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← The Miscarriage Association

2025-03-31-accounts

Company Registration Number: 03779123 Charity Registration Numbers: 1076829 SC039790

Financial statements for the year ended 31 March 2025

The Miscarriage Association

Contents

Contents T
Company information 1
Report of the Board of Trustees 3
Auditor’s report 15
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 – 38

THE MISCARRIAGE ASSOCIATION

COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025

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CHARITY NUMBERS

COMPANY NUMBER

1076829 (England & Wales) SC039790 (Scotland)

03779123 (Company Limited by Guarantee)

REGISTERED OFFICE

2 Otters Holt Wakefield WF4 3QE Tel: 01924 200795 info@miscarriageassociation.org.uk www.miscarriageassociation.org.uk

BOARD OF TRUSTEES

CHIEF EXECUTIVE OFFICER AND COMPANY SECRETARY

AUDITORS

SOLICITOR

BANKERS

A Braier Chair
N Necati Vice Chair
T Owen Hon Treasurer
L English-Rose
J Callaghan
J Harris
K Hattersley Greenish
A Hylton-Potts
B Lad
O Obaro
V Robinson
Godfrey Wilson Limited
Mariner House
62 Prince St
Bristol
BS1 4QD
Shakespeare Martineau LLP
Second Floor, Cubo
38 Carver Street
Sheffield
S1 4FS
Co-operative Bank
1 Balloon Street
Manchester
M60 4EP
Flagstone
1stFloor, Clareville House
26-27 Oxendon Street
London
SW1Y 4EL
Shawbrook Bank Limited
Lutea House
Warley Hill Business Park
The Drive
Great Warley
Brentwood
Essex
CM13 3BE

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THE MISCARRIAGE ASSOCIATION

COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025

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BANKERS (CONTINUED)

United Trust Bank Limited One Ropemaster Street London EC2Y 9AW

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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The Board of Trustees, who are also Directors of the Charity for the purposes of the Companies Act, present their annual report and financial statements of the Miscarriage Association for the year to 31 March 2025.

PRINCIPAL AIMS AND OBJECTS

The Miscarriage Association acknowledges the distress associated with pregnancy loss and strives to make a positive difference for those it affects. It aims to provide support and information to people who are affected by the loss of a baby in pregnancy, to raise public awareness of the subject of pregnancy loss and to promote good practice in hospital and community-based healthcare.

Public benefit

In planning and setting the objectives for the Miscarriage Association the Trustees have carefully considered the Charity Commission's guidance on public benefit. The Trustees consider that the Charity has complied with the duty under Section 17 of the Charities Act 2011 in respect of public benefit guidance issued by the Charity Commission. The impact of the Charity’s work demonstrates the positive benefit that it has on anyone affected by pregnancy loss: those who directly experience the loss, their partners, families and friends and those in a position to provide care and support, including health professionals and workplaces. This is achieved through improving the support, information and care provided to all affected and by raising public awareness and understanding.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Miscarriage Association is a charitable company, limited by guarantee, registered as a charity with the Charity Commission in England and Wales and the Office of the Scottish Charity Regulator.

The company is managed by its directors, who comprise its Board of Trustees, in accordance with its Articles of Association and within the provisions of the Charities Act 2011 and the Companies Act 2006 and the recommendations and requirements of the Charity Commissioners. A copy of the company’s Articles is available from Companies House and from the registered office.

The Miscarriage Association was a membership organisation until 15 March 2025, when members voted via a special resolution to update the Charity’s Articles of Association so that the members of the charity are the Trustees and vice versa.

Trustees

The directors of the Miscarriage Association are referred to in the company’s Articles of Association and in this report as its Trustees. The Board of Trustees has overall legal and financial responsibility for the Charity and is responsible for the employment of all staff. It must comprise no fewer than four and no more than fifteen people.

Trustees may serve for a term of up to three years. At the end of their term of office they may be reappointed if they so wish and if they remain eligible. A Trustee may serve on the Board for up to three terms (a term being three years) making nine years in total. The Board may extend this in special circumstances so as not to lose vital expertise due to a technicality of tenure.

Trustees meet quarterly with occasional ad hoc meetings as necessary. In the year to 31 March 2025, they met five times.

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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Changes in membership of the Board of Trustees during the period to the date of this report are reflected below:


reflected below:
Appointed Resigned
A Braier
S Bailey 15 March 2025
B Lad
L English-Rose 21 Sep 2024
J Callaghan 11 June 2025
J Harris 21 Sep 2024
K Hattersley Greenish 21 Sep 2024
A Hylton-Potts 21 Sep 2024
M Ingram 8 June 2024
N Necati
O Obaro
T Owen

No Trustee held any beneficial interest in the charity during the period under review.

The Board reviews its performance regularly, identifying any skills gaps and seeking to fill these, usually via a public recruitment process. All Trustees undertake training wherever necessary and in the last financial year, for example, all Trustees completed dedicated Safeguarding for Trustees training.

Senior staff

During the year ending 31 March 2025, the staff and day-to-day operations of the Charity were managed by the Chief Executive Officer, who also acted as Company Secretary. Following a small staffing restructure, in the second part of the year, the CEO was joined by two new key members of staff (a Head of Operations and Service Delivery and a Head of Communications and Campaigns) to form a new senior leadership team. While not increasing the overall headcount, these two roles have provided important senior support for the CEO, both internally and externally.

Pay policy

We recognise that our staff are our greatest asset, and we continue to regularly review remuneration, and staff benefits in line with our Pay Policy, which was last reviewed and agreed by Trustees in March 2025. We offered a cost-of-living increase to eligible staff from 1 April 2025 and continue to provide an Employee Assistance Programme and enhanced pension contributions.

Pay Policy for Senior Staff

Senior staff are considered to be members of the senior management team; the Chief Executive Officer, the Head of Communications and Campaigns and the Head of Operations and Service Delivery. Salaries for the heads of department are benchmarked against the sector by the Chief Executive Officer and salaries are set by the People and Pay Committee and approved by the full board. The CEO is not involved in the benchmarking of their own salary, and this is undertaken by the People and Pay Committee, with the salary level being approved by the full board of Trustees.

Volunteers

We continued to benefit from the time and skills of a range of volunteers in a variety of roles. During the reporting period, 16 volunteers offered peer support via in person or online support groups, and a further eight helped to administer, moderate and respond to posts in our online support forum and Facebook groups. In addition, 157 people were registered as media volunteers, while others provided the user perspective to healthcare professionals and researchers and offered support in a range of other ways. Our Trustees are, by definition, also volunteers. We greatly appreciate the support of all our volunteers.

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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Collaborative working

The Miscarriage Association is an independently constituted organisation and is not dependent on any other party for its activities. Collaborative work with other charities and organisations is, however, a key part of our ethos.

We are a member of formal and informal collaborative groups, such as the Pregnancy and Baby Charities Network (PBCN) and the All-Party Parliamentary Group (APPG) on Baby Loss.

