Tommy's Trustees, Report and Financial statements For the year ended 31 March 2025 Registered Company number: 3266897 Registered Charity number: 1060508 Charity Registered In Scotland number: SC039280
Index to financial statements 31 March 2025 Page Trustees and advisors Trustees, report 2-13 Independent Auditor's report 14-17 Consolidated statement of financial activities 18 Balance sheet 19 Consolidated statement of cash flows 20 Notes to the financial statements 21-44 TOMMY'S
Trustees and advisors Constitution Registered Company No. 3266897 - Company litnited by guarantee Registered Charity No. 1060508. Charily Registered in Scotland No. SC039280 Trustees Anita Charlesworth Hayley Tatum David Logan Joe Chambers Chair mma Parry - Lhair Kate Smaje Aedamar Comiskey Robert Stirling Dr Sonji Clarke Dr Shema Tariq Paul Rowlinson Vanora Hundley Jemrna Crane Lascelles William Warburton Resigned 25 September 2024 Appointed 25 September 2024 Resigned 25 September 2024 Appointed I l March 2025 Appointed 6 June 2025 Chief Executive Kath Abrahams Principal Address Nic.holas House 3 Laurence Pountney Hill London, EC4R OBB Auditor Saffery LLP 10 Wellington Place Leeds, LSI 4AP Solicitor Foot Anstey LLP Senate Court 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 2025. The financia5 statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr account5 in accordance with the Flnancial 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. Chair's Statement It is a privilege to have been appointed as Tommy's new Chair of Trustees at a time when we're growing in scope and ambition, providing invaluable support to so many people and funding research that will help save babies, lives, I want to start by saying a heartfelt thank you to Joe Chambers, who has done an exceptional job as Tommy's Chair of Trustees over the past 9 years, and to wham we are all immensely grateful. Thanks to the tireless efforts of our staff and supporter community, we have made great strides forward towards the strategic goals we set in 2023. Our research cenlres continue to deliver groundbreaking research, helping us grow eviaence and Improve care for all Ihrough their pregnancy ]ourneys. For example, our researchers at the Tommy's National Miscarriage Centre have developed of a digital endometrial function test, which can be used before pregnancy to idenlify defects in the lining of the womb whlch can make miscarriage more likely. We remain passionate about tackling inequities in maternal health. To do so, we have strengtheyied our dedicated Black and Black mixed heritage midwife support line, produced new pregnancy information that supports underserved communities, and worked closely with our research centres to develop strategies focused on tackling ineouities. I'm delighted that our work led us to being awarded the Best Charitable Organisation Award at the Black Maternal Health Awards, hosted by The Motherhood Group. Working with our supporter community. we have grown our income to £12.9 million- a record high for the Tommy's. This will enable u5 to continue investing in growth of our services and research programmes and do more to tackle inequities. We will also be investing in our people and infrastrurtLJre, ensuring Tommy's is well placed to continue expanding its impact in the years to corNe. I want to acknowledge and thank all our supporters whose fundraising efforts have enabled our chievements this year. I also want to thank our staff and researchers, who ]oin with us in our unfailing commitment to make pregnancy and birth safe for all. Objectives and Activities The Charity's objettives are the advancement of education in and the prattice of gynaecology and obstetrics by all charitable means 3nd in particular by: Funding research and the publication of its results; Promoting the education of both those engaged In the prattice 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. 2 TOMMY'S
Trustees, Report (continued) 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 including people from some minoritised ethnic communities and those on low incomes. 3 TOMMY'S
Trustees, Report (continued) Research Programmes Tommy'5 funded research aim5 to: Identify those most at risk of having a pregnancy issue; Find ways to diagnose problems early in pregnancy before they becoffle medical emergencies; Test treatrnents and interventions that are safe and effective for women and birthing people during pregnancy and disseminate those findings 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 tool to assist in personalising risk Assessments and ensuring optimal care is given to all women and birthing 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 £1,990,109 this year. Funding went to the Charity's four research centres: Tommy's Maternal & Fetal Research Centre (Manchester University/St Mary's Hospital, Manchester) £515,000,. Tommy's National Centre for Miscarriage Research (based at Birmingham University, Warwick University, Imperial Co51ege London and four major NHS hospitals) - £500,000,. Tommy's National Centre for Maternity Improvement (a collaboration with the Royal College of Obstetricians and Gynaecologists (RCOG), the Royal College of Midwives (RCM) and UK Universities) - £475,109; and Tommy's National Centre for Preterm Birth Research (a collaboration with Imperial College London, King's College London, University College London, Queen Mary University of London, and Leeds University) - E500.000. 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, Hospital London which is funded in perpetuity. Results from Tommy's funded studies help the research centres to attrart funding for further afjd larger projects. effectively multiplying our contribution above the initial Investment. We estimate that every £1 donated by Tommy's will leverage at least £5 of funding In five years, time. This leverage impact of otsr funding remains a key objective of our strategy. Each research centre produces an annual report and key performance indicators which are circulated ta 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 projetts funded by Tommy's are on the website www.tomm s,or Driving Improvements in Outcomes Our Investment In implementation science via the National Centre for Maternity Improvement seeks to translate the findings of our research centre5 (and discoveries by other researchers), into evidence-based practice and drive further improvements in care by working with and within our health system. Tommy's undertakes campaigning, Influencing and advocacy work to ensure that breakthroughs in research and Improvements In care are translated to national policy. As part of this work Tommy's has worked closely with the Scottish government to shape improvements in miscarriage care in Scotland and engaged with government officials in England too. Tommy's has also established a 4 TOMMY'S
