## **The Barbara Ward Children’s Foundation** 

## **Annual Report and Financial Statements** 

31 December 2021 

Company Limited by Guarantee Registration Number 04213963 (England and Wales) 

Charity Registration Number 1089783 



**Contents** 

|**Reports**||
|---|---|
|Legal and administrative information|1|
|Trustees’ report|2|
|Independent auditor’s report|10|
|**Financial statements**||
|Statement of financial activities|15|
|Balance sheet|16|
|Statement of cash flows|17|
|Principal accounting policies|18|
|Notes to the financial statements|22|



The Barbara Ward Children's Foundation 



## **Legal and administrative information** 

|**Trustees/Directors**|Mrs B I Ward (Chairman)|
|---|---|
||Mr D C Bailey|
||Mr J C Banks|
||Mr C G Brown|
||Mr K R Parker|
||Mr M M Waight|
||Mr B M Walters|
|**Company secretary**|Dracliffe Company Services Limited|
|**Registered office**|85 Fleet Street|
||London|
||EC4Y 1AE|
|**Company registration number**|04213963 (England and Wales)|
|**Charity registration number**|1089783|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Bankers**|Lloyds Bank|
||1 West Street|
||Horsham|
||West Sussex RH12 1PA|
|**Investment managers**|Sarasin & Partners LLP|
||Juxon House|
||100 St Paul’s Churchyard|
||London|
||EC4M 8BU|
|**Solicitors**|Radcliffes LeBrasseur|
||85 Fleet Street|
||London|
||EC4Y 1AE|



The Barbara Ward Children's Foundation **1** 



**Trustees’ report** 31 December 2021 

The trustees (who are the directors of the company for the purpose of the Companies Act), present their statutory report together with the financial statements of The Barbara Ward Children’s Foundation for the year ended 31 December 2021. 

The report has been prepared in accordance with Part 8 of the Charities Act 2011. 

The financial statements have been prepared in accordance with the accounting policies set out on pages 18 to 21 of the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). 

## **Objectives and activities** 

The objects of the charity, as contained in its memorandum of association, are to carry out exclusively charitable purposes anywhere in the world primarily in relation to children and mentally handicapped adults and any person who has been assisted by the charity as a child, whether for the relief of poverty, the promotion of health, the provision of recreational facilities, or any such other charitable purposes for the benefit of the community. 

When setting the objectives and planning the work of the charity for the year the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. 

The trustees consider that all of the aims and objectives detailed in this report are there in order to benefit the public.  The trustees believe that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. 

The charity is a grant making charity, utilising income from its investments, income from donations and other income to fund grants.  These grants are made in accordance with the grant making policy detailed below.  The grants made can range from one-off grants to project-related grants that run for two or more years.  A full list of grants payable during the year is given in note 4 to the financial statements.  More detail on the number and nature of grants made is included later in this report. 

For 2022 the trustees anticipate following a similar approach to achieving the charity’s aims. 

## **Grant making policy** 

The charity welcomes applications for grants and the funding of projects from registered charities. 

Applications should be made in writing to the charity’s registered office and should include sufficient detail for the charity to assess whether the application meets the charity’s objects outlined above. Applications should include a copy of the applicant’s last set of audited financial statements. 

The Barbara Ward Children's Foundation **2** 



**Trustees’ report** 31 December 2021 

## **Grant making policy** (continued) 

The charity has established a set of procedures to determine the level of trustee approval required, as well as the extent of visits to beneficiaries prior to grants being approved, monitoring grants after approval, follow up visits and staging of payments. 

## **Achievements and performance** 

Total income for the year was £522,375 (2020 – £539,061). 

In January 2021 the charity received a donation of £150,000 (2020 – £150,000 ) from The Barbara Ward Family Trust.  During the year other donations and fundraising activities generated income of £12,569 (2020 – £13,130). Investment income was £359,806 (2020 – £375,931). 

The investment portfolio, which is managed by Sarasin & Partners, comprises Income Units in the Sarasin Endowments Fund Class A Inc. managed by Sarasin & Partners and was valued at £13,548,572 at the end of 2021, a 7% increase on the value of £12,616,080 a year earlier. The Sarasin Endowments Fund Class A Inc. will avoid investment in companies with more than 10% of their turnover in alcohol manufacture, armaments, gambling or pornography.  They will not invest in companies manufacturing tobacco related products. 

Grants payable in 2021 totalled £508,912 (2020 – £458,465). 

The Coronavirus pandemic continued to have a noticeable impact on the charity’s operations during 2021.  The number of grant applications received compared to the previous year declined by 22% in 2020 and has declined by a further 10% in 2021.  The charity’s normal approval procedures will often involve making a visit to the beneficiary, but such visits have been severely restricted by the pandemic.  As a result most multi-year grants have been made and paid on the assumption that such visits can be made in 2022. 

