Tommy's
Trustees, Report and Financial statements
For the year ended 31 March 2024
Reglstered Company number: 3266897
Reglstered Charfty number: 1060508
Charlty Registered In Scotland number: SC039280

Index to financial statements 31 March 2024
Page
Trustees and advisors
Trustees, report
2-12
Independent Auditor's report
13-16
Consolidated statement of flnancial actlvltles
17
Balance sheet
18
Consolldated statement of cash flows
19
Notes to the financlal statements
20-42
TOMMY'S

Trustees and advisors
Constitution
Registered Company No. 3266897 - Company limited by guarantee
Registered Charity No. 1060508
Charity Registered in Scotland No. SC039280
Trustees
Anita Charlesworth
Hayley Tatum
Davld Logan
Bjorn Saven
Joe Chambers - Chair
Trudi Boardman
Kate Smaje
Professor Anna Davld
Aedamar Comiskey
Robert Stirling
Dr Sonjl Clarke
Dr Shema Tarlq
Paul Rowllnson
Vanora Hundley
Resigned 19 September 2023
Reslgned 19 September 2023
Resigned 19 September 2023
Appointed 10 May 2023
Appointed 19 September 2023
Chief Executive
Kath Abrahams
Prlnclpal Address
Nicholas House
3 Laurence Pountney Hlll
London
EC4R OBB
Auditor
Saffery LLP
10 Wellington Place
Leeds
LSI 4AP
Solicitor
Foot Anstey LLP
Senate Court
Southernhay Gardens
Exeter
EXI INT
Bankers
National Westminster Bank plc
91 Westminster Bridge Road
London SEI 7HW
I TOMMY'S

Trustees, Report
The Board of Trustees of Tommy's presents its Trustees, Report and Financial Statements for the
year ended 31 March 2024.
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) and the Companies Art 2006.
Chair's Statement
This year has seen a continued recovery in fundraising conditions following the restrictlons of
covid. Income has exceeded £llm for the first time. This recovery has enabSed the charity to
open its new, fourth, research centre specialising in understanding the causes of, and finding
ways to prevent, premature birth. This fills an important gap in the Charity's research portfolio.
We have also continued to provide vital support through our pregnancy information service.
During the year we have launched and started to implement a new strategy, which will guide our
work for the next ten years. To support thls, we have developed a detailed theory-of change to
ensure decision making Is effective and we have reshaped some of our Information support to
ensure we are reaching those communities who currently have the poorest maternal outcomes.
We are also Investlng In new marketing and fundraising activities to help us grow our reach,
engagement, and income levels, which In turn will allow us to make faster progress towards
delivering our strategy.
We want to acknowledge and thank all our supporters whose fundraising efforts have enabled our
achievements this year. We also want to thank our staff and researchers, who join with us in our
unfailing commitment to make pregnancy and blrth safe for all.
Objectives and Activities
The Charity's objectives are the advancement of educatlon In and the practlce of gynaecology
and obstetrics by all charltable means and In particular by:
Funding research and the publlcation of its results;
Promoting the education of both those engaged in the practice of gynaecology and
obstetrics and the public care of mothers and babies before and after birth.
Providing equipment; and
Such other charitable purposes as the Trustees in their absolute discretion determine.
In setting our objectives and planning our activities the Trustees have considered the Charity
Commission's general guidance on public benefit. The Trustees consider that the Charity has
complied with the duty in section 17 of the Charities Act 2011 regarding public benefit guidance
issued by the Charity Commission. The Charity is working to benefit the public in several ways..
Losing a baby or having a baby who starts life at a disadvantage, has a devastating impact
on parents and families.
Babies born too soon, too small, or too large often have increased costs of health and
social care throughout their lifetime; and
We want to reduce the inequity of outcomes and access to care experienced by some
people in the UK inc5uding people from some mlnoritised ethnic communities and those on
low incomes.
2 TOMMY'S

Trustees, Report (continued)
Research Programmes
Tommy's funded research aims to:
Identify those most at risk of having a pregnancy Issue;
Find ways to diagnose problems early in pregnancy before they become medical
emergencles;
Test treatments and interventions that are safe and effective for women and birthing
people during pregnancy and disseminate those flndlngs to the medical community.
Develop best models of clinical practice, evidence the impact on improved patient care and
outcomes and disseminate this widely in the NHS.
Develop Tommy's Pathway- a clinical decision support too5 to assist in personalising risk
Assessments and ensurlng optlmal care is given to all women and blrthlng people; and
Provide evidence-based information to people on their pregnancy journey to improve their
pregnancy outcome,
Tommy's has awarded core medical research grants of £2,107,027 this year. Funding went to the
Charity's four research centres:
Tommy's Manchester Stillblrth Research Centre (Manchester Unlverslty/St Mary's Hospltal,
Manchester) £500,000;
Tommy's Natlonal Centre for Mlscarrlage Research (based at Birmingham Unlversltyi
Warwick University, Imperial College London and four major NHS hospitals) £500,000.
Tommy's Natlonal Centre for Maternlty Improvement (a collaboration with the Royal
College of Obstetriclans and Gynaecologlsts (RCOG), the Royal College of Midwives (RCM)
and UK Universities) - £607,027; and
Tommy's Natlonal Centre for Preterm Birth Research (a collaboration with Imperial College
London, Klng's College London, University College London, Queen Mary Universlty of
London, and Leeds University) £500,000. This new research centre was formally opened
in March 2024.
We also retain a Chair of Maternal and Fetal health at King's College London/St Thomas, Hospltal
London whlch Is funded in perpetuity.
Results from Tommy's funded studies help the research centres to attract funding for further and
larger projects, effectively multiplying our contribution above the Inltial Investment. We estimate
that every £1 donated by Tommy's will leverage at least £5 of funding in five years, tlme. Thls
leverage impact of our fundlng remalns a key objectlve of our strategy.
Each research centre produces an annual report and key performance Indicators which are
circulated to the Trustees. In addition, every year, each centre is peer reviewed by external
experts together with three Trustees with expertise in this area.
Details of all the projects funded by Tommy's are on the website
ww.to
Driving Improvements in Outcomes
Our investment in implementation Scien￿ via the National Centre for Maternity Improvement
seeks to translate the findings of our research centres (and discoveries by other researchers),
Into evidence-based practice and drive further improvernents in care by working with and within
our health system.
Tommy's undertakes campaigning, influencing and advocacy work to speed up the time it takes
breakthroughs to be translated into improvements in care. Tommy's has established a Joint Poli
Unit in partnership with Sands, the stillbirth and neonatal death charity, working together towards
halving the number of UK baby deaths by ensuring decision makers have access to up-to-date
3 TOMMY'S