Trustees, Report (continued) Joint Policy Unit in partnership with Sands, the stillbirth and neonatal death charity, working together towards halving the number of UK baby deaths by ensuring policy makers have access to up-to-date information, and maternity policy is informed by robust evidence. We collaborate with Sands to collate evidence and identify key changes that are needed to save babies. lives, reduce inequities, and improve outcomes. The JPU has brought together the data from various sources on pregnancy and baby loss in their Saving Babies, Lives Progress report making key recommendations to policy makers. 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 bom prematurely each year. Tommy's also provides a pregnancy information service, the long-term goal of which is to reach pregnant women and birthing people with pre-pregnancy and pregnancy information designed to give them the information and support to make the best possible decisions during pregnancy to help improve pregnancy outcomes for everyone. 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. 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. To support this, we have a specialist black and mixed black heritage helpline. Annually the helpline, in partnership with grass root organisation Fivexmore has received close to 500 calls in one year and won a Black Maternal health award from The Motherhood group. All the resources, information and campaigns from Tommy's are informed by our research outputs and centre experts. The information Tommy's provides is also PIF accredited, an independently assessed quality mark for print and digital health information. Tommy's has launched a new brand creative platform, "Projetting Life, to accelerate awareness and build deeper familiarity with their mission among key audiences highlighting the lifelong impact of baby loss and the urgent need for change that their research is driving forward. The campaign will be measured against clear targets to track performance and support future brand growth. Equity. Diversity, and Inclusion We are working to embed equity, diversity and inclusion across all aspects of Tommy's to make us an organisation whose work and culture reflects the people and communities that we work with. This includes pushing our centres to develop clear EDI strategies and plans outlining how their research will tackle inequities and their plans for greater engageTnent with the communities that we are trying to support. As part of this is Tommy's is also looking at what it can do to further support our centres and looking at more we can do to raise awareness and drive a greater focus on addressing inequities in pregnancy research and growing a more diverse research community, as well as building relationships with diverse communities and organisations so that we can reach those most in need of support. Future Plans Tommy's launched its 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 5 TOMMY'S
Trustees, Report (continued) 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 deserves 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 voiccs and diversc experiences to make effective progress with a greater impact for all. We look forward to implementing the strategy and will monitor its impact ar)d effectiveness over the next ten years through our new impact mcasurement framework. 202512026 will see lurther %trate.gic deve.lopme.nts at Tofflmy'£. We. will continue to expand and diversify our roach, engagement and income to make sure as many people as possible are aware of the services we offer. We will continue to grow evidence and increase impact by investing in our Research Centres, accelerate collaboration and focus on tackling inequities in our Centres, and developing our research programme for the future. Tommy's will also strategically invest in a number of enabling projetts to enhance the efficiency and effectiveness of our Business Operations. 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 activities 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 established 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 64 (2024: 61). Complaint volumes remain low compared to the level of engagement with supporters. Most complaints were received when people expressed concern with our telemarketing activities, the Mother's Day campaign, the use of inclusive language and concerns with the advice on our website. 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: 6 TOMMY'S
Trustees, Report (continued) Companies: Babyballet, Bloom & Wild, Love to Dreaffl Ltd, Mamas and Papas, MAPP Charitable Foundation, Parker Hannifin Corporation, Plum & Ashby in collaboration with Elle Wright of Feathering the Empty Nest, Teneo, TFP Fertility UK, The Poundland Foundation and Poundland's colleagues, customers and suppliers, Tufton Investment Management and the WOW World Group. We are grateful to the companies that provided grants to support our information service. These companies had no editorial control or input into our services. Trusts & Foundations: Dreamchasing, Edith Murphy Foundation, Elizabeth Lady Cowdray Charity Trust, Ian Mactaggart Trust, John Armitage Charitable Trust, Michael Guest Charitable Foundation, Peter Sowerby Foundation, ShareGift, Sir Jules Thorn Charitable Trust, Teddy's Wish, The Albert Gubay Charitable Foundation, The Beehive Fund, The Boltini Trust, The Corridan Family Fund, The Future is Bright Charitable Trust, The Jarnes Tudor Foundation, The Jon Moulton Charity Trust, The Kingsbridge Foundation, The Ness Fund, The P F Charitable Trust, The Zochonis Charitable Trust and TIOC Foundation. Individuals= Alessandro & Sophie Alagna, Paulo & Melinda Almeida, Kate & David Beck, Gerald Carroll & Sasha Wright, Joe Chambers, Dominic & Claire Freemantle, Nick Ford, Oliver & Johanna Hudson, Chloe & Archie Hunter, Susan & Stephen Jackson, Richard & Hannah Jeens, Stephen & Benetta Morant, Lee Robinson. julia Rosier, Bjorn Saven CBE, Bryony & Ben Seabrook, Ian & Carol Sellars, Kassie Smith KC, Rob Stirling and Jemma Watson We would also like to thank Marina Fogle and her committee for organising the Tommy's Children's Carols. statutory grants: VCSE Health and Wellbeing Alliance Health Security Agency. Department of Health & Social Care, NHS England and UK VCSE Health and Wellbeing Fund- Department of Health & Social Care, NHS England and UK Health Security Agency. Thank you to Mindshare