REGISTERED CHARITY NUMBER: 1191317
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st March 2025
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 2025
----- Start of picture text -----
Page
Reference and Administrative Details 1
Report of the Trustees 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 16
Detailed Statement of Financial Activities 17
----- End of picture text -----
Iolanthe Midwifery Trust
Reference and Administrative Details
for the Year Ended 31st March 2025
TRUSTEES |
Rachel Elf |
|
Emilola Ornato |
|
Deepa Gadhvana (Verma) |
|
Benash Nazmeen (resigned 9.4.2025) |
|
Sheona Brown (resigned 10.10.2024) |
|
Grace Thomas |
|
Logan Van Lessen |
|
Johanna Rhys Davies (resigned 16.10.2025) |
|
Jenny McNeil |
|
E Bannon OBE (appointed 10.10.2024) |
|
Maha Arshad (appointed 9.10.2025) |
|
Sushuma Chandrasekha (appointed 26.6.2025) |
|
Ashleigh Tumelty |
REGISTERED OFFICE |
Office F1, Beverley Enterprise Centre |
|
Beck View Road |
|
Beverley |
|
East Yorkshire |
|
HU17 0JT |
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 2025
The objectives 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.
Theseobjectivesareachievedbymakingfinancialawardstoappropriatelyselectedindividuals,whohavemade detailed
applicationsfor fundsaccordingto criteriaset by the Trustees.Awardwinnersreportbackto the Trustees,withina specified time,
onthesuccessoftheirprojects.Suchreports,orextractsfromthereports,arepostedontheCharity'swebsiteandthe award
winnersfrequentlypublisharticlesinthemidwiferypress,presenttheirfindingsorexperiencesatconferencesandseminars, or
disseminateinformationviawebbasedmedia.ThusthevalueoftheactivityispublicisedandtheCharity'scontributionto its
success widely recognised.
TheTrusteesconfirmthattheyhavecompliedwiththedutyinsection4oftheCharitiesAct2011tohavedueregardto public
benefitwhenreviewingtheCharity'saimsandobjectivesandplanningfutureactivitiesandawards.TheCharitycarriesout 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 reasearch of interest furthers the objectives of the Charity.
ThetrusteeshavepaiddueregardtoguidanceissuedbytheCharityCommissionindecidingwhatactivitiesthecharity should
undertake.
OBJECTIVES AND ACTIVITIES
Procedures and policy for grant making
TheobjectivesofthelolantheMidwiferyTrustaretoadvanceandpromotetraining,education,professionaldevelopment and
research in the field of midwifery, and disseminating the useful results of such development and research.
Theseobjectivesareachievedbymakingfinancialawardstoappropriatelyselectedindividuals,whohavemade detailed
applicationsfor fundsaccordingto criteriaset by the Trustees.Awardwinnersreportbackto the Trustees,withina specified time,
onthesuccessoftheirprojects.Suchreports,orextractsfromthereports,arepostedontheCharity'swebsiteandthe award
winnersfrequentlypublisharticlesinthemidwiferypress,presenttheirfindingsorexperiencesatconferencesandseminars, or
disseminateinformationviawebbasedmedia.ThusthevalueoftheactivityispublicisedandtheCharity'scontributionto its
success widely recognised.
Partnerships
The Charity maintainsgood workingrelationshipswith key midwiferybodies such as the Royal College of Midwivesand other sector
relevantcharities(Mummy’sStar,SANDS).TheRoyalCollegeofMidwivescurrentlypart-fundsan lolantheAward:theJean Davies
Award.
Page 2
Iolanthe Midwifery Trust
Report of the Trustees for the Year Ended 31st March 2025
OBJECTIVES AND ACTIVITIES
Grantmaking
The Constitutiongives the Trusteesthe power to apply the funds towardsthe promotionof the charitableobjects.lolanthe Awards
fund studentsand qualifiedmidwivesto undertakefurtherstudy and development,with the aim of improvingthe care of mothers,
babiesandfamilies.Anyprivatebenefitreceivedbyindividualsispurelyincidentaltotheobjectsofourwork.TheCharity invites
applications
foritsawardsfromthemidwiferyprofessionbypromotingtheopportunityviaelectronicnewsletters,emailgroups,social media
and its own website.We make everyeffortto ensure midwivesand studentshave accessto informationaboutthe awardsand the
applicationprocess.Whereanapplicationinvolvesaresearchproject,attentiontoethicalissuesmustbedemonstrated. All
applicantsfor MidwivesAwardsmust be currentlyregisteredwith the UK Nursingand MidwiferyCouncil.The recommendations of
the Awards Panel are usually reported to the Trustees at the spring meeting, and the total amount of funding agreed.