Trustees, Report (continued)
information, and maternity policy is informed by robust evidence. We are collaborating with
Sands to collate evidence and identify the key changes needed to save babies, lives, reduce
inequities, and improve outcomes. Annually over 5,000 babies in the UK are stillborn or die within
the first four weeks of life, with l in 5 pregnancies ending in miscarriage and around 60,000
babies are born prematurely each year.
Tommy's also provides a pregnancy Informatlon service, the long-term goal of which is to reach
pregnant women and birthing people with pre-pregnancy and pregnancy information designed to
glve them the information and support to make the best possible decisions during pregnancy to
help improve pregnancy outcomes. Our service particularly targets women and birthing people
who are most at risk of a poor pregnancy outcome, which includes people from more deprived
communities and women from minoritised ethnic backgrounds. The Charity has focused on
providing content and reach through our website, Tommy's Midwives, on social media and via
telephone and through pregnancy campaigns. These campaigns are informed by our research
outputs and centre experts. The information Tommy's provides is also PIF accredited, an
independently assessed quallty mark for print and dlgltal health information.
Equity, Diversitvi and Inclusion
We are working to embed equity, diversity and Incluslon across all aspects of Tommy's to make
us an organisatlon whose work and culture reflects the people and communities that we work
with. This includes drlving a greater focus on addresslng Inequlties In pregnancy research and
growlng a more diverse research community, as well as building relationships wlth diverse
communlties and organisations so that we can reach those most in need of support.
Future Plans
Tommy's launched its new strategy in April 2023.
Our Vision
To stop the heartbreak and devastation of baby loss and make pregnancy and birth safe
everyone.
for
Our goals are to:
Grow evidence, because baby loss and pregnancy complications are not 'Just one of
those things,. We will fund research to find evidence that stops pregnancy complications
and saves babies, lives.
Improve care, because everyone should be provided with the best care and support. We
will work to make sure good, safe, and evidence-based care is available to all throughout
their pregnancy journey.
Tackle inequities, because everyone desenies the same opportunities for a healthy
pregnancy and birth, We will partner with communities and experts to reduce health
disparities for those most at risk of pregnancy complications and baby loss.
Mobilise for change, because together, we will make pregnancy safer and save babies,
lives. We will build and nurture a passionate supporter community, bring people together
and use our collective voices and diverse experiences to make effective progress with
greater impact for all.
We look forward to implementing the strategy, which will include developing a detailed set of
measures by which its impact and effectiveness can be tracked and monitored over the next ten
years.
4 TOMMY'S

Trustees, Report (continued)
202412025 will be a year of significant developments at Tommy's, with a number of strategic
investments being made in marketing activities (to grow the Charity's reach, engagement and
income and ensure as many people as possible are aware of the services we offer): the
development of our research programme (including to ensure that it fully supports the Charity's
commitment to tackling inequities); the building of key new partnerships to extend our reach to
those most in need; and the modernisation of some of the Charity's back office functions (to
increase efficiency).
Activities and Performance
Fundraising
Fundraising Statement
The Charity seeks to diversify its income streams and balance the risk inherent to each channel.
As such, it undertakes fundraising actlvities via sponsored fundraising and challenge events,
applications to trusts and philanthropists, relationships with corporate partners and individual
public donations. Commercial fundraising partners must be able to demonstrate that they abide
by the rules establlshed by the Fundraising Regulator, of which the Charity is a member. The
Charity has invested In the recruitment of supporters and donors via digital marketing,
telemarketing and direct mail but does not currently participate in face-to-face fundraising
activities.
The number of complaints received in the financial year was 61 (2023: 29). Complaints were
investigated, and procedures and processes amended accordingly.
The increase in complaints was driven by social media activity (these complaints were generally
not upheld) and data-selection for fundraising marketing activities (which prompted a review and
adjustment to selection processes).
Recording, Investigation and reporting of complaints continues to be a key consideration for
management and has led to changes in processes when necessary.
Fundraising Review
Our heartfelt thanks go to everyone who has helped Tommy's raise funds, including:
Companies: Besins Healthcare UK, Bloomberg LP, Bloom & Wild, Careys Foundation, Chiesi
Limited, Hologic, MAM UK Ltd, Mondelez UK, Newline, Never Fully Dressed, Norgine
Pharmaceuticals Ltd, The Poundland Foundation and Poundland's colleagues, customers and
suppllers, Plexus Corp UK, Plum & Ashby in collaboration with Elle Wright of Feathering the Empty
Nest, Smyths Toys, Teneo, TFP Fertility UK, The Positive Birth Company, Thrive Tribe, Tufton
Investment Management and Water Bables.
We are grateful to the companies that provided grants to support our information service. These
companies had no editorial control or input into our servlces.
Trusts & Foundations: Dreamchasing, Edith Murphy Foundation, lan Mactaggart Trust, John
Armitage Charitable Trust, Peter Sowerby Foundation, Sandra Charitable TrLJSt, The Sir Jules
Thorn Charitable Trust, Teddy's Wish, Tioc Foundation, The Albert Gubay Charitable Foundation,
The Annandale Charitable Trust, The Betty Messenger Charitable Foundation, The Boltini Trust,
The Childwick Trust, The J Davy Foundation, The James Tudor Foundation, The Jon Moulton
Charity Trust, Michael Guest Charitable Foundation, The Ness Fund, The P F Charitable Trust, The
5 TOMMY'S

Trustees, Report (continued)
Reed Foundation, The Thriplow Charitable Trust, William A Cadbury Charitable Trust and The
Zochonis Charitable Trust.
Individuals: Paulo & Melinda Almeida, Kate & David Beck, Trudi & Gareth Boardman, Gerald
Carroll & Sasha Wright, Joe Chambers, Sir Ron Dennis, Kalpana Desai, Steve Edge & Jane Foggi
Dominic & Claire Freemantle, Nikki & Bruce Hodges (Metrow Foods), Oliver & Johanna Hudson,
Chloe & Archie Hunter, Richard & Hannah Jeens, Brian Meredith, Stephen & Benetta Morant,
Lesley Norris, James O'Brien, loannis Papagiannakopoulos & Michaela Vergottis, Dominic &
Lindsay Proctor, Julia Rosier, Bjorn Saven CBE, lan & Carol Sellars and Kassie Smith KC.
We would also like to thank Marina Fogle and her committee for organising the Tommy's
Children's Carols.
statutory grants:
The Medical Research Council (MRC), part of UK Research and Innovation
COVID Medical Research Charity Support Fund
UK Government
VCSE Health and Wellbeing Alliance
Health Securlty Agency
Department of Health & Soclal Care, NHS England and UK
VCSE Health and Wellbeing Fund Department of Health & Soclal Care, NHS England and UK
Health Securlty Agency
UK Research and Innovation
Thank you to Mindshare UK for thelr pro bono support of our marketing activity.
We are very grateful to all our donors who prefer to glve anonymously.
Landmark Events
The London Landmarks Half Marathon took place on the 2rtd Aprll 2023 and was our biggest yet
with over 17,000 participants. A new event, the London Landmarks Skyscraper Challenge, was
launched In the year but due to technical difficulties on the day there are no current plans to
stage it again. The Charlty would like to thank everyone Involved In the events, especlally
colleagues at Westminster City Council, the City of London Corporation, Transport for London, the
Great Run Companyi The Leadenhall Building and 30 St Mary Axe.
Financial Review
Group income this year increased to £11,638,239 which was £657,080 higher than the previous
year. The charity has enjoyed a recovery in mass participation fundraising this year, with average
fundraising and participation levels exceeding expectation. Philanthropy has also performed
strongly. However, these hide continuing challenges in Individual Giving fundraising, where the
ongoing cost of living crisis, along with staff shortages causing delays in fundraising initiatives,
has resulted in weaker than planned performance.
A significant part of the charitable activities that Tommy's fund is outsourced to university-based
research centres. The Charity acts as a fundraising vehicle to create the funding for grants. A
consequence of this Structure is that a higher proportion of 5UPPOrt Costs are attributed to
fundraising rather than charitable activities, inflating the cost/income ratio compared to many
other charities. Tommy's fundraising structure is unusual because we invest heavily in events,
which have a high associated cost/income ratios and normally receive little income from statutory
funding or legacies which have a low cost/income ratio.
6 TOMMY'S

