REGISTERED CHARITY NUMBER: 1191317
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st March 2024
for
Iolanthe Midwifery Trust
Dymond Accountants
Office F1,
Beverley Enterprise Centre
Beck View Road
Beverley
East Yorkshire
HU17 0JT
Iolanthe Midwifery Trust
Contents of the Financial Statements
for the Year Ended 31st March 2024
|
|
Page |
|
Reference and Administrative Details |
|
1 |
|
Report of the Trustees |
2 |
to |
6 |
Independent Examiner's Report |
|
7 |
|
Statement of Financial Activities |
|
8 |
|
Balance Sheet |
9 |
to |
10 |
Notes to the Financial Statements |
11 |
to |
16 |
Detailed Statement of Financial Activities |
17 |
to |
18 |
Iolanthe Midwifery Trust
Reference and Administrative Details for the Year Ended 31st March 2024
TRUSTEES |
Vasantiben Adacen |
|
Rachel Elf |
|
Emilola Ornato |
|
Deepa Gadhvana |
|
Benash Nazmeen |
|
Sheona Brown |
|
Grace Thomas |
|
Logan Van Lessen |
|
Johanna Rhys Davies |
|
Julia Brown (appointed 19.10.2023) |
|
Jenny McNeil (appointed 19.10.2023) |
|
E Bannon OBE (appointed 10.10.2024) |
REGISTERED OFFICE |
12 Edmond Locard Court |
|
Chepstow |
|
Monmouthshire |
|
NP16 6FA |
REGISTERED COMPANY NUMBER |
CO23453 (England and Wales) |
REGISTERED CHARITY NUMBER |
1191317 |
INDEPENDENT EXAMINER |
Dymond Accountants |
|
Office F1, |
|
Beverley Enterprise Centre |
|
Beck View Road |
|
Beverley |
|
East Yorkshire |
|
HU17 0JT |
ADVISERS |
Adam & Company Investment Management |
|
Limited |
|
40 Princes Street |
|
Edinburgh |
|
EH2 2BY |
Page 1
Iolanthe Midwifery Trust
Report of the Trustees
for the Year Ended 31st March 2024
The objects of the lolanthe Midwifery Trust are to advance and promote training, education, professional
development and research in the field of midwifery, and disseminating the useful results of such development and research.
These objectivesare achievedby making financialawards to appropriatelyselectedindividuals,who have made detailed applications for
fundsaccordingtocriteriasetbytheTrustees.AwardwinnersreportbacktotheTrustees,withinaspecifiedtime,onthesuccess of
their projects.Such reports,or extractsfromthe reports,are postedon the Charity'swebsiteand the awardwinnersfrequently publish
articlesinthemidwiferypress,presenttheirfindingsorexperiencesatconferencesandseminars,ordisseminateinformation via
webbased media. Thus the value of the activity is publicised and the Charity's contribution to its success widely recognised.
TheTrusteesconfirmthattheyhavecompliedwiththe dutyin section4 ofthe CharitiesAct2011to havedue regardto public benefit
when reviewing the Charity's aims and objectives and planning future activities and awards. The Charity carries out these objects by:
1. financing awards to student midwives, so that they can gain additional professional experience, such
as clinical placements within the UK; and
2. financing awards to midwives undertaking professional development, education or research where the
rea of interest furthers the objects of the Charity.
ThetrusteeshavepaiddueregardtoguidanceissuedbytheCharityCommissionindecidingwhatactivitiesthecharity should
undertake.
OBJECTIVES AND ACTIVITIES
Procedures and policy for grant making
The objectsof the lolantheMidwiferyTrustare to advanceand promotetraining,education,professionaldevelopmentand research in
the field of midwifery,and disseminatingthe useful results of such developmentand research.These objectivesare achievedby making
financial awards to appropriately selected individuals, who have made detailed applications for funds according to criteria set by the
Trustees.
Awardwinnersreportbackto the Trustees,withina specifiedtime,on the successoftheirprojects.Suchreports,or extractsfrom the
reports,arepostedontheCharity'swebsiteandtheawardwinnersfrequentlypublisharticlesinthemidwiferypress,present their
findingsor experiencesat conferencesand seminars,or disseminateinformationviawebbasedmedia.Thusthe valueofthe activity is
publicised and the Charity's contribution to its success widely recognised.