UK, Special UK, Glue and Biscuit and Filmworks for their pro bono support of our marketing activity. We are very grateful to all our donors who prefer to give anonymously. Landmark Events th The London Landmarks Half Marathon took place on 7 April 2024 and was our biggest yet with 18,970 participants. The Charity would like to say thank you to everyone involved in the event, especially colleagues at Westminster City Council, the City of London Corporation, Transport for London, the Great Run Company and the emergency services. Financial Review Group income this year increased to £12,909,437 which was £1,271,198 higher than the previous year. The charity has enjoyed an increase in donations, driven by continued growth of sporting events and an increased number of community events he5d in the year. However, this was offset by a reduction in statutory income opportunities. Income growth was also supported by an increase in donated services to support an awareness campaign launched in the year. Group expenditure increased by £1,595,188 to £12,440,191, predominantly reflecting an increase in charitable activity following the launch of the new awareness campaign. 7 TOMMY'S
Trustees, Report (continued) The Group made a surplus of £469,246 (2024: surplus of £793,236) due to the above movements. It is expected that these funds will be utilised in the financial year ending 31st March 2026 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 £62,126 (2024: £95,016) and transferred distributable reserves of £62,126 to the Charity (2024.. £95,016). LLHM Limited made a profit of £1,236,705 (2024: £530,495) and transferred distributable reserves of £1,236,705 to the Charity (2024: £530,495). 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 montlis is secure and that on this basis the Charily is a going concern. Reserves Policy Tommy's holds reserves for several reasons, including: Ensuring we can continue to fund our vital work should our income fall below target. Tommy's has significant income concentration risk, with large tranches of income coming from single events such as London Landmarks Half Marathon, or from material individual donors and partners. The Charity is seeking tg mitigate this risk via investment in diversification, but until that has been delivered our reserves should give time to ad]ust expenditure without causing unduc disruption to the Charity's resoarch programmes, campaigns and public health information. To provide resource for investment, for example developing services, ensuring we maximise outreach by developing virtual offerings and our ability to engage people at scale, and testing new fundraising artivities to drive the future growth of thc organisation. To reassure our research centres of our intention to provide long term financial support. While budgets are approved and the liability recognised one year at a time, research centre activity planning is undertaken on a five-year cycle and the charity recognises a contingent liability on this basis. To provide working capital to meet upfront expenditure during the year before income is received. The 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 £6.6m and £8.8m. On 31,, March 2025, Tommy's held free reserves of£9,924,764 (2024.. £8,549,030), which exceeds the top end of the target holding. Free reserves above the target range will be used in a sustainable way to support strategically focused projects over the coming years of the strategy. Trustees have approved an initial investment from accumulated Free Reserves of £399,000 to fund a range of strategic projects focused on accelerating our work on tackling inequalities, and enhancing our infrastructure to support modern, efficient and effective ways of working. The Trustees review the reserves policy on an annual basis, as part of the budget approval process. 8 TOMMY'S
Trustees, Report (continued) Financial Key Performance Indicators KPI arget 11,179,238 Result 12,909,437 ncome enditure: ost of raising funds 5,145,172 £4,942,809 haritable 6,433,166 £7,497,382 ost/income ratio 60/0 80/0 Encome exceeded target by £1,730,199 due to stronger than expected fundraising activity from mass-participation events, timing of our community fundraising events, and an unexpected increase in donated services from Special and Mindshare to support the awareness campaign. The Charity achieved a fundraising cost-to-income ratio of 380/0, compared to 420/0 in the prior year. 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 support 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. Charitable expenditure was £1,064,2L6 above target, as the Charity received more donated services to support the awareness campaign. Structure, Governance and Management The Charity operates in the UK, with its headquarters In central London. The Charity and trading subsidiaries are governed by Articles of Association, a Board of Trustees, and subsidiary Boards of Directors. The Trustees are supported by an Audit Committee and a Research Review Group. The Landmarks events business is accounted for in the trading subsidiary, LLHM Limited. The Board of Directors of LLHM contains two Trustees of Tomffly'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 eight Trustees of 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. Emma Parry has been Chair of Trustees since 25 September 2025, following the resignation of the outgoing Chair, Joe Chamber. The information on page I forms part of this report. New Trustees appointments are reviewed by the Nominations Committee, and approved by majority vote. All new Trustees are provided with a comprehensive induttion programme which covers: 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 activities, 9 TOMMY'S
Trustees, Report (continued) How Tommy's assesses and manages risk, 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. The Research Review Group comprising three Trustees, together with external reviewers, has met during the year to peer review the four existing research centres. activities. The Audit Committee, comprising two Trustees and two 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 Off icer 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 Emma Parry, Chair of the Trustees, on a regular basis. The Charity's Trustees and the Senior Leadership Team comprise the key management personnel of the Charity in charge ofdirecting 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 Charity Corporate Governance Code and policies are regularly reviewed and revised and new policies instigated where necessary. The Charity aims to follow the Code, as a key source of best practice. Pay Policy for Senior Staff The pay of all staff is reviewed against sertor benchmarks annually by Human Resources and agreed with a Trustee with relevant experience. The salaries of the senior leadership team, comprising the CEO, COO, Fundraising Director, Landmark Events Director, Marketing Director, and Director of Research, Programmes and Information are reviewed and approved on behalf of the Board of Trustees by the Chair. A benchmarking review is conducted twice a year to check that salaries remain appropriate and fair. 10 TOMMY'S
