read ihe other information and. in doin8 so, consider whether the other informatlon Is materlally inconsistent with the financial staternents or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify Such materlal inconsi5tencles or apparent rnaterial mlsstatements. we are required to determine whether there is a materSal misstatement In the financlal ststements or a material misstatement of the other inftmation. If, based on the work we have performed, we con¢lude that there is a materid misststement of thi5 Other inftsrmation, we are required te report that lact. Page 7
Charles Wallace India Trust Independent Auditor's Report to the Members of Charles Wallace Indta Trust (continued) We have norhing to report in thi5 regard. PAatterson whlth we are reqwred to report by exceptlon In the light of our knowledge and under5tandin8 of the charity and its eIronment obtained In the course of the audiL we have not identified material mi55tatements in the trustees report. We have Thothin8 to report in re5peEt of the following matters Wre the Charities (Accounts and Reportl Regulations 2CIJ8 requires us to report toyou rf. in ovr opinion.. adequate actounting records have not been kept. or returns adequate for our audit have not been received from branche5 notvisited by us. or the financial statements are not In ¥grment with the ateounting records and tUrns,. or certaln disclowres of trustees remuneration specified bylaw are not made,. or we have not received all the information and explanations we requlre for our audit. Re4m$1b11ltles of trustees As explained more fully In the Statement of Trustees, Respon5ibiltties Iset out on page 51, the trusteès are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view. and for such internal control as the trustees deterrnine is necessary to enable the preparation of finantlal statements that are free from material misststement, whether due to fraud or error. In preparing the finandal statements, the trustees are responsible for assessing the charity's ability to eontinue as a Boing ¢onorn. disclosing, as appllcable, matters related to going concern ènd usin8 the going Conrn basis ol accounting unless the tnjstees either intend to liquidate the tharity or to cease operations. or have no realislic alternative but to d9 $0. Auditi>r R*sponslbllllles forthe audit of the flnan¢lal statements Our objectives are to obtstn reasonable assur2nce about whether the financial statements as a whole are free from material rnisstatement, whether due to fraud or error. and to issue an èuditorfs report that includes our opinion. Reasonable a55urance Ss a hi8h level of assurance, but is not a guarantee that an audit conducted in accordance with Isi8 IUKI will always detert ? material misstatement when it exists. Misstatements can arise from fraud or error and are constdered materlal if. individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis ol these financial statements. The extent to whlch our procedures are capable of dÈtecting irregularities, Including fraud is detailed below.. Page 8
Charles Wallace India Trust Independent Auditor's Report to the Members of Charfes Wallace Ind6a Trust (contlnued) Our approach to Identln8 and a55e5sinB the risks of materfal mi55tatement In respect of Irre8ularlties. induding fraud and non-¢ompliance wlth laws and re8ulatiOnS. W35 as follow5.. the engagement partner ensured that the engagement tèam c011ertlve had the appropriate tompetert¢e. tapabillties and skills to identify or recognlse non-cornpliance with applicable laws and re8ulations.' we identifled the laws and regulations applicable to the Charity thiough discussions with twstees and other mana8ement. and from our comrnercial knowledge and experience ofthe sector,. we focused on specifit lèws and regulatigns which we considered May have a direct material effect on the rinantial statements or the operations of the Charity, including the Charitle5 Act 2011, taxation tegislation and data protection. anti-bribery and employment legislation; we assessed the exteni of compliance