BFWG Charitable Foundation (A Limited Company) Trading as FtWG- Funds forwomen Graduates Company No. 206171 Charlty No. 312903 Report and financial statements For the year ended 31 December 2023
BFWG Charltable Foundatlon Roport and flnanclal statomonts For tho yur onded 31 Docemb•r 2023 Contents Pag• Refernnco and admlnl8trallv• InfornOn Tru8tae8' annual roport Indop•nd•nt audltorn, report statomont of flnanclal acllvltl•s (incorporating an income and expenditure account) 10 Balance Shoot 11 8tatoment of cash flows 12 Noto8 to tho flnanclal 8tatomont• 13-18
BFWG Charftable Foundatlon R•fornnc8 and admlnlBtrallvo Inforniatlon For tha yr ond•d 31 Decthnbw 2023 Professor J. Hart. BSC. Pho Ms A Alshawaf. BDS 1986. FDSRCS, MFGDP Dr J Aslon, PhD Professor C. Carr. DPhil Ms Caroline Graham. MA. LLB Mrs Katrina Howell BA (Hons) s Jasmit Kaur Phull. JP., Bsc.. BMS Klr8 S-A sheIff. BA (Hons) MrW.S. Tulty, MA, ACA Appointed 1 August 2023 Resigned 31 July 2023 Sally Dowell FCCA Company numb•r. Chartty numbor. 2tE171 312903 57 Alma Road Leeds LS6 2AH Audltorn: Golthvins Limited 75 Maygrove Road West Harrrfjstead London 2EG HSBC Bank PLC 21 High Streei Storrington Pulborough West Sussex RH20 4DR Fund laAnag•rn: CCLA One Angel Lane London EC4R 3AB The trustees. who are also directors urKler cortyany law. present their report and financial statements for the year onded 31 December 2023.
To tho memb•r8 of th• BFWG Charltablo Foundatlon For tho year onded 31 D•cembor 2023 The trustees confimi that the financial statements compty with current statutory requirements. the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP appltsblo to chardies preping their accounts in accordance with FRS 102. ObJectlvo8 and actlvldos The objects for which the charity was established, and vknith are stated in ts Mernorandum. are: The aim of the Charltable Foundation is to help rnen graduatas realise their academic ambltlon8 of higher education by awarding grants to help with living expenses whilst they pursue thelr studies. Successful applicants are those who meet the stated criteria and for whom the charlty has sufficient funds. The criieria indude establishing the proven needs of the applicants their academic calibre. Publ1¢ b•n•frt The charitable purp08e of Charrtable Foundation is the advanmnt of education. The benefit offered by the chanty 18 a financial one and is to help with rnaintenance costs whllst the recipient is studying. Women from anywhere in the workl may apply to the charty for financial assistance provided they are studying in Great Brrt8in. The Irustees have complied with Ihe duty in s.17 of the Charilies Act 2011 to have duo regard to guidance published by the Charity Commission. Grnnt maklng charity makes grants to individuals. A grant 18 awarded as a Contribution t¢•ards Imng expensas to postgraduate women engaged in studies at approved inslitubons in Great Britain. The charity's maln foundatSon grants are made for the academic year to come whilst the emergency grants are to help those who face unforeseen financral difficulties in the current academi year. Theodora Bosanquet Bursaries are offered annually to women graduates whose research in hlstory or English lilerature requires a short residence in London in the summer. One fell¢Y4vship. the FIWG Fellowship. is offered via Graduate Women Intefnational (GWI) on a triennial basis (next award dale is 2025). The criteria for wArding grants are the proven needs of the applicants and their academlc calibre. The amount of money available ft)r grants is Itmiied 80 not all qualfying applicants can re1ve a grant.