Inadditiontotheannualawardsformidwivesandstudentmidwives,therearefive‘commemorative'awards,eachestablished in
the name of a significantmidwifeor other associatedindividualwho has indicated,or whosefamilyhas indicated,a wish to benefit
the Charity.In these cases,the Trusteesselectwinnersfromthosewho apply,at their discretion,to ensure the projectreflects the
particular interests of the individual after whom the award is named.
ThesearethetwoDoraOpokuAwards,theMaryCronkAward,andtheJeanDaviesAward.Inthesecases,theTrustees select
winnersfromthosewhoapply,attheirdiscretion,toensuretheprojectreflectstheparticularinterestsoftheindividual after
whom the award is named.
In2023,thefirstTheNoraFaithConiamAwardforprojectsaddressingissuesaroundbabylossandbereavementincluding early
pregnancy was made in accordance with the wishes of the family.
Preparationwasmadefora newawardlaunchingin 2024,TheNicolettePeelAward,fora projector trainingimproving maternity
care of vulnerable pregnant women and birthing people.
Page 3
Iolanthe Midwifery Trust
Report of the Trustees
for the Year Ended 31st March 2025
ACHIEVEMENTS AND PERFORMANCE
Achievements and performance
In May2024the IolantheMidwiferyAwardswerepubliclyannounced.Thesewereformallypresentedto the awardwinnerson 10
OctoberatthefirstinpersonIolantheMidwiferyAwardeventpostcovid.ThiswasheldatTheKingsFundinLondon.Atotal of
£13552 was awarded.
The 2024 Awards were made to:
Royal College of Midwives/Iolanthe Midwifery Trust Jean Davies Award of £3000 for addressing health inequalities went to:
HannahAliceKing,a LabourWardCoordinatorat the LancashireWomenand NewbornCentre,whowilluse her awardto develop
and deliver Birth Without Bias training within her Trust and for the RCM, as part of her PhD studies.
Dora Opoku Award for Black and Brown Midwives Award of £1500 went to:
RebeccaSobodu,PracticeDevelopmentMidwifeat the RoyalLondonHospital,who will pursue a Mastersin PublicHealthat King's
College London with the goal of challenging systemic discrimination and working for safe, inclusive healthcare for all.
The Mary Cronk Award of £500 (to an applicant for another award whose project aligns with
Mary’s passions and values) went to:
MiraWaligora,VicePresidentofthe Universityofthe WestofScotland'sStudentMidwifeSociety,whoseIolantheapplication will
enable her to offer a "How to Work With Interpreters" study day to all her fellow midwifery students.
The Noral Faith Coniam Award of £1500 went to:
ZahraFamili,LeadMidwifefortheBereavementTeamatGuy'sandSt Thomas'sTrust,whoin collaborationwithtenother health
professionalsacrossseveralTrusts,willdevelopand pilotMemoryWalletsto documentand sharesupportresourcesaround baby
loss, including pregnancy loss, with the aiming of standardising a quality resource nationally.
ThewinneroftheIolantheStudentAwardof£700wasMiraWaligora,VicePresidentoftheuniversityoftheWestof Scotland's
Student MidwifeSociety,whose Iolantheapplicationwill enable her to offer a "How to Work With Interpreters"study day to all her
fellow midwifery students. Mira has also received the 2024 Mary Cronk Award.
The Iolanthe Midwives Award winners were:
MariaVeloHiqueras,(£300)aMidwiferyLectureratRobertGordonUniversity,whoseawardwillsupportherengagement with
serviceusers,birthworkers,andmidwivesaspartofherPhDstudy“Afeministmixed-methodsexplorationofUK midwives’
attitudes and experiences on freebirth.