with the laws and regulations idèntifled above throu8h making enquiries of management and inspetting le8al COTrespondence,' and identified law5 and re8ulation5 were communicated within the audit team regularly and the team remained alert to instance5 of non.compliance throu8hout the audit We assessed thè susceptibility of the Charity's financial ststements to material misstatement, including obtainin£ an understandin8 of how fraud might occur, bv.. makin8 enquiries of man38ement as to wherè they considered there was susceptlbility to fraud, thelr knowledge of actual, susperted and alleged fraud,. considering the internal contro15 in place to mitl8ate risks of fraud and non-compliance with laws and regulations. To addres5 the risk of fraud through management bias ènd override of controls, we: performed analytical procedure5 to identify any unusual or unexpected relatlonships; tested joumal entrie5 to identify unusual transactions. • auessed whether Judgements and assumptions made In determining the 3ccouniin8 estimates were indicative of potential bias,. and investigated the rationale behind si8nificant or unusual transactions. In fesponse to the risk of irregularities and non-compliance with laws and regulations, we dese procedures which included, but were not limited to-. a8reeing financial statement disclosures to underlying supporting documentatiorn,. • reading the minutes of meetings of those char8ed with governance.. • enqulrin8 of rnanagement as to artual and potential litigation and clairns. There are inhent limitation5 in our audit procedures described above. The more removed that laws anil regulations are from flnancial transactions, the less likèly it is that we would become aware of non-compliance. Audlting standards also limit the audit procedures requlred to identlfy non-compliance with laws and regulations to enqviry of the trustees and othei man38ement and the inspettlon of regulatory and legal Orresponden, il anv. Material misstatements that arise due to fraud can be harder to detect ihan those that arise from error as they may involve deliberate concealment or collusion. A turther description of our resp0Th5ibilittes is available on the Financial Reporting Coundl's website at- v.frc.or8.uvauditorSrespOnsibl1ltie5. Thi5 description forms part of our auditorfs report. Page 9
Charles Wallace India Trust Independent Auditor'5 Report to the Members of Charles Wallace Indla Trust (contlnuedl Use of our report Th55 report is made solely to the charity trustees, as a body, in accordance with Section 144 of the Charlties Act 2011 and regulations made under section 154 of that Act. Our audit work h8s been undertaken 50 that we might State to the trustees those matters we are required to state to trustees in an auditors, 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 ils trustee5 35 a body, for our audlt work, for this report. or for the opinion5 we have formed. mothy Sullivan (Senlor Ststutory A14ditorl For and on behalf of Field Sulliivan Limited, Statutory Auditor 9 Hare & Billet Road Blackheath SE3 ORB Date:. Field Sulliivan Llmited ts eli8ible fcr appointment as audiior of the charity by virtue of its eligibility for appjintment as auditor of a cornpany under sertion 1212 of the Cctmpanies Act 2006. Page 10
charf•sWall Indla Trwi 5taternent olFknirtlalArtfvitipJforthe YeDT Enthd5 Aprfl 2025 Toi•1 Unwtrfctd 1025 Invthnent hirome 227,556 2$7.55$ 288.093 3BB,rrJ3 Elpmdr•m'. Aalyngfvfidk chtable•tS 121.8131 1267,0431 120,8131 IZ67,0411 119.7421 1310.9rn Total (227.1561 1287,8561 (330.719 1330.7191 eteipendttL (a¢) 1knrÈalk5¥ln50sSQ5 InwestyTrert4ssot5 ia89,3421 1389.a411 294.550 294.5511 Nptn)Dvthent infundj 13#5.6421 I389.1 251.924 2$1.924 6.976.Y7 6.976,547 6.r24.623 6.?24.623 Tulilfun¢¥uiritdforw4id 16 6,586.905 6,586.gJ5 &976.547 6.976.547 Alofthecharws artlyeSd¢lfMmWnUln1orèt1OsdIln1thtQItrpWW. ThèfLthds break¢hxffl hr 202415shtywhinnoteJ6. 131023 form anintwal partolthts4finaMkn151atifflRThts. p4e IL
