**Charity registration number 1069040 (England and Wales)**
## **THE WOMEN OF VISION TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **THE WOMEN OF VISION TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Ms. S. Chong-Tai Dr. A. Steel Mr. R. Thakerar Mr. S. Patel Dr. N. Patel Ms. H. Haq **Charity number** 1069040 **Principal address** International House 45-55 Commercial Street London E1 6BD **Independent examiner** Jason Foxwell FCCA FCIE independent-examiner.net 12 Hillbourne Road Poole BH17 7JB **Bankers** CAF Bank Lloyds Bank plc NatWest Bank plc
## **THE WOMEN OF VISION TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of trustees' responsibilities|3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 12|
## **THE WOMEN OF VISION TRUST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The charitable objects of The Women of Vision Trust as defined by the declaration of trust are:
- "To support the School ("Watford Grammar School for Girls"), in particular:
- to develop and maintain the fabric and amenities of the School;
- to advance the education of pupils of the School by providing or assisting in the provision of educational, recreational or other charitable resources in augmentation of such resources financed by the statutory body which maintains the School; and
- to apply such sum(s) in whatever other charitable ways the trustees consider to promote the wellbeing of the School and the education and welfare of the pupils of the School.
## **Public benefit statement**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
## **Achievements and performance**
The trustees have continued to support the school with the development of the school's facilities.
Parental donations have continued to decline from the previous year. The Trustees are devoting additional resources to increase the number and amount of parental donations. Administration costs of £276 (2024 - £815) remain exceptionally low due to the pro bono contributions from Trustees and the investment in the website, administration and accounting systems.
## **Financial review**
Donations including gift aid of £60,575 (2024 - £69,000) were received during the year. Donations of £6,725 were made to the School during this year (2024: £154,455) in support of the School's expenditure on facilities, equipment and general operations. The Trust has also made payments to the School towards salary costs of £20,805 (2024: £20,131) and fundraising costs of £4,498 (2024: £6,414).
## **Reserves policy**
The trustees reviewed their reserves policy during the year. After review, it was confirmed that trustees' policy is to retain one year's operating expenses with contingency and this was set at £50,000. The trustees aim over time to donate all funds in excess of that amount to Watford Grammar School for Girls.
The level of reserves held at 31 March 2025 is shown on the balance sheet.
- 1 -
## **THE WOMEN OF VISION TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Investment powers and policy**
The trustees may invest in the purchase of stocks, funds, shares, securities or other investments of whatsoever nature as the trustees shall in their absolute discretion think fit. The trustees have the same full and unrestricted powers of investing and transposing investments, in all respects, as if they were absolutely entitled to the Endowment Fund beneficially.
## **Risk management**
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.
## **Plans for the future**
The trustees will continue to support the School in projects falling within the Trust's objects.
## **Structure, governance and management**
The Women of Vision Trust was formed by a declaration of trust dated 16 March 1998. The Trust Deed was reviewed during 2023 to align with updates in legislation and best practice and an updated Deed was signed on 4 October 2023.
The trustees who served during the year and up to the date of signature of the financial statements were: Ms. S. Chong-Tai
Dr. A. Steel Mr. R. Thakerar Mr. S. Patel Dr. N. Patel Mr. S. Farrer (Resigned 1 October 2024) Ms. H. Haq (Appointed 3 December 2024)
New trustees are appointed in accordance with the provisions of the Trustee Act 1925.
All of the trustees named above served during the year.
The trustees' report was approved by the Board of Trustees.
## **Dr. A. Steel**
Trustee Dated: 15 October 2025
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## **THE WOMEN OF VISION TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **THE WOMEN OF VISION TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WOMEN OF VISION TRUST**
I report to the trustees on my examination of the financial statements of The Women of Vision Trust (the trust) for the year ended 31 March 2025.
## **Responsibilities and basis of report**
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
- I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## Jason Foxwell
## **Jason Foxwell FCCA FCIE**
independent-examiner.net 12 Hillbourne Road Poole BH17 7JB 23 October 2025
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## **THE WOMEN OF VISION TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
60,575
-
Investments
**4**
1,857
-
**Total income**
62,432
-
**Expenditure on:**
Raising funds
**5**
25,303
-
Charitable activities
**6**
9,192
-
**Total expenditure**
34,495
-
Net gains/(losses) on
investments
**10**
(19,616)
-
**Net income/(expenditure) and**
**movement in funds**
8,321
-
**Reconciliation of funds:**
Fund balances at 1 April 2024
964,383
88,589
**Fund balances at 31 March**
**2025**
972,704
88,589|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
60,575
69,000
-
1,857
250
-
62,432
69,250
-
25,303
26,545
-
9,192
161,210
-
34,495
187,755
-
(19,616)
109,196
-
8,321
(9,309)
-
1,052,972
973,692
88,589
1,061,293
964,383
88,589|**Total**
**2024**
**£**
69,000
250
69,250
26,545
161,210
187,755
109,196
(9,309)
1,062,281
1,052,972|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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## **THE WOMEN OF VISION TRUST**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Current assets**
Debtors
**12**
Investments
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current assets
**Income funds**
Restricted funds
**15**
Unrestricted funds|**2025**
**£**
**£**
7,102
967,854
87,792
1,062,748
(1,455)
1,061,293
88,589
972,704
1,061,293|**2024**
**£**
**£**
2,958
987,471
63,298
1,053,727
(755)
1,052,972
88,589
964,383
1,052,972|**2024**
**£**
**£**
2,958
987,471
63,298
1,053,727
(755)
1,052,972
88,589
964,383
1,052,972|
|---|---|---|---|
||||88,589
964,383|
||||1,052,972|
The financial statements were approved by the Trustees on 15 October 2025
## Heena Haq
Dr. A. Steel Ms. H. Haq **Trustee Trustee**
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## **THE WOMEN OF VISION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
The Women of Vision Trust is a registered charity.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are funds received which can only be used for the specific purpose as laid out by the donor. Expenditure which meets this criteria is identified to the fund, together with a fair allocation of overhead costs. The aim and use of each restricted fund is set out in the note to the financial statements.
