BFWG Charitable Foundatlon (A Limiied Company) Trading as FtWG - Funds for Women Graduates Company No. 206171 Charfty No. 312903 Report and flnancial statements For the year ended 31 December 2020 BFWG Charltabl• Foundatlon R•port and flnanclal 8tatsmants For tho y•ar •nd•d 31 D•c•mb•r 2020 Contents Pago R•forenc• and admlnl•tradv• Inforniatlon Tn*t••8' annual r•port Ind•p•nd•nt audltorn. r•port 8tat•m•nt of flnanclal acllvttl•• (Incorporatlng an InconK• and expendlture account) 10 Balanc• •he•t 11 8taloffl•nt of cuh flow• 12 Not•8 to th• Ilnanclal •tatom•nt• 13.18 BFWG Charltablo Foundatlon Mr J. Bear(InMYe. BSC. FIA Chwman kn 31 Juty 2020 P(ofe550r J. HarL BS¢, PhD Chair from 1 A￿U$l 2020 M8 A Alshwf, BDS 1986. FDSRCS. MFGI)P Appow)l•J 1 Augu512020 Profes￿1 C. Burek. PhD Resigned 31 Juty 2020 Prof•88or C. Caff, PP *s A. Fro81. &4 {Fkn8). M8Jasmil Kaur Phull. JP., Bsc.. BMS Mr W.S. Tulty, MA, ACA Dr R. Un8WOrth IA4. Pho M8 A. vid￿ LLe IH(Th). 8.E¢ P. WeN•8*£de. ￿ (Oxon) Rwn&J 31 Juty 2020 'nted 1 A￿U812020 R•s•Jned 31 JUPY 2020 Salty tY(xvell FCCA Compffiy numb•r. X6171 312903 57 Akna Rogd 2AH GOI4*￿4n$ Lirnied 75 Maywove R￿ ¥¥￿¢ H*npslth•J 2EO HSBC PLC 21 High Stro01 Puknrough t Sussex RFQO 4DR 8 F￿￿tsury Lormlon EC21A 7AZ To tho momborn ofth• BFWG Charltable Foundalk For th• Th¢ tru$teo9, IA1￿ al80 (thfeL*(¥5 undw c(xwiy Iw. wesenl thew rewt WKI fmancial 8t*em&*8 fty ¢he year ended 31 2020. The tntslees confirm that the slatemerts compty wlh cwrent stalulory rwirenKint$. tho rrm1or8nd￿n and artic￿ of association the Statement of RecLVm)etyJed Prxtic• . Accounling aThl Rwjrting ty Charrtw". SORP to charitie8 kw)aring their accounts in accordan¢o wlh FRS 102. ObJoctlvM and acllvltlo• The alm ol the Chwitabkn F¢)undth kn to W) rea1180 thek xademk ambitky)8 01 hlgh•r educalon by awardvvj grarts lo h* with eypen1￿ whlsl they purgue ihelr 8tudi•8. Succ•ufvl applkanls aro Ih08e t*￿) ￿ated cr*erig 8ThJ fty vthcffi Iho eharty has Sufficlont f￿ljI. Tho uiterla include 881￿161￿rIa needs ofthe applicarts and thelr a¢•dOm￿ calibre. b•n•fft Tho chaf*oble pu￿08• 01 ts Chari14)l• Ftjundalion ig the ad¥8n¢•m•nl d education. The bener offered by the charity 18 a financ￿ one and is lo help Thith mJit•nance co818 whilst the recipient 1$ $￿ty1n9. W¢xnen from ffjry¥here Ni w(*kl nw appty to the chartty frxfmancial 8ssista￿l pTowded tlw or• 81udylng h Gr¥t Br*•h. The tru8tee8 h8ve comthd w*h the in 8.17 01 the chArlI￿ 2011 to h•v• (kn regard to guldance published by the Charity Co¥nmis8ion. arwit m•k The charty m8kes grnnls lo indr¥i(luab. A grant is awarfed ag a contritsrtion toward$ liv#)g •xpens to P￿tyra￿u•1e •ng•9￿ in St￿J1e$ al apwoved irnlilu1￿s in Great &ita¥i. Tha chwty'¥ moin ￿ndatIon granls wg m•le lor tho %aden￿ year to come *thilst the emerger gr8nl$ aro to h* Ihc4o uThfrxe￿ fvHnLyoI difftuK*s n Ilw ¢Uffent acodgmk yoar. Theodora Bos8nquot 8urswies we offered to wrmon graduates wh)5e research in history or English liler8tum r•qt4res a SI￿% resid+￿ in Lond{￿ in Ihe summer. One fellow4hip. Ihe FIWG FellNship. Is offered via Gra(h￿te Wcmen lrternolwal {GWI) ￿ a Iiiennial ba$i5. The u*eria for awarding are the pro¥en needs olih appkants and theracademic calibre. The omowrt of avalablè lor