``` 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 ```