THE WORLD CHILDREN'S FUND {A o)mparry limrtwj by guarantee and noi hawng 8 share eaprtall Financial Statements For the year ended 31 March 2021 Company Number: 03778493 Charty Numbor.. 1079124
THE WORLD CHILDREN'S FUND CONTENTS Pago Trustees. Report 2to7 Auditors, Report 81011 Statsment of Financial ActNit¢es 12 Balance Sheet 13 Cash Fl¢)w Stslement 14 Notes lo the Accounts 15to22
THE WORLD CHILDREN'S FUND Trustees, Report For the year ended 31st March 2021 Company Number. 03778493 {incorForated in England and Wales) Charlty Numb•r: 1079124 Reglstered ofiice: Second Floor Office 34 Hh Streel Broml•y Kent BR1 1EA Dlr•¢toY¥ and Tru¥t•¢¥: J. Lam R. Kendriek Y. Yakushev N. Yakushev S¢¢r•tary: Broadway Seuetar*s Limited Prln¢lp41 Bank•r•: HSBC Bank plc Bromley Commercsal Centre 184 HpJh Street 8romley. Kent BR1 1HE Audltors: Mts)re n9$ton Smith LLP Devonshife House 60 Goswell R¢)ad London EC1M 7AD Soli¢itors- BDB Pitmans LLP 50 Broadway London SW1H OBL Page= 1
THE WORLD CHILDREN'S FUND Trustees, Report For the year ended 31st March 2021 The TnJste¢s present their statutory report together Trmth the accounts ol The Worfd Children's Fund fwcF'I lor the year ende¢ 31st March 2021. The Infomiatton conlaintd on pa9e 1 of th¢ Annual RgPQrt forms a part C*f the Tru8tee3' Report. Structur•, Governanca and Managoment Goveming document The Vvorfd Chll¢rtn'5 Fund was in¢orpciraled on the 271h May 1999 and 15 governed by the provlsions of its mgmorandum and artkles of a$Clots0n. as amended on 12th May 2017. Org8nisation81 struclurg The organisational stnjcture 13 detailèd in the constttutson of the Chanty. The strategic difection of the Charity 1$ th8 re8ponsibility of the bo8r(l of Truste?$. In accordance with the ¢onstytution the board meets at 18asl once a year. The daY-taY running of the Charity 1$ carried out by tho Chief ex¢¢utive, vh)o 1$ Sponsib to the board ol trustees. Conneoted & RglatedP8rtAes Two of the Trustees of the Charity (Joseph Lam and Ruth KendrO¢k) a5S1Sted in the establishment of othor Worfd Children's Fund and Medical Mission Intemabonal chanbes throughout the worfd that share slrnilar vlsions an¢J purposes as The Worfd Children's Fund and they are also on some of Ihose oth?r ChatI board$. However, Ihg Charity doe$ not consolidatts the lor•ign entiyes in it¥ finanelal statements, aj ihey are 8eparate legal entites with no one Gontrolling party. Further details of transactions can be found in Nolo 14 to Ime nnancial 8tat6ment$. WCF US Is the programme departm•nVorganrLation fw all th• WCF d)ants•J that opeiato around th? wcrfd. When a 9r¥niee requ&st$ as8iStan¢e. WCF US will contact tho¥è affilsato organisations, who's alms colnclde ith tho p8rticular projèct in question. anyj are requ¢sted lo lund such programme$. Th• programm• Cgv ordinalors wlthin WCF US make sit• v151ts. along the WCF EU VI Pre5id¢nt. to the programmo$ 6UPPOrted. compiling reports and feedlng inftsrmation back to. lor example. WCF UK. It Is up to the boart ol WCF UK to dglermine on the basis of these reports vthether to continue with on going funding. Trustees. appnIM&nt, induction and Ir8ining New Trustees are appoint•d by existin9 Truslee8 8hould they be deemed appropriate and helpln9 to fulfil any shortfall in the skill set of the t)oard upon applicalton. The chanty shall hold an annual general meetrng each year in addition to any other meeting$ The Trustge9 have leamed their dubes as Trustees through Informalson obtained from extemal Gonsullants and the Charity Commission. and are responsible for the induction and training ol new Trustees. Further training. consull¥bon and Infomation i¥ made available to the Trustees on an on-going basis.
THE WORLD CHILDREN'S FUND Trustees, Report For the year ended 31st March 2021 Risk MarJag8ffj&nt The Trustees have rEeWed the major risks to the tslarity 15 eyposed and Confirm Steps have tyeen taken to rnrtigat8 those risks. A fundamental rfsk to the charlty Ls the potenllal for continued increases expenditures on raisin9 lund$ vetsus donallon Ineema racelved 1¢h would be the result of nonffeclrye direct mailing mailshoi r8suII$. To address thts fundarrnl2l risk th8 charity is working wh k)cal marteting 89encie$ to atternpt to expkjro pOltyle dNersTfKation of rts ojrrent revenue stream as ll as to look to achleve belter relurTrs on Its mai15hols. The goal is to drive down the cost of expenditure on r8isin9 lund5 while lookin9 tD boost and MaMe donabon revenues ol its mad5hots al 0th8r revenue streams whkh w)uld rnrtwJait thli fundamantal risk lo the chaity Rernun•r•tl Poflty Th• eharfty does employ oné staff member whose pay is detennlned by tho Board and 1$ based gn the hours worked 8ntt the pr&vallin9 market rale8 th• Ve1 ol thai is being uertken. Potential fijlure Intr•83es In 8alary are d•dtd and gNen to r•fi8d kncxea6es kn the ¢•sl of Iwing. As noted elsewhere In th• accounts. the TThslees oifcgr¥ of ts (aity roc¢ remunerauon Of eompansalion for their m• and 8ervus 19 the charty. If thé tharity Ooes J8ck8e to compen5e tts Truste ond offlc•rs on thJlurè yo•rs. ihen lh• r8¢omm•ndatth$ of the NCVO •nqulry wll be tak¢n into acojunt. Publ1¢ B•n•llt W• hav• referred lo the guidan in the Charity Commi5&0n's general guKlance In Secon 17 of the Charill•s Acl 2011 on Public 8en?tJl when r•vlthng our aims and objectlves antj in pkgnnlng our fthur8 gCtivltle$. In partlcujar, th• Trusiee6 CnSider htyv planned actfvhs WUI ¢tribU4• lo Ihe aims and oblgrlfv•8 Ihey h8¥¢ $8t. COVID-19 Un¢•rtalntb•¥ The lrnpact of COVIO-19 has been ConSered ty the tru$lee$ of th• d)aiity in