Registered number: 1345335 Charlty numbers: 275261 & SC039694 ROYAL COLLEGE OF MIDWIVES TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol CONTENTS Page Raf•renc• and Admlnlstratlv8 D•talls of the CharSty, It8 Trust•O8 and Advlsw8 Trustees. Report Trust•es' R6sponslbllltle8 StatMiont Independent Audltors. Report on the Flnanclal Statements Consolldat•d Stat•m•nt of Flnanclal ￿tI¥ll6•S 10-13 14 Consolldated Balanco Sheet 15-16 Charlty Balan¢• Sh•èt Nots8 to the Flnanclal Stalements 17-18 19-32 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol REFERENCE ANO ADMINISTRATNE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Keelbe Barrett, Chair lappobnted 1 September 20231 PaulSna Anne Twiqq, Fomier Chair Iresiqned 31 Auousl 20231 Janel Ballinline (resigned 31 August 20231 Michèlle Beacock (reS￿ned 31 Auqust 20231 Melissa Da￿S {appoinled 1 September 20231 Nérys Kirtley Anoharad 0Oer {appoSnled 1 September 20231 Company règl#t•r number 1345335 Charlty rèol8t•red numbers 275261 and SC039694 Reglstered offlc• 18 Union Streel London SE1 1SZ Independent audltors Crowe U.K. LLP Chartered Accountants London EC4M 7JW Banker8 Unity Trust Bank plc PO Box 7193 Planelary Road Willenhall WV19DG Sollcltors Bales Wells Brailhwalle 10 Queen Slreel Place London EC4R 1BE Page 1 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present thebr Annual Report logether wilh the audiled financial slalements of the Charity for the ar 1 January 2023 10 31 December 2023, The Annual Report serves the purposes of both a Trustees. Report and a DSreclors' Report under company law. The Trustees confirm that Ihe Annual Report and financial stalemenls of the charilable company comply with th8 current slatulory requirements. the requirements of thè charilable companls ooveminq documenl and the provisions of the Slalemenl of Recommended Praclice ISORPI applicable lo charities preparino their accounts in accordance with the Financbal Reportino Standard applicable In the UK and Republlc of Ireland IFRS1021 leffeclive 1 January 2019). Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, Ihe Group Straleqic Report required of medium and large companies under the Companies Act 2006 Islraleglc Report and Directors. Report) Regulations 2013 has been omitted. Objectlves and actlvltles Pollcles and objectlves The oblectlves of th8 Royal College of Midwives Trust I'RCW, "RCM Tnjsl", or'the Charlv'l are as follows: Promote the professional education of midwives Provide infomalion sèNices lo the Royal College of Midwives I"RCM"I members and public Promote midwrfery practice Raise the research profile In sèth.ng objacts"v6s and planning for activi118s, thè Trustèès hava given dua conyid8ration to 96n6ral guidance published by the Charity CommSssion f6lating to public benefit, including the guldaneè 'Publlc b8n8fSt.' running a charity IP82I'. Page 2 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevernents and perfonnance . Maln achlevements of Ihe Charlty During the year, the Charity carried out the following activtties towards méetlng ils above object5ves". Promote the professional education of midwves There were no grants paid in 2023 to the RCM to carry out work on the RCM Trust's behalf that fulfils thè objeclives of the Trust lo promote and advance Ihe art and science of rn￿￿ferY and the effectNeness of mldwives. Those actiV￿8S were funded by the RCM only. PrOv￿e infomiation setvices to RCM members and public 2023 saw the RCM focus on ongoing challenges around wot*force, toth recfuitmenl and retention, and the safety of malemity services. The RCM continued to build on work done In 2022 on sharing its concems, Sts aspirations and Sls solutlons to Ihese deep-sealed issues. The College received and responded lo a significant numter of requests durlng 2023 to submit evidence to enquiries and reports, including those by parliamentary committees and national enquirles. The College and its staff also frequenuy appeared in the medla. Promote mhtsifery practice As the professional association for mldwSves and MSWS practising in the UK, the RCM develops and dissembnales advice and guidance lo aid safe, positive midwifery pracuce. Safety has remained al the forefront of the RCM'S work across 2023. The col￿ge prcéuced a number of publications and events to support members and to improve practice and cohesion across multi-discipllnary leams. Raise the research profl The RCM'S commitment lo supporting gocé qualty midwifery research conllnued in 2023. As part of the Research strategy a signlficant piece of work was started on the Research PrIor￿saIlon project, focusing on understanding members research needs and priorities. b. Fundralslng No professional fundraisers were used In the period, nor does RCM Trust have plans to engage any In the foreseeable future. and so no monilorSng of fundralsing ath'vitles by third partie8 Is currently undertaken IRCM Trust does not currently subscribe lo any fundraising standards or schemes). No complaints were received regarding fundraising practlces during the pericmj. The Trustees seek lo prolecl all individuals, especially those considered vulnerable, when raising funds using existing group safeguarding policies and practices. c. The Alllance Partnershlps The Alliance Partnershlps contlnue lo support the aims and objecllves of the RCM Trust. The current Allance Partners are: Emma's Diary Slimming Work Vitabiolics Page 3 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevernents and perfonnance {contlnued) d. RCM Informatlon Servlces Llmfted - Mldlrs Subscrfption ￿velS conllnued to Improve from 2022, mostly from lolnl Student RCM members. Al 30 November 2023, MIOIRS had 2,543 subscribers which is a 91.kn increase since joining the RCM in February 2021 11,327 vs 2.5431. Insltulion subscrip1k￿8 remained stable. Flnanclal revlew . Golno concern After making appropriate enquiries, th8 Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational exbslence for the foreseeable future. For this reason. they continue lo adopt the going concern basis in preparing the financial statements. Further detalls regarding the adoption of the ing concern basis can be found in the accounting polties. b. Reserves pollcy Folbwng a governance revlew in a prior year. which consldered the relationship between the RCM and the RCMT. il was concluded that actbwties historically attrlbuled lo the RCMT can be performed by the RCM, The Impact of the revlew was that the RCMT in future would be a much smaller enlily with Income and associated expenditure considerably reduced. The main source of income will be the donations from subsidbaries. investments, and grants from external funders. By implementing the govemance rethew and recommendations In full, the Trustees wDuld Ilke lo keep free reserves for operation purFrf)ses at the level of around £500K. The main expendllure ￿11 be the Ilbrary costs eslimaled al around £100K per year. a provlsion set aside of around £200K for funding potentlal projects should they arise, and £200K for unforeseen liabillties. The financial statements show that total funds of the Group at the balance sheet dale were £923,711 12022= £835,154), comprislng endowed funds of £135,124 12022.. £111.4711, restricled funds of £34,248 12022- £29,059), and unrestricted funds of £754,33912022-. £694,624). The reserves pollcy was met throughout the year. Page 4 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 ¢. Flnanclal summary The RCM Trust group's total incomlng resources amounted to £501.660 for the year, compared to £532,019 for the previous period. The mabn sources of income are the Alliance programme, Snveslments, income from Midwives Information and Resource Service IMIDIRSI. and donations. Overall expenditure amounted lo £431.339 compared lo £450,124 in the previous period. After taking into account Ihe gain on inveslments 01 £18,236, the RCM Twst Group shows a net gain in funds of £88,557. This compares Ihe prevbus peric#Y's nel movement of £52,269. The results include the RCM Trust Trading Company's result of a net operating profrt of £106,68712022'. profit of £132,532). The company donates ils profil to the RCM Trust. Separate financlal statements for RCM Trust Trading Company Limited have been prepared, audited, and approved by the direclors. The Benevolent Fund was transferred to Cavell Nursbng Trust in November 2021. The resum for RCM Infomation Services Limited shows a profrt of £56,331 12022.. surplus of £52,709). Separate financial statements for RCM Infomiation Services Limited have been prepared, audlted, and approved by the directors. Page 5 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 d. Investment powers, pollcy. and perforrnance Th8 Trustees have wide investment powers and delegate responsibllity for managing th8 Investmént porttollo of the RCM Trust lo ils fund managers. Th8 investment pollcy has been prepared by the Inveslment Committee of the Board of Trustees and was approved by the Board of Truslees. The policy makes explicll the RCM Trust investment philosophy, and sets out the investment objectives and how these wll be achieved. The invesbmenl objectlve is lo maintain and grow the real capital value of the investments over the long temi, while providing a suitable level of income to support the activities of the Trust. The long-term objecllve for the Snvestmenl portlolio is lo achieve a retum by way of ncome and Ihe capital growth of CPI plus 4 /0 per annum after fees lupdaled in October 20211. The Trustees adopted a balanced inveslmenl strategy with a medium-risk tolerance. The portfolio is primarily invested in equities with dlversrfication through extM)sure lo fixed income, property, commodilies and absolute retum funds. The RCM Trust has adopted an Investsnenl policy which ensures Its investsnenls do not conflict wrlh its aims. The RCM Trust does not invesl direcyy in companies involved in amis manufacture, tobacco. alcow, breast mllk subslitules or fossil fuels. The Trustees re￿eW the investment portfolio regularly wKh the fund manageis, comparing perfomiance against the benchmark and wriodically reviewlng the appropriateness of the benchmark. Overall, the Investment rformance has approximately mirrored the mat1(el and the benchmark during the year. The RCM Tnjst's benchmatk comprises the following". 