BFWG Charita le Foun (A Limited Company) Trading as FtWG - Funds for Women Graduates Company No. 206171 Charity No. 312903 Repo fBnanciaB stat or the year en ecember 2022
BFWG Charltable Foundation Report and financial statements For the year ènded 31 December 2022 Contents Page Reference and admlnlstratlve Inforniation Trustees, annual report Indfrpondent audltors, roport Statement of flnanclal actlvltles (incorporating an income and expenditure account) 10 Balanco sheet 11 Statement of ¢ash flows 12 Note8 to the financlal 8talements 13-18
BFWG Charltable Foundatlon Referenco and admlnlstratlv• inforniation For the year ondod 31 D•c•mb•r 2022 Professor J. Hart. BSC. PhD Ms A Ashawaf, BDS 1986. FDSRCS. MFGDP Dr J Aston, PhD Professor C. Caff. DPhil Ms Caroline Graham. MA, LLB Ms Jasmit Kaur Phull. JP.. 8Sc.. BMS Mrs &A Sherrlff. BA (Hons) Mr W.S. Tully. MA, ACA Ms VNleon LLB (Hons}. B.E¢ c0p1ed 1 August 2022 Resh3ned 31 July 2022 Cofflp•ny 8•¢r•tary: Sally Dowdl FCCA Comp•ny numb•r. Charlty numb•r. 206171 312903 R•gt•t•r•d offic•: 57 Ajma RI1 Leeds LS6 Z4H Audltor•: Goldwtns Lirnited 75 Maygrove Road West Hampslead London NW6 2EG B•nk•r•: HSBC Bank PLC 21 High Street Slorringlon PLlborough Wesl Sussex RH20 4DR Fund M•na9•rn: Rathbone Investmenl Management Finsbury Circus London EC2M 7AZ CLA One AThJol Lane London EC4R 3AB
Trustees. Report To the members of the BFWG Charitable Foundation For the year ended 31 Da¢•mber 2022 The trustees, who are also direclors under company law, present their report and financial statements for the year ended 31 December 2022. The tru51ees confimi that the financial slalemenls comply with current statutory requirements. the memorandum and artides of association and the Slatemenl of Recommended Practice - Accounting and Reporting by Charities.. SORP applicable lo charities preparing their accounts in a¢¢ordan¢e FRS 102. Objectives and activities Purposes and alms The objects for which the charity was established, and which are stated in ils Memorandum. a. Th& advancement of educalion and the promotit)n of high&r eduCatn and W&r baming of women graduates. The aim of the Charitable Foundatlon is lo help women gradual8s realise their academic ambitions of higher education by awarding grants lo help with living expenses whilst they pursue their studies. Successful applicants are those who meet the stated criteria and for whom the charity has sufficient funds. The cril&ria include establishing the proven needs of the applicants 8nd their academlc calibre. Publ1¢ beneftt The charitable purpose of the Charitsble Foundation 15 the advancement of education. The benefft offered by the charity is a financial one and 1$ lo help with maintenance costs whilst the recipient is studying. Women from anywhere in the world Thay apply to th8 charity for financial assistsnce provided they are studying in Great Britain. The Iruslees have complied with the duty in $.17 of the Charities Act 2011 to have dLse regard to guidance published by the Charily Commission. Grant maklng The charity makes grants lo individuals. A grant is awarded as a conlribution towards living expenses lo p)slgraduate women engaged in studies at approved in$litulions in Great Britsin. The charity's main foundation grants are made for the academic year to come whilst the emergency grants are to help those v4ho face unforeseen finanGial drfficultles In the current academlc year. Theodora Bosanquet Bursaries are offered annually lo woman graduatès whosg research in hi$lory or English literature requires a short residence in London in the summer. One fellowship, the FtWG Fellowship, is offered via Graduate Women Inlemational IGWI) on a triennial basi& The criteria for awarding grants are the proven needs of the applicants and their a¢ademic ¢8libre. The amunl of mongy available for granis Is limited so not all qualifying applicanEs can receive a grant.
