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 p￿parIng 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

(X ￿ Ln
co
7J
ONM
m cn
rN O
Ln
r£J
Lr?
O) Ln o)
CO
) r4
cc rr
O Lr?
Ln
(Th

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 cent￿S 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

VVN
Lnm
KD0O¢OinP￿￿Ln￿o￿J
Ln¢NC)￿LnOln￿￿￿0C4oo
O Di ti O Ln Oi e•1 r*4 ¢ 4c$
KDomLnm¢N-
aiLno*om
rMm¢KDocorNom
NONMLnoO￿tr
ON0troLn￿￿
aj
omo
Ln¢oo)
¢Lnm
00
Lno
i Tt
rn
115 lJ lj
ru ffi lu > ¢[5 > >
U￿c£
E olnu) c£WJ¥4<1g
ZzzF-ot3JQ(n(J3ZCL
¢fJ ￿ U 7J O) w O)£.-

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

i ￿00
Lno
0￿￿Jo(l)N￿Oo 0￿￿r00
cDNrxcoa)NOOO ￿00￿Ln
(w￿rNED￿0￿00 OrNm￿(SI
m KD (N ¢
mm
COOO 0￿￿%￿r0￿00
o)00 NoomLnLnoo
000 0￿07(0(￿￿￿00
orricooDJNo
or£Jo¢rn￿rn
tr(FlO￿0)ul
ai m Lf? ty Ln
É(JEU c) tn
TJX Ez CZ qs
r£Uc£Uc£
o o

Lno In Ln
Ln
j￿00¢0￿)￿￿Ln￿O
or%￿￿)0￿]￿￿0rn￿0xlnO
LnNtTr¢O￿0Lrn￿￿N0(NOO
[D￿Lno￿Oryj
Jrrjtr￿OM￿Om
ONrnLnoo￿
OfN0trOLn￿a)
fWOO(nry)trN
¢U * 4
0￿0
Ln*o¢
¢Lnm
IDOO
Lno
rNo
o)¢¢
05 ¢EJ
U)ilzl ¢uV
uu
E o ¢￿ (n U)
(U tD tDo cIf￿r Oo
ZzzF-oc]Ja(n(53Ztl

00
Ln o (5)
u uc4
o(£)￿O(￿rN￿oo 00
¢xl￿rNOO0 No0￿ln o
N￿r￿1[0￿0￿[oo 0￿r0￿(￿ o(
m￿r￿Ul
rN(n
I cooo
ojoo ￿00￿￿￿)00
000 o[xm¢￿(5)Noo
Lri￿ NomcooN￿o
a) trT
¢uM
oCOOTtr￿Q)
¢I7J50￿CTI￿0
￿￿￿0￿CoLn
Ln f Lri
Cu£
Iwxuzu tu UJ nj ru u)
7JE cz CZ tT5
CJZsLU E
£LuJ X LU c C TJ
VJ ￿ u{n￿ 115
E ou)LL c c£ Ln
(J u) C
o c
luJgoo

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 cUr￿nt 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