As members of the Department of Health and Social Care Advisory Panel for the Pregnancy Loss Review, published in 2023, we continue to advise on draft policies and documents. We remain a core member of the established National Bereavement Care Pathways (NBCP) partnerships in England and Scotland, and in early 2025 we accepted invitations to chair the Miscarriage Pathway Development Groups for the new NBCPs being implemented in both Wales and Northern Ireland. In 2045-25, we served on the Scottish Government’s Short-Life Working Group in developing its nowadopted Miscarriage Care Framework.

We have strong links with professional bodies including the Royal College of Obstetricians and Gynaecology (RCOG), the Royal Colleges of Nursing (RCN) and Midwives (RCM) and the European Society for Human Reproduction and Embryology (ESHRE). The Chief Executive Officer serves on the executive committee of the Association of Early Pregnancy Units (AEPU). We also advise on an ad hoc basis for many other initiatives.

In December 2024, we became a member of the Helplines Partnership, a national membership body for organisations providing support and information to the public.

Branches

We ended this reporting period with 12 branches (i.e. support groups) during the year. Branch income and expenditure are incorporated in the Association’s accounts, but it should be noted that in all but one instance, these funds are held by and for the use of those branches alone. The exception is the Edinburgh branch, whose funds we hold at their request. All branch funds, including these, are classed as Restricted Funds. Five branches held no funds at all during the year. Donations from branches to the Association’s General Fund are entirely at the discretion of those branches.

Risk management

Risk assessment and management is a key priority. While our risk register, which covers financial, strategic, operational, environmental and regulatory risks, is formally reviewed annually, the Senior Leadership Team and Trustees remain continually alert to risks taking mitigating actions as swiftly as possible.We carried out our most recent formal annual risk review in September 2024.

The most severe and ongoing risks identified were:

An IT/cyber security failure: this could result in the loss of data, business interruption or reputational damage. We have invested significantly in upgraded IT in the last 12 months and have in place an IT Acceptable Use Policy and a data breach procedure. We have also developed a disaster recovery programme. We continue to comply with the UK General Data Protection Regulation (UK GDPR) rules and the Data Protection Act 2018.

A safeguarding incident: this could result in harm to an individual and/or reputational damage to the charity. In an attempt to mitigate such incidents, we have a robust Safeguarding Policy and Procedure in place, as well as a Serious Incident Reporting Policy. All staff have received safeguarding training, with three members of staff trained to Level 3 (Designated Safeguarding Lead) standard. Trustees have also received trustee-specific training. In the coming 12 months all volunteers will receive safeguarding training and, along with the staff and trustee team, will be subject to DBS checks.

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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Competition within the sector: this could lead to a reduction in income and have a negative impact on the charity’s ability to deliver its services. We have a clear reserves policy and in 2025-26 we will appoint to the new position of Head of Development who will undertake a review of the Charity’s income generation and develop and implement a new income generation strategy. Additionally in 2025-26, we will undertake a brand review to ensure we have a compelling brand and offer that is remaining relevant and appealing to our demographic.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

With the appointment of a new CEO in April 2024, we began to develop a new three-year strategy. Our overall aim is to position the Charity as the go-to source of support, information and advocacy for people affected by pre-24-week loss and to reach even more people affected by this distressing experience. Having undertaken much preparatory and planning work throughout 2024 and the early part of 2025, including the recruitment of senior level personnel and additional skilled Trustees, we formally launched our new strategy in Spring 2025.

Our goals in the next three years are to:

We report our achievements against those goals here:

Aim 1: Provide more people experiencing pregnancy loss with the support and information they need, when, and how they need it.

Direct support is a core part of the charity’s offer and in 2024-25, we continued to provide our highquality empathetic support, delivered by our trained staff team and network of volunteers.

In this financial year, our support services team responded to 5,890 direct contacts for support – via telephone, email, live chat and direct message – providing emotional support as well as practical information on options and treatments following pregnancy loss.

We initiated a trial extension of our opening hours in May 2024, adding an additional 8 hours’ availability (Wed 4pm – 8pm and Fri 4pm to 8pm), per week to our core opening hours (9am to 4pm weekdays). We reviewed this after three months, extending it indefinitely in August. These additional hours continue to be well-utilised, with 449 contacts being received in these times, during this financial year.

We facilitated 12 support groups each month: six face-face, including one in Northern Ireland, and six online, including one for people pregnant after loss, and one for people experiencing molar pregnancy. Our volunteers also ran two special memorial Wave of Light online groups on the final day of Baby Loss Awareness Week in October 2024, with over 90 people signing up to join. To make our online support groups more accessible, we moved administration to Eventbrite, allowing people to book a place directly, rather than having to get in touch with us via email first.

The free provision of patient information leaflets remains a core priority for the Miscarriage Association and in 2024-25, we distributed 209,812 leaflets and 25,606 contact cards to hospitals, clinics and GP practices throughout the UK.

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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Additionally, Miscarriage Association leaflets were displayed in 2,500 GP surgeries across England, Wales and Scotland, thanks to display advertising space generously gifted by IDS Media.

The Miscarriage Association website continues to be widely recognised as one of the most comprehensive sources of information around pre-24-week loss in the UK. During the reporting period, our website was visited 1,803,094 times. This was a 17% increase on the previous year (1,562,659 visits). We continue to benefit from the Google Ads Grant charitable scheme which also helps in this regard.

In 2025-26 we plan to review our website for useability and accessibility. We will also look at our content and increasing its variety. In 2024-25, we added a new blog series which breaks down information in a quick-read, easy-digestible format.

We also added new content on pregnancy loss in the South Asian, Black and Black mixed heritage and the LGBTQIA+ communities and our private Facebook groups continued to be well-used and remained an important source of peer support.

Aim 2: Through training, guidance, and resources, enable more health professionals to provide the best possible patient care from the outset.

To further enhance our support for health professionals, in 2024-25, we appointed a new part-time Training, Information and Research lead to work across this area, as well as our workplace strand. Alongside existing staff, they are working on the development of a new training offer for healthcare professionals, which we plan to launch in 2025-26. To inform this training, in this financial year, we undertook a research project to best understand training needs and any barriers to accessing it, in which more than 150 health professionals took part.

Additionally, in this financial year, our free online learning resource for health professionals was completed 470 times.

In partnership with the Ectopic Pregnancy Trust, we launched much-appreciated Professional Pause sessions – a monthly safe online space for professionals to share experiences, reflections and best practice knowledge on caring for those experiencing pre-24-week loss.

We retained membership on the Executive Committee of the Association of Early Pregnancy Units (AEPU), whose annual conference we attended with an exhibition stand. We also exhibited at the Scottish Early Pregnancy Network annual scientific meeting.

