The Borne Foundation Annual Report and Financial Statements 31 March 2024 Company Limited by Guarantee Registration Number 09788534 {England and Wales} Charity Registration Number 1167073 (England and Wales) Contents Reports Reference and administrative details Trustees, report Independent auditor's report 16 Finanelal Stalements Statement of financial activities 20 Balance sh*t 21 Statement of cash flows 22 Principal accounting policies 23 Notes to the financial statements 27 Reference and Administrative Details Trustees C L Moffal T T MacDonald (resigned 16th May 2024) J R H Mylchreesl (Chairman) HMPye F P Vanni dArchiraf R Jafar L Poslon (appointed 16th May 2024} Registered Office 3Td Fl(x>r, 31 &317 New Kings Road Londor) SW6 4RF Telephone 07821 681058 Website www.borne.org.uk Company reglstration number 09788534 {England and Wales) Charity registration number 1167073 (England and Wales) Auditor Barnes Roffe LLP Chailes Lake House, Claire Causeway Crossways Business Park Dartford DA2 6QA Bankers CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling ME19 4TA Investment Managers Insignis Cash Solutions St John's Innovation Centre Crowley Road Cambridge CB4 OWS The Borne Foundation Pagell Trustees Report at 21 March ?.024 The Iruslees present their report together with the audited financial statemenls of Borne Foundalion I'the charitable company'l for the year ended 31 March 2024. This report has been prepared in accordance wilh Part 8 of ihe Charities Act 2011 and serves as a directors, report for ihe purposes of the Companies Act 2006. The financial statemenls have been prepared in accordancewith the accounting policies set out on pages 23 to 26 therein and comply with the charitable company's Memorandum and Articles of Associalion, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). Public Benefrt The Board of Trustees have taken account of the Charity Commission's guidance on public benefit in reviewing Borne's aims and objectives and planning future activities. ABOUT BORNE Research to prevent premature birth The Borne Foundation is a registered charity founded by obstetrician Professor Mark Johnson. a physician and obstetrician who has seen the devastaling effects of prematurity first-hand. Prematurity is the term used lo describe all babies born before 37 weeks of pregnancy. In the UK, a baby is generally considered viable if it is born at 24 weeks. yet theif chances of survival are only 5D%. Bab￿eS who are born loo soon face tnany challenges. The earlier a baby is born, Ihe more likely their organs will suffer damage or not develop as they should because they are less mature. Each day in the womb is essential io a baby's healthy development and survival. For example. in the UK, babies who are born at 23 weeks and survive have a 92% chance of experiencing a disability. If thal baby Can stay in ihe womb an extra three weeks and be born at 26 weeks. the Chan￿ of having a disability is reduced to 41 %. Borne believes scienlific research is the key to bling about lasting change. Yel. funding for research into complications during pregnancy and childbirth18gs far behind other medical conditions. We are working to change that. By Investing in research, we will find answers. improve care and nurture talent in this pressing area if need. ACTlVtTIES AND PERFORMANCE Borne's research strategy The research that Borne funds is focused on the pregnancy period and the factors and conditions in pregnancy ihat may lead to preterm birth. We seek to deepen our knowledge of the biological processes of pregnancy and childbirth to belter understand the significance of changes in the maternal environment throughout pregnancy and define the mechanisms involved In normal and abnormal labour. Only by understanding the normal process can we begin lo understand the abnormal in order to delayihe onset of preterm labour as well as to identify markeis of risk in women that are likelyto delivertheir babies preterm. This understanding is fundamental to the development of diagnostic. trealment and prevention strategies to reduce the rate of prelerm birth. The 8(*ne Foundation Page12 Trustees Report at 31 March 2024 We do not directly participate in research associated wilh assisted conception, or areas of maternal health that are not difeclly linked to pregnancy or birth., service delivery research also falls outside our remit. Our primary objectives are.. 1. To encourage big science and foster scientific collaboration We want to invest in cutting edge techniques and expertise thal bring scienlists and Clinicians together to advance collective knowledge and help make breakthroughs possible. 2. To strengthen the early-stage research base We pump-prime promising new research ideas, giving scientists the impetus to develop their analysis and advance their breakthrough projects. We want lo make sure that the best ideas, backed up by the strongest science, have the greatest change lo succeed. We invest in world-class early-stage research projects vetted by an independent Scientific Advisory Board. By offering a number of project-based awards to support the research programmes of tenured researchers, we enable scienlists to take their novel ideas forward with preliminary data thal enable them to applyfor further funding from research councils and oiher grant-making bodies for larger scale studies. effectively leveraging the contribution of Borne's supporters several times over the initial investment. 3. To build capacity in our area of need We musl attract more of the besl medic81 and scienlific minds to develop Iheir research interests in obstetrics research and condilions in pregnancy that may lead to preterm birth. By offering Clinical Research Training Fellowships. we provide a means for clinie8lly qualifies candidates to establish their research Irack record and the skills required to become academic clinicians through PhD or other higher research degree. We also support taSented post-doctoral researchers with their transilion to independent investigator with funding for an ambitious programme of fesearch training that offers accelerated personal and career development to lead theirown research plans and establish theirown research team. Our research in review BUMP (Borne's Uterine Mapping Project) The Borne Uterine Mapping Project (BUMPI is a transformative iniliative th81 aims to strengthen the research base and accelerate discoveries in ihis field. it lays the essential groundwork for future breakthroughs that could make birth safer for every woman and child. BUMP was sel up to strengthen the research base to make breakthroughs possible and encourage collaboration belween clinicians, scientists and patients. Ils goal is to build new biological foundations for understanding preterm biith by using state-of-lhe-art moleculariechniques on cells and tissues in the pregnant womb. These methods can identify changes in key molecules and proleins before and during labour, enabling us to decipher the mechanisms driving preterm birth and uncover potential targets for new interventions. Central to the success of Ihis initiative is the recruitment of pregnant individuals who consent to donate samples throughout their pregnancy and various maternal tissues during delivery. Their genetic makeup and environmental factors will also be carefully documenled. with samples collected and processed using standardised protocols and techniques. Based on the recommendation of Borne's Scienlific Advisory Board, Iwo cross-disciplinary research groups were selected to manage the feasibility phase of BUMP with a view to laying the groundwork for The Borne Foundation Page13 Trustees Report at 31 March 2024 a purposeful and unprecedented glob81 scientific collabofation. One is based al Imperial College with collaboraiors in Cambridge and UCL and another based at King's College London. The first group is led by Prof Phil Bennett al Imperial. Sample collection is being taken from 3 NHS hospitals associated with Imperial and UCL. Bioinformatics are carried out by the Wellcome-sanger and the EBI, wilh preterm birth expertise from the research teams at Imperial and Cambridge. Dr Sarah Teichmann who heads cellular genetics at the Wellcome-sanger InstilLJle also collaborates with the glob81 ground-breaking initiative - the Human Cell Atlas. The second group is led by Prof Rachel Tribe at Kings. The group is collecting samples from lower and upper segrnents of the uterus. refining sample processing protocols, and leveraging the bioinformatic expertise at King's to manage the consolidation of big data from clinical and multiple bioinformatic SOLJrees. Databases. processes and data sharing agreement templales will be in place in readiness to scale beyond Phase l. The first phase of BUMP was a two-year feasibility study, that aimed lo accomplish five objectives". Establish a biobank wilh refined. lested and standardised protocols for tissue collection. storage and processing, alongside comprehensive clinical information. The Iwo teams meticulously arranged all the necessary contracts, malerial transfer and dala- sharing agreements. They also established standardised criteria for defining full-term labour as well as the diffeient stages (nol in lal)our, early labour and established labour). Additionally, they identilied five specific locations within ihe womb for tissue sample collection, developing p￿ciSe protocols for collection, processing, and subsequent genetic and proteomic analyses. This will help them to understand how different parts of the womb communicate to initiate labour. Drawing from their previous experience. they eslablished a biobank storing tissues samples along wilh relevant clinical infortnation, creating an inv81uable resource for future reseaich. They SUC￿ssfullY collected iissue samples fiom 24 women at full teTm (eight not in labour. eight in early labour and eight in established labourl. Employing a technique called RNA seqLJencing IRNA-seq}, Ihe leam examined gene activity in these samples. This revealed differences belweÈn samples collected from different locations in the womb, but not by labour stage. 