## **BFWG Charitable Foundation**
(A CIO (Charitable Incorporated Organisation)) Trading as FfWG – Funds for Women Graduates
## **Charity No. 312903**
## **Report and financial statements**
## **For the year ended**
**31 December 2025**
**BFWG Charitable Foundation CIO**
## **Report and financial statements**
## **For the year ended 31 December 2025**
## **Contents**
|**Contents**||
|---|---|
||**Page**|
|**Reference and administrative information**|**1**|
|**Trustees’ annual report**|**2 - 6**|
|**Independent auditors' report**|**7 - 9**|
|**Statement of financial activities**|**10**|
|(incorporating an income and expenditure account)||
|**Balance sheet**|**11**|
|**Statement of cash flows**|**12**|
|**Notes to the financial statements**|**13 - 18**|
**BFWG Charitable Foundation CIO**
## **Reference and administrative information**
## **For the year ended 31 December 2025**
## **Trustees:**
Professor Jane Hart, BSc, PhD Ms Aisha Alshawaf, BDS 1986, FDSRCS, MFGDP Dr Judith Aston, PhD Professor Carolyn Carr, DPhil Ms Caroline Graham, MA Mrs Katrina Howell BA (Hons) Mrs Shirley-Anne Sherriff, BA (Hons) Ms Felicity Selcoe, BA, MSc, CFA Ms Jennifer Landsberg BEd (Hons), MEd – Appointed 7 January 2026
**Company Secretary:** Ms Catherine Oprava, MSc, ACA, DChA **Charity number:** 312903 **Registered office:** 53 Romilly Road Cardiff CF5 1FJ **Auditors:** Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG **Bankers:** HSBC Bank PLC 21 High Street Storrington Pulborough West Sussex RH20 4DR **Fund Managers** : Evelyn Partners 45 Gresham Street London, EC2V 7BG
-1-
**Trustees’ Report**
## **To the members of the BFWG Charitable Foundation CIO**
## **For the year ended 31 December 2025**
The trustees present their report and financial statements for the year ended 31 December 2025.
The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Objectives and activities**
## **Purposes and aims**
The objects for which the charity was established, and which are stated in its Memorandum, are:
_The advancement of education and the promotion of higher education and wider learning of women graduates._
The aim of the Charitable Foundation is to help women graduates realise their academic ambitions of higher education by awarding grants to help with living expenses whilst they pursue their studies. Successful applicants are those who meet the stated criteria and for whom the charity has sufficient funds. The criteria include establishing the proven needs of the applicants and their academic calibre.
## **Public benefit**
The charitable purpose of the Charitable Foundation is the advancement of education. The benefit offered by the charity is a financial one and is to help with maintenance costs whilst the recipient is studying. Women from anywhere in the world may apply to the charity for financial assistance provided they are studying in Great Britain.
The trustees have complied with the duty in s.17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
## **Grant making**
The charity makes grants to individuals. A grant is awarded as a contribution towards living expenses to postgraduate women engaged in studies at approved institutions in Great Britain.
The charity’s main foundation grants are made for the academic year to come whilst the emergency grants are to help those who face unforeseen financial difficulties in the current academic year. Theodora Bosanquet Bursaries are offered annually to women graduates whose research in history or English literature requires a short residence in London in the summer. The FfWG Fellowship, which is administered via Graduate Women International (GWI) on a triennial basis, was awarded in 2025.
The criteria for awarding grants are the proven needs of the applicants and their academic calibre. The amount of money available for grants is limited so not all qualifying applicants can receive a grant.
- 2 -
**Trustees’ Report**
## **To the members of the BFWG Charitable Foundation CIO**
## **For the year ended 31 December 2025**
## **Achievements and performance**
The charity has continued to support women graduates who seek to advance their education and to promote higher education and wider learning.
Applications for financial assistance come from women from all over the world and from different backgrounds. Their need for financial support ranges from serious family medical problems, abuse, parents not able to continue with support and political pressures - the list is varied and long. The determination of these women to complete their PhDs is exemplary and inspiring. The charity is proud to have been able to support the women by awarding grants to help with their maintenance costs.