Trustees, Report To tha mombars of th• BFWG Charitable Foundation For tho yaar •ndad 31 D0mber 2022 Achlevement6 and performance The charity has conkn'nued to sup1)rt women graduates who seek lo advance their educatson and to promote higher educatlon and WKler teaming. Applications for financial assistan come from women from all over the world and from different backgrounds. Their need for financial support ranges from serious famity medical problems. abuse. Paftts not able to continue wilh sUppt and pd1114 pressures - the list is varied and long. The determination of these women to coMpte Iheir Phos is exemplary and inspiring. The charity is proud to have been able to support the women by awarding 9fdnts lo help with Iheir MaintenCe costs. Govemors have been extremely concemed ol Ihe effect of Ihe Covid pandemic on the economic rcumstances of many women postgfaduates and their ability to complete their studies on a timely basis. In response, the Board approved a one-off increase to the emergency grants budgel to provide addOnal support to women whose income and sludies had been affected by the Covid pandemic. The totsl value of the main grants awarded in the year was £184.250 (2021: £185.1901 and the total value of the emergency grants was £68.750 {2021.. £94.2001. Cumulative gran15 awarded duriftg the charity's existence now exceed £4.800.000. During the year, the charity rerived 250 applications for main grants and made 38 awards. It recewed 263 apF4icatsons for emergency grants and awarded ants to 31 women. Each year two Theodora Bosanquet Bursaries are awarded to women whose research in history or English lilerature requires a short residence in London in the summer. In 2022 there were no applications to the bur5arie5. $0 the budget was reauocaled to the iwo main grant programmes. In addtthon to th• grants described atrf)ve the FIWG Fellowship (previously knovm as the BFWG Cr05by Hall Fdlowship) is managed by Grathale Women Inlernatwal arKI sponsored by the charrfy. The Fdlowship was awarded to Samantha Newby in 2022. Each year Board the Trustees detemiine the level of grants awarded based on the Grant Policy. In a rmal yeargrant levels inC8$e in line wilh CPI. The quantum ol funds availaue to distribute as grants in any year is d&temined by a coMnatiOn of incorne generated by the portfolio as well as the cushic of capilal gains made on inveslments. As well as the usual grant gNlng in 2022 FfVG recruited a new Grants Administration Officer foHowing the ieliremenl of Jean Collgtt Flatt who had worked for the Charity for 32 years. Noelle Darwent took up her post on 1 August 2022. In line with FtWG's investment pcdicy which require5 that every five years a full review of the management of the investment funds. the 802rd conducted a detailed re4ender in 2022. As a result of this the management ofthe InveSnI Fund is being Iransferred from Rathbones to CCLA. The transfer process will be completed in January 2023. As part of the re-tender the Board cometed a Teview of and updated the charity's Inveslmant Policy.
Trustees, Report To the members of the BFWG Charltabge Foundatlon For the year ended 31 Decembor 2022 Flnanclal revlew The charity's expenditure exceeded income by £144,842 (2021.. £181,058) bgfore a loss of £1.432,309 on investment 12021 a gain of £1,079,144). The charity's main source of income Is income from inveslmenls; this inevitably flucluates as the market fluctuates. The Irusl8es monllor portfollo performance closely and ensure that the organlsallon has adequale ¢ash reseNes lo cover any short- term deficit wilhoul jeopardising the capital base. As a result, Ihe excess ol expenoliture over incom8 for the year was predi¢led and managed efleclively. R•$orve$ pollcy The charity la51 reviewed ils res8rvas policy in 2019. As a Tesull, it is the poli¢y of the charity to hold funds, all of which are unreslricled. al a level that is adequale lo, 81188s1 maintain Ihe level of Ils awards in real terms and lo cover management. adminislrative and support costs fof a On10-tWyaar period. Inasmuch as the allocallon of fvnds depends on the flnancial poliey of the charlly it 1$ Important that sufficient flexibility b8 incorporalad into any grants allocallon policy so that the board of trustees can react appropriately accordlng lo the financi81 circumstances. This enables current activities lo conUnu8 in the short term should investment income drop significantly. The trustees were able lo mainlaln tha desired level ol reserves during Ihe year under revlew. Prlnclpal rt6k• and uncèrtalnll8• Th8 Iruslees have assessed the major slraleglc, buslness and oporalional risks lo which the charity is exposed and are satisfied Ihal systems are in place lo minimise the effects of such risks. Plan8 for th• futur• The charity alms to grow its capital base so that more womon graduates re¢elve flnanclal help ni)w and in the fvlure. Structure, governance and management BFWG Charitable Foundation is a company limrted by shares and 8 registered charty. 11 is govemed by memorandum and arlicles of association last updated in 2018. The board ol Iruslees makes the final decision on all matters concernlng the acllvilles of the charlty. The grants committee assSsls the board of tIU81ees in making recommendatlon8 for awardlng grants. The Iruslees usually meet four times a year to consider recommendations for the awarding of grants. to review the performance of the inveslrnenl managers and financial activities. and other matters that arise. The d8y-10418y adminislralion of grants is deleg81ed to the grants adminislfation officer.