is Ivnitod so r￿¢ all qualfyiry applraNs can r•c•rn a gwt. Tntstee8' Report To the membern ofthe BFWG Charitsble Foundation For the year ended 31 December 2020 The exiteria forawardlng grants are the proven needs of the applicants and ￿1r academic calibre. The amount of money available for grants is lThled so rnt all qualfying appiwts ￿ receive a grant Aehlevoments and p•rf0m￿ne0 The chwity has C0ntirK￿d to support wfftn seek to •Jvance Iheir ￿￿all)n and to pronKts higher educati￿ a)d wider leamry. App1kali￿6 ftjr financial assistan￿ ¢rTh? from wcxnen from al (Yrfer the worhj and from drfferent bad(grounds. Ther need for finaroal support rxses from serAxs famiPrf mlical woNems. abuse. parents r#X ab* io contnue with supwt arnl wesswes - the 1st is varied and long. The detemiinalion ofthese to cgxnplete ther is exefflplary arKI inspwirwj. The charty is to have been able Io SUFWt the women ty *ratdmg grants to help with maintenaKe costs. )vemors have been extrem8ty (x)ncemed of the effed of pandemic on the econom ¢lrcJJmst￿ of m*)y W¢￿ pjsigaduates arnl ther abih'ty to complete their stthlies on a timety basis. In response. the Board apwoved a on&off wKrease to the eff*rgew grants budget to provide additional support towomen whose In￿re and st￿lIeS hal been affected by Ihe Cthiid pandemic. The total value of the maAI gI￿ts awarde¢J in ttle year was £183,120 {2019: £179,570) and the total value of the grants was £74,565 (2019: £58.890). cun￿lab've grants avarded during the chanty's existence now exceed £3.0¢J),c￿. ￿1￿j the year, the Charty recerled 227 applicalions for main gr* and m•Je 36 thvards. tt recehryd 178 applicat•)ns for ell￿jerry gMts and avarded grants to 33 woman. In'nomwl. years, two Tlwdcn 8oswNuet Bursaries we warded to women whose fesearch in history ¢x Ewlish Ilterature requires a short reshJence in London in ttle surnv. Whilst these were awarded in 2020. they not be taken up due to govwnment restrickn associated with the Pandern￿. As a ult. one was convérted lo an ward and the other held (P￿ lo 2121. In addition to the grants descriw atove the FI￿ Felowship {previousty krbown as the Crosby Hall Fdlowshlp) is managed by GTrJuate Internaticrf￿I and sponsored by the charity. The Fellowshlp 18 rrfxffoly triennial ￿ a value of £8.CW. It was last offered ￿ 2019 to the centenary of Gradu* Ilbmen Int￿na￿l. Each year at the Fetruw Bowd the Tnjstees detennine Ihe level of grants awarded based on the Grant Policy. In a nonnal year grant knls increase in Irle with CPI. The quantum of funds available to distribute as grwts in any year 15 detern)r*d ty a corrknaticffl of incoff* 9enerated by the portfolio as well as the ¢ushkn of c•tal ga'ns ffode on investrne￿. Flnanclal rnvlew The thwty's eX￿￿ture exceeded by £185,307 {201>. £114.854) tsefo￿ a gan of £265,543 on inveslmont (2019 a g￿n of £891.449). Trt charivs Th47in source of income is income from Investments: wwitabty lI￿luate5 a5 the market fluchmtes. The trustee$ rt￿nItOr pothlio performance aTrJ ensure Ihat Ihe oryanisat*)n has ￿eqUa* cash reser￿5 to cover any short. Tru•to•9' R•port To th• mombern oftho BFWG Charltable Foundatlon For th• aar Ondod 31 Docombor 2020 R•g•rv80 polky The charity 18St MfjevKd its reserves