20U/o UK equities, measured by the FTSE AJI Share Index 45U/• Overseas developed market equities. measured by the MSCI World ex UK Index 5% Overseas emerging market equities, measured by the MSCI Emerying Markets Index 5% Guills. measured by the FTSE Gov'l All Stocks 5% Corporate bonds, measured by BofA non-Gitts 10U/• property, measured by the IPO UK Pooled 2% commodities, measured by SONIA+2Vo 6% absolute return, measured by SONIA+2% 2% cash. measured by SONIA The movement of the RCM TnJst's investments durlng the year is shown In note 12 to the accounts. Page 6 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 e. Prlnclpal rlsks and uncertaln¢le8 Th8 Trusl88s are responsbble for managing Ihe risks laced by the RCM Trust. An annual r8Vi8w of th8 RCM Trust's risk management processes and syslems t¢))k place, and policies have been pul Sn place to mitigat8 any slgnificanl risk bjenlified. Loss of income from the RCM Wliance ro ramme The RCM remains very aware of the need lo demonslrale value to Ils partners. This is even more important as the Alliance comprises of three long standing partners, all of whom are highly valued. There continues lo be a focus on ensuring that the partnerships remaln relevant and b8neficial lo all parties. With this in mlnd, the RCM has sought lo ensure that partners continue lo value the access and assoclalion wilh the College. Loss of income for RCM Information Services Midirs continues to be the key income stream for RCM Information Services, which Is a rosk, partiojlarfy when ndividuals and organisalions are looking lo reduce their oulgoings. To miligale against this. the RCM has successfully sought to increase offering and promole the services available wa Midirs lo ensure existing subscribers are retained and new subscribers slgned up. structure. qovernance and manaoement . Constitullon Royal College of midwives Trust Is registered as a charitable company1Smited by guarantee and was sel up by Memorandum of Assockgtion. Its goveming document is Its Articles of Assock9tion dated 19 May 2016, b. Melhod8 of appolntment or electlon of Truslees The management of the Group and the Charity Is the resronsibility of the Trustees who are elected by the RCM Isole member of RCM Trust and ultimate parent entity) and are appointed for terms of two years. c. Organlsatlonal structure and decl8lon4naklng pollcles The Trustees are colleclvely known as the Board of Tnjslees lor the Tnjslee Board). Trustees are non- executive and unpaid, The Board retains overall resKM)nsibllity for the control of Ihe Trust. The Board of Trustees Is advlsed by an audit and risk committee. d. Pollcl•s adopted for the Inductlon and tralnlng of Trustees An induction for newly appointed Iruslees Is held every two years as near as conveniently posslble lo the dale on which they take up office. Thereafter, trustees are supported for further education and training by extemal prO￿derS. including the Trust's auditor and investment manager. Page 7 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. oovernance and manaoement Icontlnued) e. Related party rolatlonshlps The RCM Trust Is a company 1Smlted by guarant86 and is a subsidiary of The Royal Col￿ge of Mbdwives (the RCM). The RCM Is the sole member of the Trust. Parties to which Ihe RCM Twsl Is related ar&- The RCM - ultlmale parent entbty I. RCM Trusl Trading Company Limited - wholly-owned subsidbary of RCM Trust li. RCM Informalion Serwces Llmited - wholly-owned subsidiary of RCM Trust Plans for future perlod8 RCM Tnjst Is aiming to contlnue lo carry on wlh ils oblectives sel up by Trustees. These are to Promote the professional education of midwves and midwifery practice. 11 will also continue lo provide infomialon services to RCM members and public and try lo raise the research profile. Dlsclosure of Infomiatlon to audltors Each of the persons are Tnjslees al the time when this Twslees. Report is approved has confimied Ihal.. so far as that Trustee is aware. there is no relevant audit infomiation of which the charitable group's audilors are unaware, and that Trustee has taken all the steps Ihal ought lo hav8 been laken as a Trustee in order to b8 awarg of any relevant audit information and lo establish that the charitable group's auditors are aware of Ihal information. Auditors The auditors, Crowe U.K. LLP, have indiGgted their willingness lo continue in office. The deS￿nated Trustees 11 propose a motion reappointing Ihe auditors at a meeling of the Trustees. Approved by order of the Membe￿ of the board of Trustees and signed on their behalf by.. Keelie Barrett Chair Dal6= 17 July 2024 Page 8 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also th8 dlrectors of the Charfty for the purposes of company lawl are responsible for preparbng the Trustees. Report and the financial slalemenls in accordance with applicable Lqw and Unlled Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). Company law requbres the Trustees lo prepare flnanclal statements for each financlal year. Under company lav4. the Trustees musl not approve the flnancial statements unless they are salisff ed that they give a true and fair ew of the stale of affairs of the Group and the Charify and of their Incoming resources and application of resources. including Iheir income and 8xpenditure. for that peri¢)J. In prepadng thes8 finanaal statements, the Trustees are required lo-. sdecl suitable accounting p)licies and then apply them consistenuy, obsetve the methods and prinoples of the Charities SORP IFRS 1021.. make judgements and accounting esb'mates that are reasonable and prudent,. stale whether applicable UK Accounting Standards IFRS 1021 have been 101h￿ed, subject to any material departures disclosed and explained in the financial stalemenls.. prepare the financ￿1 statements on the going ¢M¢ern basi$ unle$$ il is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate a¢¢ounling r￿OrdS that are sufficient to show and explain the Group and the Charivs transactions and disclose with reasonable ac¢ura¢y at any time the financial position of the Group and the Charity and enable them lo ensure that the financial statements comply ￿th the Cofflpar)ies Act 2CQ6. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on ils behalf by.. Keelie Barrett Chair Dale= 17 July 2024 Page 9 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL COLLEGE OF MIDWIVES TRUST Oplnlon We hav8 audited the financial statemènts of Royal College of mldwives Trust Ilhe 'parent charitable companv) and its subsidlaries Ilhe 'qroup'l lor the year ende¢Y 31 December 2023 which comprise the Consoli(Jaled Stsiement ol Financial Acti"v1t￿s, the Consolidaled Balance Sheet, the Charity Balanc8 Sheet, and the related r￿les, including a summary of signrficanl accounling policies. The financial reportinq framework that has been applied in their preparation is applicable law and United Kinodom Accounlinq Stsndards, including Financial Reporting Standard 102 The Flnancial Reportbng Standard applicable in the UK and Republic of Ireland. Iuniled Kingdom Generally Accepted Accounlino Practice}. In our opinion th6 financial statements= give a true and fair view of the stale of the Group's and of the parent charitsble companys affairs as at 31 December 2023 and of Ihe Group's incoming resources and application of resources, induding ils income and expenditure for the year Ihen ended. have been propedy prepared in accordance wth Unrted KiTrJdom Generalty Accepted Accounting Practice., and have b68n prapared in accordance with the requirements of thè Companies Act 2006, Charities Act 2011. the Charttie5 and Trustee Investrnent Iscolland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scollandl Regulalions 2006. Ba819 for oplnlon Wa eonduel8d our audit In accordancè wtth Intemational Standards on Audlling IUKI IISAS {UKII and applie2bl6 law. Our responsibilities under those standards arè further describ8d in the Auditors, responsibilits.es for th8 audll of the financial slal8mÈnts Section of our rèport. We ara ind6p6ndent of th6 Group in aceordanc8 with th6 èthical requirem8nts that are relevant to crtjr audit of th8 financial slalements in th8 United Kingdom. including the Finanelal Reporting Council's Elhieal Standard. and w6 have fulfS118d our other éthical r6sponslbilits.ès in accordancè wth ih85È rèquirements. We bèliévè that lh6 audll èvid8nc6 wè havè oblain6d ts suffiuanl and appropriat8 to provide a basis for our opinion. Concluslons relatlng to golng concern In au(Jllng the fSnancial stalem6nls. we have conduded that the Tru$lee$' use of the going ¢on¢8m bas1$ of a¢counlir@ In the preparation of the financial ststements is approprlate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or conditions that, indlvidually or cdleclively, may cast significant doubl on the Group's or the parent charitsble companrfs ability lo continue as a going concem for a peri(￿ of at least ￿ve1ve months from when the financial slalements are authodsed for issue. Our responsibililies and the r6sponsibillb.es of th6 Truslees wSth r8spe¢l lo going concern are deS￿bed in th8 relevanl sections of this reporL Other infomiation The other information CAynprls8s the informatlon included In the Annual Report other than the finan¢k11 stalemenls and our Auditors. Report thereon. The Trustees are responsible for the other Snfomialion conlalned thin th8 Annual Report. Our oplnion on the financial statements does not cover the other Infomialion and, except lo the exlenl otherwise expliC￿Y staled in our report, we do nol express any form of assurance concluslon thereon. Our responsibility is lo read the other informalion and, in doing so, consider whether the other infornialion is matedally inconsistent with the financial statements or our knowledge oblalned in the course of the audil. or othe￿se appears lo be materially mSsstal8d. If we idents'fy such material inconsistencies or apparent material misstatements, we are r8quired lo determine whether Ihis glves rise to a material mlsslalemenl in the financial statements themselves. 11, based on the work we have perfomied, we conclude that there Is a malerbal misstalemenl of this other inforniation, we are required to report that fact. We hav& nothing to r8POrt in this regard. Page 10 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL COLLEGE OF MIDWIVES TRUST ICONTINUEDI Oplnlon on other matters prescrlbed by the Companles Act 2006 In ¢)ur opinion, based on the work undertaken In the course of the audit., the inforrnalion given in the Trustees, ReF)Ort for the financial year for which the financial statements are prepared is consisl8nl with Ihe financial st818ments. the Trustees, Report has been prepared in accord8nce wth appluble legal requirements. Matters on which we are roquired to report by exception In the light of our knowledge and understanding of the charitable ￿rnpanY and ils en￿ronment obtained in the Irse of the audit, we have not idenlrfied malerval fflisstatemenls in the Trustee5' Report. We have nothing to report in respect of the following mallers in relation to which Companies Act 2006 and the Charities Accounts Iscollandl Regulauons 2006 las amended) require us lo report lo you rf, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audrt have not been re￿IVed from branches not visited by us.. or the parent ch8rilabl8 company financial sla16menls are not in agreem8nl with the a¢¢ounling records and returns., or certain disclosures of Trustees, remuneration specrfied by law are not made,. or we have not received all the information and explanations we require for our audit- or the Tfuslees were nol enlitl8d lo prepare the financial