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