Trustees, Report (continued)
Nevertheless, the Group made a surplus of £793,236 (2023: surplus of £1,599,603) due to
stronger than anticipated mass-participation and statutory fundraising and a continued focus on
controlling costs. It is expected that these funds will be accessed in the financial year ending 31st
March 2025 to enable the Charity to invest in activities which align with and help deliver the new
strategy.
Tommy's trading subsidiary, The Baby Fund Trading Limited, made a profit of £95,016 (2023..
£45,457) and transferred distributable reserves of £95,016 to the Charity (2023: £23,950). LLHM
Limited made a profit of £530,495 (2023: £478,545) and transferred distributable reserves of
£530,495 to the Charity (2023.. £4,883).
The Trustees believe that the Charity's reserves level, strong cash holdings and disciplined
approach to budgeting mean that the immediate future of the Charity over the next 12 to 18
months is secure and that on this basis the Charity Is a golng concern.
Reserves Policy
Tommy's holds reserves for several reasons, including:
Ensuring we can continue to fund our vltal work should our Income fall below target.
Tommy's has significant income concentratlon risk, with large tranches of income coming
from slngle events such as London Landmarks Half Marathon, or from material Individual
donors and partners. The last few years of covid have shown that these income sources
carry risk. The Charity Is seeking to mitigate this risk via investment in dlversification, but
until that has been delivered our reserves should give time to adjust expenditure without
causing undue disruption to the Charity's research programme5, campaigns and public
health information.
To provide resource for investment, for example developing servlces, ensuring we
maximise outreach by developing virtual offerings and our ability to engage people at
scale, and testing new fundraising activities to drive the future growth of the organisation.
To reassure our research centres of our intention to provide long term financial support.
While budgets are approved and the Ilability recognised one year at a time, research
centre activity planning is undertaken on a five-year cycle and the charity recognlses a
contingent liabil ity on this basis.
To provide working capital to meet upfront expendlture durlng the year before income is
recelved.
Following on from the new strategy that the Charity launched in the year, Tommy's risk register
and risk management approach were reconsidered, which in turn has resulted in the reserves
policy being reviewed and updated. The new target reserves level has been calculated considering
the different risk factors that the organisation faces, and the trustees have determined that free
reserves should be held to cover between six and eight months of forecast expenditure, giving a
range of between £5.8m and £7.7m.
On 31., March 2024, Tommy's held free reserves of £8,484,847 (2023: £8,549,030), which
exceeds the top end of the target holding. The charity is currently evaluating how to spend down
these excess reserves in ways that are both sustainable and strategically impactful.
The Trustees will review the reserves policy on an annual basis, as part of the budget approval
process.
7 TOMMY'S

Trustees, Report (continued)
Financial Key Performance Indicators
KPI
Income
ExDenditure:
Cost of raising funds
arget
£10,557,000
Result
Ell,638,239
£5,804,208
£4,875,055
Charitable
£5,452,351
£5,969,948
Cost/income ratio
550/0
20/0
Income exceeded target by £1,081,239 due to stronger than expected fundraising activity from
mass-participation events (the budget had been based on prior year performance which was
lower than historic trends as a result of the cost-of-living-crisis and the lingering cultural Impact
of covid) and an unexpected grant from UKRI of £512,000 which was awarded just a few days
before year end.
The Charlty achieved a fundraising cost-to-income ratio of 420/0, compared to 32010 in the prlor
year. It Is Important to note that this change is partly due to the dlstorting influence of a £1
milllon legacy glft received In the prior year (if the prior year figure were adjusted for this it would
be 360/0). The remalnlng Increase Is due to Investment In testing new fundraising actlvities, such
as Tommy's Walk for Hope and Tommy's Weekly Win, the income for which would be expected to
grow over time as they become more established.
Charitable expenditure was £517,597 above target, as the Charity received more restricted
statutory grants to fund charitable projects than had been expected.
Structure, Governance and Management
The Charlty operate5 in the UK, with its headquarters in central London. The Charity and trading
subsidiaries are governed by Artlcles of Associatlon, a Board of Trustees, and subsidiary Boards of
Dlrectors. The Trustees are supported by an Audlt Committee and a Scientific Advlsory Group.
The Landmarks events business is accounted for in the trading subsidiary, LLHM Limlted. The
Board of Director5 of LLHM contalns two Trustees of Tommy's, two Senior managers of Tommy's
and three external members.
The Baby Fund Trading Limited is the Charity's other trading subsidiary, which conducts the
Group's trading activities. Its Board of Directors consists of nine Trustee5 af Tommy's and one
external member.
Every year one third of the Trustees retire by rotation and can be nominated for re-election.
Trustees met four times during the accounting year. Joe Chambers has chaired the Trustees since
l. April 2016 and will be stepping down in autumn 2024, to be replaced as chair by Emma Parry.
The information on page I forms part of this report.
New Trustees are identified via an open recruitment process, reviewed by the Nominations
Committee, and approved by majority vote. All new Trustees are provided with a comprehensive
induction programme which cover5:
A meeting with the Chair,
The role of a Trustee including a copy of the articles of association,
A meeting with the Chief Executive,
Tommy's goals, strategy, and main activltles,
How Tommy's assesses and manages risk,
8 TOMMY'S

Trustees, Report (continued)
Financial reporting and current performance of the Charity including reserves policy,
Primary areas of fundraising,
Our pregnancy information programme,
Our approach to communicating with our supporters and beneficiaries,
Our medical research programmes, and
Completion of Companies House documentation.
A Scientific Advisory Group comprising three Trustees, together with external reviewers, has met
during the year to peer review the three existing research centres, activities.
The Audit Committee, comprising two Trustees and three external members, meets regularly
with the Chief Executive Officer and the Chief Operating Officer to review policies, risk, and
ensure controls are in place and oversee the external audit arrangements.
The Trustees have delegated the day-to-day management of Tommy's to the Chief Executive
Officer who, together with the Chief Operating Officer, report on performance against the budget,
which is approved each year by the Trustees. Management accounts are reviewed at each Trustee
meeting. Between Trustee meetings the CEO reported to Joe Chambers, Chair of the Trustees, on
regular basis.
In addition to the CEO, staff are employed and contracted to work on pregnancy informatlon,
policy, medical research governance, fundraising, marketing, finance, compliance, IT support,
data management and office management duties.
The Charlty's Trustees and the senior leadership team comprise the key management personnel
of the Charity In charge of directing and controlling, running, and operating the Charity. All
Trustees give their time freely and no remuneration was paid in the year. Details of directors,
expenses and related party transactions are disclosed in notes 11 and 23 to the accounts.
Charity Corporate Governance Code
The Charity monitors the Charlty Corporate Governance Code and pollcies are regularly reviewed
and revised and new policies Instlgated where necessary. The Charity alms to follow the Code, as
a key source of best practice.
Pay Policy for Senior Staff
The pay of all staff Is ￿vIewed against sector benchmarks annually by Human Resources and
agreed with a Trustee with relevant experience. The salaries of the senior leadershlp team,
comprising the CEO, COO, Fundraising Director, Landmark Events Director, Marketing Director,
and Research, Policy and Pregnancy Information Director are reviewed and approved on behalf of
the Board of Trustees by the Chair. An interim benchmarking review is conducted in the sprlng to
check that salaries remain appropriate and fair.
9 TOMMY'S