poticy in 2019. As a resdl. it is the polcy ol the chwity lo hold funds. all ofwhich We unrestricted, al a levd th* is adequate to. 81 least mainlein the level of its awards in real tem￿ and lo cover man89gmert •Jmiii$lrative WKI support costs lor a one•t￿Year peiiod. Inasmuch as the allx8tion of funds depends on the fin8rKlal poh'cy of the charity it is inportort Ihat sufficlent fi8￿bilIty be Incorporated Into ￿ grants 8IIoe8llon policy so that the board of Iru$tee$ ¢an read appropriately according lo the finaneial Circurnslances. Tli$ enables current activities to continue in the short tem) should investment inecthe drop signrfKanlty. The trustees were able lo mantain the deslred level of reseNes during the year undèr revk8W. The trustees have a58essed the major strategic. business and operational risks to whrch the charity is exposed and are satisfied that sy$l¢ms are in place to ￿n1Th￿Se the effects d $u¢h risks. Plan8 forth•futsr• The thwity isdevetoplng its syslemg infroslru¢turo to uryjrove grant 8ppIic8tbn process. The ¢harify awns togrow its capital base so that morewomen graduates rKelvefinanaal he￿ nowand in Ihefuture. StructsN governance and management BFW3 Charitablo Foundation 1$ a company limiled by shares and a registered charity. tt is govemed ty memorandum and articles of assocHtion last updated in 2018. boar(1 of trustees Makes th8 final decisw on all rnatters conceming the actmlies of the ¢har*y. grants commlttee wists the board oftruslees in making recommenda￿n$ for awarding grants. The trustees usually meet lknes a year to c£Y8idar rècommendaliong for the ￿Ing of gra)ts. lo review financlal 8divili85 and olhor matter8 tha ari8e. The day-ttrday administration of grants is deleg*ed lo Ihe gf8nts administrator. AppolnlmMrtrftru•t••8 A govamor ig elected a tern ol Ihree years from Ih? fitsl day olAugusl following hislher election. A governor may SubseqL￿nify, whether before or after the expiTat¢on of that lerni. be ro4le¢led fc further tem) of three years after which helshe shall be ineligible for r&el8ction until ye￿S have elapsed from the expiration of the latter lemi. Additionally, al the SPeCff￿ reque81 of the 8ritish FederaticA) of Women Graduate8 {8FWG) the chaiMi￿ can remain a governor lor up to 8n addilb?nal thrn8 years. No person 18 eligible to bo a govemor who has Mt bgen previou5ty approved in this behalf by the chanty's pwffit company. BFWG. by vniting under Ihe hand of the Chaiman of 11$ Executive. The To th• m•mb•rs ofth• BFWG Charltabl• Foundatlon For th• y•ar •nd•d 31 Docomb•r 2020 board of trusteas the Presvjem of the the BFIfyG rewegeiwlvd duriig th•ir respectrle wiod$ of offKo a5 S￿h. election, each truslee has that gives det* dthe CtArilable F¢)undthn such as Is backgrourrfl, Organisal￿nal stnKture. fm&xial resources. Ot4￿1￿￿$ and adivrties. The Charilable Foundattt￿ is a whouy substhry ol the BFWG. Sevoral oflhe woffen trustees e membets of the dwly's parw* coffpany. BFWG. Ttr￿ BFWG has Ihe ptrwer lo appoint or rernve any truslee. At the d*e of the Bal￿ Sl*t. no had a disthsth interest in th8 £1 Orthnary Shrn ofth8 cryny. The tni8lee8 (wtrKI are also ol Ihe chaii18bl& ccryany for the pwpo88s of Company Iwl are responsible for prwNJ the