During the year the trustees have reviewed 338 new grant making opportunities (2020 – 401), of which 40 have been approved (2020 – 52). The charity paid or accrued grants to 95 organisations (2020 – 79), as detailed in note 4 to the financial statements.   These 95 are made up of 39 multi-year grants fully approved in earlier years, 17 multi-year grants fully approved in 2021, 26 multi-year grants approved in 2020 or 2021 and still subject to visits to the beneficiaries as described above, plus 13 one-off grants. 

The total value of grants approved during the year, including amounts not accrued as they are subject to conditions, totalled £477,562 (2020 – £478,215).  The equivalent total from the charity’s incorporation in 2001 to the end of 2021 is £9.4 million (2020 – £8.9 million). 

Since the charity’s foundation in 2001 a total of 5,872 grant making opportunities have arisen. 5,152 of these have been declined, 633 have been approved and fully completed, 22 are under consideration and 65 have been approved and are in progress.  These 65 include 26 where visits to fully approve the grant are outstanding and it is conceivable that such visits could result in discontinuation of the grant. 

The Barbara Ward Children's Foundation **3** 



**Trustees’ report** 31 December 2021 

## **Achievements and performance** (continued) 

The charity has made grants in respect of charitable activities throughout the United Kingdom, but also around the world, helping children in Barbados, Belarus, Cameroon, Ethiopia, Ghana, Kenya, Kosovo, Malawi, Nepal, Peru, the Philippines, Romania, Russia, Tanzania, Thailand, Uganda, Ukraine and Zambia. 

There have been no changes to the charity’s aims, objectives or strategy during the year. 

## **Reserves policy and financial position** 

## _**Reserves policy**_ 

The trustees’ policy is to manage the reserves of the charity and to provide for the long-term needs of the charity.  The trustees have ring fenced the initial donation from Mrs. Ward as a designated fund, to be known as The Barbara Ward Fund.  This donation has been passed to investment managers, and the trustees’ aim, over the longer term, to grow this fund at least in line with inflation. 

The trustees consider that, given the nature of the charity’s work, the normal level of free reserves, i.e. those unrestricted funds not designated for specific purposes or otherwise committed, should be up to approximately £150,000, estimated to be equivalent to approximately four months’ expenditure on unrestricted funds at any one time.  The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing differences in income flows, as well as adequate working capital to cover core costs.  At the end of 2021 free reserves stood at £280,263 (2020 - £273,693). 

## _**Financial position**_ 

The balance sheet shows total funds of £13,828,835 (2020 – £12,889,773). 

The original donation by Mrs Ward has been designated, or set aside, by the trustees for specific purposes.  These purposes and an analysis of the movement on the fund are set out in note 12 to the financial statements.  The current value of the fund is £13,548,572 (2020 – £12,616,080). 

General funds of the charity at 31 December 2021 total £280,263 (2020 – £273,693).  These funds represent the ‘free reserves’ of the charity. 

The trustees recognise that current free reserves are higher than the £150,000 set out above. The current level is higher than the trustees would wish, mainly as a result of the decline in grant applications noted above.  The trustees hope that, in 2022, grants approved will reduce the level of free reserves to a more normal level.  The trustees therefore consider free reserves in the current circumstances to be adequate but not excessive. 

The Barbara Ward Children's Foundation 

**4** 



**Trustees’ report** 31 December 2021 

## **Investment policy** 

The charity has a portfolio of investments with a market value as at 31 December 2021 of £13,548,572 (2020 – £12,616,080). 

There are no restrictions on the charity’s power to invest.  The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment managers’ view of the market prospects in the medium term.  The overall investment policy is to maximise total return through a diversified portfolio, aiming to provide the level of income advised by the trustees and, at the same time, with a view to ensuring that capital appreciation of the fund exceeds inflation over any five-year period. 

Investment performance in 2021 has been positive, showing a gain of 7% (2020 – gain of 6%). 

Over the last eight years the portfolio values at the end of the year have been: 

|2021<br>£’000|2020<br>£’000|2019<br>£’000|2018<br>£’000|2017<br>£’000|2016<br>£’000|2015<br>£’000|2014<br>£’000|
|---|---|---|---|---|---|---|---|
|13,549|12,616|11,871|10,245|11,034|10,276|9,578|9,563|



Over the five years from the end of 2016 the portfolio has shown a gain of some 32% compared to a gain of some 15% in the FTSE All-Share Index, while there has been a rise of ca 13% in the Consumer Prices Index and ca. 19% in the Retail Prices Index. 

The trustees are satisfied that the five-year investment objective above has been achieved in recent years.  The trustees are hopeful that the performance objective of their investment policy will continue to be achieved in the coming years, but recognise that achieving the objective may be challenging in any one year. 