regard to the charitys futur¢ plans and budgeting processe5 and the affe¢1 of the oultsreak Isnl a 51gnth¢ant risk Into the 31 Marth 2022 year trnd. 11 1$ expected that any poièntial deu•ases In revenu85 wll be $hort and thg ¢*ariVs resorves 8S8et values wll enable lh8 Charity to continue nornal eperatrons through fi$ year end 31 Mareh 2022 8nd ye8r8 bwnd Obl•ctIv •nd a¢tlvltlo8 The objects ofWCF, In Ih1 of Ihe PU Benefft guK18llCg. conb.nue to . lo relieve the dlstress, h¥ffjship and 8ullemg and to advance the ethjcabon of chiltsren artere wt the wortd.. to lieve sufferlng and di8tress oau58d by natural or manthmade disgslers- a1 to advan¢e the educatK>n of children anwhéro in ¢he worfd. To meet these objects. the chadty has prkftary aims obi8the$. whi(h rgmainod constant ovar the years of Opernu¢.. To &1entrfy Childr and lamil¢es n8ed through¢ Iw fortunate 8reo3 of the worfd, aTrJ provKI8 help to rolle Ihos? Idented neeils. To raise funds as eost effectvety as possible. Page.. 3
THE WORLD CHILDREN'S FUND Trustees, Report For the year ended 31st March 2021 In prgcbcal teftns th• Ch8ty8 prin¢ip81 C1wilab th". To prD¥ide wrgencY aks in th• fonn of food and foc•J woducts, dolhing. rnedl supplE5. educational materials and aSSWkaied goods ID thikjren in di%a5ter aieas throughwl th8 r1d. Having c4refiJny considered thè obpcts of th8 charty and thè assets avail to the Charity. the Tw51ees ndr Ihat th pro¥e8 tho ffloèl effeth• rwns ol achE¥ing lh& Chari¢)'$ io prov tal8fi1 to the Wbbc. To pro¥e finanoal as$islane• in tho form of gran¥ for e4ptal projects aThJ mofjlhly op•ration support frK orph8nagè$. schooLq. dinu, r•ts)èè ramps and o(ner (are progtams throughout disa$ter. war torn. #nd 0th8r fortunat areas ol the wJ. AU gr8nt$ 4re m•d• by ts Irust•es m accordan ith the grant making policy adopted by the In ord•rto Ib than10b prtgrarns. the th41ty wnb"nu 4mpbys these fvndr8tyiio Strawigs. Dlr•ct mail fundrai9. wli•tyy Appeal 8r• Ma1 lty curr•nt and W¢wtial domrn In to •ducAto th•rn aboth are•$ of néed vJ8n¢ifKd by the ¢hwty and wlii?t cash ¢Jonafy)r. Menthly g109. stharetyy donors •ncourag•J to enryl i 8 pr¢grom ol reguLgr dir0¢1 ¢J8bil donatsons * lh• fLx•d ts¢h•du of Ihelr ¢noo61rrfJ. G?r411y. monthty giviry ss tho nomi. quartsrty. s•mkannual, and annual pl8dg•$ •r• 41•0 rnt•w•¢. IW thg ¢¢41 9ra1va volurtsry th¢ long to. Plann•d givlng, whereby wr by•1 donorn •r• wc4ur•g•d to IrKJ¢ thnty In pTr$. Gffth lfjndpolty WCF has been Iho r•uwent ol$hJntlkani ¢Wan& ofgoods rel•vanl to Ihe thatys aims 4nd o'eclNa$ and ullmate targèt audlon¢. 7h•se donwIn$ hovo b••n dIstrle0 a¥'gffts In Iv renI groW)IndU following a r•quo51 fgr hum•nit8rian •h1 Cfrordinab"oTh of 'donation•' •rvJ'gTr75 In knTrJ' is haJvj¢ by a v4ri8ty of•g•ng•J sptQ81i4ad in th area ¢f4istrbutiM wh<t aro brietsd byWCF as to ths d4nWs ain$ •Ad obl•dY•s and In• ofgood• Ihat arn a¢¢4pthbkn ara •pprow•t• and iiniknty. SUrtab typ•s of r•dwni of Mld'don•tioni'. Th• T¥180$ that fvth¢rs th• thants•• •cths. in prov9 aPyoat 10 tr• nds of Ihe rec4phrynt8. to or9•ni8atknWrlNiJuah Ih•tOVwwv •uk1 not ha¥e acc to trs• neèdod i18rn8. Th• TnJ8to•1 r•vw oach ye• GThl in IGfvY •¢b¥il ind d•¢b3• on •pwow4t• of'dw•tion' In e¢mpari8on to Shpping o)its. lor IM forth¢omiThJ y•ar. Gr4nl m&kirypolky Th• trus•$ GWI7V• to COrn? on lh• prO¥hk afwr•rgency by m•klng g¥•nty to ILVWI ch4rltsOl¢ pfojoos provkllng emergenty r•lielto ass1 ¢hiklren Ir¢ ds•st9r 4r•as. 4Dplkaions tsrqrants sho&J to.. Th¢ WothJ ChikJr•n's Fund 1-4 rthar8 CourL (Suitè C, firstlloorl 48 Ma80ns Hill Bromley. Kenl BR2 gJG licatn$ deo11 th on rKeipL AJI applicats.ons f¢r grants ar8 by Ihe tru51ee5 befur2 any de¢4gon rnade. Tre TNste8s may aL80 requ¥E a vArt to fv applKant decJin9 v4h8tiieT or li Qtto make granL Page.. 4
THE WORLD CHILDREN'S FUND Trustees. Report For the year ended 31st March 2021 A¢hl•vemonts and Perfoat)¢O The Worfd Chldren'$ Fund raised in excess of £4.2effl durry the 81 èrvJÈd 31 Marth 2021 1202Q. £3.31kn1. Thè maionty tsfthose ruoufctsJrV oblainod as a resvtt of oui dwect mail furKI ialsSng &lfots ¥t¥J in Durwg tha s•r rnailings #ant lo indWua& who've be¢n wpportirKJ World ch&ren'5 Fund for 5e¥eral yoats a5 Y4911 a5 s•nding tnauirys to Ihose InafvuaL8 h•ard of¢y fAinthbulèd The Wodd Childn.& fund In the pést. Cash donalM)ns for 2021 donrys deuÈas¢d ¢iNnpargd ¢Jonalions from y•arended 31 March 2020 an¢J Worfd Childr8n'$ Fund dwj r8c¢Ne ycts m thE •mounl of £160,629 8lld 31 March 2021 Q020.' £61.3281. Durtw yeai eNJ•d 31 March 2021. generous UnA8d donc45 8nabl•d WCF (VK) io •xp•nd £3.765,81412020." E2.997.8501 on pro9r•m grnnts TrJ rolNfwp. The prayr•rn¥ suFpod•d dunng ¥•nd 31 M•rr 2021 A818n Cenbr Foundat. Th•il¥nd BESTWA, lTh¢- Uberfa Chlldrèn of Gtyj Reli•f Insb¢uk. Great Comrnlslion Vo¥•m•nt olLib•M- Lknri• ICF Falh•rn Houa•- Ukrainè K8ma OutroaGh MlnSstriti¥. Coryo Locol In#tiVeS forEdue•ih?n- Y•m•n N•w Life Ministry- South Sudan Partnèr& in Harvest- M•1 R•èncenlro- Ploz•mbiq SL4vlc Inwm#tion•l FuThY. Ukrnin• Slovic Intomaiitsn#l Min1ral. In¢- UkAiM 23,778 131.909 8250 228,898 13.840 577.915 123.524 10.650 4,1C6 2.605.176 18.800 Tr4n¥formatton & Re¥1 Inthbtiw. U9dI Th• Worfd Chr18.$ Fun¢J 10 think our W•1 ¢4ntrulofs 0¥• finarKil wstanc• alltrws us ts h•lp chiklr•n throughoutlh• rkJ. Wthout t[1 iwort norK• olwhot .