trt¢lee5' wffiual rewi and the fmancial slaemerts in Kcorfance *ilh applThble faw and Unted Accounts￿ Slandallls (United lfjngd(xn Genwalty Acc A¢c¢untry Praclice). C¢ryary law requres the truslee5 to prepare fin￿￿1 stslmnts for each fmancial )*ar that gi4e a In* flir ￿ of the stste of falm of the chwitth c￿Bry of the mC￿ning resOU￿e$ and applicatic￿ ol res￿￿￿$. uKludty the inc(￿ expethre. of the char*atAe ccryany lor thal ObseFve the rrth¢*Js and pr1r*i￿3 in Ihe Clwilies SORP Makeludgements arnl estwrntes that are rnasonable pru(Iw* Sl*e whether appkcable UK Actountilg Stand*ds statem8nts of recorrffiended praclice ha¥e been I￿lOW￿l. subJe¢lto any material departures disck)sed e>plained in the financial curw at any the finarKia PoS￿￿n of ¢h**able CoMp￿Y and en*le Ihem to ensure that the fin￿cial stalwts ¥Mth the Cwmes Act 21Mi6. Tlw are * respon$ble safeguarding the assets of the chwftable ¢rynpany and fty takiio reasonable steps fry the prevention and detectkm othw wlarrties. Thelwstees w8 ￿5p(￿1b￿frXthe rrAinlwwKeaKI integnty ofthe ccYporatew¢finaTh)al infomKqlion inC￿ded on tho ¢harlat48 c(w's websile. Legi81alion in the Unled Kir￿￿ gtrrfeming the preparation oThd of sworr￿¢S may from lag￿all￿ in Otherjurisd￿lIOn& Tru8t•u' Rèport To th• m•mb•r• of th• BFWG Charltsblo Foundatlon For lh• year •nd•d 31 D•camb•r 2020 Th& tr￿￿•$ havo no benef￿01 Inleresl In the eharfly. 8tst•m•nt •8 lo . In our oplnlon, the thgncial 8tatwnent8'. and fair vlow ofthe 8tat• ol the Charity's thlr8 •8 al 31 DO￿n￿oI 2020 8nd ol li4 inwn and 8xp8ndilur• for the year then ended,. .hwe baan property prep8red In accordonce ￿1h Unrted Klngdom G•Mrally A¢c¢ptsd Ac¢wnllr •hw• been propar•d in accordanc• wilh the req￿l•man¢8 Of th• C*)rnpanle8 Act 2006. 8Ml• for oplnlort W• conducted our audit in Kcordance with Inlernatlon41 Standards on Auditing (UK) IISAS (UK)) and applic8bh law. Our rn$ponsibiliti?s under thom $landards are further d&$cfibed in tho Audil0rf8 fe8p¢nslbllitie8 for the oudrt of the financial slalemenls 8•¢tion ofour Teport. INe are independgnl ol Ih? Charlty In accordan￿ wllh the elhul requlremenlj Ih•l •r• relevanl to our aLtdrt of the finan¢ial $t•lements In the UK, Includlng Ihe FRC'S Elhlcal St8ndarn and. axcepl lo the exlonl olherwlse expltilty stated i) our report. we do not express any fomi ol as8uranc• con¢lu$ion thereon. In connedlon wllh ouraudkofthe flnanclal 8tatemen18. our responslblllty Is to read the olher InfaThation and. in doin9 $0, conslder whether the olher infomialion 19 m8lerialty inconsislenl vilh the financial statements or our knowledgo obtalned in Ihe audil or olherwlse appears lo be malerialty mis8laled. If we tdentfy su¢h malerial inconsistencies or apparent material mi551atem8nts. we affj r¢quired lo detemiine whether thoro is a malerial misslatemenl wi th• financial slalemenl$ or a material misstaleTh*nt oftheother infomi8lion. If. based on Ihewcffkwe have perfomed. weconclude that there 18 a material mwtatemenl of this other infomalion. we are ￿qll￿d to report thal f*. BFWG Charltable Foundatlon Ua FfWG- Funds for Women Graduates Independent Auditor'8 Report To The MembeT5 of BFWG Ch2rit2ble Foundatlon We havé nothing to roport in thi$ regard. OplnloTh6 on oth•r mattorn