2. Develop and validate protocols for singlècell, singltrnucieus and spatial transcriptomics of tissues - comparing full-term tissues in non-labour and established labour. While molecular analyses at a tissue level can provide valuable information, li d￿S not reveal ihe whole picture. As there are so many different cell lypes within a tissue sample, the molecular signals are averaged out across ihe popu5ation of cells. However. newer single-cell sequencing technologies enable analyses at an individual cell or subcellular level. The BUMP feasibility teams have. IW established protocols to enable single-cell and/or single- nuclei (the part of the cell ihat contains its DNA} isolation and analyses from samples fiom three different regions of the womb. They have successfully collected samples from l 8 women at full- term112 mt in labour, two in pre-labour and four in Sabour) and are currently analysing gene activity data generated by RNA-seq. The team has also established protocols to ¢8rry out spatial Iranscriplomics, a cutting-edge technique that can pinpoint the location of specific gene activity within a tissue sample. Aiihough the iesolution is rlot yet quite high enough io examine Ihis al the single-cell level. their inilial experiments have revealed distinctive patlerns of gene activity within tissues. The Borne Foundation Page14 Trustees Report at 31 March 2024 3. Investigate proteomics approaches for a better understand1ng of how variations in gene expression and cell composition translate inlo cellular phenotype. While genomics provides valuable insights. sludying the proteins encoded by the DNA can offer a deeper underslanding of cell and tissue function. The team conducled stat*of-th*art prolein analyses on samples from the same 24 healthy pregnant women at full-lerm. Their initial findings reveal differences in proteomic signalures between the upper and lower regions of the womb. which underpins their different roles during labour. By examining thousands of specific proteins, they found varialions in over 1.700 proteins between womb segmenls. The lower segment was enriched in structural and contraction-related signalling proteins, while elevated upper segment proteins were linked with intiacellulai functions and protein production. 4. Carry out data analysis and create a repository of reproducible, sharable and user-friendly bioinformatics and statistical pipelines. The team has developed user-friendly software packages to facililale dala analysis, visualisation and sha15ng among researchers. 5. Establish a community portal for accessing protocols. analysis pipeline and data sharing. The researchers are also creating a communily portal for housing standard operating procedures {SOPsl or protocols bioinformatics analysis pipelines and data sharing capabilities. Once launched, this platform will serve as ihe centralised open-access hub for researchers to access the information they need. Borne funded research al Chelsea and Westminster Hospital The research group led by Professor Mark Johnson at Chelsea and Westminster Hospital has focused on gaining a deeper understanding of the cellular mechanisms controlling normal birth. This research has significantly refined our understanding of ihe importance of CAMP cellular signalling in the priming of Ihe uterus for labour and birth. Armed with the compelling new data developed with Borne's support. applications are now underway to lake these discoveries forward in the clinic. ProgrAm.' is a randomised feasibility lolerability study of amirwhylline for the prevention of prelerm labour, our ground-breaking fe8sibility study ihai investigates whether women 31 high risk of preterm labour can tolerate combined treatment with aminophylline and progesterone. We approached 120 women to participate in ihe study, and 70 women agreed. Of these. 33 were assigned lo progesterone alone, and 37 received the combined treatment. Our next steps will involve using the data from this study to design a multicentre randomised trial. PREDICT is a study aimed al colleding samples from pregnanl women lo identify biomarkers related to the onset of spontaneous preterm labour. We know that 85% of women who deliver preterm have rK) risk factors, and many experience preterm birth in their first pregnancy We've enrolled 23 high-risk preterm labour patients and collected urine, blood, vaginal, and rectal swabs to study biomarker variations in different preterm labour causes. These samples are vilal for identifying a clinical biomarker to predict early pregnancy risk in women. Our target is to enrol l 00 participants for the stu(ty. PROMPT is a project thal is creating a point-of-care lest to detect infection-induced preterm labour, enabling us to treat the infeclion and delay birth. This antibiotic therapy can potentially save lives and enhance a chiSd's development. A systematic review has conlirmed the safely and patient acceplability of amniocentesis, leading to patient recruitment for a clinical irial. The Borne Foundation Page15 Trustees Report at 31 March 2024 Drvictoria Male leads the reproductive immunology research group al Chelsea and Westminster Hospital and aims to determine whether a new kind of immune cell in the lining of the womb trigger labour. Her team of researchers have found evidence suggesting thal these cells can switch on genes that aclivaie an immune response in the surrounding tissues and help the waters break. Dr Male and her team now plan to studylhese cells isolated from p￿gnant women at full term, either nol in labour, or have entered the early stages of labour. The leam will then use the same approaches to start investigating whether similar mechanisms are involved in starting Sabour too soon. Ee Von Woon is a clinical fellow and PhD graduate. and has now generated preliminary data suggesting that. as predicted, ule¥ine NK cells from women who have difficulty becoming pregnanl are less active than those collected from fertile donors. Her findings supported Dr Shreya Sheth's successful application lo the MRC and Borne Clinical Research Fellowship. and have recently been published Woon el al ? Front Iinmijiiol). Ee Vons systematic review on uterine NK cells in early pregnancy failure IW mRe rod was also published. Antonia Cuff is another Borne-suptx)rted PhD graduate in Dr Male's group, arKI has spent the year exploring the hypothesis ihat 8 unique type of while blwd cell (namely an innate lYmphoc￿e 3 (ILC3)1 may have a role allowing endometrium lo persist al ectopic locations resulting in endometriosis. Emily Whetllock is a third Borne-funded PhD student in Dr Male's group". Her project studies uterine NK ells which promote the implanlation of the placenta in early pregnancy. Emily has published las co-first author} protocols for isolating singSe cells from third trimesler uterine tissues. This will be a resource for other scientists seeking lo undertake single-cell analyses on these tissues, including the BUMP collaboration { lock et al 2022 Oxloi"d O n Itnniun Dr Brendan Browne is a Borne funded trainee obstetiician doing a PhD wilh Prof Mark Johnson. mapping the human pregnant uterus - an integrated approach to determine the triggers for labour. By building on current knowledge of potential labour initiators relevant to term pregnancies, Brendan will further describe and characterise the tmnscriptomics of parturition in humans. particularly focusing on their spatial and temporal aspects that form the largest gaps in knowledge. Fosterlng Inter-dlsciplinarycollaboration In March 2024, Borne held a second meeting of the Borne Collaboralive - our group of global preterm birth experts convened by Borne Founder Prof. Mark Johnson. The role of the Collaborative is to jointly challenge and find answers lo what is holding back the advancement of preterm birth research and how Borne can direcl its efforts to accelerale progress so that we can work towards our aim of preventing babies from being born too soon. This meeting coincided with the Society of Reproductive Invesligation's ISRI) 71 st annual meeting in Vancouver and included the most preeminent scientists and researchers from around the world. At this full-day meeting in Vancouver, we focused on developing and advancing the outcomes from the previous meeting in Los Angeles in November 2023- which conceived the idea of current BUMP project The meeting began by exploring the latest dala from our flagship BUMP projecl (BortTre Uterine Mapping Project> and receiving updates on the project from the King s and Imperial-les feasibility teams. In addition to reviewing BUMP and reaffirming the value to the community of what we call 'big BUMP". the Collaboralive also considered how we would structure irials of novel therapeutics, what information we would need lo provide befoie we could expect FDA (US F(K)d & Drug Administralionl approval, and what support eXi￿ed in Ihe NIH (National InstitLJtes of Health) for oui work. Within this frameworl we explored what maternal and neonatal samples we should collect and what we could do with those samples. The Borne Foundation Page16 Trustees Report at 31 March ?024 Lastly, the Collaboralive considered how the prevention of preterm labour might be improved with the use of the progestogen R5020 and other potential therapies. includ5ng IVIG. IL-6 and IL-1 antagonists. The Borne Collaborative is providing Borne with global scientific leadership and ideas. Only by working together can we achieve the OLJtcomes that will lead to an end to premature birth. Borne would like to Ihank all the contributors and attendees of this meeting who have made a tangible step towards succeeding In our mission. Separately from the Collaborative oulputs, we are the lead funder of Kings College London's INSIGHT biobank - a highly successful and long running pregnancy cohort providing a unique bioresource thal underpins research into spontaneous pretertrk birth. Using samples collected from over 2,500 women during the firsl 24 weeks of pregnancy, the bioresource furthers our understanding of pregnancy. identifies new biomarkers for risk of preterm birth, and develops and tests new interventions and predictive tools. Using this data, we are supporting over 13 projects, 9 Pho sludents. 