Trustees. Report To the members of the BFWG Charitable Foundation For tho year ended 31 Docembor 2022 Appolnlfflent of trustees A govemor is elected for a tefm of three year5 from the frsl day of Augusl followng hi51her election. A govemor may subsequenlly, vthelher before or after the expiration of Ihal term. be felected for a further tem of three year5 after which helshe shall be indigibie for releCtIon unll Iwo years have elapsed from the expiration of the latter lemi. AddItiOnlY. at the speLufic request of the British Federation of Women Graduales IBFWGI Ihe chair can remain a govemor for up to an additsonal three years. No person 1$ eligible lo be a govemor who has nol been pViOUSlY aroroved in this behalf by the chafity's paranl company. BFWG. by writing under the hand of the Chair of its Executive. The board of trustees includes Ihe Presidenl of the BFWG and the BFWG representative during their respeclive periods of office as such. Trustee Inductlon and tralnlng On election. each trustee has an induction pack that gives details of the CharitalAe Foundation suth as its background, organisational structure, financial resources, objectives and activitie& Relat partles and relatlonshlps vAth other oryanlsallo The Charitsble Foundation is a whdly owned subsidiary of the BFWG. Several of the women trustees are m8mb8rs of tho tharity's parent company. thg BFWG. The BFWG has the power to appoint or remove any trustee. At Ihe dale of the Balance Sheet. no trusiee had a disclosable interest in the £1 Ordlnary Sha$ of the company. Statomonl of rospon8lbllllle8 of the Inlee$ The trustees {who are also directors of the charitable company for the purposes of company lawl are responsible for preparing the Iru$tees' annual re[rt aThY the fina1 statements in accordance wth applicable law and Unrted Kingdom Accounting Standards (Uniled Kmgdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial slalements for each financhql year that oive a twe and fair view of the Stale of affairs of the charitable company and of the Incoming resources and appllcalion of resources. indling the income and expendilure. of the charitable company lor that period. In preparing these financial statemertts. the trustees are required to.. Select suitsble accounting twjicies and then ap them consistently Observe the methsxls and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Aeeounting Standards and statemenls of r8commended praclice have been followed. subj'ect to any material departures disdose(l and exF4ained in the financial slatew*nts Prepare the financial ststements on tho going cOrern basis unless it is inappwiate lo presume thal the charity will continue in operation
Trustees, Report To the members of the BFWG Charitable Foundation For the year ended 31 December 2022 The Iruslees are responsible for keeping proper accounting records that disclose with reasonab accuracy al 21iy liiiie the financial position ol the cliarilaule compaiiy and enable Iliem lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible lor safeguarding 11)e assets of the charitable comp<llly and hence for taking reasonable steps for th& prevention and detection of fraud and other irregularilios. The Iruslees are responsible lor Ihe maintenance and inlegrily of Ihe corporale and financial information iriknluded on the Charilable companys website. Legislation in the United Kingdom governing th8 preparation and dissemination ol linancial slalemenls may differ from legislation in other jurisdiGlions. The Irusleas have no beneficial inlere$l in Ihe c.liarily. Statement as to dlsclosuro to our auditors In so lar as the trustees are aware.. There is no relevant audil inlorm81ion ol which the charitable company's ciudilors are unaware.. end The Iruslees liave taken all steps that ihey ouglil lo hAve taken lo make themselve5 aware of any relgv¢lnl aijdil inlormalion and lo eslabli.%h Ihal the auditors are awgre of Iliat information. Auditors Goldwins Limilod were re-lppoinlgd as the auditors ol thè charilable company during the year. They have expr055ed their willingnoss ID Loiilinue in Ihal capacity. The Iruslees, annu81 report was approvecl by the Irusleeg on 23 May 2023 and Signed on their behalf by Jail Harl Sam Tully Trustee
BFWC Charitable Foundation tla Ffwc. - Funds for Women Cpraduates Independent Auditor's Report To The Members 0( BFWG Charitable Foundation Oplnlon We have audited the financial stslemenls of BFWG Charitable Foundation for the year ende¢J 31 Decembef 2022 which comprise the Statement of Financial Activities. the Balance Sheet, slalemenl of cash fflows and noleg to the financial statements, including a summary of significant accounting poliGies. The financial reporting framework that has been applied in their preparaiion is applica8 law and United Kingdom Accounting Standards, including 1in,IliCl<il RpryoP.inii £1<211rl<?I'd .102: The Financial Reporting Stsndard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: 'give a true and fair view of the sl8le of the Charity's allairs as al 31 December 2022 and of ils income and 8XP8nditure for the year Ihen ended. .have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pradice,. 4hav• been prepared in accordance wth the requirements of the Companies Act 2006. Basis for oplnlon We Conducted our audil in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further dèscrib8d in the Auditorf5 responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit ol the financial statements in tho UK. including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibili118s in accordanco with Ihèso requirements. We b&lièv& that tho audit avidènco wo havo obtalned is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to goln9 concern In auditing the financial slalements. we have concluded that the director's use of the going concern basi$ of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we h8ve not identified any material uncertaints'es relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continu6 as a going concem for a period of al least twelve months from when the finanGial slalements are authorised for issue. Our responsibllities and the responsibilities of the directors with respecl to going concfrrn are described in the relevant sections of Ihls report. other Inforniatlon The trustees are responsible for the other information. The other information comprises the information induded in the annual report other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements doe5 not cover the other infomation and. except lo the extent otheFWiS8 expliciuy staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our resF)onsibility is to read the other information and, in doing so, consider whether the other information is materially inconsi51enl with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misslalements, we are required to delem)ina whether there is a material mi5ststemonl in the financial statements or a material misslatemenl of the other information. If, based on the work we have performed, we conclLtde that there is a material misststement of this other information, we are required lo report that fact.