We continued to partner with Healthinote which allows GPs to offer ‘information prescriptions’ signposting to the Miscarriage Association website. We carried on our membership of the NHS Baby Loss Working Group which seeks to improve support for NHS staff themselves affected by pregnancy and baby loss, and we contributed to new internal NHS England guidance on supporting staff.

In support of our work with the National Bereavement Care Pathways, we also took part in several health professionals networking sessions, sharing best practice.

Aim 3: Ensure pregnancy loss and its impact is more widely acknowledged and the feelings of people affected are recognised across society.

Raising awareness of pregnancy loss and of the Miscarriage Association is a key priority for the Charity. In 2024-25, we enhanced our communications and marketing capacity and experience by recruiting a new Head of Communications and Campaigns (replacing the former Communications Manager role which was vacant following the departure of a previous team member) and creating a new Digital Marketing Officer role. These appointments have assisted the Charity in taking a bolder approach to communications and increasing engagement.

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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As reported above, in 2024-25, our annual website visits increased by 17% to over 1.8 million. Our presence and engagement on social media also grew to 107,360 total followers – an increase of 7,348 this year. Our popular private Facebook groups had a total of 17,860 members.

In total our content across Instagram, Facebook, X and LinkedIn had over 4.3 million impressions. Instagram continued to be our best performing platform, with a follower growth of 4,809, and almost 2.75 million impressions.

Our top performing content throughout the year, across all social channels, were our Wave of Light on 15th October at the end of Baby Loss Awareness Week , and the announcement that the government has committed to including pre-24-week loss in bereavement leave legislation, as a result of our successful Leave For Every Loss campaign.

We continued to constantly evaluate our output to make improvements wherever necessary. We also invested in further training in the use of paid social media.

In 2024-25, having taken a more proactive approach to the media, we noted over 600 media appearances or articles, representing a 400% increase in the charity’s media presence year on year. The launch of our Leave for Every Loss campaign garnered widespread media attention, with the initiative prominently featured in national outlets, including live interviews on BBC Breakfast and Sky News.

The Charity also played a central role in Baby Loss Awareness Week , working with the Department of Health and Social Care on the announcement of the extension of the baby loss certificate scheme in England. The announcement received extensive media mentions, including a live interview on ITV News, with many other outlets including quotes from our CEO. The campaign helped raise awareness and further positioned the charity as a trusted voice on pregnancy loss.

In addition, the charity’s involvement in the Scottish Government’s new framework to improve miscarriage care received positive coverage, emphasising efforts to ensure equitable and compassionate support across Scotland.

We continued our partnership with the Simplyhealth Women’s Health Charity Alliance, working alongside other charities with interests in improving women’s health. Through this collaboration, funded and supported by healthcare plan providers Simplyhealth, we help amplify each other’s messaging and campaigns. Throughout the year, we also continued our partnership with the Card Factory, the UK’s biggest card retailer, to stock our miscarriage condolence card on their website.

Through our Workplace project, we continue to raise awareness of the impact of pregnancy loss at work, and advocate for better support for employees.

At the end of March 2025, 348 organisations covering a total of 1,292,556 employees, had signed our Pregnancy Loss Pledge, committing to a six-point standard, including allowing time off work, being flexible and offering a supported return to work and support for partners. These included the Foreign, Commonwealth and Development Office, the National Crime Agency, Marks and Spencer, the Government Legal Department, Social Security Scotland, the NSPCC, Bradford City AFC and our corporate partners at Simplyhealth.

We also provided training for various employers during this period, including, for example, Deloitte, EDF Energy, NFU Mutual and the Crown Prosecution Service, as well as hosting a series of open workshops for individual managers or HR professionals. We also staged a webinar for union reps.

Throughout the year, we also continued to advise and serve on steering committees or Patient Advisory Groups for a range of research studies, representing patient perspectives and advising on patient-facing materials. These included studies into the prescribing of progesterone for threatened miscarriage and the benefits of minimally invasive post-mortem techniques.

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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We were also delighted to see our former National Director receive an OBE in the New Year Honours, recognising her work at the charity over three decades.

Aim 4: Advocate for changes to law, regulation and practice so that pregnancy loss is included in relevant policies from healthcare to employment.

Advocating for those affected by miscarriage and breaking the silence around it, continues to be an important focus for us.

In 2024-25 we were successful in campaigning for new employment rights for people experiencing miscarriage and other types of pregnancy loss. Through our high-profile Leave for Every Loss campaign, we called for the extension of bereavement leave to those affected by pre-24-week loss. Securing the support of the Women and Equalities Select Committee, our partner charities, unions and businesses, our campaign was highlighted in the House of Commons and saw the Government accept, at the despatch box, that miscarriage ‘was not an illness’ and deserved ‘its own category of leave’. As part of this campaign, we also gave evidence to the WEC Select Committee and met with the Employment Rights Minister Justin Madders.

We met regularly with the Department of Health to inform decision-making around pregnancy loss policy and care, and we joined with 12 other pregnancy and baby organisations in giving evidence on behalf of our communities to the UK Covid-19 public inquiry.

We continued to sit on the steering groups of the National Bereavement Care Pathways (NBCP) in England and Scotland, leading on the miscarriage, ectopic pregnancy and molar pregnancy-specific pathways. And in 2025, we accepted invitations to chair the miscarriage pathway development groups for the NBCPs in Wales and Northern Ireland.

We worked closely with the Scottish Government on developing the nation’s newly launched Miscarriage Care Framework and guidance on the prescribing of progesterone and we were also consulted on updated Human Tissue Authority guidance on disposal of pregnancy tissue/remains, published in November.

We remained members of the core group of the Pregnancy and Baby Charities Network, an influential group of charities working across the sector, and become members of the Women’s Health at Work Network. Additionally, we worked with the Trades Union Congress to develop a model policy and reps’ toolkit to support workers affected by pregnancy loss.

Aim 5: Position the M.A. as a strategy and data driven, operationally effective, collaborative and inclusive charity.

As part of the preparation and planning for our new three-year strategy, a significant amount of work was done in 2024-25 to review, and update where necessary, the charity’s governance, policies, procedures and working practices.

With legal advice, we reviewed and updated the Charity’s Articles of Association at a general meeting in March 2025, removing the charity’s former public membership structure to streamline the charity’s operations and decision-making processes.

To underpin the new strategy, key working groups (data and communities, brand and income generation) were established to ‘tap into’ Trustees’ extensive knowledge and expertise. The renumeration committee was restricted to become a new People and Pay Committee and a short-life working group was created to oversee the Articles review.

A small-scale restructure of the charity’s staff team was also carried out, with two new senior posts – a Head of Communications and Campaigns and a Head of Operations and Service Delivery – being created to form a senior leadership team. A Digital Marketing Officer role was also created to focus on improving our supporter journeys and audience insights, and as reported above, we also appointed a part-time Information, Research and Training Lead to work across the charity’s key strands. An

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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existing member of staff took on additional formal responsibilities, creating a dual Support Worker/Volunteer Lead role.

