THE FETAL MEDICINE FOUNDATION (A Charitable Company Limited by Guarantee) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 IOANNOU & CO., Chartered Accountants 767 - 769 High Road North Finchley London N12 8JY
THE FETAL MEDICINE FOUNDATION COMPANY INFORMATION FOR THE YEAR 31 MARCH 2024 TrusteeslDlrectors Prof. K H Nicolaides Mr Jonathan Hyell Dr. Ranjil S. Akolekar Mr. Paul Jacobs Dr. Marlella Charakida Dr. Argyro Synge18ki Secretary Dr. Ranlit S. Akolekar Company Number 02922302 Règlstered Offlce 137 Harley Street London W1G 6BG Audltors AGK Partners Chartered Accountants & Statutory Auditors 1 Kings Avenue London N213NA Accountants loannou & Co., Chartered Accounlanls 767 - 769 Hlgh Road North Finchley London N12 8JY Reglstered Charlty Number 1037116
THE FETAL MEDICINE FOUNDATION CONTENTS FOR THE YEAR 31 MARCH 2024 Page Trustees'lDirectors' Report 1to4 Independent Audltors, Report 5t08 Statement of Consolidated Income and Expenditure and Retained Earnlngs Consolidatad Statement of Flnanclal Posltion 10 Company Statement of Flnanclal Posltlon 11 Consolldated Statement of Cash Flows 12 Consolldated Statement of Flnancial Actlvities 13to14 Accounting Pollcies 15to17 Notes to the Accounts 18to26
THE FETAL MEDICINE FOUNDATION TRUSTEES'IDIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also directors for the purposes of company law, have pleasure in presenllng their report together with the Consolidated Accounts for the year ended 31 March 2024 and confirm that they comply wilh the requirements of the Charities Act 2011 and Ihe Companios Act 2006, thus including Ihe Dlrectors, Report and Slrateglc Report under the Acl, together with the Consolidated Financial Statements. STRATEGIC REPORT: Governlng Document structure, Governance and Management Governin Document The Felal Medicine Foundalion is a company limited by guarantee and is reglstered under the Companles Act 2006. At 31 March 2024, there were six members and each member has guaranteed to contribute up to £10 in Ihe event of a winding up. The company is a registered charity. Recruitment and A ointment of TrLtstees. The directors of the company are also charity trustees for Ihe purpose of charity law. Under the requiremenls of Ihe Memorandum and Articles of Association the trustees are elecled to serve for a period of thrèe years after which they must be re-elected al the next Annual General Meeting. All trustees glve their tlme voluntarily and received no benefits from the charily. Any expenses reclaimed from the charity are set out in note 7 to the accounts. Trustee Inductlon and Trainin New trustees are invited and encouraged lo attend short Irainlng sesslons (of no more Ihan Iwo hours) lo familiarise themselves with the charity and the context within which it operates, These are wllh one of the Trustees and cover: The obligation of Trustees. The maln documents whlch set out the operational framework for the charity includlng the Memorandum and Articles of Association. Resourcing and the current financial poslllon as sel oul in the lalest published accounts. Future plans and objectives. Risk Mana ement The Trustees have conducted a revièw of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established lo mitigate the rlsks the charlty faces. Internal control risks are minimised by the implemenlalion of procedures for authorisallon of all transactions and projects. Procedures are In place to ensure compliance with health and safely of slaff, volunteers. clients, patienls and visitors. These procedures are periodically reviewed to ensurè thal they contlnue to meet the needs of Ihe charity. Princi al risks and uncertainties The Trustees are satisfied that for all major risks identified for the group appropriate controls have been put in place and maintainèd to miligale those risks adequately. It is recognised Ihal systems can provide only reasonable, but not absolule assurance that major risks have been managed. The principal risks and uncertainties are assessed as- Financial Rlsk - the principal conGern is an adverse change in the economic or regulalory conditions, which reduced the affordability of fees and results in a reduction in fee income. The Company miligales this rlsk by a regular review of its forecasts 8nd level of reserves. Repulalional Risk - Ihe principal risk is a current or historic failure leading to a loss of reputation. Thls risk is managed by a balanced approach of controls and Iraining. There is regular training and the Company has the required lalenl lo train team members. Page 1
THE FETAL MEDICINE FOUNDATION TRUSTEES'IDIRECTORS, REPORT (Continuedl.,.. FOR THE YEAR ENDED 31 MARCH 2024 Review of Actlvities (Contlnuedl..... ObJe¢tlves and Actlvltles for the publlc boneflt The piinciple aclivily of the charity during the year under revlew was to raise money In order lo achieve its principal objectives. The principal objectives are lo promote and encourage the development of new methods for folal diagn08is and therapy through research and lo encourage and fa¢llilale the controlled clinical Introduction of such methods through lectures, training and funding of doctors. Revlew of Actlvities and how we dellver8d publ1¢ benefit The Felal Medicing Foundation {FMF) has conllnued to promote research and training in many aspects of Felal Medicine. Donations and Grants for research and trainln During Ihis period the FMF has donated £4,719,000 towards lunding Iralnlng fellowshlps and research Sn Fetal Medicine. Up lo 80 scholarships for 2-year Iraining fellowships are given to doctors Irom many different counlrles around the world. The FMF has donated a fulher £500K (£1.5 Million so farl to Kings College to create iwo senior lectureships in Maternal Fetal Medicine. Tho posts will be supported by PhD sludenlships and wnsumables. Half of the posts will be academic and Ihe other half wlll be ¢linlcal. The FMF funded several research proje¢ls on felal gene therapy for slckle cell disease amounting to a lolal of £898.628. Research activit A major mullicenler international trial funded by the FMF investigating the effect of asplrin in the prevention of preeclampsia in twln pregnancies is anticipated lo be completed wSlhin the next Ihfee years. A Irl81 funded by the FMF in Murcla, Spain, has examined whether in women wllh GDM the admlnlslration of ursodeoxy¢holic acid {UDCA) could improve the glycaemic slalus of such women. The study showed that a larger proportion of UDCA-trealed women had fasting glucose below the recommended Ihrehold of 90 