BFWG Charitable Foundation tla TrtWG - Funds for Women Graduatss Independenl Audltor's Report To'fhe Members of BFWG Charitable Foundation We have nothing lo report in Ihis regard. Oplnions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on thè work underlaken in the course of the audll.. .the information given in the Iruslees. report {Incorporating the directors, report) for the ffinancial year lor which the finan¢lal stalemenls ar8 prepared Is Gonsistenl with the financlal stslements- and .Ihe Iruslees. report (incorporating Ihe directors, report) hav• b•8n prepared In accordance with applicable legal requirements. rdatt&rs on which we are required to report by exceptlon In the light of the knowledge and underslandlng of th8 Charity and Ils environmenl obtained In the course of the audit, we have not Identified mat8r6al rnls$lat6m8nl$ in the Trustees. Annual ReporL We have nothing lo report in Tespecl of the following matters In rel8tlon to which tha Compan1 Acl 2006 requlres u$ lo report lo you If, In our oplnlon: adequate accounting records have not been kept or returns adequate for our audlt have not bean received from branches nol visited by us., •lhe financial slalemenls are not in agreoment wilh the accounllng records and returns; .certain disdosurgs of Iruslaos, ramuneralion specified by law are not mada,. or 8 hav8 not oblain6d all tho inlormalion and 6xplanatlons necessary for thè purpos83 of our audll. R8spon8lblllties of the truslees As explained more fully in the Iruslees, responsibilities statement sel out on page 5. the trustees ara responsible lor the preparation of the financial statements and for being salisfied that Ihay give a true and lair view, and for such internal control as Ihey determine is necessary lo enable the preparatlon of financial slalemenls that are fe from m8terlal mlsslalemenl, whether due lo fraud or error. In preparing the financi81 slalemenls, the Irusloes are responslble for asse881ng the Charlly'8 ablllty to continue as a going concem, di5closlng. as applicable. mallers related lo going concem and using the going concern basss of aCCDunling unless the trustees either inlend lo liquidate the Ch8rily or to ctrasa operations, or have no realistic alleTnalive but lo dts so. Our ro8pon31bililip•& lor the aEidlt of the finar.clal statemenls Our objectives are lo oblain reasonable assurance 8boul whether the financial slalemenls as 8 whole are free Irom material mi5slalomenl. whether due lo fraud or error. and lo issue an auditor's report Ihal Includes our opinion. Reasonable assurance is a high level ol assurance bul is not a guaran16e Ihal an audit conducled in accordance with ISAS (UK) will always delect a m8l&rial misslalementwhen il exists. Misslalemenls 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 decision5 of usèrs taken on the basis of these financial slatements. Irregularities. including frauLI, are instances of non-compliance with laws and regulations. We deslgn procedures in lin8 with OUT responsibilities, outlined above, lo delect material misstalemenls In respect of irregvlarilies, includlng fraud. The exlenl to which our procedures are capable of delecting ifgUlarItIeS. including fraud is detailed below=
BFWC Charitnble Foundation tla Ffwc - Funds for Women Graduates Independent Auditor'5 Report To The Members o( BFWG Charitable Foundalion Perfoming joumal entry lestiThJ to aseertain any large or unusual amounts. Checking if there are any SignifnI transactions. which are oul of the scope of the nomial operatn of the busir$8SS. Because of the inherent limitslions of an audit. Ihere is a tisk that we will not detecl all irregularities. induding those leading lo a material misstatement in the financial statements or nosFcompliance with regulation. The risk is also greater regarding irregularitS occurring due lo fiaud rather than error, as fraud involves intentional concealment. forgery. cdlusion. omission or misrepresenlati)n. A further dewiption of our responsibilili8s for the audit of the financial stalemenis is kjcaled on the FSn8n¢ial