## **Governance, structure and management** 

The charity was incorporated as a private limited company (Company Number 04213963) on 10 May 2001 and registered at the Charity Commission (Charity Number 1089783) on 13 December 2001.  It began effective activities in January 2002. 

The trustees constitute directors of the charity for the purposes of the Companies Act 2006. The charity is governed by its Articles of Association.  The trustees have power to appoint a new trustee. 

The trustees who served during the year were: 

Mrs B I Ward (Chairman) Mr D C Bailey Mr J C Banks Mr C G Brown Mr K R Parker Mr M M Waight Mr B M Walters 

The Barbara Ward Children's Foundation 

**5** 



**Trustees’ report** 31 December 2021 

## _**Key management personnel**_ 

The key management personnel of the Charity in charge of directing and controlling, running and operating the Foundation on a day to day basis comprise the Trustees.  No Trustee received remuneration for their work as a Trustee in either the year ended 31 December 2021 or the year ended 31 December 2020. 

## _**Organisation**_ 

The charity does not have any employees and, for day to day activities, the trustees work from home. The trustees normally meet formally on a quarterly basis, but may appoint subgroups, which can meet more frequently to assess grant applications or grant making opportunities and to visit current or potential beneficiaries.  During the year visits were made or meetings held by trustees with 3 (2020 – 11) actual or potential beneficiaries.  There were 18 such visits in 2019 and, with the loosening of Coronavirus restrictions, the trustees hope that there will be more visits in 2022.  The subgroups will report to the full Board of Trustees, which then approve or refuse grants. 

## **Governance, structure and management** 

At each quarterly meeting the trustees review the performance of the investment portfolio and the investment manager attends meetings and presents to the trustees twice a year.  The quarterly meetings review management accounts for the preceding quarter and cash flow projections for the next 12 to 18 months.  New grant proposals are considered at these meetings and updated reports in respect of project-related grants are circulated and considered.  The meetings will also consider any matters relevant to strategy, objectives and policies, although given the relatively stable nature of the charity, little change has taken place or is anticipated in these areas. 

All seven current trustees are now retired, but all have extensive business and commercial experience gained over many years and Mr Banks qualified as a Chartered Accountant in 1973.  The trustees therefore consider themselves as a body to be appropriately qualified to run and administer the charity.  Trustees are encouraged to undertake training in any areas where they feel enhanced expertise is required. 

## _**Risk management**_ 

The charity’s principal asset and therefore, given the grant-making nature of the charity, its principal risk, comprises listed investments, the value of which is dependent on movements in UK and international stock markets. 

The trustees have considered this and other major risks to which the charity is exposed, in particular those related to the operational areas of the charity, its investments and its finances. The trustees believe that these risks will be mitigated by: 

- A body of trustees with the necessary experience and competence to supervise all aspects of the charity’s activities; 

- An established set of procedures to determine the level of trustee approval required for grants, as well as the extent of monitoring, follow up visits and staging of payments; 

The Barbara Ward Children's Foundation 

**6** 



**Trustees’ report** 31 December 2021 

## **Governance, structure and management** (continued) 

## _**Risk management** (continued)_ 

- Regular trustee meetings at which all aspects of the charity’s activities are reviewed; and 

- Retention of experienced investment managers whose performance is monitored quarterly and who attend trustee meetings at least twice a year. 

## **Fundraising** 

The charity’s fundraising activities are limited to holding an annual quiz night and accepting unsolicited donations. It communicates with its supporters by providing information on its activities on its website. The charity aims to achieve best practice in the way in which it communicates with supporters.  It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters.  The charity adheres to the Code of Fundraising Practice.  It applies best practice to protect supporters’ data and never sells data, it never swaps data with other organisations, and ensures that its communication preferences can be changed at any time.  The charity manages its own fundraising activities and does not employ the services of Professional Fundraisers.  The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service.  During 2021, the Charity received no complaints about its fundraising activities. 

## **Statement of trustees’ responsibilities** 

The trustees (who are also directors of The Barbara Ward Children’s Foundation for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Barbara Ward Children's Foundation 

**7** 



**Trustees’ report** 31 December 2021 

## **Statement of trustees’ responsibilities** (continued) 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Each of the trustees confirms that: 

- so far as the trustee is aware, there is no relevant audit information of which the charity’s auditor is unaware; and 

- the trustee has taken all the steps that he/she ought to have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. 

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## **Plans for the future** 

In January 2022 the charity received a further donation, of £150,000, from The Barbara Ward Family Trust.  During 2022 the trustees anticipate continuing the funding to the 38 beneficiaries where grants have been accrued at the year-end or commitments made and will continue to review new grant making opportunities.  It is anticipated that grants fully approved in 2021 or earlier years will result in cash payments of over £226,450 during 2022. 

