THE FETAL MEDICINE FOUNDATION (A Charitable Company Limited by Guarantee) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 AGK PARTNERS Chartered Accountants & Statutory Auditors 1 Kings Avenue London N21 3NA
THE FETAL MEDICINE FOUNDATION COMPANY INFORMATION FOR THE YEAR 31 MARCH 2025 Trustees/Directors Prof. K H Nicolaides Mr Jonathan Hyett Dr. Ranjit S. Akolekar Mr. Paul Jacobs Dr. Marietta Charakida Dr. Argyro Syngelaki Secretary Company Number Registered Office Auditors Accountants Dr. Ranjit S. Akolekar 02922302 137 Harley Street London W1G 6BG AGK Partners Chartered Accountants & Statutory Auditors 1 Kings Avenue London N21 3NA loannou & Co., Chartered Accountants 767 - 769 High Road North Finchley London N12 8JY Registered Charity Number 1037116
THE FETAL MEDICINE FOUNDATION CONTENTS FOR THE YEAR 31 MARCH 2025 Trustees'/Directors' Report Independent Auditors' Report Statement of Consolidated Income and Expenditure and Retained Earnings Consolidated Statement of Financial Position Company Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Financial Activities Accounting Policies Notes to the Accounts Page 1 to 4 5 to 8 9 10 11 12 13 to 14 15 to 17 18 to 26
THE FETAL MEDICINE FOUNDATION TRUSTEES'/DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also directors for the purposes of company law, have pleasure in presenting their repor together with the Consolidated Accounts for the year ended 31 March 2025 and confirm that they comply with the requirements of the Charities Act 2011 and the Companies Act 2006, thus including the Directors' Report and Strategic Report under the Act, together with the Consolidated Financial Statements. STRATEGIC REPORT: Governing Document Structure, Governance and Management Governing Document The Fetal Medicine Foundation is a company limited by guarantee and is registered under the Companies Act 2006. At 31 March 2025, there were six members and each member has guaranteed to contribute up to £10 in the event of a winding up. The company is a registered charity. Recruitment and Appointment of Trustees. The directors of the company are also charity trustees for the purpose of charity law. Under the requirements of the Memorandum and Articles of Association the trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. All trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts. Trustee Induction and Training New trustees are invited and encouraged to attend short training sessions (of no more than two hours) to familiarise themselves with the charity and the context within which it operates. These are with one of the Trustees and cover: - The obligation of Trustees. - The main documents which set out the operational framework for the charity including the Memorandum and Articles of Association. - Resourcing and the current financial position as set out in the latest published accounts. - Future plans and objectives. Risk Management The Trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients, patients and visitors. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. Principal risks and uncertainties The Trustees are satisfied that for all major risks identified for the group appropriate controls have been put in place and maintained to mitigate those risks adequately. It is recognised that systems can provide only reasonable, but not absolute assurance that major risks have been managed. The principal risks and uncertainties are assessed as: • Financial Risk - the principal concern is an adverse change in the economic or regulatory conditions, which reduced the affordability of fees and results in a reduction in fee income. The Company mitigates this risk by a regular review of its forecasts and level of reserves. • Reputational Risk - the principal risk is a current or historic failure leading to a loss of reputation. This risk is managed by a balanced approach of controls and training. There is regular training and the Company has the required talent to train team members. Page 1
THE FETAL MEDICINE FOUNDATION TRUSTEES/DIRECTORS' REPORT (Continued/.…...) FOR THE YEAR ENDED 31 MARCH 2025 Review of Activities (Continued/.....) Objectives and Activities for the public benefit The principle activity of the charity during the year under review was to raise money in order to achieve its principal objectives. The principal objectives are to promote and encourage the development of new methods for fetal diagnosis and therapy through research and to encourage and facilitate the controlled clinical introduction of such methods through lectures, training and funding of doctors. Review of Activities and how we delivered public benefit The Fetal Medicine Foundation (FMF) has continued to promote research and training in many aspects of Fetal Medicine. Donations and Grants for research and training During this period the FMF has donated £4,265,000 towards funding training fellowships and research in Fetal Medicine. Up to 80 scholarships for 2-year training fellowships are given to doctors from many different countries around the world. Research activity A major