Trustees, Report (continued) Internal Financial Control and Risk Assessment The Trustees confirm that the Charity's internal fsnancial controls conform to guidelines issued by the Charity Commission. The systems of financial control are designed 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 financial results compared with budgets and forecasts, Authority to spend within defined limits. Segregation of duties. Consideration of risks by Trustees and line managers. Internal reviews of reporting compliance for high value statutory grants, and Completion and review of the Charity Commission's internal financial control for charities checklist (CC8). Risk Management The Trustees have a risk management strategy which comprises: An annual review of the principal risks and uncertainties of the Charity and its subsidiaries, The Baby Fund Trading Limited and LLHM Limited, Preparation of a risk register, with all risks graded based on their likelihood and impact, the controls and mitigations in place and the required actions to further manage the risk, SubseqLJent, regular review of identified risks by the CEO, COO, and members or the Leadership Team, with actions docutnented for follow-up, The risk register is reviewed at each Audit Committee meeting and approved annually by the Board of Trustees. The establishment of policies, systems, and procedures to mitigate those risks identified in the annual review; and The implementation of procedures designed to minimise or manage any potential impact on the Charity should those risks materialise. An operational Compliance Champion group to ensure that staff throughout the organisation understand what is required in terms of managing risk. Key risks have been identified as.. The Macro Environment The wider environment in which Tommy's operates is unstable and difficult to predict, with unprecedented cost-of-living pressures. unexpected world events and significant national policy change. 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 abi lity to accu rately pla n and deliver its activities and revenue generation. The risk is controll ed via frequent Trustee and Senior Leadership Team meetings, the budgeting and reforecasting cycles, a strategy which promotes the diversification of i ncome, an annual review of the charity's reserves policy (which is linked to strategy and risk) and the annual VIeW of the marketing strategy to ensure it resonates with potential supporters. IITOMMY'S
Trustees, Report (continued) 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 diversiflcation of revenue streams, robust budgeting and risk modelling undertaken during as part of the budgeting cycle. Management accounts, along with a fOrecaSt of the expetted year-end position, are reviewed by senior management monthly, with Trustees receiving regular updates on progress at the quarterly Trustees meetings. The Charity also has a prudent reserves policy to ensure that attivity can continue for a period if Income does not meet expettations. Information Technology The adequacy of the charlty'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 nterruption and reputational damage. The Charity has implemented information security policies, security systems and staff training to protect its own networks and review5 key IT suppliers to ensure that they have suitable accreditation. A new fF strategy will be developed in 2025/6 to ensure that the Charity develops fit-for-future infrastrurture and controls that can mitigate the evolving risk. Statement of Trustees. Responsibilities The trustees (who are also director5 of Tomfny's for the purposes of company law) are responsible for pparIng the Trustees, Report and the financial statements in accordance with applicable law and United King(iom Accounting Standards (United Kingdom Generally Accepted AccoLJnting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the Incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required 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 inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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- 12TOMMY'S
Trustees, Report (continued) The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation 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 Tru5tees' Report, which includes the Strategic Report, was approved by the Board of Trustees on 24th September 2025 and signed on its behalf by= Emma Parry Chair 13TOMMY'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 2025 which comprise the consolidated statement of financial activities, 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Prattice). In our opinion the financial statements: give a true and fair view of the state of the affairs of the group and the parent charitable company 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; and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis 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 responsibilities 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern En auditing the financial statements, we have concluded that the 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 group or the parent charitable 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 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 statements 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. 14TOMMY'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 audit or otherwise appears to be materially misstated. If we identify such material incon51Stencies 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 fact. We have nothing to report in this regard. Other matters prescribed by the Companies Art 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 requirements. 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 opinion: 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, remuneration 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, Res?onsibilitirJs SL t out on page 12 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 satlsfied 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. 15 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 Charities 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 condutted in accordance with ISAS (UK) will always detect a material misstatement wher) 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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: 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 opportunities 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 dirert significance in the context of the group and parent charitable company include The Companies Act 2006, the Charitie5 and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator. Audit response to risks identified: 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 significant 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 professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 16TOMMY'S
