BFWG Charitable Foundation (A Limited Company) Trading as FfWG - Funds for Women Graduates Company No. 206171 Charrty No. 312903 Report and financial ststements For the year ended 31 December 2021 BFWG Charitsble Foundation Report and financial statements For the year ended 31 December 2021 Contents Page Reference and administrative Information Trustees, annual roport Independent audltor8' report Statement of financlal actlvitles (incorporating an income and expenditure account) Balance sheet 10 ststement of cash flows Notes to the financial statsm•nts 12-17 BFWG Charitsble Foundation Reference and administrative infornlation For the year ended 31 December 2021 Tru8tO8S: Mr J. Beardmore. Bsc. FIA Professor J. Hart. BSC. PhD Ms A Alshawaf. BDS 1986. FDSRCS. MFGDP Dr J Aston, PhD Professor C. Carr, DPhil Ms Jasmii Kaur Phull. JP.. Bsc.. BMS Mrs &A Sherriff. BA (Hons) Mr W.S. Tulty, MA, ACA Dr R. Unsworth M& PhD Ms A. Videon LLB (Honsl. 8.Ec Resyned 31 July 2021 Apwnted 1 August 2021 Apw'nted 1 August 2021 Reswjned 31 Juty 2021 Company S•er•tary: Salty Oowell FCCA Company number: Charlty numb•r: 21%171 312903 R•gl•t•r•d offlce: 57 Alma Road Leeds LS6 2AH AudltQT•: Gokhvins Limited 75 Maygrove Road Il*st Hampstead London NI1￿ 2EG B•nk•rn: HSBC Bank PLC 21 H￿h Streei Storringlon PUlttrf0￿h st Sussex RH20 4DR Fund ￿￿19?￿. Rathbone Investmenl Managemenl 8 Finsbury Circus London EC2M 7AZ Trustees, Report To the members of the BFWG Charitable Foundation For the year ended 31 December 2021 The trustees, who are also di￿¢10r$ uThJer company law. present tt)eir report and financial stalemonts for the year ended 31 Decemb8r 2021. The trustees confimi that the financial staleff*nts compty wilh current statutory raquirements, the mèmorandum and arttcles of assocN?tion and the Statement ol Recormiended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their a￿OUnts in xcordance with FRS 102. Objectives and activities Purw•8 and •lm• The objects for whth the charity was established. and whth are stated in Ils Menw)randum, are.. Th8 advanc8m8nt of 8ducatth and Ihe prn710tth ol hwhor education and wKl8r16aming of women gr8duate& The aim of the Charitable Foundatlon is to help woffon graduates realise ttrftir academic ambilb)ns of higher educalion by awarding grants to help wth living expenses whilst they Pufsue th￿r studies. Successful applicants are those who meet Ihe ststed uileria and for whom the charity has sufficient funds. The Cfileria include eSIa￿￿h1n9 tha proven needs ol the applKants and Iheir academ￿ calibre. Publlc b•n•fft The chantsble purpose of the charitab￿ Foundation is the advancement of education. The benefft offered by the chanty is a financial one and is to help wrth maintenance costs whllsl the recipient is studying Women from anywhere in the worfd may aptyy to the charity forfinancial assistance provlded they a￿ studying in Great Bntain. The trustees have complied wlth the duty in $.17 of the Charities Act 2011 to have due regard to guidance F￿bliShed by the Charity Comffission. Grant maklng The charity makes grants to indNiduah. A gFant ts awarded as a ry)ntribution towards INing expenses to postgraduate women engaged in studies at appmved institutA)ns in Great Britaln. The charity's main foundation grants a￿ made for the academic year to ￿ whilst the emergerTrcy grants are lo help those who face unforeseen finawal diffi¢uRies in the current academic year. Theodora Bosanquet Bursaries are offered annualty to women graduates whose research in history or English literature requires a short residen￿ in London in the summer. One fellowship. the Ftvi Fellowship, is offered via Graduate Women Intemational {GWI} on a triennial basis. Trusts•s' Report To the memb•rs of the BFWG Charitable Foundation For the year ond•d 31 December 2021 The criteria for awarding grants are the proven needs of the appl￿￿ and their academic calibre. The amount of money available for grants is limited so not all qualfying appli￿nts can ieceive a grant. Achlevements and perfomianee The charity has continued to support women graduates who seek to advance their educatton and lo proThKJte higher education