multicenter international trial funded by the FMF investigating the effect of aspirin in the prevention of preeclampsia in twin pregnancies is anticipated to be completed within the next two years. A trial funded by the FMF that examines the effect of screening for preeclampsia at 35-36 weeks' gestation and subsequent timed birth based on the individual patient risk for preeclampsia has now recruited more than 8,000 women. The data has demonstrated that such strategy is associated with a major reduction in the rate of term preeclampsia. The paper has been accepted to be published in The Lancet. The FMF has supported the establishment of postnatal follow up of women who had developed gestational diabetes, preeclampsia or suffer from obesity a part of a strategy to develop new approaches to reduce long term cardovascular and metabolic disease in such women and their children. Investigation of such women has led to major new scientific findings and publications. During the year of 2024 research projects supported by the Foundation have led to the publication of 58 papers in high impact International Scientific Journals. The FMF applied for two Grants by the Gates Foundation. The first application is to cover two projects: A) Comparative Evaluation of Artificial Intelligence-based Ultrasound Technologies. The purpose is to collect and analyse ultrasound data to evaluate artificial intelligence-enabled technologies that can enhance maternal health services in low-income countries. B) Development and Validation of Real-Time Al Software for Scalable Global Pre-eclampsia Screening Utilising Opthalmic Artery Doppler. The second application is for Screening for Preeclampsia in Africa: Feasibility, adaptation and implementation. The purpose is to find innovative solutions for early detection, prevention and treatment of preeclampsia. Grant making policy The FMF has established its grant making policy to achieve its objectives for the public benefit in early fetal diagnosis and therapy. We review the grant making policy annually to ensure that it reflects the objectives of the Charity and thereby advances public benefit. Doctors from many countries are receiving training and undertake research in Fetal Medicine with the aim of firstly, improving pregnancy care and preventing perinatal death and secondly, improving the provision of care internationally. Reserves policy The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately two months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to Grants requests, and ensure that there are sufficient funds available to cover support and governance costs. The level of reserves is reviewed annually and it is considered adequate and appropriate and enables the Charity to meet its charitable purpose and objects. Page 2
THE FETAL MEDICINE FOUNDATION TRUSTEES/DIRECTORS' REPORT (Continued/.....) FOR THE YEAR ENDED 31 MARCH 2025 Provision of clinical services The FMF continues the provision of clinical services to pregnant women at King's College Hospital, Medway Maritime Hospital, Lewisham University Hospital, Homerton University Hospital, Newham University Hospital, Southend University Hospital, Basildon University Hospital and Broomfield University Hospital. World Congress in Fetal Medicine and other Educational Activities In 2024 the FMF organised a very successful 21st World Congress in Fetal Medicine in Lisbon, Portugal which was attended by about 2,600 delegates from 84 countries. In 2025, the 22nd World Congress in Fetal Medicine will be organised in Prague, Czech Creation of new Software The project involves the creation of new software designed to assist in the detection and management of Trisomies, preeclampsia, preterm birth, gestational diabetes, fetal growth restriction and fetal anaemia. This software will be developed in compliance with relevant medical standards and regulations, ensuring accuracy, reliability, and safety for clinical use. It will be given for free to all users worldwide. A key objective of the project is to obtain CE marking, certifying the software as a medical device in accordance with Europear Jnion regulatory requirements. Achieving this certification will validate the software's conformity to essential health, safety, anc performance standards, enabling its deployment in healthcare settings across the EU. Look for Life project According to statistics from the Word Health Organization more than half a million women die every year in the world as a result of a complication related to pregnancy or delivery. More than 99% of these deaths are in underdeveloped or developing countries. The Look for Life campaign by the FMF has provided training and help to set up and equip fetal medicine centres in the main university hospitals and in the capitals of North Macedonia, Kosovo, Moldavia, Armenia, Albania and Ethiopia. We hope that such activities will help reduce maternal and perinatal mortality in these countries. On line courses The online courses for medical professionals and patients on first-trimester screening for abnormalities, fetal