Trustees, Report (continued)
Internal Financial Control and Risk Assessment
The Trustees confirm that the Charity's internal financlal controls conform to guidelines issued by
the Charity Commission.
The systems of financlal control are deslgned to provide all reasonable but not absolute
assurance against material misstatement or loss. They include:
An annual budget approved by the Trustees,
Monthly management accounts and re-forecasting,
Regular consideration by the Trustees of actual financlal results compared with budgets
and forecasts,
Authority to spend within defined limits,
Segregation of duties,
Consideration of risks by Trustees and line managers, and
Internal reviews of reporting compliance for high value statutory grants.
Risk Management
The Trustees have a rlsk management strategy whlch comprises:
An annual review of the principal risks and uncertalntles of the Charity and Its subsldlaries,
The Baby Fund Trading Limited and LLHM Limited,
Subsequent, regular review of identified risks by the CEO, COO, and key staff, with actions
documented for follow-up,
The establishment of policies, systems, and procedures to mitigate those risks identified in
the annual review;
The implementation of procedures designed to minimise or manage any potential impact
on the Charity should those risks materialise. and
The appointment of an operational Compliance Champion group to ensure that staff
throughout the organisation understand what is required in terms of managing risk.
Key rlsks have been Identlfled as:
The Macro Envlronment
The wider environment in which Tommy's operates is unstable and difficult to predict, with
unprecedented cost-of-living pressures, unexpected world events and changes to government.
Further to this, the charity sector is highly competitive, with many similar charities and equally
deserving rival causes. All these risk factors can have a negative impact on the charity's ability to
accurately plan and deliver its activities and revenue generation. The risk is controlled via
frequent Trustee and Senior Leadership Team meetings, the budgeting and reforecasting cycles, a
strategy which promotes the diversification of income, an annual review of the charity's reserves
policy (which is linked to strategy and risk) and the annual review of the marketing strategy to
ensure it resonates with potential supporters.
Income Sources and Returns
Tommy's has significant income concentration risk, be it from a few large key funders, or on
specific fundraising events such as the London Landmarks Half Marathon. This leaves the
Charity's income vulnerable to changes in funder policies, competition from other charities and
causes and shocks from unforeseen cancellations. This risk is managed via the deliberate
diversification of revenue streams and budgeting based on conservative forecasts that are
scrutinised and challenged by the Trustees prior to their sign off to confirm that they are
reasonable. Management accounts, along with a reforecast of the expected year-end position, are
10 TOMMY'S

Trustees, Report (continued)
reviewed by senior management monthly, with Trustees receiving regular updates on progress at
the quarterly Trustees meetings. The Charity also has a prudent resenies policy to ensure that
activity can continue for a period if income does not meet expectations.
Information Technology
The adequacy of the charity's IT systems and business recovery plans are key to protecting it
from the risk of cyber breach and system failure, which could result in the loss of data, business
interruption and reputational damage. The Charity has implemented information security policies,
security systems and staff training to protect its own networks and reviews key IT suppliers to
ensure that they have suitable accreditation.
Statement of Trustees. Responsibilities
The trustees (who are also directors of Tommy's for the purposes of company law) are
responsible for preparing the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accountlng Practice).
Company law requires the trustees to prepare financial statements for each financlal year whlch
glve a true and fair view of the state of affalrs of the charitable company and the group and of
the incoming resources and application of resources, Includlng the Income and expendlture, of the
charitable group 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 Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it Is Inapproprlate to
presume that the charity will continue in buslness.
The trustees are responsible for keeplng proper accounting records that disclose with reasonable
accuracy at any time the financial positlon of the charltable company and enable them to ensure
that the financial Statements comply with the Companies Act 2006 and the Charities and Trustee
Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as
amended). They are also responsible for safeguarding the assets of the charitable company and
the group and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
In so far as the trustees are aware..
there is no relevant audit information of which the charitable company's auditor is 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 auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial
information included on the charitable company's website. Leglslation in the United Kingdom
governing the reparation and dissemination of financial statements may differ from legislation in
other jurisdictions.
Auditors
Saffery LLP have continued as auditors during this year.
The Trustees, Report, which includes the Strategic Report, was approved by the Board of Trustees
on 24th September 2024 and signed on its behalf by:
11 TOMMY'S

Trustees, Report (continued)
Joe Chambers
Chair
12TOMMY'S

Independent Auditor's Report to the Members and Trustees of Tommy's
Opinion
We have audited the financial statements of Tommy's (the 'parent charitable company,) and its
subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated
statement of financial activlties, the consolidated and charity balance sheets, the consolidated
statement of cash flows and notes to the financial statements, including 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 Republlc of Ireland (United Kingdom
Generally Accepted Accounting Practice).
In our opinlon the financlal statements..
glve a true and fair view of the state of the affairs of the group and the parent charitable
company as at 31 March 2024 and of the group's incoming resources and application of
resources, Includlng Its income and expenditure, for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
have been prepared in accordance wlth the reqU1￿MentS of the Companies Att 2006, the
Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the
Charities Accounts (Scotland) Regulations 2006 (as amended).
Basls for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK))
and applicable law. Our responsibilities under those standards are further described in the
Auditor's responsibilitles 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
FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We belleve that the audit evidence we have obtalned is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In audltlng the financial statements, we have concluded that the trustees, use of the going
concern basis of accounting in the preparatlon of the financlal statements is appropriate.
Based on the work we have performed, we have not identified any material uncertalntles relating
to events or conditions that, individually or collectively, may cast significant doubt on the group
or the parent charitable company's abillty 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 responslbilities of the trustees with respect to going concern are
described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the
financial statefflents and our auditor's report thereon. The trustees are responsible for the other
information. 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.
13TOMMY'S

Independent Auditor's Report to the Members and Trustees of Tommy's
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in
the course of the aLJdit or otherwise appears to be materia15y misstated. If we identify such
material inconsistencies or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the financial statements themselves. 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 fart.
We have nothing to report in this regard.
Other matters prescribed 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, Annual Report which includes the Directors, Report
and the Strategic Report for the financial year for which the financial statements are
prepared is consistent with the financial statements. and
the Trustees, Annual Report which includes the Directors, Report and the Strategic Report
has been prepared in accordance with applicable legal requirernents.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and parent charitable company and
their environment obtained in the course of the audit, we have not identified material
misstatements in the Trustees, Annual Report and Strategic Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 and
the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if,
In our oplnlon..
adequate 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; or
certain disclosures of trustees, remuneratlon specified by law are not made. or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees, Responsibilities set out on page 11 the
trustees (who are also the directors of the parent charitable company for the purposes 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 the 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 and
the parent charitable company's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
trustees either intend to liquidate the group or the parent charitable company or to cease
operations, or have no realistic alternative but to do so.
14 TOMMY'S

Independent Auditor's Report to the Members and Trustees of Tommy's
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditors under the Companies Act 2006 and under the Charlties and
Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under
those Acts.
Our objectives are to obtain reasonable assurance about whether the group and parent 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 mlsstatement 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, includlng fraud, are Instances of non-compliance with laws and regulations. We
design procedures in line with our responsibllltles, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The specific procedures for this
engagement and the extent to whlch these are capable of detecting irregularities, includlng fraud
are detailed below.
Identifylng and assessing risks related to irregularlties:
We assessed the susceptibility of the group and parent charitable company's financial statements
to material misstatement and how fraud might occur, including through discussions with the
trustees, discussions within our audit team planning meeting, updating our record of internal
controls and ensuring these controls operated as intended. We evaluated possible incentives and
opportunlties for fraudulent manipulation of the financial statements. We identified laws and
regulations that are of significance in the context of the group and parent charitable company by
discussions with trustees and updating our understanding of the sectors in which the group and
parent charitable company operate.
Laws and regulations of direct slgnlflcance In the context of the group and parent charitable
company include The Companies Act 2006, the Charities and Trustee Investment (Scotland) Act
2005, the Charlties Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by
the Charity Commlssion for England and Wales and the Office of the Scottlsh Charity Regulator.
Audit response to risks Identlfied:
We considered the extent of compliance with these laws and regulations as part of our audit
procedures on the related financial statement items including a review of financial statement
disclosures. We reviewed the parent charitable company's records of breaches of laws and
regulations, minutes of meetings and correspondence with relevant authorities to identify
potential material misstatements arising. We discussed the parent charitable company's policies
and procedures for compliance with laws and regulations with members of management
responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the
key areas which might involve non-compliance with laws and regulations or fraud. We enquired of
management whether they were aware of any instances of non-compliance with laws and
regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of
fraud through management override of controls by testing the appropriateness of journal entries
and identifying any signlficant transactions that were unusual or outside the normal course of
business. We assessed whether judgements made in making accounting estimates gave rise to a
possible indication of management bias. At the completion stage of the audit, the engagement
partner's review included ensuring that the team had approached their work with appropriate
15TOMMY'S

