2024-12-31-accounts

CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES

Charity No. 273043

REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31[st] DECEMBER 2024

Charities Administered by the British Federation of Women Graduates

Legal and Administrative Details

Governing Document

The Scholarship Fund was established in 1982 under a trust deed to celebrate 75 years work of the Federation to ensure that more women of ability could receive the help which was indispensable to their careers.

Charity number 273043 Registered Office: C/o 75 Maygrove Road London NW6 2EG Auditors: Goldwins Limited 75 Maygrove Road London NW6 2EG Bankers: NatWest Bank plc 66/68 St John's Road London SW11 1PB

CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES TRUSTEES’ REPORT FOR THE YEAR ENDING 31st DECEMBER 2024

British Federation of Women Graduates Scholarship Fund Trust

Trustees serving during the year:

Emeritus Professor Kate Irving BSc (Hons) PGCE MSc PhD (Chair from July 2023) Professor Cynthia Burek (appointed November 2023)

Ms Jennie Landsberg BEd (Hons) MEd NPQH (Trustee with responsibility for Finance) Ms Margaret Middlemass BA FCA (appointed May 2024) Associate Professor Miljana Radivojevi ć MA MSc Magistar PhD FHEA Ms Ann Scott BSc MSc (appointed May 2023) Dr Lorraine Thomas NA (Hons) MA PGCE PGCert PhD (appointed February 2023)

The Trustees present their report and financial statements for the year ended 31 December 2024. This report also covers the International Fellowship Fund which is part of the BFWG Scholarship Charity (with a separate bank account and separate accounts presented to the Annual Meeting and to BFWG). The funds for the International Fellowship are from a legacy which stipulated that income should be applied to an award determined by the International Federation of Women Graduates (now Graduate Women International), normally in the name of an early BFWG President. The Trustees confirm that all financial statements comply with current statutory requirements, the Memorandum and Articles of Association, the Scholarship Fund Trust Deed and the Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities, applicable to charities preparing their accounts (FRS 102).

Objectives and activities

In carrying out their duties the Trustees have had regard to the Charity Commission’s guidance on public benefit.

The purpose of the BFWG Scholarship Fund, as described in its Declaration of Trust document, is the awarding of scholarships, making grants and loans, and awarding prizes for the purpose of promoting or furthering post-graduate education of women of any nationality. The first award for academic research was given by the British Federation of University Women (now known as the British Federation of Women Graduates (BFWG)) in 1912. Since then, the Federation has continued to give awards and currently does so on an annual basis, to women doctoral students normally starting the second half of their doctoral programme at university in England, Scotland or Wales.

Trust operation

The scholarship Fund Trustees meet at least three times in a year in person and via zoom. It is likely that the trust will continue to have at least one online meeting per year (plus the Annual Public Meeting (APM) aligned with the BFWG AGM), saving costs from the past practice of three London meetings each year.

The Charity is a Trust, governed by its Declaration of Trust dated 9[th] July 1983. New Trustees are appointed by the existing group of Trustees and are normally but not exclusively, drawn from the membership of the British Federation of Women Graduates. Appointments are tabled by the Council of the Federation at its Annual General Meeting held every July. A skill audit of the board is conducted annually and skills needed identified, to inform the recruitment of future trustees. Trustees’ appointments are for an initial three years, renewable for a further three years, after which the Trustee must stand down. Semi-structured briefings for both prospective trustees, and for the induction of new trustees, have been developed to ensure a full appreciation of both legal obligations and trust operation.

Representatives of our Independent Financial Adviser, Chase de Vere and our accountants and auditor, Goldwins Chartered Accountants, continue to attend our meetings to give financial updates and advice

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CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES TRUSTEES’ REPORT FOR THE YEAR ENDING 31st DECEMBER 2024

and their input demonstrates not only the exemplary professional integrity expected of such advisers but a very personal engagement with the Trust and Trustees, which is highly valued. The Annual Report and Accounts are available on the BFWG website before the APM. A separate report on the finances is also provided.

Academic Awards 2024

Seven awards were made in 2024 totaling £22,000.

International Fellowship

Our Grant to Graduate Women International (GWI) for the International Fellowship, The Ida Smedley Maclean Fellowship, of £5,000 was last made in March 2022, so will be awarded in 2025.