To tho mwnbor8 of tho BFWG Charltable Foundauon For the year •nded 31 DKombor 2023 Achlovoments and porfornwK• The charity has conlinued to support worren graduales seek to eAfvan¢e their education and to promote higher education and wider learning. Applications for financial assistance come women from aN over the wortd and from diffwent backgrounds. Their need for financial support ranges from serious family medical problems, abuse. parents not able to continue with supwrt and political pressures - the list is varied and long. Tho determinab'on of these women to complete Iheir PhDs is exerylary and inspiring. The charty is proud lo have been able to support the women by awarding grants to 1P with their Maintenance costs. The total value of the main grants awarded in the year was £201.325 {2022: £184,250) and the total value of tha emergency grants was £76.963 (2021: £68,750). Cumulative grants artarded during the charity's existence exceed £5 million. During the year, the charity received 327 applications for main grants and made 44 awards. It received 227 applicati'ons for emergency grants and awarded grants to 34 women. Each year two Theodora Bosanquet Bursaries are awarded to women whose research In hlstory or Engllsh lilerature requires a short residenc• in London in the summer. Two bursaries were awarded In 2023. Each year the Tru8tee8 detemiine the knl of grant8 awarded based on the Grant Policy. In a normal year grant levels increase in line with CPI. The quantum of furKls avali able lo dlstribute as grants in any year 18 detemiined by a combination of income generated by the portfollo as well as the cu8hion of capital gains made on investments. In line with FtWG's investment policy which requires that every fve year8 a full review of the management of the investment fvnds, the Board conducted a detailed retender in 2022. Ag a rasult of this the ManagenI of the Investment Fund was transferred from Ralhbones to CCLA. The transf•f process wa3 completed in January 2023. AS part of Ihe retender the Board completed a review of and updated the charity's Investsnenl Policy. Flnanclal ro The charty's expenditure exceeded income by £63,503 (2022: expenditure exceeded income by £144,842) before a profrt of £706,197 on investment (2022.. a bss of £1.432.309). The charity's main source of income is income from investments; this inevitabty fluciuates as the market fluctuates. The trusttts monitor portfolio performance closely and ensure that thè organisation has adequate cash reseNes to cover any short-terni deficit without jeopardising the capital base. As a wult, the excess of expenditure over income for the year was predicted and rnarged effectively. The charity rewewed its reserves policy in 2023. As a result. it is ts policy of charity to hold funds. all of whtch are unrestricted. at levels that are adequate to at least maintain the level of its awards
Tru8t808' Roport To the memborn oftho BFWG Charftablo Foundatlon For tha year ended 31 Decombor 2023 in real terms and to cover management, admini3tr8tive and support costs for a four-to-five-year period. The investments are hdd for the long term to ensure continuty of the Charity's grant giving. Inasmuch as the allocatlon of fund8 depends on the financial policy of the charity it is important that sufficient flexibilty be incorporated into any grants allocation policy 80 that the board of trustees can react appropriately according to the financial circumstances. This enables current activiti'es to continue in the short term should Investment income drop signlficantly. The trustees were able to maintain the desired level of reserves during the year under review. Prlnclpal rf8k8 and uncortalnU88 The trustees have assessed the major stratagic, business and operattonal risks to whlch the charity 18 exposed and are satisfied that 8yStem8 are in place to minimise the effects of such rlsk8. Plan8 for tho futur• The charity aims to grow tts c8pttal ba88 80 that more women graduates receive financhl help now and in the future. Structur•. governanc• and management BFWG Charilable Foundatlon 18 a company limited by shares and 8 registered charity. It 18 govemed by memorandum and articles of association last updated In 2023. The board of trustees makes the final decislon on all matters concerning the activitles of the charity. The grants commlttee 8&81sts the board of trustees in making recommendations for awardlng grants. The trustees usually meet four tlmes a year to consider recommendatlons for the awardlng of grants, to review the perfomBnce of the Investment managers and financial activities, and other matters that arlse. The day-to4ay administration of grants is delegated to the grants adrninistration officer. Appolnlment of tru8t•e8 A governor Is elected for a tem of three years from the first day of August following hislher election. A governor may subsequently, whether before or after the expiration of that tem, be re-elected for further tetm of three years after which he18he shall be ineligible for rleCtIOn until two years have elapsed from the explration of the latter term. Additionally, at the specific request of the British Federatlon of Women Graduates (BFWG) the chair can remain a govemor for up to an additional three years. No person 18 eligible to be a govemor who has not been previously approved in this behalf by the charity's parent company, BFWG, by writing under the hand of the Chair of its Executive. The board of trustees includes the President of the BFWG and the BFWG representative during their respective periods of office as such.