5 commercial collaborations, and a randomised clinical trial of preterm birth interventions. Most notably we have identified that certain lypes of bacteria and associated molecules in the vagina can help predict preterm birth. Wilh commercial collaborators, we are also using these results to develop a test which can identify at risk women. Borne co-funded research with Actlon Medical Research- a leading charity funding research on mothers and children In a joint collaboration wilh Action Medical Research, we have invested to date over £1.4 million into 8 research projecls, furthering our understandino of why babies are born too soon. Two of these projects completed in 2023. • Professor Rachel Tribe. along with Dr Natalie Suff and Dr Deena Gibbons at King's College London, have been funded for a project entitled Developing immunotherapy lorpTrvention ol spontaneouspretennbirth. The study explored a newiherapy aimed at preventing preterm birth. By using decidual slromal cells to reduce inflammation. Initial results show promise in delaying preterm birth and protecting fetal brain health. • Professor Mike Taggart. Stephen Robson. Dr Paul Ayuk and Dr David Simpson at the University of Newcasile lead Preterm birth Ch8r8clensation of human tissue-specific proteomes to inform the developn7ent of new tre8tments forpregn8ncycomplic8tions. Their groundbreaking research has identified key molecular targets that could lead to new treatments for preventing preterm labour In addition. we have three ongoing projects jointly funded with Action Medical Research • Dr Victoria Male at Imperial College London is leading Underst3nding how labour sf3rts to uncover new w8yS to prevent spontaneous preterm birth. Her aim mis to determine whether these immune cells trigger labour. Her team of researchers have found evidence suggesting that these cells can switch on genes Ihal activate an immune response in the surrounding tissues and help the waters break. Dr Male and her team now plan to study these ￿lIS isolated from pregnanl women at full term, either not in1abour, or have entered the early stages of labour. The team will then use the same approaches to start invesligating whether similar M￿hanismS are involved in starting labour too soon. • Professor Simon Waddington at University College London is leading Developing 8 new antim￿robl81 Iher8Py that can help prevent preterm 18bour in won7en at high risk. Current prevenialive treatments for preterm birth are largely ineffective and innovalive slrategies are urgent5y required. Using a mouse model of preterm birth, Professor Simon Waddington at The Borne Foundation Page17 Trustees Report at 21 March 2024 event possible. A special mention goes to Borne Ambassador Alistair Petrie. whose impromptu live auction captivated attendees and played a crucial role in exceeding our fundraising goals. In November 2023, we were thrilled to see the retufft of Borne to Dance. hosted by Borne Patron Dame Darcey Bussell DBE and Borne Ambassador Michael Nunn OBE. For the third Borne to Dance event, we were overwhelmed by the support by so many who dedicated their hard work and time to stage a Ljnique evening of performance and dining In support of our mission. We extend our heartfelt thanks to Dame Darcey Bussell and Michael Nunn. as well as to all the performers from The Royal Ballet School, Ramberl. The Royal 8allet. The English Nalional Ballel, Birmingham Royal Ballet and Reinoud Ford, who getierously gave iheir time to bring the evening to life. We are particularly grateful for Ihe dedication and inspiration of our trustee Charlotte Moffat who ensured that the event was the success that it was. We also appreciate the support from our wine sponsors" IG Wines, Domaine des Jeanne and SGC Wines. And, of course, our sincere thanks to those who attended and donated to Borne that evening we deeply appreciate your conlribulions. Borr)e also successfully participated the Big Give Christmas Challenge campaign for the fourth con5ecutiveyear. surpassing our ambilious target by raising over £1 00.000 through this matched funding initialive. We are immensely grateful io Matk Ryeland and Howden Insurance Brokers, Health & Care Division for championing Borne as the match funder for this fundraiser. We also extend our heartfelt thanks to Charles and Oerica Noall for their generous contribution during the Big Give. which was instrutnental irn helping us meet our target. Additionally, a huge thank you to our Borne Ambassador5- Ellie Gibson, Alistair Petrie. and Erin O'connor- who promoled the campaign across iheir social media networks. As always, we are profoundly grateful to our Foundation Donors whose ongoing financial contributions have continued lo support the core of the charitys work this year. These generous donors include Blake and Michael Oaffey, Charlotte and Andrew Moffat, Lynn and Majid Jafar. Razan Jafar and Adnan Said, Fiona and Julian Mylchreest, Derica and Charles Noall, Hetly and Nick Pye. Francesco and Charloite Vanni d'Archirafi, and Howden Insuran￿ Brokers, Health & Care Division. We would also like to sincerely thank the following Trusts and Foundations who believe in our work and have suptxjrted us this year.. The Arlson Charilable Trust, The CA Redfern Charilable Foundation. Foundation Dr Corinne Schuler. The Edwina Mountbatten & Leonora Childrens Foundation, The George Goodsir Charitable Foundation, The Orr Mackintosh Foundation. The Sackler Trust. The Shramore Trust, The Sumner Wilson Chaiilable Trust, and The Vaseppi Trust. 8orne conlinues lo strengthen our partnership with ihe retailer John Lewis. We are pleased lo announce Ihat for the second consecutive year. we have signed a Contract with Johri Lewis to carry a range of premature baby clothing. A percentage of the proceeds from full-price sales will be donated to Borne. This initiative not only supports our mission but also empowers parents of premalure babies, providing them with more control and choice in how they dress their little ones. We are incredibly grateful lo Dom Lynch, who nomirlated Borne for BTIG'S Charity Day. Thanks to his nornination and ihe votes we reee1ved. primarily from the US, we secured a valuable contribution. This marks an excellent start to the relationship with BTIG and opens up further opportunities in the future. A big thank you to the numerous events and community fundraisers across the UK who have supported us by completing marathons, half maiaihons, cycling events, and baking cakes. Particular note goes to Genie Vallance and her friends. At just 18. they walked the equivalent elevation of Kilimanjaro over two days in Ihe Yorkshire Dales, covering 26 miles with a l 0,000 ft ascent in 30 hours to replicate the Shira Route c>f Kilimanjaro. Their remarkable effort raised over £5,000 for Bornes groundbreaking research. The Borne Foundation Page19 Trustees Report at 31 March 2024 A special mention goes to the wonderful Norland Place School for inviting us to their assemb5y. where Borne Scientist Brendan Browne had the opporlunity lo piesenl and educate the children about Borne's mission and the itnportance of scientific research. Their support continued as they helped raise a subslantial amount at their school fair, conlribuling significantly to our vital work. Thank you to those who have made donalion in memory of a loved one, or in lieu of a wedding present (Lily Noall and Husband) or birthday gift (Tania and John Samonasl. Your boundless generosity and belief in our mission are deepty appreciated. Thank you for spreading awareness of our vital work among your loved ones. We would also like to acknowledge the Friends of 8orne, whose regular gifts are able to give us the confidence lo fvnd the best research. We could not Continue our research efforts without your unwavering support. Borne upholds strong fundraising practices in accordance with the Fundraising Regulator's updated Code of Fundraising Practice. We do not seek donations via professional fundraisers, telemarketing. or door- to-door collections. Borne's privacy notice is compliant with GDPR and dala protection laws. and we have an active complaini handling procedure available on our website. To date, we have not received any complaints. Looking ahead As the Iwo BUMP feasibility studies come to an end, it is already clear that we should have the basis for moving forward and scalin9 into a second phase of BUMP- what we c811 'big BUMP.. With the protocols established and our processes proven, a shift is already underway in the final months ol the