TheTrusteesconfirmthattheyhavecompliedwiththe dutyin section4 ofthe CharitiesAct2011to havedue regardto public benefit
whenreviewingtheCharity'saimsandobjectivesandplanningfutureactivitiesandawards.TheCharitycarriesouttheseobjects by:
financingawardstostudentmidwives,sothattheycangainadditionalprofessionalexperience,suchasclinicalplacementswithin the
UK;and·financingawardstomidwivesundertakingprofessionaldevelopment,educationorresearchwheretheareaof interest
furtherstheobjectsoftheCharity.ThetrusteeshavepaiddueregardtoguidanceissuedbytheCharityCommissionindeciding what
activities the charity should undertake.
Page 2
Iolanthe Midwifery Trust
Report of the Trustees for the Year Ended 31st March 2024
OBJECTIVES AND ACTIVITIES
Significant activities
In May 2023 the following Iolanthe Midwifery Awards were made.
Royal College of Midwives/Iolanthe Midwifery Trust Jean Davies Award for addressing health inequalities went to.
Sarah Esegbona-Adeigbe (£3400)
Dora Opoku Award for Black and Brown Midwives Award
Heba Farajallah (£1500)
Roselyn Bunhu (£1345.98)
The Mary Cronk Award (to an applicant for another award whose project aligns with Mary’s passions and values) went to
Magdalena Bremner (£1000)
The Noral Faith Coniam Award
Lauren Trepte (£1200)
The winners of the Iolanthe Student Awards are:
Magdalena Bremner (£500)
Rachel Grace Symon (£150)
Keira Georgeson (£500)
Keira Georgeson (£900)
Kayty Richards (£995)
The Iolanthe Midwives Award winners are
Emilie Edwards (£1500)
Leonie Wintercrane (£1283)
Katie Heath (£1500)
Rebecca Heorton (£1500)
Hannah King (£1500)
Adeyemi Johnson (£1500)
Partnerships
TheCharitymaintainsgoodworkingrelationshipswithkeymidwiferybodiessuchastheRoyalCollegeofMidwivesandother sector
relevantcharities(Mummy’sStar,SANDS).TheRoyalCollegeofMidwivescurrentlypart-fundsanlolantheAward:theJean Davies
Award.
Page 3
Iolanthe Midwifery Trust
Report of the Trustees
for the Year Ended 31st March 2024
OBJECTIVES AND ACTIVITIES
Grantmaking
The Constitution gives the Trustees the power to apply the funds towards the promotion of the charitable objects. lolanthe Awards fund
students and qualified midwives to undertake further study and development, with the aim of improving the care of mothers, babies
and families. Any private benefit received by individuals is purely incidental to the objects of our work. The Charity invites applications
for its awards from the midwiferyprofessionby promotingthe opportunityvia electronicnewsletters,email groups,socialmedia and its
ownwebsite.We makeeveryeffortto ensuremidwivesand studentshave accessto informationaboutthe awardsand the application
process.Where an applicationinvolvesa researchproject,attentionto ethicalissues must be demonstrated.All applicantsfor Midwives
Awards must be currentlyregisteredwith the UK Nursing and MidwiferyCouncil.The recommendationsof the Awards Panel are usually
reported to the Trustees at the spring meeting, and the total amount of funding agreed.
Inadditiontotheannualawardsformidwivesandstudentmidwives,therearefive‘commemorative'awards,eachestablishedin the
nameofasignificantmidwifeorotherassociatedindividualwhohasindicated,orwhosefamilyhasindicated,awishtobenefit the
Charity.Inthesecases,theTrusteesselectwinnersfromthosewhoapply,attheirdiscretion,toensuretheprojectreflects the
particular interests of the individual after whom the award is named.
Theseare the twoDoraOpokuAwards,the MaryCronkAward,and the JeanDaviesAward.In thesecases,the Trusteesselect winners
from those who apply, at their discretion, to ensure the project
reflects the particular interests of the individual after whom the award is named.
In2023,thefirstTheNoraFaithConiamAwardforprojectsaddressingissuesaroundbabylossandbereavementincluding early
pregnancy was made in accordance with the wishes of the family.
Preparationwasmadefora new awardlaunchingin 2024,The NicolettePeelAward,fora projector trainingimprovingmaternity care
of vulnerable pregnant women and birthing people.