mgldL compared lo pla¢ebo-treated women. We believe this result is of Interest and Ihal further invesllgalion ol UDCA as a potential Ir8alment for GDM is warranted. A trial funded by the FMF that examlnes the effect of screening for preeclampsia 8136-36 weeks. geslallon and subsequent limed birth based on the indivldual patient risk for preeclampsia has now recrulled more than 8,000 women. Preliminary results suggesl that such strategy is associated with a major reduclion in the rate of term preeclampsia. Extensive research investigating maternal and felal cardlovascular funcllon In normal and pathological piegnancies has iesulled in the publi¢alion of many papers in scienlific journals. During the year of 2023 research projects supported by the Foundation have led lo Ihe publication of 55 papers in high impact International Scientific Journals. Grant makin olic The FMF has eslablished its grant making policy lo achieve Ils objectives for the public benefit in early felal diagnosis and therapy. We review the grant making policy annually lo ensure that il rellecls the objectives of the Charity and thereby advances public benefit. Doctors from many countries are receiving training and undertake research in Felal Medlclne with the aim of firstly, Improving pregnancy Gare and preventing perinatal dealh and secondly, improving the provision of Gale internationally. Reserves olic The Iruslees aim to maintain free resetves in unresliicled funds 21 a level which equate8 lo approximately Iwo months ol unreslricled Gharilable expenditure. The Iruslees conslder that this level will provide sufficient funds lo respond lo Grants ¥equesls, and ensure that there are sufficient funds available lo cover support and governance costs. The level of reserves is reviewed annually and it is consldered adequate and appropriate and enables the Chalily to meet ils charitable purpose and objects. Page 2
THE FETAL MEDICINE FOUNDATION TRUSTEES'IDIRECTORS, REPORT Iconlinuedl..... FOR THE YEAR ENDED 31 MARCH 2024 rovision of I cal servic The FMF has continued Ihe provision ol cllnical servlce81o pregnant women al King's Colltrge Hospilal and soveral other hospitals ncluding Medway Malillm8 Hospital, Lewlsham University Hospital, Homèrton University HospSlal, Nawham Universily Hospital, Soulhend University Hospital. Basildon University Hospital and Broomfleld Unlversity Hospital. World Co ress in Felal Medlcine a d other Eduoa tonal Aclivilio In 2023 the FMF ofganised a very successful 201h Woild Congress in Felal Medicine in Valencsa. Spaln which was allended by about 2,500 delegales from 84 counlrles. In 2024, the 2181 World Congres8 in FÈtal Medlclne will be organised in Llsbon, Portugal. Loo for Llfè ro ec Accordlng lo slalisllcs from Ihe Word Health Organizalion more than half a million women die every year In the world as 8 result of a Complication related lo pregnancy or delivery. More than 990/0 of these dtsalhs are underdeveloped Of developing countries. The Look for Life campaign by Ihe FMF has piovi(ied Iralnlng and help sel up and equip fetal medicine c8nlre8 in Ihe main university hospitals and in thè capitals of North Mac¢donla. Kosovo, Moldavla. Armgnia, Albanla and Elhlopla. W& hope Ihal such acllvilles wlll help reduce m8te¥nal and perinalal mortality in the88 countries. e courses The onlin8 courses for medical professionals and palionls on firsl-lrlmesler screenlng for abnormalities. felal echocardiography. cervical assessment and felal defects are conlinulng lo be a greal success.. The 11-13 weeks scan11.000,025 views) Folal echocardiography {404.693 vlews) Felal abnomialilies {472.108 views) Anlenalal surveillance1251.777 views) Basic fvlal echocardiography (121,621 vlews) Measurement of cervical l&nglh1211.262 views) Felal caidlac defe¢l$1100.014 views} Pieecl8mpsia screening {334,968 views) P5acgnla acciela speclruM1109,982 vlewsl Rosults The results of the Group for the year ended 31 March 2024 are set out in the Gonsolldaled slalament of income and expenditure and r&lained earnings on page 9. The Iruslees ar8 satisfied with tho financial performance for the year. Fixed Assets Dglails of movements in fixed assets are shown In note 8 lo the accounts. Intanglble Asset5 Delalls of movements In inlangible assets are shown in note 9 to the accounls. Trustees The TfusleeslDire¢lors of the company In office during the year wgre.. Prof. K H Nlcolaides Mi Jonathan Hyell Dr. Ranjll S. Akolekar MT Paul Jacobs Dr. Mariella Charakida Dr. Argyro Syngelakl Page 3
THE FETAL MEDICINE FOUNDATION TRUSTEES'IDIRECTORS, REPORT Iconlinuedl..... FOR THE YEAR ENDED 31 MARCH 2024 Trustees'lDirectors' Responsibilities The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the trusteesldireclors lo prepare financial statements for each financial year. Under the law the trustees have elected lo prepare the financial statements in accordance with United Kingdom General Accepted Accounting Practice (United Kingdom Accounling Standards and applicable law). The Financial statements are required by law to give a true and fair view of the state of affairs of the charily and the surplus or deficit of the charity for thal period. In preparing these financial stalemenls, the Irustees are required to.. Select suitable accounting policies and then apply them consistently., ObseNe the methods and principles in the applicable Charities SORP., Make judgements and estimates thal are reasonable and prudent., stale whether applicable UK Accounling Standards have been followed, subject to any material departures disclosed and explain in Ihe financial statements., Prepare the financial statemen15 on the going concern basis unless it is inappropriate lo presume thal the charity will continue in operalion. The trusteesldirectors are responsible for keeping proper accounting records which disclose, wilh reasonable accuracy at any time, the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Irustees 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. Statement as to disclosure of information to auditors In so far as the trustees are aware.. There is no relevant audit information ofwhich the charivs auditors are unaware., and The trustees have laken all steps that they ought lo have taken to make themselves aware of any relevant audit information and to establish that Ihe audilors are aware of that informalion. In accordance with SeGlion 485 of the Companies Act 2006, a resolution proposing the re-appointment ofAGK Partners as auditors to the Company will be put to the Annual General Meeting. This Annual Report, prepared under the Charities Acl 2011 and the Companies Act 2006, was approved by the Trustees of The Fetal Medicine Foundation on 24 December 2024 including in their capacity a5 company directors approving the Strategic Report contained Iherein, and 15 signed as aulhorised on its behalf by.. Registered Office.. 137 Harley Street London W1G6BG Signed by Order of the TrusleeslDirectors Dr. Ranjit S. Akolekar Trustee & Director Page 4