echocardiography, cervical assessment and fetal defects are continuing to be a great success: The 11-13 weeks scan (1,100,184 views) Fetal echocardiography (437,386 views) Fetal abnormalities (542,466 views) Antenatal surveillance (275,769 views) Basic fetal echocardiography (136,564 views) Measurement of cervical length (229,892 views) Fetal cardiac defects (109,693 views) Preeclampsia screening (382,502 views) Placenta accreta spectrum (131,302 views) Results The results of the Group for the year ended 31 March 2025 are set out in the consolidated statement of income and expenditure and retained earnings on page 9. The trustees are satisfied with the financial performance for the year. Fixed Assets Details of movements in fixed assets are shown in note 8 to the accounts. Intangible Assets Details of movements in intangible assets are shown in note 9 to the accounts. Trustees The Trustees/Directors of the company in office during the year were: Prof. KH Nicolaides Mr Jonathan Hyett Dr. Ranjit S. Akolekar Mr Paul Jacobs Dr. Marietta Charakida Dr. Argyro Syngelaki Page 3
THE FETAL MEDICINE FOUNDATION TRUSTEES'/DIRECTORS' REPORT (Continued/.....) FOR THE YEAR ENDED 31 MARCH 2025 Trustees'/Directors' 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 trustees/directors to prepare financial statements for each financial year. Under the law the trustees have elected to prepare the financial statements in accordance with United Kingdom Genera Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Financia statements are required by law to give a true and fair view of the state of affairs of the charity and the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to: - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the applicable Charities SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explain in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees/directors are responsible for keeping proper accounting records which disclose, with 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 trustees 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 Statement as to disclosure of information to auditors In so far as the trustees are aware: There is no relevant audit information of which the charity's auditors are unaware; and The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. In accordance with Section 485 of the Companies Act 2006, a resolution proposing the re-appointment of AGK Partners as auditors to the Company will be put to the Annual General Meeting. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Trustees of The Fetal Medicine Foundation on 15 December 2025 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by: Registered Office: 137 Harley Street London W1G 6BG Signed by Order of the Trustees/Directors 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 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION We have audited the financial statements of The Fetal Medicine Foundation (the "parent charitable company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated and Parent Statement of Financial Position, the Consolidated Statement of Cash Flows, Consolidated Statement of Financial Activities and notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2025 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006. BASIS OF OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's reresponsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRS's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In Auditing the financial statements, we have concluded that the directors/trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The trustees/directors are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. eater fre other mor alm maurie rosen to eat heart stratin and it knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
THE FETAL MEDICINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION YEAR ENDED 31 MARCH 2025 OPINIONS ON OTHER MATTERS PRESCRIPED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees'/directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees'/directors' report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees'/directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: - adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company's financial statements are not in agreement with the accounting records and returns; - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the trustees'/directors' Annual Report. RESPONIBILITIES OF TRUSTEES As explained more fully in the trustees'/directors' responsibilities statement, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irreguraties, including fraud. Page 6
