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2023-12-31-accounts

The Barbara Ward Children’s Foundation

Annual Report and Financial Statements

31 December 2023

Company Limited by Guarantee Registration Number 04213963 (England and Wales) Charity Registration Number 1089783

Contents

Reports
Legal and administrative information 1
Trustees’ report 2
Independentauditor'sreport 9

Financial statements

Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Principal accounting policies 17
Notestothefinancialstatements 21

The Barbara Ward Children's Foundation

Legal and administrative information

|Trustees/Directors|Mrs B
| Ward (Chairman)| |---|---| ||MrDC 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|100 Old Hall Street| ||Liverpool| ||L3 9QJ| |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|Weightmans LLP| ||The Hallmark| ||105 Fenchurch Street| ||London| ||EC3M5JG|

The Barbara Ward Children's Foundation 1

Trustees’ report 31 December 2023

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 2023.

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 17 to 20 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 3 to the financial statements. More detail on the number and nature of grants made is included later in this report.

For 2024 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 chariiy’s registered office and shouid 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 2023

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 £545,671 (2022 — £504,298).

In January 2023 the charity received a donation of £150,000 (2022 — £150,000) from The Barbara Ward Family Trust. During the year other donations, legacies and fundraising activities generated income of £29,458 (2022 — £3,126). Investment income was £366,213 (2022 ~ £351,172).

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 £12,598,437 at the end of 2023, a 6% increase on the value of £11,893,822 a year earlier. The Sarasin Endowments Fund Class A Inc. will avoid investment in companies with significant exposure to tobacco, alcohol, armaments, adult entertainment, gambling and predatory lending.

Grants payable in 2023 totalled £472,860 (2022 — £464,450).

The charity received 350 grant applications in the year (2022 — 348). During the year the trustees have reviewed 343 new grant making opportunities (2022 — 337), of which 40 have been approved (2022 — 19). The charity’s normal approval procedures will often involve making a visit to the beneficiary and the trustees visited or met with 21 actual or potential beneficiaries (2022 — 26),

The charity paid or accrued grants to 84 organisations (2022 — 85), as detailed in note 3 to the financial statements. These 84 are made up of 70 multi-year grants, plus 14 one-off grants.

The total value of grants approved during the year, including amounts not accrued as they are subject to conditions, totalled £583,580 (2022 — £474,500). The equivalent total from the charity’s incorporation in 2001 to the end of 2023 is £10.5 million (2022 — £9.9 million).

Since formation 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.

The Barbara Ward Children’s Foundation 3

Trustees’ report 31 December 2023

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 2023 free reserves stood at £371,009 (2022 - £312,929).

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. The trustees hope that, in 2024, 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.

Financial position

The balance sheet shows total funds of £12,969,446 (2022 — £12,206,751).

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 £12,598,437 (2022 — £11,893,822).

General funds of the charity at 31 December 2023 total £371,009 (2022 — £312,929). These funds represent the ‘free reserves’ of the charity.

The Barbara Ward Children's Foundation 4

Trustees’ report 31 December 2023

Investment policy

The charity has a portfolio of investments with a market value as at 31 December 2023 of £12,598, 437 (2022 — £11,893,822).

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 2023 has been positive, showing a gain of 6% (2022 — loss of 12%).

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

2023 2022 2021 2020 2019 2018 2017 2016
__£000,000000FOCD.— FOCD.— COOODOOD OODS000 S000
12,598 11,894 13,549 12,616 11,871 10,245 11,034 10,276

Over the five years from the end of 2018 the portfolio has shown a gain of some 23% compared to a gain of some 15% in the FTSE All-Share Index, while there has been a rise of ca. 23% in the Consumer Prices Index and ca. 33% in the Retail Prices Index.

The trustees note that the five-year investment objective above has been broadly achieved in the last 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 | Ward (Chairman) Mr D C Bailey Mr J C Banks Mr C G Brown Mr K R Parker Mr MM Waight Mr B M Walters

The Barbara Ward Children's Foundation 5

Trustees’ report 31 December 2023

Governance, structure and management (continued)

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 2023 or the year ended 31 December 2022.