THE FETAL MEDICINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION We have audited Ihe financlal stalements of The Felal Medicine Foundation (the "parent charilable companl'l and its subsidiaries (the group") for Ihe year ended 31 March 2024 which comprise the Consolldaled Statement of Income and Retained Earnings, the Consolidated and Parent statement of Financlal Position, the Consolidated Statement of Cash Flows, Consolidated Slalemenl of Financial Activities and notes lo the Financial Slalemenls, Including a summary of significant accounting policies. The financial reporting framework that ha8 bèen applied In Iheir preparalion is applicable law and United Kingdom Accounling Standards, including Financial Reporting standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatements: give a true and falr view of the stale of the group's and the parent charitable company's affairs as al 31 March 2024 and of the group's incoming resources and applicalion of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice. and have been prepared in accordance wilh Ihe requiremenls of the Companies Acl 2006. BASIS OF OPINION We conducted our audit in accordance with International Slandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responslbllltles under those standards are further descrlbed in the Auditols reresponsibilities for the audit of the financlal statements section of our report. We are independent of the group and parent charitable company In accordance wilh the ethical roquirements that are relevant lo our audit of the finanoial statements in the UK, includlng the FRS'S Elhical Standard, and we have fulifilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriale to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In Audlting the financial slalements, we have concluded Ihal the directorsllrustèes use of the going concern basls of accounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling lo events or Conditions that. individually or colleclively, may cast slgnlficanl doubt on the company's abilily to continue as a going concern for a period of al least twelve months from when Ihe financial slalemenls are authorised for issue. Our responsibilitles and the responsibilifies of the directors wilh respecl to golng concern are described in the relevant sections of this report. OTHER INFORMATION The trusteesldirectors are responsible for the other information. The other informallon comprises the informatlon included in the trustees, annual report, other than the flnancial statements and our audilor's report Ihereon. Our opinion on the financial slalements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion thereon. In connectlon with our audit of tho financial statements, our responsibility is lo read the other information and, in doing so, conslder whether the other informalion is materially inconsistent with the financial statements or our knowledge oblalned in Ihe audit or othenNise appears lo be materially misslaled. If we identify such material Inconsistencies or apparent material misstalemenls, we are required lo determine whether Ihere is a material misstatement in the financial statements or a malerial missl8teinent of the other information. If, based on Ihe WOTk we have performed, we conclude that there is a malerlal misslalemenl of Ihis other information, we are requlred to report Ihal fact. We have nothing to report in this regard. Page 5
THE FETAL MEDICINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION YEAR ENDED 31 MARCH 2024 OPINIONS ON OTHER MATTERS PRESCRIPED BY THE COMPANIES ACT 2006 In our opinion. based on Ihe work undeTlaken In the course of the audll: Ihe inlormalion given In Ihe truste8s'ldirectors' report for the financlal year for which the flnancial slalemenls are prepared Is consistent wilh the financial slatemenls., and the Irustees'ldireclors, report has been prepared In accordance with appllcable legal requlremenls. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of the knowledge and understanding of the group and paienl charitable company and ils envlronment obtained in the course of Ihe audit. we have not identified material misslalemenls In the trustees'ldlrecloTS' report. We have nolhing lo report in respect of the following mallers where the Companies Act 2006 and the Charllles Act 2011 requires us to report lo you if, in our oplnlon: adequate and sufficient accounllng records have nol been kept by the parent Charilable company. or ieturns adequate for our audit have not been recelved from branches not vlsited by us. or the parenl charitable company's financlal slatements are not in 8greement with the accounting Tecords and returns., or certain disclosures of Ifuslees. remuneration specSfied by law aTe not made; or we have nol received all the informalSon and explanations we requlre for our audit.. or the Iruslees were not entitled to prepare the financlal slatemenls in accordance with Ihe small companles regime and take advantage of the small companies, exemption in Preparing the Irustees'ldireclois, Annual Report. RESPONIBILITIES OF TRUSTEES As explalned more fully in the Iruslee8'ldi¥eclors' responsibilities slalemenl, the Iruslees (who are also the dlreclors of the charitable company for the purpose of company lawl are responsible for the preparalion of the financlal slalemenls and for being satisfied Ihal they give a true and fair view, and for such Internal control as Ihe truslees determine Is necessary lo enable Ihe preparallon of flnanoial slalemenls Ihal are free from maleri81 misslatemenl, whether due to flaud or error. In preparing the financial slatemenls, the Iruslees are responsible for assessing Ihe group's and parent Gharilable company's abillly lo ¢onlinue as a going concern, disclosing, as applicable, mallers relating lo golng concern and using the going conrn basis of accounllng unless the trustees eilher intend to Ilquidate Ihe charily or lo cease operations, or have no reallstio allerrtralive bul to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed auditors under the Companies Act 2006 and secllon 151 of the Chaiilies Acl 2011 and reporl in accordance with Ihose Acts. Our oblecllves are lo oblaln reasonable assurance about whether the financial statements as a whole are free from malerlal misslatemenl, whether due to fraud or error, and to issue an audiloi's reporl that includes otjr opinion. Reasonable assurance Is a high level of assurance, bul is nol a guarantee Ihal an audit conducted accordance with ISAS {UKI will always delect a material misslatemenl when il exlsls. Mlsslatemenls can arise from fraud OT erior and are considered material if, indSvldually or in the aggregate. (hey could reasonably be expe¢led to influence the economic decisions of users taken on the basls of these financial slatemenls. Irregularities, including fraud, are Instances of non-compliance wllh laws and regulations. We deslgn procedures in line with our r8sponsibililies. oulline above, lo delecl material mlsslalemenls in respecl OF irregur81ies, includlng fraud. Page 6
THE FETAL MEDICINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION YEAR ENDED 31 MARCH 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Icontlnuedl....) We designed procedures capable of detecting non-compllance wllh laws and regulations and irregularalSes, including fraud, Ihroltgh: Oblaining an understanding of Ihe Charitable Company and the Gioup, and its industry Ihrough discussions wllh management, and the application of our cumulallve audit knowledge and experlence of the industry lo identlfy laws and regulations that could reasonably be expected to have a direct effect on the linanclal stalemenls including lax. penslons, employment, heallh and safety, data proleclion and anli-byibery leglslallon, and we considered Ihe exlenl lo whlch non-compliance might have a malerlal effect on Ihe financial slalements. We also considered those laws and regulalions that have a dlrect impact on the preparallon of the finan¢i81 slalemenls such as the Companles Act 2006. Identlfying posslble risks of material mlsslalemenl of the finacial slatemenls due to fraud. We considered, In addition lo the risk of frad arlslng from management overrlde of controls, whelher Ihere was polentlal for management blas in the reportlng of events and Iransacllons in the Ilnanclal slatemenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounllng Sland8rd8 and applicable lawl. Our audit procedures were designed to respond lo the Identified risks relating to non-compliance with laws and regulations and irregularities (Including fraud) that are malerlal lo the financial statements. Our audil procedures In relatlon to non-complian with laws and iegulations Included, bul were not limited to: Discussirsg with the TTUStees and managemenl their policies and procedures regardlng compllance wllh laws and regulations and reviewing correspondence wllh regulators and with solicitors: and Communicallng IdenlSfied laws and regulalions wllh the audSl team and remaining alert to any indications of non- ompliance throughout the audi- and Considering the risk of non-compliance with laws and regulalions., and Considering whelher the financial slat8menl disclosures falrly represent the underlylng tran8aclions. Our audit procedures In relation to Irregularilies and fraud Included, bul were not limlted lo.. Making equiries of Truslees and man8gemenl as to where they consldered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud- and Gainlng an underslanding of the internal Gonlrols eslabllshed to millgate risks relating lo fraud: and Discussing the rlsk ol fraud and managemenl bias with the audll leam and remainlng alert lo any indicalions of fraud and management bias throughout the audll., and Addressing the risk of fraud and management overrlde of controls by teslSng lou¥n818nlries, considering the rationale behind significant or unusual Iransacllons and reviewing accounllng eslimales. There are inherent limilallons in Ihe audit procedures descrlbed above and the primary responsibility for the prevention and detecllon of irregularllles including fraud rest wilh managemenl. There are inherent limitations in our audit procedures descrlbed above. The more removed Ihal laws and regulations are from financial Iransaclions, the less likely11 Is Ihal we would become aware of non-compliance. AudSllng standards also limit the audil procedures required lo identify non-compllance wllh laws and regulations to enquiry of the Tiustees and managomenl and the inspeclSon of regulatory and legal correspondence, if any material misslalemenls Ihal ari8e due lo fraud can be harder lo delecl than Ihose that arise from error as they may Snvolve deliberate con¢ealmenl or collusion. A further description of our responsibSlllles for the audit of the financial slalemenls is located on Ihe Financial Reporting Council's website al www.frc.org.uklaudilorsresponslbililies. This description forms part of our aLTdllor's report.
THE FETAL MEDICINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION YEAR ENDED 31 MARCH 2024 USE OF OUR REPORT Thls report is made solely lo Ihe chaiilable company's members, as a body, In accordance wllh Chapter 3 of Part 16 of the Companies Acl 2006. Our audlt work has been undertaken so that we might slate lo the charitable company's members those mallers we are required lo stale lo Ihem in an audllorfs report and for no other purpose. To the fullest extent permilled by law, we do not accepl or assume responsibSllly lo anyone other Ihan the charSlable company and the charilable company's members as a body. for our audit work, for this report, or for the oplnlons we have formed. Alekos Chrlgtofl (Sonlor Statutory Audltorl 24 December 2024 For and on behalf of AGK Partners AGK Partners Chartered Accountants & Statutory Audltors 1 Klngs Avenue London N213NA Page 8
THE FETAL MEDICINE FOUNDATION STATEMENT OF CONSOLIDATED INCOME AND EXPENDITURE AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Income Income from charitable activilles Rental income Special Services to Hospitals Net Trading Surplus from Non-charilable Irading activities Income £15.903,558 { 2023 £13,811,438) Expenses £13,243,18412023 £11,124,420) 1,708,033 389,639 3,667,093 1,297,779 330,463 4,760,569 1&10 2,660,374 2,687,018 Total Income 8,425,139 9,075,829 Administrative expense5 (2,725,455) (2,347,457> Grants and Donations {5,905,644) (3.337,311) Operatlng Surplus Interest receivable (205,960) 221,781 3,391,061 141.505 SurplusllDeficit) on Ordinary activltles bofore taxatlon 15,821 3,532,566 Tax on Profil on Ordinary Activities Provision - Deferred tax (190,901) 15,055 (134,060) (53,011) 25 Surplusl(Deflclt) on Ordinary activities after taxation Total comprehenstve income for the year 23 (160,025) 3,345,495 {160,025> 3.345,495 Accumulated surplus BIForward 19,356,453 16,010,958 A¢cumulated surplus CIForward 19,196,428 19.356,453 All amounts relate to conlinuing aclivlties Page 9