Charles Wallace Indla Trust (Registration number: 283338) Balance Sheet as at 5 Aprll 2025 2015 2014 Note Fixed assets Tan8Trble assets Investments li 159 6,409,540 212 12 6,819,236 6.409,699 6,819,448 Current 8ssets Debtors Cash at bank and Sn hand 13 71,156 112.560 71,875 90,927 14 183.716 162.802 CreilltoTh: knK>untsfalMnB due within oneyear 15 16,510 15.703 Net current assèts 177,206 157.099 Net wtts 6,586,905 6.976,547 Fundsofthe tharlty. Unrestrlrted Income fund5 Designated fvnds Gener funds 161,400 6.425,505 161,400 6.815,147 Total unrestricted funds 6.586,905 6,976,547 T¢Mlfunds 16 6.586,905 6,976.547 The financlal statèments on pages 11 to 23 were approved by the trustees, and authorised for issue on 4 DecembEr 2025 and 5iBnèd on their behalf by.. Mrjohn Falconèr Trustee Mrtharle5 Walker Trurtee The notes on pa8e5 13 to 23 form an integral part of these financial staiemertts. Page 12
Charles Wallace Indla Trust Notes to the Flnancial Statements for the Year Ended 5 April 2025 I Chality Status The tharity Is domiclled in England and Wales. The address of its reBlstered office 15.. 9 Hare & Billet Road SE3 ORB 2 A¢Counn8 polkl•s ststement of eompllance The financial statements have been prepared in accordance with Accountlng and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their attounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive I lany8ry 20191 ICharitie5 SORP IFRS 1021 Second editlon October 20191, the Financial Reportin8 Standard applicable in the UK and Republic of Iland IFRS 1021. They also comply with the Companies Art 2W6 and Charitie5 Art 2011. Basls of ptsparatlon Charle5 Wallace Indla Trust meets the deflnltion of a public benef entity under FRS 102. The accounts lfinancial statementsl have been prepared under the historical tost convention with items recognised at tost or transacrion value unles5 otherwise stated in the relevant notelsl to these accounts. The flnancial statements are prepared in sterlin& which is the functional Centy ol the charity. Monetary arnounts in these financial statements are roundèd to the nearest £. Going concem The trustee5 consider that there are no material uncertainties about the tharity's ability to continue as 2 80ing oncem. Judzements and key sowtes of estlmatlon uncertarnty ITh the application of the chariws accounting policies, the trustees are required to make lud8ements. estimates and assumptions about the carryin8 amount of assets and liabille$ that are not readily apparent from other sources. The estimates and associated 35sumption5 arè based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptlons are reviewed on an ¢Jngoin8 basis. Revisions to 8ccountin8 estimate5 are retognised in the perlods in whlch the Èstlmate is revised where rewsions alfects only that period, or in the peiiod of the revision and future perlods where the revi519ns affects both current and future periods. PaBe 13
Charles Wallace Indla Trust Notes to the Flnanclal Statements for the Year Ended 5 April 2025 {continued) Income and èndowments InStMent Income Dividends are recognlsed once the dividend has beèn dedared ènd notification has been reiVed of the dividend due. Empèndiwre All expenditure is recognised once there is a legal or constructive obligation to that expenditure. it Is probable settlement is required and the arnount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate Similar costs to that category. Where tosts cannot be directly attributed to parkncular headin8s they have been allocated on a basls con515tent with the USÈ of resources, with tentral staff costs allocated on the basis of time spenty and depreciation char8es allocated on the portion of the asseY5 Use. other support costs arè allocated based on the spread of Staff cost Ralslnqfvnd5 These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Chorltoble ortivilles Charitable expenditure comprises thosè costs incurred by the charity in the delivery of its activities and service5 for its benefiuaries. It Includes both costs that can be allocated directly to such activities and those costs of an Indirect nature necessary to support them. GMrtprovlslon5 