## **CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES**
**Charity No. 273043**
## **REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED**
**31[st] DECEMBER 2025**
**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 2025
## **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 until retiring in July 2025) Ms Margaret Middlemass BA FCA (appointed May 2024; Trustee with responsibility for Finance from July 2025) Associate Professor Miljana Radivojevi _ć_ MA MSc Magistar PhD FHEA (appointed 2021) 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 2025. 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). Since the accounts’ financial year end, Associate Professor Sheelagh Heugh has been appointed to the Board of Trustees.
## **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 two online meetings per year and one in person (plus the Annual Public Meeting (APM) aligned with the BFWG AGM), saving costs from the past practice of three London meetings each year.
1
CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES TRUSTEES’ REPORT FOR THE YEAR ENDING 31st DECEMBER 2025
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 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 2025**
Four awards were made in 2025 totaling £20,000.
## **International Fellowship**
Our Grant to Graduate Women International (GWI) for the International Fellowship, The Ida Smedley Maclean Fellowship, of £3,000 was awarded in 2025.
## **Research Presentations Day**
The Research Presentation Day (RPD) for 2025 was held in person on 9[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 accounts for the Trust show the Fund’s financial position at the end of 2025. The main source of income for the Fund comes from income from 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.
2
CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES TRUSTEES’ REPORT FOR THE YEAR ENDING 31st DECEMBER 2025
## **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, who was appointed Chair following the 2023 Annual Public Meeting, will complete her term of office in July 2026, as will Ann Scott. Associate Professor Sheelagh Heugh joined the Board in May 2026. Professor Cynthia Burek has kindly agreed to chair the November 2026 meeting; a permanent Chair of the Board will need to be elected from the trustees at that meeting. Secretarial duties for the Board have been taken on by the BFWG administrator, together with the administration of the Academic Awards and RPD processes.
## **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.
3
CHARITIES ADMINISTERED BY THE BRITISH FEDERATION OF WOMEN GRADUATES TRUSTEES’ REPORT FOR THE YEAR ENDING 31st DECEMBER 2025
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.
## **Auditors**
Goldwins Limited were re-appointed as the auditors of the BFWG Scholarship Fund at the APM in July 2025 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**
9 June 2026
Date : ……………………………………
4
## **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 2025 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 2025 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
5
**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**
24 July 2026
**CHARTERED ACCOUNTANTS AND REGISTERED AUDITORS**
7
## **Charities Administered by the British Federation of Women Graduates Statement of financial activities For the year ended 31 December 2025**
|**2025**
**Note**
**£**
**Income from:**
Donations and legacies
**2**
56,015
Awards admin fees
**2**
3,877
Investment income
**3**
36,403
**Total income**
**96,295**
**Expenditure on:**
Charitable activities:
**4**
45,269
**Total expenditure**
**45,269**
Net (losses) / gains on investments
**-**
**5**
**51,026**
Transfers between funds
(38,896)
12,130
**Net movement in funds**
12,130
**Reconciliation of funds:**
Total funds brought forward
47,206
**Total funds carried forward**
**59,336**
51,026
**Net income / (expenditure) for the**
**year**
**Net income / (expenditure) before**
**net gains / (losses) on investments**
**Net income / (expenditure) before**
**other recognised gains and losses**
**Restricted**
**Funds**|**2025**
**Note**
**£**
**Income from:**
Donations and legacies
**2**
56,015
Awards admin fees
**2**
3,877
Investment income
**3**
36,403
**Total income**
**96,295**
**Expenditure on:**
Charitable activities:
**4**
45,269
**Total expenditure**
**45,269**
Net (losses) / gains on investments
**-**
**5**
**51,026**
Transfers between funds
(38,896)
12,130
**Net movement in funds**
12,130
**Reconciliation of funds:**
Total funds brought forward
47,206
**Total funds carried forward**
**59,336**
51,026
**Net income / (expenditure) for the**
**year**
**Net income / (expenditure) before**
**net gains / (losses) on investments**
**Net income / (expenditure) before**
**other recognised gains and losses**
**Restricted**
**Funds**|**2025**
**£**
**-**
**-**
**-**
**Endowment**
**Funds**|**2025**
**£**
**56,015**
**3,877**
**36,403**
**Total**|**2024**
**£**
18,668
-
32,212
**Restricted**
**Funds**|**2024**
**£**
**-**
**-**
**-**
**Endowment**
**Funds**|**2024**
£
18,668
-
32,212
Total|
|---|---|---|---|---|---|---|
||**96,295**|**-**|**96,295**|50,880|-|50,880|
||45,269|**-**|**45,269**|42,480|-|42,480|
||**45,269**|**-**|**45,269**|42,480|-|42,480|
||**-**
51,026|**-**
80,002|**80,002**
**51,026**|8,400
-|-
29,162|29,162
8,400|
||**51,026**
(38,896)|80,002
38,896|**131,028**
-|8,400
(6,791)|29,162
6,791|37,562
-|
||12,130|118,898|**131,028**|1,609|35,953|37,562|
||12,130
47,206|118,898
816,066|**131,028**
**863,272**|1,609
45,597|35,953
780,113|37,562
825,710|
||**59,336**|**934,964**|**994,300**|47,206|816,066|863,272|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
The attached notes form part of these financial statements.