and wKler kaming. Applications for financial assistance come from woman from all over the world aThl from different backgrounds. Thelr need for finanaal supp(xt ranges from serious famlty madlcal problems, abuse, parents not able to continue with supp)rt and polit￿1 pressures - the list is varied and long. The delemiination ol these women to cOmp￿te their PhDs is exemplary and inspirin9. The charity is proud to hava been abl? to support the women by awarding granls to help wth their Maintenan￿ costs. Govemors have been extreffety concerned of the effect of the Covhd pandemic on the economic clrcumstances of many women Fw)sigraduates arvj their a￿"Ity to complete their studies on a timely basis. In response, the Board approved one•off increases lo the grants budgels lo provKle additional 8UPPOrt to women whose income and studies had teen affected by the Covid pandemic. The total value of the m8in grants awarded in the year was £185, 190 12020.. £183.1201 and the total value ol the emargarw grants w88 £94,200 {2020.' £74,565). CumulatNe grants awarded during the charrty's exlslence n(yw exceed £4.500.000. Cktrng tho year, th8 chwity received 158 applications for main grants and made 40 awards. It recer￿1 174 wilKalions ts ernergency grants and awarded grants to 41 women. In'nomwl, years, t4¥0 The(#Jora Bosanquet Bursari8s are awwded to women whose research in hlstory or English Ilterature requir8s a short re5trJence in London in the summer. Three were awarded in 2021 with a total value of £4.200. one had been hehj over from 2020. During the year Govemors changed the way these bursaries were offered. Instead of paying direcuy for the students. accommodation, the bursaries are now awwded as grants to enable Ihe studenl lo find thenwlves the most appropriate accommodation. In addivon to the grants described above the F￿￿ Fell￿h1p Ikyeviously known as tr¢e Crosby Hall Fellowship) is managed by Gradu*e Vknm?n Intemational and sponsored by the chanty. The Feltowship is nomwlly lriennial wrth a value of £6.000. It was last offered in 2019 to mark the centenary of Graduate won￿ Internat￿nal. The next Felk)wship wiu be awarded in 2022. Each year at the February Board the Truslees detenrine the kvel of grants awarded based on tha Grant POI￿y. In a nompl ye8r grant levels increase in Ime with CPI. The quantum of fvnds available to distribute as grants in any year is detemiined by a combination of income generated by the portfolm) as well as the cushion of cap5tal gains rnade on investments. Flnanclal revlaw Th8 charity's expendbture exceeded iTh>)n* by £181.058 (2020: £165.3071 before a gain of£1.079,144 Yrustees, Report To the members ofthe BFWG Charitable Foundation For the year ended 31 December 2021 on investment 12020 a 9an of £265,543). The chanty's main source of incory* is income from investments; this inevitabty ￿￿tUate5 as the market fluctuates. The trustees monitor pothl perlormance closety and ensu￿ that the or9anisation has adequate cash reserves to c£)ver any short- term deficrt wrthout jeopardising the ca&Nlal base. As a ￿$utt. the excess of expenditure over income for the year was predicted and managed effectwely. Reserve8 poIIcy The chanty last rev￿ its ￿serveS policy in 2019. As a result, it is the policy of the charity to hold fvnds, all ofwhich are un￿st￿"GIed, at a level that is adequate to, at loast maintain the level of its awards in ￿al terms and to cover manageff*nl. adnwnistrative and SUFWrt costs for a onevtfrtwear period. Inasmuch as the all¢xation of lunds de￿￿S on the financial poly of Ihe charlty it is inyortant that sufficient fiexibility be incorporated inlo any grants allocation tM)licy so that the board of trustees can rext appropriately according to the financial circumstan￿. This enables Cufrent activrti88 to cijnlinuo In th6 short term should investrrtent Income drop significanty. The trustees were able to mointain tho desired level of reseThes during the year under review. Prlnclpal rfBk• and un¢ertalntlo• The trustees have assessed the major strateg￿, business operational rlsks to whkh the charty18 exposed and are satisfied that systems are in place to