Reporting Council's websile al= I,.'w.'4.Irc.o¥g.uk'auOitor<rébSPOi14ibililiesl. This description forms part of our audilorfs r8porL Th1$ rgport Is made solely to the Charity's members, 8S 8 body. in accordanc8 wllh Ck',:15)ier I vf Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Charlty's members those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest exlent pem)itted by law. we do not accepl or assume responsibility to anyone olher than the Charity's members as a body. for wr audlt work. lor this rep)rt. or for Ihe opinions we have formed. Anlhony Epton (8•nlor Statutory Audttor) for and on b•haW of Goldwln• Llmltod statutory Audltor Chart•r•d Accountants 75 Maygrove Road Wo¥Jt Hampst•ad London NW6 2EG 25 May 2023
BFWG Charitable Foundation Statement of financial activltlas (incorporating an income and expenditure account) For the year ended 31 December 2022 2022 urlT 2022 2021 Total Income from: Donations and legacies Charitable activitses.. Grant adminislralion fees Inveslrnent income Total income 19 19 4.710 200,527 205.256 4710 200,527 205,256 2,535 198,713 201,248 E4pondituro on: Cost of raising fund$'. InveslmenL management costs Charitable aclivibes.. Grant awards Total expendlture 52.478 78 54.332 297.620 350.098 297,620 350.098 327,974 382.306 Net (expendltureifincome before net galns 1 {lossos) on invoStm8nts (144,8421 (144842) 1181,058) Nel gainslllosses} on investments Total net gainsl{lossesl on inveslments 1.432.309) 11 A32,309 (1,432.3091 11A31309) 1,079,144 1.079,144 Net IncomellexpendltUTO) for the y (1.577,151 > 11A77.1511 898,086 Transfers belween funds Ngt incomg11gxpendlturo1 bofore Othor recognlsed galns and losses (1.577.151} (1m.151) 898.086 Reconclllatlon of funds: Total funds brought forward 9.291.866 9291.8 8.393.780 Total funds carrled forward 7.714.715 7.714.715 9,291.866 l of the above resulls are derived from continuing actmi There were no Olher recLX)ni8d gains or losses other than Ihose sraled al)ovè. The allached notes forni part of Ihese financ31 stalements.
BFWG Charitsble Foundation Balance sheet As at 31 December 2022 2022 2022 2021 2021 Note Fixed assets: Investments 10 7,364,979 7,364,979 8,967,564 8,967,564 Currgnt as$ots: Debtors Cash al bank and in hand 11 7S2 486.046 486,798 768 459.384 460.152 LSabilltSes: Credilois. amounts f211ing due within one year 12 137,062 135,850 Net current a$5ets 349,736 324,302 Total not a$sots1 {liabllitiesl 7,714.715 9,291,866 Funds Share capital General funds TOL91 unrestricted funds 14 100 7,714,615 100 9,291,766 7,714,715 9,291,866 Total funds 7,714,715 9.291,866 The financial slalenients have been prepared In accordance with the special provisioiis for small companies under Part15 of Ihe Companie5 Act 2006. Approved by the Iruslees on 23 May 2023 and signed on their behalf by. ane Sam Tully Trustee ee Company registratlon no. 206171 The attached notes form part of the financial slalemenls.
BFWG Charftable Foundatlon Statement of cash flows For the year ended 31 December 2022 2022 2022 2021 2021 N•t cash pr¢y4ided by l (used In) 01)oiating actlvltles 15 134L141) (369.093) Cash flows from Investlng actlvltles: Inloresu renu dividends from investments Salel Ipurchasel of investments 198.713 484.010 170276 Cash provlded by I lused In) Investlng aclivlt 370.803 682.723 - Change in cash and cash •qulvalonts In the year 2Q662 313.630 Cash and cash equivalents at Ihe beginning of the year Change in cash and cash equivalents due to exchange rate movements 459.384 145.754 Cash and cash equlval¢nts at the end of the year 16 48046 459.384