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 21 (2022 — 26) actual or potential beneficiaries. The subgroups will report to the full Board of Trustees, which then approve or refuse grants. 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:

The Barbara Ward Children's Foundation 6

Trustees’ report 31 December 2023

Governance, structure and management (continued)

Risk management (continued)

Fundraising

The charity's fundraising activities are limited to holding an annual quiz night, although this did not take place in 2021 or 2022, 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 2023, 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:

The Barbara Ward Children's Foundation 7

C Banks

independent Auditor’s Report Year to 31 December 2023

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 2023 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:

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 9

Independent Auditor’s Report Year to 31 December 2023

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:

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 Barbara Ward Children's Foundation 10

Independent Auditor’s Report Year to 31 December 2023

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 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 Barbara Ward Children's Foundation 11

Independent Auditor’s Report Year to 31 December 2023

Auditor’s responsibilities for the audit of the accounts (continued)

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

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

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

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 iurinher 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 12

Date: 22 March 2024

Statement of financial activities (including an income and expenditure account) Year to 31 December 2023

Unrestricted funds Unrestricted funds
2023 2022
Notes £ £
Income and expenditure
Income from:
Donations 1 176,393 153,126
Other trading activities 2 3,065 —
Investments 3 366,213 351,172
Total income 545,671 504,298
Expenditure on:
Costs ofgenerating funds 4 1,022
Charitable activities
, Grants payable 5 472,860 464,450
. Support costs 6 13,709 7,182
Total expenditure 487,591 471,632
Net income before investment gains 58,080 32,666
Net gains/(losses) on investments 704,615 (1,654,750)
Netmovement in funds 762,695 (1,622,084)
Reconciliation of funds:
Total funds brought forward 12,206,751 13,828,835
Totalfundscarriedforward 12,969,446 12,206,751

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 14

C Banks

Statement of cash flows Year ended 31 December 2023

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |Notes|£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|A|(302,528)|(316,602)| |Cash|flows|from|investing|activities:| |Investment|income|and|interest|receivable|366,213|351,172| |Investment|management|fee|rebates|27,623|29,914| |Purchase|of investments|(27,623)|(29,914)| |Net|cash|provided|by|investing|activities|393,829|89,450| |Change|in|cash|and|cash|equivalents|91,301|(227,152)| |Cash|and|cash|equivalents|at|1|January|2023|57,943|285,095| |Cash|and|cash|equivalents|at|31|December|2023|B|149,244|57,943| |A_|Reconciliation|of|net|income|expenditure|to|net|cash|used|in|operating|activities| |2023|2022| |EE| |Net|income|for the|year|(as|per the|Statement|of|Financial|Activities)|58,080|32,666| |Adjustments|for:| |Investment|income|receivable|(362,018)|(350,362)| |Interest|receivable|(4,195)|(810)| |Decrease|in|debtors|45|1,504| |Increase|in|creditors|5,560|400| |Net|cash|used|in|operating|activities|(302,528)|(316,602)| |B_|Analysis|of cash|and|cash|equivalents|

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |en,| |Cash|at|bank|and|in|hand|149,244|57,943| |Total|cash|and|cash|equivalents|149,244|319,665|

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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 16

Principal accounting policies Year ended 31 December 2023

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 2023.

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.

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.

The Barbara Ward Children's Foundation 17

Principal accounting policies Year ended 31 December 2023

Income (continued)

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.

For legacies, entitlement is taken as the earlier of the date on which either: the foundation is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the foundation that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the foundation has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the foundation is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

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 charitable activities and costs of generating funds. All expenses, including support costs, are allocated or apportioned to their applicable expenditure headings. The classification between activities is as follows:

All expenditure is inclusive of irrecoverable VAT.

The Barbara Ward Children's Foundation 18

Principal accounting policies Year ended 31 December 2023

Expenditure and the basis of apportioning costs (continued)

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.