FINANCIAL REVIEW
Financial position
The Constitutionrequires the Trusteesto use the incomeof the Charityin promotingits objects.It also allowsfor the capitalto be used.
As the Charitydoes not generallybenefitfromlarge charitabledonations,the capitalheld by the Charityis investedto produce income
and capitalgrowth.This income is then used for the operationof the Charity and its grants. The use of the Charity'sreserves is wholly at
the discretionof the Trustees,with no particularlevelof reservesrequiredto be maintained.The capitalinvestedis kept equal or more
thantheamountoftheendowmentanddesignatedfundstoensuremaximumreturns.Thispolicyisreviewedannually.Grants to
midwives and student midwives were paid out of the Annual Midwives Award designated fund.
Investment policy and objectives
Theportfolioisinvestedtoachieveabalancedreturnfromincomeandcapitalgrowth,withaviewtomaximisingall returns.
Investmentsare selected across a range of asset classes,with the majorityinvested in the equity market, supplementedby fixed interest
investments,togetherwithcash.TheTrusteesarecurrentlylookingintheshort-mediumtermtominimiselossoftheassetbase in
uncertaintimesandmaintainittoproducemaximumreturnswhetherthroughincomeorcapitalgrowth.Theinvestment strategy
remains conservative and ethical: specific exclusions are those companies producing formula milk, tobacco and munitions.
The Investmentportfoliomanager has circulateda documentfor Trustees,detailingthe definitionof risk and the implicationsof various
risks.As regardsensuringthebestuseofcharitablefunds,theTrusteescontinuetoreviewallapplicationswithgreatcare,following a
regularly reviewed process, and paying attention to possible reputational damage to the Charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charityis controlledby its governingdocument,a deed of trust, and constitutesa limited company,limited by guarantee,as defined
by the Companies Act 2006.
Page 4
Iolanthe Midwifery Trust
Report of the Trustees
for the Year Ended 31st March 2024
The charityis controlledby its governingdocument,a deed of trust, and constitutesa limited company,limited by guarantee,as defined
by the Companies Act 2006.
The lolantheTrust was formed by a declarationof Trust on 16 June 1983 executedby the Central MidwivesBoard and the Trustees, and
wasregisteredasacharityon20June1983.TheTrustDeedestablishedtheobjectsandpowersoftheCharityunderwhichit was
governed. This was amended by a Supplemental Deed on 1 November 2005 with a further amendment by Supplemental Deed on 15 July
2017.On11May2021,theCharitytransferredallitsassets.liabilitiesandcharitableactivitiestothelolantheMidwiferyTrust, a
CharitableIncorporatedOrganisation(CIO),by merger.An order was made by the CharityCommissionauthorisingthe transferof assets
and liabilitiesand the granting of an indemnityunder s105 CharitiesAct 2011. The lolantheTrust was dissolvedon the registrationof the
mergerwiththeCharityCommissionon11January2022.ThegoverningdocumentofThelolantheMidwiferyTrust(CIO)is a
constitution registered with the Charity Commission on 16 September 2020.
The trustees who served during the year and up to the date of signature of the financial statements were:
Vasantiben Adacen (resigned 31/3/23)
Rachel Elf
Emilola Ornato
Deepa Gadhvana
Benash Nazmeen
Sheona Brown
Grace Thomas
Logan Van Lessen
Johanna Rhys Davies
Julia Brown (appointed 19/10/23 and resigned 31/3/23)
Jenny McNeill (appointed 19/10/23)
Helen Bedford (resigned 31/7/23)
Valerie Feming (resigned 31/7/23)
Organisational structure
AllTrusteesgivefreelyoftheirtimeandreceivenoremuneration,unlessthereispriorconsentforpaymentfromthe Charity
Commission.Detailsof Trusteeexpensesand any remunerationare providedin the accounts.Trusteesagreeto a Codeof Conduct and
declare any conflicts of interest annually.
The Charity’s annual reports are accessible on the Charity’s website.
Meetings 1 April 2023-31 March 2024
Business meeting 20/7/2023
Board meeting /AGM 19/10/2023
Board meeting 27/3/2024
Meetings of the Finance subcommittee were held
26/9/2023
22/3/2024
Operations
Moira Dennison took up the post of Executive Director in April 2023.