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Notes 2024 2023 Fixed Assets Intangible assets Tangible assets 6,891,867 5 830 426 12,722,293 7,422,011 5 472 907 12,894,918 Current Assets Debtors Cash at bank and in hand 11&23 2,535,771 7,770,774 2,109,311 8,282.267 10,306,545 10,391,578 Creditors: Amounts Falling Due Within One Year 12&23 (3,794,454) (3,877,032) Net CurrentAssets 6,512,091 6,514,546 19,234,384 19,409,464 Creditors: Amounts Falling Due After more than One Year Provision-deferred tax 13 26 (37,956) (53,011) Totsl Assets Less Current Liabilities 19,196,428 19,356,453 Capltal and Reserves Unrestricted income fund 15 19,196,428 19,356.453 Total Funds 15 19,196,428 19,356,453 These accounts were approved by the board on 24 December 2024 and signed on their behalf by:" Prof. K H NicolaSdes Trustee & Dlrector Page 10
THE FETAL MEDICINE FOUNDATION COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Notes 2024 2023 Fixed Assets Tangible assets Investments 8b 10 5,487,889 1,802 5,489,691 5,028,288 1,802 5,030,090 Current Assets Debtors Cash at bank and in hand 7,735,696 7,163,833 8,755,864 7,875,347 14,899,529 16,631,211 Credltors: Amounts Falling Due Within One Year 12 (1,614,835) (2,738,150) Net Current Assets 13,284,694 13,893,061 18.774,385 18,923,151 Creditors: Amounts Falling Due After more than One Year 13 Total Assets Less Current Liabilities 18,774,385 18,923,151 Capital and Reserves Unrestricted income fund 15 18,774,385 18,923,151 Total Funds 15 18,774,385 18,923,151 The Profitl(Loss) for the financial year dealt within the financial statements of the parent company was £(148,766J, {2023: £3,416,883). These accounts were approved bylhe board on 24 December 2024 and signed on their behalf by'.- Prof. K H Nicolaides Trustee & Director Company Registration Number.. 02922302 Page 11
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 MARCH 2024 Notes 31-Mar-24 31-Mar-23 Cash flows from operating activities Profit for the financial year 15,821 3,532,566 Adjustments for: Depreciation of langible assets Amoriisation of goodwill Inlerest receivable and similar income Interest payable & similar charges Accrued expensesllincom8) other Income - gain on disposal of tangible assets Changes in: Trade and other deblors Trade and other creditors Provision for deferred lax Cash generated from op6ratlons Interest paid Interest received 354.941 530,144 221,781 382,931 530,144 141,505 {1,227,538) (3,103,801) (426,460) 954,059 (15.055) 407,693 (787,928) (366,273) 53,011 382,155 (221,781) 185,912 (141,505) 240,650 Net cash from operatlng activitles 16 Cash flows from investing actlvltl88 Purchase of tangible assets Net cash used in investlng activitles (712,460) 712,460 (2,683,110) 2,683,110 Net increasel{decreas8) In cash and cash equivalents Cash and cash equlvalents at beginning of year Cash and cash equivalents at ond of year (511,493) 8,282,267 7,770,774 (2,495,471) 10,777.738 18 8,282,267 Page 12
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 MARCH 2024 Unrestricted Total Total Notes Funds 2024 2023 Incoming Resources Donations and fund raising Rental Income Special Services to Hospllals Other income 33,688 389,639 3,667,093 1,674,345 5,764,765 221,781 5,986,546 33,688 389,639 3,667,093 1,674.345 5,764,765 221,781 5,986,546 58.490 330.463 4,760.569 1,239,289 6,388,811 141,505 6,530,316 Interest recelvable Net trading Surplus from trading subsidiarles 10 2,660,374 2,660,374 2,687,018 Total Incomlng resources 8,646,920 8,646,920 9,217,334 Unrestrlcted Funds Total Total 2024 2023 Resources Expended Direct Charitable Expanditure Grants for research Donations Educational activities 4,718.870 1,186,774 1,478,474 7,384,118 4,718,870 1,186,774 1,478,474 7,384.118 2,836,066 501,245 885,220 4,222,531 Other Expenditure Depreciation Admin and Costs of Grant Making Total Expenditure 252,859 994,122 252,859 994,122 278,414 1,183,823 8,631,099 8,631,099 5,684,768 Surplusl(dèficit) for the yaar before tax 15,821 15,821 3,532,566 Tax on Proflt of ordlnary activities 190,901 190,901 134,060 Deferred tax 15,055 15,055 (53,011 Surpluslldeficit) for the year after tax 160,025 160,025 3,345,495 Page 13
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 MARCH 2024 Unrestrlcted Funds Total 2024 Total 2023 Notes Reconclllatlon of Movement of Funds Opening funds Surplus of incoming resources for the year 15 19,356,453 19,356,453 16,010,958 15 (160,025) (160,025) 3,345,495 Closing funds 15 19,196,428 19,196,428 19,356,453 Non-conlrolllng interests 19,196,428 19,196,428 19,356.453 Funds balance at 31 March 2024 Represenlèd by'.- Intangible fixed assets Tangible fixed assels Debtors less creditors Cash al bank and in hand Provision for deferred tax 6,891.867 5,830,426 (1,258,683) 7,770,774 (37,956) 6,891,867 7,422,011 5,830,426 5,472,907 (1,258,683) (1,767,721) 7,770,774 8,282,267 (37,956) 153,011) 26 19,196.428 19,196,428 19,356,453 Page 14
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 A¢countlng Pollcles Basls of Accountlng The flnanclal statements have been prepared in compliance wlth FRS 102,"The Financial Reporting Standard applicable in the UK and Ihe R8public of Ireland" the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 102) {Charlties SORP IFRS 102)) and Ihe Charities Act 2011. The presenlalion currency of the financlal slatemenls Is in Pound Sterling (£). Golng Concern Based on all available information about the future Ihe trustees conslder Ihat Ihere are no material uncertainties Ihat may cause signlficanl doubt about the ch8rlly's ability lo continue as a going concern., covering such poriod as Wé consld8r appropriate. Trustees, expectations are based on a business plan prepared for a period of 13 months, from the date of approval of these annual financial stalemenls. Thus, we conlinug to adopt Ihg going concern basis of accounllng in preparing Ihe annual flnancial slalemenls. Cash and cash equivalents Cash and cash 8quivalenls in the statement of financial position compriso cash al banks and In hand, shorl-term deposits and other short-lerm liquid investments with original maturllies