As well as updating a number of internal policies, we also implemented a new cloud-based HR system to track annual leave, absence management and training and we reviewed the annual appraisal process. We invested in new IT technology, faster broadband and improved telecoms systems and in new monitoring tools to better track our impact.

We implemented new accounting processes and streamlined the management of our short-term deposit accounts by utilising the Charities Aid Foundation’s charity investment portal. We have reported on our collaborative work in 2024-25 above and this will be a key thread that runs through the strategy period.

Operational excellence is also of paramount importance to us and so we will continually review our policies and practices to ensure we are making strategy and data-informed decision and always working as effectively as possible.

FINANCIAL REVIEW

Financial review

The Miscarriage Association continued to follow sound financial management principles and processes to make best use of its resources. We remained alert to the changing and often challenging financial landscape.

Trustees and senior staff worked to a planned deficit budget, predicting a decrease in income against increasing costs as we set in place measures to prepare to deliver the new strategy. A designated development fund had previously been established for this purpose. The resulting deficit of £33,983 was not as high as anticipated, mainly due to savings on staffing costs during the summer of 2024 when the charity had two vacant senior positions. However, the charity expects and has planned to incur a significant deficit in 2025-26 as it continues to invest in realising its strategy.

Total income for the year was £551,666 (£671,373 in 2023-24) and net assets at year-end were £1,151,270 (£1,185,253 in 2023-24), representing a decrease in income of 18%.

Several factors also contributed to the decrease in income, including the end of a long-term annual grant and a significant downturn in funds raised from the London Marathon. This was due in part to the reduction of places available to the charity but also is set against a backdrop of higher than usual income being generated in the previous year.

In total, donations and from individual and Charity-generated challenges amounted to £336,008 in 2024-25 (against £379,545 in 2023-24), a decrease of 11%. Income from training and consultancy and merchandise sales was also down year on year. This was due to fewer bookings being taken for our workplace training project, which we believe is due to greater competition in this area. We are reviewing our offer accordingly.

However, we benefitted from the continuation of a grant from the Scottish Government and the extension of funding from our corporate partners at Simplyhealth. Income from the Great North Run event increased by £14,000 on the previous year and a new virtual dog walk challenge raised over £30,000.

Total expenditure during the year was lower than the previous year, at £585,649 (against £589,179 in 2023-24) with the cost of charitable activities decreasing to £480,039 (£496,741 in 2023-24).

As ever, staff costs (£351,330 in 2024-25 v £338,371 in 2023-24) made up the majority of expenditure. This was due to the appointment of new senior members of staff and two other newly created positions, as well as annual pay increases.

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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Other costs included the print and distribution costs associated with our free patient information leaflets, rent, IT equipment and improvements, telecoms, website support, communications tools and accounting and audit fees.

In 2024-25, the cost of raising funds was £105,610 a small increase on the previous year (£92,438). This includes salaries of our fundraisers as well as the purchase of event places and fundraising collateral such as T-shirts, vests and collection pots. The increase in 2024-25 was due to creating additional resource in the fundraising team (additional hours), as well as a general increase in salaries and support costs, coupled with purchasing a greater number of places in external events such as the Great North Run, and investing in fundraising materials, such as developing a fundraising guide.

Support costs increased on the previous year, in large part due to the increase in staff numbers throughout the year. While the average number of employees during the year was 10, we ended the year with a headcount of 12. There was an associated increase in administrative and office costs. Additionally, we updated the apportionment of support costs versus charitable activity to better reflect the charity’s operations in 2024-25.

Reserves policy

The Charity’s reserves policy aims to maintain reserves at a level that ensures a sound financial base for its future operations. With this in mind, Trustees aim to keep free reserves at a level equivalent to approximately 9 months’ operational costs, which for 2025/26 is circa £548,000. The charity’s free reserves, being unrestricted general funds less the net book value of fixed assets (£721,672), are in excess of this target. The Trustees intend to spend down excess reserves over the coming years in order to meet the reserves policy.

In 2023-24, Trustees allocated £500,000 of the Charity’s free reserves to a development fund, to underpin the delivery of its ambitious 2025-2028 three year strategy. In 2024-25, £93,391 of this fund was utilised largely in the recruitment of new staff and also to facilitate an IT upgrade and the purchase of impact and monitoring tools to prepare for the launch of the new strategy. At 31 March 2025, the fund stood at £406,609. It is the Trustees’ intention to spend down this fund by the end of the strategy period.

Further details of the designated fund are provided in note 25.

The restricted fund reserves comprises branch funds, work in Scotland and funds from Simplyhealth.

Branches provide support and comfort through the operation of local support groups, some delivered online. Branch funds are for the use of those branches alone. The Edinburgh branch funds are held at their request by the Miscarriage Association, and these are therefore shown separately as a restricted holding fund.

In December 2024 the Scottish Government made a grant of £14,997 for the year to 31 March 2025 for work benefiting people in Scotland and expenditure is reported accordingly.

Fundraising

As reported above and in line with the experience of many charities, income from fundraising and individual donations decreased in 2024-25.

Overall, fundraising, donations, legacies and trading activities (including the London Marathon) in 2024-25 amounted to a total of £511,605 (v £632,131 in 2023-24) a decrease of 19% including Gifts in Kind.

A significant amount of our fundraising income comes via our own ‘in-house’ schedule of virtual events which yielded mixed results in 2024-25. Our Miles That Matter and Memory Walk fundraisers in June and October, respectively, were significantly down year on year, but we saw our events pick

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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up towards the last quarter of the year, with Step Up performing on par with the previous year. A new virtual dog walking challenge, Paws for Pregnancy Loss, raised over £30,000.

We also took part in the Big Give matched funding Christmas Appeal, raising £4,219 and we were selected to be the Charity of the Year for Holmes & Hill, Bloom North and Window to the Womb.

As ever, we greatly appreciate the generosity of all our supporters, donors and fundraisers who not only help to sustain and develop our services but also help to raise vital awareness of the impact of pregnancy loss.

Cash and investment policy

Cash balances (including those term deposits which are categorised as cash investments on the Balance Sheet) held by the Charity were slightly lower than in the previous year at £1,109,335 v £1,141,311 at the end of 2023-24. The Charity holds no long-term investments. As per the Charity’s Investments Policy, monies are invested to seek the maximum return over the short to medium term, having due regard to risk, whilst ensuring liquidity sufficient to meet the Charity’s obligations.

Going Concern

The Miscarriage Association’s main sources of income are from donations and fundraising activities which are not guaranteed going forward, particularly in the light of the changing economic climate. Forecasts have been prepared based on prudent estimates of future income which covers estimated future expenditure. The Charity is developing a new income generation strategy which focuses on maximising both current and new income streams and fundraising initiatives, excellent stewardship of our supporters and the development of additional funding sources going forward.

The directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months from the date of approval of these accounts. Thus, they continue to adopt the going concern basis for accounting in preparing the annual financial statements.