feasibilily work to focus further onto preterm samples. Transilioning into this second phase, we also are aiming to expand the programme- not only within our existing sites bul also looking al securing the funding to be able to implement a broader site expansion and ensure a deeper and broader sample pool. We will also expand the scope of BUMP by leveraging cutting-edge technologies that have only emerged over the last two years. These advancements promise the ability to analyse womb iissues al an unprecedented level of detail, providing more options to drill down into the biology of what's happening before and during Fab￿r. In parallel as Ihis financial year has ended. we have also been refreshing our Scientific Advisory Board as Ihe current board enters its final year of the full six-year commitment. On this basis, we are delighted io have appointed our new Chair of our Scientific Advisory Board, Prof Lucilla Poston, who will spend the next few months recruiting new members and helping us to define our strategic research prior11ies going forward. Lucilla is currenlly Professor of Maternal & Fetal Health at King's College London and previously held the prestigious Tommy's ChaiT of Maternal & Fetal Health and Felal Research Unit at St Thomas, Hospital. Honoured wilh a CBE in 2017 for her services to women's health. Lucilla was also recently listed among the top 1000 female scientists in the world by Research.com We also extend our hearifell thanks to outgoing SA8 Chair Professor Tom Ma¢Donald for his six years of transformative leadership, during which Borne achieved AMRC accreditation. Following two successful meetings of Ihe Borne Collaborative in Los Angeles and Vancouver, we will continue to bring together this international group of renowned preterm birth experts lo help achieve our The Borne Foundation Pagello Trustees Report al 31 March 2024 research ambition. They will work in close collaboralion with our founder Professor Mark Johnson and with Lucilla and our new Scientific Advisory Board We have also successfully incorporaled a new subsidiary in the USA and have applied for 501 (c)3 status. This legal entity, called Borne USA. will allow us to conduct research trials in the US, as well as open an avenue for major project funding. Early in 2024 we produced and launched our first podcast series, called The Borne podcast, featuring Borne Ambassa(Sors Ellie Gibson and Caro Tasker alongside borne founder Prof Mark Johnson. The podcast allows us to grow awareness and reach a new audience, and we will continue to produce new episodes so ihat we can release season Iwo later this year. We will continue to build upon our hugely added value partnerships with Aclion Medical Research (AMR} and the Medical Research Council IMRCI, with guidance from the Association of Medical Research Charities (AMRCI. And lastly, we will continue to develop talent and build capacity by funding Clinical Research Training Fellowships (supporting clinicians to undertake a PhD or other higher research degree). and through our CaFeer Developmenl Award (supporting talented post-doctoral researchers to transition from post- doctoral researcher to independent investigator}. FINANCIAL REVIEW Financlal summary of the year A summary of the year's results can be found on page 20 of this report and accounts. During the year ended 31 March 2024, we raised total income of £l.000,931 12023 - £1,189,013). We re￿iVed restricted income tolalling £3,000 (2023 - £325.000}. Expenditure totalled £1.154,686 {2023 - £1,132.3161. of which £730,760 (2023 - £836,786) was spent on Charitable Activities. Expenditure utilising restricted funds lolalled £1.240 {2023 - £325,000). The charity kept its operating overheads in line with 2023 levels. See notes 6 and 7 of the accounts. Net expenditure reduced Ihe eharity's reserves by £153,755 (2023 - net income £56.6971. The balance sheet shows total ieserves of £1.702,639 (2023- £1,856.294). £4.342 {2023- £1.326) relaie to fixed assels leaving a balance of £1.698,297 {2023- £1.855,0681. Of this £1,760 12023 - £Nil) are restricted funds, and £1,381,944 12023 £1,470,426) has been designated by the trustees, reflecting the fact that these funds are already spoken for and commilled to specific multi-year projects and aclivilies. This leaves free reserves at year end of £318,935 (2023 £385,968), which gives us coverage of just under l year of running costs, enabling the Charity to invest in ¢onfidence in the future. Grant making policy As a member of the Associalion of Medical Research Charities (AMRC}. Borne follows their guidelines for best practice in peer review. Grants are awarded on scientific merit in relation to Borne's research strategy and on the basis of open competilion. The quality of the applicalion and applicants is the key determinant of outcome. The Borne Foundation Pagelll Trustees Report at 31 March 2024 Borne funds research projects in theirentirely, and also contributes part-funding to projects in partnership with others. We fund through a competitive pr(Kess'. • The core salary costs of scienlisls and clinicians that lead the research originating from a UK research institution. + Technical slaff and research midwives involved with clinical work and sample collection and processing + Postgraduate studentships, fellowships and lectureships • Laboratory consumables and equipment that are required to conduct the research studies Applications for funding are reviewetl by Bornes Scientific Advisory Board (SAB) who also consult external expert peer reviewers. The SA8 provide comment to the Borne Board twice a year on funding recommendations and Born+funded researcheFS' ability to deliver its scientific mission and maintain scientific excellen￿. Borne co-funds up lo £500,000 of independent research projects or) a 50'.50 b8SlS Wlth Action Medical Research IAMRI into the causes and prevention of preterm birth. AMR'S Scientific Advisory Panel will ensuie an oper), transparent, independent and impartial review of grant applications for funding. 8orne also has an agreement to co-fund Clinical Research Training Fellowships and a Career Development Award foi a postdoctoral scientist in our chosen area of interest ihrough the UKRI'S Medical Research Couneil. who will ensure the fellowships are awarded in open competition to a high standard. Reserves policy The board is committed to ensuring a sound financial base for Borne's work and activities. Borne's reserves policy is set with reference to Charity Commission guidelines lo ensure resilience in managing through reasonable levels of risk and fund unforeseen but necessary expendilure while maximising the flow of donated funds to research. Borne's funding is diversified across a portfolio of supporters. from individuals to companies and trusls and foundations. The Board has determined that as a malter of policy, free reserves to meet an UneXp￿ted call for funds will continue to be set at 6 months of opefaling expenditure for the Charily. Borne will continue ils provision to meet grant eommilmenls for 12 months. The provision for joint funding with Action Medical Research and the Medical Research Council will be laken when the beneficiaries for each grant round are approved. After taking into account our reserves policy as sumtnarised above, Borne is within the Board s target range for the year. Unreslricted funds, after fixed assets are £1,696,537 (2023 - £1,855,068), and the trustees have designated funds of £1,381,944 {2023- £1,470,426) to meet committed grant expenditure from 2025 to 2027. This leaves free reserves of £314.59312023- £384,642), which include £200,000 set aside for contingencies (6 months of operating expenditure). Risk managemenl The charittys main areas of Potential risk as identified have been assessed considering the current challenging ecorK)mic clirnate following the longer-term repercussions of the pandemic. global conflicts The Borne Foundation Page l 12 Trustees Report at 31 March 2Q24 and cost of living pressures. These are risks that we have in common with other oiganisations, both within and t￿yond the charity sector. They include.. + Cashflow sensitivity which is addressed ihrough Borne's reserves policy and close management of financial flows, significant mulli-year donor relationships. as well as the disciplined monitoring of grant Commitments. • Compliance with data protection regulation (GDPRI with regards to fundraising and donor comrrkunication by revising and documenting our policies and procedures as a data controllei as well as maintaining a GDPR-compliant CRM platform foi the charity. + Ensuring donor activities, business dealings and reputation do nol adversely impacl Borne's reputalion by aclivating Know-Your-Donor (KYD) and anti-money laundering checks for prospective new donors while maintaining oversighi of the aclivities of all related part1es. + Loss of business continuity due to an IT or cyber securily breach. the risk of which I mitigated in consulialion with out oulsourced IT support provider, Chalkline. • Reputational risk based on the scienlific integrity and impacl of the research that is funded. This is addressed by the Scientific Advisory Board's independent and critical evaluation of the researchers, ability to deliver its scientific mission and maintain scientific excellence. answerable to Borne's Board of Trustees. Borne's risk managemenl assessment and risk register are reviewed wilh the Finance and Risk Committee Iwice a year, and actions recorded accordingly. Financial controls revlew The trustees report ihai the charitls iniernal financial controls conform to guidelines issues by