¥ b•en bltr lo KcOmtsh in Qui short lkn• of•xisten( Ul1 b• pk. Fundr•i•lng Approach Th• chariU trustee am fulty awaro of lTrJw¥Jual rwpwsibllrty1r •¢foWrtth+I¥ro ttslth• ChartyfundraiB goI. 8th1. and eff•dhty. Tho charity Is 4 paylng mmb8r of th• Fundiaisin9 RryuLqloi and subsct lo th8 a$5rKiat8d fundralslrKJ eodes prathicé. ln oddthon tha charty o also r•gk4l•red wih th• Inforrnati)n C0rnrnts8al¥ OIfic8 aThY is fulty¢omplL9ni Wih th• G•n Dak Regulthn IGDPR). The cthanty Supp5505 indU81 supporter reccrds •98¥u¢ Ih MailiThJ PreferwK• Ser¥tc•. T8phon0 Prelewnw and tre Fundr#i4ing Prnfertnce SerytethKh helps ioensuro thai thè chartydoesn't pproach Indti1ua4S who have expressty reqwstèd th % doni tsjntaci Ih8m. vul)odtJble peop. Dunng the fv6c41 year FuryJiBvJing Pr•lémnce Se¥¥K •lPW•i( r•qu•sts ¢Ot•1 15. The oX&ntydoesn't engage th any prolv55w)nal fi1$10r¢rnwJ81 pth"patcf. The charty h88 a publishad ts)mlainl prrf•dure. availab on it$?b$18. Athough comJaints ha been received. Ihe chartry 4wll respond lo enquir$ and eompLiin(s In a li)elyfashkin_ As a mernr of Iho Fundralsing Re9ulatoi we are require(t lo Fy00 annual rpJwe5 on number of corylaints receNed durin9 the year InoDe in Ihe cuirenl financial ytarl. The enquKies wNed18nd 10 be requests 10 OPt-o¥¢of rjarity ¢¢mMuc3l1ms ty exn9 Supporters. These wuest¥ 8re Jmini%tered and haTrdkd stsawjhl away to rEduce anyperwts.on of unreason2b InInJ0 or presswe to support tho charity. Psge.. 5
THE WORLD CHILDREN'S FUND Trustees, ReFXIrt For the year ended 31 st March 2021 The chanty c¢nts"nu¢s lo derfy its Income geftefab.ng a¢b"Ve5 so as to duce rellar on any single income str¢arn. The main rewenue slream for the chanty is ts dired mail ftjnd raising programme UpIed with gifts in kind. Regular gNing programmes and legacy income are other divpAsffied revenue streams for Ihe ¢harity. Flnanclal r•vl•w During the year. incoming r•soures increas•d by £962,057. to £4.269.775 due to a tnctrtrase in 1gg•w and gKts In kind Income Resou5 expended Increased by £851,783. to £4.139.815. The final result was a n81 Increase In fun4Y8 of £132.113. taklng total rosgrves to £978.24812020. £846.1351. Th• ¢bl¥ctives ihat re set out ¥t 31 March 2020. to i athieved ¢n 31 March 2021 year end. were partialfy met. WCF inueased its donor ba59,' however due to the onCl¢ ¢oftditions faong all Charities we werg unable to in(y•as• thè Inry)me recelved from monthty g'ving Ilonors and th• Ineome from such athally docllnod by £15.129 a8 compared to 31 M8rth 2020. In add0 the thanty receive £162,782 during the y¢ar from legacies. As a re$urt of these rtems and the increase In gilts in kj'nd incoffle the charity did inu¥as¥ tl)e arnounl spent on charitable activths as COMred to 31 March 2020 and Ihis enabled th8 charty to al increase Its rers. R•s•rvespolky The Poard has examined (he requirem•nt for free re$eThes %thid) ar• th058 unrg$tric¢ed lunds not inv•$ted sn gd a858. de8ignat8d for speaflc purpos¢s or Ctherw38 committad. rhe Trustees rew8w Its resÈTves poll annually an¢ conslder that the tree reseNes held by the ¢arrty should be broadly 8quivobnt to y¢ar$ of thè yèarty tsn-goinq annual oxponditures lexdusiv• of GIK). The Truste•s deuded that WCP$ long-lerm targ•1 l•v•l of Ir8e rg¥erves, (lho funds not de$vJned ¢x li•d in fixgd as$•tsl. should b8 approximatèly £900,000 to £1,000.000 whlch would give the Chanty fl•bility lo wver temporary b.ming difforèn¢os lor donation rIpts. adequate workinq caprtal lor re ¢o$ts, and lU1d alk)w WCF to respond quklY to emergencjes bher• immediate relièf 1$ nee(Jed. At 31 Marth 2021, thè ft¢o SerVeS of lh• tharty amounted to £978.248. The Board aekrKwAed9e that Ihis lallo in Iln• with Ihe target fr•8 r•ser¥e mlnlmum. Inveslmgnlpollcy The investment strategy is set by the TNslees. In th• light of ts Trustees Oicy on reserv8$ the tru$t••s have revieMd thir invejtrnent polScy and seek to both maximise return on the core deposits, lIst •nsurin9 8uffideni Iiquidlty to ¢n8ble the cnAntys fiJnds to exFend¢d lor charrtable purposa a$ $wn as p088lble. Plans forfuturo porlods The principal soijrce of funding 18 expectecl to remain a$ voluntsry irthme generat•d frcffl dirgct ma41 app•a18 fr the publlc. The Charity plans to W9orousty eontinue ts fows cffi: xpandirng rts ¢Jonor base. in order ta irKreose the total amount of <aritablts programs that can ftjnded incr•asing tha numbw of donor¥ who gNe to thè Charity on a fixed $ChedLe, in order to fiJrth¢r reduc* th• tsncouraging d¢nors to consider induding thts Charty in their estate plans. The Charlty 11 Continue ns emergerw ah1 shipments and finan¢ial grant PryJgram$. Page.. 6
THE WORLD CHILDREN'S FUND Trustees, Report For the year ended 31st March 2021 Statement of Tru$tee$' r8spon$ibilities The Trustees (who are also directors of The World Children's Fund for the purpos of eompany lawl are responsible lor preparing the Trustees, Report ancl the financial statements in aecordance w(th applicable law and Financi31 Reporting Standards IFRS 1021. Company law reqUIS Trustees to prepare financAal statements for each financial year which gNe a true 8nd fair view of the state of the affairs of the charitable ¢vmpany and of the incomin9 resources and application of resources, including the income and expenditure. of the charitatye Company for that period. In preparing these financial stslements. the Irust&s are required to". sèlect suitsbb accounting policies and then aPY Ihem consislenuy.. observe Ihe methods and principles in the Charities SORP-. make juag8rTrents and estimates that are ieasonable and prudent". stale whether applicable accounting standards, including FRS 102, have teen bllowed, subject to any material departures disclosed and explained in the financial ststements". state whether a Statement of Recommended Practs'ce ISORPI applies