sialements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement lo prepare a Strategic Report. Ra8ponslblllt￿8 of trusta•s As explained more ful￿ in the Trustees, Responsibilities Statement, the Trustees {who are also the directors of the charitable company for the purwses of company lawl are responsible for the preparation of the financial statements and for bging sallsfied that they oive a true and falr view. and for such inlemal control as the Trustees delefmlne is necessary lo enable the preparation of financial stslemenls that are free from material mlsslalemenl, whether due to fraud or error. In preparing the financial stslements, the Trustees are responsible for assessing the Group's and the parent charitable companrfs abillty lo continue as a going concem. disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the Trustees either intend to Ilquidale the Group or the parent charitable company or to cease operallons. or have no realisllc allemallve bul to do so. Page 11 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL COLLEGE OF MIDWIVES TRUST ICONTINUEDI Audllors. responsSblllll¢8 for the audlt of the flnanclal statements We have been appobnled as au¢Yilor under sectlon 44{1 Ilcl of the Charities and Trustee Investment IScolland} Act 2005 and under the Companies Acl 2006 and report in accordance with the Act and relevanl regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about thther the financk41 sl8tem6nls as a whole are free from material misstatement, whether due lo fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI ￿11 always delecl a material misstalemenl when il exlsts. Misstatements ean arise from fraud or error and are consKlered material if. individually or in the aggregate. they could reasonably be expected to influence the economie decisions of users taken on the basis of these financial statements. Details ol the extent to vthich Ihe audit was considered capable of detecling irregUlar￿eS, including fraud and n-cOM￿lance with laws and regulatbons are sel out below. Extent to whl¢h the audll was consldered capable of detectlng Irregularltles. Includlng fraud Irregularities, including fraud, are instances of non-compliance wth laws and regulations. We identified and assessed the rlsks of maledal misslalemenl of the financial statements from irregularities. whether due lo fraud or error, and discussed these between our audit team members. We then designed and performed audlt procedures resp)nsNe lo those risks, including obtaining audit evKlence sufficient and appropriate lo provide a basis for our opinion. We obtained an understsndirKJ of the legal and Tegulatory frameworks withbn which the charita￿e company and group operates. focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial slalements. The laws and regulations we considered in this context were the Companies Act 2006. the Charttles Act 2011 and The Charities and Trustee Investment (Scollandl Act 2005, together with the Charities SORP IFRS 1021. We assessed the required compliance wf(h these laws and regulations as part of our audit procedures on the related financlal stslemenl items. In additlon. we considered provisions of other laws and regulalions that do not have a direct effect on the flnancial statements but compliance with which might be fundamental to the charhable companys and the group's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist Wtthln the charitable company and the group for fraud. The laws and regulations we consldered in thls context for the UK operations was taxation leglslalion, Audtting standards limll the requSred audll procedures to Sdenlrfy non-compliance ￿th these laws and regulations to enquiry of the Trustees and other management and Inspection of regulatory and legal &￿espondenCe, If any. We identlfied the greatest risk of malerlal Impact on the financial statements from irregularities, Includlng fraud. to be ￿thIn the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management. and the Board of Directors about their own identification and assessment of the risks of irregularllies, sample lestsng on the wsling of journals, reviemng accounting estimates for biases, reviewng regulatory CorreSp￿dence with the Charity Commission and readirKJ minutes of meetlngs of those charged ￿th govemance. Owing lo the inherent limltstlons of an audit, there is an Unavoidable risk that we may not have detected some material misstslemenls in the financlal slatemenls, even though we have propedy planned and performed our audit in accordanee auditing standards. For example. the further removed non-compliance with laws and regulations lirwularltiesl is from the events and transaclK)ns reflected in the flnancial sl8temenls, the less likety the Inherently Ilmited procedures required by auditing standards would identify it. In addition, as with any audit. there remained a higher risk of non-detection ol irregularities, as these may Involve collusion. forgery, intentional omissions, misrepresentations. or the override of Internal controls. Wa are not responsible for preventing non- Page 12 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ROYAL COLLEGE OF MIDWIVES TRUST ICONTINUEDI compliance and cannot be expected lo detect non-compliance wtth all laws and regulations. A further descriplKJn of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al- www.frc.or .uklaudilorsres nsibilities. This description forms part of our Audttors. Report. Use of our report This report is made solely