prn8crlI￿d by th• Companlw A¢t 2006 In our opinion, based on the work uThJertaken in tho ¢OUfse of the audl" •the infomiallon given in the trustees, ffjport {inc(YWiThJ the directors. reM) tho financial year lor wh￿h the financlal Statements are prepared is cfy)sislent wilh Iho financial slatements.. and •the ITuslees' report (into￿1n9 the d1￿Clo(5, report) hove been prep¥•d in accordance wil applicable legal ￿Uir0m￿ts. Mthv8 on whkh ￿ ar• requlr•d to Mport by •xcoptlon In the I'ghl of tho knowlodge and understanding of the Charity and its environment obtsined in the course ol thè audit, we have not idontrf*d material misstatements in the Tnjsloos, Annual Report. We have nothing to report in respect of the following matlers in relation to which the Companies Act 2008 requires us lo report to you If. in our opinion.. 48dequale acc4Juntiry records have not been kept or retums for audit have not been ceived from branches not Msited by us.. .Ih8 financial stalemenls ￿ nol in •Jro8m*rt with th8 accounting records and returns: •certain (*sC1￿ur¢s of trust88s' romuneralion specffied by law are not made; or ¥e have not djtained all Ihe infomiation and explanations nee•ss8ry forthe purposes af our audit R•8pon•lbllftl# of th• tru•tM8 As explained more fully in tho tNslees' responslbilitles statement sel out on page 5. the trustees are responslblg f¢r the preparation of the financ￿1 Slatements and for being satisfied that they give ? truo arKI fair view, and for 8uch intemal control as they determine18 necessary lo enable the preparation of financial slatements Ihat aR free from material mi5$talemenl. whether due lo fraud or effcrf. In preparing the financial slatements, the Irustees are responsible for assessing the Charity'$ ability to continuo as a goin9 ¢on¢em. dixlosing. as applicable. matters related lo going concern and using tho ng ¢oncem basis of aw)unling unless the trustees ether itend lo liquidate the Charity (Y to cease operations, or have no realist￿ attematNe but to do so. Our r••pon•lblllUa8 forth• audlt of tho flnanclal 8tatomeTrts Our objective¥ are lo obtain reasonable o$$urance aboul whether the financial $18temenls as a whole are free from fflaterial mis81atemenl, whether dua to fraud or error, and to issue an auditorfs ffjport Ihat i)cludes our opinDn. Reasonable a55urance is a high level of assurance bui is nol a guarantee that an audit conducted wi accordance with ISAS (UK) Y￿1[ alrtays dde¢t a malarial misstalement when il exists. I￿5statements can arise from fraud or ernr and are considered material rf. indNidualty or in the aggregate. they could reasonabty be expected to inffluence the economic d8¢ision$ of users taken on the basis of these financial $tal8ments. Irregularitles. inthding tral￿. are instances of non4ompllance with and regulalion5. We desYJn prccedures in line with our responsibilsties, oullined above. lo detect material rnis5Lqtements in respect of irregulariies. ir¢cluding fraud. The exient lo whith our prt)eedures we c8p8bl8 of dalecting irregularities. including fraud is detailed belchv: BFWG Charltable Foundatlon FIWG- Funds for Women GradMAtes Independent Ret To The Members of BFWG CharAtable Found•llon PerfomNng icwmal enty testi)g to ascertain any large c* anounts. Checking l there are ￿ signrfrwrt tr8nsa¢lKM. wlKh are out of the 8c¢)pe of the nonY*l OperatA￿ ￿rE$s. A further doscrptscfi of re$￿ibIl￿ ts the audit of the finwmxal sl*8ff￿)ts is kKaled on the Financial Reporbng CowKifs IvfwW.frc.