Tru8tO08' Report To tho mthnbarn of tho BFWG Charltable Foundatlon For th• year ondad 31 Decombor 2023 TnMtso Inductlon and tslnlng On election, each trustee has an inductK•n pad( that gives details of the Charitable Foundation such as its background, organisational structure. financial resources. ObtiveS arKI actNities. The Charitable Foundation is a wholly {rned subsidiary of the BFWG. Several of the women irustees are members of the charty's parent company, the BFWG. The has the power to appoinl or remove any Iruslee. At the date of tho Balance Sheet. no tfustee had a disclosable interest in the £1 Ordinary Shares of the company. The trustee8 (WIK) are also directoryJ of the charitable company for tho purposes of company law) ar• respon8ibLg for preparing the trusteas, annual report and the financid statements in a¢wdan¢e with applicable law and Unlied Kingdom Accounling StarKlards (United Kingdom GeneralFy Accepted Accounting Practke). Company law requires the trustees lo prepare financial statements for each financlal year that gNe true and fair view of the state of affairs of the chariiable company and of the incoming resources and appllcation of resour, including the income and expenditure, of the charitable company for that period. In preparlng these financiat statements. the trustees are required to: Solect 8Uitabk8 accounling polkies and then appty them con81stently Observe the methods and principles in the Charities SORP Make Judgemenis and estimates that are rea80nable and prudent State whether applicabla UK Accounting Standards and 8tatements of recommended practice have been followed. subject to any materid departure8 dis¢ked and explained in the financlal statwnents Prepare the financial ststements on the going concern basis unless it is inappropriate 10 presume that charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tirne the financial positton of the Charitab company and enable them to ensure that the financial statements compty with the Companies Act 2006. They ar6 also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention arml detection of fraud and other irregularitias. The trusteés are responsible for the maintenance and integrity oftha corporate and financial Infomiatlon Included on the charitable company's website. Legrslation in Ihe United Kingdom goveming the preparation and dk8semination of financial ststements may differ from legislaiion in otherjurisdictions. Th• trustees have no beneficial interest in tIKg charity.
Tte08, Report To tho membern of tho BPIIG Charltabh Foundatlon For the year enitsd 31 Docombor 2023 In 80 far as the trustees are awa. There is no relevant audii infomwiion of which the charitable corny'S auditors are unaware,. and The trUeeS have taken all steps thal they ¢yJght to have t*en to make themselves aware of any revant audit irrfommtion and to establish that the auditor5 are aware of that infomwtton. Audltorn Goldwins Limited were re-appointed as the audilors of Ihe charitth company during the year. They have expressed their willingness to continue in that capacity. The trustees, annual report was approved by the trustees on 16 May 2024 and signed on their behalf neHa Sam Tulty
BFWG Cbaritsble Foundation t12 FtWG- Funds for Women Graduates Independent AuditoP8 Report To The Members of BFWG Charitable Foundation Oplnlon We have audited the financial statements of BFWG charitab Foundation for the year ended 31 December 2023 which comprise the Stalement of Financral Activities. the Batance Sheet. statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been appl in their preparation is applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102: Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (Unrted Kingdom Generally Accepted Accounting Practice). In our opinion. tha financi81 ststements: ive a true and fair view of the state of the Charity's affairs as at 31 Dwnbw 2023 and of its income arKI expenditure for the year then ended: .have been properly prepared in accordanco with United Kingdom Generally Accepted Accounting Practice; .have been prepared in accordance with the requirements of the Conynles Act 2006. as18 for oplnlon We conducted our audit in accordance with International Standards on AlitIng (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Audltorfs respon8ibilities for the audit of the financial statements section of our reporL We are independent of the Charity in accordance wilh the ethtcal requirements that are relevant to our audit of the financial Statements in the UK, including the FRC'S Ethical Standard and wo have fulfilled our other ethlcal re8ponsibililies in accordance wilh these requirements. We believe thai the audit ev1den wo have obtalned Is sufficient and appropriate to provKl8 a basis for our opinion. Conclu8lon8 r•latlng to golng ¢oncorn In auditing the financial ststements. we have concluded thal the directorfs use of the going concern b88* of accounting in the preparatK)n of the financ1 statements is appropriate. 