minini8e the effects of such risks. Plans for the luture The charity is developing its systems infrastructure to improve the granlapplrAtion Vc￿$9. The chadty elms lo grow its capital base so that wonxn graduates rffeive financial ￿￿1p nthv and in the fvtura. Structure, governance and management BF￿￿ Charitable Foundation 1$ 8 company limbted by sha￿5 and a registered charity. It Ss govemed by memorandum and arb'cles of assoctalw)n last updated in 2018. The board of Irusteas makes the final decision on all matters 1xx￿mIng the activiiies ofthe charity. The g￿nts committee assists the board of trustees in making recommendatK>ns for ￿[dIng grants. The trustees usualty meet four times a year lo consider recommendations for the awarding of grants, to review finarKial activities and other matters that arise. The day4Trday •Jministration of grants Is delegated lo the grants administrator. Appolnlment of tr￿tee• A govemor is elected for a temi of three years from the first day of August following hislher election. A governor may subsequenly, whether before or after the expiration of that tem. be rfrelected for further term of three years after whth helshe shall be ineligible for re-e*tion until years have elapsed from Ihe eXpIra￿n of the latter temi. Addriionalty, at the specfft request of the Brili%h Tru8taO8' Report To th• Mam￿rn of the BFWG Charltable Foundatlon For tho y￿r •nded 31 December 2021 Federation of W¢ynen Graduales18FKGI the chaim￿n can remain a goverrK)r for up to an additional three years. No petson b¥ eligible lo be a g¢)vernor who has nol been prevKJu$ly approved in this behaff by the charity's parent company, BF￿6, by wnting under the hand of the Chaimian of Its Executive. The board of trustees includes the Presthnl of the BFWG and Ihe BFV*G representalNe durm9 their fespethe per￿S of offKe as such. TN8t•o Inducllon •nd tr￿nIng On election, eaeh Iruslee has an induclK)n pack that gives details of the Charitable Foundation sueh as its background. organisat￿nal sIr￿lUre. finarKial resources. obieclwes and adiwties. R•lat•d p•rtl•• and v•lAttonshlp• vAth oth•r ory•nlBotlons The Chafilable FoUndat￿n is a wholly ￿ne0 subsidiary ol thè 8FWG. Several of the W0￿￿n Iruslegs ar6 membef8 of the charrty's parent company. the BFWIE. The BFWG has the p(pwer lo appoinl of r¢move any Iruslee. Al the date of the Balance Sheet. Iruslee a diKlosable inleresl in the £1 Ordinary Shares of the ccrfnpany. 8lakn•nt of r•¥pon•lbllltl•• of th• InMt•8• The tru$l¢es (who are also directly$ of the charrta>le cryny for the purpcws ol company lawl are fesponsible fot preparing the Iruslees. annual report and the financial statements in accordance wrth applicable law and Unrted Kingdom Accounting Standards Iunitgd Kingdom Generalty Accepted AccoLsnling Pract￿e). Company law requires the Iruslees to prepare finar￿Val slalements lor exh finan¢i•l yoar Ihal give true and fair view of the slate of affaits of the Charrtab￿ company and ol the Incoming resources and plication ol resOU￿e$, including the and expendrture. of the Charitab￿ company for that period. In preparing these financial slalements. Ihe Iruslees are required to". Select suitable accounting pjliues and then appty them consistent Observe the methc*Js and principles in the Chorrtes SORP Make judgements and estimates Ihal are reasonable and prudent Slate whether appluble UK Ac￿ntIng Standards and stalemenls of recommended praclKg have been folhMd. subpct lo any malerial departures discbsed and explained in the financial slalemen15 Prepare the financi81 statements on the going concern basis unless it is inapproprialg to presume that the chanty will continue in operatbjn The trustees are responsible for kwing proper ¥counling records that disc105e wrth reawiable accuracy al any time the financial position of the Charrtab￿ company and enab￿ them to ensure that the financial ststemenls compty wrth the cO￿nI¢S Act 2006. They are also responsib￿ lor safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detectKJn of fraLKI and other irregularrties. TruJte•s' R•port To the members of the BFWG Charitable Foundation For the year ended 31 Docembw 