## **CHARITY REGISTERED NUMBER: 1172522** ## **THE HUMAN MILK FOUNDATION** ## **TRUSTEES' REPORT** **FOR THE YEAR ENDED 31 MARCH 2025** ## **THE HUMAN MILK FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Registered Charity Number:** 1172522 **Chair:** Tina Crombie; BSc, MSc, LLB **Treasurer:** Andrew Hopkins; BA,. MA, PGCE with QTS, Diploma in Bookkeeping and Accounting **Trustees:** Tina Crombie Dr. Gemma Partridge Emma Pickett Simon Morley Andrew Hopkins (appointed 11 September 2024) Andy Hodge (resigned 30 November 2023) Jim Rennie (appointed 21 March 2023, resigned 30 September 2023) **Registered Office:** Gossoms End Surgery, Victory Road, Berkhamsted, HP4 1DL **Independent Examiner** : Sandra Wise **Bankers:** Nat West Bank, 22 George Street, Richmond, Surrey, TW9 1JW HMF – 2025 Trustees Report 2 ## Contents Report of the trustees ............................................................................................................. 3 Financial review ..................................................................................................................... 5 Accounting and reporting responsibilities ............................................................................... 7 ## Report of the trustees ## **Governing document** ## **Trustees** The Trustees serving during the year under review were as follows: Tina Crombie (Chair) Andrew David Hopkins (Treasurer) Dr Gemma Partridge Simon Morley Subsequent to the balance sheet date, Julie Roff joined as a trustee 1[st] September 2025 and Andrew David Hopkins stepped down 31[st] December 2025. HMF – 2025 Trustees Report 3 ## community. The key features of the Charity's Public Benefit Statement are as follows:- microbiologically safe heat-treated donor milk to hospitals and families in the community facing ## resources. 4) Grant-making to the Hearts Milk Bank for the provision of donor human milk to families where no other funding for this resource was available. and oversight. We also wish to express deepest thanks to our partner corporate and charity organisations. Special mention is made of individual SERV and blood biker groups, who support the logistics of donor human milk collection and delivery every day at all times. We are grateful to our charity partner Epson UK for their continued support through fundraising, equipment, volunteering and the development of bespoke signage and internal promotional materials which helped to establish our presence within our new site in Berkhamsted. Our focus this year was on consolidation of the Hearts Milk Bank service within our new premises, improving our equipment and facilities, bolstering operations and strengthening internal processes, in readiness for our next phase of growth. Our income and expenditure remained stable year on year, with reserves of 2-3 months budgeted cash flows at year end. Provision of donor milk to hospital neonatal units remained our priority, with provision of community donor milk in regions where specific funding was in place to support this. In this financial year, 279 new milk donors were recruited, 3770 litres of donor milk pasteurised and 1881 litres were supplied to over 50 neonatal units across England and Wales, whilst 711 litres were supplied to families in the community. (2024; 244 milk donors, 3496 litres pasteurised, 1766 litres to hospitals and 809 litres to the community). HMF – 2025 Trustees Report 4 We recruited an additional full-time laboratory technician, following the promotion of our lab technician to Laboratory and Technical Services Lead. We also recruited an additional office administrator and a Finance Lead, bringing aspects of finance in-house and streamlining financial processes. We commenced a pilot community breastfeeding support project in Norfolk with a target cohort group of parents with diabetes, funded by Norfolk County Council through “Start for Life”. Donor milk provision was increased to support the project, through