AmyLewis(£1500)aPerinatalMentalHealthMidwifeatBetsiCadwaladrUniversityHealthBoard,whowilluseherfunding to
undertakethePerinatalMentalHealthPostgraduateModuleatTavistockandPortmanNHSFoundationTrust,tosupport her
specialist role.
ZoiVardavaki,(£1500)SeniorMidwiferyLectureratLondonSouthBankUniversity,whowilluseherfundingtopursueher PhD
research:"MiROG-MidwiferyResearchonOutofGuidancebirthchoicesClinicsandservices:amixedmethodstudy"at the
University of Hertfordshire.
AlixAitken-Arbuckle,(£1484)ClinicalAcademicSeniorMidwifewithNHSLothian/EdinburghNapierUniversity,whowilluse her
award to pursue a Cultural Change in MaternityServices project,includingthe developmentof MidwiferyAdvocateroles to support
positive cultural change within the workplace.
ClaireParkin,(£840)ClinicalSupervisorforMidwivesand RoyalCollegeof MidwivesLearningRepresentativeat Singleton Hospital,
whowilluse her fundsto offera BiomehanicsBirthProfessionalsworkshopto her midwiferyteam,enablingmidwivesto embed a
biomechanicsfocus in their care of birthing families.
KirstySmith,(£728)a Midwifeand aquanatalteacherwithLornand IslandsHospital,Oban,whoseAwardwillfund swimming pool
hire, enabling her to offer free aquanatal classes to pregnant people in her rural community.
The Nicolette Peel Award (£2000) went to:
GeorginaLeech,PerinatalMentalHealthMidwifeatKing'sCollegeHospital,whowilluseherawardtotakea Non-Medical
PrescribingCourseatLondonSouthBankUniversity,enablinghertoembednon-medicalprescribingintoherspecialist clinic
supportingvulnerablewomen and birthing people. The work the award winner wanted to undertake was no longer possible and we
were therefore unable to make the payment.
Page 4
Iolanthe Midwifery Trust
Report of the Trustees
for the Year Ended 31st March 2025
FINANCIAL REVIEW
Financial position
The Constitutionrequiresthe Trusteesto use the incomeof the Charityin promotingits objectives.It alsoallowsforthe capital to
beused.AstheCharitydoesnotgenerallybenefitfromlargecharitabledonations,thecapitalheldbytheCharityisinvested to
produce income and capital growth.This income is then used for the operationof the Charity and its grants. The use of the Charity's
reservesiswhollyatthediscretionoftheTrustees,withnoparticularlevelofreservesrequiredtobemaintained.The capital
investedis kept equal or more than the amountof the endowmentand designatedfunds to ensure maximumreturns.This policy is
reviewed annually. Grants to midwives and student midwives were paid out of the Annual Midwives Award designated fund.
Investment policy and objectives
Theportfolioisinvestedtoachieveabalancedreturnfromincomeandcapitalgrowth,withaviewtomaximisingall returns.
Investmentsareselectedacrossarangeofassetclasses,withthemajorityinvestedintheequitymarket,supplementedby fixed
interestinvestments,togetherwith cash. The Trusteesare currentlylookingin the short-mediumterm to minimiseloss of the asset
baseinuncertaintimesandmaintainittoproducemaximumreturnswhetherthroughincomeorcapitalgrowth.The investment
strategy remains conservative and ethical: specific exclusions are those companies producing formula milk, tobacco and munitions.
TheInvestmentportfoliomanagerhascirculatedadocumentforTrustees,detailingthedefinitionofriskandtheimplications of
variousrisks.As regardsensuringthe best use of charitablefunds,the Trusteescontinueto reviewall applicationswithgreat care,
following a regularly reviewed process, and paying attention to possible reputational damage to the Charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limitedbyguarantee, as
defined by the Companies Act 2006.