2021 The trustees are responsible for the maintenance and Iiilegftty oflhe corporate and financ￿1 informalK)n included on the charilable company's websrte. Legislation In the United Kingdom governing the preparation and dissemination of financial statements may dffter from legislation in otherjurisdiclKJns. The trustees have no benef￿￿1 inlerest in charity Iri so far as the trustees are aware". There is M relevant akndit Inf￿11￿10n of ¥￿ich the charitable company's auditors are unaware", and The Iruslees have taken all Sieps that they ought lo have taken lo make themselves aware of any Televalll audit InfOnnat￿ft and to estabjish Ihal the auditors are aware of that infom)alion. Audltorn Gold￿n$ Limited were Te-appoinled as the audrtors of the charitable company during the year as Ihe ult of an invitat•Jn to quote prccess. They have expressed their willingness to continue in that pxty. The trustees, annual report was approved by the trustees on Tuesday 31 May 2022 and signed on their behalf by: Tul 7h IP2z BFWG Charltable FoundailTrn tla FfWG - Funds for Women Graduales Independent Auditor*g Report To The Membcrs of BFWG Charitablc Foundgtliin Oplnlon We have audited the financial slalemenls of BFWG Charitable Foundation for the year ended 31 December 2021 which comprise the Statement of Financial Activities. the Balance Sheet. slalemenl of cash flows and notes lo the financial statements, including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Aecounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard 8pplicabte in the UK and Republic of Ireland (Unsted Kingdom Generally Accepted Accounting Pr8di¢g1. In our opinion, the financial stslements.. 'give a Iru8 and fair view of the slate ol the Charity's aflairs as at 31 December 2021 and of ils income and expendituro for the year then endeo., .have been propoTly prepared in accordance wrth Unrted Kingdom Generally Accepted Accounting Practice.. .h8ve been prepared in accord8n¢o wrth the requirements of the Companies Act 2006. Basls for oplThlon We conducted our audit in accordance wilh International Standafds on Auditing IUKI IISAS {UKII and applicable law. Our résponsibilities under those slandards are lurther described in the Auditor's responsibilities for Ihe audit of the financial statements soclion of our report. We are indepgndenl ol the Charity in accordance with the ethical requirements that are rglevanl lo our audil of the financial 8tatemenls in the UK, including th$ FRC'S Ethical Standard and we have fulfilled our other ethical responsibllilie5 in accordance with these requirements. Wa believe that the audit evK1ence we have obtalned 18 sufficient and appropriate to provide a ba$1$ for our opinion. Concly$lon¥ rnlatlng to golng concern In audillng the financial slalemanls, we have concluded that the direcloT'S use of the going ¢on¢ein ba818 of accounting in the p￿paratiOn of the financial $talemen18 is approprialg. Based on the work we have performed. w6 have not identified any malgrial uncertainties rsl•ling lo events or conditions Ihgt, individually or collectively. may c8$1 slgnificanl doubl on the charrty's abilrty to wnlinue as a golng concem for a period of al least months from wh&n the financial slalemenls 8re aulhorisgd for issue. Our re8pon8ibllllle8 and the re8ponsibi1rt1o8 ol the directors with iespecl to going concern are d88¢ribed In the relevant section5 of this report. Oth•r Inforniallon Th8 Ini8lees are responsible for the other information. The other infomialion comprises the information Included in the annual report other than the financial slalements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the oxtenl otherwise explicitly stated in our report, we do not express any form of assurance coneluslon thereon. In connection with our audit of the financial slalemenl8, our re$ponsibilty is lo read the other infonmalion and. in doing so, consider whether the other information is materially in¢onsistenl wllh the financial slalements or our knowledge obtained in the audit or othe￿iSe appears lo be materially misslaled. If we idenlfy such material inconsistencies or apparent material mi5Statemenls, we