Page 5
Iolanthe Midwifery Trust
Report of the Trustees
for the Year Ended 31st March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
NewTrusteesarerecruitedandappointedbytheexistingTrustees,havinggivendueconsiderationtoanyareasofspecialistskill and
expertise or personal competences appropriate to complement those already available.
Vacanciesarewidelypublicisedonsocialmedia,throughtheREACHrecruitmentwebsiteandinthepressifneeded,aswellason the
lolanthewebsiteand email newsletter.Candidatesare interviewedby a minimumof three Trustees,and recommendationsmade to the
Board of Trustees.
Astructured1yearselflearninginductionprogrammedevelopedbyTheExecutiveDirectorisnowinplaceforallnewtrustees along
with a ‘buddy’ system. The induction programme covers:
The roles and responsibilities of trustees
The Charity Governance Code
Governing documents
Accounts
Risk Register
Policies
Strategy
Schedule of meetings
Sub committees including ToR
Training resource links
Trustees are encouraged to attend independent training The training resource links are regularly updated and circulated to all trustees.
Related parties
Noneofthetrusteeshasanybeneficialinterestinthecompany.Allofthetrusteesaremembersofthecompanyandguarantee to
contribute£1 in the event of a winding up. Risk managementThe Trustees annually review the risks that the Charity faces. Those related
to stewardship of the financial assets are ameliorated as far as possible by diversified portfolio selection and professional management
and facilitated by the maintenance of designated funds for future award giving.
Risk management
The Trustees annually review the risks that the Charity faces. Those related to stewardship of the financial
assetsareamelioratedasfaraspossiblebydiversifiedportfolioselectionandprofessionalmanagementandfacilitatedby the
maintenanceofdesignatedfundsforfutureawardgiving.TheInvestmentportfoliomanagerhascirculatedadocumentfor Trustees,
detailingthe definitionof riskand the implicationsof variousrisks.Asregardsto ensuringthe best use of charitablefunds,the Trustees
continueto reviewall applicationswith great care, followinga regularlyreviewedprocess,and paying attentionto possible reputational
damage to the Charity.
Transparency
All Trustees give freely of their time and receive no remuneration, unless there is prior consent for payment
from the Charity Commission. Details of Trustee expenses and any remuneration are provided in the accounts.
Trustees agree to a Code of Conduct and declare any conflicts of interest annually. The Charity’s annual
reports are accessible on the Charity’s website.
Approved by order of the board of trustees on 31st January 2025 and signed on its behalf by:
E Bannon OBE - Trustee
Page 6
Independent Examiner's Report to the Trustees of
Iolanthe Midwifery Trust
Independent examiner's report to the trustees of Iolanthe Midwifery Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsiblefor the
preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Havingsatisfiedmyselfthat the accountsof the Companyare not requiredto be auditedunder Part16 of the 2006 Act and are eligible
forindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccountsascarriedoutunderSection145of the
CharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowedtheDirectionsgivenbytheCharity Commission
under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I havecompletedmy examination.I confirmthatno mattershavecometo my attentionin connectionwiththe examinationgiving me
cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I havenoconcernsandhavecomeacrossnoothermattersin connectionwiththeexaminationtowhichattentionshouldbe drawn in
this report in order to enable a proper understanding of the accounts to be reached.
Rebecca Dymond
Dymond Accountants
Office F1,
Beverley Enterprise Centre
Beck View Road
Beverley
East Yorkshire
HU17 0JT
Date: .............................................