targeted donor recruitment drives in East Anglia and a national appeal on ITV news in 8 different regions. Training was delivered to regional healthcare teams and referral pathways established by our regional project co-ordinators (IBCLCs). The project demonstrated fantastic results with 92% of babies in our cohort receiving breast milk at 6-8 weeks (compared to the regional average of 52%). We were delighted that Norfolk County Council agreed to fund the project for a second year, to enable us to expand the programme further. Our work gained significant publicity this year through the success of the Norfolk community programme, national media coverage and our “Connecting Hearts” exhibition which toured the UK, featuring on BBC Wales and BBC Radio 4 “Woman’s Hour”. The Human Milk Foundation was chosen by Kate Quilton to receive charity winnings from her appearance on “The Weakest Link” programme on BBC in March 2025 (the winnings of £7,400 were received in April 2025). We were proud to collaborate with Swansea University and Imperial College London on research projects, including barriers to and disparities in being able to donate human milk, the Breast Milk Epigenetics Cohort Study, and the development of targeted resources for Muslim families on donor human milk and Milk Kinship led by Amina Hatia, Research Midwife, in collaboration with the British Islamic Medical Association and the Centre for Islam and Medicine. ## Financial review The Human Milk Foundation incorporating the Hearts Milk Bank total income during the financial year was £518,240 (2024 - £511,460) and expenditure was £512,035 (2024 - £515,308; previously reported as £529,638, due to accrual amendment in the prior year), which resulted in a surplus for the 2025 of £ 6,205 (2024 deficit of £3,848; previously reported as £18,178). 1. income from the provision of milk to NHS hospitals 2. 3. corporate partnerships 4. charitable grants 5. Total revenues from sale of pasteurised and traceable donor milk to NHS hospitals was £318,357 (2024 - £302,530). Other charity activities (donations, corporate partnerships, charitable grants and research collaboration) supplemented income with £199,883. HMF – 2025 Trustees Report 5 covering salaries and pathology costs for the provision of donor human milk. Total administrative costs were £206,381 (2024 - £188,213). In addition, total employment costs for paid staff were £233,592 (2024 - £264,581; previously reported as £278,911). This comprises £214,776 gross salaries, £13,225 of employer national insurance contributions and £5,591 of employer pension contributions. During the year, the co-founders of the charity, Dr Natalie Shenker and Gillian Weaver continued to provide support to the Charity on a consulting basis. Dr Natalie Shenker stepped away from an operational role in November 2024. Consulting services were also used to help deliver the Norfolk project. The total consulting fees paid during the year were £73,512 (2024 - £55,441). ## **Investment holding** A donor kindly gifted the charity shares provided by their employer. A total of 4,424 BP plc shares were transferred to the HMF on 26th March 2025 with a value of £19,775 which was recognised in the balance sheet as of 31[st] March 2025. It is not the charity’s policy to hold investments and these shares were divested as quickly as possible, generating net proceeds of £15,650 on 30[th] May 2025. This disposal occurred after the year end and resulted in a loss of £4,125 in the 2025-26 financial year, reflecting stock market movements between the grant date and the date of sale. ## **Reserves policy** reserves are subject to annual review. ## **Going concern** The Trustees are of the view that the Charity will be able to operate as a going concern at least for the next 12 months from the date the Financial Statements are signed. The price increase implemented in January 2024 resulted in a steady income from the NHS Hospitals Neonatal Units with