Independent Auditor's Report to the Members and Trustees of Tommy's
professional scepticlsm and thus the capacity to Identify non-compliance with laws and
regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the
financial statements, the less likely we would become aware of it. Also, the risk of not detecting a
material misstatement due to fraud Is higher than the risk of not detecting one resulting from
error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.
A further descrlptlon of our responsibilities Is available on the Flnancial Reportlng Council's
website at:
.frc
audltorsres
onslbilities. Thls descrlption forms part of our audltor's
report.
Use of our report
This report Is made solely to the parent charltable company's members, as a body, in accordance
wlth Chapter 3 of Part 16 of the Companies Act 2006, and to the parent charitable company's
trustees, as a body, in accordance wlth Regulation 10 of the Charities Accounts (Scotland)
Regulations 2006. Our audit work has been undertaken so that we might state to the parent
charitable company's members and trustees those matters we are required to state to them in an
auditor's report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the parent charitable company, the parent
charltable company's members and trustees as a body, for our audit work, for this report, or for
the opinions we have formed.
1.(4 LLe
Sally Appleton (Senlor Statutory Auditor)
for and on behalf of Saffery LLP
Chartered Accountants
Statutory Auditors
10 Wellington Place
Leeds
LSI 4AP
Date:
2 October 2024
Saffery is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
16 TOMMY'S

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Balance sheet
As al 31 March 2024
Registered Company number 3266897
Group
2024
Charity
2024
Notes
2023
2023
Fixed assets
Intangible assets
Tangible assets
Investments
13
55,382
122,238
164,651
146,284
53,610
122,238
139,330
146,284
14
15
177,620
310,935
175,851
285,617
Current assets
Debtors
Short term deposits
Cash at bank and In hand
16
1,384,089
11,062,364
5,973,523
2,485,802
10,618,710
4,166,084
2,393,004
11,062,364
1,797,251
2,125,556
10,618,710
1,300,546
18,419,976
17,270,596
15,252,619
14,044,812
Creditors: amounts
falling due withln one year
17
(8,796,948) (8,574,119)
(5,627,818) (5,323,017)
Net current assets
9,623,028
8,696,477
9,624,801
8,721,795
Total net assets
9,800,648
9,007,412
9,800,652
9,007,412
Funds
19
Restrlcted funds
1,315,801
8,484,847
458,382
8,549,030
1,315,801
8,484,851
458,382
8,549,030
Unrestritted funds
Funds
9,800,648
9,007,412
9,800,652
9,007,412
The financial statements were approved and authorised for issue by the Trustees on 24th September
2024.
As permitted by s408 Companies Act 2006, the parent Charity has not presented its own income and
expenditure account and related notes. The parent Charity recorded a surplus in the year of
£793,240 (2023: £1,104,436).
Joe Chambers
Chair
18TOMMY'S

Consolidated statement of cash flows
For the year ended 31 March 2024
Notes
2024
2023
Cash flows from operating activitles:
Net cash provided by operating activities
24
1,679,146
2,017,611
Cash flows from investing activities:
Interest Income
Purchase of tangible and Intangible fixed assets
613,053
(41,106)
194,299
(35,700)
Net cash provided by/{used in) investing activities
571,947
158,599
Change In cash and cash equlvalents in the year
2,251,093
2,176,211
Cash and cash equlvalents at the beginning of the year
25
14,784,794
12,608,583
Total cash and cash equivalents at the end of the
year
25
17,035,887
14,784,794
The accompanying notes on pages 20-42 form an Integral part of the financial statements.
19 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
l Accounting policles
Tommy's is a charity registered in England and Wales and a registered company limited by guarantee
incorporated in England and Wales, The registered oflice is Nicholas House, 3 Laurence Pountney Hill,
London, EC4R OBB. Tommy's meets the definition of a public benefit entity under FRS 102.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in
the preparation of the financial statements are as follows:
a) Basis of preparation
The financlal statements have been prepared in accordance wlth Accounting and Reportlng by
Charities: Statement of Recommended Practlce appllcable to charlties preparlng thelr accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) and the Companies Act 2006.
The accounts are prepared in sterling, which is the functional currency of the group. Monetary
amount5 In these financial statements are rounded to the nearest £.
Assets and liabilitle5 are Initially recognised at historical cost or transaction value unless otherwise
Stated in the relevant accounti ng policy note(s).
The accompanying notes on pages 20-42 form an integral part of the financial statements.
b) Preparation of th8 accounts on g going concern b8SIS
The Trustees, having considered the Charity's and the Group's reserves levels, strong cash holdings,
and disciplined approach to budgetingi are of the view that the immediate future of the Charlty and
the Group Is secure. Addltlonallyi management and the directors have undertaken a thorough review
of the Charity's and the Group's business plans, which cover a period of three years, Includlng
financlal pmjections and stre55 testing under a range of scenarios, to assess their viability In the
foreseeable future, Based on thls comprehenslve evaluatlon, the Trustees are confident that the
Charity and the Group have adequate resources to continue operating and meet their obligations for
the foreseeable future, and accordinglyi they consider the Charity and the Group to be a going
concern.
c) Gmup financial statements
The Group financial staternents include the results for the year ended 31 March 2024 of Tommy's and
its wholly owned subsidiary companies The Baby Fund Trading Limited and LLHM Limited. The results
of the subsidiaries are consolidated on a line-by-line basis and their own profit a nd loss accounts and
balance sheets are shown in notes 21 and 22.
20 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
d) Fund 8Gcounting
Unrestricted general funds are available for use at the discretion of the Trustees in furtherance of the
general objectives of the Charity. Restricted funds a￿ funds subject to restrictions imposed by
donors or the nature of the appeal. The purpose and use of the restricted funds is set out in note 19.
Accountlng policies (contlnued)
8) Incom8
Income is recognised when the Charity has entitlement to the funds, any performance conditions
attached to the item(s) of Income have been met, It is probable that the Income wlll be recelved, and
the amount can be measured ￿lIablY.
Income from government and other grants, whether'capital. grants or 'revenue' grants, Is ￿cOgniSed
when the Charity has entitlement to the funds, any performance conditions attached to the grant5
have been met, it is probable that the income will be received, and the amount can be measured
reliably and is not deferred.
For legacie5, entitlement is the earlier of the Charity being notified of an impendlng d istribution from
an estate and of the legacy being received.
Deferred income comprises amounts recelved in respect of fundraising events to be held in the
following financial year, or amounts awarded from a funding body in respect of the following flnancial
year.
Accrued income comprlses amounts due in respect of fundralslng and contractual events held in the
financial year, which had not been received by the year-end date.
Interest Income on investments Is recognlsed on an accrual basls. Interest Is allocated between
unrestricted and restrlcted funds on a proportional basis only where interest income is specifically
restricted.
Q Donat8d servi¢e$
Donated services are recognlsed when the benefit to the Charity is ￿asonablY quantifiable and
measurable. The value placed on these services Is the estimated value to the Charity of the Service
received. The value is included in income and a corresponding amount is shown as expenditure under
the relevant charitable activity.
g) Gifts in kind
Gifts in kind are assets donated to the Charity for its own use or for distribution to beneficiaries. They
are included at third party market value and recognised as income only when they are used or
distributed.
21 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
Accounting policies (continued)
h) Expenditurg and irrecoverable VA T
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a
third party, it is probable that settlement will be required, and the amount of the obligation can be
measured reliably. Expend iture is classified under the following activity head ings:
Costs of raising funds comprise the costs of commercial tradingi donation orientated
campaigns, donor recruitment and general fundraising costs.
Expenditure on charitable activities includes the costs of medical research grants, cause
related marketing and pregnancy information and education services,
Other expenditu re represents those Items not falllng Into any other head ing.
Where costs cannot be d irectly attrlbuted, they have been allocated to actlvlties on a utilisation basls,
assessed by staff time on each activity.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
i) Allocation of support costs
Support costs are those functions that assist the work of the Charity but do not directly undertake
charitable activities. Su pport costs include back-office costs, finance, personnel, payroll, and
governance costs. These costs have been allocated between the cost of raising funds and expenditure
on charitable activities on a utili5ation basis, assessed by staff time on each activity.
J) Medical research grants
Each year, the Maternal and Fetal Research Unlts present thelr proposed research and budgets for
the following year to gain authorisation for the funding from the Trustees. Once authorised and
communicated to the recipient, the costs are recognised by the Charity as expenditure in the current
financial year.
k) Creditors and provlslons
Creditors and provisions are recognlsed where the Charlty has a present obllgation resulting from a
past event that will probably result in the transfer of funds to a third party and the amount due to
settle the obligation can be measured or estimated reliably. Creditors and provisions are normally
recognised at their settlement amount after allowing for any trade discounts due.
l) Taxation
To the extent that it does not exceed the accounting profit for the period, any taxable profit of the
subsidiaries, The Baby Fund Trading Limited and LLHM limited, is eliminated by gift aid payment in
favour of the Charity. The Charity is considered to pass the tests set out in paragraph I Schedule 6 of
the Finance Act 2011 and therefore meets the definition of a charitable company for UK corporation
tax purposes.
22 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
Accounting policies (continued)
m) Pen&on policy
Tommy's operates a deflned contribution pension scheme. The assets of the scheme are held
separately from those of the Charity in an independently administered scheme. Contributions to the
Charity's stakeholder pension scheme are charged to the Statement of Financial Artivlties in the year
In which they become payable.
n) Tangible fixed assots
Furniture and equipment are capitalised and depreciated between two and six years to reflect their
estimated useful economic lives to the Charity. The minimum cost for capitalisation is £1,000.
o) Intangible fixed asset5
Website development and other software costs are capitalised in line with FRS 102, where there are
reasonable grounds for supposing that the economic benefits will be more than costs incurred. Such
tems are amortised between three and six years to reflect their estimated useful economic lives. The
minimum cost for capitalisation is £1,000.
p) Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the
amount prepald net of any trade discounts due.
q) Operating leases
Operating lease rental costs are charged to the Statement of Financial Activities on a 5traight-line
basis over the lease term.
r) Financlal Instruments
The Charlty only has financial assets and financial Ilabllltles of a klnd that qualify as baslc flnancial
instruments. Basic financlal Instruments are Initlally recognised at transaction value and subsequently
measured at their settlement value.
s) Critical estimates and areas of significant judgement
In the application of the Charity'5 accounting policies, the Trustees a￿ required to make judgment5,
estimates and assumptions about the carrying amounts of assets and liabilitie5 that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are relevant. Actual results may differ from these estimates. The
estimates and underlying assumptlons are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods if the revision affects both current and
future periods.
23 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
Accounting policies (continued)
There are no area5 of significant judgement to consider.
Critical estimates include the followlng:
The value of donated services, detailed further in note l(f).
The recoverability and useful economic lives of tangible and intangible fixed assets, detailed
further In note l(n) and note l(0).
The recognition of deferred income in respect of fundraising events to be held in the following
flnancial year, detailed further in note l(e).
2 Income from donations
Unrestrlcted Restricted
funds
funds
Total
2024
Unrestrlcted Restricted
funds
funds
Total
2023
Glfts
Legacies
Donated
servlces
6,105,724
1,619,664 7,725,388
5,433,598 1,581,977 7,015,575
I,Iii,000
I,iii,000
475,506
475,506
605,291
605,291
Total
6,581,230
1,619,664 8,200,894
7,149,889
1,581,977 8,731,866
3 Income earned from tradlng actlvltles
Unrestricted Restricted
funds
funds
Total
2024
Unrestricted Restrlcted
funds
funds
Total
2023
Corporate
sponsorship
and
promotions
301,006
301,006
199,793
199,793
Events
2,523,286
2,523,286
1,855,201
1,855,201
Total
2,824,292
2,824,292
2,054,994
2,054,994
4 Investment income and interest
All the Group's investment income of £613,053 (2023: £194,299) arose from money held on
deposit account.
24 TOMMY'S