8
## **Charities Administered by the British Federation of Women Graduates Balance sheet**
## **As at 31 December 2025**
|**2025**
**Note**
**£**
**Fixed assets:**
**7**
**Current assets:**
**8**
**6,689**
**57,066**
**63,755**
**Liabilities:**
**9**
**(4,419)**
**11**
Restricted funds
**59,336**
**934,964**
**Total funds**
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net current assets**
**Total net assets less current liabilities**
Endowment funds
Investments
Debtors
**Funds**|**2025**
**£**
**934,964**
**934,964**
**59,336**
**994,300**
**994,300**
**994,300**|**2024**
£
2,924
54,719
57,643
(7,513)
47,206
816,066|**2024**
£
813,142|
|---|---|---|---|
||||813,142
50,130|
||||863,272|
||||863,272|
||||863,272|
These accounts were approved by the trustees on …........................... 8 May 2026
and signed on their behalf by:
## **Emeritus Professor Kate Irving Chair**
The attached notes form part of the financial statements.
9
**Charities Administered by the British Federation of Women Graduates Notes to the financial statements For the year ended 31 December 2025**
## **1 Accounting policies**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102).
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
## **b) Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Key judgements that the charity has made which have a significant effect on the accounts include estimating the liability from multi-year grant award commitments. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## **c) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
## **d) Donations of gifts, services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **e) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## **f) Fund accounting**
- Restricted funds are investment incomes and donations which the donor has specified are to be solely used for particular areas of the
- charity’s work or for specific projects being undertaken by the charity.
-10-
**Charities Administered by the British Federation of Women Graduates Notes to the financial statements**
## **For the year ended 31 December 2025**
## **1 Accounting policies (continued)**
## **g) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
- Expenditure on charitable activities includes the costs of delivering services, undertaken to further the purposes of the charity and their associated support costs.
- Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **h) Allocation of support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts programmes and activities. These costs have been allocated to the expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 4.
## **i) Tangible fixed assets**
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.
## **j) Listed investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities.
## **k) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **l) Cash at bank and in hand**
Cash at bank and cash in hand includes cash.
## **m) Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **n) Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **o) Pensions**
The Charity has no pension liabilities.
-11-
## **Charities Administered by the British Federation of Women Graduates Notes to the financial statements**
## **For the ear ended 31 December 2025 y**
## **2 Income from donations and legacies**
|**Income from donations and legacies**||||
|---|---|---|---|
|Awards admin fees
Donations
Legacies
Memorial book
Research presentations day|2025
£
3,877
55,949
-
30
36
Restricted|**2025**
**Total**
**£**
**3,877**
**55,949**
**-**
**30**
**36**|2024
Total
£
-
707
17,951
10
-|
||59,892|**59,892**|18,668|
|**Income from investments**
Bank interest
Dividends||2025
£
161
36,242
Restricted|**2025**
**Total**
**£**
**161**
**36,242**|2024
Total
£
191
32,021|
|---|---|---|---|---|
|||36,403|**36,403**|32,212|
||||||
## **3 Income from investments**
-12-
## **Charities Administered by the British Federation of Women Graduates Notes to the financial statements For the ear ended 31 December 2025 y**
## **4 Analysis of expenditure**
|Direct costs
GWI
Support costs
Portfolio fees
Travelling
Dropbox
Governance costs
**Total expenditure**
Subcontracted awards admin fees
RPD day and awards admin expenses
Prize regarding RPD day
Subscription fees
Rates
Telephone and internet
Grant awards made
Brokerage costs
Rent-Storage Unit
Auditors' remuneration
Accountancy fees
Sundry
Trustees' travel
Website maintenance
Printing, Postage and stationery
Website hosting & zoom licence|£
20,000
3,000
Charitable
activities|**2025 Total**
**£**
**20,000**
**3,000**|2024 Total
£
22,000
-|
|---|---|---|---|
||23,000|**23,000**|22,000|
||12,272
580
150
2,640
-
-
1,269
162
-
52
-
-
192
475
85
117
900|**12,272**
**580**
**150**
**2,640**
**-**
**-**
**1,269**
**162**
**-**
**52**
**-**
**-**
**192**
**475**
**85**
**117**
**900**|11,088
180
150
475
39
280
2,457
-
105
21
518
151
309
-
101
331
900|
||18,894|**18,894**|17,105|
||3,375|**3,375**|3,375|
||3,375|**3,375**|3,375|
|||||
|||||
||**45,269**|**45,269**|42,480|
The charity has no unrestricted expenditure incurred in the year. The total expenditure £45,269 (2024 £42,480) was restricted.