Current asset investments

Current asset investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. Their primary purpose is to be utilised for investing however in specific instances they can be drawn upon to meet short-term commitments.

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.

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 will be disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

The Barbara Ward Children's Foundation 19

Principal accounting policies Year ended 31 December 2023

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 generai 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

20

Notes to the financial statements 31 December 2023

  1. Income from: Donations
Income from: Donations
Unrestricted funds
Total Total
2023 2022
EE
Donations and legacies
. The Barbara Ward Family Trust 150,000 150,000
. Other donations and legacies 26,393 3,126
176,393 153,126

The legacy income received in the year was £25,000 (2022: nil).

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2 Income from: Other trading activities
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2 Income from: Other trading activities
Unrestricted funds
Total Total
2023 2022
EE
Fundraising events 3,065 —_
3,065 _
3 Income from: Investments
Unrestricted funds
Total Total
2023 2022
EE
Income from listed investments
. Unit trusts and common investment funds 362,018 350,362
Interest receivable
. Bank interest 2,739 242
. Interest from current asset investments 1,456 568
4,195 810
Total 366,213 351,172
4 Fundraising costs
Unrestricted funds
Total Total
2023 2022
EE
Fundraising costs 1,022 —_
1,022 —

The Barbara Ward Children's Foundation 21

Notes to the financial statements 31 December 2023

§ 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:

Unrestricted funds
Total Total
2023 2022
EE
REACT 13,000 13,000
Autism Early Support 10,000 —_
Bath & N.E. Somerset Carers Centre 10,000 5,000
Dame Vera Lynn Children’s Charity 10,000 5,000
Momentum Children’s Charity 10,000 _—
PACSO 10,000 10,000
Strongbones 10,000 10,000
The Pepper Foundation 10,000 10,000
Kangaroos 8,000 4,000
Rainbow Hub 8,000 —
Sunny Days Children’s Fund 8,000 —
Wingate Special Children’s Trust 8,000 —
Autism Bedfordshire 7,500 7,500
Jigsaw (SouthEast) 7,500 —
Stick n’ Step 7,500 7,500
Arts for All 7,000 7,000
Go Kids Go 7,000 —
Grace Kelly Childhood Cancer Trust 7,000 —
James Hopkins Trust 7,000 7,000
The Breck Foundation 7,000 —_—
Special Needs Advisory and Activities Project 6,500 6,500
3H Fund 6,000 6,000
Action Through Enterprise 6,000 6,000
Children’s Respite Trust 6,000 6,000
Chris Westwood Charity 6,000 6,000
Everyone Can 6,000 6,000
M.A.C.S 6,000 6,000
Project Harar Ethiopia 6,000 6,000
SASBAH 6,000 6,000
Save The Family 6,000 6,000
Space4Autism 6,000 —
Swings & Smiles 6,000 —
The Movement Centre 6,000 6,000
The Open Theatre Company 6,000 6,000
21 Together 5,000 —
Bag Books 5,000 —_—
Batten Disease Family Association 5900 —
CASPA 5,000 —
Carriedforward 277,000 158,500