The lolantheTrust was formed by a declarationof Trust on 16 June 1983 executed by the Central MidwivesBoard and the Trustees,
and was registeredas a charityon 20 June 1983.The TrustDeed establishedthe objectivesand powersof the Charityunder which
itwasgoverned.ThiswasamendedbyaSupplementalDeedon1November2005withafurtheramendmentby Supplemental
Deedon15July2017.On11May2021,theCharitytransferredallit'sassets,liabilitiesandcharitableactivitiestothe lolanthe
MidwiferyTrust,aCharitableIncorporatedOrganisation(CIO),bymerger.AnorderwasmadebytheCharity Commission
authorisingthe transferof assetsand liabilitiesand the grantingof an indemnityunders105CharitiesAct 2011.The lolanthe Trust
wasdissolvedon the registrationofthe mergerwiththe CharityCommissionon 11 January2022.Thegoverningdocumentof The
lolanthe Midwifery Trust (CIO) is a constitution registered with the Charity Commission on 16 September 2020.
Page 5
Iolanthe Midwifery Trust
Report of the Trustees for the Year Ended 31st March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
AllTrusteesgivefreelyoftheirtimeandreceivenoremuneration,unlessthereispriorconsentforpaymentfromthe Charity
Commission.Detailsof Trusteeexpensesand any remunerationare providedin the accounts.Trusteesagree to 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 2024 31 March 2025
10 June 2024 Finance Sub Committee
27 June 2024 Business Meeting
26 September 2024 Finance Sub Committee
10 October 2024 AGM/Board Meeting
17 March 2025 Finance Sub Committee
27 March 2025 Board Meeting
Operations
A 3 yearstrategywasapprovedatthesummerbusinessmeetinganditwasagreedtoextendthehoursofTheExecutive Director
from16to30hoursa weekasofAugust2024.ChrisRosswasappointedasPhilanthropyOfficerpt/timeandtookup poston 13
January 2025. He was formally confirmed in post in May 2025. He covers
Legacies
Individual giving/donors
Philanthropy/Corporates
TheLondonMarathoncontinuestobeourmainfundraisingeventandinthe2024racewehad3Runnerswhoraised£7204. For
the April 2025 event,workingwith CRunCHwe recruitedan initialteam of 7 runners.One runner subsequentlydroppedout due to
injury.
New policies were developed covering
AI
Compassionate leave
The Social Media policy was reviewed.
WorkwascarriedouttoincreaseawarenessoftheAwards.Acomprehensivemailinglistwithflierspublicisingthe2025 Awards
roundwas circulatedin Octoberto maximisecoverage.In January2025 we held an awardsQ&A webinarfor interested applicants.
This will be repeated for the awards round opening in December 2025.
We closed our X account in the light of developments on that platform. We have accounts on
Instagram and Facebook with an updated feed linking to our website
Page 6
Iolanthe Midwifery Trust
Report of the Trustees for the Year Ended 31st March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
NewTrusteesarerecruitedandappointedbytheexistingTrustees,havinggivendueconsiderationtoanyareasofspecialist skill
and expertise or personal competences appropriate to complement those already available.
Vacanciesarewidelypublicisedonsocialmedia,throughtheREACHrecruitmentwebsiteandin thepressif needed,as wellas on
thelolanthewebsiteandemailnewsletter.CandidatesareinterviewedbyaminimumofthreeTrustees,and recommendations
made to the Board of Trustees.
Astructured1yearselflearninginductionprogrammedevelopedbyTheExecutiveDirectorisnowinplaceforallnew trustees
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
TrusteesareencouragedtoattendindependenttrainingThetrainingresourcelinksareregularlyupdatedandcirculatedto all
trustees.
Related parties
None of the trusteeshas any beneficialinterestin the company.All of the trusteesare membersof the companyand guarantee to
contribute£1in theeventofa windingup.RiskmanagementTheTrusteesannuallyreviewtherisksthattheCharityfaces. Those
relatedtostewardshipofthefinancialassetsareamelioratedasfaraspossiblebydiversifiedportfolioselectionand professional
management
and facilitated by the maintenance of designated funds for future award giving.
Risk management
TheInvestmentportfoliomanagerhascirculatedadocumentforTrustees,detailingthedefinitionofriskandtheimplications of
variousrisks.As regardsensuringthe best use of charitablefunds,the Trusteescontinueto reviewall applicationswithgreat care,
following a regularly reviewed process, and paying attention to 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 19th January 2026 and signed on its behalf by:
E Bannon OBE - Trustee
Page 7
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 2025.