Independent Auditor's Report to the Members and Trustees of Tommy's 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 throLJgh collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www. udi onsi This description forms part of our auditor's report. Use of our report Thls report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the parent charitable company's trustees, as a body, in accordance with 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 audltor'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 charitable company's members and trustees as a body, for our audit work, for this report, or for the opinions we havc formed. [.(FI LLe Sally Appleton (Senior Statutory Auditor) for and on behalf of Saffery LLP Chartered Accountants Statutory Auditors 10 Wellington Place Leeds 14AP Date,. 21 October 2025 Saffery is eligible to act as an auditor In terms of section 1212 of the Companies Act 2006. 17 TOMMY'S
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Balance sheet As at 31 March 2025 Registered Company number 3266897 Group 2025 Charity 2025 Notes 2024 2024 Fixed assets Intangible assets Tangible assets Investments 13 55,382 122,238 53,610 122,238 14 71,204 71,204 15 71,204 177,620 71,207 175,851 Current assets Debtors Short term deposits Cash at bank and in hand 16 1,454,754 11,596,690 6,605,175 1,384,089 11,062,364 5,973,523 2,976,818 11,596,690 1,569,583 2,393,004 11,062,364 1,797,251 19,656,619 18,419,976 16,143,091 15,252,619 Creditors: amounts falling due within one year 17 (9,457,929) (8,796,948) (5,944,404) (5,627,818) Net current assets 10. 198.690 9,623,028 10,198,687 9,624,801 Total net assets 10.269,894 9,800,648 10,269,894 9,800,652 Funds 19 Restricted funds 273,926 9,995,968 1,315,801 8,484,847 273,926 9,995,968 1,315,801 8,484,851 Unrestricted funds Funds 10,269,894 9,800,648 10,269,894 9,800,652 The financial statements were approved and authorised for issue by the Trustees on 24th September 2025. 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 £469,242 (2024.. £793,240). Emma Parry Chair 19 TOMMY'S
Consolidated statement of cash flows For the year ended 31 March 2025 Notes 2025 2024 Cash flows from operating activities: Net cash provided by operating activities 24 521,961 1,679,146 Cash flows from investing activities: Interest income Purchase of tangible and intangible fixed assets 665,431 (21,414) 613,053 (41,106) Net cash provided by investing activities 644,017 571,947 Change in cash and cash equivalents in the year 1,165,978 2,251,093 Cash and cash equivalents at the beginning of the year 25 17,035,887 14,784,794 Total cash and cash equivalents at the end of the year 25 18,201,865 17,035,887 The accompanying notes on pages 21-44 form an integral part of the financial statements. 20 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 l Accounting policies Tommy's is a charity registered in England and Wales and a registered company limited by guarantee incorporated in England and Wales. The registered office is Nicholas House, 3 Laurence PoLJntney 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 preparalAon 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 Act 2006. The accounts are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £. A55et5 and liabilities a initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The accompanying note5 on pages 21-44 form an integral part of the financial statements. bj Prep8ration of the accounts on a going concem basis The Trustees, having considered the Charity's and the Group's reserves levels, strong cash holdings, and disciplined approach to budgeting, are of the view that the immediate future of the Charity and the Group is secure. Additionally, 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, including financial projections and stress testing under a range of scenarios, to assess their viability in the foreseeable future. Based on this comprehensive evaluation, 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 accordingly, they consider the Charity and the Group to be a going concern. c) Group financial statements The Group financial statetnents include the results for the year ended 31 March 2025 of Tommy'5 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 and loss accou nts a nd balance sheets are shown in notes 21 and 22. d) Fund accounling Unrestricted general funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Restricted funds are 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. 21 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 Accounting policies (continued) e) Income Incorne is recognised when the Charity has entitlement to the funds, any perf0rrnan conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Charity has entitlement to the funds, any performan condition5 attached to the grants have been met, it is probable that the income will be Ceived, and the amount can be measured reliably and is not deferred. For legacies, entitlement is the earlier of the Charity being notified of an impending distribution from an estate and of the legacy being received. Deferred income comprises amounts received 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 financial year. Accrued income comprises amounts due in respect of fundraising and contractual events held in the financial year, which had not been received by the year-end date. Interest income on investments is recognised on an accrual basis. Interest is allocated between unrestricted and restricted funds on a proportional basis only where interest income is specifically restricted. f) Donated services Donated services are recognised when the benefit to the Charity is reasonably quantifiable ar]d 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 a 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. 