The Barbara Ward Children's Foundation 22

Notes to the financial statements 31 December 2023

4 Grants payable (continued)

Grants payable (continued)
Unrestricted funds
Total Total
2023 2022
EE
Brought forward 277,000 158,500
Cerebral Palsy Plus 5,000 —
Communigrow 5,000 5,000
Coventry Rugby Union Foundation 5,000 —
Dandelion Time 5,000 10,000
GASP Motor Project 5,000 —
intercare 5,000 —
Kingswood Trust 5,000 —
Head2Head Theatre 5,000 —
l4YPC 5,000 —
Jessie’s Fund 5,000 —
Kids in Action 5,000 5,000
Let’s Play Project 5,000 —
London Play 5,000 —
Me2 Club 5,000 5,000
Mosaic 5,000 —_—
Norfolk Carers Support 5,000 5,000
Opportunity Sports Foundation 5,000 —
Sensory Soft Play 5,000 4,000
Springboard Opportunity Group 5,000 5,000
Square Peg Activities 5,000 _—
Success Club 5,000 —
Steps Charity Worldwide 5,000 —
Steps Conductive Education Centre 5,000 —_
Team Up 5,000 5,000
The Halliday Foundation 5,000 —
The Living Paintings Trust 5,000 —
Thomley 5,000 4,000
Tom’s Trust 5,000 —
Tracks Autism 5,000 10,000
Vics in the Community 5,000 —
Young Lewisham Project 5,000 10,000
MYTIME 4,500 4,500
Life Cycle UK 4,000 4,000
The Rock Youth Project 4,000 —
Sal’s Shoes 3,500 3,500
Down Syndrome Training & Support 3,360 —
Liquid Listening 3,000 —
Support Line 3,000 3,000
The Therapy Garden 3,000 3,000
Worcestershire Parents & Carers’ Community 3,000 3,000
The Family Haven 2,500 2,500
Tylers Trust 2,000 2,000
Pontilanfraith Children’s Contact Centre 1,500 1,500
Special Educational Needs Families Support Group 1,500 1,500
Children Achieving Lifelong Movement 1,000 —
Carriedforward 471,860 255,000

The Barbara Ward Children's Foundation 23

Notes to the financial statements 31 December 2023

4 Grants payable (continued)

Grants payable (continued)
Unrestricted funds
Total Total
2023 2022
eeeEE
Brought forward 471,860 255,000
Children ofSongea 1,000 7,000
Daisy Garland Trust — 13,800
Hopscotch — 10,450
Amy and Friends _— 7,500
Let Us Play ~~ 7,500
Skipton Extended Learning forAll _— 7,500
Whoopsadaisy — 7,500
Asian Students Christian Trust _— 7,000
Extratime — 7,000
Families First St. Andrews _— 7,000
Cheshire Autism Practical Support ~ 6,000
Derby Toc H —_— 6,000
Our Sansar — 6,000
Peter Pan Centre — 6,000
Mondo Foundation _— 5,800
Action Cerebral Palsy — 5,000
Anaphylaxis Campaign — 5,000
Dingley’s Promise — 5,000
Hayle Youth Project _ 5,000
Northwich Multisports — 5,000
Step & Learn _— 5,000
Street-Teams — 5,000
The Parasol Project _ 5,000
The Principle Trust _— 5,000
YellowSubmarine Holidays _— 5,000
Henry Dancer Days — 4,500
Brighton Pebbles _— 4,000
Capital Kids Cricket — 4,000
Downright Special _— 4,000
Gloucestershire Bundles — 4,000
Lincoln College Vacation Project _— 4,000
Tastelife — 4,000
Crackerjacks Children’s Trust _ 3,500
Camp Jojo — 3,000
CHUMS Charity —_ 3,000
Friends ofManorMead School _— 3,000
Haworth Riding for the Disabled — 3,000
North Wales Superkids — 3,000
Building forthe Future — 2,400
Latin American Fund for the Future _ 2,000
Sunrise Partnership — 2,000
472,860 464,450

The Barbara Ward Children's Foundation 24

Notes to the financial statements 31 December 2023

6 Grants payable (continued)

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

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

___Unrestrictedfunds
Total		 funds
Total
2023 2022
ee
Commitments accrued at 31 December2022 —_ —_—
Commitments made in the year 472,860 464,450
Grants paid during the year (472,860) (464,450)
Commitmentsaccruedat31December2023 — —

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 2023 was £443,720 (2022 — £333,000) (note 13).

7 Support costs

7 Support costs
Unrestricted funds
Total Total
2023 2022
ne,
Governance costs
. Audit fees 12,340 6,700
Othersupport costs 1,369 482
4B
8 Net incoming resources
This is stated after charging:
___Unrestrictedfunds
Total		 funds
Total
2023 2022
EE
Auditor's remuneration (including VAT)
.Statutoryauditservices 12,340 6,700

The charity has no employees.