of three months or less that is readily convertible lo a known amount of cash and are subject to Insignificant risk of changes in values. Income All incoming resources are recognised On Ihe charity has entillemenl to Ihe resources, il is certain that the resources will be received and the monelary value of incoming resources can be measured with sufficient reliablllly. Income from the trading subsidiaries is the net profit from ils operation. Renlal revenue Is measured at the fair value of the considèrallon received or recelvable, excludlng discounts, rebates, value added lax and other sales taxes. Revenue is recognised evenly over the peiiod of the rental agreements. Resources expended Liabilitie8 are recognlsed as resources expended as soon as there Is a18gal or constructive obligation committlng Ihe charlty lo the expenditure. All expenditure Is accounted for on an accrual basis and has been classified under headings that aggregate 811 costs related to Ihe category. Grants payabl& are payments made to Ihird parties in the furtherance of the charitable objects of the charity. Irrecoverable VAT is charged against Ihe categoTy of resources expended for which il was incurred. Hollday Pay Holiday pay is in line wilh Ihe Charllls financial year end and no holiday is Iransferrable to the following year. Goodwill Goodwlll arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the nel amount of the idenliflable assets, liabilities and contlngenl liabilities of the acquired businèss. Goodwill is measured at cost less accumulaled amortlsallon and accumulated impairment losses. 11 is amortised on slraight-line basis over ils useful life. Where a ieliable estimale of lh8 useful life of goodwill or intangible asséls cannot be made, the Ilfe is presumed nol lo exceed ten years. Amortlsatlon Amortisation is calculaled so as to write off Ihe cost of an assel, less its eslimaled residual value, over the useful life of Ihal asset as follows.. Goodwill 50/0 on slraight line If there is an indicallon that there has been a significant change in amorlisation rate, useful life or resldual value ol an intangible assel, the amorlisalion is revised prospectively lo reflect the new eslimales. Page 15
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting Pollcles {Contlnuedl..... Basis of Consolldatlon The group financial statements consolidale the accounls of The Fetal Medicine Foundation and Ils Irading subsidiaries The Felal Medicin6 Cenlfe Llmlled and Klng's Ferlillty Limited for the year ended 31 March 2024. The nel operating profit of the Irading subsldiaries has been incorporated into consolidaled income. The INstees consider thal full consolidation of gross incomè and expenditure of the tradlng subsldiaries would be inappropriate because their activities are fundamentally different from the activllles of Ihe Charily. A separate income and expenditure account for the trading companles Is not pres6nted as p8rmitled by Sectlon 408 of the Companies Act 2006. The surplusl(deficil} for the year dealt wllh in the aGcounts of the parent company was £1148,766), 12023- £3,416,883). The operational results of The Felal Medicine Centre Limiled and King's Fèrtllily Llmiled are given In note 10. Operatlng lease agreements Rentals applicable to operatlng leases where substantially all of the beneflts and risks of the ownershlp remain with thè lessor aré charged againsl profits on a straight line basis over the period of the lease. Tanglblè assets Tangible assets are initially recorded al cost, and subsequently stated at cost less any accumulated depreciation and impalrmenl losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent aGcumulated depreciation and subsèquent accumulated impairment10$s6s. An increase in the carying amount of an asset as a resull of a revaluation, is recognlsed in other comprehenslve income and accumulated in equily, except to Ihe extent it reverses a revaluailon decrease of the same asset previously recognised in profit or108s, A decrèase in the carrying amount of an asset as 8 result of revaluation, is TecognisÈd in other comprehensive income to the extent of any previously recognised révaluation Increase ac¢umulated in equity in respect of that asset. Whère a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognlsed in profil or loss Depreciatlon Depreciation is cal¢ul8ted lo writè down the cost or valuation less estlmaled resldual value of all tangible fixed assets by Ihe reducing balance m8thod over thelr expected useful lives. The rates and pèriods generally app5Icable are: Plant and maGhinery Fuinlture and equipment Leasehold prop8rti8s 20010 on wrillen down value 200/0 on wrillen down valuè Over the life of the lease, Nil In year of acquisition Impairmènt of flxed assets A review for indicators of impairment Is carried out at each reporting dale, with th8 recoverable amount belng estimated whére such indicators exist. Where the carrying value exceéds the recovérable amount, the asset is Impaired accordingly. Prior impalrmenls are also reviewed for posslble reversal at each reporting date. For the purposes of Impairment tesllng, when it is not possible to estimate thè recoverable amount of an indivldual asset, an estlmate is made of the recoverable amount of the cash-generaling unil lo which the asset belongs. The cash-g6nerallng unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Page 16
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng Pollcies {Continuedl..... For impairment testing of goodwlll, the goodwill acquired in a business combination is, from the acqulsltlon date, allo¢aled lo each of the cash-generaling unlls thal are expeGled to benefit from the synergies of the combinallon, irrespective ol whether other assets or liabillties of the company are assigned to those units. Forelgn exchan.oe Assets and liabililies in foreign Gurrencie5 are Iranslaled into sl6rllng at the rates of exchange ruling at the statement of flnancial posltion dale. Transactions in foreign cuirencles are translated into sterling al the rale of exchange ruling al the dale of transaction. Exchange diffèrences are taken inlo account In arriving at the operating result. Flnancial Instruments Financial inslfuments are classified and accounted for, according to the substancè of Ihe contractual arrangement, as either financlgl assets, financial Ilabililies or equily instruments. An equlty Instrument Is any ¢onlract that evidences a residual inlerest in the assets of the company after deducting all of its liabllities. Judgements and key sources of 68tlmatlon uncertalnty The preparation of the financial statements requires management to make ludgemènls, estimates and assumptlons that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, ineludlng expectations of fulure events that are believed lo bè reasonable under Ihe clfcumstanc6s. Deflned contrlbutlon plans Contributions lo defined contributlon plans are re¢ognised as an @xpense in the perlod in whl¢h Ihe related seNice Is provided. Prepald conlribullons are recogni$ed as an asset to the extent that the prepayment will lead to a reduction in future paymènts or a cash refund. Page 17