Provislons for 8rants are made when the intention to make a grant has been communlcated to the reclplent bul there 6s uncertainty about either the timing of the 8rant or the amtrjnt of grant payable. Support tosts Support costs indude cèntral funrtions and hwe been allocated to actNity Cost categories on a basls cons1stertt with the use of resources. for example, allocatiri6 property costs by Ilooi aas, or per capita. staff costs by the timé Snt and other costs by their usi8e. Governantè costs These include the costs attributable to the tharit¢s compliance with constitutional and st4tutory requSrements. including audlt, strategit management and trustees meeting5 and reimbursed expenses. Taxatlon The charity 15 considered to pass ihe tests set Dut in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly. the charity is potentially exempt from taxation Sn respect of income or caprtal gains reiVed within categories overed by Chapter 3 Part 11 of the Corporation Tax Art 2010 or 5ettion 256 of the Taxation ol Chargeable Gains Act 1992. to the extent that such income Dr gains are applied eKtlusively to charitsble purposes, Page 14
Charle5 Wallace India Trust Notes to the Flnanclal Stalements for the Year Ended S April 2025 (¢ontlnued) Tan8lble fixed a55et5 Individual fvmed assets costing £250. or more are initially recorded at cost. DreCIatIon and amortisation Depreaation is provideil on tangible fixed assets so as to write off the cost or valuation. less any estimated resldual value, over their expeded useful economic Ilfe as follows.. Asset class Fixtures. fittiw & equipment Deprecl•tion method and rate 25% reducin8 balance Éd asset Investments Fixed asset investments. other than pr¢>gramme related investments. are Included at market value at the balance Sheet date. Realised gains afid losses on investments are calculated a5 the difference betsveen sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Actwities in the period of disposal. Unrealised gains and losses represent the movement in market values during the yèar and are credited or char8ed to the Ststement of Financial Activities based on the market value at the year end. Cash and cath equl¥alènts Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly Ilquid Investments that are readily convertlble to a known amount ol cash and are subject to an insignificant risk of change in value. Borrowings Interest-bearfn8 borrowings arè initially recorded at falr value. net of transadion costs. Intsrest-bearing borrowings are subsequently carried at amtsrtised cost, with the difference between the proceeds. nèt of transaction ¢0sts. and the am¢)unt due on redemption being recognised as a charge to the Ststement of Financial Activities over ¢h* period ol the relevant borrowin& Interest expense is recognised on the basis of the effectlve interest method and is induded in interest payable and similar charges. BorrowinE5 are ClasrIed as current Ilabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund strurturè Unrestricted income funds are general fvnds that are available for use at the trustees distrètion in furtherance of the objectives of the Charity. Designated funds are unrestricted funds set aside for specific purposes at the distretion of the trustees. Page 15
Charle5 Wallace India Tntst Notes to the Financial Statements for the Year Ended 5 Aprll 2025 Itontlnued) Finantlal Instruments Financi31 assets and finanoal liabilities are recogni5ed when the charity betomes a party to the contractual provisions of the instrument. Financial liabilitie5 and equity instruments are classified according tts the sub5tsnce of the contractual arrangements entered into. An equity instrument is ary contract that evidences a residual interest in the assets of the tharity after deductln8 all of its liabilities. Retopnltlon andmeqsuremeftt All financial assets and liabilities are initially measured at transa¢tion prlce Ilncluding transaction costs). extept for those financial a$5ets classified as at fair value through profit or loss. which are initially