are required lo dgtennine whether the￿ 1$ a material mis$lalement in the financial slalemenls or a material misslalefflentofthe other information. If, based on the wo¥k we have performed, we conclude thal there is a material misslalemenl of this other infomiation. we a￿ required lo report that fact. BFWG Charitable Foundation tla FfWG- Funds for Women Grnduates Independent Audltor's Report To The Members of Charitable Foundation We have nothing lo report in this regard. Oplnions on otl)¢r matters prescribed by ti'le Companles Act 2006 In our opinion. based on the work undertaken in the course ofthe audi(.. •lhe information given in the Iruslees, report lincorporaling the directors, report) for the financial year for which the financial slalemenls a￿ prepared is consistent w(th the financial statfjmenls". and .Ihe trustees. report lincorporaling the directors, report) have been p￿pared in accordance wth applicabie legal reqLtiremenls. Matters on which we are required to rgport by exceptlon In the light of the knowledge and understanding of the Charjty and ils environment obtained in the eourse of the audit. we have not identified material mi5slatements in the Trustees, Annual Report. We have nothing to Teport in respect of the following matters in reklion to which the Companies Act 2006 requiles us lo report to you rf. in our opinion.. •adequate accounting records have not been *epl or relums adequate for our audit have not been received from branches not visited by us", •the financial slalemenls are nol in agTeemenl with the accounting records and returns: •certain disclosures of Iruslees, remuneration specrfied by law are not made.. or •we have not obtained all the infomalion and explanations necessary for the Pufposes of our audit. Re$ponslbilities of the tTUStees As explained more fully in the trustees, responsibilities slalement set out on page 5. the trustees are responsible for the preparation of the financial slalemenls and lor being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation of financial statements that are free from malerial misstslemenl, whether due to fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the Charity's ability lo continue as a going concem. dI￿lOSIng, as applicable, matters related to going concern and using the going ¢oncern basis of accounting unless the Iruslees either intend lo liquid81e the Charity or lo Cease operations, Of h8ve no realistic allernalive bul lo do so. Our responsibllities for tho audlt of the financial statèments Ouf objectives are lo obtain reasonable assurance aboLrt whether the financial statements as a who are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditorfs 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 IUKI will a￿ayS detect a material misslatemenl when il exists. isslalemenls can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on Ihe basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstalemenls in respect of irreguLgrilies, including fraud. The extent lo which our procedures are capable of detecting irregularities, i￿luding fraud is detailed below: BFWG Charitable Foundation Ua Fflvc. - Funds for Women Graduates Independent Auditor's Report To Tbe Members of BFWG Chgritablc Foundation Perfming joumal entry testing to ascertain any I￿e or unusual amounts. Checking rf there are any sunifranl tranS￿￿n5. wh￿h are out ot the sccoe of the nomwl operalton of the business. Because of the inherent limbtations of an audit. there is a risk th* we will not dete¢l all Irregularit￿$. including those leading to a material misststement in the financial slaten*nts (K non-ccrfnpliance with regulation. The risk is also gr>ef regarding irregulari(*s ￿Curring due lo fraud r81hef than error. as fraud involves intentional concealment. forgery. Collus￿n, oM￿s1on or misrepresentation. A fvrther descr1)ti￿ of cmjr responsijlrtw for the audrt of the financpl stsleThwls 1$ Icc*(l on the Finaneial Reporting Council's ￿bSite at". Iwww.Iic org.ukl3uLlitorsresponsibilrtiesl. This descrplion fonns part of our auditorfs rep)rt. This report is made solety lo the Charity's members. as a body. in accordance with Chapter 