the Charity Commission. The systems of financial control are designed to provide all reasonable but not absolute assurance against misstatement or loss. They include an annual budget approved by the trustees.. regular consideration of actual financial results compared with the budget at quarterly Board meetings., the authority to spend within defined limits", the consideration of risks by Iruslees and the Chief Operating Officer of the charily". and the segregation of duties to the extent possible across the different functions within the charity. StRUGtURE GOVERNANCE AND MANAGEMENT The Borne Foundalion (Borne) is a charitable company limiied by guarantee incorporated on 22 September 2015 and registered as a charity on 13 May 2016. The objects and powers of the charilable company are set out in. and governed by, its Articles of Asswiation. Borne is governed by a Board of Directors, the members of which are also the Irustees of the charity for the purposes of charity law. which meets at least four times a year_ The Board sets the strategic goals of Borne, reviews the pursuit of charitable objectives, establishes poliry and procedures. monitors financial stalus with fiscal oversight. ensures compliance with legal requirements and both enhances and protects the reputation of ihe organisation as ambassadors and advocales. The Borne Foundation Pagel 13 Trustees Report at 31 March 2024 Borne's Chief Executive Officer and Chief Scientific Officer are jointly responsible for the research priorities, financial health and resource management of Borne accountable to the Chair of the Board. The COO ensures operational and project delivery to the highesl standards in line with the charilys values and mission. She is also responsible for coordinating a proaciive programme of income generation, managing fundraising, donor relationships and overseeing associated donor stewardship programmes as Borne charts a course for growth. DirectorslTrustees The diiectors/trustees who seNed during the period weie as follows". Trustees ointed/Resigned TT NAacDonald HMPye F P V dArchirafi R Jafar C L Moffat J R H Mylchreest Resigned 16th May 2024 Appointment of tnjstees New trustees are identified and nominated by existing trustees. They are selected by majority vole. To be considered for information, prospeclive trustees must confirm that they will accept the expectations of the role which, in addition to statutory crileria, include 8clively participating in at least one fundraising event a year and serving on at least one committee or working group. Induction of new trustees All new trustees will be required to complete Companies House documenlalion, a Declaration of Interests to identify potential conflicts of interest and confirm they are eligible to act per the qualifications under the Charities Act. The direclors Consider that Board of trustees, the Chief Executive Officer and ihe Chief Scientific Officer comprise the key management personnel in charge of direcling and controlling, running and operating the charity on a day-to-day basis. Remuneration of key management personnel All trustees and the founder / Chief Scientific Officer give Iheir lime freely and no remuneration was paid in the year. All other key management personnel. including the CEO. have their remuneration reviewed annually and adjusted in accordance with performance and earnings. In view of the nature of the charity, the Iruslees benchmark against pay levels in other charities with a similar profile. The remuneration benchmark in the range paid for similar roles. STATEMENT OF TRUSTEE¥ RESPONSIBILITIES Thetrustees are responsible for preparing the truslees. report and the financial statements in accordance with applicable law and Uniied Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Borne Foundation Page114 Trustees Report at 31 March 2024 The law applicable to charities in England and Wales requires the trustees to prepare financial slatements for each financial year which give a true and fair view of ihe Slaie of affairs of the charitable company nd of the income and expenditure of the charitable cornpany for that period. In preparing these financial statements, the trustees are required to.. • Select suitable accounting policies and then apply them consistently,. • Observe the methods and principles in Accounting aTrd Reporting by Charities." Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable to ihe United Kingdom 8nd republic of Ireland (FRS 102)". + Make judgements and estimates that are reasonable and prudent., • State whether applicable Uniled Kingdom Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial slalements", and • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose wilh reasonable accuracy at any time the financial position of Ihe charitable company and enable them to ensure Ihal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe Company and the group and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the trustees confirm that- • So far as the Iruslee is aware. there is no relevant audit information of which the ¢ompanWs auditor is unaware., and • The trustee has taken all the steps that helshe ought to have taken as a director in order to make himselflherself aware of any relewanl audil information and to eslablish that the company's auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. Approved by the Directors and signed in their behalf by Jiio J R H Mylchree Chairman of the Board of Trustees The Borne Foundation Pagel 15 Independent Auditor's Report at 31 March 2024 Independent Auditorfs report to the members of the Borne Foundation We have audited the financial statements of The Borne Foundation Iihe'charitable company'l for the year ended 31 March 2024 which comprise the Statement of Financial Aclivities, the Balance Sheet and notes to the financial statements, including a summary of significant accounling policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting S18ndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. Give a true and fair view of the state of the ch8ritable companys affairs as at 31 March 2024, and of its incoming resources and application of resources. including its income and expendilure, for the year then ended,. Have been properly prepared in accordance with United Kingdom GenerallyAc¢epted Accounting Practice,. and Have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Internalional Standards on Auditing (UK) IISAS (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 charitable company in accordance with the ethical requirements ihat 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 a¢¢ordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions ￿lating to going concern In auditing the financial statements, we h8ve concluded thal the trustees, use of the going concern basis of 8ccounling In the preparation of the financial statements is appropriate. Based on thework we have performed, we have nol identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on ihe charitable company's ability to continue as a going concern for a period of at least twelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concern are described in the relevant seclions of this report. Olher Snformation The oiher information comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report ihereon. The trustees are responsible for the other information contained within the annu81 report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assufftnce conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is tnaterially inconsistent with the f1nancial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine The Borne Foundation Page116 Independent Auditor's Report al 31 March 2024 whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thal Ihere is a material misstaternent of this other information. we are required to report that fact. We hève nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of the audit.. The information given in the trustees, report for the financial year for which the financial statements are prepared is consistent wllh the financial statements,. and The trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and underst8nding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in ihe trustees. report. We have nothing to rewrl in respect ofthe following matlers in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. Adequale accounting records have not been kepl, or returns adequate for our audit have not been received from br8nches not visited by us". or The financial statements are nol in agreement with ihe 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", or The trustees were not enlilled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, ￿pOrt and from the requirement to prepa￿ a strategic report. Responsibilities of trustees As explained more fully in thetrustees, responsibilities statement, Ihelruslees (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 s8tisfied ihat theygive a true and fair view, and for such internal control as the Irustees 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 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 truslees either intend to liquidate the charitable company or to cease operations. or have no realistlc alternative but to do so. Auditors. responsibilities for the audit of the financial ststements Our objectives are to obtain reasonablè 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 The Borne Foundation Page117 Independent Auditor's Report at 31 March 2024 includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audil conducted in accordance with ISAS (UK) will alw8ys detect a materi81 