9 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 2023 was therefore £nil (2022 — Enil). The Barbara Ward Children's Foundation 25

Notes to the financial statements 31 December 2023

10 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.

11 Fixed asset investments

Fixed asset investments
2023 2022
Listed investments and cash held for re-investment £ £
Listed investments
Market value at 1 January 2023 11,893,822 13,548,572
Additions at cost 27,623 29,914
Unrealised gains (losses) 676,992 (1,684,664)
Market value at 31 December 2023 12,598,437 11,893,822
Costoflistedinvestmentsat31December2023 8,195,949 8,168,326

Listed investments, which were all in the United Kingdom, held at 31 December 2023 comprised the following:

2023 2022
EE
Unittrustsandinvestmenttrusts 12,598,437 11,893,822

At 31 December 2023 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:

Market
value of % of total
holding portfolio
Holding £ %
Sarasin Endowments (A) Fund (Income Units) 12,598,437 100
At 31 December2022 the following investment holding had a market value in excess of5%
ofthe market value of the entire listed portfolio as at that date:
Market
value of % oftotal
holding portfolio
Holding £ %
Sarasin Endowments (A) Fund (Income Units) 11,893,822 100
12 Current asset investments
2023 2022
ne
ICS Liquidity Fund 234,106 261,722
234,106 261,722

The Barbara Ward Children’s Foundation 26

Notes to the financial statements 31 December 2023

13 Debtors: due within one year

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |a| |Taxation|recoverable|19|64| |19|64| |14|Creditors:|amounts|falling|due|within|one|year| |2023|2022| |a| |Accruals|12,360|6,800| |12,360|6,800| |15|Designated|fund| |Ati|Utilised|Designated|At|31| |January|duringthe|duringthe|December| |2023|year|year|2023| |EE|EE| |The|Barbara|Ward|Fund|11,893,822|—_|704,615|12,598,437| |At|1|Utilised|Designated|At 37| |January|duringthe|—|during|the|December| |2022|year|year|2022| |Lo| |The|Barbara|Ward Fund|13,548,572|(1,654,750)|—|11,893,822|

----- End of picture text -----

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.

16 Analysis of net assets between funds

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |General|Designated|Total| |fund|funds|2023| |a,| |Fund|balances|at|31|December|2023|are|represented| |by:| |Investments|—|12,598,437|12,598,437| |Current|assets|383,369|—|383,369| |Creditors:|amounts|falling|due|within|one|year|(12,360)|—|(12,360)| |Total|net assets|371,009|12,598,437|12,969,446| |General|Designated|Total| |fund|funds|2022| |SSeS| |Fund|balances|at 31|December 2022|are|represented|by:| |Investments|—|11,893,822|11,893,822| |Current|assets|319,729|—_|319,729| |Creditors:|amounts|falling|due|within|one year|(6,800)|—|(6,800)| |Total net|assets|312,929|11,893,822|12,206,751|

----- End of picture text -----

The Barbara Ward Children's Foundation 27

Notes to the financial statements 31 December 2023

16 Analysis of net assets between funds (continued) The total unrealised gains as at 31 December 2023 constituted movements on the revaluation of listed investments.

Total Total
2023 2022
2
Unrealised gains included above:
Total unrealised gains at 31 December2023 4,402,488 3,725,496
Reconciliation of movements in unrealised gains
Total unrealised gains at 1 January 2023 3,725,496 5,410,160
Net gains/(losses)gains arising on revaluations in the year 676,992 (1,684,664)
Totalunrealisedgainsat31December2023 4,402,488 3,725,496

17 Grant commitments

At 31 December 2023, 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:

2023 2022
a Se,
Payable within one year 271,860 226,000
Payable between two and five years 171,860 107,000
443,720 333,000

18 Related party transactions

In 2023 the charity received a donation of £150,000 (2022 — £150,000) from The Barbara Ward Family Trust. In 2023 the charity received aggregate donations of £63 from the trustees (2022 — £522).

19 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 28