The total value of the main grants awarded in the year was £237,158 (2024: £224,789) and the total value of the emergency grants was £67,665 (2024: £69,361). Cumulative grants awarded during the charity’s existence now exceed £5 million. During the year, the charity received 355 applications for main grants and made 50 awards. It received 268 applications for emergency grants and awarded grants to 31 women.
Each year Theodora Bosanquet Bursaries are awarded to women whose research in history or English literature requires a short residence in London in the summer. Two bursaries were awarded in 2025.
Each year the Trustees determine the level of grants awarded based on the Grant Policy. In a normal year grant levels increase in line with CPI. The quantum of funds available to distribute as grants in any year is determined by a combination of income generated by the portfolio as well as the cushion of capital gains made on investments.
During the year, the trustees conducted a re-tender for the management of the investment portfolio, and the decision was made to appointment Evelyn Partners. The investments were transferred from CCLA to Evelyn Partners in November 2025.
During the year, FfWG completed the conversion from a charitable company to a CIO (Charitable Incorporated Organisation), which was approved by the Charity Commission on 29[th] December 2025.
## **Financial review**
The charity’s expenditure exceeded income by £94,153 (2024: expenditure exceeded income by £65,447) before a unrealised loss of £343,065 on investments (2024: an unrealised profit of £221,489). The charity’s main source of income is income from investments; this inevitably fluctuates as the market fluctuates. The trustees monitor portfolio performance closely and ensure that the organisation has adequate cash reserves to cover any short-term deficit without jeopardising the capital base. As a result, the excess of expenditure over income for the year was predicted and managed effectively.
In previous years, the BFWG Charitable Foundation charged a small administrative fee to applicants for the main Foundation Grant, generating £5,565 in 2024. In 2025, the trustees decided to discontinue this practice, resulting in no income from application fees in 2025.
- 3 -
**Trustees’ Report**
## **To the members of the BFWG Charitable Foundation CIO**
## **For the year ended 31 December 2025**
## **Reserves policy**
The charity updated its reserves policy in 2023, and this is then reviewed annually. As a result, it is the policy of the charity to hold cash funds, all of which are unrestricted, at levels that are adequate to at least maintain the level of its awards in real terms and to cover management, administrative and support costs for a four-to-five-year period. The investments are held for the long term to ensure continuity of the Charity’s grant giving.
In as much as the allocation of funds depends on the financial policy of the charity it is important that sufficient flexibility be incorporated into any grants allocation policy so that the board of trustees can react appropriately according to the financial circumstances. This enables current activities to continue in the short term should investment income drop significantly. The trustees were able to maintain the desired level of reserves during the year under review.
## **Principal risks and uncertainties**
The trustees have assessed the major strategic, business and operational risks to which the charity is exposed and are satisfied that systems are in place to minimise the effects of such risks.
## **Plans for the future**
The charity aims to grow its capital base so that more women graduates receive financial help now and in the future.
## **Structure, governance and management**
BFWG Charitable Foundation is a CIO with a constitution that is registered with and regulated by the Charity Commission.
The board of trustees makes the final decision on all matters concerning the activities of the charity. The grants committee assists the board of trustees in making recommendations for awarding grants.
The trustees usually meet four times a year to consider recommendations for the awarding of grants, to review the performance of the investment managers and financial activities, and other matters that arise. The day-to-day administration of grants is delegated to the grants administration officer .
## **Appointment of trustees**
A governor is elected for a term of three years from the first day of August following his/her election. A governor may subsequently, whether before or after the expiration of that term, be re-elected for a further term of three years after which he/she shall be ineligible for re-election until two years have elapsed from the expiration of the latter term. Additionally, the Chair can remain a governor for up to an additional three years.
- 4 -
**Trustees’ Report**
## **To the members of the BFWG Charitable Foundation CIO**
## **For the year ended 31 December 2025**
## **Trustee induction and training**
On election, each trustee has an induction pack that gives details of the Charitable Foundation such as its background, organisational structure, financial resources, objectives and activities.