misstatement when it exists. Mis5t8tements can arise from fraud or error and are considered material if, individually or in the aggregale, Ihey 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 detettt material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. The engagement partner ensures that the engagement team collectively have the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. We identify the laws and regulations applicable to the charitable company through discussion with trustees and oiher managemenl and from our knowledge and experience of the sector that the charitable company operates in., We focus on specific laws and regulations which we consider may have a direct material effecl on the fin8ncial statements or the operalions of the charitable Company, including the Companies Act 2006 and charity focused accreditations such as AMRC, Nation81 Institute of Health Research and Pregnancy and Babies Charity Network.. We assess the extent of compliance with the laws anci regu18tions idenlified above through making enquiries of management, reviewing bo8rd minutes, relevant correspondence 8nd certificates held,. and Laws and regulations are communicated wilhin the audit team at the planning meeting, and during the audit as any further laws and regulation are identified. The audit team remain alert to instances of non-complian￿ throughoul the audit. We assess the susceptibility of the charitable company's financi81 statements to material misstatement, including obtaining an understanding of how fraud might occur by. Making enquiries of management and the Board as to where they consider there was susceptibility to fraud along with their knowledge of aclu81, suspected and alleged fraud., Considering the internal controls in placeto mitigate risks of fraud and non-compliance with laws and regulations., and Our review of financi81 statemenls and testing the disclosures against supporting documentation. To address the risk of fraud through management bias and override of controls we.. Perform analytical procedures to identify any unusual or unexpected trends or anomalies., Inspecl and test journal entries to identify unusual or unexpected transactions.. Assess whether judgement and assumptions made in determining significant accounting estimates, including the probability of receiptof income from donations pledged but not received, are indicalive of managemeni bias.. and The Borne Foundation Pagel 18 Independent Auditor's Report at 31 March 2024 Investigale the ffttionale behind significant transaclions, or transactions that are unusual or outside the charitable company's usual course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves inlèntional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statemen15 is located on the Financial Reporting Council's website at". www.frc.org.ukl8uditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely lo the charitable company's truslees, as a body, in accordance with Parl 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable comp8nys Irustees those malters we are required to state to them in an auditors report and foi no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and ihe charitable company's trustees as body, for our audit work. for this report, or for the opinions we have formed. Ben Bra y (Senior Statutory Auditor) For and and behalf of Bames Roffe LLP Chartered Accountants and Statutory Auditors Charles Lake House Claire Causeway Crossways Business Park Dartford, Kent DA2 6QA The Borne Foundation Pagel 19 Slatemer)t of Finrlncial Activities (Incorporating an Income and Expenditure Account) for Ihe year ending 31 March 2024 Yearended 31 March Unrestricted 2024 funds Year ended 31 March 2023 Notes Unrestricted fund5 Restr￿ed funds Restrieled funds Ineome and expenditure Inwme from.. tk>nations 667,129 3.0 670,129 570.145 325,0(K) 895.145 Other Irading ￿t￿ltieS Inve8tnEnt income 262.553 262,553 259.766 25g,766 fa.249 68.249 30,986 30,986 Other income 3.116 3.116 Totsl I￿orne 997.931 3,0 i.rA)0.931 864,013 325.000 1,189,013 Exwditure oi.. Raisng funds chaii18ble actiwlies 422.686 1,240 423.926 295,530 2g5,530 730,760 730,760 511.786 325.000 836,786 Total expenditure 1.153.446 1,240 1,154,686 807,316 325,000 1.132.316 Net lexpenditurel ir and net rn￿￿nt in funds 1155.515) 1,760 1153,755) 56.697 56.697 Transfer between fu￿18 19 Re¢on¢Ki8tKJn of funds.. Balances brought fotward at l April 2023 1,856394 1￿56￿94 1,799.697 1.799,697 Funds ba1￿CeS carried forward at31 MaKh 2024 16 1.700,879 1.760 1.702,639 1,856.394 1,856,394 All of the above results are derived from conlinuing aclivilies_ All recognised gains and losses are included in the above statement of financial activrties. The 8orne Foundation Page120 Balance Sheet at 31 March 2024 Notes 2024 2023 Fixed Assets 4,342 1,326 Current assets Oebtors.. amounts falling dve after one year Debtors.. amounls falling due within one year Investments 127.wo 536,201 595,000 263,300 498,923 425.604 Cash at bank and in hand 1,846,081 2.030.468 3.104,282 3,218,295 Liabiltties Ciediiors.. amounts falling due within one year Net current assets 14 {1.405.9851 1,698,297 11,363,227) 1,855,068 Total net assets 1.702.639 1,856,394 The funds of the charity. Restricted fullds 16 1,760 Unrestricted funds.. 17 0es1gnaled funds General funds 1,381,944 1.470.426 318,935 385,967 1.702,639 1,856,394 Approved by the trustees and signed on Iheir behalf-. JLI J R H Mylehreest Chairman of the Board of Trustees CompawFlegisiraiion NwntEr.' 09788534 IEnglandand Walesl The Bome Foundatio Page121 Statement ol Cash Fluws for the year endinq 31 March 2024 Year ended 31 March 2024 Year ended 31 March 2023 Noles Cash flows from operating actwil￿$'. Net cash (used inllprovided by operating activities Net cash (used inllprovided by investing aclivities Change in cash and cash eouivalents in the year (78,9391 105,448 {I84,3871 79.253 670,087 749,340 Cash and cash equivalents al LEginning of the year 1030A68 1,281,128 Cash and cash uivalents al 31 Mafch 2024 1.846,081 2,030,468 Notes to the slatement of cash flows for Iheyear to 31 March 2024. Reconciliation of [￿t movemenl in funds to nei cash provided by operating a¢livities Yearended 31 arch 2024 Year ended 31 Maich 2023 Net movement in funds (os the statemenl of financial artivities) Adjustments for. Decrease/l1nereasel in debtors Increase in t￿dItorS Depreciation Investment income {153.755) 56,697 99,021 42,757 1.287 (68.249) (223,3401 276,086 796 120,9861 Net cash used in rovided b eiatin activities 8,939 79,253 Cash flows from investing activities Yearended 31 March 2024 Year ended 31 March 2023 Purch8se of fixed assets ISalellPur¢hase of current asset investments Bank interest received 4,303 1178.000) 68,249 295 638,806 30,986 Total cash flows from investin actwitieg 105,448 670,087 Analysis of cash and cash equivalents Year ended 31 March 2024 Year ended 31 March 2023 cash at bank and in hand 1,846,081 2,030,468 Total cash and cash e uivalents 1,846.081 2,030,468 The Borne Foundation Page | 22 Principal Accounting Policies at 3-1 March 2024 The princip81 accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. Basls of preparation These financial statemenls have been prepared for the year ended 31 March 2024. Comparative information Is provided for the year ended 31 March 2023. The financial statements have b*n prepared under the historical cost convention vvith items recognised atcost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statemenls. The financial stalements have b￿n prepared in accordance wilh Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) Énd the Companies Act 2006. The charily constitutes a pub5ic benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement Preparation of the financial statemenls requires ihe Irusiees and managemenl to make significant judgements and estimates. The ilems in the financial stalements where thesejudgements and estimates have been made include.. + Assessing the probability of receipt of income from fundraising events and donations pledged but noi received", • Allocation of support and governance costs,. + Grant commitments payable in the firlancial year., + Estimalion of the value of donated gifts and services in kind: and • Assessing depreciation rates. Assessment of going concern The trustees have assessed the appropriate use of the going concern assumptions In preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of appioval of these financial statements. The Irustees have reviewed the charity's cashflow and reserves position in relation lo research commitments and operating overheads. Assuming a worsl-case scenario of the charily still being restricted on certain fundraising activities. there are sufficienl reserves to meel all outstanding research comTnilments. and ihe ch8rity's operating overheads for al least 6 monihs as at July 2024. The 8ome Foundation Page | 23 Principal Accounting Policies at 3-1 March 2024 The trustees, view is the charity has a strong. purposeful case for supporL ambitious plans to engage more broadly with the scientific community in this field, and the intention to continue lo build in more resilience lo ihe fundraising model. They are confident that Borne are in a good position to continue to weather this period of fundraising and economic uncertainty in the short and medium term. On this basis, Ihe accounts have been prepared on a going concern basis. Income recognition Income is recognised in the period in which the charity has entitlement of the income, the amount of income can be measured reliably, and it is probable that the income will be receiveij. Income