2024-12-31-accounts

Companies House

Contents

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

Financial statements

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

The Barbara Ward Children's Foundation

Legal and administrative information

|Trustees/Directors|Mrs B
| Ward (Chairman)| |---|---| ||Mr D C Bailey| ||Mr J C Banks| ||Mr C G Brown| ||Mr K R Parker| ||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 Audit 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 2024

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 2024.

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 2025 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 2024

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 paymenis.

Achievements and performance

Total income for the year was £541,066 (2023 — £545,671).

In January 2024 the charity received a donation of £150,000 (2023 — £150,000) from The Barbara Ward Family Trust. During the year other donations, legacies and fundraising activities generated income of £2,963 (2023 — £29,458). Investment income was £388,103 (2023 — £366,213).

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 £13,715,603 at the end of 2024, a 9% increase on the value of £12,598,437 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 2024 totalled £669,553 (2023 — £472,860).

The charity received 503 grant applications in the year (2023 — 350). During the year the trustees have reviewed 488 new grant making opportunities (2023 — 343), of which 61 have been approved (2023 — 40). The charity’s normal approval procedures will often involve making a visit to the beneficiary and the trustees visited or met online with 30 actual or potential beneficiaries (2023 ~— 21).

The charity paid or accrued grants to 98 organisations (2023 — 84), as detailed in note 3 to the financial statements. These 98 are made up of 79 multi-year grants, plus19 one-off grants.

The total value of grants approved during the year, including amounts not accrued as they are subject to conditions, totalled £985,855 (2023 — £583,580). The equivalent total from the charity's incorporation in 2001 to the end of 2024 is £11.4 million (2023 — £10.5 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 2024

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 2024 free reserves stood at £227,310 (2023 - £371,009). The trustees recognise that current free reserves are higher than the £150,000 set out above. The current level is still higher than the trustees would wish, despite a significant reduction in the excess. The trustees hope that, in 2025, 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 £13,942,813 (2023 — £12,969,446).

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 15 to the financial statements. The current value of the fund is £13,715,503 (2023 — £12,598,437).

General funds of the charity at 31 December 2024 total £227,310 (2023 — £371,009). These funds represent the ‘free reserves’ of the charity.

The Barbara Ward Children's Foundation 4

Trustees’ report 31 December 2024

investment policy

The charity has a portfolio of investments with a market value as at 31 December 2024 of £13,715,503 (2023~ £12,598 ,437).

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 invesiment 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 2024 has been positive, showing a gain of 9% (2023 — gain of 6%).

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

	2024	2023	2022	2021	2020	2019	2018	2017
_	#000	F000OCDOD		ODCDs	CDsFOOD	FOODFOND	FONDE000	E000
	13,716	12,598	11,894	13,549	12,616	11,871	10,245	11,034

Over the five years from the end of 2019 the portfolio has shown a gain of some 16% compared to a gain of some 6% in the FTSE All-Share Index, while there has been a rise of ca. 25% in the Consumer Prices Index and ca. 34% in the Retail Prices Index.

The trustees recognise that the five-year investment objective above has not been achieved in the last year. Despite the portfolio performing better than the FTSE All Share Index in the last year inflation over the five-year period has been relatively high. The trustees are hopeful that the performance objective of their investment policy will 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 | Ward (Chairman) Mr D C Bailey Mr J C Banks Mr C G Brown Mr K R Parker Mr M M Waight (died 10 July 2024) JMrBM Walters

The Barbara Ward Children's Foundation 5

Trustees’ report 31 December 2024

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 2024 or the year ended 31 December 2023.

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 30 (2023 -— 21) 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 six 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-rmaking 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;

• @ 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.

The Barbara Ward Children's Foundation 6

Trustees’ report 31 December 2024

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 2024, 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 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.

