I am having real trouble understanding how Ward spells work, form the basic description in the menu it seems to imply that they provide protection bonuses and also on the loading screens there is a blurb about them draining the enemy. So does this mean you cast them on the enemy and absorb that power or what?

Maybe you're reading the loading screen wrong or getting confused. They don't drain they just block the damage from spells. Up to the listed amount.
Or the loading screen is misleading/wrong.

You cast them on yourself to block spells and attacks. If they drain the enemy it means they do so when the enemy attacks the ward. Also note you have to hold them on, you don't just cast them. Think of them as a shield, basically, and "hold them up" when an attack is incoming.

Ward spells are magical shields that drain your mana while you use it(its a hold spell).

They block magic damage while also boosting your armor. You can also perk them to have them absorb a % if magic damage to refill your magicka. A lot of people seem to have problems with NPC mages so I might talent for that.

I find them kind of pointless to use but the enemy mages make very good use of them. Kind of frustrating.

Thank you! I now understand how to use them.

They are perfect against dragons, they stop most dragon magic, I find. Just have to make sure they warm up a second before the magic hits.

Yeah, the Greater Ward handles a dragon breath fine. When one lands, use it to get closer as it fires, and then hack away.