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').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006Actand are
eligiblefor independentexamination,I reportin respectof my examinationof yourcharity'saccountsas carriedout under Section
145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowedtheDirectionsgivenbythe Charity
Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completedmy examination.I confirmthat no mattershave cometo my attentionin connectionwith the examination giving
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 have no concernsand have come across no other matters in connectionwith the examinationto which attentionshould be 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
19th January 2026
Page 8
Iolanthe Midwifery Trust
Statement of Financial Activities for the Year Ended 31st March 2025
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
Charitable activities
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
10
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
38,006
-
38,006
42,441
26,708
69,149
-
(31,143)
69,999
38,856
143,762
182,618 |
Restricted
fund
£
-
43,421
43,421
8,411
-
8,411
8,046
43,056
(69,999)
(26,943)
1,211,476
1,184,533 |
31.3.25
Total
funds
£
38,006
43,421
81,427
50,852
26,708
77,560
8,046
11,913
-
11,913
1,355,238
1,367,151 |
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 |
The notes form part of these financial statements
Page 9
Iolanthe Midwifery Trust
Balance Sheet 31st March 2025
Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors
8
Cash at bank
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
159,786
17,657
6,823
24,480
(1,648)
22,832
182,618
182,618 |
Restricted
fund
£
1,184,533
-
-
-
-
-
1,184,533
1,184,533 |
31.3.25
Total
funds
£
1,344,319
17,657
6,823
24,480
(1,648)
22,832
1,367,151
1,367,151
182,618
1,184,533
1,367,151 |
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 |
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006fortheyear ended
31st March 2025.
The membershavenotrequiredthe companyto obtainan auditof its financialstatementsforthe yearended31stMarch2025 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.
These financialstatementshave been preparedin accordancewith the provisionsapplicableto charitablecompaniessubjectto the
small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon19thJanuary2026andwere 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 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,havebeen prepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof Recommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
andRepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancialstatementshave been
preparedunderthehistoricalcostconvention,withtheexceptionofinvestmentswhichareincludedatmarketvalue, as
modified by 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.
Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimates are
recognisedin the period in which the estimateis revisedwhere the revisionaffectsonly that period,or in the period of the
revision and future periods where the revision affects both current and future periods.
Income
All incomeis 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
Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasacommitmentbut 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.Restrictions arise
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.Contributionspayabletothe charitable
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 2025
2. INVESTMENT INCOME
3.
INVESTMENT INCOME |
|
|
|
31.3.25 |
31.3.24 |
|
£ |
£ |
Other fixed asset invest - FII |
42,739 |
40,207 |
Deposit account interest |
682 |
1,082 |
|
43,421 |
41,289 |
RAISING FUNDS |
|
|
Investment management costs |
|
|
|
31.3.25 |
31.3.24 |
|
£ |
£ |
Portfolio management |
8,411 |
8,022 |
4. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stMarch2025norfortheyear ended
31st March 2024.
Trustees' expenses
Trustee meetings and travel were reimbursed at a value of £1860.
5. 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
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
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 |
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 |
continued...
Page 12
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
6. TANGIBLE FIXED ASSETS
COST
At 1st April 2024 and 31st March 2025
DEPRECIATION
At 1st April 2024 and 31st March 2025
NET BOOK VALUE
At 31st March 2025
At 31st March 2024
7.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1st April 2024
Additions
Disposals
Revaluations
At 31st March 2025
NET BOOK VALUE
At 31st March 2025
At 31st March 2024
There were no investment assets outside the UK.
Cost or valuation at 31st March 2025 is represented by:
Valuation in 2025 |
Fixtures
and
fittings
£
486
486
-
-
Listed
investments
£
1,337,629
108,917
(117,204)
8,046
1,337,388
1,337,388
1,337,629
Listed
investments
£
1,337,388 |
Computer
equipment
£
11,754
11,754
-
-
Cash and
settlements
pending
£
33,633
194,278
(220,980)
-
6,931
6,931
33,633
Cash and
settlements
pending
£
6,931 |
Totals
£
12,240
12,240
-
-
Totals
£
1,371,262
303,195
(338,184)
8,046
1,344,319
1,344,319
1,371,262
Totals
£
1,344,319 |
|
|
|
|
continued...