received byway of donations and gifts to the charity is included in full in the statement of financial aclivilies when receivable. Donations are recognised when ihe charity has confirmation of both the amount and seiilement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event ihat a donation is subject to conditions that require a level of performance before, Ihe charity is entiiled to Ihe funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilment of those conditions will be fulfilled in ihe reporting period. Donations from Foundation Donors are recognised once the donor has signed an agreement to fund the charity (usually over a period of three years) and it is probable that economic benefit will pass to the charily. Gift Aid receivable is included in income when Ihere is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor of the terms of the appeal have specified otherwise. Income from fundraising events is accounted for when entitlement has been satisfied. usually once an event has taken place. Donated services and facilities provided to the charity are recognised in the period when il is probable that the economic benefits will flowlo the charity. provided theycan be measured reliably. This is norm311y when ihe service is provided. An equivalent amount is included as expenditure. Donated services and facilities are recognised on the basis of the value of the gift to Ihe charity which is the amount the charily would have been willing to pay to obtain facilities or services of equivalent economic benefits on the open market. Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by ihe charity," this is normally upon notification of the interest Paid or payable by the bank. In line with Charities SORP FRS 102 volunt￿[ time is not recognised and accounted for. Resources expended Liabilities are recognised as expenditLSre as soon as there is legal or constructive obligation commilting the charity to make a payment lo a third party, il is probable that a transfer of economic benefits will be required in setllement and the amount of the obligations can be measured reliably. All expendilure is accounted for on an accrual basis. All expenditure is stated inclusive of VAT. The Borne Fou[￿all0￿ Page124 Principal Accounting Policies at 31 March 2024 Expenditure comprises direct and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between aclivilies Is as follows.. • Expenditure on raising funds includes all expendilure associated wilh raising funds for the charity. This includes the costs of fundraising events, staff costs associated with fundraising and al all(talion of support costs. • Expendilure on chafltable activities includes all cosls associated with furthering the charitable purposes of the charity Ihrough the provision of its charitable activities. Such costs include charitable grants. research expenditure and an allocation of support costs. Grants payable are charges to the stalement of financial activities in the year in which Ihey are approved for payment and provision is made for grants agreed and approved but urlpaid at the year end. Support costs include governance costs and other support. Governance costs comprise 811 costs nvolving public accountability of the charity and Its compliance with regulation and good practice. Support costs include central functions and have been allocaled on the basis of time spent on the activities. Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £250 including irrecoverable VAT. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows.. • Computer equipment 4 years • Fixtures and fittings 4 years Depreciation costs are allocated to activities on the basis of the use of the related assels in those activities. Assets afe reviewed for impairmenl if circumstances indicate their carrying value may exceed their net realisable value or value in use. Debtors Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash re￿Ipl where such discounting is material. Current asset investments Current asset investments represent bank deposit accounls and instruments that are not available on demand and have a maturity of more than three months from the date of acquisition. Cash at bank and in hand Cash at bank and in hand represents such amounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. The Borne Foundalion Page125 Principal Accounting Policies at 31 March 2024 Creditors and provisions Creditors and provisions are recognised when Ihere is an obligalion al the balance sheet date as a result of a past evenl, it is probable that a transfer of economic benef1t will be required in seltlement. and ihe amount of the settlement can be estimated reliably. Creditors and provisions are rewgnised at the amouni the charily anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. Leases Rentals payable under operating leases, where substanlially all the risks and rewards of ownership remain with the lessor, are charged 10 the statement of Iinancial activilies over the life of the lease using the straight-line basis. Pension scheme Contributions in respect of the charitys defined contribution scheme are ch8rged to the statemeni of financial activities when they are payable to the scheme. Fund accounting Restricted funds are to be used for specified purposes as laid down by the donor. Expendilure which meets these criteria is identified to the fund. Unrestricted funds are donations and other income received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. The Borne Foundation Page | 26 Notes to Ihe Financial Slalements at 31 March 2024 Income from donations 2024 Totsl Unrestricted Restricted Trusts and Fourndations Corporate donations Individual donations Gifts and services in kind 163.750 12.448 490,931 163,750 15,448 490,931 3,000 2024 totsl funds 667,129 3.000 670,129 2023 Tof81 Unrestricted Restncted IrustsandFound8tions Corporate donations Individua/don3tl(￿S Gifts andseryicesin kind 58.489 26.624 484,682 350 383,489 26,624 484,682 350 2023tot8lfunds 570, 745 325000 895 745 Income from other trading activities 2024 Total Unrestricted Reslricted Fundraising events 262.553 262,553 2024 total funds 262,553 262,553 2023 Tot81 Unrestncted Restricted Fundraisinqevents 259,766 259.766 2023 totallunds 259,766 259.766 The Borne Foundation Page | 27 Notes lo the Financial Statements at 31 March 2024 Income from Investment activities 2024 Totsl Unrestricted Restricted Bank interest received 68,249 68,249 2024 totsl funds 68.249 68,249 2023 lot81 Unrestricted RestflGted Bankinteresrrewved 30.986 30.986 2023 tot81funds 30.986 30.986 Other Income 2024 2D23 Business Rales Refund General Operations 3,096 20 3,116 Expenditure on raislng funds 2024 Totsl Unrestricted Restricted Cost of fundraising events SLJpport costs (note 71 Staff costs (note 91 194.987 62.910 164,789 194,987 64.150 164,789 1,240 2024 total funds 422,686 1,240 423,926 2023 Total UnrestrKted Restncfed Costoffundraising events Supportcosts [rn?le 7) Staff costs (note 9) 74.079 72,905 748,606 74.079 72905 148,606 2023tola/fvnds 29&530 295,530 The Borne Foundation Page128 Notes to Ihe Financial Statements at 31 March 2024 Expendlture on charitable activities 2024 Total Unreslricted Restricted Staff costs {note 9) Research expenditure.. Imperial College grants King's College grants Queen Mary University London grants Medical Research Council grants Action Medical Research granls General Research Support costs (note 7) 130.830 130,830 229,905 94,513 10,417 46,610 122,732 47,750 48,003 229,905 94,513 10.417 46.610 122.732 47.750 48,003 2024 totsl funds 730,760 730,760 2023 Tot81 Unrestricted Restricted St3ff c()sls (note 9) Research expenditure.. /mper131Co//egegrants Kings Co//egeqrants Queen UniversityLondongrants MedicalRese&rch Councilgr3nts Action Med1081Rese3rch grants sUp%￿rtGo51S (note 7) 150, 187 150, 187 175000 750,000 350,533 168,284 25,000 45,254 34, T63 63,365 25.000 45.254 34. 163 63.365 2023 totalfunds 57 7,786 836,786 Support costs Expenditure on Raising Funds Charil8ble Activities 2024 Total Recruitment cosls and staff welfare General administrative expenses Marketing and publicity expenses Fundraising expenses Professional fees Office rental Consultancy Pension fees Governance costs.. Audiior's remuneration Other 6,760 10,914 4,502 2,095 360 8,667 7,120 19,581 4,502 2,095 4.308 12.000 53,432 192 4,308 5.311 20.350 84 6,689 33,082 108 8,910 13 8,910 13 2024 totsl funds 64,150 48.003 112.153 The Borne Foundation Page129 Notes to the Financial Statements at 31 March 2024 Expenditure on Raising Funds Charif3ble Actiwties 2023 lotal Recruitmentcosts andstaff welfare Gener818dn7inistrative expenses A18rkeling 8ndpub/icilyexpenses Fundtaising expenses Prolession8/fees Officerent81 Consult8ncy Pension fees Leg818dvice Governance costs.. Auditorsren7uner8tion Other 72,378 8,049 672 24.774 27.959 40.337 76.250 672 24, 774 4,698 12,000 29,379 792 350 4,698 6,032 7.757 96 350 5.968 21.568 96 8.265 73 8,265 73 2023totallunds 72.905 63,365 136.270 Net income before transfers This is stated after charging.. 2024 2023 Auditors remuneration.. Audit for currenl year 8.910 8.265 8,910 8,265 Staff costs and numbers and remuneration of key management personnel Staff costs were as follows.. 