8ased on the worf( we have perfOrnd, we have not identid any material uncertainties relating to event8 or conditions that, Individualty or collectivety. may cast signfficant doubt on the charity's abilty to continue as a going concern for a perk)d of at least twelve Th)nths from when the financsal statem8nts are authorised for issue. Our re8ponslbditte8 and Ihe responsibilities of t1 directors with respect to going concern are described in the relevant sections of this report. Other Infornmt The trustees are responsible for tho ¢>ther informakn. The other infomwtion comprises the infomiation includad in the annual report other ihan the financial stalements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the exlent otheNise explith stated in our report. we do not express ary form of assurance conclusion thereon. In connection wilh our audit of the financol statements, our responsibilty is to read the other infonnation and, in doing so, consrder whether the other information is materialtry inconsistent wlth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to detemiine whether the is a material m5SStatement in the financial statements or a material mbsstatement of the other information. If. based on the w)rk w6 have perfomied. we conclude that there is a material misstatement of this other infomlation, we are fequired to report that facL
BFWG Charitsble Foundation Ua FfWG- Funds for Women Graduates Indepadent AuditoV8 Rep)rt To The Members of BFWG Charitable Foundation We have nothing to report in this regard. Oplnlon8 on othor mattern prwlbed by the Companles Act 2008 In our opinion. based on the Yrt[ undertaken in the course of the audit: .the infomiation given in the trustees. rewt (incorpofating the directors. report> for the financial year for which the financial statements are prePed is con8iStent with the financial statements: and .the trustees, report (incorporating the directors. rewt) have been prepared in accordance with applicable legal requirements. Mattor8 on vthkh arn requlrod to rwrt ty excgptlrjn In the light of the kn¢xYledge and understanding of the Charty and its envlronment obtalned in the course of the audit, we have not identffied material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Companle8 Act 2006 requires us to p()rt to you rf. in our opinion. .adequate accounting records have not been kept or relurn8 •Jequate for our audrt have not been received from branches not vbiled by us. .the financlal statements are rt in agreeThnt with the accounting rd5 and returns: •certain di8c108Urn8 of trustea8' remuneration specifKd by law are not made; or •we have not obtained all the Infomwiion arKI explanati($ necessary for the purpeS of our audiL Ro•poMlbllltlM of tho tru•t•o8 As explained more fully in the trustees, responsibilities statement Set out on page 5, th0 tnJ8tees are responslble for the preparation of the financial statements and for being satisfied that they give a twe and fair view, and for such internal ¢onlrol 85 they detennine is necessary to enable the preparation of financral statements that are free from material misstatement. whether due to fraud or error. In preparlng the flnancial statements. the truste88 are responsible for assessing the Charlty's ability to continue as a going concem. disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the Charity or to cease operations, or have no reallstic alternative but to do x+. Our rn8pon8lbllftl88 for th• audft ol tho flnanclal 8tat•n Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audiiofs report that includes our opinion. Reasonable assurance is a high level of assurartt but is nol a guarantee that an audit conducted in accordance with ISAS (UK) wtll atrKays detect a material misstatement when It exists. Misststements can arise from fraud or error and are COnsered material rf, individually or in the aggregate, they could reasonabty be expected to Influen the economic decisions of users taken on the basis of these financial statwnents. Irregulariiies, including fraud, are instances of non4omplian¢e with laws and regulations. We design procedures in line wilh our responsibilities. ouuined above, io detect material mi&statements in respecl of irregulariiies, induding fraud. The extent to which our predureS are capabl8 of detecting irregularittes, including fraud is detaId bekw.