Research Presentations Day

The Research Presentation Day (RPD) for 2024 was held in person on 10[th] May at the Institute of Archaeology, UCL (courtesy of a trustee ) . Eight students presented their findings with the emphasis on the communication of complex issues to a cross-disciplinary audience with all presenters being provided with feedback.

Financial review

The attached financial statement indicates the Fund’s financial position at the end of 2024. The main source of income for the Fund comes from interest on investments and this provides the monies for the Academic Awards/Research Presentation Day prize each year. Some small donations are also received along with occasional legacies. An administration fee per Academic Award application is charged and provided income for the cost of running the awards process each year.

Reserves policy

The current reserves policy is a minimum of one year’s worth of Academic Awards which is held in cash reserves to enable the payment of Awards to continue even if income generation has been insufficient in that year.

Structure, governance and management

In 2021 and 2022, significant work was done in reviewing the Terms of Reference, producing a more detailed Risk Register (in line with the Charity Commission template), considering the BFWG Articles/Scholarship Fund Declaration of Trust and developing a Master Document for trustees, containing core information and details on both the running of the Trust and the administration of the Awards. As mentioned above, a Trustee induction presentation has also been introduced, along with a shorter meeting for prospective trustees (led by the Chair). This work has continued. The trustees are also discussing the future scope of the Awards, bearing in mind our responsibility to maintain both the charity’s purposes and changes in the needs of graduate women studying and working in UK higher education.

Trust Board

Emeritus Professor Kate Irving, Trustee and Secretary to the Board, took over the Chair following the 2023 Annual Public Meeting. Her secretarial duties are progressively being taken on by the BFWG administrator.

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CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES TRUSTEES’ REPORT FOR THE YEAR ENDING 31st DECEMBER 2024

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (Financial Reporting Council).

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 charity and of the income and expenditure of the charity for that period. 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 (Statement of Recommended Practice);

• make judgments and accounting 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 business.

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity 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/constitution. 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 Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Formal declaration

The Trustees have no beneficial interest in the Charity. All documentation to the Charity Commission has been submitted including changes to the Trustees.

Statement as to disclosure to our auditors

In so far as the Trustees are aware:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

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CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES TRUSTEES’ REPORT FOR THE YEAR ENDING 31st DECEMBER 2024

Auditors

Goldwins Limited were re-appointed as the auditors of the BFWG Scholarship Fund at the APM in July 2024 and have expressed their willingness to continue in that capacity.

The Trustees’ Annual report has been approved by the Trustees

and signed on their behalf by

Emeritus Professor Kate Irving Chair, BFWG Scholarship Fund Trustees June 2025

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Independent Auditors' Report to the Trustees of Charities Administered by the British Federation of Women Graduates

Opinion

We have audited the financial statements of Charities Administered by the British Federation of Women Graduates (the ‘Charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

•give a true and fair view of the state of the Charity s affairs as at 31 December 2024 and of its income and expenditure for the year then ended;

•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

•have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material

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Independent Auditors' Report to the Trustees of Charities Administered by the British Federation of Women Graduates

misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

• •sufficient accounting records have not been kept;

• •the financial statements are not in agreement with the accounting records and returns; or

• •we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the trustees

As explained more fully in the trustees responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:

• identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

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Independent Auditors' Report to the Trustees of Charities Administered by the British Federation of Women Graduates

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud.

• We obtained an understanding of the environment that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable accounting standard.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor s report.

Use of our report

This report is made solely to the Charity s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity s trustees those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