PLANS FOR THE FUTURE

The Charity formally launched its new three-year strategy in Spring 2025 and our key aims are noted above. Specifically in the coming three years we plan to:

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting 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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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 preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

-13 -

THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

_______ ______

Auditors

Godfrey Wilson Limited were appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

SMALL COMPANY RULES

This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006.

Approved by the Trustees on 24 July 2025 and signed on their behalf by

A Braier

Chair: A Braier

-14 -

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND THE TRUSTEES OF THE MISCARRIAGE ASSOCIATION

_______ ______

Opinion

We have audited the financial statements of The Miscarriage Association (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 charity 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 the provisions available for small entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 charity'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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

-15 -

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND THE TRUSTEES OF THE MISCARRIAGE ASSOCIATION

_______ ______

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

-16 -

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND THE TRUSTEES OF THE MISCARRIAGE ASSOCIATION

_______ ______

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the charity’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 charity’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity, the charity's members as a body and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

William Guy Blake

Date: 28 July 2025 William Guy Blake ACA (Senior Statutory Auditor) For and on behalf of: GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

-17 -

THE MISCARRIAGE ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2025

___ ___ _______

Notes
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Investment income
Other trading income
6
Total income
EXPENDITURE ON:
Raising funds
9
Charitable activities
10
Total expenditure
12
Net income /
(expenditure)
Transfer between funds
Net movement in funds
Fund balances brought
forward at 1 April 2024
24-
26
14
Fund balances carried
forward at 31 March 2025		 Notes
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Investment income
Other trading income
6
Total income
EXPENDITURE ON:
Raising funds
9
Charitable activities
10
Total expenditure
12
Net income /
(expenditure)
Transfer between funds
Net movement in funds
Fund balances brought
forward at 1 April 2024
24-
26
14
Fund balances carried
forward at 31 March 2025		 Unrestricted Funds Unrestricted Funds Restricted
Funds
£
40,286
-
-
-
40,286
-
27,448
27,448
12,838
70
12,908
6,008
18,916		 Total
2025
£
504,660
10,173
29,888
6,945
551,666
105,610
480,039
585,649
(33.983)
-
(33,983)
1,185,253
1,151,270		 Restated
Total
2024
£
620,743
17,531
21,711
11,388
671,373
92,438
496,741
589,179
82,194
-
82,194
1,103,059
1,185,253
General
Funds
£
464,374
10,173
29,888
6,945
511,380
105,610
355,604
461,214
50,166
19,297
69,463
656,282
725,745		 Designated
Funds
£

-
-
-
-
-
-
96,987
96,987
(96,987)
(19,367)
(116,354)
522,963
406,609

The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations.

There are no gains or losses other than those reported in the Statement of Financial Activities.

Prior period income and expenditure have been restated to reflect the requirements of the Charities SORP (FRS 102) and to be comparable with the current year. Further details of the restatements are included in note 34.

THE MISCARRIAGE ASSOCIATION

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025

___ ___ ____

Notes
Fixed assets
Tangible assets
15
Long term cash investments
16
Total Fixed Assets
Current assets
Stocks
17
Debtors
18
Short term cash investments
19
Branch funds
20
Cash at bank and in hand
21
Total Current Assets
Creditors: amounts falling due within
one year
22
Net current assets
Total assets less current liabilities
Net assets
Reserves
General funds
24
Designated funds
25
Restricted funds
26
Total funds
27		 £
15,333
56,817
622,023
3,710
487,312		 2025
£
4,073
-		 £
20,023
35,270
176,334
4,969
500,829		 Restated
2024
£
5,255
464,148
4,073
1,147,197		 469,403
715,850
1,185,195 737,425
(37,998) (21,575)
1,151,270 1,185,253
1,151,270 1,185,253
725,745
406,609
18,916		 656,282
522,963
6,008
1,151,270 1,185,253

The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of the financial statements.

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 24 July 2025 and signed on their behalf by

Teresa Owen

Hon Treasurer: T. Owen

-19 -

THE MISCARRIAGE ASSOCIATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

___ ___ _______

Restated
2025 2024
£
£		 £ £
CASHFLOWS FROM OPERATING ACTIVITIES
Net cash (outflow) / inflow provided by operating
activities (61,956) 66,525
CASHFLOWS FROM INVESTING
ACTIVITIES
Interest income 30,182 13,948
Payments to acquire tangible fixed assets (1,463) (4,612)
Redemptions from long term cash
investments 646,158 -
Deposits in long term cash investments (182,010) (13,490)
Redemptions from short term cash
investments 273,934 88,022
Deposits in short term cash investments (719,621) (91,334)
Net cash inflow provided by operating
activities 47,180 (7,466)
CHANGE IN CASH AND CASH
EQUIVALENTS IN THE REPORTING
PERIOD (14,776) 59,059
CASH AND CASH EQUIVALENTS AT
THE BEGINNING OF THE PERIOD 505,798 446,739
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD 491,022 505,798
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net (expenditure) / income (33,983) 82,194
Depreciation 2,645 2,290
Investment income (29,888) (21,711)
Decrease / (increase) in stock 4,690 (5,330)
(Increase) / decrease in debtors (21,843) 7,140
Increase in creditors 16,423 1,942
Net cash (outflow) / inflow provided by
operating activities (61,956) 66,525
ANALYSIS OF CASH AND CASH EQUIVALENTS
At 1.4.24 Cashflow At 31.3.25
£ £ £
Cash at bank and in hand 500,829 (13,517) 487,312
Branch funds
4,969 (1,259) 3,710
505,798 (14,776) 491,022

The charity has not provided an analysis of changes in net debt as it does not have any long-term financing arrangements.

-20 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

1 Accounting policies

The Miscarriage Association is a charitable company, limited by guarantee, registered with the Charity Commission in England and Wales and the Office of the Scottish Charity Regulator. The address of its registered office is 2 Otters Holt, Wakefield, WF4 3QE. The charity’s company number is 03779123.

The principal purpose of the charity is to provide support and information to people who are affected by the loss of a baby in pregnancy, to raise public awareness of the subject of pregnancy loss and to promote good practice in hospital and community-based healthcare and in medical practice.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of preparation

The 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) (effective 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The Miscarriage Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

(b)

Going concern

The directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of accounts. There are no material uncertainties about the entity’s ability to continue. Thus, they continue to adopt the going concern basis for accounting in preparing the annual financial statements.

(c)

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy unless a deferment is required as a condition of the benefactor’s grant or donation.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

(d)

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised, and the trustees’ annual report provides more information about their contribution.

-21 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

Donated services and facilities (continued)

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

For Google AdWords, the charity measures the value of the gift at the value the charity would pay for the equivalent services. This is deemed to be 25% of the market value provided by Google. Where the market value is given in foreign currency, this is translated in line with the charity's foreign exchange policy (note 1o).