In the light of restrictions arising from t he Coronavirus pandemic on visiting actual or potential beneficiaries the trustees have also now decided that six grants, where the final payment is due in the coming four months, will no longer be conditional on a visit, meaning that a further £29,500 of grant commitments have been made.  In addition, seven grants that run into 2023 or beyond and have payments due in the coming four months will have these payments made regardless of a visit, leading to commitments of a further £36,000. 

Since the end of 2021 the trustees have approved a one-off grant of £3,000 that will be paid in 2022 and approved four further grants totalling £57,000 that they expect will be paid during the course of 2022, 2023 and 2024. 

The Barbara Ward Children's Foundation **8** 



C. Banks 



**Independent Auditor’s Report** Year to 31 December 2021 

## **Independent auditor’s report to the members of The Barbara Ward Children’s Foundation** 

## **Opinion** 

We have audited the financial statements of The Barbara Ward Children’s Foundation (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and of its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

The Barbara Ward Children's Foundation **10** 



## **Independent Auditor’s Report** Year to 31 December 2021 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. 

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

-  the information given in the trustees’ annual report is inconsistent in any material respect with the accounts; or 

-  sufficient and proper accounting records have not been kept; or 

-  the accounts are not in agreement with the accounting records and returns; or 

-  we have not received all the information and explanations we require for our audit; or 

-  the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, the trustees, who are also the directors for the purposes of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial 

The Barbara Ward Children's Foundation **11** 



**Independent Auditor’s Report** Year to 31 December 2021 

statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the accounts** 

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.   The extent to which our procedures are capable of detecting irregularities, including fraud was as follows: 

In identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, our procedures included the following: 

-  The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations; 

-  We obtained an understanding of the legal and regulatory frameworks applicable to the company.  We determined that the following laws and regulations were most significant: The Companies Act 2016, The Statement of Recommended Practice (SORP (FRS102)). 

-  We understood how the Company is complying with these legal and regulatory Frameworks by making enquiries to Trustees and those responsible for legal and compliance procedures.  Through our enquiries we corroborated these views by our review of Board minutes. 

We assessed the susceptibility of the Company’s Financial statements to material misstatement, including how fraud might occur by: 

-  Enquiries with the Trustees, whether they have any knowledge of any actual, suspected or alleged fraud; 

-  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

The Barbara Ward Children's Foundation **12** 



## **Independent Auditor’s Report** Year to 31 December 2021 

To address the risk of fraud through management bias and override of controls, we: 

-  performed analytical procedures to identify any unusual or unexpected relationships; 

-  tested journal entries to identify unusual transactions. 

-  tested the authorisation of expenditure as part of our substantive testing thereon. 

-  assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

-  agreeing financial statement disclosures to underlying supporting documentation. 

-  reviewing the minutes of Trustees’ meetings. 

-  enquiring of management and those charged with governance as to actual and potential litigation and claims; and 

-  reviewing any available correspondence with HMRC. 

As a result of our procedures, we did not identify any key audit matters relating to irregularities . 

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

The Barbara Ward Children's Foundation **13** 



## **Independent Auditor’s Report** Year to 31 December 2021 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 


Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Date: 10 May 2022 

The Barbara Ward Children's Foundation **14** 



## **Statement of financial activities** (including an income and expenditure account) Year to 31 December 2021 

|Notes|Unrestricted funds|Unrestricted funds|
|---|---|---|
||**2021**<br>**£**|2020<br>£|
|**Income and expenditure**<br>**Income from:**<br>Donations<br>1<br>Other trading activities<br>2<br>Investments<br>3<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>. Grants payable<br>4<br>. Support costs<br>5<br>**Total expenditure**<br>**Net income before investment gains**<br>Net gains on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Total funds carried forward|162,569<br>—<br>359,806|161,085<br>2,045<br>375,931|
||522,375|539,061|
||—<br>508,912<br>6,893|1,228<br>458,465<br>1,958|
||515,805|461,651|
||6,570|77,410|
||932,492|745,065|
||939,062<br>12,889,773|822,475<br>12,067,298|
||13,828,835|12,889,773|



The statement of financial activities includes all gains and losses recognised in the year. 

All the charity’s activities derived from continuing operations during the above two financial periods. 