3 01 Part ',6 of the Companies Act 2006. Our audrt wcrfk has been undertaken so that we M￿h1 stale to the Charity's members those matters we are required to state lothem in an a￿lI10r.S report and for no olher purpose. To fullest extent pennrtled by law, we do accept or assume responsibilty to anyone other than the Charity's members as a bryly. for wr audit work. for thi8 report. Of for the opinions we have foffl￿d. Anthony Eplon18•nlor Statsrtory Audlor) for and on bghaff of Goldwlns Umltod Slatutory Audltor Charterod Accountants 76 PAaygrove Road Wo¥t Hampstoad London t4W6 2EG 14 June 2022 BFWG Charltable Foundatlon 8tatsment of financlal actlvlties (incorporating an income and expenditure account) For the year ended 31 Dec•m￿r 2021 2021 unrestl￿ted 2020 Total Totsl Incomo from.. Donations and legxies Charitable activities.. Grant adminislralion fees Investment income Othff income 2.535 198.713 4.201 172,399 198,713 Total Incon 201.248 176,664 Expand1￿￿ on: Cost ol raising funds.. Inveslmonl management costs Charrtable activities.. Grant award8 54.332 45.762 327.974 296.209 Total •xpondMur• 382,306 341.971 N•t (oxpwdllur•Wl￿th b•lorn n•t g•ln• I (l¢>•••o) on Inv••tm•nts {181.0581 1181,058) {165.3071 Nel gaIn￿(lO$Se8> on investments Total n•t g￿n￿lD•v8) •)n Inv••tmnts 1.079,144 1.079,144 265,543 265,543 1,079.144 Il•t InConrf•xp•ndl￿rnl for th• y• 898.086 898.1)86 100.236 Transfers b•￿e•n lunds Nat IncomeJ(oxp•ndllurn) bofor• othor Mcognlwl galn8 qnd lo• 898,1)86 898.1)86 1¢X¢.236 R•conclll•Uon of fvnd8: Tolal funds brought forward 8,393,780 8,293,544 Totsl fund• c•rrlgd foThvvd 9.291,866 8,393.780 All ollhe •bove results a￿ derived from conb"nuiwJ xts.vths Th0￿ werg no othef rtrtrJ9nised gains OT bsses othef than th0￿ stated abo￿. Tho attad￿l notes foffn part of Ihesè finaroaj stalwnenls. BFWG Charltable Foundation Balance shaet . As at 31 December 2021 2021 2021 2020 2020 Tangible assets Investments 10 8J67 8,967,564 8.372,429 8.372.429 Debtors Cash al bank and in hand 11 768 1.715 145.754 147,469 460.152 Uabllftlos: Creditors". amounts falling due wiihin one year 12 13i.850 126.118 N•t curr•nt 4$80ts 1 {Ilabllltleg> 324.302 21.351 Total a#¥gts1os8 CUTYent IlabllltiBs 9291.866 8,393.780 Creditors". amounts falling due *tef one ieai Net as8818 excludlng pon¥loTr a$8et i (HablNty> 9291 8.393.780 Defined benefit pension scheme asset l {liabililvl Total not a880ts 1111obllm1o81 9391,866 8.393.780 Funds Share..-apiwi General funds Total unrestncted funds 14 8.393.680 9291 8,393.780 T¢tal funds 9291066 8,393.780 The financial slalements have boen Prepa￿ in accordaiice wlh specrdl provisions for small companies under Part15 of the Companies Act 2006. Approved by the Irust8es on 24 May 2022 and signed on thei behalf by. Jan Hirt 714 J**t 1022 Sam Tulty Tn￿tte CoM￿nY rvgl•tratlon no. 20S171 The attached notes fom part of the finan¢AI sl*ements. BFWG Charltable Foundatlon ststamont of cash fltyw8 For the year ended 31 Docember 2021 2021 2020 2020 Not ca•h provld•d ty l {u••d In) op•rndnq 18 {369,093) 1336.0731 Inte￿$v ￿nv d￿ldendS from investments Salel (purchase) of fixed assets Salel Ipurchasg} of inve$lmenls 198.713 172.399 484.010 40,475 Ca•h pMvld•d trrf l (u••d kn) •cllvl 682,723 212.874 Ch•ng• In ¢a•h •qulval•nts In th• y 313.630 1123,1991 Cash and rA$h equrval8nts at beginning of the year Change Sn cash and cash equivalents due to exchaTrJe rale movements 145.754 268,953 Ca•h Ind ca•h •quIv￿•n18 •tth• •nd ￿th• y••r 459.384 145.754 BFWG Charltablo Foundallon Notss to the financlal 8latoments For the year èndod 31 December 2021 1 A¢eounllng poll¢t •} Ba818 ol Pmparntlon The financial staiernenls have I￿n prèpared in accordance wrth Accountlng and Reporting by Charities." Statement of Recornmendèd Practi￿ appliCat￿e to charities prepanng their accounts in a¢¢tsrdanc￿ with the Finanrial Reporting Standard applicable in the UK 8nd Republ￿ ol Irel8nd IFRS 102 - elfective 1 January 20151- (Chanties SORP FRS 1021 and lh• Compan￿5 Act 2CIJ6 The charitable company meets the definrtion gf a public benefit entity undor FRS 102. A￿ts 8ThJ liabilrties we in￿allY recognised at histori¢al