The Barbara Ward Children's Foundation 7

C Banks

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9 April 2025
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independent Auditor’s Report Year to 31 December 2024

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 2024 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 2024 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 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 2024

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears 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 financial statements or a material misstatement of the other information. {f, 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

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. 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:

• @ adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; 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 smail companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

The Barbara Ward Children's Foundation 10

independent Auditor’s Report Year to 31 December 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, 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 contro! 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 financial statements. 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 is detailed below: 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 non-compliance with applicable laws and regulations;

• ¢ We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Charities Act 2011, the Companies Act 2006, Financial Reporting Standard 102 (FRS 102), and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102.

• @ Weunderstood how the charitable company is complying with these legal and regulatory Frameworks by making enquiries to Trustees and those responsible for legal and compliance procedures. We corroborated this information through our review of Board meeting minutes.

The Barbara Ward Children’s Foundation 11

Independent Auditor’s Report Year to 31 December 2024

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:

• ¢ 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.

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.

• 6 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 12

10 April 2025

Statement of financial activities (including an income and expenditure account) Year to 31 December 2024

		Unrestricted funds	Unrestricted funds
		2024	2023
	Notes	£	£
Income and expenditure
Income from:
Donations	1	150,563	176,393
Other trading activities	2	2,400	3,065
Investments	3	388,103	366,213
Total income		541,066	545,671
Expenditure on:
Costs ofgenerating funds	4	930	1,022
Charitable activities
. Grants payable	5	669,553	472,860
. Support costs	6	14,282	13,709
Total expenditure		684,765	487,591
Net (expenditure)/income before investment gains		(143,699)	58,080
Net gains on investments		1,117,066	704,615
Netmovement in funds		973,367	762,695
Reconciliation of funds:
Total funds brought forward		12,969,446	12,206,751
Totalfundscarriedforward		13,942,813	12,969,446

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

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Trustee C Banks Ch Se
Approved on: MN.
9 April 2025
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Statement of cash flows Year ended 31 December 2024

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash used in operating activities	A	(488,616)	(302,528)
Cash flows from investing activities:
Investment income and interest receivable		388,103	366,213
Investment management fee rebates		26,872	27,623
Purchase ofinvestments		(30,309)	(27,623)
Netcash provided by investing activities		(384,666)	393,829
Change in cash and cash equivalents		(103,950)	91,301
Cash and cash equivalents at 1 January 2024		149,244	57,943
Cash and cash equivalents at 31 December 2024	B	45,294	149,244
Reconciliation of net income expenditure to net cash used in		operating activities
		2024	2023
a,
Net (expenditure)/income forthe year (as per the Statement of Financial
Activities)
		(143,699)	58,080
Adjustments for:
Investment income receivable		(383,878)	(362,018)
Interest receivable		(4,225)	(4,195)
Decrease in debtors		—	45
Increase in creditors		43,186	5,560
Netcashusedinoperatingactivities		(488,616)	(302,528)

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

B	Analysis of cash and cash equivalents
		2024	2023
	2
	Cash at bank and in hand	45,294	149,244
	Totalcashandcashequivalents	45,294	149,244

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

The Barbara Ward Children's Foundation 16

Principal accounting policies Year ended 31 December 2024

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 2024.

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 2024

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 execuior’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:

• a. Expenditure on raising funds includes all expenditure associated with raising funds for the charity.

• 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.

All expenditure is inclusive of irrecoverable VAT.

The Barbara Ward Children's Foundation 18

Principal accounting policies Year ended 31 December 2024

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, settkement 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 instrurnent 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 2024

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 20

Notes to the financial statements 31 December 2024

• 1 Income from: Donations

Income from: Donations
	Unrestricted	funds
	Total	Total
	2024	2023
EE
Donations and legacies
. The Barbara Ward Family Trust	150,000	150,000
. Other donations and legacies	563	26,393
	150,563	176,393

The legacy income received in the year was nil (2023: £25,000).