GOLDWINS LIMITED 75 Maygrove Road West Hampstead London NW6 2EG

18 July 2025

CHARTERED ACCOUNTANTS AND REGISTERED AUDITORS

Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Charities Administered by the British Federation of Women Graduates Statement of financial activities For the year ended 31 December 2024 2024 2024 2024 2023 2023 2023 Restricted Expendable Fullds Eodowment Restricted Expendable Funds Endowjnent Total Total Noie Income froD]'. Dr)nations and ILgacies .4wdrd¥ Admin fc¢¥ Iiivestinent iiicoine 18,668 18,668 601 601 2,?9? 3?.332 32.21? 32,212 Total income 50,880 50,880 35.24i Expenditure oll.. C.haLiral)le actt￿ltieS'. 4?,48(1 42.480 Total expendirnre 42,480 42.480 Net ittcome / lexpendxthre) before oet gains / (io ) oo InVest￿ents 55es 8.400 8,400 15.0661 15.0661 NLt O()ssLsl l ¥3in$ o)n invebtfflcnts Net income / (expeudimre} for the year ?9,162 29,162 22,963 ?2,963 8.400 29,16? J7.562 15,0661 29,963 17,897 Transfers bernveen ￿ndS 16.791) 6.791 110.?911 Nct income / lexpcrlditutcl b¢fote other tecognised gains and losse8 1,609 35,953 37,562 5.223 12,67? Net movement in fuads 1,609 35,953 37,562 5.22i 12,672 17,897 Reconcijiation of fundg.. TotrAI furtds brought forvAtd 4j,597 780,113 825,710 40,372 767,441 807813 Total fund8 catried forward 47,206 816,066 86J,272 45.-59-, 780,11.5 82.5.710 .411 uf thL Abr)i'L rc5uIt5 arc dLriNLd Erotn CUntin￿￿¥ Aitti'itjLS. Thtre were rto other reiognised gdlrts or losses other thAn those straEed above. Tlit lttaihed rtotes form pail of Ihtse finartiul siat¢m¢rtts.

Charities Administeted by the British Federation of Women Graduates Balance sheet As at 31 December 2024 2024 2024 2023 2023 INTote Fixed assets: Invcstmcnts 813,142 813,142 7:,8,116 778,116 Current assets: Debtors 2,924 54,719 57.643 1.997 52,672 .54,6C)9 Casli at bank aiid hand Liabilxties: Ciediturs.. Ainuunts falling due ifftthin one peal {7,513) Net euttent assets 50,130 Total tset a55ets less Cuttettt liabilities 863.272 8??,710 Funds li RestLlCted funds 47,206 45,59-, End(>￿Trent funds 816,066 780,113 863,272 8??.710 Total funds 863,272 82i,710 Tht%¢ accnujits wtre apptrJv¢d by rh¢ twstees on aiid signed un theit behalf bi". 5th July 2025 Emeti￿5 Ptofessot Kate Itving Chair The oirxched notes form pati ol the financial stOtemertlS.