Notes to the financial ststements
For the year ended 31 March 2024
5 Grants for medical research
The charge for the year for research includes the following Grants awarded during the year:
2024
2023
Core grants:
Maternal and Fetal Research Unlt, st Mary's Hospital, Manchester
Tommy's National Centre for Miscarriage Research
Tommy's National Centre for Maternity Improvement
Tommy's National Centre for Preterm Birth Research
Prevlous years grants (not fully taken up)/exceeded
500,000
607,027
500,000
500,000
(16,687)
500,000
500,000
500,000
421,000
16,914
2,090,340
1,937,914
Non-core grants:
Fetal monltoring vest research, St Mary's Hospital, Manchester
PARROT study, St Thomas. Hospital, London
GUARD MEC Trlal, Kings College Hospltal, London
MIFEMISO Dissemination project, Tommy's National Centre for
Miscarriage Research
DCMS Tampon Tax Fund Miscarriage Tool, Tommy's National
Centre for Maternity Improvement
Other research costs
18,908
30,722
40,950
32,070
324,026
23,625
36,690
2,200,050
2,335,195
Outstanding grants at 1st April
Grants awarded during the year
Paid during the year
2,759,980
2,090,340
(1,345,315)
2,817,064
1,937,914
(1,994,998)
Outstandlng grants at 31 March falling due withln one year
3,505,005
2,759,980
£440,358 (2023: £1,106,382) of medlcal research expenditure was funded by restricted funds
during the year.
The DCMS Tampon Tax Fund Miscarriage Tool grant expenditure Includes £nil (2023: £72,827)
of staff costs.
25 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
6 Expenditure on education, information, and policy
2024
2023
Pregnancy accreditation
General health information provislon
Midwife pregnancy helpline
Public relations, cause awareness and campaigns
Policy
Website and tech development
Supporter e-newsletter and channels
Advertising and media
385,356
415,349
222,745
633,510
294,933
639,401
216,658
673,203
273,814
426,168
77,622
596,544
292,235
481,123
239,592
739,696
3,481,155
3,126,794
7 Analysls of expenditure
Allocated
support &
Direct governance
costs
costs
Total
2024
Staff costs
Cost of raising funds
Donations and legacies
Corporate sponsorship, promotions
and events
874,457
886,729
268,775
2,029,961
799,214
1,858,585
187,295
2,845,094
1,673,671
2,745,314
456,070
4,875,055
Charitable expendlture
Medical research
235,897
1,616,236
2,193,981
1,429,852
58,915
435,067
2,488,793
3,481,155
Educatlon, Inforrnation and policy
1,852,133
3,623,833
493,982
5,969,948
Total
3,525,804
6,369,147
950,052 10,845,003
26 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
Analysis of expenditure - previous year
Allocated
support &
Direct governance
costs
osts
Total
2023
Staff costs
Cost of raising funds
Donations and legacies
Corporate sponsorship, promotions
and events
673,185
698,114
260,416
1,631,715
601,211
1,101,025
231,863
1,934,099
1,274,396
1,799,139
492,279
3,565,814
Charitable expenditure
Medical research
336,926
1,225,391
2,262,368
1,422,361
89,655
479,041
2,688,949
3,126,793
Education, information and policy
1,562,317
3,684,729
568,696
5,815,742
Total
2,836,713
5,483,868
1,060,975
9,381,556
Details of allocated support costs are set out in note 8.
8 Analysis of allocated support and governance costs
Office
operating Governance
costs
corts
Information
technology
Human
resources
Total
2024
Cost of ralslng funds
Donatlons and legacies
Corporate sponsorshipi
promotions and events
88,322
41,177
128,574
10,702
268,775
61,547
28,694
89,596
7,458
187,295
149,869
69,871
218,170
18,160
456,070
Charitable expenditure
Medical research
19,360
9,026
28,183
2,346
58,915
Education, information
and policy
142,967
66,653
208,123
17,324
435,067
162,327
75,679
236,306
19,670
493,982
Total
312,196
145,550
454,476
37,830
950,052
27 TOMMY'S