Page 7
Iolanthe Midwifery Trust
Statement of Financial Activities for the Year Ended 31st March 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
Charitable activities
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
31,498
-
31,498
25,922
40,276
66,198
-
(34,700)
57,000
22,300
121,462
143,762 |
Restricted
fund
£
-
41,289
41,289
8,022
-
8,022
79,289
112,556
(57,000)
55,556
1,155,920
1,211,476 |
31.3.24
Total
funds
£
31,498
41,289
72,787
33,944
40,276
74,220
79,289
77,856
-
77,856
1,277,382
1,355,238 |
31.3.23
Total
funds
£
13,209
43,465 |
|
|
|
|
56,674 |
|
|
|
|
30,025
61,341 |
|
|
|
|
91,366 |
|
|
|
|
(121,970) |
|
|
|
|
(156,662)
- |
|
|
|
|
(156,662)
1,434,044 |
|
|
|
|
1,277,382 |
The notes form part of these financial statements
Page 8
Iolanthe Midwifery Trust
Balance Sheet 31st March 2024
Notes
FIXED ASSETS
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
159,786
475
9,209
9,684
(25,708)
(16,024)
143,762
143,762 |
Restricted
fund
£
1,211,476
-
-
-
-
-
1,211,476
1,211,476 |
31.3.24
Total
funds
£
1,371,262
475
9,209
9,684
(25,708)
(16,024)
1,355,238
1,355,238
143,762
1,211,476
1,355,238 |
31.3.23
Total
funds
£
1,315,706
348
4,147 |
|
|
|
|
4,495
(42,819) |
|
|
|
|
(38,324) |
|
|
|
|
1,277,382 |
|
|
|
|
1,277,382 |
|
|
|
|
121,462
1,155,920 |
|
|
|
|
1,277,382 |
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006fortheyear ended
31st March 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyearended31stMarch2024 in
accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 9
Iolanthe Midwifery Trust
Balance Sheet - continued
31st March 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitablecompaniessubjectto the
small companies regime.
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 31st January2025 and were signed on its
behalf by:
E Bannon OBE - Trustee
The notes form part of these financial statements
Page 10
Iolanthe Midwifery Trust
Notes to the Financial Statements
for the Year Ended 31st March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and
RepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicablein the UK and Republicof Ireland'and the CompaniesAct 2006.The financialstatementshave been prepared under
thehistoricalcostconvention,withtheexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedby the
revaluation of certain assets.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimatesand underlyingassumptionsare reviewedon an ongoingbasis.Revisionsto accountingestimatesare recognised
intheperiodinwhichtheestimateisrevisedwheretherevisionaffectsonlythatperiod,orintheperiodoftherevision and
future periods where the revision affects both current and future periods.
Income
All income is recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is probable that
the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharityto that
expenditure,it is probablethat a transferof economicbenefitswill be requiredin settlementand the amountof the obligation
canbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadings that
aggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingstheyhave been
allocated to activities on a basis consistent with the use of resources.
Grants offeredsubject to conditionswhich have not been met at the year end date are noted as a commitmentbut not accrued
as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings- 15% on cost
Computer equipment- 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictionsarise when
specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayabletothecharitable company's
pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 11
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2024
2. INVESTMENT INCOME
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Other fixed asset invest - FII |
40,207 |
42,748 |
Deposit account interest |
1,082 |
717 |
|
41,289 |
43,465 |
RAISING FUNDS |
|
|
Investment management costs |
|
|
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Portfolio management |
8,022 |
8,280 |
NET INCOME/(EXPENDITURE) |
|
|
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Depreciation - owned assets |
- |
113 |
3. RAISING FUNDS
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stMarch2024norfortheyear ended
31st March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activities
Total |
Unrestricted
funds
£
13,209
43,465
56,674
21,745
61,341
83,086 |
Restricted
fund
£
-
-
-
8,280
-
8,280 |
Total
funds
£
13,209
43,465 |
|
|
|
56,674 |
|
|
|
30,025
61,341 |
|
|
|
91,366 |
continued...
Page 12
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2024
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
7.
TANGIBLE FIXED ASSETS
COST
At 1st April 2023 and 31st March 2024
DEPRECIATION
At 1st April 2023 and 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023
8.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1st April 2023
Additions
Disposals
Revaluations
At 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023 |
Unrestricted
funds
£
-
(26,412)
147,874
121,462
Fixtures
and
fittings
£
486
486
-
-
Listed
investments
£
1,245,200
81,970
(81,921)
92,380
1,337,629
1,337,629
1,245,200 |
Restricted
fund
£
(121,970)
(130,250)
1,286,170
1,155,920
Computer
equipment
£
11,754
11,754
-
-
Cash and
settlements
pending
£
70,506
(6,324)
(30,549)
-
33,633
33,633
70,506 |
|
Total
funds
£
(121,970) |
|
|
|
|
(156,662)
1,434,044 |
|
|
|
|
1,277,382 |
|
|
|
|
Totals
£
12,240
12,240
-
-
Totals
£
1,315,706
75,646
(112,470)
92,380
1,371,262
1,371,262
1,315,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no investment assets outside the UK.
continued...