Charities Administered by the British Fedetation of Women Graduates Notes to the financial statements For the year ended 31 December 2024 l A¢couThting po]i¢ie8 a) Basis of prepy4ration 'I'he fiA'aAcuI %ratement% have heeA prepared irt accnrd2nce Mth .4ccnurttin% and liep(>rtin% l)!. C.haritie%.. Sr2temettt l)f Recotnn)et)ded Practice apphcable to chattties preparing thejr accoiit)ts Jn accord2nce with the FinancJ21 Reporiing %t2ndard apphcable iii the UK at]d Repiibhc of Iteland (FILS 102- eEEectiTrTe l Janua4 ?0151- (Charitses S()RP FIL% 10?). Thc ¢haLity' m¢Lt4 thc d¢finlticm ()f A puI)lii l)¢nefir ¢fttsn' und¢r FILS 102. .4ss¢t% artd lial)Ilitics ate iftitiall}' ILiuxnis¢d 4t histuric cost l)t trans'acllorl N2liie unless ()theDkise staled Jn the telev'ant Accountjng pohclr or tjote. bl Goix]g concern The trustees considet thar there are no matetial uncertaillties About the chariti'"'s abihry to COnt￿￿e As a going concetn. Ke! iudgetnent5 that the charitt". has tnade Th,hJch haTre a s1￿11r1Cant effect on the account5 Jnclude esutnating the habiknry frotn inulll-!."eAr grant Hvvard cvnimittiicnts. ThL tIU5tccs dii nut considcr tlidt tlicrL arc 3nTr svurci5 uf cstlniation unccrtdlnt! Rt thc Icp0rtl￿g datc rlLlt h￿￿re'l ￿1￿lfIL￿nt ii£L ¢)[ iau%JAK I mateLial adiu%ttneAt t¢) the imciuAt£ (>£ a%%et% And liahJlitse% I￿hin the rtext repnrtrin% pettod. ¢) Income Incotne Is recognised wlTren rhe charjti l)as enutleinent ro the fuiid5, perfomiance coiidJtton5 attached to the Jncoine hai"e been rnct, It is prub3blc rh1¥ t thc incomc KNiII bc rccCi￿cd ana that thc aiiiount can bc mc3surcd Tcliabl?. For legacies, entidement is taken as the earher OE the d2te on which dthet.. the charitv Js aware that probite beet) granted, the estate has beeli fiiighsed and iiottficatton has been made by the executorlsl to the chari4- that a distributton ￿￿1[ be mgde, or ivheii a d￿rribl1t10￿ Js reC￿l'ed trotn the estAre. Receipt of a legAC!-, iii whole or in part, Is onl!. con51dered probAble when tlie aiiiount can be mcasyrcd ILb41)IN' rlil ihariri. lias LK'Ln n()rifiLd vf thL cxciuroi's jntLnti()n tc) makL a distributi()n. IX%iiL l¢¥aiiL¥ 1i3iL l?ccn Aojtified tn rhe ihAnt!', nt the ch&rit is.1￿re ()t the £rantsAg Df prc)l)2te, artd the cnterLI for JACI)me tec()£rtitiort have not ￿ert met, IheIl the legaci. treated as a contsngeiit assei and disclosed ifmaterisl. dl Dollations of gifts services and faciliiies Donaied prolessiotJ21 senryces and donated 12cihties are recogt)ised.as Jncome Thherl the ch2ttti, h.as conirol oi'er the item OL receji'ed the serwce. conthttons associated ￿ryth the dollatyon hAI-e been met, the reC￿pt ot ecollomic beiiefit from the use b4, the charitt. of the itetn 15 probable that econonuc benefjt cali be intasured rebably. lil accordance with tlie CharitIes %()RP (FR% 10? i￿luntccr timc is not rccoy15cd su rcfcr ro thc trustccs, annual rcport fvr morc infvrmation about thcir cyntribution l)rL receipt, dortated ￿lIs. professiona] ser￿CeS 2rLd dot)ated facihties are recognjsed otj the babis OE the N2liie of the gft to the chanfj." ￿'hICh ￿ the amoiint the chanry ivould have beeii iNTJlluig to pa}r 10 obtain sen'ices or Eacihtie5 of eqiiiNalent ecotton￿C benefii on the opeii market,. a correspoiiding atnount is then recognised in expenditure Jn the perJ(d of rec￿Pt. e) Interest receivable IAtere£t ¢iA furtJ% held dep(>SJt is included whert reieii"21)le and the 'am(>unt catt l)e meA%ured re￿.￿h11 l)v the chattli,. i% normallir upon nolllication OE the Jnterest p￿d or pal'able bi the b2nL. Furtd accoutttitbg Rtsriicted fuiid5 art jflTreStnient inconies Rnd doiiations ivhich the donor hAS specified Rie to be solel!T Used foi particular Atea5 of rlie ih>rtty'¥ yr fr?r bpcofic ptuiccts b¢inx uttd¢rt4kctt b! th¢ ¢hdtitY. -10-