2024 2023 Salaries and wages Staff benefits Social security costs Pension contributions 255,295 1.043 22.777 16.504 254,183 8.041 25,891 10,678 295,619 298,793 During the year. no employee earned between £1 00.000 and £110,000 (2023 - one employee). The Borne Foundation Page130 Notes to the Financial Slatements at 31 March 2024 The average number of employees was as follows.. Average 2024 Average 2023 Raising funds Charilable activities Central support The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees, the Chief Executive Officer and Director of Fundraising. The total remuneration (including taxable benefits and employers national insurance) of the key management personnel for the year was £165,564 {2023 - £190,301). No trustees received any remuneralion for their setvices as a trustee. Expenses of £73 {2023 £42) were reimbLJrsed to ihe trustees 10. Taxation The chaflty is exempl from corporation tax as all its income is charitable and is applied for charitable purposes. 11. Tangible fixed assets Office Equipment Total Cost At l April 2023 Additions Disposals At 31 March 2024 9,372 4,303 5,OIOL 8.665 9,372 4,303 5,010 8.665 Depreciation At 1 Apri5 2023 Charge for the year Disposals At 31 March 2024 8.046 8,046 1,287 1,287 5,0IOL ￿5,0701 4,323 4,323 Net book val At 31 March 2023 1,326 1,326 At 31 March 2024 4,342 4.342 The Borne Foundation Page131 Notes to the Financial Statements al 31 March 2024 12. Debtors 2024 2023 Other debtors Prepayments Accrued income zooo 23.890 637.311 2.000 29.030 731.193 663,201 762,223 2024 2023 Due within one year Due after one year 536.201 127.000 498,923 263,300 663,201 762,223 13. Current asset investments 2024 2023 Bank deposit accounls 255.000 425.604 255,000 425.604 14. Creditors.. amounts falling due within one year 2024 2023 Trade creditors Grants payable Taxation and social security oiher creditors Accrued costs Deferred income 24,553 1,317,663 4,626 1.581 14,804 1254.g10 8.677 2,645 38.309 1,405,985 1,363,227 The Borne Foundatiorb Page132 Notes to the linancial Statements at 31 March 2024 Included in creditors for grants payable are amounts broken down by individual grants as set our below.. Acciual asat I April 2023 New Giant Expendiiure /Awards Total Accrual 2024 Costs Paid Name of Institution Pur ose Imperial College Lecturer and PhD Studentship 103,485 97,684 1105,348) 95,821 Imperial College studentship 26,154 12,6061 (23,548) Imperial College BUMP feasibility study 486.569 72,482 (86.153) 472,898 Imperial College PROMFfr project grant 73,286 62,345 {24,240) 111,397 Action Medical Research Research grants 72.723 122,732 138,5591 156,896 Kings College Project giant 24,256 19.405 124,2561 19,405 King s College BUMP feasibility study 446.353 75,108 188,4201 433,041 Queen Mary University Pilot granl 39,583 10,417 131,0371 18,963 Medical Research Council CRTF giant 45.254 46,611 145,370) 46.495 1,317,663 504,178 466,931 1,354910 asat i Apnl 2022 NewGr&nt Expendiiiire /Awwds Total Accruèl 2023 Costs Paid Nameoflnstitut Imper/alCollege PhDstudentships 92560 [1,055) (97.505} Imperi8lCo/lege LeGiure8ndPhD studentship 130,430 94,579 1721,464) 103,485 /mperialCollege Studentship 30,722 76,454 21,022} 26, 754 Imperialcollege BUMPfe8silNlilysluty 333,333 766,593 113,357) 486,569 Impen8lGollege PRoMpfwo]ectg￿nI 73,286 73,286 AciionMedic8lResearch Rese8rchgrants 67,076 34, 7&9 (28,576) 72,723 Kings College ProJeGtgrant 38,570 116, 777) 24,256 King> Gollege BUAIPleasitslitysfudy 333,333 766,667 [S3.647J 446,353 Oueenmaryuniversily lolgmnt 14.587 2&000 39,583 MedK8lReseareh Coun￿1 CRTFgrant 45254 45,254 1,040,847 The Bixne Foundation Page 133 Notes to the Financial Statements at 31 March 2024 15. Analysis of net assets between funds Restricted Funds Designated Funds General Funds Total Funds 2024 Fixed assets Nel current assets 4,342 314,593 4,342 1,698,297 1.760 1.381.944 Net assets at the end of the ear 1,760 1,381.944 318,935 1,702,639 Restricted Funds Designated Funds Gener31 Funds lot81Funds 2023 Fixedassets NetGurrent8ssets 1.326 384.642 1,326 7.855,068 7,470,426 Net8ssets atthe endofthe 7,470,426 385968 7,856,394 16. Restrlcted funds Atl April 2023 At31 March 2024 Income Expenditure BGP Trade Limited 3.000 (1.240) 1,760 Totsl restricted funds 3,000 (1,240) 1.760 At7 April 2022 At37 March 2023 Income Sxpenditure the Sackler frust rne George GoodsirCh8fltable frust 300,000 25.000 (300,000) (2&000) Tot8lreslrictedfunds The Sackler Trust donalion was committed to fund the BUMP feasibility studies awarded lo Imperial College London and King's College London, which commenced in 2022. The studies are set to be completed by the end of 2024. The George Goodsir Charitable Trust donation was committed to fund Dr Brendan Biowne's research project." The origins of labour. which commenced in late 2020. The project was completed at the end of 2023. The Boine Foundation Page134 Notes to Ihe Financial Statements al 31 March 2024 The BGP Trade Limited donaled £3,000 to the charity to fund the costs of producing a series of podcasts. launched in 2024. 17. Designated funds To allocate research grants to the relevant bodies, Borne must demonstraie thal the full research costs could be covered by the organisalion. Our practice is to hold in designated funds the amount needed to cover the full ￿search grants awarded. The intention is to fundraise foi the full amount with the designated ￿serveS rolling over to the subsequent year to provide a foundation for continued neonatal research. The income funds of ihe charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Atl April 2023 At31 March 2024 Designated in the year Utilised Imperial College London Action Medical Research King's College London Medical Research Council Queen Mary Unwersity BUMP Project- 2nd Phase 184,132 310,369 67,433 250,000 94,513 3,750 1229,905) 1122,733) {94,513) 146,610) 110.417) 21,660 437.636 465.508 10.417 500,000 421648 500,000 Total desi nated funds 1,470,426 415,696 504,178 1,381.944 Atl At37 M3rch 2022 Designated in theyear 2027 Utilised In7peKi8lCollege London Acti£￿ MedicalRese3rch Kings Col/eg&London MediGalRese8rch Council Ouee17 M3ry University SUA4PProject- 2ndPhase 399,353 250.1300 168.284 375.000 735,637 94,532 [350,852) (34, 163) {168,284J (45.254) (25.000) 784. 732 370,369 135762 70,417 500,000 500,000 Tot8/desi natedfunds 1,228,054 865925 [623,555) 7.470.426 The Imperial College designated fund is for grants Ihal have been committed to Imperial College belween 2025 and 2027. Al the year end, the charity agr￿d the grants payable lo Imperial College within the next year (Note 14) but has committed io fund a further £21,660 of grants for Ihe lecturer & PhD studentship award belween 2025 and 2026. The Action Medical Research designated fund is for joiT)i awards {50'.50) that have been committed to organisalions between 2025 and 2027. At the year end, the charity agreed ihe grants payable to Action Medical Research wrthin the next year (rK>te 14) but has commilted io fund a further E437,636 of grarits The Borne FOur￿allon Page135 Notes to the Financial Statements at 31 March 2024 (this includes £34,162 for Dr Male's study. £82,477 for Professor Shennans study and £70,997 for Professor Waddinglon's study) between 2025 and 2027_ A further £250,000 was designaled in the year, following the renewal of our agreement to collaborate on funding research identified Ihrough open competition peer review between 2024 and 2025 The UKRI Medical Research Council IMRC) designated fund is for Borne's portion (50."50} of a Clinical Research Training Fellowship ICRTFI award and a Career Development Award (CDA) for a post-docloral scientist transitioning lo independern￿ in our area of scierltific Interest. At the year end, the charity agreed the grant payable to the MRC within the next year (note 141 but has designated a further £422,648 of funds between 2025 and 2026 (including £47,648 committed for Dr Shreya Shelh's fellowship). The Queen Mary University award funds a pilot study looking to test the components that drive placental inflammation response. At the year end, the charity agreed the grant payable lo Queen Mary University wiihin the next year {nole 14). No further commitmenl was required at the year end. In the year. the charily designated £500,000 to fund the next phase of the Borne Uterine Mapping Project (BUMPI, following the expected cotnpletion of the feasibilrty study phases towards the end of 2024. The £500,000 is ihe first designation of funds towards ihe £3m or more needed to be raised before the charily can fully commit to the next phase of the project. 18. Designated commitments In addition to the granl creditors disclosed in note 14, the charity has the following grant commitmenls as at 31 March 2024 (from active awards}'. 2024 2023 Imperial College London Queen Mary University London Action Medical Research Medical Research Council 21,660 184,132 10.417 310,369 90.508 187.636 47.648 Tot81 commitmerrts 256.944 595.426 Further details of these grant commitments are included in note 17. 19. Analysis of movement between funds Ati April 2023 At31 March 2024 Income Expenditure Restricted funds Unrestricled funds 3.000 997,931 (1,2401 (1,153,446) 1,760 1,700,879 1,856,394 Total funds 1.856.394 1,000,931 1,154,686 1,702,639 The Borne Foundalion Page136 Notes to the Financial Slatements al 31 March 2024 At7 April 2022 At37 March 2023 Income Expendifure Restrictedfunds Unreslrictedfunds 325,000 864,073 (325000) (807316) 7,799,697 7,856,394 Tot8lfi/nds 7.799.697 7, 789.013 7, 732,376 7,856,394 20. Related party transactions During the year, trustees made donations under the terms of Foundation donor and other long-term agreements of £65.00012023 - £50,000), plus olher donalions and contributions to fundraising evenls lolalling £60.300 {2023 - £19,658). Al the year end. there were £305,000 (2023 £295,000) in the debior ledger for mulii-year gift commitments by trust￿s, of which E205.000 (2023 - £195,000) Is due within one year and £1 00,000 (2023 - £100.000) is due after one year. The Bome Foun(latio Page137