BFWG Charitable Foundation tla FfWG - Funds for Women Graduates Independent Audito3 Report To The Members of BFWG Charitable Foundation Performing joumal enty testing to ascertain any large or unusual unts. Checking rf there are any significant transactions. which are out of the scope of the norn1 operation of the business. Because of the inherent limitations of an audiL there is a risk that we wlll not detect all irregularities. including those leading io a material misstatement in the firkincial statements or nonwcompliance with regulation. The risk is also greater regarding irregularities occurring due lo fraLKI rather than error, as fraud involves intentional concealmenL forgery, collusion. omission or misrepresentstion. A further description of tyjr responsbilities for the audit of the financial statements is located on the Financial Reporting Council's websle at: [www.frc.org.uklaudrtorsresponsibilrties]. This description fomis part of our auditorfs report. This report is made solety to the Charity's rnernbe. as a body, in accordance with Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's MberS those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permrtted by law, we do nol accept or assume responsibility to anyone other than the Charity's mernbers as 8 body, for our audit th, for this report. or for the opinions we have fomHI. for and on behalf of ststutory Audltor 76 Alaygrovo Road Woet Hampgtoad 17 May 2024
BFWG Charltable Foundatlon Statement of flnanclal actMtIo8 (incorporating an income and expenditure account) For the year ondod 31 Decembor 2023 2023 Unrestricted 2022 Incom• from: Donations and legacies Charitable activtties: Grant administration fees Investment incorne Total Incomo 19 5.655 249,940 256.464 4,710 200,527 205.256 Expendl on: Cost of raising funds: Investment management costs Charrtable activitie8: Grant awards Total gxpondltur• 52,478 319,967 297,620 350,098 Nat (•xpendltureVlncom• bolor• Mt gdn• I (10880•1 •)n Inv•8lm•nts {83,503) (144.842) Net gainsl(losses} on investments Total not gaInlI090•S) on Invatrn•nts 706,197 706.197 1,432,309 7W1VI (1,432,309) Not Incomd(w)•ndlturn) forth• y•ar 642.694 841694 (1,577,151) Transfers between funds Not Incomel(•xp•ndltur•) boforn oth•r rocognl8ed galn8 and10•808 642.694 641894 {1,577,151) Ro¢olI1allon of fund•: Total funds brought forward 7,714,715 716 9.291,866 Total funds carrtad fom 8,357,409 7,714.715 All ol the above results are d8rlved from continuing acbvthes. There were no other cognised gains or losses other than th0#0 slated al)ove. The attached notes lom part of these finanaal Statents. 10
BFWG Charltablo Foundat Balanco sheot As at 31 Decemhr 2023 2023 2023 2022 2022 Investments 10 8.071.176 071.176 7,364,979 7,364,979 Debtors Cash at bank and in hand 11 752 486.046 486.798 Ualfth8. Creditors.. amounts falling due within one year 12 141259 137.062 Nét eurnnt a8••ts1 {Ilabllltl89) 349,736 Total a880ts I3 currnnt lknbllfths 7.714.715 Creditors: amounts falling due after one year Net aB80ts gxcludlng pgn8lon aB8et l (Ilablllty) 8,357809 7,714,715 Defined benefft pension scheme assel l (liabilty) Total not a806ts 1 (Ilab11tt108) 7.714,715 Fun Share capital General funds Total unrestricted funds 14 100 100 7,714,615 357 7,714,715 Total funds 7,714,715 The financial statements have been prepared in accordance wilh the special provisions for srnall companie8 under Part15 of the Cornpani8s Act 2006. Approved by the trustees on 16 May 2024 and signed on their behalf by: Sam Tully Company rogl8tratlon no. 206171 The attached notes form part of the financial staternents.