lo the charitable companws meM1￿r8, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006, and lo Ihe charttable companys Iruslees, as a body, Part 4 of the Charities (Accounts and Reports) Requlalions 2008 and regulation 10 of Ihe Charities Accounts (Scollandl Regulations 2006, Our audit work has bèen undertaken so thal we mighl slate to Ihe charitable companvs members those matters we are required lo slate lo them in an Auditors. Report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume resFonsibility lo anyone other than the charitable company and s members, as a bcNJy, for our audlt work, for thls report, or for Ihe opinlons we have fomied. Vincent Marke (Senior Ststutory Auditor) for and on behalf of Crowe U.K. LLP Chartered Accountants Statutory Auditors London EC4M 7JW Dale: 26.09.2024 Crowe U.K. LLP are eligible to act a5 audtlors in te￿S of section 1212 of the Companies Act 2006. Page 13 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Restrlcted Endowment fundi funds 2023 2023 Total lund$ 2023 Total fvnds 2022 Noto Income and endowments from: Donations and leoacies Other tradino actlviti6s Investments 1,015 489,668 5,788 5,189 6.204 489,668 5,788 2,415 524.227 5.317 Total Income and endowments 496,471 5,189 501.660 532,019 Exp•ndlturo on: Raising funds Charilable aclimties 328.175 102,390 774 328,949 102.390 338,986 717.138 Total 8xpandltur• 430,565 774 431,339 450. 124 Net incomellexpenditure ) before net {lossesllgains on investments Nel Ilossesygains on Investments 65,906 5.189 1774) 70.321 81.895 16,1911 24.427 18.236 (29.626J Nel movornent in fvnds 59,715 5,189 23,653 88,557 52.269 Rgconclllatlon of fvnds: Tolal funds brought forward Nel movement in funds 694,624 29.059 111.471 835.154 782.885 59.715 5.189 23,653 88,557 52.269 Total funds carrled fopward 754.339 34.248 135,124 923.711 835, 154 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 19 10 32 form part of these financial statements. Page 14 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany LlmSted by Guaranto01 REGISTERED NUMBER: 1345335 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not& Flxèd ass•t8 Investrnents 12 401.374 3T9.647 401.374 3T9,647 Curr•n¢ 08801$ Debtors Cash al bank and in hand 13 159.131 821.025 392,111 743,347 980.156 7, 135,458 Creditors-. amounts falllna due Mlhln one year 14 1457,819} {6T9,951) N•t currant assèts $22,337 455,507 Total assets less current Ilabllltles 923.711 835, 154 Nel assets excludlng penslon asset 923.711 835. 154 Total net as8et8 923.711 835. 154 Charity funds Endowment funds Reslricled funds= 15 135.124 111.471 Reslricled funds ReStr￿ted funds- clas$ li 15 28.565 5.683 28,565 15 Total reslricled funds Unrestricted funds 15 15 34,248 754.339 29,059 694.624 Total funds 923.711 835, 154 Th8 Truste8s acknowledge their responsibili￿S for complying with th8 requiremènts of the Act vlth respect to accounting records and preparalion of financlal slal8ments. Th8 financial statements have been prepared in accordance wlth the proVis￿S appllcabl8 to 8nlKSes subject to the small companies regim8. Page 15 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol CONSOLIDATED BALANCE SHEET ICONTINUED) AS AT 31 DECEMBER 2023 The flnancial slatem8nls were approved and aulhorised for issue by the Trustees and signed on their behalf by. Kao11è Barrett Trustee Dale= 17 July 2024 The notes on pages 19 10 32 form part of thèse financial slalements. Page 16 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany LlmSted by Guaranto01 REGISTERED NUMBER: 1345335 CHARrrY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 Not& Flxèd ass•t8 Investrnents 12 401.376 3T9.647 401.376 3T9,647 Curr•n¢ 08801$ Debtors Cash al bank and in hand 13 113.530 604.199 139,204 553,641 717,729 692,845 Creditors-. amounts falllna due Mlhln one year 14 {40.183) (26,096) N•t currant assèts 677,546 666, 749 Total assets less current Ilabllltles 1.078.922 7,046,396 Nel assets excludlng penslon asset 1.078.922 1,046.396 Total net as8et8 1.078.922 1,046.396 Charity funds Endowment funds Reslricled funds= 15 135.124 111.471 Reslricled funds Benevdent fvnds 15 28.565 5.683 28,565 15 Total reslricled funds Unrestricted funds 15 15 34,248 909.550 29,059 905.866 Total funds 1.078.922 1,046,396 Th8 Charitvs n8t movement in funds for the y8ar was £32,526 (2022- £(132.972)). The Trustees acknowledge their responslbililies for complying with th8 requirements of th8 Act wlth respect to accounting records and preparalion of financlal slalemenls. The financial statements have been prepared in accordance wlth the proviS￿S appltsbl8 to enlKSes subject to the small companies regime. Page 17 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol CHARrrY STATEMENT OF FINANCIAL POSITION ICONTINUEDI AS AT 31 DECEMBER 2023 The flnancial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by. Kaolle Barrett Trustee Dale= 17 July 2024 The notes on pages 19 10 32 form part of thèse financial slat8m&nts. Page 18 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Infom)atlon The Royal College of MidwAves Tnjst I'RCM Trust") Is a charltsble company Ilmlted by guarantee reglslered in England & Wales under company number 1345335. It is registered wlth the Charity Commission in England & Wales under charity number 275261 and the Office of the Scollish Charity Regulator in Scouand under number SC039694. The registered office address of RCM Trust Is 10-18 Union Street. London, SE1 1SZ. The Ilabillty of members under the guarantee