## **1.4 Income**
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of VAT.
- 7 -
## **THE WOMEN OF VISION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 8 -
## **THE WOMEN OF VISION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **3 Donations and legacies**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|53,474|66,569|
|Gift aid recoverable|7,101|2,431|
||60,575|69,000|
## **Note**
Following a review of the amounts claimed on Gift Aid, further amounts were found that potentially could be claimed and this claim will be made following the balance sheet date with the amount received shown as a receipt in the next accounting period.
## **4 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Interest receivable|1,857|250|
|**Expenditure on raising funds**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Costs of generating voluntary income**|||
|Salary recharges from Watford Grammar School for Girls|20,805|20,131|
|Other fundraising costs|4,498|6,414|
||25,303|26,545|
## **5 Expenditure on raising funds**
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## **THE WOMEN OF VISION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **6 Expenditure on charitable activities**
|**Direct costs**
Donations to Watford Grammar School for Girls
Professional fees
Administration costs
Governance costs
Website development
**Analysis by fund**
Unrestricted funds
**7**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements|**2025**
**£**
6,725
1,020
276
475
696
9,192
9,192
**2025**
**£**
495|**2024**
**£**
154,455
3,600
815
600
1,740|
|---|---|---|
|||161,210|
|||161,210|
|||**2024**
**£**
600|
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
One Trustee was paid expenses of £58 during the year.
## **9 Employees**
The charity had no employees during the year but contributed to the cost of an employee of Watford Grammar School for Girls for services provided to the charity.
## **10 Net gains/(losses) on investments**
||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Revaluation of investments|(19,616)|109,196|
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 10 -
## **THE WOMEN OF VISION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**12**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**13**
**Current asset investments**
Listed investments
**14**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2025**
**£**
7,102
**2025**
**£**
967,854
**2025**
**£**
1,455|**2024**
**£**
2,958|
|---|---|---|
|||**2024**
**£**
987,471|
|||**2024**
**£**
755|
## **15 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||||**Movement**||**Movement**||
|---|---|---|---|---|---|---|
||||**in funds**||**in funds**||
|||**Balance at**|**Incoming**|**Balance at**|**Incoming**|
**Balance at**|
||**1**|**April 2023**|**resources**|**1 April 2024**|**resources**|**31 March 2025**|
|||**£**|**£**|**£**|**£**|**£**|
|Esme Clark Bequest Fund||88,589|-|88,589|-|88,589|
Esme Clark Bequest Fund is a bequest left to Watford Girls Grammar School by a former teacher, Miss Esme Clark, for the sole benefit of the pupils of the School with an express wish that the fund will be used inter alia to finance Scholarships or Exhibitions for University places and an annual prize for English. The Trust will administer the fund on behalf of the School's governors but have no right to any income or capital from the bequest.
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## **THE WOMEN OF VISION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **16 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 April**|**At 1 April**|**Incoming**|**Resources**|**Gains and**|**At 31 March**|
|---|---|---|---|---|---|---|
|||**2024**|**resources**|**expended**|**losses**|**2025**|
|||**£**|**£**|**£**|**£**|**£**|
|General funds|964,383||62,432|(34,495)|(19,616)|972,704|
|**Previous year:**|**At 1 April**||**Incoming**|**Resources**|**Gains and**|**At 31 March**|
|||**2023**|**resources**|**expended**|**losses**|**2024**|
|||**£**|**£**|**£**|**£**|**£**|
|General funds|973,692||69,250|(187,755)|109,196|964,383|
|**Analysis of net assets between**|**funds**||||||
|||||**Unrestricted**|**Restricted**|**Total**|
|||||**funds**|**funds**||
|||||**2025**|**2025**|**2025**|
|||||**£**|**£**|**£**|
|**At 31 March 2025:**|||||||
|Current assets/(liabilities)||||972,704|88,589|1,061,293|
|||||972,704|88,589|1,061,293|
|||||**Unrestricted**|**Restricted**|**Total**|
|||||**funds**|**funds**||
|||||**2024**|**2024**|**2024**|
|||||**£**|**£**|**£**|
|**At 31 March 2024:**|||||||
|Current assets/(liabilities)||||964,383|88,589|1,052,972|
|||||964,383|88,589|1,052,972|
## **17 Analysis of net assets between funds**
## **18 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
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