cosi or transaction value un￿sS olheMi$o Stated in Ihe rel•vant a¢￿Un￿n9 policy or not&. b) Golnq cone•rn The Iru$lees consider that ther& are no material un¢ertaintr'es about the chadtsbf• company's abtlity to contlnug 8S • tr)1 concèrn Thg Iru3lee5 do not consKler that there a￿ any sources of eslirnalion uncertainty at tl)8 repO￿ttg date that have svjnificanl risk ol causing a material adiusimtrni 10 the carrying arnounts ol ass8is and Iiabilth"e$ within the next report'rlg period. e) Incorn• Income 15 recognised when the charity has entillefflènt to the funds, 8ny pertsrnan¢e conditions attachod to lh• Incom8 h been met. it is probab￿ th81 th• incom• will bo recèiv￿ and th81 thè ornount can b8 measured rellabty. Incomè Irom go￿rnMent arKI ottt•r grant$, wh&thor '¢3￿101, gr8nl$ or 'revenue' granls. 18 recogni88d wh8n the ch8r+ty ha$ entitlement to the funds, any perf0mian￿ conditions attached to the grants hav8 been mel. It Vd pr¢b8ble that the i￿¢￿[De will be received and the amount can bo moagu￿d r8liabiy and is not def*rrod, Income received in advance foT th• provi8ion of ycifiod seryice Is deferred until the criteria for incom• recognition are rnel. For legacie8. entitlement is taken as th8 earlier ol the dale on whlch either.. t1￿ charfty ￿ awafe th8t prob8t• h88 tthn gront•d, the estate been fin811sed 8nd no11fi￿tIOn has been made by tha executorlsl lo th• ¢harity Ihot 8 di$lributs'on will be mado, ¢f when a distribution is re￿ived Irorn the eslate. Receipt of a leg8¢y. in whole or in part, 16 only congld8red prob8ble when tha arnount c8n b? measured reliably and tha ¢horty has baen notified ol the executor's inl•nts'on to mak• a dIstr+bU￿.0Th. Wher8 legac￿$ have nolifie(J lo the charily. or the charity 1$ awaro ol tho grantin9 01 probat¥, and the ¢rrt•rio l¢r wKom• recognition hove n¢t been mel. then the1gga¢y 1$ a trealad as a conllngent asset and disc1088d il materkql. dl Don•tlon• of gfft•, 8•Th1¢o• *nd ts¢lllU Donated prolessional Services Bnd donated f3tylilio$ Bre r8cognlsed as Incorne when the charity has control over lh* ittm or recèivèd sèNc8. any conditions assocraled wilh the don8tion h8Vo bean mèt, th• rac8lpt ol aconomlc b8nefit from th8 uso by the charily ol Ihe item 15 proboble and Ihal economic b8n8fi1 can be rneasured reliably. In a¢¢ofdan¢• wlth the Ch8ri1ies SORP IFRS 1021, volunta•r lime is not recogniged so refer to Ihe iru8tea8' annual rnport for more Informat￿n about tholf ¢ontdbutbn. On r8CalPt. donated gifts. prof•$sional s•Mc•s and donated facilrti08 or• r•¢ogni$8d on the ba819 of th& valu8 of the 9ift to th• charity which Is the amount the charity would havg beèn willing to pay lo obiain servi￿$ or 18ci1Sties ol •quNalent economlc L*nefil on the open m8rket.' 8 corrésponding amount is then re¢o9nl$ad in exp•nditur8 in th8 period 01 re¢oipt. •) Intsr•8t rK•l¥ablo Interest on lunds held on deposit Is Induded when feceivablg and the arnount can bè me08ured ro11)bly by th8 charity,. this is noTrnalty upon nolif¢atKJn of th8 inlwesl ￿id or pay8bl$ by the bank. fj Fund •ccounllni Unrèstricted funds are available to spend on actiwtie8 that further any ol the purp￿•$ of charity. o•S￿Dat￿￿ hjnds arè UDrestric¢ed lunds ol the ¢harily whi¢h thè trust88s have decided al Ihelr discretson to set aside to Uso for a spedfic purpose. Rastricted lund5 are donationg which the donor has gpe¢ified ar8 io be 501ely u8ed IN partlcul8r araas ol th8 charity's work or fr)r spgcific projects being un¢Jertakèn by the charity. ql Expondltur• and Irrgcovernblo VAT Expenditure is recognised On￿ Ihere is a kg81 or constructive obli98ti¢n lo make a payment to a third paty. it is probable that settkment will be ￿quired and the amounl of obligation can be rneasUr￿ roliably. Expenditure is da¥¥ified undof th8 following ac￿vIty hea¢lings' Costs ol raising funds comws6 01 trading costs and tha costs Iwjrred tiy the Charitab￿ cunpary In Inducing third pa￿￿$ to make voluntary contributions to it. 85 wèll as the ¢osl of any o¢twitias with a fundraising purpose. Expenditure on ¢h8ritablè activrties includes the c05¢s of rnaking charitable donabgn$. Olher èxpèn(Jiture represents those