THE FETAL MEDICINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION YEAR ENDED 31 MARCH 2025 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued/....) We designed procedures capable of detecting non-compliance with laws and regulations and irregularaties, including fraud, through: - Obtaining an understanding of the Charitable Company and the Group, and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, pensions, employment, health and safety, data protection and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. - Identifying possible risks of material misstatement of the finacial statements due to fraud. We considered, in addition to the risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Our audit procedures were designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities (including fraud) that are material to the financial statements. Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to: - Discussing with the Trustees and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and - Communicating identified laws and regulations with the audit team and remaining alert to any indications of non- compliance throughout the audi; and - Considering the risk of non-compliance with laws and regulations; and - Considering whether the financial statement disclosures fairly represent the underlying transactions. Our audit procedures in relation to irregularities and fraud included, but were not limited to: - Making equiries of Trustees and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and - Gaining an understanding of the internal controls established to mitigate risks relating to fraud; and - Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and - Addressing the risk of fraud and management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rest with management. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and management and the inspection of regulatory and legal correspondence, if any material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Page 7
THE FETAL MEDICINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FETAL MEDICINE FOUNDATION YEAR ENDED 31 MARCH 2025 USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members hose matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitte by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitabl company's members as a body, for our audit work, for this report, or for the opinions we have formed. Alekos Christofi (Senior Statutory Auditor) For and on behalf of AGK Partners AGK Partners Chartered Accountants & Statutory Auditors 1 Kings Avenue London N21 3NA 15/12/2025 Page 8
THE FETAL MEDICINE FOUNDATION STATEMENT OF CONSOLIDATED INCOME AND EXPENDITURE AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025 Notes 2025 2024 Income Income from charitable activities Rental income Special Services to Hospitals Net Trading Surplus from Non-Charitable trading activities Income £17,280,315 (2024 - £15,903,558 ) Expenses £14,685,082 (2024 - £13,243,184 ) Total Income Administrative expenses Grants and Donations Operating Surplus Interest receivable Surplus/(Deficit) on Ordinary activities before taxation Tax on Profit on Ordinary Activities Provision - Deferred tax Surplus/(Deficit) on Ordinary activities after taxation Total comprehensive income for the year Accumulated surplus B/Forward Accumulated surplus C/Forward All amounts relate to continuing activities 2 2 2 1&10 6 3 25 23 1,691,869 447,115 2,248,469 2,595,233 6,982,686 (2,978,901) (4,266,543) (262,758) 299,176 36,418 (198,143) 16,704 (145,021) (145,021) 19,196,428 19,051,407 1,708,033 389,639 3,667,093 2,660,374 8,425,139 (2,725,455) (5,905,644) (205,960) 221,781 15,821 (190,901) 15,055 (160,025) (160,025) 19,356,453 19,196,428 Page 9
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 Notes Fixed Assets Intangible assets Tangible assets 2025 6,361,723 7,739,461 14,101,184 2024 6,891,867 5,830,426 12,722,293 Current Assets Debtors Cash at bank and in hand Creditors: Amounts Falling Due Within One Year Net Current Assets Creditors: Amounts Falling Due After more than One Year Provision - deferred tax Total Assets Less Current Liabilities Capital and Reserves Unrestricted income fund Total Funds 11 & 23 12 & 23 13 26 15 15 2,280,095 6,216,371 8,496,466 (3,524,991) 4,971,475 19,072,659 (21,252) 19,051,407 19,051,407 19,051,407 These accounts were approved by the board on 15 December 2025 and signed on their behalf by:- 2,535,771 7,770,774 10,306,545 (3,794,454) 6,512,091 19,234,384 (37,956) 19,196,428 19,196,428 19,196,428 Prof. K H Nicolaides Trustee & Director Page 10
THE FETAL MEDICINE FOUNDATION COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 Fixed Assets Tangible assets Investments Current Assets Debtors Cash at bank and in hand Creditors: Amounts Falling Due Within One Year Net Current Assets Notes 8b 10 11 12 2025 7,498,068 1,802 7,499,870 6,841,188 5,422,941 12,264,129 (1,147,764) 11,116,365 18,616,235 2024 5,487,889 1,802 5,489,691 7,735,696 7,163,833 14,899,529 (1,614,835) 13,284,694 18,774,385 Creditors: Amounts Falling Due After more than One Year 13 Total Assets Less Current Liabilities 18,616,235 Capital and Reserves Unrestricted income fund Total Funds 15 15 18,616,235 18,616,235 The Profit/(Loss) for the financial year dealt within the financial statements of the parent company was £(158,150), (2024: £(148,766)). These accounts were approved by the board on 15 December 2025 and signed on their behalf by:- Nolida Prof. K H Nicolaides Trustee & Director Company Registration Number: 02922302 18,774,385 18,774,385 18,774,385 Page 11