Charities Administered by the British Fedetation of Women Graduates Notes to the financial statements For the year ended 31 December 2024 l Accounting po]icies (continued) g) Expenditure and irrecoverable VAT Expeiidimre ￿ reCOgn￿ed once there is a legal ot construcui"e obhgatton ro nLqke a pa}rmeiit to A thitd party, It 15 probable thar Settlemeiir uqll be requjied and tlie amount of the o6ts8RtJon be measured retsabl!-. Expendimre Js classjfied uiidei the follo￿1￿8 acttirity hLadinx&". Co)5ts of raising funds c{Iniptisc of trading cc?sts and thc costs IncurrcJ kn- thc chRritTr- in Inducing third partiCS to make l)lurttat!' L()nrnhutinrt% tc) ir. well the c(>%t i)f any aitii'ltie% ￿1th 2 turtdiai%ltt% PUTp¢i%e Expenditute on charitable acrjiines incliides the costs of debi'eniig 5ervJces. undertaken to fijrther the purposes of the charit and thLir ¥155OClatLd suppc?rt cust5. ()thcr cypcnditurc rLprcsCllt5 thusc itcm5 flut Alling into 3nv othcr hcading- Irtecoi'etable Il IT 15 charged as a cost against the actiiryry lor wknch the expenditure illcurted. h) Allocation of sUPPOrt C05t& Siipport COSts are those fullcuolls that a5515t the KNotk of the chatit! biit do llor d￿eCtI1- undertake charitable acuwues. .Support costs Include back office c05t5, fjnance, personnel, pal-.roll And goi'emance costs IlThJch supporr rht Tnist5 programine5 And actii-itte5. ThcbL LQ?3ts h¥1IL 1)Lcn 311(IcarLd tu thc cYpLndituri ()n ch¥1riral?IL acriTrltic¥. Thc Lnscs which suppuit c()5r5 hai'L all(K3tLd ai-c %et nut Jn ttnte 4. i) Tatigible fixed a88et8 Itein5 of eqwpinent are capitali5ed where the puEchase price exceeds £500. DeprecLqtiOiI Js proiryded at rates calculated to write doivn thc cost vf C¥1cII 3SSCt tu its cstimatcd rc5idual i'aluc I￿(r It5 CXPCCtca u5cful lifc. j) Listed investments [Airebtments Eortn olbasLC fin2ncial instrument at)d I￿rIa￿v reco£￿Sed at the￿ tr2nS2ction Nalue and subsequeAd}r measuted at their iTalue As at the balance sheet date usjng the closing quoied market price. .4ll}r change Jn fait ￿alue ivdi be reCO￿lIsed it) rhe 5tatetnent of &nanciAI actiTr-Ities. k) Debtorg 'ItadL artd i)thLt dLI)tCii% afL' ItLI)%ttl%td it rht %ettrlctneAt amc>urtt due If￿[ aATr ttradt di%cc)urtt C>£fcttd. Ptcpa!mtttt% vllucd At tl)t 2mourLt PLrp2id net 012n}' trade discoiinis due. l) Cash ai bank and hartd Cash ar b￿￿k a￿a cAsli 117 hand include5 cash. ml Cr¢diiors and provisions (.'rLditC?Ib and pi()IlbiUnS ai-L TLcugniscd whLrc thc chdtity. pi-cscnr ol)Igari()n rc¥ultin¥ Eic?m a past cicnt that iiryll pir)i)ablir result irt the EraAsfex ()[ fuAds tn 2 third patE}" artd the 'am()L￿t due t() settle the ¢)l)h£2til)rt iart be measuLed ()r estjmated Tehal)Iv. Creditors and proirysions are normall! recognised at thejr setdemellt atnoullt aEtet allOW￿g for anj ttade thscounts due. n) Fin#n¢iai instruments T]ie chariry onl!- has financjal asset5 and financ￿1 liabditjes OE a kniid rhat quAbA- As basic financial iiistruments. Ba51c fiiiaiicial 1115riutntnt5 Are iniriAllI.- reco8f115ed at rran5acttoii value and 5ubsequeiirly meA5ured At theii 5errletnent Tralue ivjrh tlie exception of ii.hich are 4ul)sc4ucttrly mLasuiLxl at aTnyitLscd Lust usittx thL Lffc'ctli'c inrcresr mLthc)d. o) Pen$iotJs Thc Charlty has no pcnsion liabilitics. -11-

Charities Administered by the British Federation of Women Gtaduates Notes to the financial statements For the year ended 31 December 2024 2 Income from donations and legacies ?0?4 Restricred 2024 Total Total -livard8 admitx fee8 Di)nation 707 707 560 LegAcies N(emorial book Research pre5eiitarioiis da 17,951 io 17,951 io 41 2,893 18,668 18,668 3 Income from inve8iments ?0?4 2024 Total Restricred Total Bank interest t)jiridends 191 191 32,021 32,212 147 32,?1)5 -12-