2 Income from: Other trading activities

Income from: Other trading activities
	Unrestricted	funds
	Total	Total
	2024	2023
EE
Fundraising events	2,400	3,065
2A003,065

3 Income from: Investments

Income from: Investments
	Unrestricted	funds
	Total	Total
	2024	2023
ee
Income from listed investments
. Unit trusts and common investment funds	383,878	362,018
Interest receivable
. Bank interest	2,117	2,739
. Interest from current asset investments	2,108	1,456
	4,225	4,195
Total	388,103	366,213

4	Fundraising costs
		Unrestricted	funds
		Total	Total
		2024	2023
	a,
	Fundraising costs	930	1,022
		930	1,022

The Barbara Ward Children's Foundation 21

Notes to the financial statements 31 December 2024

§ Granis 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
	2024	2023
nn
The Daisy Garland	22,000	_
Amy and Friends	15,000	—
Hopscotch	13,500	—
Winchester Young Carers	13,070	_—
REACT	13,000	13,000
Crackerjacks Children’s Trust	12,000	—
Autism Early Support	10,000	10,000
Bath & N.E. Somerset Carers Centre	10,000	10,000
Childhood Eye Cancer Trust	10,000	—
Dame Vera Lynn Children’s Charity	10,000	10,000
Momentum Children’s Charity	10,000	10,000
Strongbones	10,000	10,000
The Children’s Bereavement Centre	10,000	_—
Thomley	10,000	5,000
Tom’s Trust	10,000	5,000
Whoopsadaisy	10,000	—
The Rainbow Centre	9,000	_—
Southside Young Leaders Academy	8,720	—_
Mentoring Plus	8,146	—
Mondo Foundation	8,095	—
Exmoor Calvert Trust	8,000	—
Kangaroos	8,000	8,000
Kidasha	8,000	—_
Rainbow Hub	8,000	8,000
Sunny Days Children’s Fund	8,000	8,000
The Chronicle Sunshine Fund	8,000	—
The Spring Centre	8,000	—
Wingate Special Children’s Trust	8,000	8,000
Jigsaw (SouthEast)	7,500	7,500
Our Sansar	7,500	—
Outfit Moray	7,500	—_
Parks for Play	7,500	—_
Porridge & Pens Ghana	7,500	—
Prospex	7,500	—
Edward's Trust	7,000	—
African Adventures Foundation	7,000	—_
Derby Toc H	7,000	—
Families First St. Andrews	7,000	—_
Footprints Conductive Education Centre	7,000	—
One in a Million	7,000	—
Carriedforward	373,531	112,500

The Barbara Ward Children's Foundation 22

Notes to the financial statements 31 December 2024

§ Grants payable (continued)

Grants payable (continued)
	Unrestricted	funds
	Total	Total
	2024	2023
a	EE
Brought forward	373,531	112,500
Peter Pan Centre	7,000	—
St. Cyril's Community & Young People Project	7,000	—
The Breck Foundation	7,000	7,000
Walsall Bereavement Support Service	7,000	—
Thomas Theyer Foundation	7,000	—
Little Hearts Matter	6,662	—_
Allsoris	6,500	—
Anaphylaxis UK	6,000	—
Be Free Young Carers	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
Save The Family	6,000	6,000
Space4Autism	6,000	6,000
Stepping Stones DS	6,000	—
Sunshine & Smiles	6,000	—
Swings & Smiles	6,000	6,000
The Movement Centre	6,000	6,000
The Open Theatre Company	6,000	6,000
Bag Books	5,000	5,000
Batten Disease Family Association	5,000	5,000
Branch Out Together	5,000	—_
CASPA	5,000	5,000
Cerebral Palsy Plus	5,000	5,000
Dyspraxia Foundation	5,000	—
Fight against Blindness	5,000	—
GASP Motor Project	5,000	5,000
Heart Heroes	5,000	—
InterCare	5,000	5,000
Kingswood Trust	5,000	5,000
Head2Head Theatre	5,000	5,000
Handicapped Children’s Action Group	5,000	—
Let’s Play Project	5,000	5,000
London Play	5,000	5,000
Me2 Club	5,000	5,000
Mosaic	5,000	5,000
Opportunity Sports Foundation	5,000	5,000
PhysioNet	5,000	—
Real Action	5,000	—
Sensory Soft Play	5,000	5,000
SNAPS	5,000	—
Steps Conductive Education Centre	5,000	5,000
Carriedforward	620,693	254,500