BFWG Charltable Foundatlon Notes to the financlal statements For the year ended 31 December 2022 1 kcountlng pollcl ) Ba818 of pr•pArAtlon The financial slalements have been Pfgpared in accordanG9 Wlth fiLUJUlltirig dnd REpurling by Charilies.. Sidlemeiit ol Recommended Practsc8 applicable lo charities preparing their accounts in accordance wrth the Financial R8POrting Standard appll¢abl¥ In tha UK and RepU1C of Ireland IFRS 102 effectiv8 1 January 20151- (Charrties SORP FRS 1021 and the Companies Act 2006. Th& charltable company meets the definlllon ol a wbllc bènefit èrntty undéf FRS 102. Assèts and 15abll1es are Inillally reo)gnlsed at hlslorical cost or transaction value unless otherwis8 slated in the rel8vant accountlng pdlcy or nole. b) Golng Concern The trustees ¢on8ldèr ihat ihere are no materlal UneertabntS about the charflabl& Company s abttlty to contlnue as a goin9 concem. The Iru3tees do not conslder that thèr8 are any Sources ol estlmallon l)nrtaInty at the reportlng date ihal have $ignrficanl risk of causing a malarial adlu5trnent lo the carrying amounts of as5els and liabilities within the next roporting period, 6) InGQm• Incom Is recognlsed when the charlty has •niiilomtnl to the funds, any performance condltions attached to the Income have bean mo1.11 Is probabl8 that tha Incomo wlll b8 received and that the amounl can be measured rellably. Incom8 from 9ovemm8nl and other grants. whethor 'c8pftal' grants or 'revenue' grants, Is recogni8ed when the charfty has •nllVemènl lo the funds. any p&rtorman¢o condillon8 attach8d to the grants hava been met. It Is probable that th8 Incom8 will be ¢lved and the amount can bè mtÈsur&d rellably and 58 not deferred. Income recelvad In advanc8 for the provislon ol SCIfid 88rvlc8 Is deferred unl51 Ihtr crlterla lor Income recognltion are m6t. For ltsgacles, enUilem8nl Is taken as tho gartler of th? dat¢ on whlch tsllher.. the ¢har)ly18 aware Ihal prubale has been granted, the estate has b•8n flnalls•d and nots'fl¢alSon ha5 been made by the execulorlsl to the charfly Ihat a dlslrlbullon wlll be mad•, or when a dIStb(rtlon 5$ rec8lved Irom the 8stst8. Rec8lpl ol a legacy. in whol& or In port. is only conslderèd probabl• whèn th• om¢wnt Can b¢ m•asured rollably and th& chailty has b•en nollfl•d of Ihtr èxaculor's l#t8nlSon lo make a dislrlbullon. Whore legacles hBve been nolSfi&d to Iho ¢hgrity, or the Ghartty is aware ol the granting ol prob8te. and Ihe criteria lor Income recognits'on havè nol been mat. Ihgn Ihe legacy 16 a treated 88 a conlingenl asset and disclosed il Maler1. d) Donthlon• of glft•. •Thlo•• and lacllltl•• Don8led profesBlonal Borvicgs and donat&d lacllltl•$ 8r¥ r•cognl8•d 0$ incom• when lh• tharity h89 control ¢)var thè Itèm or TOC8iVOd the servic8. any ¢ondillons ¥$$ocialgd with the don8lion have been met, Ihe reLeipl of economic benefil from the use by th9 ¢horlty of th& Ilemlg probable and that •conomic benefit can b8 moasur8d reliably. In accordance with tho Ch8ri'es SORP {FRS 1021. volunteor bm8 Is not T8cogni58d so ial8r lo thg trustags, 8nnual report lor mor¥ inlornièlion about theiT ¢ontributlon. On reIpl. donated gifts, profo$9ional seNice$ 8nd don81ed fatylilies are recegnised on the basis ol ihe value ol the gift to the charity whlch is the 8mounl the charity would have been willing lo pay lo obtain s¢rvices or lacililies ol equivalent economic benèfit On th8 open m8rkg1.' a ¢orresponding amo(tnt is then rgcognised in oxpgndilure In the period ol receipt. •) Int•r••t rno•lvAbl• Interest on funds h¢l¢J on deposil is indu¢Jed when receivable and Iho 8mounl c8n be measured reliably by the ch8rily,' Ihls is nomially upon notification of Ihè interest paid or payable by thg bank. Fund accounllnB Unre$trid¢d funds are avail88 to $p8nd on activilies ihai further any ol the purposes ol charity. De$i9ftaled funds are unre51ricted funds ol the charity which the tnjslees have decided al their discretion to sel aside lo use lor a Specific purpose. Restricted funds are donations whi¢h the donor has 8pecified a lo be sdely used lor par1icular a8$ ol the charily's work or lor specific proiect8 being undertaken by the charity. O) Expondltur• and Irr•¢ov•rnbl• VAT Expenditure bs recognised once there is a legal or construcllve obligallon lo make a payment lo a third party, it is probable that $ethgmont will bo requirod and the amount ol the obligation can be measured reliably. EXpendilU is dassified under the fdlowlng aCtlvSty he8ding8'. Co818 of rai8ing lund$ comprisè of trading ¢o$ts and the costs incurred by tho charit8bl8 company in Inducing thlrd p8rt198 to make voluntary contributions lo it. as well as the Cost of any aclivilies with a fundra15ing purpose. ExpendSlure on charStable activities indudes lh8 costs of making charitable donations. Other expendlture represents Ihose items not falling into any other heading. Irr8coverabl8 VAT is charged as a st against the aciivily lor which the expenditure was incvrred. -13-