Charities Administered by the British Federation of Women Gtaduates Notes to the financial statements For the year ended 31 December 2024 4 knaty-sis of expenditute Charitable activirits 2024 Total 20?3 T()t21 Direct cobts Grant awards made 22,000 22,000 Suppvrt Cl)bts Brc)kerage co%t Portfoho Eccs 11,088 180 150 475 39 280 11,088 180 tso 475 39 280 2,457 105 21 518 151 309 10,663 Piize reAYrding RPD dai". Subcoiittacted aivatdg admit] Fees Trai'clling 8ub8ctiptinn lee8 Ilivards admin expenses Rates Telephone Rna inretn¢t Dropbox 150 788 997 480 2,457 105 417 561 ?1 518 151 309 1,037 118 Tnistecs, travcl Utilities 'eb5ire hosring Ptitttinx, Pc)btaxe ana stationery Ilccountancj fee5 130 447 ioi ioi 331 900 53 195 Jo 331 17,105 17,105 G￿￿etnance costs -luth"tnr%' remuner&ti()n 3,375 3.375 3,375 3,375 3,375 3,375 Total expenditute 42,480 42,480 'llie charitt. has no unrestricted expenditure inairred in the }'eAr. 'Ihe rotal t￿pendi[Ure L4? 480 {?093 L40,311) vas restricted. 5 Net income / (expenditure) for the year This is stRted alter charpng / (crediting)- 2024 2023 Auditor's remunerition-. Audit fccs 3J75 3.375 -13-

Charities Administered by the British Federation of Women Graduates Notes to the financial statements For the year ended 31 December 2024 Al￿ty51S of staff costs. tmStee temunetatioll attd expenses and the cost of key management petsonnel The chanry does lloi employ 3111 meinbers OE siafE. The rru%ree8 llfjr p￿d fjr received at)!. other henefit% frntn ￿npl￿1￿￿e1lt ihe chann.. Nrj chanti, rrllstee received P2ItneJii Inr prafessinJ121 rjr arher supplied tn the charjn.. 'lrnstCCg rcimbiirscd trAI'cI and subglstcncc iosts tota]]Jng £1.10 {20?3'. £1301 Jnciirrcd by 2 mcmbcrs Ldating to attcndancc At mcctJn¥s of thL trustccs. listed investmettts 2024 202.3 .111 Jnve8imeJirs are held aji a recnwsed f rack EYch2Jige Iarker i'alue ai rh¢ srari of rlie ieor .IddirioJis ir coqr t)ibpos#ls ar C0WlJig v01ue het gAin/Oo&s) UA reTraluAtitst NIarker i'alue ai rht eftd of rhe s'ear 778.116 17.731 (11.867) 29,162 813,142 763.083 fj,9.30) 8.116 The folloMong hold￿g5 iepiesent Ali amount excee(ling 5./0 of the total i'alue of investtnents. Matket Value 2024 Holding (Units) BlackRock C.nntineJital European Iiicome D Inc BlackRcJck C.nTor2ie Bond £ Inc BNI- IIellrJii L£ Eq￿ll" liicome U Inc 41.874 65.987 51,C)61

Charities Administered by the British Federation of Women Graduates Notes to the financial statements For the year ended 31 December 2024 Debtots 2024 20?3 .4ccrued Jncrjme 2,924 4924 1,997 Cteditots- xmoutkts falling due Mqthixk otke yeat 2024 202.3 .4[nO￿lt owed to Bl,'IX'G .4icnia15 4,138 3J75 7,513 3,700 3,375 10 Analy8is of Det assets between funds 2024 Toial Funds 2023 Total Futtds Resiticted EDdoThinetti Funds Funds FLYed.Issers Iiiveqtmeiirs 811,142 813,142 78,116 81_1,142 813,142 78.116 CutreAt.Isset other dehtnrs Cabh at bAAk and in hAAd 2,924 1924 54,719 i4.719 52,6-, i4.719 57,643 C7.513) 54,66C) g.07_51 C.redir(Jts Net cuttenr a%%erq 47,206 50,130 47..594 Toral iitr assers 47.206 816.066 863.272 825,710