BFWG Charltablo Foundatlon 8tatsm•nt of cash flow8 For tho year ondod 31 Docambar 2023 2022 2022 Not ¢a8h provlded by l (u8od In) op•rnUng 15 (309,887) (344,141) Cah flow8 from Investlng aclMII8s: Interesv renv dividends from investrnents Saw (purchase) of investments 200,527 170,276 Ca8h provlded by l (used In) Inv88tlng acUvlUeg 370,803 Change In ¢agh and ca8h equlvalonts In the yoar I,947) 26.662 Cash and cash equivalents at the beginnlng of the year Change in cash and cash equivalents due to exchange rate movements 459,384 Cash and equfvalonts at the end oftho yOAr 16
BFWG Charftable Foundafjon Notes to tho flnanclal 8tat•ments For tho year ondod 31 Decombor 2023 l Accounllng pollcle8 a) Ba818 of proparatlon The financial statements have b88n prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practicè applicable to charities preparing their accounts in acrdanc& with the Finanual Reporting Standard applicable In the UK and Republic of Ireland (FRS 102 effectlve 1 January 2015) - {ChartUes SORP FRS 102) and the Companles Act 2006. The chaiitable company meets the dellnition of a public benefit entity under FRS 102. Assets and liabillties are initially recognlsed at hl8torical co8t or transaction value unless oth8rwi8e 8tatsd in the relevant accounting policy or notè. b) Qolng eoncgm The trustees consider that there are no material uncertainties about the charitable cornpany's abilty to cxJnttnue as a golng concern. Th8 trustees do not consider that ther8 are any sources of eslmation UnrtaInty at the reporting date that have a 8ignifi¢ant risk of causing a material adjusbiient lo the carrying amounts of assets and liabilities within the next reporting period. a) Incom• Income 18 recognlsed when the Charity has entitlement to the funds, any perfomianca conditlons attached to the Income have been ffleL tt Is probable that th8 Income wlll bg retxived and that the amount can b? measured r8118bly. Income from go¥Bmment and other grants. whether 'c8Pital' grants or 'r8venu8' grants, is rergnIsed when ts tharSty has entitlement to the fund8, any perfonnance conditions attached to the grants have been rnet, It is probable that the income will be 1Ved and the amount Can be measured reliably and is not deferred. Income recelved In advanca for the provision of sP18d 88rvI Is deferred until the ciiteria for Income recognlb'on are met. For legatSe8, entltlem8nt 1$ tsken is the earfler of the date on vthich eith8r. th8 ¢harfty 1$ aware that probate has been grnnied, the estate h88 been finalised and notificallon has been made by tho executorls) lo the charity that 8 disiributlon wlll ba made, or when a dlstrlbutlon 1$ re(ived from the estate. Receipt of 8 legacy. In whole or in part. Is onty con$ldered probable when the amount can be me8sured reliably and the chartty has b88n notified of the executorf8 intention to make a distribution. Where ga¢1 have boen notified to the chartty, or the charity b aware of the granting of pmbate, and the criteria for Income recognltlon have not tjeen met, then legacy18 a treated as a conllngent a88fjt and dljclosgd If m8terf81, d) DoMllon8 of glftj, wvl¢89 and fa¢llldo8 Donated professlonal Services and donated fAdlltle8 are racogni$8d 88 Income when the ¢harlty has control over the Item or received the 8ervic8, any conditions associaled with the donation have been met, the reeeipt of economic benefit from the use by the charlty of the liem 18 probable and that economlc benefit can bg measured rellably. In accordan with the Chartties SORP (FRS 102), volunteer time is not reLYJgnised so refer to the trustee8' annual report for more informatlon about thelr contrlbution. On récSpt, donated glfts, prOfe.onal 8ervlc88 and donated fa¢61tt188 are re¢ogn58ed on the ba8iJ of the value of the glft to the chaiity which Is the amount the ch8rlty would have b8en willlng to pay to obtsln 8eThlces or facilltles of equhvalent economlc benefft on the open markel a ¢orre8ponding amount 1$ then recognised in expendiiure in the period of receipt. •) Intsro•t r•c•lvabl• Interest on funds held on deposit is Included when r8celvable and the amount be me88ured reliably ty the charlty: thb818 normally upon notlllcalon of the Inte$t paid or payable by the bank. l) Fund accountlno Unrestricted fund8 are avallable to spend on activities that furiher any of the purposes of charlty. Deslgnated funds are unrestricted fund$ of the charity whith the trusleeg have decided at their discretion to set aside to use for a specific pu. Restricted funds are donations vthich the donor has specified are to be solely used for partlcular areas of the charivs wort or for specific projects being undertaken by the charity. g) Expend[18 and lTrecovorabl• VAT Expenditure Is recognlsed once theffj 55 a legal or constructive obligation to make a payment to a third party, it is probable that 8ettlement will b? required and the amount of the obligation can be asured reliably. Expenditure is da$sified under t following actiwty headings: Costs of raising funds comprise of trading costs and the costs Incurred by the charftable company In Induclng thlrd partles to mak8 voluntary contributions to it, as well as the cost of any activi8 with a fundraising purpose. Expenditure on charitsble activities includes the costs of making charltable donatlons. Other expenditure repregents those items not falling inio any other heading. Irrecoverable VAT is charged as a cost against the activity for which the 8xperKliiure w88 incurred.