measured at fair value Iwhich is normally the transaction price excluding transactlon c05ts1. unless the arran8emefit constitutes a financing transaction. If an arrangement constfjtutes a financing transaction, the flnantSal asset or financial liability is measured at the present value of the future payments discounted at a market rate ol Inte$t for slmilar debt instrument. Financial assets and liabilities are only oftset in the statement of financial posirion when, and only when there exists a le8ally enforceable ri8ht to set off the reco8nised amounts and the charity intends eithei to settje on a net basis. orto reali5e the asset and settle the liability simultaneously. Financial assets are dereco8nised when and onty when al the contractual rlghts to the cash flows from the financial asset expire or are settled. bl the charity translèrs to another party sub9tantially 311 of the rkS ènd rewards of ownership of the financial asset or cl the charity. despite havin6 retained some. but not all, Sl8nificant risks and rewards gf ownership, has tronsfefred Control of the asset to another party. Financial liabilitie5 are deCOgnised only when the obligation spetified in the contract Is dischargèd. cancelled or expires. Inb*5tments Investments in non-convertible prelerence shares and non-puttable ordinary or preferènce share5 Iwhere shares are publicly traded or their falrvalue is reliably tneasurablel are mÈasured at fair value thrOh profit or loss. Where fairvalue cannot be measured rellably. investrnents are measured ai cost les5 impairn)ent. Investments in subsidiaries and associate5 are measured at cost less Impairment. For Investments in subsidiaries acquired for con5ideratlon includin6 the Issue of shares qualifylng for merger relief, cost is measured by referènte to the nominal value of the shares issued plus fair value of other consideration. Anv premlum is18nored. Page 16
Charles Wallace India Trust Notes to the Flnanclal Statements for the Year Ended 5 April 2025 (continued) 3 Investment income Total Z025 Total 2024 Interest receivable and similar income; Other interest receivable Other income from fixed asset invemÈnts 1,653 286,440 285,716 287.556 288,093 4 Expenditure on ra1$1 funds al Investment management costs rotal Z025 Total 2024 Other investment mana8Èment costs; Other portfdio mana8emeDt costs 20.813 19.742 20,813 19,742 5 Expendlture on charitsble a¢tlvltles Total 2025 Total 2024 Grant management costs Grant fundin8 01 activltles Support costs 4,8(f 205,056 57,187 4,800 257,754 48,423 267,043 310,977 Page 17
Charles Wallace Indla Trust Note5 to the Finanelal Statements for the Year Ended 5 Aprll 2025 (continued) 6 Analysis of Govern)nce and support¢osts Go¥eman¢e and Support costs Total 2025 Total 2024 Audltfees Audit of the flnancial statements Audit-related other costs Audit fee loverl/under provi510n TeleFthone and fax Computer software and maintenance Printin& postage and ststionery Trustee expenses Annual India Visit and UK meetings- travel and subsistence Secretary's fees Freelance administrat Bank charges Depretiation of fixtures and fittin85 3.744 3,6CKJ 28 12401 499 1.365 1.084 182 750 33 1,353 11,501 34,500 3,341 9.647 31.5LXI 2,475 53 71 57,187 48,423 7 Grant-makl Analysi5 of grants Grants to Individuals 2025 2024 Analys•s Grants 205,056 257,754 PaBe 18
Charles Wallace India Trust Notes to the Flnanclal Siatements forthe Year Ended 5 April 2025 {contlnued) 8 Trusteès remuneratlon and expensès No trustees, nor any peryon5 conneeted with thern. have 1Ved any remuneration from the charfty durin8 the year. During the year the chanty made the followin8 transartions with trusteÈs- Mr Charles Walker £Nil12024.. £1,1991 of expenses were Incurred by Mr Chartes Walker during the year. Trustee Charles Walker was in India for onè week in late Januarylearty February 2024 and the costs of his travel and accommodation totslled £1,199. Mr John Faltoner £90012024.. £Nill of expense5 were incurred by Mrjohn Falconer during the year. Trustee John Falconer was reimbur5Èd for the costs of his travel totalling £900. Other expenditure was incurred during the India visit through the British Council who help organise the travel and accomfflodation.The totsl costs incurred for the India Vjsrt was £3,965.50 Ms CathÈrinÈ Stèphens OBE £2712024.. £Nill of expènses were incvrred by Ms Catheflne Stephens OBE durin8 the year. Professor Wllllam Gould £7112024.. £Nill of expenses were inojrred by Professor William Gould during the year. No trustees have reIVed any other benefits from the charity during the year. 9 Incom5out0in8 re50ur¢es Net outgoing resources for the year inclvde.. 