22 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 Accounting policies (continued) h) Expenditure 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 itu re is classif led under the following activity headings.. Costs Df raising funds comprise the costs of commercial trading, donation orientated campaigns, donor recruitment and general fundraising costs. Expenditure on charitable activities includes the costs of medical research grants, cause rel ated marketing and pregnancy information and education services. Other expenditure represents those items not falling into any other heading. Where costs cannot be directly attributed, they have been allocated to activities on a utilisation basis, 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. Support costs include back-office costs. finance, personnel, payroll, and gavernance costs. These costs have been allocated between the cost of raising funds and expenditure on charitable activities on a uti5isation basis, assessed by staff time on each activity. j) Medical research grants Each year, the Maternal and Fetal Research Units present their 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 provisions Creditors and provisions are recognised where the Charity has a present obligation 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 cari 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 elimir)ated by gift aid payment in favour of the Charity. The Charity 15 considered to pass the tests set out in paragraph I Schedule 6 of the Financo Act 2011 and therefore meets the definition of a charitable company for UK corporation tax purposes. 23 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 Accounting policies (continued) np) Pension policy Tommy's operates a defined 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 Activities in the year in which they become payable. n) Tangible fixed assets Furniture and equipment are capitalised and depreciated between two and six years to reflect their estimated useful economic lives to the Charity. The minitnum cost for capita l isation is £ 1,000. o) Intangible fixed assets 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 items are amortised between three and six year5 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 amoLJnt prepaid net of any trade discounts due. q) Operating leases Operating lease rental costs are charged to the Statement of Financial Activities on a straight-line basis over the lease term. r) Financial in5trumerpts The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instru ments. Basic fi nancial instruments are initially 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's accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carryitTg amounts of assets and liabilities 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 result5 may differ from these estimates. The estimates and underlying assumptions a 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 futLJre periods if the revision affects both current and futu re periods. 24 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 Accounting policies (continued) There are no areas of significant judgement to consider. Critical estimates include the fallowing: The value of donated services. detailed further in note l(Q. 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 financial year, detailed further in note l{e). 2 Income from donations Unrestricted funds Restricted funds Total 2025 Unrestricted Restricted funds funds Tota I 2024 Gifts Legacies Donated services 6,736,981 14,125 1,176,496 7,913,477 14,125 6,105,724 1,619,664 7,725,388 1,159,582 1,159,582 475,506 475,506 Total 7,910,688 1,176,496 9,087,184 6,581,230 1,619,664 8,200,894 3 Income earned from trading activities Unrestricted Restricted funds funds Total 2025 Unrestricted Restricted funds funds Total 2024 Corporate sponsorship and promotions 175,702 175,702 301,006 301,006 Events 2,981,120 2,981,120 2,523,286 2,523,286 Total 3,156,822 3,156,822 2,824,292 2,824,292 4 Investment income and interest All the Group's investment income of £665,431 (2024: £613,053) arose from money held on deposit account. 25 TOMMY'S
Notes to the financial statements For Ihe year ended 31 Maich 2025 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 Unit, St Mary'5 Hospital, Manchester Tommy's National Centre for Miscarriage Research Tommy's National Centre for Maternity Improvement Tommy's National Centre for Preterm Birth Research Previous years grants (not fully taken up)/exceeded 515,000 500,000 475,109 500,000 (55,016) 500,000 500,000 607,027 500,000 (16,687) 1,935,093 2,090,340 Non-core grants: GUARD MEC Trial, Kings College Hospital, London MIFEMISO Dissemination project, Tommy's National Centre for M iscarriage Research Other research costs 26,095 40,950 32,070 36,690 49,148 2,010,336 2,200,050 Outstanding grants at 1st April Grants awarded during the year Paid during the year 3,505,005 1,935,093 (1,639,370) 2,759,980 2,090,340 (1,345,315) Outstanding grants at 31 March falling due within one year 3,800,728 3,505,005 £1,695,880 (2024: £440,358) of medical research expenditure was funded by restricted funds during the year. 6 Expenditure on education, information, and policy 2025 2024 Pregnancy accreditation General health information provision Midwife pregnancy helpline Public relations, cause awareness and campaigns Policy Website and tech development Supporter e-newsletter and channels Advertising and media 219,015 560,390 332,460 808,270 384,405 632,407 356,062 1,677,145 385,356 415,349 222,745 633,510 294,933 639,401 216,658 673,203 4,970,154 3,481,155 26 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 7 Analysis of expenditure Allocated support & Direct governance costs costs Total 2025 Staff costs Cost of raising funds Donations and legacies Corporate sponsorship, promotions and events 1.061,312 1,289,092 377,321 2,727,725 712,661 1,368,591 133,832 2,215,084 1,773,973 2,657,683 511,153 4,942,809 Charitable expenditure Medical research 366,420 2,220,450 2,010,336 2,229,029 150,472 520,675 2,527,228 4,970,154 Education, information and policy 2,586,870 4,239,365 671,147 7,497,382 Total 4,360,843 6,897,048 1,182,300 12,440,191 Analysis of expenditure previous year Allocated support & Direct governance costs costs Total 2024 Staff c05tS 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 expenditure Medical research 235,897 1,616,236 2,193,981 1,429,852 58,915 435,067 2,488,793 3,481,155 Education, information 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 Details of allocated support costs are set out in note 8. 