The Barbara Ward Children's Foundation 23

Notes to the financial statements 31 December 2024

5 Grants payable (continued)

Grants payable (continued)
		Unrestricted	funds
		Total	Total
		2024	2023
		£	£
Brought forward		620,693	254,500
tastelife UK		5,000	—
Taunton Opportunity Group		5,000	—
Tom Bowdidge Youth Cancer Foundation		5,000	—_
The Pepper Foundation		5,000	10,000
The Pod Charity		5,000	—
Camp Jojo		4,000	—
Mahadevi Yoga Centre	:	4,000	—
Down Syndrome Training & Support		3,360	3,360
Armonico Consort		3,000	—_
Liquid Listening		3,000	3,000
Nurture Steps		3,000	—
CHUMS Charity		2,000	—
Children Achieving Lifelong Movement		1,000	1,000
St. Ninian’s Primary School		500	—
PACSO		—	10,000
Autism Bedfordshire		_	7,500
Stick n’ Step		_	7,500
Arts for All		—_—	7,000
Go Kids Go		—_—	7,000
Grace Kelly Childhood CancerTrust		—_	7,000
James Hopkins Trust		—	7,000
Special NeedsAdvisory and Activities Project		—_	6,500
3H Fund		—_	6,000
Action Through Enterprise		—_	6,000
SASBAH		—	6,000
21 Together		_	5,000
Communigrow		—	5,000
Coventry Rugby Community Foundation		—	5,000
Dandelion Time		—	5,000
I4YPC		—	5,000
Jessie’s Fund		—_	5,000
Kids in Action		_	5,000
Norfolk Carers Support		—	5,000
Springboard Opportunity Group		_—	5,000
Square Peg Activities		—	5,000
Success Club		_	5,000
Steps Charity Worldwide		_	5,000
Team Up		—	5,000
The Halliday Foundation		—	5,000
The Living Paintings Trust		—	5,000
Carriedforward		669,553	424,360

The Barbara Ward Children's Foundation 24

Notes to the financial statements 31 December 2024

§ Grants payable (continued)

Grants payable (continued)
	Unrestricted	funds
	Total	Total
	2024	2023
ee
Brought forward	669,553	424,360
Tracks Autism	_	5,000
Vics in the Community	—_	5,000
Young Lewisham Project	—	5,000
MYTIME	_	4,500
Life Cycle UK	—	4,000
The Rock Youth Project	—	4,000
Sal's Shoes	—_	3,500
Support Line	—	3,000
The Therapy Garden	_	3,000
Worcestershire Parents & Carers’ Community	—_	3,000
The Family Haven	—_	2,500
Tylers Trust	—	2,000
Pontilanfraith Children’s Contact Centre	—	1,500
Special Educational Needs Families Support Group	—	1,500
Children ofSongea	—	1,000
	669,553	472,860

The Barbara Ward Children's Foundation 25

Notes to the financial statements 31 December 2024

§ 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:

	Unrestricted	funds
	Total	Total
	2024	2023
EE
Commitments accrued at 31 December 2023	—	—
Commitments made in the year	712,919	472,860
Grants paid during the year	(669,553)	(472,860)
Commitmentsaccruedat31December2024	43,366	—

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 2024 was £760,022 (2023 — £443,720).