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Income Income is derived from the company's principal activity and the net profil earned by The Fetal Medicine Centre Limited, a wholly owned trading subsidiary whose profits are covenanted lo The Fetal Medicine Foundallon, and the profits earned by Klng's Fertility Ltd, a majority owned trading subsidiary whose profits are covenanted to The Felal Medicine Foundation. Operatlng Surplusl(deficlt) Operating surplusl{deficitl Is stated after charging: 2024 2023 Rent Payable- premises Depreciatlon of owned assets Amortisation of intangible assets Auditors remuneration 987,671 354,941 530.144 18,558 905,520 382,931 530,144 17,764 Interest Payable and Simllar Charges 2024 2023 Bank overdraft and other interest staff Costs 2024 2023 Salaries and wages Social security costs other pension costs 4,461,217 488,601 113,550 5,063,368 3,836,614 409,128 114,233 4,359,975 2024 2023 Average number of staff during the year- Group Average number of staff during the year- Company No member of staff of the Charity received a salary greater than £60,000 per annum. Nineteen members of 51aff employed by the trading subsidiaries received a salary greater than £60,000. Grants and Donatlons 150 65 133 59 lal GRANTS During the year the Charity provided grants to doctors to carry out medical research in the UK, pursuant of its objects for the public benefit in early felal diagnosis and therapy. 2024 2023 Individuals 4,718,870 2,836,066 Page 18
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Grants and Donations Cont... (bl DONATIONS During the year the Charity made the following donations. 2024 2023 King's College NHS Foundation Trust Windsor Walk Other Donallons 500,000 3,276 683,498 1,186,774 500.000 1,029 216 501,245 Trustees Expenses The trustees receive no remuneration or expenses for acling as trustees. During Ihe year one trustee received seminar and ¢onferen¢e related travel expenses of £NIL (2023 £NIL). Page 19
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Tangible Flxed Assets - Group Fre8hold Property Laasohold Propèrty Plant and Machinery Furnlture & Equip Total Cost At l April 2023 Additions 2,683,110 1,693,398 613,132 2,306,530 4,125,888 53,402 4,179,290 2,387,817 45,926 2,433,743 10,890,213 712,460 11,602,673 At 31 March 2024 2,683,110 Depreciatlon At 1 April 2023 Charge for the year At 31 March 2024 256,624 51,313 307,937 3,332,349 169,388 3,501,737 1,828,333 134,240 1,962,573 5,417,306 354.941 5,772,247 Net Book Value At 31 March 2024 2,683,110 1,998,593 677,553 471,170 5,830,426 Nel Book Value At 31 March 2023 2,683,110 1,436,774 793.539 559,484 5,472,907 8b Tangible Fixed Assets - Company Freehold Property Leaséhold Propertlès Plant and Ma¢hlne Furnltur8 & Equlp Total C05t Al 1 April 2023 Additions At 31 March 2024 2,683,110 1,680.760 613,132 2,293,892 3.860.724 53,402 3,914,126 814.825 45,926 860,751 9.039.419 712,460 9,751,879 2,683 110 Depreclatlon Al 1 April 2023 Charge for the year At 31 March 2024 243.986 51,313 295,299 3,075,015 167,822 3 242,837 692,130 33,724 725,854 4,011,131 252,859 4,263,990 Net Book Value At 31 March 2024 2,683,110 1,998,593 671,289 134,897 5,487,889 Nel Book Value At 31 March 2023 2,683,110 1,436.774 785,709 122,695 5,028,288 Page 20
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Intangible Assets - Group Goodwlll Cost At l April 2023 Additions 10,602,875 At 31 March 2024 10 602 875 Amortisatlon Al 1 April 2023 Charge for the year At 31 March 2024 3,180,864 530,144 3,711,008 Net Book Value At 31 March 2024 6,891,867 Net Book Value At 31 March 2023 7,422,011 Page 21
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 10 Investments Group Company 2024 2023 2024 2023 Cost of shares in subsidiaries Al 1 April 2023 1802 1802 At 31 March 2024 1802 1802 The Felal Medicine Foundation has a 1000/0 interest in the issued ordinary share capital of The Fetal Medicine Centre LimSted, a company incorporated in England. The principal activity of The Fetal Medicine Centre Limited is the provislon of seTviGes including felal diagnosis and therapy and fetal scanning. The Fetal Medicine Foundation also owns 90 % of the ordinary shares in King's Fertility Limited a company incorporated in England and it's principle activity is the provision of medical servlces specialislng in the provision of In Vitro Ferlilisalion (IVF) treatment. The Fetal Medicine Centre Limited has entered into a Deed of Covenanl whereby it covenants all its trading profits to The Fetal Medicine Foundation. The covenanted payment for the year was £500,887 12023 £491,335). King's Fertllity Limited has entered into a Deed of Covenant whereby il covenants all its trading profits to The Fetal Mediclne Foundation. The covenanted payment for the year was £1,994,900 - {2023 £2,080,000). The Balance Sheels of the trading subsidiaries have been consolidated. The operational results of The Fetal Mediclne Centre Limited and King's Fertility Limited are given below-. The Fetal Medicine Centre Ltd King's Fertility Ltd 2024 2023 2024 2023 Turnover Cost of sales 13,818,612 11,613,982 (4,169,801) 13.341,884) 9,648,811 8,272,098 7,485,838 6,070,901 2,162,973 2,201,197 2,084,946 (638,613) 1,446,333 948,932 497,401 2,197,456 (662,944) 1,534,512 1,048,691 485,821 Gross profit Administrative expenses Operating Profltl(Lossl Interest payable Profitl{Loss> for the Financlal Year before charglng Covenanted Payment Covenanted Payment lo the F8tal Medicine Foundalion ProfiV{Lossl for the Financial Year 2.162,973 2,201,197 (1,994,900) (2,080,000} 168,073 121,197 497,401 1500,887) 3,486 485,821 1491,335) 5,514 Page 22