The Barbara Ward Children's Foundation **15** 




**----- Start of picture text -----**<br>
C. Banks<br>**----- End of picture text -----**<br>




## **Statement of cash flows** Year ended 31 December 2021 

|Notes|**2021**<br>**£**|2020<br>£|
|---|---|---|
|**Cash flows from operating activities**<br>Net cash used in operating activities<br>A<br>**Cash flows from investing activities:**<br>Investment income and interest receivable<br>Investment management fee rebates<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents**<br>Cash and cash equivalents at 1 January 2021<br>Cash and cash equivalents at 31 December 2021<br>B|**(353,061)**<br>**359,806**<br>**29,920**<br>**(29,920)**|(308,770)<br>375,931<br>25,688<br>(25,688)|
||**359,806**|375,931|
||**6,745**<br>**278,350**|67,161<br>211,189|
||**285,095**|278,350|



## **A Reconciliation of net income expenditure to net cash used in operating activities** 


**----- Start of picture text -----**<br>
2021 2020<br>£  £<br>Net income for the year (as per the Statement of Financial Activities)  6,570  77,410<br>Adjustments for:<br>Investment income receivable   (359,753) (375,684)<br>Interest receivable  (53) (247)<br>(Increase) in debtors  (225) (1,049)<br>Increase/(decrease) in creditors  400  (9,200)<br>Net cash used in operating activities   (353,061) (308,770)<br>**----- End of picture text -----**<br>


No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Charity and the cash and cash equivalents. 

The Barbara Ward Children's Foundation **17** 



## **Principal accounting policies** Year ended 31 December 2021 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. 

## **Basis of accounting** 

These financial statements have been prepared for the year to 31 December 2021. 

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note. 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities FRS 102 SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Companies Act 2006 and the Charities Act 2011. 

The charity constitutes a public benefit entity as defined by FRS 102. 

The accounts are presented in sterling and are rounded to the nearest pound. 

## **Critical accounting estimates and areas of judgement** 

There are no significant areas of judgement or key assumptions that affect items in the financial statements.  With respect to the next reporting period, the most significant areas of uncertainty are the carrying value of investment assets held by the charity, which will depend on the performance of investment markets and the investment income from these assets. 

## **Going concern** 

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. 

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. This is because the value of assets held by the charity is very materially in excess of the liabilities of the charity and the level of commitments in respect of grants approved for projects payable in future years. 

The Barbara Ward Children's Foundation **18** 



## **Principal accounting policies** Year ended 31 December 2021 

## **Income** 

Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably and it is probable that the funds will be received. 

Income is deferred only when the charity has to fulfil performance related conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. 

Income comprises donations, income from fundraising events, interest receivable and dividends from listed investments. 

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred as noted above. 

Other trading income, consisting of income from fundraising events, is recognised in the period during which the event takes place. 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

## **Expenditure and the basis of apportioning costs** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

All expenditure is accounted for on an accruals basis. Expenditure is comprised of direct costs and support costs.  All expenses, including support costs, are allocated or apportioned to their applicable expenditure headings. The classification between activities is as follows: 

- a.  Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes of support costs directly incurred in raising funds. 

- b. Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include grants payable, other direct costs and support costs including governance costs. 

The Barbara Ward Children's Foundation **19** 



**Principal accounting policies** Year ended 31 December 2021 

## **Expenditure and the basis of apportioning costs** (continued) 

Support costs, other than those incurred directly in raising funds, have been allocated to expenditure on charitable activities as any apportionment between the two activities of the charity would be immaterial. 

All expenditure is inclusive of irrecoverable VAT. 

Investment management costs and rebates are included as part of gains (losses) on investments. 

The provision of a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payments, settlement is probable and the effect of the discounting is material. No discounting has been applied to multi-year grants in these financial statements. 

## **Investments** 

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. 

The charity does not acquire put options, derivatives or other complex financial instruments. 

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. 

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 

## **Debtors** 

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. 

The Barbara Ward Children's Foundation **20** 



**Principal accounting policies** Year ended 31 December 2021 

## **Cash at bank and in hand** 

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.  Deposits for more than three months but less than one year have been disclosed as short term deposits.  Cash placed on deposit for more than one year is disclosed as a fixed asset investment. 

## **Creditors and provisions** 

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 

## **Fund accounting** 

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects. 

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects. The trustees have ring fenced the original donation from Mrs. Ward as a designated fund, known as The Barbara Ward Fund.  The trustees aim, over the longer term, to grow this fund at least in line with inflation and to generate income to fund the grant making activities of the charity. 

The Barbara Ward Children's Foundation **21** 



## **Notes to the financial statements** 31 December 2021 

## **1 Income from: Donations** 

|**Income from: Donations**|||
|---|---|---|
||Unrestricted funds||
||**Total**<br>**2021**<br>**£**|Total<br>2020<br>£|
|Donations<br>. The Barbara Ward Family Trust<br>. Other donations|**150,000**<br>**12,569**<br>**162,569**|150,000<br>11,085<br>161,085|



## **2 Income from: Other trading activities** 

|**Income from: Other trading activities**|||
|---|---|---|
||Unrestricted funds||
||**Total**<br>**2021**<br>**£**|Total<br>2020<br>£|
|Fundraising events|**—**|2,045|



## **3 Income from: Investments** 

|**Income from: Investments**|||
|---|---|---|
||Unrestricted funds||
||**Total**<br>**2021**<br>**£**|Total<br>2020<br>£|
|Income from listed investments<br>. Unit trusts and common investment funds<br>Interest receivable<br>. Bank interest<br>. Cash held by investment manager<br>**Total**|**359,753**|375,684|
||**47**<br>**6**|209<br>38|
||**53**|247|
||**359,806**|375,931|



The Barbara Ward Children's Foundation **22** 



## **Notes to the financial statements** 31 December 2021 

## **4 Grants payable** 

The charity makes grants in accordance with its grant making policy as set out in the Trustees’ report. 