Charities Administered by the British Federation of Women Graduates Notes to the financial statements For the year ended 31 December 2024 11 Movements in funds Inconung resources & gaiiis Outgo￿% tesources -4t the start of tlie Tr-.ear At the end of the year losses Transfers Restticted funds: liiternattonal Fellowsl)Ip f￿]d BFIiIG Scholarsknp fund 1,183 49,697 13421 142,1381 342 fj,133) 8,928 38,278 37,852 Toial resiri¢ted fvnds 45,5()-, 5IJ,880 142,4801 16,7911 47,206 Etsdol￿￿neTht ￿ndS.. InternAtiuAal I'elluTh'ship E'und BRK'C, £chnlar%liiii Fujid 94,?48 755,865 8()8 28264 134:) 7.133 791.262 80,113 29,162 816,1 Toial funds 825,710 50.880 {13,318) 863,272 The expendable enda￿nent represents tlie capital ori%i112lli settled nt] the clianry. and losses on &sposals ￿]d reNaluation releiTgllt Jni-estma)ts ate added tfj fjr dediicred from the fund. 12 Operating lease commitments .It the balance sheet date, the ch2nry had no Fjnancial coininmitsnent under t]oA-cancellable operatjng leases. 13 Conungent assets or Jiabilities The chariry has i)0 olltstandiiig coiitjngent assets or ]iabthLes. 14 Related party trattsactions The ultim2re cnntralljng parryr Jq the Bnti%h Feder2nnn nf ix'nmeji CTradu2re4, b!. iryrrne nf ihe E2cr that ihe Eut)d.s are cojiirolled h!. rh¢ dirtciors OE rlie coinpan!-. The Brjrjsh Ftdtrarioii of IX,oit)tt) Groduares is a cotnpat)!. limjred by Guaraiiiet #nd regsrered in F.n81￿ld 011d Ixlalts (compan} nwnber.. ?787951. DutiAg the Jear. die Lhdtity ti&ded Kwth the BLitisIE I'eJeEatiun uf GrAdiidtes dnd the Amuunt uwtd tu the￿ is shuivn in Nute 9. International Fellow8hip Fund IFF [￿id5 held b!- BFiiiCF llicliided Jn die Endownent fillids are tlie tnatket value of Jnvestments £24,- IFF funds indudcd in Ihc rcsiricicd And cndowmcnt funds #rc Ihc xmounts (>f £8.928 And £24.804 rcspcctivel}'.

Charities Administered by the British Federation of Women Graduates Restricted Funds Year Ended 31st December 2024 Statement of Fittattcial Activities Intetnational Fellowship Fund BFWG Scholarship Fund Total Restticted Funds Incoming resources Donations and ItgAcies Interest, tax refund5 and diiTidend5 18,668 18,668 1,183 1,183 50,880 Resources expended ,Iw3rdb Ptizc rcgarding RPD di "Irai'elling Brokernge costs Pottfi)lii) fees Ptintixig. po%tage stauonery Subcoiittictcd award5 admiii fcc5 Aivard5 Adn]in expen5e5 Sub5CtiPtioii Fee5 Rate.% Dropbox Sun 'I'rai'el Clru5tees) 'ebgit¢ hostinx Utilitie8 Accounianci, fces Iluditors, rtmiinttation 150 150 39 10,746 39 11,U88 180 331 475 2,457 2811 ia5 331 475 2,457 IQ5 518 518 151 309 i(11 151 309 ioi 91KI 3,375 3,375 42,138 42,480 Net inc()min¥ te%vurces Tran%Eer berniTeen fLinds Broughr forniTard 841 7.559 (7,1_3_3) 8.400 16.7(Jl) 4),597 7,745 Carried forward 38,278 Balance Sheet Fixed a$8et Ini'cstmcnts at market valuc Bank balances - Fleld bi( BPIi'G Debtor5 Other debtors BnX-C.-Jiiter-Fund (GIKT aivatd made) C.reait()r8 Am()unts nived b}. the Federitii)n .4ccruals 40,791 54,719 15,001)) 5,000 (4.1_38} (3,375) 14.138) 13,3751 38,?78

Charities Administered by the British Federation of Women Graduates Endowment Funds Year Ended 31st December 2024 Statement of Financial Activities Intemaiional Fellowship Fund BFWG Scholarship Fund Total End0￿￿￿ent Funds Incoming resources Dnnatii)n% and legacie8 Intercsi &iiid dii'idciids Re80urce8 expended Graiits Ildn]inisttarion expenses Ner incomiiig rtsoiirces Other recognised gains and 108ses G2ins/llosses) on investmcnt 8l)8 ?8.?64 ?9.16? 89A ?8.?()4 7,133 7ii,86i TransEcr betkveen FLinds Brouglir fornvard 13421 24,248 6.7t)I 780,113 Carried forward ?4,804 191,96? 816,066 Balance Sheet Ini'cstmcnts at market valuc Other debtors 24,715 89 788,427 2,835 813.149 ?4,804 191,96? 816,066