moderate increase in milk provision. The Norfolk County Council project commenced in February 2024 and continued until 31[st] March 2025. Due to its success, it was extended for a second year until 31[st] March 2026, with very encouraging results and opportunities to discuss continuing work in Norfolk. We have recently secured funding to run similar community programmes in other regions, replicating this successful model. We are continuing to pursue activity towards the goal of a funded milk bank in Wales. The finance function was consolidated and stabilised through the appointment of the Finance HMF – 2025 Trustees Report Lead, strengthening financial governance, management reporting and internal controls. ## Accounting and reporting responsibilities The trustees are responsible for preparing the Trustees' Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales 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 incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities SORP (FRS 102) 2019 and the provisions of the Trust Deed. They 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. ## **Additional governance issues** Approved by the Trustees on 30[th] January 2026 and signed on their behalf by: Tina Crombie (Chair) Date:- 30[th] January 2026 HMF – 2025 Trustees Report 7 ## **The Human Milk Foundation** ## **Charity No. 1172522** ## **Trustees' Report and Unaudited Accounts** **31 March 2025** **The Human Milk Foundation Statement of Financial Activities** ## **for the year ended 31 March 2025** |**Notes**
**Income and endowments**
**from:**
Voluntary Income
3
Income from Donor Human
Milk
4
Grant Income
5
Other Income
6
**Total**
**Expenditure on:**
Direct Expenses
7
Total Employment Costs
8
Other administrative
expenses
9
**Total**
Net gains on investments
**Net income/(expenditure)**
10
Transfers between funds
**Net income/(expenditure)**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total funds**|**Total funds**| |---|---|---|---|---|---| |||**2025**|**2025**|**2025**|**2024**| |||**£**|**£**|**£**|**£**| ||||||| |||88,218|-|88,218|111,316| |||318,357|-|318,357|302,530| |||0|109,148|109,148|97,614| |||2,517|-|2,517|-| |||409,092|109,148|518,240|511,460| ||||||| |||55,805|16,257|72,062|62,514| |||214,813|18,779|233,592|264,581| |||159,304|47,077|206,380|188,213| |||429,922|82,112|512,034|515,308| |||-|-|-|-| |||(20,829)|27,035|6,206|(3,848)| |||-|-|-|-| |||(20,829)|27,035|6,206|(3,848)| ||||||| |||(20,829)|27,035|6,206|(3,848)| ||||||| |||127,711|65,044|192,755|196,603| |||106,882|92,079|198,961|192,755| ||||||| ||||||| ||||||| Page 4 **The Human Milk Foundation Balance Sheet** ## **at 31 March 2025** |**at 31 March 2025**|||| |---|---|---|---| |**Charity No. 1172522**||**2025**|**2024**| |||**£**|**£**| |**Fixed assets**|||| |Tangible assets|13|44,742|54,138| |Investments|14|19,775|-| |||64,517|54,138| |**Current assets**|||| |Debtors|15|103,753|93,399| |Cash at bank and in hand||90,562|80,277| |||194,315|173,676| |**Creditors:**Amount falling due within one year|16|(59,871)|(35,059)| |**Net current assets**||134,444|138,617| |**Total assets less current liabilities**||198,961|192,755| |**Net assets excluding pension asset or liability**||198,961|192,755| |**Total net assets**||198,961|192,755| |**The funds of the charity**|||| |**Restricted funds**|17||| |Restricted income funds||92,079|65,044| |||92,079|65,044| |**Unrestricted funds**|17||| |General funds||106,882|127,711| |||106,882|127,711| |**Reserves**|17||| |**Total funds**||198,961|192,755| |Approved by the trustees on 11 January 2026|||| |And signed on their behalf by:|||| A. Hopkins Trustee 31 December 2025 Page 5 **The Human Milk Foundation Notes to the Accounts** ## **for the year ended 31 March 2025** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. - Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 6 **The Human Milk Foundation Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **Stocks** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 7 **The Human Milk Foundation Notes to the Accounts** ## **Research and development** Expenditure on research and development is written off in the year in which it is incurred. ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## **Pension costs** The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 8 **The Human Milk Foundation** **Notes to the Accounts** 2 **Statement of Financial Activities - prior year** |2
**Statement of Financial Activities - prior year**|||| |---|---|---|---| |**Income and endowments from:**
Donations and legacies
