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• Inforn￿On
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 y￿r 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 she￿Iff. 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 prep*ing 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 re￿1ve 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 Manage￿nI 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 rnar￿ged 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 r￿leCtIOn 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. Ob￿tiveS arKI actNities.
The Charitable Foundation is a wholly {r￿ned 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¢k￿ed 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.

T￿￿te08, 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 cor￿ny'S auditors are unaware,.
and
The trU￿eeS have taken all steps thal they ¢yJght to have t*en to make themselves aware of
any re￿vant 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 A￿litIng (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 financ￿1 statements is appropriate.
8ased on the worf( we have perfOrn￿d, we have not identi￿d 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 Y￿rt[ 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 preP￿ed 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 r￿t in agreeThnt with the accounting r￿d5 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 purp￿eS 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 COns￿ered 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 pr￿edureS are capabl8 of detecting
irregularittes, including fraud is detaI￿d bekw.

BFWG Charitable Foundation tla FfWG - Funds for Women Graduates
Independent Audito￿3 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 norn￿1
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 M￿berS 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 gaIn￿lI090•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¢o￿lI1allon 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 Staten￿ts.
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
Ua￿lfth8.
Creditors.. amounts falling due within one year
12
141259
137.062
Nét eurnnt a8••ts1 {Ilabllltl89)
349,736
Total a880ts I￿3 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 ac￿rdanc& 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 Un￿rtaInty 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 rer￿gnIsed 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 sP￿1￿8d
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$8d 88 Income when the ¢harlty has control over the Item or
received the 8ervic8, any conditions associaled with the donation have been met, the reeeipt of economic benefit from the use by
the charlty of the liem 18 probable and that economlc benefit can bg measured rellably. In accordan￿ with the Chartties SORP
(FRS 102), volunteer time is not reLYJgnised so refer to the trustee8' annual report for more informatlon about thelr contrlbution.
On réc*Spt, donated glfts, prOfe￿.onal 8ervlc88 and donated fa¢61tt188 are re¢ogn58ed on the ba8iJ of the value of the glft to the
chaiity which Is the amount the ch8rlty would have b8en willlng to pay to obtsln 8eThlces or facilltles of equhvalent economlc
benefft on the open markel a ¢orre8ponding amount 1$ 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 activi￿8 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 90￿Mance 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 Capita￿sed 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 equ￿rnant
15%
33%
k) U8tod Invo8tsnonts
Investments are a fomi of bastc financt81 InStr￿arrt 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 0￿￿bOn 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 obl￿allOn can b8 measured or estimated reliably.
Credltors and provl8iorffj are • recognimd at thoir ￿t(lo￿nt amount aftar alIc￿Ing 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 ￿￿P￿ing 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 0xpand1￿rn
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 p￿lon
21.532
19
21.991
No recel7&*d emkn benefits lexdudlng •mpW ￿r￿TrI the yèar o¥ar£eo.000.
The charity trustees*p Th)t pald or recel*d 8ryolhèr L￿ofits from empltsymen17￿lh Ihe In yearl2022.' £ft11.) Th9Y￿￿￿1rnlx￿8ed 4)enae8of
£￿￿u￿n9 the year12022'. £nlll. No thrity trustee rec4b*d wymenl for pmTessiwl orother 8erwL*6 Supplied to Ihed*rlty {2022: £nll).
Th• a¥er48 nthitsr ofamploye8s Ihgad rfjunt bgged on nwnber ofstaff amployedl durlng tho yearwas a8 lollthY8".
Tax4tlon
The th8TitAble L￿panY isexempt from ￿￿)ration tsx as all ts intJ)me Is thwitst4e and Is Wte(I kycjwltabb puryose*
Tanglblellxed a88ef8
The charftyCu￿QvY holds no Ilxed assets
Ralhbone5 Segregated F￿1
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 ￿r￿lI1￿ 5% ¢xfi70re oftho lthl porfol
CCLA Cha￿￿¢# Ib*sbnenl Fvnd
1170 7.214,86
1170 7 214 869
Market valueat the startdtho y
Additrons at ts)
Disposals 8t Carrying ¥¥1￿7
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
Pr*p8ymerfB
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
{Incw*ll deu•Me In ¢Jebk
th¢xeasol (decrn￿è) 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 gUar￿te9.
K¥trina HO￿11 *nd Ai8ha Al*￿al 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•m1￿Of Iha C￿lIty
wats out of prM&•l expen￿ of£33 {2022." trJI).