(e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

(f) Unrestricted Funds

Unrestricted funds represent unrestricted monies donated, granted or raised for the pursuit of the Association’s general charitable objectives. The Association may nominate unrestricted funds as designated funds with the intention of using these funds for particular purposes. Designated funds, however, remain part of the charity’s unrestricted funds and may be used for any of the Miscarriage Association’s general objectives.

(g) Restricted Funds

Restricted funds represent monies donated and granted to or raised by the Association for specified purposes and which may not be used for any other purposes without the agreement of the benefactors or Charity Commissioners. Consequently, these do not form part of the Miscarriage Association’s unrestricted fund.

(h) Resources expended

Resources expended are recognised on an accruals basis as a liability is incurred. Resources expended include any VAT which cannot be fully recovered and are reported as part of the expenditure to which they relate.

(i) Allocation of support costs

Where costs of raising funds and costs of charitable activities can be directly related to an activity, they are so classified. Where costs cannot be directly attributed, they are allocated on a basis which is appropriate to the use of the resource (see note 11).

(j) Tangible fixed assets

The charity’s tangible fixed assets are held solely for the purpose of pursuing its charitable objectives.

Fixed assets are shown at original cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Computer and telephone equipment 25% straight line Office furniture and equipment 20% reducing balance

-22 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

(k) Stocks

Stocks held for resale are valued at the lower of cost and net realisable value on a first in, first out basis. Educational leaflets held for distribution to beneficiaries are valued at the lower of net realisable value, being the service potential provided by the items of stock, and cost.

(l) Cash at bank and in hand, and cash investments

Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Short term investments include cash held on deposit for a term of between 4 and 12 months from the date of deposit.

Long term investments include cash held on deposit for a period of more than 12 months from the date of deposit.

(m) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured as their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

(n) Pensions

The pension costs charged in the financial statements represent the contributions payable by the Association during the year.

(o) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

(p) Lease commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

(q) Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for reserves and expenses during the year. However, the nature of the estimation means that the actual outcomes could differ from the estimates. The Trustees believe that there are no critical accounting policies where judgements or estimates are necessarily applied.

2 Income - general funds

This income is attributable to the grants, fees and other unrestricted income and from the general activities of the Miscarriage Association.

-23 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

3 Taxation

Taxation has not been provided for as the charity qualifies for exemption under Section 505 ICTA 1988 on its charitable activities.

4 Donations and legacies 2025

Membership fees
Branch income
Donations from Companies
and Charitable Trusts
Company gifts in kind
Donations from individuals
and groups
Government Grants
Other Grants
London Marathon
London Landmarks
Great North Run
Lights of Love
Royal Parks		 General
Funds
£
1,710
-
13,140
24,698
336,008
-
-
55,967
223
31,132
740
756
464,374		 Designated
Funds
Restricted
Funds
£
£
-
-
-
289
-
-
25,000
-
-
-
-
-
-
-
-
-
-
14,997
-
-
-
-
-
-
-
40,286		 Total
2025
£
1,710
289
38,140
24,698
336,008
14,997
-
55,967
223
31,132
740
756
504,660

Company gifts in kind related to Google Adwords and pro bono advertising space in GP surgeries.

Donations and legacies 2024 (restated)

Membership fees
Branch income
Donations from Companies
and Charitable Trusts
Company gifts in kind
Donations from individuals
and groups
Government Grants
Other Grants
London Marathon
London Landmarks
Great North Run
Lights of Love
Royal Parks		 General Funds
£
1,705
-
87,937
21,904
379,545
-
10,000
81,724
4,105
16,961
1,355
-
605,236		 Designated
Funds
Restricted
Funds
£
£
-
-
-
150
-
-
1,000
-
-
-
-
-
-
-
-
-
-
14,357
-
-
-
-
-
-
-
15,507		 Total
2024
£
1,705
150
88,937
21,904
379,545
14,357
10,000
81,724
4,105
16,961
1,355
-
620,743

-24 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

5 Charitable activities

Charitable activities
Training and presentations General
Funds
£
10,173
10,173		 Designated
Funds
Restricted
Funds
£
£
-
-
-
-		 Total
2025
£
10,173
10,173		 Restated
Total
2024
£
17,531
17,531

All income from training and presentations was unrestricted in the prior year.

6

Other trading income
Merchandise		 General
Funds
£
6,945
6,945		 Designated
Funds
Restricted
Funds
£
£
-
-
-
-		 Total
2025
£
6,945
6,945		 Restated
Total
2024
£
11,388
11,388

All income from sales of merchandise was unrestricted in the prior year.

7 Branch income and expenditure

The income and expenditure of the branches of the Miscarriage Association have been incorporated into these financial statements. This is restricted income and expenditure for the use of the branches alone.

8 Government grants

The charitable company receives government grants, defined as funding from the Scottish Government to fund charitable activities. The total value of such grants in the period ending 31 March 2025 was £14,997 (2024: £14,357). There are no unfulfilled conditions or contingencies attaching to these grants in 2024-25.

9
Raising funds
Salaries and office costs:
Costs directly allocated to
activities
Support costs allocated to
activities
Branch expenditure:
Costs directly allocated to
activities		 General
Funds
£
95,762
9,848
-
105,610		 Designated
Funds
Restricted
Funds
£
£
-
-
-
-
-
-
-
-		 Total
2025
£
95,762
9,848
-
105,610		 Total
2024
£
82,814
9,170
454
92,438

All expenditure on raising funds was from general funds in the prior year.

-25 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ___
10
Charitable activities
Salaries and office costs:
Costs directly allocated to
activities
Support costs allocated to
activities (note 11)
Branch expenditure:
Costs directly allocated to
activities
Charitable activities 2024
(restated)
Salaries and office costs:
Costs directly allocated to
activities
Support costs allocated to
activities (note 11)
Branch expenditure:
Costs directly allocated to
activities		 ___

 _______
General
Funds
£
223,952
131,652
-		 __
Designated
Funds
£
96,987
-
-
96,987
Designated
Funds
£
4,334
-
-
4,334		 ______
Designated
Funds
£
96,987
-
-		 __
Restricted
Funds
£
25,900
-
1,548
27,448
Restricted
Funds
£
15,203
-
4,753
19,956		 _ _ _____
Total
2025
£
346,839
131,652
1,548
480,039
Total
2024
£
372,062
119,926
4,753
496,741
355,604 96,987
General
Funds
£
352,525
119,926
-
472,451

-26 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

11 Support costs

Item of cost
Basis of
allocation
Staff costs
Staff time
Administration &
office costs
Usage
Management costs
Usage
Finance costs
Shared
costs
Premises &
equipment
Floor area
Depreciation
Usage		 Raising
funds
Charitable
Activities
Total
2025
£
£
£
90
49,560
49,650
2,844
9,180
12,024
653
16,373
17,026
2,051
15,732
17,783
3,945
38,427
42,372
265
2,380
2,645
9,848
131,652
141,500

Total governance costs were £58,138 (2024: £63,245).