## **5 Net income / (expenditure) for the year**
|This is stated after charging / (crediting):|**2025**|2024|
|---|---|---|
||**£**|£|
|Auditor's remuneration:|||
|Audit fees|**3,375**|3,375|
-13-
## **Charities Administered by the British Federation of Women Graduates Notes to the financial statements For the year ended 31 December 2025**
## **6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel**
The charity does not employ any members of staff.
The trustees were not paid or received any other benefits from employment with the charity. No charity trustee received payment for professional or other services supplied to the charity.
Trustees reimbursed travel and subsistence costs totalling £192 (2024: £170) incurred by 3 members relating to attendance at meetings of the trustees.
## **7 Listed investments**
|**Listed investments**|||
|---|---|---|
|All investments are held on a recognised Stock Exchange
Market value at the start of the year
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation
Market value at the end of the year|**2025**
**£**
**813,142**
**57,133**
**(15,313)**
**80,002**|2024
£
778,116
17,731
(11,867)
29,162|
||**934,964**|813,142|
The following holdings represent an amount exceeding 5% of the total value of investments.
|||**Market Value**|
|---|---|---|
||**Holding**|**2025**|
||**(Units)**|**£**|
|Aegon European ABS I Hedged Inc GBP|4,867|50,010|
|BlackRock Continental European Income D Inc|32,173|71,628|
|BNY Mellon US Equity Income U Inc|46,038|64,319|
|Schroder US Equity Income Maximiser L Inc|88,728|72,260|
|Vanguard UK Government Bond Index Institutional Plus I|792|65,330|
-14-
## **Charities Administered by the British Federation of Women Graduates Notes to the financial statements**
## **For the year ended 31 December 2025**
|**8**|**Debtors**|||
|---|---|---|---|
|||**2025**|2024|
|||**£**|£|
||Accrued income|**6,689**|2,924|
|||**6,689**|2,924|
|**9**|**Creditors: amounts falling due within one year**|||
|||**2025**|2024|
|||**£**|£|
||Amount owed to BFWG|**819**|3,700|
||Accruals|**3,600**|3,375|
|||**4,419**|7,075|
|**10**|**Analysis of net assets between funds**|||
|**Analysis of net assets between funds**|||||
|---|---|---|---|---|
||||**2025**|**2024**|
||**Restricted**|**Endowment**|**Total**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|
|Fixed Assets|||||
|Investments|-|934,964|**934,964**|813,142|
||-|934,964|**934,964**|813,142|
|Current Assets|||||
|Other debtors|6,689|-|**6,689**|2,924|
|Cash at bank and in hand|57,066|-|**57,066**|54,719|
||63,755|-|**63,755**|57,643|
|Creditors|(4,419)|-|**(4,419)**|(7,513)|
|Net current assets|59,336|-|**59,336**|50,130|
|Total net assets|**59,336**|**934,964**|**994,300**|863,272|
-15-
## **Charities Administered by the British Federation of Women Graduates Notes to the financial statements**
## **For the year ended 31 December 2025**
|**11**
**Movements in funds**
International Fellowship fund
BFWG Scholarship fund
**Total restricted funds**
**Endowment funds:**
International Fellowship Fund
BFWG Scholarship Fund
**Total funds**
**Restricted funds:**|£
8,928
38,278
At the start
of the year|£
1,216
95,079
Incoming
resources &
gains|£
(3,356)
(41,913)
Outgoing
resources &
losses|Transfers
£
537
(39,433)|**£**
**7,325**
**52,011**
**At the end of**
**the year**|
|---|---|---|---|---|---|
||47,206|96,295|(45,269)|(38,896)|**59,336**|
||24,804
791,262|2,204
77,798|-
-|(537)
39,433|**26,471**
**908,493**|
||816,066|80,002|-|38,896|**934,964**|
|||||||
||**863,272**|**176,297**|**(45,269)**|**-**|**994,300**|
The expendable endowment represents the capital originally settled on the charity. Gains and losses on disposals and revaluation of relevant investments are added to or deducted from the fund.