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 11 Debtors Notes Group Company 2024 2023 2024 2023 Amounts due from group company Trade Debtors 6,707,813 909,829 7,509,900 1,040,767 2,168,107 17,950 349,714 2,535,771 1,730,505 15,825 362,981 2,109,311 other Debtors Prepayments and accrued income 118,054 7,735,696 205,197 8 755,864 12 Creditors: Amounts Falllng Due Wlthin One Year Notes Group Company 2024 2023 2024 2023 Amounts due to group company Trade creditors Corporation Tax Other laxes and social security Other creditors Accruals and deferred income 19 110,611 706,419 156,094 571,071 2,296,889 188,762 32,137 455,876 820,790 3,794,454 1,254,233 132,861 68,610 373,000 2,048.328 3,877,032 32,137 19,682 745,986 1,614,835 68,610 10,656 1,931,719 2,738,150 13 Credltors: Amounts Falllng Due After More Than One Year Group Company 2024 2023 2024 2023 Oiher Creditors Group Company 2024 2023 2024 2023 Repayable between one and five years Page 23
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 14 Commltments under Operatlng Leases At 31 March 2024 the gioup has annual commitments under non-cancellable operating leases as set oul below. Company Land and bulldings 2023 Group Land and buildings 2024 2023 2024 Operatlng leases which expire: Within 1 year Within 2 to 5 years After more than 5 years 821,425 1,520,750 6,351,778 8,693,953 822,412 1,520,750 6,476,653 8,819,815 671,575 921,350 2,867,765 4,460,690 542,367 499,500 2,992,640 4.034,507 15 Reconclllation of Funds Group Company 2024 2023 2024 2023 Opening accumulated funds - Unrestricted Surplus for the year Unrestricted Fund Share Premium Non-controlling inlerests Total Funds 19,356,453 160,025 19,196,428 16,010,958 18,923,151 3,345,495 148,766 19,356,453 18,774,385 15,506,268 3,418,883 18,923,151 19,196,428 19 356,453 18 774,385 18,923.151 Closing accumulated funds - Unreslricted Total Funds 19,196,428 19,196 428 19,356,453 19,356,453 18,774,385 18,774,385 18,923,151 18,923,151 16 Reconclllation of operatlng profit to net cash Inflow from operating actlvlties 2024 2023 Operaling profit Depreciation Amortlsation (Increase)IDecrease in debtors Increa5el(Decrease) in creditors IncreasellDecreasel in provission Accrued expensesl{Income) Interest Payable and similar charges Interest receivable 1205,960) 354,941 530,144 {426,460) 954,059 (15,0551 (1,227,538) 3,391,061 382,931 530,144 {787,928} (366,273) 53,011 {3,103,801) 221,781 141,505 Net cash inflowl{outflow) from operating activities Analysls of changès in cash and cash equivalents durlng the year 185,912 240,650 17 2024 2023 Balance al 1 April 2023 Net cash inflowl{oulllow) Balance at 31 March 2024 8,282,267 511,493 7,770,774 10,777,738 2,495,471 8,282,267 Page 24
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 18 Analysis of the balances of cash and cash equivalents as shown in the balance sheèt Change In Year 2024 2023 Cash at Bank Cash in Hand Total cash at bank in hand 7,758,291 12,483 7,770.774 7,770.774 8,266,587 15,680 8,282,267 8,282,267 1508,296) (3.197) 511,493 511,493 19 Related party transactlons The Fetal Medicine Foundation has a 1000/0 interest in the issued ordinaTy share capltal of The Felal Medicine Centre Limited, a company incorporated in England. The Fetal Medlcine Canlre Limlled has entered into a Deed of Covenant wheroby it covenants all ils proflts lo The Felal Medicine Foundation. The Covenanled paymenl for the year was £500,887 (2023-£491,335). Al 31 March 2024 the subsidiary was owed by the charity £110,61112023 - £156.0941 as shown in note 12 to the Accounts. The Fetal Medicine Foundatlon owns 900/0 Interest in the issued ordinary share capilal of King's Fertilly Limited, a company incorpofated in England. King's Feriility Limited has entered into a Deed of Covenant whereby it covenants all ils profits to Thé Felal Medicine Foundation. The Covenanted payment for the year was £1,994,900 {2023.' £2,080,000). At 31 March 2024 the subsidiary owed the charity £6,707,813 {2023 £7,509,000 as shown in note 11 to Ihe Accounts. A Fixed and Floating Charge and a Debenture over the assets of King's Ferlilily are in place Sn favour of the Charity. Durlng Ihe year Ihe Foundatlon invoiced the King's College NHS Foundation Trust for Medlcal Services provided amountlng [0 £3,389,074 (2023 - £7,554,526) and Ihe Trust charged the Foundalion £125.555 (2023 £125,555} for rent al Windsor Walk Property. At 31 March 2024 the Trusl owed the Foundation £440,618 (2023 - £398,605). During Ihe year the Foundation made a donation of £500,000 12023 £500,000) to the Klng's College NHS Foundalion Trusl. Two of the Iruslees, Prof. Nicol8ides and Mr. P. Jacobs, are also trustees and directors of Windsor Walk, a company limited by guarantee and reglstered as a Charily. During the year the Foundation mada a donation of £3.276 (2023 £1,029) lo Windsor Walk Charily. Trustees received no emoluments. or expenses durlng the year (2023 - £Nill. Wlth Ihe Exception of the above disclosed transactions wlth related parties no Iruslee or other person related lo the Charity has any personal interest In any contract or Iransaclion entered into by the Charity during the year12023 - None). 20 Capital Commitments Al 31 March 2024 Ihe oulslandlng Capital Commitment was Nil {2023 - £Nil}. Restrlcted Funds As at 31 March 2024 the Restricted Funds were £NII (2023 - £NII) 21 Page 25
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 22 Excess of Expendlture over Income Durlng the year the Foundation's Expenditure did exceed its Income as shown on the Consolidated Income and Expenditure Account on page 9 of the Accounls. 23 Eliminatlon of Intercompany Balances Intercompany receivables and payables Amounts owed by Kings Fertility Ltd lo Fetal Medicine Centre Ltd totalling £20,536 - 2023 (£Nil). Amounts owed by Kings Fertility Ltd to Fetal Medicine Foundation totalling £6.7M - 2023 (£7.5M). Amounts owed by Fetal MÈdicine Foundation to Fetal Medicine Centre Ltd totalling £110,611- 2023 (£156,094). The total net elimination of intercompany balances as stated above, r8sulting in consolidated figure that accurately reflects the financial position of the Group as whole. The elimlnalion is necessary to ensure that the consolidated financial statements prepsent a true and fair vlew of the Group's financial position and performance. 24 Post balance sheet event There have not been any significant events since the balance sheet date. 26 Provislons Deferred Tax The Fetal Medicine Centre Ltd Note 26 Klng's Fertility Ltd Group At l Aprll 2023 Additions At 31 March 2024 48,959 14,208 34,751 4,052 847 3,205 53,011 15,055 37,956 26 Deferred Tax The deferred tax included in Ihe statement of financial posltion is as follows.. 2024 2023 Included in the provisions (note 251 37,956 53,011 Page 26