BFWG Charftablo Foundatlon Notss to the flnanclal statements For th• year ondod 31 Decambw 2023 l Aecountlng polld•• (¢tyrflnu•d) h) Allocatlan of 811PPOrt cofjts Support costs are those lun¢ttor that assist th8 of the charity tmrt do Th)t dire( undertake tharftable activitws. Supwt costs indude bacJ( offKe costs. finarts. personnel, payroll and 90Mance costs which support th8 dwrity's acbvitse8. Th88e costs have been allocated between cost ot [ing fiJTrds and ext on charitable acts. l) Operatlng lea809 Rentsl charges are tharged on a straight ling basis tarni of th818a8e. l) Tanglble flxod aea•ts Items of equipment are Capitased purcha86 price exceeds £1,000. Dewec4'ation b provided at rates calculated to write down thè cost of each asset ts estimated residual value over its expethd useful life. The deprecialion rates in use are as follows: Fixtures and fittings Computer equrnant 15% 33% k) U8tod Invo8tsnonts Investments are a fomi of bastc financt81 InStrarrt and are Inll18lty recognlsed at their transactlon value and subsequently measured at thelr falr value as at balance sheet date usiNJ the dosing quoted market Ce. Any chaNJe in fair value will be recognlsod In tho ststement of finanliai advlties. Trade arKI other debtorn are recogniwl at tho settkn*rt amount due alknr any trade dlwJ)unt offered. Prepayrnents arn valwl at the amount prepaid not of any trade discounts du8. m) Caah at bank and In hwMI Cash at bank and cash in hand Indudes cash and short tern highty liquid inveslments wlth a Short maturfty of month8 or lass from the date of acqulsitton or openlng of the W't or MIlar arA)unL n) Crodltorn and pml•lon• Credrtors and provislons are recogniged th8 thafity has a present 0bOn resultlrvj from a p88t event Ih8t VAII probably result in the transfer of fvnds to 8 third party and the wnount due to settle the oblallOn can b8 measured or estimated reliably. Credltors and provl8iorffj are • recognimd at thoir t(lont amount aftar alIcIng for any trade dl8counts d. o) Fln•ncl41 In•lrumonts The chanty only has flnancial assets and Ilnanclal Ilthlltles of a klTrJ that qualjfy os basic finandal Instrumentg. Bastc financlal inslruments are initially recognised at transacbon value and subwuenty measured at their settlement value with the exc4ption of bank loans which are 8ubsequenty mea8ured at amortised cost Ihe efferti interest method. p) PoMIoM The Chadty currently has no pan liabilitw. It confim)s that it is Ping with aulo enrollment pon8kJn regulat1. -14-