ilems nol falling into any other he8dirwJ. Ir￿COverable VAT is charged as a cost against the atlivity for which the expenditurg was ineurr8d. -13- BFWG Charltablo Foundatlon Not6s to tho flnanclal gtatements For the year ondod 31 DO￿7b0r 2021 l A¢counllng pollclo8 {contlnued h) Alloc•tlon ol •upport CO8ts Support costs aro thosè fvnctsons that assist the work ol the charity but do not directly undertake charIta￿e aciivities. Support Costs indude back office costs. finance, personnel. payroll and goveman¢e costs which support the charity's activities These rKJsts have bean alkncated beNveen cost of raising funds and expenditure on charrtable activites. l} 01￿11￿￿ 1ga8•# Rental charyes are charged on a straight rin8 basis over the temi ol the lease. J) Tanglblè Ilx•d 4880ts Item$ Of equipment are capitalised whefe tha purchase prica exceeds £1,000. Depreaation is provthd at rates cakulated to write down the Cost of •ath asset io ts estimated ￿ld¥81 value over its expected usefvl life. The depreciation rates in Use are as follws.. Fixtures and fittings Ccfflwtsr equipment 15% 33% kl U8t•d Invo8lm•nts Investments ara a fomi of basic financial instrument and afe ini*"ally ￿COgnIstd al I￿1r transaction value and subsequenly rn$a$vred al their fair value as at the balanrè Sheet dale usiro Ihe clogng quoted market price. Any ¢hangg in fair value will be recognised in the statarn8nt ol finanrial actiwties. li Dobto Trade and othèr dgbtors are recognised at thè 5ttt￿rnent amount due after any trad• discount ollèfad. Prep8yrnents are valued al th? ￿OUnt k¥epaNd net ofany trade dIS￿n(S due. fA8h at tn hand Cash 01 bank and cash in han(1 includes cash and short temi hKJhty liquid investments with a short rnatunty ol three month5 or I￿5 from the daia of acqui51bon or opening of th& deposit or similar account. Creditors and provision5 are recognised whew Ihe charity has a present obligation ￿su11￿ng frorn a past event that will probably result in th& transf¢r of fvnds to a third party and the amount du& to Settle the otligation can be measurad or ssbmated reliably. Creditors 8NI PTovisKJns are nomially recognised at Ihèii 5ettlernent amount after allowrng lor any trade discounts due. o) Flngndal In•iTwThonty charity onty has finanoal assets and financial liabilities ol a kind that quality as basic finanaal in51wments. Basic finana81 instrumants arè initsally recognlsod al transaction valu6 and subsequently Measu￿ al their settlement value with thè excepb'on of bank loans which are subsequently measuièd at arnortised cost using thè eff8cttve interesl method. pl Pqn•lon The Charity oJrr8ntly has no pension liabilitvas. It confimis that it 1$ (Yffiptying with auto an¥ollrnent pension regulation. -1 BFWG Charitsble Foundallon Notss to the financlal statements For the year ended 31 December 2021 2 Incomo fvom donatlon• and l•g•GI•s 2021 un￿leted 2020 Total Gifts and donalDns Le9acies 2021 Unreslrictth 2tr21 Total 2020 Grant &Jminislr81ion fees Other income Tolal 2.535 4.201 4,201 Totsl Incom• from charftabl• aellvl 4 Incom• from Inv••lm 2021 Unrestriixed 2021 T•)tal 2020 Total Bank interest Investment inc(Jme 361 172,038 172.399 198,713 198.713 S An•ty8h of oxp•ndftur• Charitable Basis of alIC￿l￿)n raistThJ funds Grant wwards 2020 Total Staff costs Oirecl costs Support costs Investmènt management costs Governance costs Direct Direct Direct Direcl Direct 20,676 283.5 1,558 20,676 21.238 257,685 1.207 45,762 16,079 54.332 22.150 21150 Totsl •xpondltuv• 327,974 341M1 BFWG Charitable FwndatKJn had no ￿tricted expenditure in 2￿21{2020.. nbll. Grants awarded are only for individuals for the purpose of the charity. s objec15. Investment management Costs of fvnd managemenl fees of £52.391. -15- Not•s tothe flnan¢ld $18i•m Fortt var ond•d 31 D•¢•Abw2021 N*IA¢•m•ll•¥•rknlferlhy•or 212 21UJ .372.42• .14T.)SI 511.7QOI 12,872.W)I 8.372.1 BFWG Chwii¥blo Foundaiion Notss totho flllHnd￿ aiatem•nts Forthe y•trend8d 31 0ocomber2021 719 12 WllnB*J•*llNnoMy•Br 121.197 Othercr•dtt A¢crJals 3.774 128.118 13 ATr**l#drtdi•*ioii IpJrA Iw¥rtied TaryNe r￿e￿a&S￿5 6,9S7.S61 1.881 324. I4*t￿￿enio5$e¢S 14 Al Ihe$iBn rer¢urcoi& ie5(u