## **12 Operating lease commitments**
At the balance sheet date, the charity had no financial commmitment under non-cancellable operating leases.
## **13 Contingent assets or liabilities**
The charity has no outstanding contingent assets or liabilities.
## **14 Related party transactions**
The ultimate controlling party is the British Federation of Women Graduates, by virtue of the fact that the funds are controlled by the directors of the company. The British Federation of Women Graduates is a company limited by Guarantee and registered in England and Wales (company number: 278795).
During the year, the charity traded with the British Federation of Women Graduates and the amount owed to them is shown in Note 9.
## **International Fellowship Fund**
IFF funds held by BFWG included in the Endowment funds are the market value of investments £26,471.
IFF funds included in the restricted funds are the amounts of £7,325.
-16-
## **Charities Administered by the British Federation of Women Graduates Restricted Funds Year Ended 31st December 2025**
## **Statement of Financial Activities**
|**Incoming resources**
Donations and legacies
Awards admin fees
Interest, tax refunds and dividends
**Resources expended**
Awards
Brokerage costs
Portfolio fees
Printing, postage and stationery
Subcontracted awards admin fees
RPD day and awards admin expenses
Telephone and internet
Travel (Trustees)
Website hosting & zoom licence
Accountancy fees
Auditors' remuneration
Net incoming resources
Transfer between funds
Brought forward
Carried forward
**Balance Sheet**
Fixed assets
Investments at market value
Bank balances - Held by BFWG
Debtors
Other debtors
BFWG-Inter-fund (GWI award made)
Creditors Amounts owed by the Federation
Accruals
Prize regarding RPD day
Research presentations day
Website maintenance
Rent-Storage Unit|**International**
**Fellowship**
**Fund**
**£**
-
-
-
1,216
1,216
3,000
-
356
-
-
-
-
-
-
-
-
-
-
-
3,356
(2,140)
537
8,928
7,325
**£**
-
-
15,135
190
(8,000)
-
-
7,325|**BFWG**
**Scholarship**
**Fund**
**£**
55,979
3,877
36
35,187
95,079
20,000
150
11,916
580
117
2,640
1,269
162
52
192
85
475
900
3,375
41,913
53,166
(39,433)
38,278
52,011
**£**
-
-
41,931
6,499
8,000
(819)
(3,600)
52,011|**Total**
**Restricted**
**Funds**
**£**
55,979
3,877
36
36,403|
|---|---|---|---|
||||96,295|
||||23,000
150
12,272
580
117
2,640
1,269
162
52
192
85
475
900
3,375|
||||45,269|
||||51,026
(38,896)
47,206|
||||59,336|
||||**£**
-
-
57,066
6,689
-
(819)
(3,600)|
||||59,336|
## **Charities Administered by the British Federation of Women Graduates Endowment Funds Year Ended 31st December 2025**
## **Statement of Financial Activities**
|**Statement of Financial Activities**||||
|---|---|---|---|
||**International**|**BFWG**|**Total**|
||**Fellowship**|**Scholarship**|**Endowment**|
||**Fund**|**Fund**|**Funds**|
||**£**|**£**|**£**|
|**Incoming resources**||||
|Donations and legacies|-|-|-|
|Interest and dividends|-|-|-|
||-|-|-|
|**Resources expended**||||
|Grants|-|-|-|
|Administration expenses|-|-|-|
||-|-|-|
|Net incoming resources|-|-|-|
|**Other recognised gains and losses**||||
|Gains/(losses) on investment|2,204|77,798|80,002|
||2,204|77,798|80,002|
|Transfer between funds|(537)|39,433|38,896|
|Brought forward|24,804|791,262|816,066|
|Carried forward|26,471|908,493|934,964|
|**Balance Sheet**|**£**|**£**|**£**|
|Investments at market value|26,471|908,493|934,964|
||26,471|908,493|934,964|