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 con￿rn 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 fra￿d 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