￿.￿￿Jd*Q￿￿¥ms￿i1rtiesj. descripti￿1 forn￿ part of our auditorfs (epc*l. TIMS report b made sol*y lo the C￿S ft￿. as a b¢*, ¥1 accordance with Chapter 3 of Part 16 01 the Companies Act 2CTh. Our wdit work has been undertaken so that we mi9hl $late 10 the member5 Ihose matters * are required to slate to tt*m in an audit(¢s rer•Jt and for no other Jrpose. To fvllesl extent pemiitted by law. we do rKrt assumg r8sponsibilty to anyone er than the Charity's as a boty. ICK Th5r 8￿rt vrtxk. for tIMs rfjp￿I. or for Ihe opiTh(Th we for and (In boh￿•1 Qold*ln• Lknlt•d Chartor•d Accounlxnts 76 Maygrnv• Road London NW6 2EG 15 June 2021 BFWG CIMrflabl• Foundatlon 8tat•fflont of Ikw￿la1 acllvld85 (incorporating an income and expenditure accounl) For th• year •nd•d 31 ￿¢8mber 2020 2020 Unrnstricted 2019 Total T¢)tal Oonalions and lega¢ro9 Charitable adivitses.. Grant adrninistrati(￿ fees Invethenl incwa Other ¥K¢Jn 4.201 172.399 171399 4.500 218.534 Total Ineom• 176.664 176,6q4 223.098 Cost of raising funds.. Investment manag￿￿nI cc*ts Chaiitable activlli￿.' Grant thvards 45.762 46,969 296,209 29J.983 Tol•l axp•ndlthrn 341.971 341.971 337.952 on Inv••kn•nl• (165.30n v66A07) (114.854) Net gain￿(lo$S83) on in¥wlrn 265.543 260.043 265.543 891.449 891.449 100238 100,236 776,595 Tra)sfars belythn furKIs Il•1 Inconrfoxpondlbjrn) oth•r 100236 100.236 776.595 R•con¢lllallon of fund•: Total fi￿d8 brought fiyw¥d 8.293,$44 ￿044 7.516.949 8.393.7W ￿71K1 8.293,544 2019 LI47.￿1 1.716 1.718 114 BFWG Charltabl• Found For th• y•ar 31 D•wnbor 2020 2020 2019 2019 N•t ¢a8h pTovld•d tyl (w•d kn) opwthg 15 (336,073) (321.1131 Inleresv rertl dmdends from WNegtm Salel Ipurchasel of r￿ed assets Salel Ipurchasal of investm& 172.399 218.534 40.475 (3.9791 212.874 214.555 (123.199) 11C6.5S81 Cash and ash ￿mIents at bown¥wJ ￿the ye Change in cagh and cash equivaents thbe to exdw ralo nThements 268.953 375,511 Cuh and •qulvd•nts atth• •nd of th•y•w 11 145.754 268,953 12 Nol•• to th• fin￿¢141 •lat•m•nts •} 8•11¥ ￿ pr4￿￿110￿ The finanaal $lat•Ments boen y•p•r•d in tArylh Ac£wntin9 ty Ch•it*4: Staknlenl ol A0￿m￿nded Pracbc¢ a￿1¢8t4¢ to c￿r￿S wwarirwj tsr 8rxwts in a(urfdaKa wth the FinanLial Rewlwig Stand8rd appllcablg In the UK w*J R•pth ol IrfjlwKI (FRS 102 - 1 J*wJwy 20151 . (c￿rI1*S SORP FRS 102) and thè Csynp8nkx Act 2CIA. Th• C￿￿bI& ¢m￿nY mo0ts th• ¢knfnOon of • b￿11 •itity FRS 102. As*•t• l•bilitits am inibalty b) Qalw e•ncarn Tho truit•M c(mhJ•r that thorn •ro nts malwiaf wK4rtalnti•s abo￿ d￿n*jI0 cownyb 8bdty to c¢nthnu& os o othno o)Mim. Th• do not Ihol •ry SOU￿ ol esknatil￿ un￿1*.nty •t rnportir4J data thal haw ¢) th￿0￿• Inccrfne from qovwnrn•nl ¢thr w*its. wl*lh•r 'c•wt•l' g￿14 or gTWrt& Li r•uJgnNed *then the tharty h8$ •ntW•m•nl to tm p•rfum•nc• allaol•d 10 haw IM•n m•1, tt that lh• Incun• wll b8 and th• om+Jml w b• m••xnd r•lwbty aTra ￿ not def•rT*J. rOc•￿d kn *j￿C• fvr lh• pT0viiic￿ ol ip•clfi•d For l•g•(iN. •ntilJeThnt b 18ken M tho ol lh• ¢Jth on •tt•r. ch¥ty li w•r• Ih•t ￿0b•1¢ h•$ b•en gr•nled, 8stst• h•• be•n bwn mod• by ex￿$) to th• charity th•t a distiilth.on t• mad•. or Ython o diitsibution 18 r•c•hfjd Iram •s1ot•. R•c*l ol • 11980, In prt o cthMhla(•d probat4• wI￿n th• omounl can t• m••wr•d rnll•W w*a ¢h8ity h•$ b••n nobfiod ol ￿ èx4¢￿.