BFWG Charltablo Foundatlon Notss to tha financlal 8tatsments For th• year ended 31 Docember 2023 2 Inconm from donatl¢)M and logaclos 2023 Unrestricted 2022 Total Gifts and donations 869 869 19 19 2023 Unrestricted 2022 Total Grant administration fees Total Income from ¢harftsblo aclmtles 5,655 4,710 2023 Unrestricted 2022 Total Investrnent income 249.940 249.940 200,526 200.526 Charitable Basis of allocation Cost of raising fijnds Grant awards 2022 Total Staff costs Direct costs Support costs FX revaluation Investment management costs Governance costs Oirect Direct Direct Direct Direct Direct 19.084 281.718 1,901 19m4 281.718 1.901 21,991 259.000 2,831 (14,418) 52,478 28,216 17.264 17364 Total 0xpand1rn 319,967 319m7 BFWG Charitable Foundation had no restricted expenditure in 2023 (2022: nil). Grants awarded are only for individuals for the purpose of the charity's objects. -15-
BFWG Charftsble Foundatlon Nots8 to the flnan¢lal 8tstsmonts Forthg year ondod 31 December 2023 O N8tlncom•l (w)ondltsM) lortroy Thls is s•aled afterdwglngl (cre¢ffilru}: AudiW$ rnnunerniion: Salarie5 and wdges Employ¢fs plon 21.532 19 21.991 No recel7&d emkn benefits lexdudlng •mpW rTrI the yèar o¥ar£eo.000. The charity trusteesp Th)t pald or receld 8ryolhèr Lofits from empltsymen17lh Ihe In yearl2022.' £ft11.) Th9Y1rnlx8ed 4)enae8of £un9 the year12022'. £nlll. No thrity trustee rec4bd wymenl for pmTessiwl orother 8erwL6 Supplied to Ihedrlty {2022: £nll). Th• a¥er48 nthitsr ofamploye8s Ihgad rfjunt bgged on nwnber ofstaff amployedl durlng tho yearwas a8 lollthY8". Tax4tlon The th8TitAble LpanY isexempt from )ration tsx as all ts intJ)me Is thwitst4e and Is Wte(I kycjwltabb puryose Tanglblellxed a88ef8 The charftyCuQvY holds no Ilxed assets Ralhbone5 Segregated F1 150.110 150.110 Martel vdue at the startol ts year Additson$ 8t c¢st DtsFosal8 al caThylng value Nat gaSn I (Ios81 cn revaluatk Markei valug at theerrfl olthe >p8r INI10 8.887,564 819.327 1140• (8,304,348) 71 1332,433 150.110 No hddlngs rlI1 5% ¢xfi70re oftho lthl porfol CCLA Cha¢# Ibsbnenl Fvnd 1170 7.214,86 1170 7 214 869 Market valueat the startdtho y Additrons at ts) Disposals 8t Carrying ¥¥17 Net galn Illossl on revaluali Market value at the end olthe year 7Jiwe 7.320.598 15.8531 99.876 Grand tolal 1178 7 364 979 -16-
BFWG Charftable Foundatlon Nota8 to the flnanclal 8tstem8nts Forthg year ondod 31 Decernber2023 11 D•btorn Prp8ymerfB 810 752 752 131,587 1.050 3.750 8.071.178 266.233 0,0Th,178 Net Theftt Not•M•l• 4tth••nd ollh 14 Ilty•uMrt• In fvnd• Atth• •Bd of 7.714.715 98ie81 1319,W71 141W {1.577.151} 18• pBrth• fjl•t•mqnl •EIMUMI 12CQ.5271 1,432.309 16 1.212 {Goln•y inN•stmenl8 {Incwll deu•Me In ¢Jebk th¢xeasol (decrnè) In u8dWs 19n
BFWG Charflabl• Fouftdauon Nots8 to the flnanclal 8tstemeTrts For tho year ondod 31 Decambor 2023 Cash at baftk arrtl In ftd 59.947 59.947 18 ConffwontAoq6ts wIl•blllll 19 LW ofltt• ehthty c4npany limtted by gUarte9. K¥trina HO11 nd Ai8ha Alal we l)Ir&kn ¢S fv Brttbh F•JW8It allA Gr•kntss IBFV4fl ond are jlw ofthg Charty. d out ofpockot exp¢nw 01£51 oThJ £44 mpeaib*12021 is a a Sh•m1Of Iha ClIty wats out of prM&•l expen of£33 {2022." trJI).