• 6 Support costs

Support costs
	Unrestricted funds
	Total Total
	2024 2023
aE
Governance costs
. Audit fees	12,000 42,340
Other supportcosts	2,282 1,369
	14,282 13,709

• 7 Net incoming resources This is stated after charging:

Net incoming resources This is stated after charging:
	Unrestricted	funds
	Total	Total
	2024	2023
	we EE
Auditor's remuneration (including VAT)
. Statutory audit services	12,000	12,340
Thecharityhasnoemployees.

8 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 2024 was therefore £nil (2023 — Enil).

The Barbara Ward Children's Foundation 26

Notes to the financial statements 31 December 2024

9 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.

10 Fixed asset investments

Fixed asset investments
	2024	2023
Listed investments and cash held for re-investment	£	gE
Listed investments
Market value at 1 January 2024	12,598,437	11,893,822
Additions at cost	30,309	27 623
Unrealised gains (losses)	1,086,757	676,992
Market value at 31 December2024	13,715,503	12,598,437
Costoflistedinvestmentsat31December2024	8,226,258	8,195,949

Listed investments, which were all in the United Kingdom, held at 31 December 2024 comprised the following:

	2024	2023
ee
Unittrustsandinvestmenttrusts	13,715,503	12,598,437

At 31 December 2024 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	holding £	portfolio %
Sarasin Endowments (A) Fund (Income Units)	13,715,503	100
At 31 December2023 the following investment holding had a market value in		excess of5%
ofthe market value ofthe entire listed portfolio as at that date:
	Market
	value of	% oftotal
	holding	portfolio
Holding	£	%
SarasinEndowments(A)Fund(IncomeUnits)	12,598,437	100

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:

11 Current asset investments

			2024	2023
ICS	Liquidity	Fund	237,543	234,106
			237,543	234,106

The Barbara Ward Children's Foundation 27

Notes to the financial statements 31 December 2024

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |12|Debtors:|due|within|one|year| |2024|2023| |=| |Taxation|recoverable|19|19| |19|19| |13|Creditors:|amounts|falling|due|within|one year| |2024|2023| |a,| |Accruals|12,180|12,360| |Grants|payable|43,366|—| |§5,546|12,360| |14|Designated|fund| |At|Utilised|Designated|At|31| |January|duringthe|duringthe|December| |2024|year|year|2024| |EE| |The|Barbara|Ward|Fund|12,598,437|—|1,117,066|13,715,503| |Ati|Utilised|Designated|At|31| |January|—|during|the|during|the|December| |2023|year|year|2023| |a| |The|Barbara|Ward Fund|11,893,822|—|704,615|12,598,437|

----- 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.

15 Analysis of net assets between funds

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |General|Designated|Total| |fund|funds|2024| |EEE| |Fund|balances|at|31|December|2024|are|represented| |by:| |Investments|—|13,715,503|13,715,503| |Current|assets|282,856|—|282,856| |Creditors:|amounts|falling|due|within|one|year|(55,546)|—|(55,546)| |Total|net|assets|227,310|13,715,503|13,942,813| |General|Designated|Total| |fund|funds|2022| |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|

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

The Barbara Ward Children's Foundation 28

Notes to the financial statements 31 December 2024

15 Analysis of net assets between funds (continued) The total unrealised gains as at 31 December 2024 constituted movements on the revaluation of listed investments.

	Total	Total
	2024	2023
nn
Unrealised gains included above:
Total unrealised gains at 31 December2024	5,489,245	4,402,488
Reconciliation ofmovements in unrealised gains
Total unrealised gains at 1 January 2024	4,402,488	3,725,496
Net gains arising on revaluations in the year	1,086,757	676,992
Totalunrealisedgainsat31December2024	§,489,245	4,402,488

16 Grant commitments

At 31 December 2024, 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:

	2024	2023
ee		=
Payable within one year	449,522	271,860
Payable between two and five years	310,500	171,860
	760,022	443,720

17 Related party transactions

in 2024 the charity received a donation of £150,000 (2023 — £150,000) from The Barbara Ward Family Trust. In 2024 the charity received aggregate donations of £114 from the trustees (2023 — £63).

18 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