Charitable activities
Other trading activities
**Total**
**Expenditure on:**
Direct Costs
Total Employment Costs
Other Administrative
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
3
**Income from donations and legacies**
Donations
Gift Aid
4
**Income from charitable activities**
Income from Donor Human
Milk|**Unrestricted**
**funds**
**2024**
**£**
111,316
302,530
76,314
490,160
62,514
261,873
167,483
491,870
(1,710)
(1,710)
(1,710)
129,422
127,712
**Unrestricted**
**£**
81,318
6,900
88,218
**Unrestricted**
**£**
318,357
318,357|**Restricted**
**funds**
**2024**
**£**
-
-
21,300
21,300
-
2,708
20,730
23,438
(2,138)
(2,138)
(2,138)
67,182
65,044
**Total**
**2025**
**£**
81,318
6,900
88,218
**Total**
**2025**
**£**
318,357
318,357|**Total funds**
**2024**
**£**
111,316
302,530
97,614| ||||511,460
62,514
264,581
188,213| ||||515,308| ||||(3,848)| ||||(3,848)| ||||(3,848)
196,604| ||||192,756| ||||**Total**
**2024**
**£**
103,616
7,700| ||||111,316| ||||**Total**
**2024**
**£**
302,530| ||||302,530| Page 9 **The Human Milk Foundation** ## **Notes to the Accounts** ## 5 **Income from other trading activities** |Grant Income
6
**Other income**
Other Income
7
**Direct Costs**
Pathology Costs
Other Direct Expenses
Research and Development
Provision of Gift Shop
8
**Total Employment Costs**
_Total Employment Costs_
Gross Salaries
Employer NI Contributions
Employer Pension
Contributions
Prior Year Correction
_Governance costs_|**Unrestricted**
**£**
0
0
**Unrestricted**
**£**
33,231
19,753
-
2,822
55,805
**Unrestricted**
**£**
197,533
12,132
5,149
-
214,813|**Restricted**
**£**
109,148
109,148
**Unrestricted**
**£**
2,517
2,517|**Total**
**2025**
**£**
109,148
109,148
**Total**
**2025**
**£**
2,517
2,517|**Total**
**2024**
**£**
97,614| |---|---|---|---|---| |||||97,614| |||||**Total**
**2024**
**£**
-| |||||-| |||||| |||**Restricted**
**£**
8,588
7,669
-
-
16,257
**Restricted**
**£**
17,243
1,093
442
-
18,779|**Total**
**2025**
**£**
41,818
27,422
-
2,822
72,062
**Total**
**2025**
**£**
214,776
13,225
5,591
-
233,592|**Total**
**2024**
**£**
35,249
27,248
17
-| |||||62,514| |||||**Total**
**2024**
**£**
266,716
5,383
6,811
(14,329)| |||||264,581| Page 10 **The Human Milk Foundation Notes to the Accounts** ## 9 **Other administrative** **expenditure** |Bank loan and overdraft
interest payable
Staff training and wellbeing
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
10 **Net income/(expenditure) before transfers**
This is stated after charging:
Depreciation of owned fixed assets
Independent Examiner's fee
11 **Trustee remuneration and expenses**
Number of trustees paid expenses
The nature of the reimbursed expenses
**expenditure**|**Unrestricted**
**Restricted**
**Total**
**Total**
**2025**
**2024**
**£**
**£**
**£**
**£**
62
-
62
-
1,063
271
1,334
2,162
7,899
4,349
12,248
4,516
44,714
-
44,714
30,638
6,715
17,934
24,649
24,859
34,870
362
35,232
55,647
63,981
24,160
88,141
70,391
159,304
47,077
206,380
188,213
**2025**
**2024**
**£**
**£**
24,649
24,859
250
250
**2025**
**2024**
**Number**
**Number**
1
-
Andy Hopkins was paid £250 for work in January 2026
compiling charity accounts after resigning as a trustee 31st
December 2025|**Total**
**2024**
**£**
-
2,162
4,516
30,638
24,859
55,647
70,391| |---|---|---| |||188,213| ## 12 **Staff costs** One staff member receives a salary in the £70k-£80k band Page 11 **The Human Milk Foundation Notes to the Accounts** ## 13 **Tangible fixed assets** |**£**