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025 Cash flows from operating activities Profit for the financial year Adjustments for: Depreciation of tangible assets Amortisation of goodwill Interest receivable and similar income Interest payable & similar charges Accrued expenses/(income) Other Income - gain on disposal of tangible assets Changes in: Trade and other debtors Trade and other creditors Provision for deferred tax Cash generated from operations Interest paid Interest received Net cash from operating activities Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Notes 16 8a 18 31-Mar-25 36,418 313,694 530,144 299,176 (128,378) 255,676 (339,228) (16,704) 950,798 - (299,176) 651,622 (2,222,729) (2,222,729) (1,554,403) 7,770,774 6,216,371 31-Mar-24 15,821 354,941 530,144 221,781 (1,227,538) (426,460) 954,059 (15,055) 407,693 (221,781) 185,912 (712,460) (712,460) 7.770,774 7,770,774 Page 12
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 MARCH 2025 Notes Unrestricted Funds Incoming Resources Donations and fund raising Rental Income Special Services to Hospitals Other income Interest receivable Net trading Surplus from trading subsidiaries Total Incoming resources 2 9,597 447,115 2,248,469 1,682,272 4,387,453 299,176 4,686,629 2,595,233 7,281,862 Unrestricted Funds € Resources Expended Direct Charitable Expenditure Grants for research Donations Educational activities Other Expenditure Depreciation Admin and Costs of Grant Making Total Expenditure Surplus/(deficit) for the year before tax Tax on Profit of ordinary activities Deferred tax Surplus/(deficit) for the year after tax 4,265,827 716 1,613,338 5,879,881 212,550 1,153,013 7,245,444 36,418 (198,143) 16,704 (145,021) Total 2025 9,597 447,115 2,248,469 1,682,272 4,387,453 299,176 4,686,629 2,595,233 7,281,862 Total 2025 4,265,827 716 1,613,338 5,879,881 212,550 1,153,013 7,245,444 36,418 (198,143) 16,704 (145,021) Total 2024 33,688 389,639 3,667,093 1,674,345 5,764,765 221,781 5,986,546 2,660,374 8,646,920 Total 2024 € 4,718,870 1,186,774 1,478,474 7,384,118 252,859 994,122 8,631,099 15,821 (190,901) 15,055 (160,025) Page 13
THE FETAL MEDICINE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 MARCH 2025 Notes Reconciliation of Movement of Funds Opening funds Surplus of incoming resources for the year Closing funds Non-controlling interests 15 15 Funds balance at 31 March 2025 Represented by:- Intangible fixed assets Tangible fixed assets Debtors less creditors Cash at bank and in hand Provision for deferred tax 9 8a 26 Unrestricted Funds 19,196,428 (145,021) 19,051,407 19,051,407 6,361,723 7,739,461 (1,244,896) 6,216,371 (21,252) 19,051,407 Total 2025 € 19,196,428 (145,021) 19,051,407 19,051,407 6,361,723 7,739,461 (1,244,896) 6,216,371 (21,252) 19,051,407 Total 2024 19,356,453 (160,025) 19,196,428 19,196,428 6,891,867 5,830,426 (1,258,683) 7,770,774 (37,956) 19,196,428 Page 14
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1 Accounting Policies Basis of Accounting The financial statements have been prepared in compliance with FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland", the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. The presentation currency of the financial statements is in Pound Sterling (£). Going Concern Based on all available information about the future the trustees consider that there are no material uncertainties that may cause significant doubt about the charity's ability to continue as a going concern; covering such period as we consider 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 statements. Thus, we continue to adopt the going concern basis of accounting in preparing the annual financial statements. Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short-term deposits and other short-term liquid investments with original maturities of three months or less that is readily convertible to a known amount of cash and are subject to insignificant risk of changes in values. Income All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Income from the trading subsidiaries is the net profit from its operation. Rental revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised evenly over the period of the rental agreements. Resources expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Holiday Pay Holiday pay is in line with the Charity's financial year end and no holiday is transferrable to the following year. Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 5% on straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Page 15