Page 13
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2024
8. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31st March 2024 is represented by:
Valuation in 2024
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accruals and deferred income
Accrued expenses
11.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Endowment Funds
TOTAL FUNDS |
At 1.4.23
£
121,462
1,155,920
1,277,382 |
Listed
investments
£
1,337,629
Net
movement
in funds
£
(34,700)
112,556
77,856 |
Cash and
settlements
pending
£
33,633
31.3.24
£
475
31.3.24
£
(629)
16,006
4,991
5,340
25,708
Transfers
between
funds
£
57,000
(57,000)
- |
Totals
£
1,371,262 |
|
|
|
|
31.3.23
£
348
31.3.23
£
1,544
30,944
4,991
5,340
42,819
At
31.3.24
£
143,762
1,211,476 |
|
|
|
|
1,355,238 |
continued...
Page 14
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2024
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Endowment Funds
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Endowment Funds
TOTAL FUNDS
Comparative net movement in funds, included in the above
Unrestricted funds
General fund
Restricted funds
Endowment Funds
TOTAL FUNDS |
Incoming
resources
£
31,498
41,289
72,787
are as follows:
Incoming
resources
£
56,674
-
56,674 |
Resources
expended
£
(66,198)
(8,022)
(74,220)
At 1.4.22
£
147,874
1,286,170
1,434,044
Resources
expended
£
(83,086)
(8,280)
(91,366) |
Gains and
losses
£
-
79,289
79,289
Net
movement
in funds
£
(26,412)
(130,250)
(156,662)
Gains and
losses
£
-
(121,970)
(121,970) |
Movement
in funds
£
(34,700)
112,556
77,856
At
31.3.23
£
121,462
1,155,920
1,277,382
Movement
in funds
£
(26,412)
(130,250)
(156,662) |
|
|
|
|
|
|
|
|
|
|
continued...
Page 15
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2024
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Restricted funds
Endowment Funds
TOTAL FUNDS |
At 1.4.22
£
147,874
1,286,170
1,434,044 |
Net
movement
in funds
£
(61,112)
(17,694)
(78,806) |
Transfers
between
funds
£
57,000
(57,000)
- |
At
31.3.24
£
143,762
1,211,476 |
|
|
|
|
1,355,238 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
in funds |
|
£ |
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
88,172 |
(149,284) |
- |
(61,112) |
Restricted funds |
|
|
|
|
Endowment Funds |
41,289 |
(16,302) |
(42,681) |
(17,694) |
TOTAL FUNDS |
129,461 |
(165,586) |
(42,681) |
(78,806) |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2024.
Page 16
Iolanthe Midwifery Trust
Detailed Statement of Financial Activities for the Year Ended 31st March 2024
|
31.3.24 |
31.3.23 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
31,498 |
11,596 |
Legacies |
- |
1,613 |
|
31,498 |
13,209 |
Investment income |
|
|
Other fixed asset invest - FII |
40,207 |
42,748 |
Deposit account interest |
1,082 |
717 |
|
41,289 |
43,465 |
Total incoming resources |
72,787 |
56,674 |
EXPENDITURE |
|
|
Other trading activities |
|
|
Wages |
23,980 |
20,255 |
Social security |
1,448 |
1,308 |
Pensions |
494 |
182 |
|
25,922 |
21,745 |
Investment management costs |
|
|
Portfolio management |
8,022 |
8,280 |
Charitable activities |
|
|
Fundraising costs |
5,321 |
3,053 |
IT costs |
2,731 |
3,934 |
Sundries |
713 |
- |
Promotion |
- |
450 |
Trustee meeting travel |
149 |
1,283 |
Depreciation of tangible fixed assets |
- |
113 |
Grants to individuals |
25,632 |
49,352 |
|
34,546 |
58,185 |
Support costs |
|
|
Governance costs |
|
|
Accountancy and legal fees |
5,730 |
3,156 |
Total resources expended |
74,220 |
91,366 |
Net expenditure before gains and losses |
(1,433) |
(34,692) |
This page does not form part of the statutory financial statements
Page 17
Iolanthe Midwifery Trust
Detailed Statement of Financial Activities
for the Year Ended 31st March 2024
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Realised recognised gains and losses |
|
|
Revaluation of investments |
92,380 |
(132,060) |
Gain/(loss) on sale of investments |
(13,091) |
10,090 |
Net income/(expenditure) |
77,856 |
(156,662) |
This page does not form part of the statutory financial statements
Page 18