**Cost or revaluation**
At 1 April 2024
3,469
Additions
12,292
At 31 March 2025
15,761
**Depreciation and**
**impairment**
At 1 April 2024
3,353
Depreciation charge for the
year
1,742
At 31 March 2025
5,095
**Net book values**
At 31 March 2025
10,666
At 31 March 2024
116
14 **Investments**
**Cost or revaluation**
At 1 April 2024
At 31 March 2025
**Net book values**
At 31 March 2025
At 31 March 2024
15 **Debtors**
Trade debtors
VAT recoverable
Prepayments and accrued income
16 **Creditors:**
amounts falling due within one year
Trade creditors
Other taxes and social security
Other creditors
Accruals
Deferred income|**£**
82,395
2,959
85,354
44,936
16,126
61,062
24,292
37,459|**£**
23,333
-
23,333
8,710
5,833
14,543
8,790
14,623
**2025**
**£**
71,513
3,179
29,061
103,753
**2025**
**£**
50,009
663
1,233|**£**
6,734
-
6,734
4,793
947
5,740
994
1,941
**Other**
**investments**
**- Listed**
**£**
19,775
19,775
19,775
19,775|**£**
115,931
15,251| |---|---|---|---|---| |||||131,182| |||||61,792
24,648| |||||86,440| |||||44,742| |||||54,139| |||||**Total**
**£**
19,775| |||||19,775| |||||19,775| |||||19,775| |||||**2024**
**£**
90,225
3,174
-| |||||93,399| |||||**2024**
**£**
28,828
4,111
1,871| |||1,970||249| |||5,996||-| |||59,871||35,059| Page 12 **The Human Milk Foundation Notes to the Accounts** ## 17 **Movement in funds** |17 **Movement in funds**|||| |---|---|---|---| |**At 1 April**
**2024**
**Restricted funds:**
**Restricted income funds:**
Restricted Funding
65,044
_Total_
65,044
**Unrestricted funds:**
**General funds**
127,711
**Total funds**
192,755
Purposes and restrictions in relation to the funds:
Restricted funds:
Restricted Funding
18 **Analysis of net assets between funds**
Fixed assets
Investments
Net current assets
19
**Reconciliation of net debt (cash**
**movement for the year)**
Cash and cash equivalents
Net debt|**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
109,148
109,148
409,092
518,240|**Resources**
**expended**
**£**
(82,112)
(82,112)
(429,922)
(512,034)|**At 31**
**March**
**2025**
**£**
92,079| ||||92,079| ||||106,882| ||||198,961| ||||| ||||| ||||| ||**At 1 April**
**2024**
**£**|**Unrestricted**
**funds**
**£**
44,742|**Total**
**£**
44,742| |||19,775|19,775| |||134,444
198,961
**Cash flows**
**£**|134,444| ||||198,961| ||||**At 31**
**March**
**2025**
**£**| ||80,277|10,285|90,562| ||80,277
80,277|10,285
10,285|90,562| ||||90,562| ||||| Page 13 **The Human Milk Foundation Detailed Statement of Financial Activities** ## **for the year ended 31 March 2025** |**Income and endowments from:**
Donations and legacies
Donations
Gift Aid
Charitable activities
Income from Donor Human Milk
Other trading activities
Other
Other Income
**Total income and endowments**
**Expenditure on:**
Direct Costs
Pathology Costs
Gift Shop Fulfilment Costs
**Total of expenditure on direct**
**costs**
Total Employment Costs
Salaries
Employer NI
Employer Pensions
Adjustment for Prior Year
**Total employment costs**
Other expenditure
Bank loan and overdraft interest
payable
Employee costs
Staff entertainment
Staff training|**Unrestricte**
**d funds**
**2025**
**£**
81,318
6,900
88,218
318,357
318,357
0
0
2,517
2,517
409,092
33,231
19,753
-
2,822
55,805
55,805
197,533
12,132
5,149
-
214,813
214,813
62
62
116
947|**Restricted**
**funds**
**2025**
**£**
-
-
-
-
-
109,148
109,148
-
-
109,148
8,588
7,669
-
-
16,257
16,257
17,243
1,093
442
-
18,779
18,779
-
-
96
175|**Total funds**
**2025**
**£**
81,318
6,900
88,218
318,357
318,357
109,148
109,148
2,517
2,517
518,240
41,818
27,422
-
2,822
72,062
72,062
214,776
13,225
5,591
-
233,592
233,592
62
62
212
1,122|**Total funds**
**2024**
**£**
103,616
7,700| |---|---|---|---|---| |||||111,316| |||||302,530| |||||302,530| |||||97,614| |||||97,614| |||||-| |||||-| |||||511,460
35,249
27,248
17
-| |||||62,514| |||||62,514
266,716
5,383
6,811
(14,329)| |||||264,581| |||||264,581
-| |||||-| |||||488