and has been followed, subject lo any material departures whKh are explained in the financial statements.. prepare the financial $tslements on the 90ing concern basis unless il 1$ inappropriate to posum? that the charitable cotnpany will continue in business. The Truslegs are responsible for keeping proper accountlng records Ih8t disclose with reasonable accuracy at any time the financial posit of the Charitab company and enable them lo ensure that the financial stslemenls comply wrth Ihts Companies Ael 20C6. They are also responsible fof safeguarding the assets of the ehadtable company and hence for takirKJ reasonable steps for the prevention and detèction of fraud and other irregularities. In so lar as the Tru51ees a aware". Ihore is no relevant audit inlormats.on of which the charitsble company's auditCf 18 unaw8re-, and the Trusiees rtave tsken all steps that they ought to have tsken to make themselves aware of any relevant audit information and lo establish that the audrtor is aware of that infomiallon. Audltord Moore Kingston Smith LLP have indicated their wllingness to ¢ontinue In office and are deemed lo be raappoinled in aeeordanc• with socts.on 487121 of tho Companies Act 200$. Small Company Exempt5on These financial statements have been prepared in acts)rdan with the provisions of Part 15 of the Companie5 Act 20C6 rglaling lo small companies and wth the Financial ReportJ"ng 102 leffective 1 January 2015). 11 3071 Approved bytheTrusteeson..................... . and signed on their behajf by.. Joseph Trust Page.. 7
THE WORLD CHILDREN'S FUND INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WORLD CHILDREN'S FUND Opinion We have audited the finanaal slalemenls of Medical Mission Inlemational IUKI for the year ended 31 Mar¢h 2021 whleh comprise the Statement of Financial Acb'vilie5, the Balance Sheet. and the Cash Flow Statement and notes lo the financial slalemenls, including a summary of significani aO{lnting policies. The financial reporting framewtsrk that has been applied in their preparation is applicable law and United Kit)gdom Accounting Standards. including FRS 102 'The Finanal ReportJr¥J Standard Applicabla in the UK an Rèpublic of Ir81and' (United Kingdom Generally Accepted Accounting PTadicel. In our oplnSon th¢ flnancial stal•mentS: 9ive a true and fair view of the stsle of the charity's affairs as at 31 Marth 2021, and of its incomin9 resources and application ol resour¢es. Iof the year then ended. have been propedy prepared In accorda United Kingdom Generally Aepted Accounting Practice.. and have been prepared in accordance %wth the requirements of the Compan9 Act 2006. 8*si8 for oplnlon We conducted our audit in accordance wth Internation Standards on Audib"ng IUKI IISA$lUKII and applicable law. Our responsibilities under those standard$ are lunher describert in the Au¢Yitor's Responsibilities for the audit ol the financial statements section of our report. We are independent of the Charitable Company in accordance wlh the eihical requirements that are relevant to our avdil ol the financial stal?ments in the UK. including the FRC'¥ Elhi¢al Standard, and we have lulfilkd our other ethical responsibilities In accordance with these requirements We believe that the audil evidence we have obtained is sulfKienl anij appiopriale lo Conclu¥ioni for golng concom.. In auditing the financial sialements. we have concluded that the trustees, use of the going concern basis of accounllng Sn the prepaith'on of the finanual slalgments is appropriate. 8ased on the work we have perfomied. we hav• not identifi•d any material unrtaintieS relating to events or condiliofts that. individually or collectively. may ca$¢ sjgnificant doubl on Ihe charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial $tatem&nts are authorised for issue. Our reSnSIbIlitieS and the responsibilities of Ihe trustees wrth SpeCt to 90ing concern are described sn the relevant section$ of this report. Oth•r Inlomiadon The other Information comprises the information include£1 in the annual report. other than the finanaal statements and our auditoi's report thèreon. The tru$lees are responsible for the Oiher infomation. Our opinion on the financial statements doe5 not cover the olher infomation an¢J, excepl to the extent otherwise explicitly staled In our repgrt. we do not expiess any form of assurance conclusion thereon. In eonnection wlh our audit of the finan¢ial statements. our responsibi14ty is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material mis5tatemenls, we are required to detem)ine whether there is a matenal mi55tatemenl in the finanrial statements or a material misstatemeni of the other Information. If. based on the work we have perfornied, we conclude that there Is a material misstafrment ol this other Information, we are required to pOrt that fact. We have nothing to wport in this regard. Page.. 8