Is limlled to £1. The charftable objects of RCM Trust are sel out in the Trustees. R&port on pagè 1. AccountSng pollclès 2.1 Basss of preparatlon and consolldatlon of flnanclal statements The financtal statements have been prepared in accordance wtlh the Charities SORP IFRS 102) - Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlh the Financial Repo￿ng Standard applTrcable in the UK and Republ￿ of Ireland {FRS 1021 {effeclive 1 January 20191. the Financial ReportirKJ Stsndard appl￿ble in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Royal College of midwives Trust meets the definitson of a public benefrt entity under FRS 102. Assets and liabilities are initially reccKJnised at historical cosl or Iransacb'on value unless otherwise stsled in the relevant accounting policy. The Consolidated Stslemenl of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial slalements of the Charity and its subsidiary undertskings. The results of the subsidiaries afe consolidated on a line by line b8SiS. The Chartty has taken advantsge of the exemption alk>wed under SeCt￿n 408 of the Companies Act 2006 and has not presented tts own Ststement of Financial ActiVTties in these financial statements. The Charity and Group has also tsken advantage of the exemption available and not prepared cash flow ststement as a consolKJ8ted cash flow ststemenl is prepared by the ultimate parent eth'ty. The financial statements have been Prepared in Steding. the funcbonal currency of the Group and the Charty. Monetsry amounts in these financial statements are rounded lo the nearest £. 2.2 Going Concern Hawng reviewed the financial posrtion of the Charity and its trading subsidiarEs. alongside expected future income, expenditure, and future plans of the Group, and after considering the financial posttion and strength of The Royal College of Midwtves, the Trustees reasonably expect that the Charty has adequate resources lo continue ils actiwties for the foreseeable future. Accordingly, they continue to adopt a goirvJ concern basis in preparing the financial stslementS. 2.3 Income All income is recogni5ed once the Charity has enbdement to the income. it is probable that the income will be received and the amount of income receIvat￿e can be measured reliabty. Income tax recoverable in relation to investsnent ina)rne is recognised at the lime the investrnent income is receivable. Page 19 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles {contInu￿) 2.4 Expendlturn Expenditure Is recognised once thera is a legal or constructive obligation to transfer economlc benefit to a third party, 11 is probable that a transfer of economic benefits will be required in selllemenl and the amount of the Obliga￿On can be measured reliably. Expenditure is classified by activity. The costs of each aetivity are made up of the total of dlrecl costs and shared eosts. including support costs Involved in undertaking each actlvily. Direct costs attn'bulable lo a single activity are alkxaled directly lo that activity. Shared costs which conlribule lo more than one aetivity and support costs which are not allributable to a single actlvity are apportioned between those activities on a basis consislenl with the use of resources. Central staff o)sls are allocated on the basis of tim6 spent, and deprecialon charges allocated on tha porth)n of the asset's use. Expenditura on raSsing fundg Includes all expenditur6 incurred by the Group to raise funds for Its charitable purposes and includes costs of all fundraisiNJ aclivlles events and non-charitable trading. Exp8nditure on Charitable activities Is ineurred on dlr8clly undartaking the at￿vitieS which furth8r the Group's obièctSves, as w811 as any associated support costs. lexpendilure is Incluslve of Irreeoverable VAT. 2.5 InV￿tMentS Fixed asset inv8Stm6nts are a fomi of financial instrument and are Initialty reeognlsed at théir transaelion eost and subsequently measured al faSr value al the Balance Sheet date, unless th6 valuè cannot be m6asurèd reliably in whith cas8 il is measurèd at cost less impairment. Inveslrnenl gains and losses. wh8th8r realisèd or unrealis8d. are combined and prèsenled as 'GainsllLosses) on inveslmenl$' In the Consolidated Ststemenl of Financlal A¢lrvili8s. Inv6stments in subsidlaries are valuéd at cost18s$ provl$th for impainnenl. Investments held as flxed assets are shown at ¢ost less provislon for impaSrmenl. 2.6 D•btors Trade and other debtors are recognised al the seWem8nl amount after any irad8 disc￿nI offered. Prepaymenls are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from the date of acquisition or openiThJ of the deFQSit or similar account. Page 20 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles {contInu￿) 2.8 Llabllltles and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet dale as 8 result of a past event, il is probable that a transfer of economlc benefit will be required In setuemenl. and the amount of the settlement can be aslimaled reliably. Liabllities are recc 16.1911 754.339 Endowmenl fund8 Pemianent endNment 111.471 (774} 24,427 135,124 RoStrl¢tgd lund8 JJPI 28.565 28,565 Restrlcted lund$ - Clas$11 Benevdent funds 494 5.189 5,683 Totsl Restricted fvnd$ 29,059 5,189 34,248 Total funds 835,154 501,660 1431,339} 18,236 923,711 Page 27 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Stalement of fvnds {contlnued) The Incom8 recelved relating to the pemianent endowment fund {from The Fairbaim and Rosallnd Pagel Trust comprised in 8 Trust