2025 2024 Audit fees 3.744 Page 19
tharles Wallace India Trust Notes to the Flnancial Statements for the Year Ended S April 2025 Icontinuedl 10 Taxati The charity is a re&'stered ¢harity and is therefore exempt from taxation. 11 Tanglble fixed assets Furniturè and è4ulpment Total At 6 April 2024 1.196 1,196 At 5 AprS12025 1,196 1.1% Deprèclatlon At 6 April 2024 Charge for the year 53 53 At 5 April 2025 1,037 Net Iwkvalue At S Aprll 2025 159 159 At 5 April 2024 212 212 Page 20
Charle5 Wallace India Tru Nctes to the Flnanclal Ststements for the Year Ended 5 April 2025 (continued) 12 fixed a55et investments 2025 2024 Multi-Assets Funds 6,409,540 6,819,236 Other in¥estm•nts 5tèd In¥e5tments Totsl Cost or Valuaiion At 6 April 2024 Revaluation 6,819.236 6,819,236 1389.3421 1389,3421 120.3541 120,3541 Disposals At 5 April 2025 6,409,540 6,409,540 book value At5 April 2025 6.409.540 6,409,540 At S April 2024 6.819,236 6.819.236 All investments art caffied at thelr fair value. Investment in equities and flxed inlerest securities are all traded in quoted public markets, primarily the London Stock EXchae. Holdin85 in investment funds. unit trusts and open-ended investment companies are at the bid price. The basis ol fair value for quoted investments is equlvalent to the market value, usln8 the bid price. Asset sales and purthases are recognised at the datè of trade at ¢ost. Page 21
Chartes Wallace India Trust Notes to the Flnan¢ial Statements for the Year Ended S Aprll 2025 Icontlnued) 13 Debto 2025 2024 Accrued income 71,156 71.875 14 Cash and cash equlvalents 2025 2024 Cash at bank 112.560 90,927 15 Creditors: amounts falllng due withln ob)e year 2025 Accruals 6.510 5,703 16 Fund5 Other recognlsed Balance at 5 Balnsllloss•s) April 2025 Balance * 6 Aprfl 2024 Incomlnk resour Resource5 expended Unrestrictd funds General 6,815,147 287,556 1287,8561 1389,3421 6.425.505 Deslgnated 161,400 161.4ts) Tot41 funds 6,976.547 287.556 1287.8561 1389,3421 6,586,905 Other Resources recognised Balance at 5 expended 8aln511105sesl Awll 2024 Balance at 6 Aptil 2023 In¢omlni resourcès Umtstrkted funds General 6,563,223 288.093 1330,7191 294,550 6,815,147 Designated 161,400 161.400 Ttsta funds 6,724.623 288,093 1330,7191 294,550 6,976,547 Page 22
Charles Wallate Indla Trust Notes to the Financial Statements for the Year Ended S April 20251continued) The speafic purposes for whlch the funds are to be applSed arÈ as follows.. The funds of the tharity include the following desi8nated funds whleh have been set aside out of unre5trirted funds by the trustees and chair who have agreed that we should re-de5ignate the £161,400 and earmark this for a series of special 8rant5 and events over the next few years to mark cwifs Golden Anniver5ary150 years of CWIT in 20311. 17 Analy51s of net asstts between funds Total lunds at 5 April 2025 Unre5tr1rted funds fjeneral Designated Tan8ible fixed 3sset5 Fixed asset investments 159 159 6.409,540 22,316 16,5101 6.409,540 183,716 16.5101 Current assets 161,400 Current liabillties Total net a5sÈts 6,425,505 161,400 6.586.905 Totsl funds at 5 April 2024 Unrestrlrted lund5 General Desl8natqd Tangible fixed assets Fixed asset investments 212 212 6,819.236 1.402 15.7031 6.819.236 162,802 15,7031 Current assets Current liabilities 161,400 Totsl net assets 6.815.147 161,400 6,976,547 18 Related party transactions There were no other lated party transactions, other than those disclosed in note 8, in the year. Page 23