$ lrt•tx￿n lo m*• • diilribu￿.on. leg•thg b••n notifi•d to I￿ chty. or im ra a*ar• ol IM gm11￿ of probat•. r￿j th• uil•na fvr In￿JMe f•C(vn￿On h•w not ff*L ihe logw li • ctylrg•rt u••1 WKI matswwl. • 0¢n￿on• of Alft•, ••Trle•• •nd l•elllll•• pfolessbjn￿ aerne•J ond focthj w• r•cDTA••d a8 kKom• fhth•n th• c￿riY hts control o¥*r lh• or r•c•lv•J fv ￿￿¢•. 088odaled wth dorbatk*) ha¥* ￿en moL fv rec*t ol bonofit Irom Ihe use by th• ¢hwity ol lh• it•m i• probabl• and Ihal •Con￿￿ twwfil can b• m•asurnd r•W. kn aCc4Xda￿• wih th• Chari￿¥ SORP IFRS 102), ￿￿tter fv Li Ml r•cowas•J so th• bij81￿, arrnal r•r•Yt tr Ay)r• Infomutkn tMlrtt*ntributson. On f•cdpC denaknj 9ift8. proftss*ywl dtyTrblod •rn r•winNed on tho basis ol the ￿lue ol the g'ft to Ihtr ty wNc* * thè amwnt lh• olorty hm boon wAEty ￿ p•y 1> obtw w￿C4• ¢Y ol •q￿valent ec¢ncthlc Int￿1 ￿ furKls l*hJ ￿ do￿tt is In(*Aod Wh￿ r￿l¥ab￿ and th• rnnt b• mthJ•ur￿1 r•li1b￿ by th• charity. thrn is nennalty of lh• lftlemt ￿j ty pay•bfe Ihe bjrft. Q F4nd Unre8thrAed •r• rri1gbl8 tg spwKI rm tr•t •ny ol Ihe purpws ol tharity. O•sb3natgd fiJnd$ Un￿￿¢thd fvnd8 01 Ihe th•ity tro trLtyto0s de(yJBd at their to set to use for • 8p8rlfic purpoee. Re8trlctgd fvnds donal￿n5 tho dwr ¥e to be sc4gPsf pgrtolar woas ol thg tharity'$ work or for 8pedl¢ proi•Lts th•ity. g) Ewdlthr• •nd lTr¢wwthVAT Exwdiiur• ￿ (•effjniwd ¢nc* i¥ ¥ l•g•l or b) rra• a payli￿rt lo a th'rd party. rt Is ¢Yol>obfe that tUem8nt wll t4 reouired Ih ol th• obwkn cw b• ftwsw•d r•habty. Exp•nthture is d8Jsif*d urnler 11 lolbmng h•adirw". Costy ol rai￿n9 ol tr•*7 <4)Jts •KI fv Ix¥s15 w¥x¥red ty lh• ch•nt•bl• clyyry in iTrJucing th*d p*J0s to make to C 0$ TAW 8$ Ca)St ol t￿th 8 fiMKlra1s¥￿ pu￿>￿e. Exp•nditurn tsn ¢h•ritaL4• acti￿tio8 ￿￿￿1•S ts c<*ts ofmakwty th•it•We donalws. 0￿r exF•n(Iiurn M￿santS lorns into any oth8r h8a¢*r8. Irreco¥eAAbls VAT Is c* al ¥ the acaw wtrich th• •xpwthrn wa8 Ir￿1[1￿1. -13- BFYIG Charftsbl• Foundailon Nol•• tho flmnclal •tatomonts For th• year and￿ 31 D•combor 2020 1 A¢eourfng Wlcl•• l¢ontl•w•dl h) Alocth d•uppDrt ¢o•ts Support costs are th018 ￿n￿On9 Ih8t assist wwk of t￿ chanty bul do not dir8clty undertake thantsble activAi8s. Support ¢>J5ts include b8¢k offic• fin8ne•. pèr8onn81. payfdl and g0￿man¢* costs whKh 5￿p￿t tho ¢h8i6ty'8 8dMtie¥. The8• costs have botrn allocal8d bets￿n oxl ol rai￿n9 funds oTra ex￿A￿ltura ¢n thoril8bLo ACtMtia$. R•ntsl d)argeB aro ¢horrJed on a stri1g￿ lkne ba81$ ovorlm tami ol Ihg1848•. J) T•nglbh flx•d •s••ts Itom$ ol 8quipmont arg *t8llsed Vrt￿re Iha purch8se •x¢••d$ £1,C(rf). Deprnciallon Is fvaod ai rntey ￿1C￿al￿a to wtha down tho ￿$1 of •ath lo 118 esb'mat¢d residual volu8 ¢)ver ils oxwcted ubeful lile. Tho dgPWt81ion r•1•8 in or• i foll)ws.' FixbJr•s and fltdng• Comlxrfar eqU1wn￿t 1$% U•l•d Inv••lrn•nl• Inv88tmer*ts •r• a lomi of basic ffin•nd91 In8lrum•nl Ind ar• Inillally rwnlsed Ol tronso¢tlon v•lu• #nd ￿bl*qu•nlfy m•alur￿ at thèir lair vaknè as at tha ￿lanc• shmt dal• u8lng Iho dosing quoted Ma￿•t ￿. Any ¢h9nge in lalr v8lue will be r•aNnlwd In th• *t•&Yn•nt offin8ncl•l •cdth•8. 