## **Related parties and relationships with other organisations**
Prior to the conversion to a CIO in December 2025, the BFWG Charitable Foundation was a charitable company limited by shares, and was a wholly owned subsidiary of the BFWG. Since the conversion, the BFWG is the sole member of the CIO. BFWG are able to appoint up to three Appointed Trustees, including the President of the BFWG and two BFWG representatives. The BFWG Charitable Foundation can appoint a further six to eight independent charity trustees.
## **Statement of responsibilities of the trustees**
The trustees are responsible for preparing the trustees’ annual report and the financial statements 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 financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: -
- Ensure that suitable and compliant accounting policies are implemented and applied appropriately.
- Observe the methods and principle of the Charities statement of Recommended Practice (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 business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the CIO’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees have no beneficial interest in the charity.
## **Statement as to disclosure to our auditors**
- 5 -
**Trustees’ Report**
## **To the members of the BFWG Charitable Foundation CIO**
## **For the year ended 31 December 2025**
In so far as the trustees are aware:
- There is no relevant audit information of which the CIO’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 CIO during the year. They have expressed their willingness to continue in that capacity.
12th May 2026 The trustees’ annual report was approved by the trustees on ……………………. and signed on their behalf by:
…………………………………….
Jane Hart **Chair**
- 6 -
**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BFWG Charitable Foundation CIO**
## **Opinion**
We have audited the financial statements of the charity for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows 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 period 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 FRCʼs 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 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.
7
**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BFWG Charitable Foundation CIO**
## **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;
- 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.
8
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BFWG Charitable Foundation CIO**
- 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.
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 Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG**
## 9 June 2026
Goldwins Ltd is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
9
## **BFWG Charitable Foundation CIO Statement of financial activities**
## (incorporating an income and expenditure account)
## **For the year ended 31 December 2025**
|**Note**
**Income from:**
Donations and legacies
**2**
Charitable activities:
Grant administration fees
**3**
Investment income
**4**
**Total income**
**Expenditure on:**
**5**
Cost of raising funds:
Investment management costs
Charitable activities:
Grant awards
**Total expenditure**
Net (losses)/gains on investments
**Total (losses)/net gains on investments**
**Net (expenditure)/income for the year**
**6**
Transfers between funds
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**Net (expenditure)/income before net gains /**
**(losses) on investments**
**Net (expenditure)/income before other**
**recognised gains and losses**|2025
2025
**2025**
Unrestricted Restricted
**Total**
8,237
9,000
**17,237**
-
-
**-**
257,630
-
**257,630**
265,867
9,000
**274,867**
5,268
-
**5,268**
357,752
6,000
**363,752**
363,020
6,000
**369,020**
(343,065)
-
**(343,065)**
(343,065)
-
**(343,065)**
(440,218)
3,000
**(437,218)**
-
-
**-**
(440,218)
3,000
**(437,218)**
8,510,452
3,000
**8,513,452**
8,070,234
6,000
**8,076,234**
(97,153)
**(94,153)**
3,000|2024
Total
23,853
5,565
249,244|
|---|---|---|
|||278,662|
|||-
344,108|
|||344,108|
|||221,489
(65,446)|
|||221,489
156,043
-|
|||156,043
8,357,409|
|||8,513,452|
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.
10
**BFWG Charitable Foundation CIO Balance sheet**
## **As at 31 December 2025**
|**Note**
**Fixed assets:**
**10**
**Current assets:**
**11**
**Liabilities:**
**12**
**Net assets excluding pension asset / (liability)**
Defined benefit pension scheme asset / (liability)
**14**
Share capital
Resticted funds
Total unrestricted funds
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net current assets / (liabilities)**
**Total net assets / (liabilities)**
**Total assets less current liabilities**
Debtors
**Funds**
General funds
**Total funds**
Creditors: amounts falling due after one year|**2025**
£
**1,087**
**621,534**|**2025**
**£**
**7,620,457**
**7,620,457**
**455,777**
**8,076,234**
**-**
**8,076,234**
**-**
**8,076,234**
**8,076,234**
**8,076,234**|2024
£
918
371,904|2024
£
8,292,664|
|---|---|---|---|---|
|||||8,292,664
220,787|
||**622,621**
**166,844**||372,822
152,035||
||**-**
**6,000**
**8,070,234**||100
3,000
8,510,351||
|||||8,513,451
-|
|||||8,513,451
-|
|||||8,513,451|
|||||8,513,451|
||||||
|||||8,513,451|
> Approved by the trustees on 12 May 2026 and signed on their behalf by:
## **Jane Hart**
**Trustee**
The attached notes form part of the financial statements.