27 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 8 Analysis of allocated support and governance costs Office operating Governance costs costs Information technology Human resources Total 2025 Cost of raising funds Donations and legacies Corporate sponsorship, promotions and events 113,829 92,774 157,314 13,404 377,321 40,374 32,906 55,798 4,754 133,832 154,203 125,680 213,112 18,158 511,153 Charitable expenditure Medical research 45,394 36,997 62,736 5,345 150,472 Education, information and policy 157,076 128,021 217,082 18,496 520,675 202,470 165,018 279,818 23,841 671,147 Total 356,673 290,698 492,930 41,999 1,182,300 Analysis of allocated support and governance costs- previous year Office operating Governance costs costs Information technology Human resources Total 2024 Cost of raising funds Donations and legacies Corporate sponsorship, 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 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. 28 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 9 Net income Net income is stated after charging: 2025 2024 Auditor's remuneration audit fees (over)/under accrual of prior year's audit fees non-audit fees Depreciation and amortisation charge Operating lease rentals 33,520 32,460 (70) 5,440 166,088 120,352 5,528 127,829 120,352 10 Group staff costs 2025 2024 Salaries and wages Social secu rity costs Pension costs Temporary staff and volunteer costs 3,492,684 359,513 160,194 348,452 2,930,574 293,753 129,665 171,812 4,360,843 3,525,804 Temporary staff and volunteer costs include the costs of contractors and consultants. The key management personnel comprise the TrLJStees, the Chief Executive Officer, Chief Operating Officer, Landmark Events Director, Fundraising Director, Narketing Director, and Research, Policy and Information Dirertor. The total muneratIon of the key management personnel, including pensions and benefits in kind, was £698,999 (2024.. £576,570). The number of employees whose emoluments exceeded £60,000 for the year was: 2025 Number 2024 Number Within the range of £140,000 to £149,999 Within the range of £130,000 to £139,999 Within 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 29 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 The average weekly number of persons employed during the year by department was.. 2025 Number 41 37 12 2024 Number 34 34 Charitable activities Cost of generating funds Management and administration of the Charity 90 76 These numbers exclude temporary agency staff. contractors and consultants. No redundancies were made in the year (2024: one). The aggregate cost of redundancy payments was £Nil (2024: £10,312). li Trustees The Trustees received no remuneration during the year (2024: £Nil). Two of the Trustees received reimbursed expenses totalling £668 during the year (2024: £Nil). 12 Operating lease and other commitments The charity's total future minimum lease payments under non-cancellable operating lease5 are as follows for each of the following periods with regards to property: 2025 2024 Less than one year More than one year and less than five years 120,352 148,379 120,352 268,730 268,731 389,082 There are no financial commitments other than those shown in the accounts and accompanying notes. 30 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 13 Intangible fixed assets Software and website Group Charity Cost l April 2024 Disposa Is 389,067 (127,313) 330,539 (127,313) 31 March 2025 261,754 203,226 Depreciation l April 2024 Charge for the year Disposals 333,685 55,382 (127,313) 276,929 53,610 (127,313) 31 March 2025 261,754 203,226 Net book value l April 2024 55,382 53,610 31 March 2025 14 Tangible fixed assets Office equipment Group Charity Cost l April 2024 Additions 345,624 21,414 345,624 21,414 31 March 2025 367,038 367,038 Depreciation l April 2024 Charge for the year 223,386 72,448 223,386 72,448 31 March 2025 295,834 295,834 Net book value l April 2024 122,238 122,238 31 March 2025 71,204 71,204 31 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 15 Fixed asset investments The Charity owns the whole of the issued share capital of £2 in The Baby Fund Trading Limited, a company incorporated in the UK. This company was formed to carry on the trading activities of the Charity and profits are covenanted to the Charity. The results of the trading subsidiary are shown in note 21. The Charity ovvns the whole of the issued share capital of £L 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. 16 Debtors Group 2025 Charity 2025 2024 2024 Trade debtors Taxation recoverable Amounts owed by subsidiary companies Prepayments and accrued income 290,944 11,466 65,296 115,629 11,466 1,758,969 1,787,642 1,090,754 563,391 41,971 1.152,344 1,318,793 1.454,754 1,384,089 2,976,818 2,393,004 17 Creditors: amounts falling due within one year Group 2025 Charity 2025 2024 2024 Trade creditors VAT payable Medical grants outstanding Deferred income Accruals and other creditors 615,135 23,617 3,800,728 4,589,008 429,441 1,287,575 9,685 3,505,005 3,717,112 277,572 484,531 23,617 3,800,728 1,287,910 347,618 451,582 10,214 3,505,005 913,843 747,174 9,457,929 8,796,949 5,944,404 5,627,818 Deferred income at 1st April 3,717,112 4,316,708 Amount released to income in the year (3,717,112) (4,316,708) Income received during the year 13,781,333 11,038,643 Amount released to income in the year (9,192,325) (7,321,531) 913,843 1,099,705 (913,843) (1,099,705) 10,452,369 8,869,234 (9,164,459) (7,955,391) Deferred income at 31 March 4,589,008 3,717,112 1,287,910 913,843 32 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 18 Financial commitmentsy guarantees and contingent liabilities At the balance sheet date, the Charity had non-current contingent liabilities totalling £4m (2024: £6m) payable to its medical research centS 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 £1,935,093 (2024. £2,090,340) shown in note 5 to the accounts. This contingent liability has arisen as the Charity is now managing its medical research activities on a five-year planning cycle which will enable the research ntreS to take a longer term, more strategic view of their activities and deliver greater impact. 33 TOMMY'S