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting Policies (Continued/.....) Basis of Consolidation The group financial statements consolidate the accounts of The Fetal Medicine Foundation and its trading subsidiaries The Fetal Medicine Centre Limited and King's Fertility Limited for the year ended 31 March 2025. The net operating profit of the trading subsidiaries has been incorporated into consolidated income. The trustees consider that full consolidation of gross income and expenditure of the trading subsidiaries would be inappropriate because their activities are fundamentally different from the activities of the Charity. A separate income and expenditure account for the trading companies is not presented as permitted by Section 408 of the Companies Act 2006. The surplus/(deficit) for the year dealt within the accounts of the parent company was £(158,150), ( 2024 - £(148,766)). The operational results of The Fetal Medicine Centre Limited and King's Fertility Limited are given in note 10. Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of the ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss Depreciation Depreciation is calculated to write down the cost or valuation less estimated residual value of all tangible fixed assets by the reducing balance method over their expected useful lives. The rates and periods generally applicable are: Plant and machinery Furniture and equipment Leasehold properties - 20% on written down value - 20% on written down value - Over the life of the lease, Nil in year of acquisition Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit 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 2025 Accounting Policies (Continued/.....) For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. Foreign exchange Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Financial instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Judgements and key sources of estimation uncertainty reasonable under the circumstances. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. New or revised standards or interpretations Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs, Periodic Review 2024. On 27 March 2024, the FRC issued Amendments to FRS 102. The effective date for most amendments is accounting periods beginning on or after 1 January 2026, with earlier adoption permitted. The Amendments include new disclosures for supplier finance arrangements that are mandatorily effective from 1 January 2025. The most significant amendments are the replacement of Section 23, now renamed Revenue from Contracts with Customers, and Section 20 Leases. The many other less significant changes, including a new Section 2A Fair Value Measurement, are not currently expected to have a material impact. The new revenue and leasing requirements seek to provide greater consistency and alignment to the international accounting standards, i.e., IFRS 15 and IFRS 16 The Company is planning for the implementation of this change and is at an early stage in evaluating their financial impact. Under the new lease accounting requirements management expects that these amounts woulc be recognised on-balance sheet, with a lease liability based on the discounted value of the future commitments, plus payments related to optional extension periods if considered reasonably certain, and a related 'right-of-use' asset. Management is reviewing existing revenue contracts to determine the overall recognition, measurement, presentation and disclosure impact. Page 17
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 2 3 4 5 Income Income is derived from the company's principal activity and the net profit earned by The Fetal Medicine Centre Limited, a wholly owned trading subsidiary whose profits are covenanted to The Fetal Medicine Foundation, and the profits earned by King's Fertility Ltd, a majority owned trading subsidiary whose profits are covenanted to The Fetal Medicine Foundation. Operating Surplus/(deficit) Operating surplus/(deficit) is stated after charging: Rent Payable - premises Depreciation of owned assets Amortisation of intangible assets Auditors remuneration Interest Payable and Similar Charges 2025 € 1,065,146 313,694 530,144 21,060 2025 2024 987,671 354,941 530,144 18,558 2024 € Bank overdraft and other interest Staff Costs Salaries and wages Social security costs Other pension costs 2024 4.451.,217 488,601 113,550 5,063,368 2024 150 65 6 2025 5,252.468 582,444 124,526 5,939,438 2025 Average number of staff during the year - Group 163 Average number of staff during the year - Company 69 No member of staff of the Charity received a salary greater than £60,000 per annum. Twenty-five members of staff employed by the trading subsidiaries received a salary greater than £60,000. Grants and Donations (a) 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 fetal diagnosis and therapy. Individuals 2025 € 4,265,827 2024 4,718,870 Page 18
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 6 Grants and Donations Cont... (b) DONATIONS During the year the Charity made the following donations. 2024 King's College NHS Foundation Trust Windsor Walk Other Donations - 716 716 2024 500,000 3,276 683,498 1,186,774 7 Trustees Expenses The trustees receive no remuneration or expenses for acting as trustees. During the year one trustee received seminar and conference related travel expenses of ENIL (2024 £NIL). Page 19