THE WORLD CHILDREN'S FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORLD CHILDREN'S FUND Opinions on other matters prescribed by the Cornpani8$ Act 2006 In our opinion. based on the th undertaken in the course of the audiL" the infOnatIon given in the Twslees, Annual Rewrtls inconsistent in any material SpeCt with the financial statements," or the Iruslées. annual report has been prépared in accordance wrth applKable kgal requirements. Matters on which we ar• roquired to rgport by exceptlon We have nothing to report in resM of the follcming matters whwe the Charities Act 2011 requims us to rèport to you if, in our opinKIn'. the informab'on given in the Trustees, Annual Report 15 irwnsislonl in any material respect with the financial stalemenls.. or the charity has not kept ad8qu8tg accountlng record3.' or tha financial slalemenls S not in agreement with the accounting records and retums- or we have not CeIved all the Information and exp13nab.ons we requirèd for our audit the trustees were not enliUe¢J to prepare the financial stemenis in accordance wth tho small compani¢s gime and take advantage of the small companies exempbon in preparing the Trustees, Annual Report and from preparing a Strategic Report Responibilttle$ of trustMs As explained more fijlty in the Iru31ees' responsibilities siatement sel CNJI on pago 4 and 5. the twsle8s are spcinsible for the preparats.on ol the finandal ststernents and lor b¢ing satisfied that they give a tnJ8 and fair vigw, and for sueh inlemal control as the Irustoes determine is necessary lo enable the preparation of finandal stslemenls that are free from mstertal MilatOmOnl, whether due lo Iraud or error. In preparing the financial statements. the tru51ees are resFonsible for assessing tha charity's ability to contsnue as a going concern, disclosing. as applIcae. matters relaied to going concern and using the going concern Oasis of accountsng unless the Iruslees either intend to IUale the ch8nty or to oase operations, or have no realisb'c allernalive but to do so. Auditorfs rMponslbllltle8 for the audlt of th• financlal Statements Our objectsves are lo obtsin reasonable assurance about whether the financial statements as a whole are free from material misststemenl, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assuranc8 Is a high level ol assurance. but is not a guarantee that an audit Conducted In accordance wlh ISAS IUKI will aknys detect a material mis5tstement when it exists. Misslatemenls can arisè from fraud or error and are wnsidered material ff. indivk1ualty or in aggregate. they Could reasonably be expgcted lo influence the economic decisions of Use taken on the basis of these financial slalements. Irregularities. including fraud, are instanS of non<omplian¢e wth law5 and regulations_ We design procedures in line wrth our fesponsibililies, outtined above, to detect material misslalements in respect of irregularities, including fraud. The extent to which our procedures are pable of detecting irr99ularrties, including fraud is detailed b&low. Page.. 9
THE WORLD CHILDREN'S FUND INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WORLD CHILDREN'S FUND Explanation as to what extenl the audii was consldered Pable of det•¢ting irrngularlties, including fraud The objectives of our audrt In respect of fraud, are. lo identify and assess the risks of material misstatement of the financial slalemenls due lo fraud.. lo obtsin Suffleftt appropriate audit eviden regarding the assessed risks of material misstatèment ¢Jue to fraud, through designing and implementing appropriate responses to those 8ssessed risks., and to respond approprietely to instances ol traud or suspected fraud identified during the auort. However. the primary SponSibl11ty for the prevention and detection of fraud rest3 Wrth both m¥nagemenl and thos& charged with govemanee of the chant2ble company. Our approach was as follows: We obtained an understanding of the kgal and gUlatOry requirements applicable to the charitsble company and considered that the rnosl si9nificanl are the Companies AGI 2006, the Charities Act 2D11, the Charity SORP, and UK financial reporb'ng standards as issued by the Financial Repori"ng Council. We obtsined an understsnding of how the charitsble company complies wth these requirernents by discussions with managemgnl and those charged wrth goveman¢e We ass•ssed the risk of malefTal misslalernent of the financial statements, including the rlsk of material misstalemenl due 10 fraud and how it might oceur. by holdin9 discussions wlh management and those Gharged with govern8nc8. We inquired of management and those ¢h8rged with governanc• a5 to any known instances Gf non- complianco or suspected non-compliance wth kws and r8gull4Uons. Based on this understanding. we designed specific 8ppropriale audit procedures to Klents'fy inslances of non•complianee with laws and regulations. This included making enquiiies ol managemènt and those charged wlh govemance and obtaining addits.onal corroborabve eviden as required. Page.'10
THE WORLD CHILDREN'S FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORLD CHILDREN'S FUND As part of an audit in accordaneè with ISAS IUKI we exercise prole8sional judgement and maintain profe55ional sceptscism throughout thè audit. We also.. Idèntify and assess the risks of material misslatemenl of the finarrial slalements. whether dve to Iraud or error, design an(J perform audit prLudures responsive lo those risks. and oblgin audrt evidence th31 is sufficient and appropriate lo provide a basis for our opinion The risk of not dete¢ling a material misstat8menl resultsn9 from fraud is higher than tor one fe5ulb.ng from error, as fraud may involve collusion. lorg8ry. inlentsonal omissions, misrepresenlab'ons, or the overTide of internal eonlrol. