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 Reu1straI￿n 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 truS￿eShip 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 i￿lted 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 a￿35 covered by our grant 8ivin& and that they demonstrate a commitment to the
airns of the trust.
Objecil¥es and artivili*s
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 L￿1T5 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 ￿E￿lated 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 De￿mber 2021 trustee5 a8reed to change the
investment strategy tts a fully global approach to equity investmeni. Moreover. to achleve a better aliEnment
bel￿een 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 (reS￿ned
8 M3y 20241
Mr Charfes Walker
Statement of Trnst*es' 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 accc*unting 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 provisi￿5 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 a￿litOr
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 tr￿h31f
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 con￿rn 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 e￿Ironment 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 W￿re 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 ¥gr￿ment 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.
Re4￿m$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 Con￿rn
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 Identl￿n8 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 des￿￿e￿ 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 inhe￿nt 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
Unwtrfct*d
1025
Invthnent hirome
227,556
2$7.55$
288.093
3BB,rrJ3
Elpmd￿r•m'.
Aalyngfvfidk
ch￿table•￿￿t*S
121.8131
1267,0431
120,8131
IZ67,0411
119.7421
1310.9rn
Total
(227.1561
1287,8561
(330.719
1330.7191
eteipendttL
(a¢￿)
1knrÈalk￿5¥ln5￿0sSQ5￿￿ InwestyTrert4ssot5
ia89,3421
1389.a411
294.550
294.5511
Nptn)Dv*thent 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 artly￿eSd¢l￿*fMmW￿￿nUln1o￿rèt1O￿sd￿Iln1tht*Q￿￿ItrpWW.
ThèfLthds break¢hxffl hr 202415shtywhinnoteJ6.
131023 form anintwal partolth*ts4finaMkn151atifflRThts.
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¢Coun￿n8 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 I￿land 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 C￿￿enty 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 liabill￿e$ 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
In￿StMent Income
Dividends are recognlsed once the dividend has beèn dedared ènd notification has been re￿iVed 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 a￿as, or per capita. staff
costs by the timé S￿nt 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 re￿iVed 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.
D￿reCIatIon 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 Clas￿rIed 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 r￿kS 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 de￿COgnised 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 thrO￿h 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 inve*mÈnts
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 re￿IVed any other benefits from the charity during the year.
9 Incom5￿out￿0in8 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 EXcha￿e. 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