11 D•bto Trod• #nd th•r d•btorn •r• rno)9nffj•¢l *i th• 8•ttknwl •mounl du• •ft•r •ny trad• dLIe4￿1 oll•¥ed. Prep•ymonl¥ arg v•lwl al the rnnt pr•pald n•t o18ny trthde diKounts du•. m) C*•h atknnk and kn h•nd C•th 81 bank and rabh In harrtl Indud•$ cByh •Tra short lonn trdoNy liquid inwth•nt• ￿1th • lhort m•tuity ol thr•• mrfflth• or from ts d•tg of •c4ulittion of opgniw ol th• d•po•ll or slmllar ac¢ount. n) Crndltorn ind pro¥l•lon• Cfvilitors and pthslon5 ore ffjcffjnl••d ￿•r• th• 4*arity has o Ixewnt oblwjation r•Julting frthm A past •¥•nl ihal prOba￿Y sutt in th• trnnsf•r ol fund• lo & Illl￿ paity a￿1 th• arnounl du8 lo Mltle Ihg 0￿194￿0n w b• measured or •Sllm•lod rnlkqbly. Crndrtors pr0viJ￿n$ *r• nomialty rwnimd •1 Ihoir •ettlement •mount aft•r allowlng any ty•J8 di8counl$ du•. o) FJMncl•l In•lJwnth Th• ch&nty onty h88 flnanctal ￿9•19 and Ihwne￿I lisbilthes of a kind that qUa￿ty as baslc ffinarKi81 In8twm•n18. 8a8lc finandgl Instrum•nt$ are initially r•cognlBed al trans9don v•lue and subg•quontty mèasured al Ihelr 8•ttlement valuo with lh• oxc4pYon of bank loam wh*h *rn wbI•qu￿1Y m••iw•d •t *nortiMd cl￿1 UBiThJ th• •ll•cll¥• inl•r•st m•thc¥J. p) P•Mlgn• Th8 Charfty ¢uff•nYy has no p￿110￿ IlabilU•s. li c4nfffii$ Ih•l it 1$ ￿MplyIng ￿th oulo •nrolm•nl p•n•ion f•gula¢K)n. -14- BFWG Charftabl• Foundatl¢)n Nots• to the Ilnanclal stat•m•nt• For th• year andad 31 Docombor 2020 2 Ine(An•fr•m donAllon8 and l•gacl•• 2020 UnrestsiGted 2020 2019 Total Gifts aTra dTh)alior 2020 Unrestricted 2019 Total Total Grant odmini8tr8lion fees Other income 4.201 4201 4.500 4.201 4201 4.5ty) T¢thl In￿A•f￿rn ¢harflabl• aGIMII•• 4.201 4,500 2020 Unrnstricted 2019 Total Totsl 8ank Interest Investment Incorne 361 923 172.038 171028 217.611 172.399 ￿399 218,534 Charilable Basis ol allocalion Cost of sing fund$ Gfanl awards 2019 Total Stsff costs Direct Costs Support costs Investment management costs Governance costs DirB¢l Direct Direct Direct Direct 21,238 257,685 1.207 330 23,573 245.942 2,687 46.969 18.781 45.762 762 1*079 16,079 Total •xp•ndltur• 8.209 341.971 337.962 BFWG Charitabl¢ Foundation h•J no r05trirtfd axpendilure in 2020 (2019.. nill. Grnnts awarded are only for indiwduals for the purpose of the charty's ol'ects. Inveslmont management rMts Comprisè ol fund ￿￿nagement fees of£45.762. -15- &TW6 Cl￿bI9 FO￿￿￿U0￿ NO￿ to 1hfin￿¢I￿l •tAtwn• Forth•y••r •ffdgd 31 Decamb•r2112• 2018 4.1)OQ o)*w•r•••lc4kx&" 201• 21sn 2J.SY ThetathY&iwty••tsAr￿ I>J1•'. ENill. Th• Aut other bOr￿￿tr •MrAtrwnkni th• Ml ￿tI20%9". tnll Théy ¥J*M mmb￿a*d exp￿￿￿£2)4 th•y•w(201tr. £1,404). pWwr￿1rQrp￿leww or4)thgr#Ai¢41 wpF4*dll thg ¢hw5ty(2419.' Énjl. 19 Wp. 8.147.361 .147.361 .147J 7.251,933 2.292, dthMat02&1 m•thI￿1￿ ￿￿O￿nd clthvyqw 1.147.J81 Nol•Jloth•flnAn¢ld •lawm• Forth• y•r•nd•d 31 Do¢•mknr2020 201• 2019 121.IVI 118.165 $14 4.404 124.447 .372.429 21.3$1 N•1••••*b•tts￿dIrth•¥4 Iuwyqor lo￿￿ Tr4ml•rn th•y•er 8293.$14 178.664 76.428 710.59$ 11711W 121•.$341 PIW¥l 1•91.4491 {Inty¢•SeYrftyY￿1•￿¢JeD 1 13001 Forth•y•ar•ftd•d 310othnbor2•20 At C•th *È•nkv* hbhw {1YJ.19•> 145.754