11
**BFWG Charitable Foundation CIO Statement of cash flows For the year ended 31 December 2025**
|**BFWG Charitable Foundation CIO**
**For theyear ended 31 December 2025**
**Statement of cash flows**|**BFWG Charitable Foundation CIO**
**For theyear ended 31 December 2025**
**Statement of cash flows**||||
|---|---|---|---|---|
|**Note**
**2025**
**£**
**15**
**Cash flows from investing activities:**
Interest/ rent/ dividends from investments
**257,630**
Sale/ (purchase) of investments
**329,144**
**Cash provided by / (used in) investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**16**
**Net cash provided by / (used in) operating**
**activities**
Change in cash and cash equivalents due to exchange
rate movements||**2025**
**£**
**(337,144)**
**586,774**|2024
£
249,244
-|2024
£
(303,439)
249,244|
||||||
|||**249,630**
**371,904**
**-**||(54,195)
426,099
-|
|||**621,534**||371,904|
12
**BFWG Charitable Foundation CIO 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) and the Charities Act 2011.
The CIO 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. 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.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
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**
- Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are 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.
## **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 making charitable donations.
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.
-13-
**BFWG Charitable Foundation CIO Notes to the financial statements For the year ended 31 December 2025**
## **1 Accounting policies (continued)**
## **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 charity`s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
## **i) Operating leases**
Rental charges are charged on a straight line basis over the term of the lease.
## **j) Tangible fixed assets**
Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Fixtures and fittings 15% Computer equipment 33%
## **k) 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.
## **l) 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.
## **m) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **n) 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.
## **o) 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.
## **p) Pensions**
The Charity currently has no pension liabilities. It confirms that it is complying with auto enrollment pension regulation.
-14-
**BFWG Charitable Foundation CIO Notes to the financial statements For the year ended 31 December 2025**
## **2 Income from donations and legacies**
|Donations and legacies
**3**
**Income from charitable activities**
Grant administration fees
**Total income from charitable activities**
**4**
**Income from investments**
Investment income|2025
£
8,237|2025
Restricted
9,000|**2025**
**Total**
**£**
**17,237**
**17,237**|2024
Total
£
23,853|
|---|---|---|---|---|
||8,237|9,000||23,853|
||||||
|||2025
£
-
-
2025
£
257,630
257,630
Unrestricted
Unrestricted|**2025**
**Total**
**£**
**-**
**-**
**2025**
**Total**
**£**
**257,630**
**257,630**|2024
Total
£
5,565|
|||||5,565|
|||||2024
Total
£
249,244|
|||||249,244|
||||||
## **5 Analysis of expenditure**
|Basis of
allocation
Staff costs
Direct
Direct costs
Direct
Support costs
Direct
Investment management costs
Direct
Governance costs
Direct
**Total expenditure**|Charitable
Grant awards
£
£
-
21,547
-
315,257
-
7,695
5,268
-
-
19,253
5,268
363,752
Cost of
raising funds|**2025**
**£**
**21,547**
**315,257**
**7,695**
**5,268**
**19,253**
**369,020**|2024
£
20,979
297,942
2,819
-
22,368|
|---|---|---|---|
||||344,108|
## **Total expenditure**
BFWG Charitable Foundation had £6k restricted expenditure in 2025 (2024: nil). Grants awarded are only for individuals for the purpose of the charity`s objects.
-15-
**BFWG Charitable Foundation CIO Notes to the financial statements For the year ended 31 December 2025**
## **6 Net income / (expenditure) for the year**
## **7**
This is stated after charging / (crediting):
||||
|---|---|---|
|This is stated after charging / (crediting):
Auditor's remuneration:
**Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel**
Staff costs were as follows:
Salaries and wages
Employer`s pension|**2025**
**£**
**4,200**|2024
£
4,200|
||**2025**
**£**
**20,919**
**628**|2024
£
20,379
600|
||**21,547**|20,979|
No employee received employee benefits (excluding employer pension) during the year over £60,000.