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circtjmslances. but not for the purposes of expressing an opinion on the effediveness of the chanty's intemal control. Evaluate the approprialeness ol accounting polioes used and the reasonaNeness of accounting eslimates and related disclosures mad8 by the tru$iees. Conclude On the appropriateness of the trustees, use of the going con¢ern basis of accounling and, ba$¢d on the audrt evidence obtsined. wheth¢f a malerial uncertalnty exists felatod to events or conditions that may cast signifi¢8nt doubl on the charity's ability lo continue a$ a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auL1ilor's report lo the rolaled disclosurè$ in the linanaal statements or, il such disdosures are inadequale. to modify our opinion. Our condusions are based orb the audit evidence obtained up to th8 dala ol our auditor's report. However, futurè events Of eondibons may cause the charity lo cease lo conlinue as a going conrn. Evaluate the overall presentation, structura and eonienl of thè financial stalomènls. includin9 the disclosures. and wheiher the finanual statements represenl the UndeyIng transactions and events In a manner that achieve$ fair presentstion. We communicate with those charged wth governance regarding. among other matters. the planned scope and tim5ng ol the audit and si9nificanl audit findings, induding any swnificanl deficigncies in internal control that we identify during our audit. U89 of Our Report This report is made solely to the charitable company's members. as a body. in accordan with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so thai wè might state to the company s members those matters we are required to state lo them in an audiior's report and for no other purpose. To the fullest extent permitted tly law. we ¢Jo not accepi or assume responsibility lo any party other than the charitable company and charitablè company's members as a body, for our audit work. for this report, or for the opinions we have formed. Dale'11 Auqusl 2021 Devonshire House 60 G05well Road Londo EC1M 7AD Luke Holt Isenior Statutory Auditor) for ond on behalf of Mooro Kingston Smith LLP. Ststutory Auditor Page.. 11
THE WORLD CHILDREN'S FUND Statement of Financial Activities (Incorporats'ng the Summary Income and Expenditure Account) For the year ended 31st March 2021 Unrestricted Fund8 Not• 2021 2020 Income Donations and appo818 Legacies and bequests Gifts in kind Investment income 448.796 162.782 3.660,035 315 491,342 61,328 2.755.857 Total Income 4.271.928 3.309.871 Expenditur• on: Raising funds Charitable activities 136.435 4,003,380 118.637 3,189,415 Total Exp•ndltur• 4.139,8tS 3,288,052 N•t movemenl on funds 132,113 21,819 Ttski Funds Brought Forward 846,13S 824.316 Total Fund$ Carrt•d Forward 978,248 846, 135 The Statgmenl of Financial Actfvitles inclLxles all gains and losses reccgnised in the year. All incom8 and expenditure is unrestrth. All income and expendllure derives from conts"nuing acb"wts"es. The notes on the accompanying pages fomi an intra1 part of Iheso accounts. Page.. 12
THE WORLD CHILDREN'S FUND Balance Sheet as at 31st March 2021 2021 2021 2020 2020 FIX A$8gts Tangible fixed assets 10,873 14,433 Current Assots Debtors Cash at bank and In hand 18,379 969,997 19,811 832, 704 988,376 851,915 Cr•ditors'. Amounts falllng du• withln one year 10 21,W1 120.213 Not Cunent Assèts Total Net A$80ts 967,375 978,248 831,702 846.135 Funds Unreslnct•d funds 978.248 846,135 These financial statements havts been prepared in aecordance with the provi$wJns applicable to compan$ 6ubject lo the small companies ffjime within Part IS of the Companies Act 20C6. The notes on the ac<x)mpanylng pages fom an inte9ral part of these a¢¢ounts. Approved by th$ Board of Trustees. aulhonsed for distributron, on ....... and slgned on thelr behaK by". Trust Jos Company Registratlon No. 03778493 Page.. 13
THE WORLD CHILDREN'S FUND CASH FLOW STATEMENT AS AT 31 MARCH 2021 2021 2020 Cash flows from operatlng a¢tivitie9 Nel Income Adjustments for. Depreclalion Ilncreasel Deease in debtors Increase (Decrease) In creditors N•t cash gen*rat•d by operating activities 132,113 21,819 3.560 1.432 788 137,893 2,706 12.632) 4.872 17,021 Cash flows Irom inv•8ting a¢tlvltles Cost of purchasing fixed assets Not ca8h from Invegting a¢tiviti•s Change In e#$h and cash gquivalents in tho yèar Cash and cash equivalents al b89innin9 of yea 137.893 832,104 17,021 815,083 Ca•h and ¢•¥h equlval•nts at •nd of year 969.997 832,104 Analysls of changos In not dobt Foreign exchange Cashflows movements At31 March 2021 At 1 April 2020 C88h at bank and in hand Overdrafts Total cash and ¢sh •quiv¥lents 832.104 137.893 969,9g7 832.1 137. 969,997 Page.. 14
THE WORLD CHILDREN'S FUND Notes to the Accounts For the year ended 31st March 2021 A¢¢ounling Poli¢le¥ A summary of the principal accounting policies adopted. judgements and key sources of estimaijon uncertainty, Is sel out below. Ba$1$ of Pr•parat6on of th? Financial Statsmgnts The fin8nCI8151alemenls have been prepared in accordance wth the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charitable company is a public benefit entity for the purposes of FRS 102 an¢J a règistèred charity established as a company lirnited by guarantee and therefore has also prepared its finaneial statèment5 in accordance wrth the statement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Finanaal Reporting Standard applicabl• In th* UK and Republic of Ireland lThe FRS 102 Chariii8s SORPI, th8 Companies Act 2006 and Charitse$ Acl 2011. The financial stalemenls are prepared In stefling, which is Ihè lunctionol culn¢Y of the tharity. rounded to the nearest pound. Golng conc•m The Iruslees have assessed whether the use ol going concern 1$ appropriate and have considered possiblo events or conditions. induding the latest Covid-19 pan¢Jemic. th8t might cast significant doubl on the ability of the charitablè Company to continue as a gn9 concem. The twstees have made this assessment for a period