Support costs 2024 (restated)

Support costs 2024 (restated)
Item of cost
Basis of
allocation
Staff costs
Staff time
Administration &
office costs
Usage
Management costs
Usage
Finance costs
Shared
costs
Premises & equipment
Floor area
Depreciation
Usage		 Raising
funds
Charitable
Activities
Total
2024
£
£
£
80
59,979
60,059
1,649
7,333
8,982
175
2,856
3,031
2,113
8,481
10,594
4,809
39,331
44,140
344
1,946
2,290
9,170
119,926
129,096

12 Total resources expended 2025

Raising funds
Charitable activities		 Staff
costs
£
60,368
290,962
351,330		 Depreciation
£
265
2,380
2,645		 Other
costs
£
44,977
186,697
231,674		 Total
2025
£
105,610
480,039
585,649

-27 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

Total resources expended 2024
(restated)
Staff
costs
Depreciation
£
£
Raising funds
45,175
344
Charitable activities
293,196
1,946
338,371
2,290
13
Staff costs
Wages and salaries
Social security costs
Pension contributions
Staff costs (continued)
The average number of employees was:
Full time
Part time
This is equivalent to 7.8 (2024 - 8.2) full time posts.		 Other
costs
£
46,919
201,599
248,518		 Total
2024
£
92,438
496,741
589,179
2025
2024
£
£
303,347
292,906
24,086
23,182
23,897
22,283
351,330
338,371
2025
Number
2024
Number
4
5
6
5		 Total
2024
£
92,438
496,741
589,179
2025
2024
£
£
303,347
292,906
24,086
23,182
23,897
22,283
351,330
338,371
2025
Number
2024
Number
4
5
6
5
338,371
2024
Number
5
5

In 2025 the Trustees considered the key management personnel to be the Chief Executive Officer, the Head of Operations and Service Delivery and the Head of Communications and Campaigns. Total remuneration for those posts amounted to £129,130.

In 2024 the Trustees considered the key management personnel to be the National Director and Deputy Director and total remuneration for those posts amounted to £133,192.

The number of employees whose annual emoluments were £60,000 or more were:

2025 2024 Number Number £60,001 - £70,000 1 1

-28 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

14 Net movement in funds

Net movement in funds is stated after charging:
Operating lease rentals
Depreciation of owned assets in general funds
Independent examiner’s fee (excluding VAT)
Under-accrued independent examiner’s fee (excluding VAT)
Audit fee (excluding VAT)		 2025
£
2024
£
29,096
29,096
2,645
2,290
-
1,525
8,200
3,385
-
-
15
Tangible fixed assets
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Depreciation charge for the year
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024
16
Long term cash investments
Cash on deposit for a period longer than 12 months
17
Stocks
Leaflets
Fundraising stock		 Office
furniture &
equipment
£
8,510
-
8,510
8,290
44
8,334
176
220		 Computer &
telephone
equipment
£
30,358
1,463
31,821
25,323
2,601
27,924
3,897
5,035
2025
£
-
2025
£
6,949
8,384
15,333		 Total
£
38,868
1,463
40,331
33,613
2,645
36,258
4,073
5,255
Restated
2024
£
464,148
2024
£
16,268
3,755
20,023

-29 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

18
Debtors
Accrued income
Other debtors
Prepayments
19
Short term cash investments
Cash on deposit for a period between 4 and 12 months		 2025
£
25,010
6,250
25,557
56,817
2025
£
622,023		 2024
£
23,215
6,250
5,805
35,270
2024
£
176,334

20 Branch funds

These are held as cash and bank balances at the branches, with the exception of the Edinburgh branch, whose funds are held at their request, by the Charity.

21
Cash at bank and in hand
Cash at bank
Cash in hand
22
Creditors – amounts falling due within one year
Trade creditors
Social security costs
Accrued expenses		 2025
£
487,295
17
487,312
2025
£
10,791
9,050
18,157
37,998		 2024
£
500,705
124
500,829
2024
£
5,872
8,526
7,177
21,575

-30 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

23
Financial instruments
Carrying amount of financial assets
Financial assets that are debt instruments
measured at amortised cost
Carrying amount of financial liabilities
Financial liabilities measured at amortised cost		 2025
2024
£
£
31,260
39,676
37,998
21,575

Financial assets that are debt instruments measured at amortised cost are comprised of trade debtors. Financial liabilities measured at amortised cost are comprised of trade creditors, social security costs and accrued expenses.

24 Reserves – General funds 2025

General funds Balance
at
01.04.24
£
656,282		 Incoming
Resources
£
511,380		 Resources
Expended
£
(461,214)		 Transfers
Balance
at
31.03.25
£
£
19,297
725,745

Reserves – General funds 2024 (restated)

General funds Balance
at
01.04.23
£
564,851		 Incoming
Resources
£
655,866		 Resources
Expended
£
(564,435)		 Transfers
Balance
at
31.03.24
£
£
-
656,282

The Association’s assets and reserves do not belong to its members. On dissolution these must be distributed in accordance with the Articles of Association either to another charity with similar objects or to another body with prior agreement from the Charity Commission.

-31 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

25 Reserves – Designated funds 2025

Balance at
01.04.24
£
Awareness campaign
programmes
e-Learning resource
Development fund
17,963
5,000
500,000
522,963
Reserves – Designated funds 2024
Balance at
01.04.23
£
Awareness campaign
programmes
e-Learning resource
Development fund
22,297
5,000
500,000
527,297		 Balance at
01.04.24
£
Awareness campaign
programmes
e-Learning resource
Development fund
17,963
5,000
500,000
522,963
Reserves – Designated funds 2024
Balance at
01.04.23
£
Awareness campaign
programmes
e-Learning resource
Development fund
22,297
5,000
500,000
527,297		 Incoming
Resources
£
-
-
-
-
Incoming
Resources

£
-
-
-
-		 Incoming
Resources
£
-
-
-
-
Incoming
Resources

£
-
-
-
-		 Resources
Expended
£
(3,596)
-
(93,391)
(96,987)
Resources
Expended
£
(4,334)
-
-
(4,334)		 Resources
Expended
£
(3,596)
-
(93,391)
(96,987)
Resources
Expended
£
(4,334)
-
-
(4,334)		 Transfers
£
(14,367)
(5,000)
-
(19,367)


Transfers

£





-

 Transfers
£
(14,367)
(5,000)
-
(19,367)


Transfers

£





-

 Balance at
31.03.25
£
-
-
406,609
406,609
Balance
at
31.03.24
£
-
-

17,963
5,000
500,000
-
522,963		 Balance at
31.03.25
£
-
-
406,609
406,609
Balance
at
31.03.24
£
-
-

17,963
5,000
500,000
-
522,963






-
-

-
527,297 - (4,334) 522,963

Reserves – Designated funds 2024

Awareness campaign programmes/eLearning resource The Trustees had previously designated funds for work on these two projects. However, in 2025, with these projects now being ‘business as usual’ for the charity, the decision was taken to release these funds into general reserves. The £3,596 expended on ‘Awareness campaign programmes’ related to paid social media awareness campaigns.