Deed dated 25 November 19421 is available to be expended on the RCM Trust's library and aducalional activities. Tha fund is invested, and th& income allocalad lo the Specific Headquarters Fund. Th& Johnson & Johnson Pedialrfc Institlrte IJJPII fund is held for th8 dav6lopment and impl8mentaUon of an initiative focused on n6onatsl examIna￿an and care. RCM worked wlth Cavall Nursas Trust {CNTI slnce 2018 to Improve the efficlency and perfomance of the Benevolent Fund. CNT adminlstered the fund on behalf of the RCM under a management fea arrangement. In this lime a number of improvements were made lo the speed of our service, the amount of support we wer6 able Uolnllyl lo give to mldwives and MSWS facing financial hardship and th8 eustomer service we were able lo deliver. Throughout this process RCM and CNT worked to a common objecliv8.' to increase the number of mSdwives and MSWS we were able to support. In 2021 tha Executive proposed that RCM Trust should consider transferring the entire Ben8volent Fund lo CNT to secure its long lemi future and its sustainability. The Executlve team have used the Charity Commissioner's cheeklist to work through the strengths, w&aknasses, opportunlb.es and threats associated wilh Ihls proposal. The Executive also èxplored the legal r6quirem&nls, reputational risks and b8nefits to the RCM and ils members. The RCM Trust formally agreed lo ass61 transfar and most of th6 B8nevol8nl fund assets wer8 translarred lo Cav811 Nursas Trust on 23 November 2022. The RCM did not dose th8 Ben8vdanl Fund as a tharfty and has kept Unity bank accounts wlh holding of £1. This is to allow RCM lo r￿1ve any future donatlonsl lagaciès madè lo th6 RCM Benevolent Fund. Page 28 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Stalement of fvnds {contlnued) Stalement of fvnds - prlor year Balanc8 al 31 l)ec8mber 2022 Balanc8 81 l J8nu8ry 2022 Transfers in/oul Gain fLoss&sJ Income EX￿nditUrn Unrestrlcled nds General Funds all funds 624, 106 528,412 (438, 719) (19, 175) 694.624 Endowment funds Pemianent endowment 122. 714 {792J (10.451) 111.471 Rostrlctgd fvnds JJPI 34.565 (6,000) 28.565 Restrlcted fund¥ - Cla$$ 11 Benevdent funds 1,501 1. 700 f50) (2,657) 494 Total Restricted funds 36,066 1. 70G (6,050) (2,657) 29.059 Totsl funds T82,886 530,112 (445,561) (2,657) (29,626) 835. 154 Page 29 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Analysis of net a88et8 between funds Analysis of net asieti between fund8 - currnnt ￿ar Re8trlcted funds - Endowment class il funds 2023 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total funds 2023 Fixed asset Investments Current assets Credltors due wilhbn one year 266,250 945,908 (457,8191 135,124 401.374 980,156 1457.8191 28,565 5.683 Total 754,339 28.565 5.683 135,124 923.711 Analysis of net assets botwoon funds . prior year Restricted Restricted funds- class Endowmenl funds funds 2022 2022 Unrestricteo fijnds 2022 Total funds 2022 2022 Fixed asset investments Current assets 268, 1 Té 1, 106.39g (679.951) 111,477 3T9.647 1,135.458 16T9.951) 28,565 494 Creditors due within one year Total 694.624 28.565 494 111,477 835. 154 Page 30 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Prlnclpal subsldlarles The follo1￿ng were subsmllary undertakiws of the Charfty.. Nam Company number Reglstered offlce or prlnclpal Prlnclpal actlvlty placè of buslnès8 RCM Trust Tr8dinA Company 05399453 Limited RCM Information S6￿Ces Limited 10-18 Unlon Street, London. SE1 Commercial actIv￿Y 1SZ 10-18 Unlon Street, London. SE1 Commercial activ 1SZ 11914882 Class of shares Holdlng Includèd In consolldatlon Ordlnary 100Y. Yes Ordlnary The financial results of thè subsSdiarfas for the bear wèra.. Nam•s Not as$gts I Incomè Exp•ndllur• ProfitllLoss) for thè y•ar IllabllStles} RCM Trust Tradino Company Limilad RCM Informab"on S&￿ta$ LSmitad 1,036 132,173 1155.945) 357,495 (25,4861 {301,1641 106,687 56,331 18. Controlllng party The Roydl College of Midwves I'RCM'}. a company limrted by guarantee, registered in England and Wales under company number 30157, is the ultimate parent enlily of The Royal College of Midwives Trnsl I'RCM Trust"). The wistered office address of RCM and RCM Trust is 10-18 Union Street, London, SE1 1SZ. The objectives of the RCM are lo promote and advance the art and science of midwifery, and lo promote the effectiveness and protect the interests of its members. The RCM is the Trust's sole member. RCM prepa￿S consolidated financial slalemenls including RCM Trust and ils subsidiari&s, and these can be obtained from the registered office address. Page 31 ROYAL COLLEGE OF MIDWIVES TRUST IA Cornpany Llmlted by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Ralated party transacllons During the year, the Charlty accrued a gift aid dislributbn from RCM Trust Trading Limlted, tts wholty- owned subsidiary, of £106.987 (2022.. £132,532). During the year. the Charity incurred overhead and govemance expenditure lotalllng £nll12022.' £14,000) from RCM. Al the balance sheet date, th& Charity and Its subsidiaries had the followlng balances wllh fellow group eompanies.. c￿ed by the Char+ty to RCM - £12,$4612022'. £6,000). Owed by RCM Information Serviees Limlled lo RCM - £196,90412022.. £239,847) led by RCM Trust Trading Company Llmlled to RCM - £32,346 {2022'. £nil) Apart from those dlsclosed above and 8lsewhere in these ffinancial statements, th6re wer6 no olhar transactions with r6lal8d parties requldng disdosure In either the current or pnor years. Page 32