BFWG Charltable Foundallon Notes to the Ilnanclal staternents For the year ended 31 December 2022 1 Accounllng pollcl•s l¢onth)u•d) h) Allo¢•tion of support costs Support costs arè those funclions Ihat s1 the work ol Ihe chafity but do r¢ dir•dty und8rlake carilatrAe actitieS. Support cosls inrjuijè b8d( orrice costs. finance. personnèl, payrdl and govèmance ¢osts whth support the charity's activilies. These costs have been allocaied betsfeen cost ol ralsing lunds and expendilure on carilable acli¥ilies. l) Oporatlng h•9•8 Rent¥ charges are charged on a straight line basis ovar thè lami of thè1•8s•. l) TgIbl0 flx•d 3+ Items of equipment are rpitl$ed where the purchase wce excéeds £1,000. Depreaalion is provhled at rates cabJlated to write down Ihe cost ol each asset to its eslimatad residual Val over Ils expethj lful Fif•. Th8 d6Ptedadon rates in use are as Idlows.. FixtuS and fittin9S Computer equipment 15% 33% Ll•t•d Inv•8tm•nts Investrnenls ar8 a lorm cl ba8K financial insiNrrMI and aro InNlaMy racts3n6g•d al thar transl0n value and $ub8equ&nlly measured al their fair value as al the balance sheot date u¥lng the dckng quoted martet wlc•. Any thange In fatr valu? wlil be recognisad In the stat8m•nt ol finand aCUvth$. l) D•btors Trade and ot1 dabtors ar& r8cognls8d al th8 setU8Thnt a)Unt iJ8 after any lrnde {scnI offerod. Pr8payments ar8 valued al the affUnt prepaid ntrt ol any trad• dlswjnts thje. m) Cash at bonk Ind In nd Cash al bank and cash In hand brKILtd ca9h and tarni hhjdy Ilwkl knw8gt a short mtuty d Ihre• monihg or less from the dale ol acqulsilion w openlrwJ of Ihe dppo$6t LY simlar x¢ounL n) Cr•dltorn and prov1on Creditors and provislons are recognised wherg the thgrity has • prwnl rgjults'ng from 4 pa$1 •vonl that wdll probgbly r8sult In the Iransl8r of lunds to a thtr(I party 8nd the amount to s•W• thg oblvjthn can b• m•aBurpd ry gsllm¥t•d Fgligbly. rèdilors and provisions arg nomHlly recognis8d al th8v settle[11 affVnt oftfjr 8loing fry any tr8d& diycounlB dve. 0> Fln•n¢l•l In•trurn•nts Tfia chorlty only has financial a56ets and financ4al ebditi8$ 018 klrnl th81 quallfy 8$ b881¢ financld ns¢wmonts. 8081¢ fln4ndal instruments ao inillaNy recLwJnised al transaction value and suliseqLJonty measured al thoir sett18m8nl vdue with Iho exception of bank loan$ whM are 8ubsequendy measured al amfy11sed usiNJ thè effèclbve intèrtst Ththod. pl P•nslons The Ch8ri1y currenlly has no pensk)n lioLxlliles. It conf¥ms Ihal li is with auio enTthlment n6km rtgul8tlon. -14-
BFWG Charltable Foundatlon Notes to tho financial statements For the year ended 31 December 2022 2 Incomé from dOnon0 and l•ga¢l•s 2022 Unreslricled 2022 Total 2021 Total Gifts and donations 19 19 19 19 3 Income from charli•ble actlvhle• 2022 Unrestricted 2022 Total 2021 Total Grant 8dmlnlslration fees Total Incoma from charltablo actlvltl•• 4.710 4.710 4,710 4,710 2.535 2,535 4 In¢om• from Inv••tm•nl• 2022 Unreslricled 2022 Totsl 2021 Total Investrnenl Incomé 200,527 200,527 200,527 200,527 198.713 198,713 S ' Analy81• of w•ndliuv• Charitable Basis of allotIon Cosl of raising lunds Grant awards 2021 Total slaff costs Dlrect costs Support costs FX revaluation Investment management costs Govemancè eosts Direcl Direct Direct Direct Direct Direct 21,991 259.000 2.831 114,4181 21.991 259,000 231 (14,418) 52,478 28,216 20.676 283,590 1,558 52.478 54,332 22,150 28.216 Tolal •xpondlturn 51478 297,620 350,098 382,306 8FWG Charitable Foundal¥)n had no restricted expenditure in 2022 {2021: nAI. Grants awarded are only for indivsduals for the purpose of the eharity's oty'ects. Investment management costs comprise of tund managemeol fees of £52,478.