Notes to the financial statements
For the yearended 31 March 2024
Analysis of allocated support and governance costs- previous year
Office
Human operating Governance
resources
osts
costs
Information
technology
Total
2023
Cost of raising funds
Donations and legacies
Corporate sponsorship,
promotions and events
61,263
23,080
L67,017
9,056
260,416
54,546
20,549
148,705
8,063
231,863
115,809
43,629
315,722
17,119
492,279
Charitable expenditure
Medical research
Educatlon, information
and pollcy
21,091
7,946
57,500
3,118
89,655
112,695
42,455
307,233
16,658
479,041
133,786
50,40L
364,733
19,776
568,696
Total
249,595
94,030
680,455
36,895 1,060,975
Included in the office operating costs are the office rent, service charges, rates and associated
equipment running costs, The costs are allocated based on time spent by the staff on the
associated activities.
9 Net income
Net income Is stated after charging:
2024
2023
AUdit0￿S remuneratlon
audit fees
(over)/under accrual of prior year's audit fees
non-audit fees
Depreciation and amortisation charge
Operating lease rentals
32,460
(70)
5,440
166,088
120,352
30,950
180
8,906
166,929
231,515
28 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
10 Group staff costs
2024
2023
Salaries and wages
Social security costs
Pension costs
Temporary staff and volunteer costs
2,930,574
293,753
129,665
171,812
2,363,088
247,077
99,555
126,993
3,525,804
2,836,713
Temporary staff and volunteer costs include the costs of contractors and consultants.
The key management personnel comprlse the Trustees, the Chlef Executive Officer, Chief
Operating Officer, Landmark Events Director, Fundraising Director, Marketing Direttor, and
Research, Pollcy and Information Dlrector. The total remuneration of the key management
personnel, including pensions and benefits in kind, was £576,570 (2023: £656,315).
The number of employees whose emoluments exceeded £60,000 for the year was:
2024
Number
2023
Number
Within the range of £130,000 to £139,999
Within the range of £120,000 to £129,999
Withln the range of £80,000 to £89,999
Within the range of £70,000 to £79,999
Within the range of £60,000 to £69,999
The average weekly number of persons employed durlng the year by department was:
2024
Number
34
34
2023
Number
25
26
Charitable activities
Cost of generating funds
Management and administration of the Charity
76
60
These numbers exclude temporary agency staff, contractors and consultants.
One redundancy was made in the year (2023.. one). The aggregate cost of redundancy
payments was £10,312 (2023: £1,713).
29 TOMMYS

Notes to the financial statements
Forthe year ended 31 March 2024
11 Trustees
The Trustees received no remuneration or reimbursed expenses during the year (2023: £Nil).
12
Operating lease and other commitments
The charity's total future minimum lease payments under non-cancellable operating leases are
as follows for each of the following perlods with regards to property:
2024
2023
Less than one year
More than one year and less than five years
More than one year and less than five years
120,352
268,730
120,352
361,055
28,027
389,082
509,434
A new lease for office space at Nicholas House was signed in 2023.
There are no flnanclal commltments other than those shown In the accounts and accompanylng
notes.
13
Intangible fixed assets
Software and website
Group
Charity
Cost
l April 2023
Addltions
Dlsposals
404,067
330,539
(15,000)
31 March 2024
389,067
330,539
Depreciation
l April 2023
Charge for the year
Disposals
239,416
100,936
(6,667)
191,209
85,720
31 March 2024
333,685
276,929
Net book value
l April 2023
164,651
139,330
31 March 2024
55,382
53,610
30 TOMMY'S

Notes to the financial statements
For the year ended 31 March 2024
14 Tangible fixed assets
Office equipment
Group
Charity
Cost
l April 2023
Additions
Disposals
320,076
41,106
(15,558)
320,076
41,106
(15,558)
31 March 2024
345,624
345,624
Depreciation
l April 2023
Charge for the year
Dlsposals
173,792
65,152
(15,558)
173,792
65,152
(15,558)
31 March 2024
223,386
223,386
Net book value
l April 2023
146,284
146,284
31 March 2024
122,238
122,238
15
Fixed asset investments
The Charity owns the whole of the Issued share capltal of £2 in The Baby Fund Trading Llmited,
company Incorporated in the UK. This company was formed to carry on the trading activities
of the Charity and profits are covenanted to the Charlty. The results of the tradlng subsldlary
are shown in note 21.
The Charity owns the whole of the issued share capltal of £1 in LLHM Limited, a company
incorporated in the UK. This company was formed to hold the London Landmarks Half Marathon
and other fundraising events that the Charity may seek to develop in the future, and profits are
covenanted to the Charity. The results of the trading subsidiary are shown in note 22.
31 TOMMY'S

Notes to the financial statements
Forthe yearended 31 March 2024
16
Debtors
Group
2024
Charity
2024
2023
2023
Trade debtors
Taxation recoverable
Amounts owed by subsidiary companies
Prepayments and accrued income
Other debtors
65,296
341,507
23,775
41,971
251,637
23,775
1,787,642
838,422
563,391 1,011,698
24
1,318,793 2,120,496
24
1,384,089 2,485,802
2,393,004 2,125,556
17 Creditors: amounts falling due wlthln one year
Group
2024
Charity
2024
2023
2023
Trade creditors
VAT payable
Medical grants outstanding
Deferred income
Accruals and other creditors
1,287,575
9,685
3,505,005
3,717,112
277,572
1,193,373
10,195
2,759,980
4,316,708
293,863
451,582
10,214
3,505,005
913,843
747,174
562,826
10,196
2,759,980
1,099,705
890,311
8,796,949
8,574,119
5,627,818
5,323,018
Deferred income at 1st April
4,316,708
2,676,360
1,099,705
887,881
Amount released to income in the year (4,316,708) (2,676,360)
(1,099,705) (887,881)
Income received during the year
11,038,643 12,653,890
8,869,234
9,493,342
Amount released to income in the year (7,321,531) (8,337,182) (7,955,391) (8,393,637)
Deferred Income at 31 March
3,717,112
4,316,708
913,843
1,099,705
18 Financial commitmentsi guarantees and contingent liabilities
At the balance sheet date, the Charity had non-current contingent liabilities totalling £6m
(2023: £8m) payable to its medical research centres over a five-year period. These liabilities will
crystalise subject to the research centres meeting performance conditions at the annual review
cycle and final Trustee approval. This is in addition to the core grant provision payable within
one year of £2,090,340 (2023: £1,937,914) shown in note 5 to the accounts.
This contingent liability has arisen as the Charity is now rnanaging its medical research activities
on a five-year planning cycle which will enable the research centres to take a longer term, more
strategic view of their activities and deliver greater impact.
32 TOMMY'S