Grants payable to institutions during the year comprised the following: 


**----- Start of picture text -----**<br>
Unrestricted funds<br>Total Total<br>2021 2020<br>£  £<br>Amy and Friends  15,000  15,000<br>Friends of Paternoster School  14,000  —<br>Daisy Garland Trust  13,800  13,800<br>Hopscotch  10,450  10,450<br>PACSO  10,000  —<br>The Wave Project  10,000  10,000<br>Tracks Autism  10,000  5,000<br>Bristol Children’s Help Society  8,462  —<br>Capital Kids Cricket  8,000  8,000<br>Downright Special  8,000  8,000<br>Thomley  8,000  8,000<br>Autism Bedfordshire  7,500  —<br>Let Us Play  7,500  7,500<br>Sebastian’s Action Trust  7,500  15,000<br>Skipton Extended Learning for All  7,500  7,500<br>Stick n’ Step  7,500  —<br>Transitions UK  7,500  7,500<br>Whoopsadaisy  7,500  7,500<br>Autism Early Support  7,000  7,000<br>Arts for All  7,000  —<br>Asian Students Christian Trust  7,000  7,000<br>Extratime  7,000  7,000<br>Families First St. Andrews  7,000  7,000<br>James Hopkins Trust  7,000  —<br>Little Hearts Matter  7,000  7,000<br>Special Needs Advisory and Activities Project  6,500  —<br>3H Fund  6,000  —<br>Action Through Enterprise  6,000  5,000<br>Cheshire Autism Practical Support  6,000  6,000<br>Derby Toc H  6,000  6,000<br>Our Sansar  6,000  6,000<br>Peter Pan Centre  6,000  6,000<br>Rainbow Hub  6,000  6,000<br>SASBAH  6,000  —<br>Tiny Tickers  6,000  6,000<br>Mondo Foundation  5,800  —<br>40 Degreez  5,000  —<br>Action Cerebral Palsy  5,000  5,000<br>Allsorts  5,000  5,000<br>Anaphylaxis Campaign  5,000  5,000<br>Communigrow  5,000  —<br>Dandelion Time  5,000  10,000<br>Carried forward   313,512  224,250<br>**----- End of picture text -----**<br>


The Barbara Ward Children's Foundation **23** 



## **Notes to the financial statements** 31 December 2021 


**----- Start of picture text -----**<br>
4  Grants payable  (continued)<br>Unrestricted funds<br>Total Total<br>2021 2020<br>£  £<br>Brought forward  313,512  224,250<br>Dingley’s Promise  5,000  5,000<br>Family Counselling Trust  5,000  —<br>Hayle Youth Project  5,000  5,000<br>Jigsaw (SouthEast)  5,000  5,000<br>Kids in Action  5,000  —<br>Living Paintings Trust  5,000  5,000<br>Northwich Multisports  5,000  5,000<br>Norton Hall Children & Family Centre  5,000  5,000<br>Ruby’s Fund  5,000  —<br>SPACE  5,000  5,000<br>Space4Autism  5,000  5,000<br>Springboard Opportunity Group  5,000  —<br>Step & Learn  5,000  5,000<br>Steps Conductive Education Centre  5,000  —<br>Street-Teams  5,000  5,000<br>Team Up  5,000  —<br>The Parasol Project  5,000  —<br>The Pepper Foundation  5,000  —<br>The Principle Trust  5,000  5,000<br>Walsall Bereavement Support Services  5,000  5,000<br>Yellow Submarine Holidays  5,000  5,000<br>Young Carers Development Trust  5,000  5,000<br>Young Lewisham Project  5,000  —<br>Henry Dancer Days  4,500  4,500<br>MYTIME  4,500  —<br>Brighton Pebbles  4,000  4,000<br>Life Cycle UK  4,000  —<br>tastelife  4,000  4,000<br>Toby Henderson Trust  4,000  4,000<br>Sal’s Shoes  3,500  —<br>CHUMS Charity  3,000  3,000<br>Holly Lodge Centre  3,000  3,000<br>Mahadevi Yoga Centre  3,000  —<br>Real Action  3,000  —<br>Sunny Days Children’s Fund  3,000  3,000<br>Support Line  3,000  —<br>The Therapy Garden  3,000  —<br>Worcestershire Parents & Carers’ Community  3,000  —<br>Unite - Carers in Mid Devon  3,000  3,000<br>Intercare  2,500  2,500<br>Kingswood Trust  2,500  2,500<br>The Family Haven  2,500  —<br>Building for the Future  2,400  2,400<br>Carried forward   493,912  330,150<br>**----- End of picture text -----**<br>