Page 13
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accruals and deferred income
Accrued expenses
10.
MOVEMENT IN FUNDS
At 1.4.24
£
Unrestricted funds
General fund
143,762
Restricted funds
Endowment Funds
1,211,476
TOTAL FUNDS
1,355,238
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
38,006
Restricted funds
Endowment Funds
43,421
TOTAL FUNDS
81,427 |
Net
movement
in funds
£
(31,143)
43,056
11,913
Resources
expended
£
(69,149)
(8,411)
(77,560) |
31.3.25
£
1,000
16,220
437
17,657
31.3.25
£
(2,283)
1,531
-
2,400
1,648
Transfers
between
funds
£
69,999
(69,999)
-
Gains and
losses
£
-
8,046
8,046 |
31.3.24
£
-
-
475
475
31.3.24
£
(629)
16,006
4,991
5,340
25,708
At
31.3.25
£
182,618
1,184,533
1,367,151
Movement
in funds
£
(31,143)
43,056
11,913 |
|
|
|
|
continued...
Page 14
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for 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 |
Net
movement
in funds
£
(34,700)
112,556
77,856 |
Transfers
between
funds
£
57,000
(57,000)
- |
At
31.3.24
£
143,762
1,211,476 |
|
|
|
|
1,355,238 |
Comparative 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 |
31,498 |
(66,198) |
- |
(34,700) |
Restricted funds |
|
|
|
|
Endowment Funds |
41,289 |
(8,022) |
79,289 |
112,556 |
TOTAL FUNDS |
72,787 |
(74,220) |
79,289 |
77,856 |
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 1.4.23
£
121,462
1,155,920
1,277,382 |
Net
movement
in funds
£
(65,843)
155,612
89,769 |
Transfers
between
funds
£
126,999
(126,999)
- |
At
31.3.25
£
182,618
1,184,533 |
|
|
|
|
1,367,151 |
continued...
Page 15
Iolanthe Midwifery Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
10. MOVEMENT IN FUNDS - continued
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 |
69,504 |
(135,347) |
- |
(65,843) |
Restricted funds |
|
|
|
|
Endowment Funds |
84,710 |
(16,433) |
87,335 |
155,612 |
TOTAL FUNDS |
154,214 |
(151,780) |
87,335 |
89,769 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2025.
Page 16
Iolanthe Midwifery Trust
Detailed Statement of Financial Activities for the Year Ended 31st March 2025
|
31.3.25 |
31.3.24 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
21,786 |
31,498 |
Gift aid |
16,220 |
- |
|
38,006 |
31,498 |
Investment income |
|
|
Other fixed asset invest - FII |
42,739 |
40,207 |
Deposit account interest |
682 |
1,082 |
|
43,421 |
41,289 |
Total incoming resources |
81,427 |
72,787 |
EXPENDITURE |
|
|
Other trading activities |
|
|
Wages |
41,566 |
23,980 |
Social security |
- |
1,448 |
Pensions |
875 |
494 |
|
42,441 |
25,922 |
Investment management costs |
|
|
Portfolio management |
8,411 |
8,022 |
Charitable activities |
|
|
Fundraising costs |
15,012 |
5,321 |
IT costs |
4,588 |
2,731 |
Sundries |
900 |
713 |
Trustee meeting travel |
1,860 |
149 |
Grants to individuals |
3,667 |
25,632 |
|
26,027 |
34,546 |
Support costs |
|
|
Governance costs |
|
|
Accountancy and legal fees |
681 |
5,730 |
Total resources expended |
77,560 |
74,220 |
Net income/(expenditure) before gains and losses |
3,867 |
(1,433) |
Realised recognised gains and losses |
|
|
Revaluation of investments |
8,046 |
92,380 |
Gain/(loss) on sale of investments |
- |
(13,091) |
Net income |
11,913 |
77,856 |
This page does not form part of the statutory financial statements
Page 17