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Notes to the financial statements
Forthe year ended 31 March 2024
Restrirted funds
These are donations for specific projects as directed by the donors.
Funds restricted to Maternal and Fetal Health Research Centre in Manchester, the National
Centre for Miscarrlage Research, National Centre for Maternity Improvement and National
Centre for Preterm Birth Research are primarily used to cover staff, research costs and device
and technical infrastructure development at these four Tommy's research centres.
The Maternal and Fetal Health Research Centre In Manchester funds are also held for projects
relating to bereavement counselling and fetal monitoring vest research and development.
The National Centre for Miscarriage Research funds are also held for projects relating to pre-
pregnancy endometrial tests for the predlctlon and prevention of mlscarrlage, cllnical trial
platforms for miscarriage research and research Into a mlscarrlage care package.
Restricted funds relating to Information services contrlbuted to the production and distributlon
of a range of Tommy's resources, providing information on subjects such as the promotion of
pregnancy health, management of pregnancy complications, induttion of labour and
bereavement.
A grant of £40,000 was awarded by the Poundland Foundation, restricted to supporting
Tommy's Miscarriage Support Tool and online support services to give tailored information,
advice and support to help more families brlng a healthy baby home
The Department of Health and Social Care provided two grants to Tommy's In the year:
•One is restrlcted to the Voluntary Community and Soclal Enterprise (VCSE) Health and
Wellbeing Alllance, a partnership between sector representatives and the health and care
system, which enables each sector to share its expertlse with the alm of improving services.
One is restricted to the VCSE Health and Wellbelng Fund for development and promotlon of
Tommy's Parenting and Pregnancy at Work programme for small and medium slzed enterprlses.
The UKRI grant "Happymums" was awarded under the UK Government's Horizon Europe
Guarantee. It is restricted to Tommy's contribution to the project 'Under5tanding, predicting,
and treating depression in pregnancy to improve mothers, and offspring's mental health
outcomes.
Norgine provided funding of £7,000 to support the creation and provision of pregnancy
information on induction of labour.
In 2023, Tommy's received a grant from UK Research and Innovation Medical Research Charity
Support Fund in the year to fund early career researchers (ECRS) working on projects acros5
Tommy's Research Centres and a grant from the Scottish Government to develop and improve
miscarriage care resources for families in Scotland.
34TOMMY'S

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Notes to the financial statements
For the yearended 31 March 2024
21
Subsidiary company: The Baby Fund Trading Limited
The statement of financial attivities and the consolidated balance sheet include the results,
assets and liabilities of the Charity's wholly owned subsidiary, The Baby Fund Trading Limlted (a
company registered in England and Wales, registration number 2557706, registered at Nicholas
House, 3 Laurence Pountney Hill, London, EC4R OBB), which undertakes fundraising activities on
behalf of Tornmy's. The results of the subsidiary, which are consolidated on a line-by-line basis,
are".
2024
2023
Turnover
226,929
(52,123)
194,795
(66,790)
Cost of sales
Gross profit
Interest receivable
Adminlstration costs
174,806
2,292
(82,082)
128,005
309
(82,857)
Profit/(Loss) for the year
95,016
45,457
Retained earnings
At l April
Results for the year
Distrlbution to Tommy's
(21,507)
45,457
(23,950)
95,016
(95,016)
At 31 March
Balance sheet
Non-current assets
Current assets
Current Ilabilitles
1,772
257,994
(259,764)
12,406
147,734
(160,138)
Net assets
Called up share capital
Retained earnings
Equity shareholders, funds
38TOMMY'S

Notes to the financial statements
Forthe year ended 31 March 2024
22
Subsidiary company: LLHM Limited
The statement of financial activities and the consolidated balance sheet include the results,
assets and liabilities of the Charity's wholly owned subsidiary, LLHM Limited (a company
registered in England and Wales, registration number 10584979, registered at Nicholas House, 3
Laurence Pountney Hill, London, EC4R OBB), which develops and organises fundraising events
on behalf of Tommy's. The results of the subsidiary, which are consolidated on a line-by-line
basts, are:
2024
2023
Turnover
Cost of sales
3,120,743
(1,639,877)
2,233,203
(971,856)
Gross profit
1,480,866
1,261,347
Interest receivable
Administration costs
61,427
(1,011,798)
12,704
(795,506)
Proflt on ordlnary activities before taxation
530,495
478,545
Taxatlon on ordinary activities
Profit for the financial year
530,495
478,545
Retained earnings
At l April
Results for the year
Distribution to Tommy's
(473,662)
478,545
(4,883)
530,495
(530,495)
At 31 March
Balance sheet
Non-current assets
Current assets
Current liabi lities
12,917
3,916,465
(3,929,381)
4,879,988
(4,697,538)
Net assets/(liabil ities)
Called up share capital
Profit and loss account
Equity shareholders, funds
39 TOMMY'S

Notes to the financial statements
Forthe yearended 31 March 2024
23
Related party transactions
Trustees made donations totalling £51,110 (2023: £51,860), none of whlch was restrirted
Professor Anna Davld 15 a member of the successful bid to be Tommy's National Research
Centre for Premature Birth, which has been awarded £500,000 (2023.. £421,000). The potential
conflict of interest was identified before the tender process began and Professor David has
recused herself from all discussions relatlng to the new research centre.
During the year the Charity charged management fees of £66,195 (2023: £63,109) to The Baby
Fund Trading Limited in respect of support services. The Baby Fund Trading Limited also paid
Gift Aid to the Charity of £95,015 (2023: £23,950). As of 31 March 2023, The Baby Fund
Trading Limited owed the Charity £252,713 (2023: £133,430).
During the year the Charity charged management fees of £808,637 (2023.. £654,634) to LLHM
Llmlted In respect of support servlces. LLHM Llmited charged the Charlty £530,495 (2023:
£378,002) in respect of fundralsing events. As of 31st March 2023, LLHM Limited owed the
Charlty £1,352,478 (2023,, £704,991).
24 Reconciliation of net movement In funds to net cash flow from operating activlties
2024
2023
Net movement in funds
Add back depreciation and amortisation charge
Add back loss on dlsposal of fixed asset
Deduct interest Income shown in investing actlvltles
Decrease/(Increase) in debtors
Increase in creditors
793,236
166,088
8,333
(613,053)
(194,299)
1,101,713 (1,169,966)
222,829
1,615,345
1,599,603
166,928
Net cash provided by operating activlties
1,679,146
2,017,611
40 TOMMY'S

Notes to the financial statements
Forthe year ended 31 March 2024
25 Analysis of cash and cash equivalents
2024
2023
Short term deposit
Cash at bank and in hand
11,062,364
5,973,523
10,618,710
4,166,084
Total cash and cash equivalents
17,035,887
14,784,794
2024
2023
Cash and cash equivalents at l April
Movement
14,784,794
2,251,093
12,608,583
2,176,211
Cash and cash equivalents at
17,035,887
14,784,794
The Group had no debt durlng the current or prevlous year and therefore net funds are equal to
cash and cash equivalents.
26
Analysis of Group net assets between funds
Unrestricted Restricted
funds
funds
Total
2024
Fixed assets
Cash at bank and In hand
Other net current liabilities
177,620
15,720,086
(7,412,859)
177,620
1,315,801 17,035,887
(7,412,859)
Total
8,484,847
1,315,801
9,800,648
Analysis of Group net assets between funds - previous year
Unrestricted
funds
Restricted
funds
Total
2023
Fixed assets
Cash at bank and in hand
Other net current liabilities
310,935
14,326,412
(6,088,317)
310,935
458,382 14,784,794
(6,088,317)
Total
8,549,030
458,382
9,007,412
41 TOMMY'S

Notes to the financial statements
Forthe yearended 31 March 2024
27 Analysis of Charity net assets between funds
Unrestricted Restricted
funds
fund$
Total
2024
Fixed assets
Cash at bank and in hand
other net current Ila billties
175,851
11,543,814
(3,234,814)
175,851
1,315,801 12,859,615
(3,234,814)
Total
8,484,851
1,315,801
9,800,652
Analysis of Charity net assets between funds - previous year
Unrestricted Restricted
funds
funds
Total
2023
Flxed assets
Cash at bank and In hand
other net current liabilities
285,617
11,460,874
(3,197,461)
285,617
458,382 11,919,256
(3,197,461)
Total
8,549,030
458,382
9,007,412
28 Company Limited by Guarantee
The company Is a company Ilmlted by guarantee and does not have share capital. In the event
of winding up, the Ilablllty of each member Is Ilmlted to £10.
42 TOMMYS