Development Fund In 2024 Trustees agreed to assign £500,000 of its reserves to a new Development Fund to underpin an ambitious programme of growth for the charity, allowing the charity to reach even more people affected by the difficult and distressing experience of pregnancy loss.

-32 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

26
Reserves – Restricted funds
2025
Balance
at
01.04.24
£
Scottish Government
Grant
Edinburgh Branch
Holding Fund
Northern Ireland
Project
Simplyhealth
-
858
181
-
Branch funds
4,969
6,008
Reserves – Restricted funds 2024
Balance
at
01.04.23
£
Scottish Government
Grant
Edinburgh Branch
Holding Fund
Northern Ireland Project
-
885
-
Branch funds
10,026
10,911

Incoming
Resources

£




14,997
-
-
25,000

289
40,286
Incoming
Resources
£
14,357
-
1,000
150
15,507		 Incoming
Resources
£
14,997
-
-
25,000
289
Resources
Expended
£
(14,997)
-
(251)
(10,652)
(1,548)
(27,448)
Resources
Expended
£
(14,357)
(27)
(819)
(5,207)
(20,410)		 Transfers
£
-
-
70
-
-
70
Transfers
£
-
-
-
-
-		 Balance
at
31.03.25
£
-
858
-
14,348
3,710
40,286 18,916
Balance
at
31.03.24
£
-
858
181
4,969
6,008

Scottish Government Grant

In December 2024, the Scottish Government made a grant of £14,997 for the year to 31 March 2025 for work benefiting people in Scotland over a twelve-month period and expenditure is reported accordingly.

-33 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

Reserves – Restricted funds (continued)

Edinburgh Branch Holding Fund

The Edinburgh branch funds are held at their request by the Miscarriage Association but are for the branch use only. The balance is carried forward to 2025-26.

Northern Ireland Project

This relates to a historic fund set up to specifically support our work in Northern Ireland; for example to cover the costs of facilitating our two NI support groups and associated promotional materials. This is now considered business as usual for the charity, with this fund being no longer being needed.

Simplyhealth

Funds received from Simplyhealth (a healthcare plan provider) as part of our participation in the Women’s Health Charities Alliance which collectively aims to raise awareness of issues directly relating to women’s health. These funds were received in September 2024 and span two financial years, with the balance as above being carried forward in 2025-26.

Branch funds

Branches provide support and comfort through the operation of local or online support groups.

Transfers between funds

Northern Ireland Project

This funds transfer represents additional funding added from general funds to fully spend down this restricted fund.

27 Analysis of net assets between funds

2025
Unrestricted funds
General funds
Designated funds
Development fund
Restricted funds
Edinburgh Branch Holding Fund
Branch funds
Simplyhealth		 Fixed
assets
£
4,073
-
-
-
-
4,073		 Current
assets
£
759,670
406,609
858
3,710
14,348
1,185,195		 Current
liabilities
£
(37,998)
-
-
-
-
(37,998)		 Total
£
725,745
406,609
858
3,710
14,348
1,151,270

-34 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

Analysis of net assets between funds
(continued)
2024 (Restated)
Unrestricted funds
General funds
Designated funds
Awareness campaign
programmes
e-Learning resource
Development fund
Restricted funds
Edinburgh Branch Holding Fund
Northern Ireland Project
Branch funds		 Fixed
Assets
Current
Assets
Current
liabilities
Total
£
£
£
£
469,403
208,454
(21,575)
656,282
-
-
-
-
17,963
5,000
500,000
858
181
-
-
-
-
-
17,963
5,000
500,000
858
181
-
4,969
-
4,969
469,403
737,425
(21,575)
1,185,253

28 Share capital

The Charity is limited by guarantee and has no share capital. In accordance with the Association’s Articles of Association each member is liable to pay no more than £1 towards its liabilities.

29 Transactions with Trustees

The Association’s Trustees received no remuneration for their services as directors of the charity. In 2025 £653 (2024 - £1,128) was reimbursed to four (2024 – seven) Trustees for travel, subsistence and accommodation expenses.

30 Related party transactions

The Charity has no related party transactions to disclose for the year ended 31 March 2025.

-35 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

31 Financial commitments

At 31 March 2025, the Association was committed to making the following payments under noncancellable operating leases:

2025
Due within:
Less than 1 year
1 to 5 years
2024
Due within:
Less than 1 year
1 to 5 years		 Property
£
25,000
28,716
53,716
Property
£
25,000
52,072
77,072		 Equipment
£
4,096
6,424
10,520
Equipment
£
4,096
10,520
14,616		 Total
2025
£
29,096
35,140
64,236
Total
2024
£
29,096
62,592
91,688

32 Pension costs

The Miscarriage Association operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £23,897 (2024 - £22,283). Outstanding contributions of £2,920 (2024 - £2,598) were due at the year end and are included in creditors.

-36 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

33 Statement of Financial Activities for the year ended 31 March 2024 - Restated


INCOME FROM:
Donations and legacies
Charitable activities
Investment income
Other trading income
Total income
EXPENDITURE ON:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) and
net movement in funds
Fund balances brought
forward at 1 April 2023
Fund balances carried
forward at 31 March 2024		 Unrestricted Funds
General
Funds
Designated
Funds
£
£
605,236
-
17,531
-

21,711
-
11,388
-

655,866
-
91,984
-
472,451
4,334
564,435
4,334
91,431
(4,334)
564,851
527,297

656,282
522,963		 Restricted
Funds
Total
2024
£
£
15,507
620,743
-
17,531
-
21,711
-
11,388		 Restricted
Funds
Total
2024
£
£
15,507
620,743
-
17,531
-
21,711
-
11,388
15,507
671,373
454
92,438
19,956
496,741
20,410
589,179
(4,903)
82,194
10,911
1,103,059
6,008
1,185,253

-37 -

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_ ______ ___ ___

34 Prior period restatement

Prior year income and expenditure has been restated for a reduction in gift in kind valuation in order to better reflect the requirements of the charities SORP. As a result of the restatement, unrestricted income from donations and legacies and unrestricted expenditure on charitable activities has decreased by £65,721 at 31 March 2024. Total unrestricted funds are unchanged.

Prior year income and expenditure has also been reclassified as follows: £104,145 of fundraised income has been reclassified from fundraising and other trading activities to donations and legacies and £10,173 of other income has been reclassified as income from charitable activities. These are reclassifications only and have no impact on net movement in funds.

Prior year long term cash investments and debtors have been restated to recognise interest received into these accounts. As a result of the restatement, long term cash investments have increased by £10,211 and debtors have decreased by this amount. The change has no impact on net assets.

-38 -