ol at least one year from the date of the approval of Ihese finanaal statement$. In parbcvlar, the Iruslees have wnsidered the chanlable company'$ forecasls and projections and have taken account of pressures on donats'ons. The incidence ol COVID has not had a signifinI effgct on the level of donalion Income and the charit8ble company h8s been able to carry ¢)n Its activitiès as normal Any further fluclualions in donation Income are expected to tse short-lived. The charitable company has significant unr95triclgd reserves whKh will enable il to continuè rts activilies in the event ol a temporary de¢rease In donations. After making enquiries. the trustees have concluded that there is a r8850nable expeclalion that the charitable company has adequale resources and there are no material uncertainties not lo continue In operational exi51enGe lor the foreseeable lulure. The Charitable company iherelore continues to adopt the going concern basis In preparing its financial $talem&nls. Incomlng Resou• Voluntary incoming resources received in cash by way of donations are induded in full in the Statement ol Financial Aciivities a$ swn as they are received. Bank Interest receivable 13 also included on a receipts Legacies are CogniSed in the statemenl oi financial activities when there is reasonable probability and reliability of r8¢eipl. and their value can be acGurately measured. Glfts Sn Klnd Incoming resources in the forrn of gifts in kind ale In¢luded In the Stalement of Financial ktivilies only when assets donated to the charity are di5tnbuled. Gifts In kind a¥è donalions of commodities directly usabla in charitable programmes such a5 food. dothing and medical supplie5. The charity has a monitoring programtne in place lo ensure that cornmodes are appropriately valued al wholesale or less, CL+lturally appropriate for the designated piogramme. and can be both properly shipped and di¥tribu¢ed free of charge the intended bonefici8ries. Glft Aid Repayments Income from gift aid repaymenl Claims 15 only included for daims which have been submitted for tax periods ending on or before the year end and wn the receipt of tS income is more probable than not. Page. 15
THE WORLD CHILDREN'S FUND Notes to the Accounts {Continuedl For the year ended 31 sl March 2021 Resources Expended Expendilure. which is char9ed on an accruals basis. is althaled between.. expenditure incurred directly in the effort lo raise voluntary eonlribulions (raising lundsl,. and expenditure inDJrred directty to the lulfilmenl of Ihe charitys objectives ltharitable expenditure). govem8n¢e c03ts Charitable activrties comprise5 the expenditure imirred by the ¢hafty in meeting it8 tharitabk objectives and Is further analysed be¢ween'. grants payable in the lurtherance of Ihe chariys objeth.ves costs ol a¢tNil*S in Ivrtheranc6 of thè ¢honty$ obJe¢twes syppori cos¢s of the charrty Where items of expenditure involve rn0 than one cosl category these costs have been apportioned on reasonable basis as determined by the InJslee$. One parti¢ular aiea where the cost Is material to the charity 1$ In the production and ¢Ji$tribyiW of direcl mailing8. Expenditure ha$ been allocated on Ihe basis of vthethtrr th¥ ¢ducal)al content ol the indwidual mailing 1$ signifi¢antly high enough so as lo be matèri81 When this holds true. Ihe cost ol the mailin9 is allocated on pro-rala basis comparin9 the educational content Ico$l$ 41 lurtherance of the charitrfs objecl$l lo the lund raising content Iraising funds). Thfr educat01 wntenl is delermined by ihe amount of tèxt an4 space on ¥a¢h mailing thal is edted lo maler1 of an educational nature. Fund raising expendituro i.e. text thai may induce a donalion frorn Ihe recipienl, is allocated upon the ba¥1$ of thg volume ol Ihe lext and space thgt Is nol rebled lo text ol an educalional natura. Support ¢osl3 comprists all oth•r ovethe8d cosls for Ihe running ol the ¢harity 0$ an organl8atlon and ihe co$1$ primarity associated wrth the constRution81 and statulory requirements. For•ign Currgn¢l•• Transacllons in loreign CUrrencS ar• tran8Lgièd ai ihe txchange rale rulin9 at Ihts date of the transaction. the average rale being used as an approximation to Ihis rale. Monetary as5et5 and liabilities In foreign currencies are Iranslaled at the rate$ ol exchange ruling at the bala $hee¢ All exchange differenc9$ are dealt wilh Ihrough the slalement ol financial activilKg3 D•pr•elaiion of T¥nglbl• A88•ts All assets costing mole than £400 e caprtali$eil. Tangible frA¥d assèts are stated at cost. le88 deprecaatKJn. DepreatIOn is prowded al rates cakulaled lo writ& off eath asset over it5 e5tinaled remaining life on 51raighl line basis al th& fgltowing annual rates.. Computer equipment Office equipment and lumiture Leasehold improvements over 3 years over 4 years ovef 70 years Page.. 16
THE WORLD CHILDREN'S FUND Notes to the AGcounts (Continued) For the year ended 31st March 2021 Fund Accounting I the funds held by the Charity are unrestn"¢ted fuThJs. being fijnds which Can be used in accordance with the charitable objects al the diSCretn of the Trustees. Crltleal accounting e$timate8 and areas of judgement In the view of the trustees In 8pply?ng the accounting policies adopted, no judgements were required that have a significant effect on the amounts reeognised in the financial statements nttr do any estimales or assumpt'ons ma(le cary a sign¢ficanl risk of material adiustmenl in the next financial year. Other financial instruments l. Cash and ca¥h equlvalents Cash and cash equivalents include cash al banks and in hand and short temi de$rtS with a maturity dale ol three months or less. 11. Debtorn and cr¥dltors Deblors and eredilors recelvabK* or payable wthln one year of thg reporting date are ¢arried al their al iKans¥th'on prico. Page.. 17