1,674| Page 14 ## **The Human Milk Foundation Detailed Statement of Financial Activities** |Motor and travel costs
Vehicles - General costs
Travel and subsistence
Premises costs
Rent
Rates
Premises cleaning
General administrative costs,
including depreciation and
amortisation
Depreciation of land and
buildings
Depreciation of
Depreciation of
Depreciation of
Bank charges
Equipment repairs and
maintenance
General insurances
Information and publications
Postage and couriers
Software, IT support and related
costs
Stationery and printing
Subscriptions
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Audit/Independent examination
fees
Accountancy and bookkeeping
Consultancy fees
Solicitor's fees
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments
**Net income/(expenditure)**
**Net income/(expenditure) before**
**other gains/(losses)**|1,063
94
7,805
7,899
45,197
(483)
-
44,714
-
-
-
6,715
549
3,069
1,677
489
2,990
10,107
474
9,720
2,027
3,768
41,585
250
10,364
49,352
4,015
63,981
159,304
429,922
-
(20,829)
(20,829)|271
-
4,349
4,349
-
-
-
-
-
-
-
17,934
-
-
-
50
194
-
17
-
101
-
18,296
-
-
24,160
-
24,160
47,077
82,112
-
27,035
27,035|1,334
94
12,154
12,248
45,197
(483)
-
44,714
-
-
-
24,649
549
3,069
1,677
539
3,184
10,107
491
9,720
2,128
3,768
59,881
250
10,364
73,512
4,015
88,141
206,380
512,034
-
6,206
6,206|2,162| |---|---|---|---|---| |||||-
4,516| |||||4,516| |||||30,514
-
124| |||||30,638| |||||927
16,890
5,833
1,209
463
5,843
23,703
392
2,395
9,742
609
8,977
3,523
-| |||||80,506| |||||250
9,519
55,441
5,181| |||||70,391| |||||| |||||188,213| |||||515,308
-| |||||(3,848)| |||||(3,848)| Page 15 **The Human Milk Foundation Detailed Statement of Financial Activities** |**The Human Milk Foundation**
**Detailed Statement of Financial Activities**||||| |---|---|---|---|---| |Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|-
(20,829)
127,711
106,882|-
27,035
65,044
92,079|-
6,206
192,755
198,961|-| |||||(3,848)| |||||196,603| |||||192,755| Page 16 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner s Report Roport to the truste8S The Human Milk Foundation On accounts for the year endod 31•1 Marth 2025 Charity no (rf any) 1172522 S•t out on pages I report to the trustees on my examination of the accounts of the above charity (Yh8 Tnjsn for the year anded 3110312025. Rasponslbllltles and basls of report As the charitys twsteas, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Acr) I report in reyct of my examination of the Trust's accounts carried out under section 145 of Ihe 2011 A& and in carrying out my exarninab'on, I have followed all the applicabb Directions given by the Charity Commission under sectton 145(5)(b) of the ACL Independent The charity's gross In￿Me exceeded £250,OCK) and l arn qualified to examlnerfs statement undertake the examination by being a qualified member of the Chartered Institute of Public Finance and Accwntsncy (CIPFA). I have completed my examination. I confirm that no material matters have come to my attention in connection with the examinats'on vthich gives me cause to believe that in, any material respect.. the aC￿unting records were not kept in accordance with section 130 of the Charities Act; or the actt)unts did not acco￿1 with the accounting records,. or the accounts did not comply with the applicable requirements concemirvJ the form 8rKI content of accounts set out in the Charities (Accounts and Reports) Regufations 21JJ8 other than any requirement that the accounts give a 'true and faif view which is not a matter considered as part of an independent examination. I have no concems and hav6 come across no other matters in connection with the examination to which attention sh(￿Id be drawn in this report in order to enable a proper understanding of the accounts to be reathed. Signed: 3(yh January 2026 Name: SarKlra Wse Relévant professional qualificatlon(s) or body (If any): Address: CIPFA 124 Beaumont Road, Boumville. Binningham, B30 2DX Oct 2018 IER