The Barbara Ward Children's Foundation **24** 



## **Notes to the financial statements** 31 December 2021 

## **4 Grants payable** (continued) 


**----- Start of picture text -----**<br>
Unrestricted funds<br>Total Total<br>2021 2020<br>£  £<br>Brought forward  493,912  330,150<br>Latin American Fund for the Future  2,000  2,000<br>Summers Trust  2,000  2,000<br>Sunrise Partnership  2,000  2,000<br>Tyler Trust  2,000  —<br>Made a Mark  1,500  —<br>Pontllanfraith Children’s Contact Centre  1,500  —<br>Special Educational Needs Families Support Group  1,500  —<br>Children of Songea  1,000  —<br>Park Villa Football Development  1,000  —<br>Leeds Community Trust  500  500<br>REACT  —  12,800<br>Mudlarks Community  —  10,000<br>The Elizabeth Foundation  —  10,000<br>St. Cyril’s Children & Youth Project  —  9,000<br>Kidasha  —  8,000<br>Kangaroos  —  7,000<br>—<br>Wingate Special Children’s Trust  7,000<br>Pippa’s Group Nursery  —  6,000<br>—<br>Chris Westwood Charity  5,000<br>—<br>Helford River Children’s Sailing Trust  5,000<br>—<br>Insight  5,000<br>iPOP  — 5,000<br>Ruddi’s Retreat  — 5,000<br>—<br>Save The Family  5,000<br>The Breck Foundation  — 5,000<br>Tom’s Trust  — 4,515<br>Barnstondale Centre  — 4,000<br>The Ear Foundation  — 3,500<br>—<br>Haworth Riding for the Disabled  2,000<br>The Ethel Trust  — 2,000<br>—<br>Little Hiccups  1,000<br>508,912  456,465<br>**----- End of picture text -----**<br>


The Barbara Ward Children's Foundation **25** 



## **Notes to the financial statements** 31 December 2021 

## **4 Grants payable** (continued) 

The grants were all for the benefit of children who were seriously or terminally ill, disadvantaged, underprivileged or had special needs. 

A reconciliation of the grants payable and grant commitment figures shown in these financial statements is as follows: 

||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**Total**<br>**2021**<br>**£**|Total<br>2020<br>£|
|Commitments accrued at 31 December 2020<br>Commitments made in the year<br>Grants paid during the year<br>Commitments accrued at 31 December 2021 (note 11)|**—**<br>**508,912**<br>**(508,912)**<br>**—**|5,000<br>458,465<br>(463,465)<br>—|



In addition to the amounts committed and accrued noted above, the trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions.  The total amount authorised but not accrued for in these financial statements at 31 December 2021 was £317,950 (2020 – £354,300) (note 14). 

## **5 Support costs** 

|**Support costs**|||
|---|---|---|
||Unrestricted funds||
||**Total**<br>**2021**<br>**£**|Total<br>2020<br>£|
|Governance costs<br>. Audit fees<br>Other support costs|**6,640**<br>**253**<br>**6,893**|6,060<br>(4,102)<br>1,958|



## **6 Net incoming resources** 

This is stated after charging: 

||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**Total**<br>**2021**<br>**£**|Total<br>2020<br>£|
|Auditor’s remuneration (including VAT)<br>. Statutory audit services|**6,640**|6,060|



The charity has no employees. 

## **7 Trustees’ remuneration** 

None of the trustees received any remuneration in respect of their services, nor reimbursement of expenses during the period. The aggregate remuneration to key management personnel for the year ended 31 December 2021 was therefore £nil (2020 – £nil). 

The Barbara Ward Children's Foundation **26** 



**Notes to the financial statements** 31 December 2021 

## **8 Taxation** 

The Barbara Ward Children’s Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

## **9 Fixed asset investments** 

|**Fixed asset investments**|||
|---|---|---|
|**Listed investments and cash held for re-investment**|**2021**<br>**£**|2020<br>£|
|**Listed investments**<br>Market value at 1 January 2021<br>Additions at cost<br>Unrealised gains<br>Market value at 31 December 2021<br>Cost of listed investments at 31 December 2021|**12,616,080**<br>**29,920**<br>**902,572**|11,871,015<br>25,688<br>719,377|
||**13,548,572**|12,616,080|
||**8,138,412**|8,108,492|



Listed investments, which were all in the United Kingdom, held at 31 December 2021 comprised the following: 

||**2021**<br>**£**|2020<br>£|
|---|---|---|
|Unit trusts and investment trusts|**13,548,572**|12,616,080|