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 8a Tangible Fixed Assets - Group Cost At 1 April 2024 Additions At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net Book Value At 31 March 2025 Net Book Value At 31 March 2024 Freehold Property 2,683,110 1,517,638 4,200,748 : 4,200,748 2,683,110 8b Tangible Fixed Assets - Company Freehold Property 2,683,110 1,517,638 4,200,748 Cost At 1 April 2024 Additions At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net Book Value At 31 March 2025 Net Book Value At 31 March 2024 4,200,748 2,683,110 Leasehold Property 2,306,530 551,883 2,858,413 307,937 51,313 359,250 2,499,163 1,998,593 Leasehold Properties 2,293,892 551,883 2,845,775 295,299 51,313 346,612 2,499,163 1,998,593 Plant and Machinery 4,179,290 140,180 4,319,470 3,501,737 135,511 3,637,248 682,222 677,553 Plant and Machinery 3,914,126 140,180 4,054,306 3,242,837 134,258 3,377,095 677,211 671,289 Furniture & Equip 2,433,743 13,028 2,446,771 1,962,573 126,870 2,089,443 357,328 471,170 Furniture & Equip 860,751 13,028 873,779 725,854 26,979 752,833 120,946 134,897 11,602,673 2,222,729 13,825,402 5,772,247 313,694 6,085,941 7,739,461 5,830,426 Total 9,751,879 2,222,729 11,974,608 4,263,990 212,550 4,476,540 7,498,068 5,487,889 Page 20
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 9 Intangible Assets - Group Cost At 1 April 2024 Additions At 31 March 2025 Amortisation At 1 April 2024 Charge for the year At 31 March 2025 Net Book Value At 31 March 2025 Net Book Value At 31 March 2024 Goodwill 10,602,875 10,602,875 3,711,008 530,144 4,241,152 6,361,723 6,891,867 Page 21
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 10 Investments Group 2025 € 2024 Company 2025 Cost of shares in subsidiaries At 1 April 2024 - - 1802 1802 At 31 March 2025 - - 1802 The Fetal Medicine Foundation has a 100% interest in the issued ordinary share capital of The Fetal Medicine Centre Limited, a company incorporated in England. The principal activity of The Fetal Medicine Centre Limited is the provision of services including fetal 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 services specialising in the provision of In Vitro Fertilisation (IVF) treatment. The Fetal Medicine Centre Limited has entered into a Deed of Covenant whereby it covenants all its trading profits to The Fetal Medicine Foundation. The covenanted payment for the year was £453,000 - (2024 £500,887). King's Fertility Limited has entered into a Deed of Covenant whereby it covenants all its trading profits to The Fetal Medicine Foundation. The covenanted payment for the year was £1,947,665 - (2024 £1,994,900). The Balance Sheets of the trading subsidiaries have been consolidated The operational results of The Fetal Medicine Centre Limited and King's Fertility Limited are given below: The Fetal Medicine Centre Ltd Turnover Cost of sales Gross profit Administrative expenses Operating Profit/(Loss) Interest payable Profit/(Loss) for the Financial Year before charging Covenanted Payment Covenanted Payment to the Fetal Medicine Foundation Profit/(Loss) for the Financial Year King's Fertility Ltd 2025 2024 € 15,165,145 13,818,612 (4,541,268) (4,169,801) 10,623,877 9,648,811 (8,478,031) (7,485,838) 2,145,846 2,162,973 2025 2,115,170 (682,833) 1,432,337 (982,950) 449,387 2024 2,084,946 (638,613) 1,446,333 (948,932) 497,401 - 2,145,846 (1,947,665) 198,181 2,162,973 (1,994,900) 168,073 449,387 (453,000) (3,613) 497,401 (500,887) (3,486) Page 22
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 11 Debtors Notes Group 2025 € 2024 Amounts due from group company Trade Debtors Other Debtors Prepayments and accrued income - 1,765,158 84,071 430,866 2,280,095 = 12 Creditors: Amounts Falling Due Within One Year Notes 2,168,107 17,950 349,714 2,535,771 Amounts due to group company Trade creditors Corporation Tax Other taxes and social security Other creditors Accruals and deferred income 19 Group 2025 € 2,12,103 198,105 38,179 484,192 692,412 3,524,991 2024 € 2,296,889 188,762 32,137 455,876 820,790 3,794,454 13 Creditors: Amounts Falling Due After More Than One Year Group 2025 2024 Other Creditors Group 2025 2024 Repayable between one and five years 2025 Company 2024 6,176,041 423,466 72,778 168,903 6,841,188 6,707,813 909,829 118,054 7,735,696 Company 2025 2024 € 63,996 397,404 38,179 25,981 622,204 1,147,764 110,611 706,419 32,137 19,682 745,986 1,614,835 Company 2025 2024 Company 2025 2024 Page 23
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 14 Commitments under Operating Leases At 31 March 2025 the group has annual commitments under non-cancellable operating leases as set out below. Group Company Land and buildings Land and buildings 2025 2025 2024 Operating leases which expire: Within 1 year Within 2 to 5 years After more than 5 years € 2024 € E 896,325 821,425 746,475 1,973,350 6,077,053 1,520,750 1,373,950 6,351,778 2,742,890 8,946,728 8,693,953 4,863,315 671,571 921,35 2,867,765 4,460,690 15 Reconciliation of Funds Group Company Opening accumulated funds - Unrestricted Surplus for the year Unrestricted Fund Share Premium Non-controlling interests Total Funds Closing accumulated funds - Unrestricted Total Funds 2025 € 19,196,428 (145,021) 19,051,407 2024 2025 2024 19,356,453 (160,025) 19,196,428 18,774,385 (158,150) 18,616,235 18,923,151 (148,766) 18,774,385 - 16 19,051,407 19,196,428 19,051,407 19,196,428 19,051,407 19,196,428 Reconciliation of operating profit to net cash inflow from operating activities 18,616,235 18,616,235 18,616,235 2025 18,774,385 18,774,385 18,774,385 2024 17 Operating profit Depreciation Amortisation (Increase)/Decrease in debtors Increase/(Decrease) in creditors Increase/(Decrease) in provission Accrued expenses/(Income) Interest Payable and similar charges Interest receivable Net cash inflow/(outflow) from operating activities Analysis of changes in cash and cash equivalents during the year (262,758) 313,694 530,144 255,676 (339,228) (16,704) (128,378) 299,176 651,622 (205,960) 354,941 530,144 (426,460) 954,059 (15,055) (1,227,538) 221,781 185,912 2025 2024 Balance at 1 April 2024 Net cash inflow/(outflow) Balance at 31 March 2025 7,770,774 (1,554,403) 6,216,371 8,282,267 (511,493) 7,770,774 Page 24
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 18 Analysis of the balances of cash and cash equivalents as shown in the balance sheet 19 20 21 2025 2024 Change in Year Cash at Bank Cash in Hand Total cash at bank in hand 6,206,188 10,183 6.216,371 6,216,371 7,758,291 12,483 7.770,774 7,770,774 (1,552,103) (2,300) (1,554,403) (1,554,403) Related party transactions The Fetal Medicine Foundation has a 100% interest in the issued ordinary share capital of The Fetal Medicine Centre Limited, a company incorporated in England. The Fetal Medicine Centre Limited has entered into a Deed of Covenant whereby it covenants all its profits to The Fetal Medicine Foundation. The Covenanted payment for the year was £453,000 (2024-£500,887). At 31 March 2025 the subsidiary was owed by the charity £63,996 (2024 - £110,611) as shown in note 12 to the Accounts. The Fetal Medicine Foundation owns 90% interest in the issued ordinary share capital of King's Fertilty Limited, a company incorporated in England. King's Fertility Limited has entered into a Deed of Covenant whereby it covenants all its profits to The Fetal Medicine Foundation. The Covenanted payment for the year was £1,947,665 (2024: £1,994,900). At 31 March 2025 the subsidiary owed the charity £6,176,041 (2024 - £6,707,813 as shown in note 11 to the Accounts. A Fixed and Floating Charge and a Debenture over the assets of King's Fertility are in place in favour of the Charity. During the year the Foundation invoiced the King's College NHS Foundation Trust for Medical Services provided amounting to £1,925,990 (2024 - £3,389,074) and the Trust charged the Foundation £125.555 (2024 - £125,555) for rent at Windsor Walk Property. At 31 March 2025 the Trust owed the Foundation £224,082 (2024 - £440,618). During the year the Foundation made a donation of ENIL (2024 - £500,000) to the King's College NHS Foundation Trust. Two of the trustees, Prof. Nicolaides and Mr. P. Jacobs, are also trustees and directors of Windsor Walk, a company limited by guarantee and registered as a Charity. During the year the Foundation made a donation of ENIL (2024 - £3,276) to Windsor Walk Charity. Trustees received no emoluments, or expenses during the year (2024 - ENIl). With the Exception of the above disclosed transactions with related parties no trustee or other person related to the Charity has any personal interest in any contract or transaction entered into by the Charity during the year (2024 - None). Capital Commitments At 31 March 2025 the outstanding Capital Commitment was Nil (2024 - ENil). Restricted Funds As at 31 March 2025 the Restricted Funds were ENil (2024 - £Nil) Page 25
THE FETAL MEDICINE FOUNDATION NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 22 23 24 25 Excess of Expenditure over Income During the year the Foundation's Expenditure did exceed its Income as shown on the Consolidated Income and Expenditure Account on page 9 of the Accounts Elimination of Intercompany Balances Intercompany receivables and payables Amounts owed by Kings Fertility Ltd to Fetal Medicine Centre Ltd totalling £43,636 - 2024 (£20,536). Amounts owed by Kings Fertility Ltd to Fetal Medicine Foundation totalling £6.2M - 2024 (£6.7M1). Amounts owed by Fetal Medicine Foundation to Fetal Medicine Centre Ltd totalling £63,996 - 2024 (£110,611). The total net elimination of intercompany balances as stated above, resulting in consolidated figure that accurately reflects the financial position of the Group as whole. The elimination is necessary to ensure that the consolidated financial statements prepsent a true and fair view of the Group's financial position and performance. Post balance sheet event There have not been any significant events since the balance sheet date. Provisions King's Fertility Ltd 34,751 (16,033) 18,718 Deferred Tax (Note 26) The Fetal Medicine Centre Ltd € 3,205 (671) 2,534 Group 26 At 1 April 2024 Additions At 31 March 2025 Deferred Tax The deferred tax included in the statement of financial position is as follows: 37,956 (16,704) 21,252 Included in the provisions (note 25) 2025 21,252 2024 37,956 Page 26