```
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
```