At 31 December 2021 the following investment holding had a market value in excess of 5% of the market value of the entire listed portfolio as at that date: 

|**Holding**|**Market**<br>**value of**<br>**holding**<br>**£**|**% of total**<br>**portfolio**<br>**%**|
|---|---|---|
|Sarasin Endowments (A) Fund (Income Units)|**13,548,572**|**100**|



At 31 December 2020 the following investment holding had a market value in excess of 5% of the market value of the entire listed portfolio as at that date: 

|_Holding_|_Market_<br>_value of_<br>_holding_<br>_£_|_% of total_<br>_portfolio_<br>_%_|
|---|---|---|
|_Sarasin Endowments (A) Fund (Income Units)_|_12,616,080_|_100_|



## **10 Debtors:  due within one year** 

|**Debtors:  due within one year**|||
|---|---|---|
||**2021**<br>**£**|2020<br>£|
|Taxation recoverable|**1,568**<br>**1,568**|1,343<br>1,343|



The Barbara Ward Children's Foundation **27** 



## **Notes to the financial statements** 31 December 2021 

## **11 Creditors:  amounts falling due within one year** 


**----- Start of picture text -----**<br>
2021 2020<br>£ £<br>Accruals  6,400  6,000<br>6,400  6,000<br>12 Designated fund<br>At 1 Utilised Designated At 31<br>January during the  during the   December<br>2021 year year 2021<br>£  £  £  £<br>The Barbara Ward Fund  12,616,080  —  932,492  13,548,572<br>At 1 Utilised Designated At 31<br>January during the  during the   December<br>2020 year year 2020<br>£  £  £  £<br>The Barbara Ward Fund  11,871,015  —   745,065  12,616,080<br>**----- End of picture text -----**<br>


The trustees have ring fenced the original donation from Mrs. Ward as a designated fund, known as The Barbara Ward Fund.  The trustees aim, over the longer term, to grow this fund at least in line with inflation and to generate income to fund the grant making activities of the charity. 

## **13 Analysis of net assets between funds** 

|**Analysis of net assets between funds**||||
|---|---|---|---|
||General<br>fund<br>£|Designated<br>funds<br>£|**Total**<br>**2021**<br>**£**|
|**Fund balances at 31 December 2021**<br>**are represented by:**<br>Investments<br>Current assets<br>Creditors: amounts falling due within one year<br>**Total net assets**|**_—_**<br>**286,663**<br>**(6,400)**<br>**280,263**|**13,548,572**<br>**_—_**<br>**_—_**<br>**13,548,572**|**13,548,572**<br>**286,663**<br>**(6,400)**<br>**13,828,835**|



The Barbara Ward Children's Foundation **28** 



## **Notes to the financial statements** 31 December 2021 

## **13 Analysis of net assets between funds** (continued) 

|**Analysis of net assets between funds**(continued)||||
|---|---|---|---|
||_General_<br>_fund_<br>_£_|_Designated_<br>_funds_<br>_£_|_Total_<br>_2020_<br>_£_|
|_Fund balances at 31 December 2020_<br>_are represented by:_<br>_Investments_<br>_Current assets_<br>_Creditors: amounts falling due within one year_<br>_Total net assets_|**_—_**<br>_279,693_<br>_(6,000)_<br>_273,693_|_12,616,080_<br>**_—_**<br>**_—_**<br>_12,616,080_|_12,616,080_<br>_279,693_<br>_(6,000)_<br>_12,889,773_|



The total unrealised gains as at 31 December 2021 constituted movements on the revaluation of listed investments 

||**Total**<br>**2021**<br>**£**|Total<br>2020<br>£|
|---|---|---|
|**Unrealised gains included above:**<br>Total unrealised gains at 31 December 2021<br>**Reconciliation of movements in unrealised gains**<br>Total unrealised gains at 1 January 2021<br>Net gains arising on revaluations in the year<br>Total unrealised gains at 31 December 2021|**5,410,160**<br>**4,507,588**<br>**902,572**<br>**5,410,160**|4,507,588<br>3,788,211<br>719,377<br>4,507,588|



## **14 Grant commitments** 

At 31 December 2021, the charity had the following commitments in respect of grants approved for projects, which have not been accrued for in these financial statements because they were subject to the recipient fulfilling certain conditions: 

||**2021**<br>**£**|2020<br>£|
|---|---|---|
|Payable within one year<br>Payable between two and five years|**226,450**<br>**96,500**<br>**322,950**|227,650<br>126,650<br>354,300|



## **15 Related party transactions** 

In 2021 the charity received a donation of £150,000 (2020 – £150,000) from The Barbara Ward Family Trust.  In 2021 the charity received aggregate donations of £388 from the trustees (2020 – £283). 

## **16 Liability of members** 

The charity is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £10. 

The Barbara Ward Children's Foundation **29**