aFWG Charltabla Foundatlon Not•s to thg finanelal $tatemonts For th• yoar ended 31 Dèe4mbor 2022 14•t bncorn•l l•xpfrmdlttsr•lforthg yw This 15 5tatad after chwgin9 1 Icrodiliwl.. 2Q22 2021 Audilor's remuneratioD'. 2.91T 2.917 Analy8w ofltaff ¢Mt& thJ$t•• rnmun•r41kn qnd •xpon8e4 dth• colltofk¢y man00 P•rnohFwI siaff costs were a5 Idl(w. Sa3fièS and wè0é8 En10YE1.s pe{> 21W 20,676 Nts ernoYee iec4ved eTrWoyee bonoliis Ipxdudn9 wmployei PSN)n1 dwtng Ihoyeaf ov8r £80.000. The chhrily Wu81e68wore nol paid Dr iecowod wiyolher borfils em4oym8nlwSlh iho chgitty In th• ynrl2021.. t.1T wern rmburA•d •xp•rt6•801 £765 dufyng me #r {2021.. £TI1. No ch•rfty Imsiee rttoived pawn(10rPfo89loTr OrotherMces $Ued 10 Ihech•rfty (2021.. £11. Staff nMbl The averÈg8 numbèrol ¢mpltye&ts <had r.ounl on number ofslaff employe¢l ¢Juiino ihe yearws al fol.. No. Ch8filatso acvwdep Q T•x•tloh The charitsble company 15 exemplfrorn r.ofj)oralion lax as IIJ Incomo ch4rk•ble ind h •pplkid fcr ch•rf¢abl• purpo. T•nBlbl• Ilx•d m•ts Tho Chprfty currenuy hdd? no flxed 10 Invo8tm•nts 2021 In¥•AlMts itfalrv*luv. R¢ihbonts S¢gi894ied Fun 100 110 8.967.564 Id8rkei valu¥ JI Ihe 818rf ol yo•r Addilion$ 81 ¢081 Oisp05als èi unyng vlue Nel 94in I1105sien ievgluaiion Iw121kel value ai Iho ol tlia yehi 1,987,584 8,372,429 2,027.891 (8A04340) I2,611.) 1 079 144 6,967,S64 No holdings wwululed 5'Yty ormw? ol IhD 10181 PDfiidlo. Inv•ilm•nts •¢ lalrv4tu•'. CCLA cnari19 Inveglmem Fund Maikql value ¥1 ol ihe ye•r Addilions ai cost 0isPOsals al carrying value Net 9ain 1110551 gn ievaftsaiion M•ikeivaluo 81 the enil dlheyaar 7J20M• 15A531 Gr8ThY to
8FWG ChArltablo Foundatlon Not•s to tho flnanclal statsmonts Forth y•ar Mdod 31 D•c•mbor 2022 2022 2021 Prepaymts 752 752 769 769 12 Crndttar8: anwuttsfalllng duèwlthlh yr 2022 X)21 Grsnt cr8dMors Taxation and 8od8188uJrty Olhercrndilors 131.587 i.oso 129.593 750 4.479 135.850 13 Anqly4lB olnot9•tr bthThfvnd Gonprs UnresIr1ed Total fid¥ Inveslments Mel CUrlaS881¥ Not 8886ts atthl yur 7.364.979 349.736 7 714 715 7.364,979 7 714 715 14 fv•d Inmj re$oLY¢es & gains OulgCirt9 resources & losses At the siart of IhE year Alfv•ndof the year Trarysfeis 9,291.886 205.256 1.782.407 7.714.715 2022 2021 Nèllncom•l<oXpur0j1•rlho rwrtlno pwlod (aB pprthp ¥tatqmont of ffnqndal A¢¢TIll91 Interest. rentand dwidands frfmn in¥èsimoni$ IGaln8V Ir19868 on inYoSbWts (IreasOyd¢e88o iAdetst•rs Incroaselldeueasel intreditc Mrt¢h provldqd byl{u8od Ir41 operallng actlvltt•6 11.577.151 898.066 1198.7131 11.079.144) 947 9.732 369.092 1,432.309 16 12
3FWG Charltabh Foundatlon Notes to th• Ilnan¢ial statwnonts Fortho year ondod 31 Do¢wnb•r 2W22 16 of¢ash cash 8qUiV Cash81 bark and h Total 6h and c&h eqtsl¥•rt6 4S9.384 459.384 2&e62 26.662 BFWGChorilab18 Foundatih8$ rKJ rArtstanthg clIVM¥S¥8 cf labllies 19 LW sta$ o1th8 ¢trKy rAxrpgnylh*¢¥ by9ale0.