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: £nil.) They were reimbursed expenses of £1,415 during the year (2024: £932). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).
## **Staff numbers**
The average number of employees (head count based on number of staff employed) during the year was as follows:
|Charitable activities|**2025**
**No.**
**1**|2024
No.
1|
|---|---|---|
||**1**|1|
## **8 Taxation**
The CIO is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## **9 Tangible fixed assets**
The Charity currently holds no fixed assets
## **10 Investments**
|**Investments**|||
|---|---|---|
|**Investments at fair value:**
CCLA Charities Investment Fund
Evelyn Investments
**Movements**
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**
**£**|2024
£|
||-|8,292,665|
||**7,620,457**|-|
||**7,620,457**|8,292,665|
||||
||||
||**8,292,665**|8,071,176|
||**7,609,301**|-|
||**(7,938,444)**|-|
||**(343,065)**|221,489|
||**7,620,457**|8,292,665|
-16-
**BFWG Charitable Foundation CIO Notes to the financial statements For the year ended 31 December 2025**
## **11 Debtors**
|Prepayments
**12**
**Creditors: amounts falling due within one year**
Grant creditors
Taxation and social security
Accruals
**13**
**Analysis of net assets between funds**
Investments
Net current assets
**Net assets at the end of the year**
**14**
**Movements in funds**
**Restricted funds:**
Donations
**Total restricted funds**
**Unrestricted funds:**
General funds
**Total unrestricted funds**|£
At the start of
the year|£
Incoming
resources &
gains|£
Outgoing
resources &
losses|**2025**
**£**
**1,087**|2024
£
918|
|---|---|---|---|---|---|
|||||**1,087**|918|
|||||**2025**
**£**|2024
£
147,360
225
4,450|
|||||**161,924**||
|||||**720**
**4,200**||
|||||**166,844**|152,035|
|||||**General**
**unrestricted**
**£**
**7,620,457**
**455,777**|Total funds
£
8,292,665
220,787|
|||||**8,076,234**|8,513,452|
|||||Transfers
£|**£**
**At the end of**
**the year**|
||3,000|9,000|6,000|-|**6,000**|
||**3,000**|**9,000**|**6,000**|**-**|**6,000**|
|||||||
||8,510,452|265,867|706,085|-|**8,070,234**|
||**8,510,452**|**265,867**|**706,085**|**-**|**8,070,234**|
## **15 Reconciliation of net (expenditure)/income to net cash flow from operating activities**
|**Net (expenditure)/ income for the reporting period**
**(as per the statement of financial activities)**
Interest, rent and dividends from investments
(Gains)/ losses on investments
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Net cash provided by / (used in) operating activities**|**2025**|2024|
|---|---|---|
||**£**|£|
||**(437,218)**|156,043|
||||
||**(257,630)**|(249,244)|
||**343,065**|(221,489)|
||**(170)**|1,475|
||**14,809**|9,777|
||**(337,144)**|(303,438)|
-17-
**BFWG Charitable Foundation CIO Notes to the financial statements**
**For the year ended 31 December 2025**
|**G Charitable Foundation CIO**
**es to the financial statements**
**theyear ended 31 December 2025**|||||
|---|---|---|---|---|
|**Analysis of cash and cash equivalents**
Cash at bank and in hand
**Total cash and cash equivalents**|£
371,904
2025|Cash flows
£
249,630|£
-
Other changes|**£**
**621,534**
**At 31**
**December**
**2025**|
||371,904|249,630|**-**|**621,534**|
## **16 Analysis of cash and cash equivalents**
## **17 Operating lease commitments**
Total future minimum lease payments under non-cancellable operating leases are nil (2024: nil).
## **18 Contingent assets or liabilities**
BFWG Charitable Foundation has no outstanding contingent assets or liabilities.
## **19 Related party transactions**
Katrina Howell and Aisha Alshawaf are Directors of the British Federation of Women Graduates (BFWG) and are also Trustees of the Charity. They were paid out of pocket expenses of £196 and £88 respectively (2024: £120 and £nil).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
-18-