EXPENDITURE
Wages	£67,030
Transport	5,500
Office Rent & Admin Costs	6,500
Insurance & Accountancy	6,000
Equipment & Materials	8,500
Other & Contingencies	2,470
TOTAL	£96,000

INCOME
Lankelly Foundation Grant	£15,000
Esmee Fairburn Foundation Grant	10,000
Expected Contributions from Special Schools	5,500
Expected Contributions from Mainstream Schools	11,000
Expected ChildrenÕs Festivals Profit	15,000
Expected Grant-Aid from CW Enterprises Ltd.	15,000
TOTAL	£71,500

CHILDREN'S WORLD THEREFORE NEEDS TO RAISE £24,500 FROM GRANT-GIVING TRUSTS IN THE COMING MONTHS

TREASURER'S REPORT

Income from grants and donations fell by £2,938 to £47,336 (2002: £50,574). Contributions from schools and groups towards Tours and Out-of Schools work rose by £5,880 to £18,374 (2002: £12,494). Income and Expenditure from Children's Festivals is now shown as part of "Activities for Generating Funds" as this disclosure is considered by the Trustees to more properly reflect its fundraising nature. Children's Festivals net income for 2003 was £18,423 (2002: £25,287), with there being one fewer Festival than in the previous year. Net income from the trading subsidiary, Children's World Enterprises Ltd. rose by £9,969 to a surplus of £20,250 (2002: £10,281). Charitable expenditure rose by £4,280 to £81,368 (2002: £77,088). The Consolidated Statement of Financial Activities shows net incoming resources of £29,358 (2002: £22,244). The Consolidated Balance Sheet shows a satisfactory position with funds totalling £86,368 (2002: £57,010). There are free reserves of £77,701 (2002: £47,751) which include £9,250 of profits held within the trading subsidiary, which will be gift-aided to Children's World or Children's World International as the Trustees deem most appropriate. Free reserves represent approximately 13 months total unrestricted expenditure (2002: 7 months).

We are most grateful to the Grant-Giving Trusts who support Children's World's work, and would like to offer particular thanks to the Lankelly Foundation and the Esmee Fairbairn Foundation, whose generous grants have enabled Children's World to expand considerably over the last few years. These two major grants expire in Autumn 2004, and although our financial position is currently strong, it is essential that we find new trusts to replace these major donors, and that we also continue to develop our primary trading if we are to guarantee the survival of the Charity beyond the immediate future. The Accounts following are a summary of information extracted from the unqualified, independently examined Annual Accounts of Children's World which were approved by the Trustees on 20 October 2003 & which have been submitted to the Charity Commission.

Anne Harris, Treasurer & Trustee

CHILDREN'S WORLD CHARITY INFORMATION

(Reg. No. 282743)

PATRONS: The Lady Soames, D.B.E., Susan Osman

TRUSTEES: Michael Freeney (Chair) Anne Harris (Treasurer), Dianne Chamberlain, Jane Wrennall, Jenny Davis, Caroline Smails

DIRECTOR: Arabella Churchill

REGISTERED OFFICE: 2 St. Edmund's Cottages, Bovetown, Glastonbury, Somerset BA6 8JE

BANKERS: Lloyds TSB, 64 High Street, Street, Somerset BA16 0ED

SOLICITORS: Bartlett, Gooding & Weelen, 11 Chilkwell Street, Glastonbury, Somerset BA6 8DL

INDEPENDENT EXAMINER: A. Davies, FCA, Tenon Ltd., The Old Mill, Park Road, Shepton Mallet, Somerset BA4 5BS

ACCOUNTANTS: Tenon Ltd., The Old Mill, Park Road, Shepton Mallet, Somerset BA4 5BS

CHILDREN'S WORLD'S WEB PAGE: www.childrensworldcharity.org

CHILDREN'S WORLD'S E-MAIL ADDRESS: ArabellaChurchill@childrensworldcharity.org

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