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Notes to the financial statements For the year ended 31 March 2025 Restricted funds These are donations for specific projects as directed by the donors. (a - d) Funds restricted to Maternal and Fetal Health Research Centre in Manchester, the National Centre for Miscarriage 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. The National Centre for Miscarriage Research funds are also held for projects relating to pre- pregnancy endometrial tests for the prediction and prevention of miscarriage, clinical trial platforms for miscarriage research and research into a miscarriage care package. (e) Restricted funds relating to Information services contributed to the production and distribution 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. (f,g,i) The Department of Health and Social Care provided three grants to Tommy's in the year: Two are restricted to the Voluntary Community and Social Enterprise (VCSE) Health and Wellbeing Alliance, a partnership between sector representatives and the health and care system, which enables each sector to share its expertise with the aim of improving services. One grant is project managed by Tommy's and another is externally managed. One is restricted to the VCSE Health and Wellbeing Fund for development and promotion of Tommy's Parenting and Pregnancy at Work programme for small and medium sized enterprises. (h) The UKRI grant "Happymums" was awarded under the UK Government's Horizon Europe Guarantee. It is restricted to Tommy's contribution to the project "Understanding, predicting, and treating depression in pregnancy to improve mothers. and offspring's mental health outcomes. {]) In 2024 Tommy's received a grant from the Scottish Government to develop and improve miscarriage care resources for families in Scotland. (k) Guard MEC funding is restricted to support a clinical trial related to treatment of gestational diabetes. (l) In 2024, 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 across Tommy's Research Centres. (m) In 2024, Norgine provided funding of £7,000 to support the creation and provision of pregnancy information on induction of labour, which was concluded in 2025. 35TOMMY'S
Notes to the financial statements Forthe year ended 31 March 2025 (n) A grant of £248,886 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 bring a healthy baby home. 36 TOMMY'S
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Notes to the financial statements For the year ended 31 March 2025 21 Subsidiary company: The Baby Fund Trading Limited The statement of financial activities and the consolidated balance sheet include the results, assets and liabilities of the Charity's wholly owned subsidiary, The Baby Fund Trading Limited (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 or Tommy's. The results of the subsidiary, which are consolidated on a line-by-line basis, are: 2025 2024 Turnover 173,118 (49,828) 226,929 (52,123) C05t of sales G ross profit Interest receivable Administration costs 123,290 3,427 {64,591) 174,806 2,292 (82,082) Profit for the financial year 62,126 95,016 Retained earnings At l April Results for the year Distribution to Tommy's 62,126 (62,126) 95,016 (95,016) At 31 March Balance sheet Non-current assets Current assets Current liabilities 1,772 257,994 (259,764) 259,025 (259,023) Net assets Called up share capital Retained earnings Equity shareholders, funds 40 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 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 basis, are: 2025 2024 Turrlover Cost of sales 3,229,289 (1,179,937) 3,120,743 (1,639,877) Gross profit 2,049,352 1,480,866 Interest receivable Administration costs 82,056 (894,703) 61,427 (1,011,798) Profit for the financial year 1,236,705 530,495 Retained earnings At l April Results for the year Distribution to Tommy's 1,236,705 (1,236,705) 530,495 (530,495) At 31 March Balance sheet Current assets Current liabilities 5,444,787 (5,444,786) 4,879,988 (4,697,538) Net assets Called up share capital Retained earnings Equity shareholders, funds 41 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 23 Related party transactions Trustees made donations totalling £27,378 {2024: £51,110), none of which was restricted, During the year the Charity charged management fees of £56,663 (2024: £66,195) to The Baby Fund Trading Limited in respect of support services. The Baby Fund Trading Limited also paid Gift Aid to the Charity of £62,126 (2024: £95,015). As of 31 March 2025, The Baby Fund Trading Limited owed the Charity £163,724 (2024: £252,713). During the year the Charity charged management fees of £718,892 (2024.. £808,637) to LLHM Limited in respect of support seniices. LLHM Limited charged the Charity £364,199 (2024.. £530,495) in respect of fundraising events. As of 31st March 2025, LLHM Limited owed the Charity £1,595,245 (2024: £1,352,478). 24 Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net movement in funds Add back depreciation and amortisation charge Add back loss on disposal of fixed asset Deduct interest income shown in investing activities (Increase)IDecrease in debtors In crease i n creditors 469,246 127,830 793,236 166,088 8,333 (613,053) 1,101,713 222,829 (665,431) (70,665) 660,981 Net cash provided by operating activities 521,961 1,679,146 25 Analysis of cash and cash equivalents 2025 2024 Short term deposit Cash at bank arid in hand 11,596,690 6,605,175 11,062,364 5,973,523 Total cash and cash equivalents 18,201,865 17,035,887 2025 2024 Cash and cash equivalents at l April Movement 17,035,887 1,165,978 14,784,794 2,251,093 Cash and cash equivalents at 31 March 18,201,865 17,035,887 The Group had no debt during the cUrnt or previous year and therefore net funds are equal to cash and cash equivalents. 42 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 26 Analysis of Group net assets between funds Unrestricted funds Restricted funds Total 2025 Fixed assets Cash at bank and in hand other net current lia bilities 71,204 17,927,939 (8,003,175) 71,204 273,926 18,201,865 (8,003,175} Total 9,995,968 273,926 10,269,894 Analysis of Group net assets between funds - previous year Unrestricted Restricted funds funds Total 2024 Fixed assets Cash at bank and in hand other net cu rrent l labilities 177,620 15,720,086 (7,412,859) 177,620 17,035,887 {7,412,859) 1,315,801 Total 8,484,847 1,315,801 9,800,648 43 TOMMY'S
Notes to the financial statements For the year ended 31 March 2025 27 Analysis of Charity net assets between funds Unrestricted funds Restricted funds Total 2025 Fixed assets Cash at bank and in hand other net current liabilities 71,207 12,892,347 (2,967,586) 71,207 13,166,273 (2,967,586) 273,926 Total 9,995,968 273,926 10,269,894 Analysis of Charity net assets between funds - previous year Unrestricted Restricted funds funds Total 2024 Fixed assets Cash at bank and in hand Other net current liabilities 175,851 11.543,814 (3,234,814) 175,851 12,859,615 (3,234,814) 1,315,801 Total 8,484,851 1,315,801 9,800,652 28 Company Limited by Guarantee The company is a company limited by guarantee and does not have share capital. In the event of winding up, the liability of each member is limited to £10. 44-1-OMMY'S