THE WORLD CHILDREN'S FUND Notes to the AGGounts (Continued) For the year ended 31st March 2021 2 Net mov?mont In lunds 2021 2020 Movement in funds ststed after charging". Foreign exchange loss Depreciation Operatingloase rentals Auditors, remLtneralion {nots 5} gn 3.560 23,740 20,068 1,234 2.706 25,275 18,136 3 Ralslng Funds 2021 2020 Postage Printing and mailshop Phone solieitalion fees Database maintenance Production fees Allocale4J support costs {note 5) 17,515 62,054 357 41.068 4,979 10.462 11,782 42,760 5,867 42.937 5,365 9,926 136.435 118,637 4 CharStablo A¢tlvltie• 2021 2020 Grants Programm• Gifts in kind Grants paid lo institutions 3.660.035 105.779 2,755.857 241,993 3.765,814 2,997,850 Please refer to the Trustses. Report for details of significant grants paid. Costs of a¢livltles In furth?ranc• of the charlty's objectives 2021 2020 Education and development Support costs of education and developrnent {noie 51 164,698 72,868 101.683 69,882 237,566 171,565 Total Charitable activiti 4,003.380 3,169,415 Page." 18
THE WORLD CHILDREN'S FUND Notes to the Accounts (Continued) For the year ended 31st March 2021 5 Support costs Educatlon #nd Devèlopment Fundraising 2021 Salaries Iseo note 71 Depreciation Occupancy Costs Travel 8nd $SmSlar expenses Sundry Govgrn¥n¢e costs.. Legal and professnal fees Auditors remuneration." For current year Audllors remunerallon.. In respect of prior year 2.&37 356 3.424 18.604 3,204 30,812 180 20.671 3,560 34,236 180 1.902 1,902 2.713 2.713 9,834 9,834 10,234 10.234 Support eost• Edue•tign and Development Fundralsing 2020 Salaries Isee note 71 Depreciation Occupanw costs Travel and similar exponsgs Sundry Governance Costs. Legal and professional fees Auditors remunerabon.. For ¢urrent year 2.C67 270 3,385 18,604 2,436 30.461 245 20.671 2.706 33,846 245 2,374 2,374 1.830 1.830 9.502 9,502 Auditors remuneration-. In respecl of prr year 8,634 8.634 9,926 69,882 79,808 Page.. 19
THE WORLD CHILDREN'S FUND Notes to the Accounts (Continued) For the year ended 31st March 2021 7 staff Costs 2021 2020 Wages and saLari¥s Social surity costs 20,671 20.671 20,671 20,671 The key m8nagemenl personnel are the Trustees. The total remuneration paid lo key management personnel was £nil12020.' £nil). The average number of employees during th• year was 112020.. 11. No employee earned £60,000 por annum gater in the year12020". none) NO Iruslee received remuneratron in the year12020.' none). rwere any trustees r&imbursed for travel expendilure12020: none) 8 Tanglble Fixod Assets Offlce Equlpment and Furnltur• Leasehold Improvomonts Computer Equlpment Total Cost As at 1 $1 April 2020 Additions As al 31st Mar¢h 2021 21.402 14,956 2,567 38.925 21.402 14.956 2,567 38.925 D•pr¢clation As al 1st April 2020 Charg9 for the year 9,809 2.140 12,116 1,420 2,567 24,492 As at 31gt March 2021 11,949 13,536 2.567 28,052 Net Book Valu• As al 31st March 2021 9,453 1.420 10,873 As at 31st March 2020 11.593 2,840 14,433 9 Dobtors 2021 2020 other debtors Prepayments and accrued income 5,326 13,053 9,894 9,917 18,379 19.811 Other debtors are financial instruments measured at present value. Page.. 20
THE WORLD CHILDREN'S FUND Notes to the Accounts {Continued} For th8 year ended 31st March 2021 10 Credltors: Amounts falllng due wlthin one yoar Trade croditors Aceruals Other CrltorS other taxes and social secunty 2021 2020 12,209 8,792 8,215 11.998 21,001 20.213 All creditors except for other taxes and scKial sunty are financial instrument8 measured at present value. Not lftcrea$• for th& period 8alance ¥t 31 March 2021 Balanco at 1 Aprll 2020 11 Unrnstrlctad Funds General reserve 846,135 132,113 978,248 12 Op•r•tlng L•a808 At 31 March 2021 the ¢harity had annual commrtments under n¢nnColb1e aSeS as follows.. Expiry dale.. Land and Building$ 2021 2020 Within 1 year Beeen 2 and 5 years More than 5 years 15,948 54,489 15,948 63.792 6.645 13 Legal Statu6 of th• Char The Gharity is a company limited by guarantee and. al 3151 March 2021. had 4 mernbers12020'. 4 memb8r5}. In the evenl of winding up. the liability of each member to contribute to the assets of the charity is limited to £10. Page'21
THE WORLD CHILDREN'S FUND Notes to the Accounts {Continued) For the year ended 31st March 2021 14 Connected Party Transactlons Two Trnstees of the Charity (Joseph Lam and Ruth Kendri¢kl assisted In the establishment ol other World Children'$ FurKJ and Medical Mission Intematio chanlies throughout the world that share similar visions and purposes as The World Children's Fund and they are also on some of those othèr charitiés boards. H&ve¢, the Charity does not consdidate these foreign entrti&$ in rts financial statemènts, as they ar• separat0131 entities with rx) one controlling paty. Neither were there any financ5al dealing8 Wth thas entities during tho year. apart from those iran$acMis. and year end balances already disd0 b8Jow in o¢¢ord•n¢e with FRS 102. Of the forgign entit¢es m110 abJv•, the folknmng transactions occurred.. 2021 Payments I (R91p 2021 Balance 2020 801once c11t0 Medical Mission Intemational IUKI As stated prev*sty in Note 7 of the Finartial Statements. no World Chiklren'8 Fund UK Trustee roc8lVO$ any salvy or componsation Irom the Ch¥rity. Joseph Lam and Ruth Kendrick are also Trust88s of Mi$$ion Int8rn8lion•l UK and reo no coMn$•I10n for those ¥erYe•. Page.. 22