Registered number: 1345335 Charlty numbers: 275261 & SC039694 ROYAL COLLEGE OF MIDWIVES TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AE8AD37C• 2410912025 COMPANIES HOUSE A14 #28 ROYAL COLLEGE OF MIDWIVES TRUST CONTENTS Page Referen￿ and Administrativ* Detsils of th• Charity. its Trnstees and Advls•rs Truslees. Report Trustees. Responsibillties Slatsment Independent Audllors. Report on the Financial Statements Consolidated Statgm•nt of Financial Activities 9-12 13 Consolidated Balance Sheet 14-15 Charity Balance Sh•et Notes to the Flnanclal Ststements 16-17 18-31 ROYAL COLLEGE OF MIDWIVES TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARiff. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 31 OECEMBER 2024 Trustees Kee1￿ Barreti Chair (resigned 20 January 20251 Melissa Oavis, Deputy Chair Nerys Kirvey Angharad 0￿er Company registered number 1345335 Charlty reglstered numbers 275261 and SC039694 Raglstered office 10- 18 Union Stwt London SE1 1SZ Ind•pendent auditors Goodman Jones LLP Chartered Accountsnts 1st Fbor. Arthur Stanley House 50 Tottenham Street London W1T4RN 8ank9rs Unrty Trust Bank plc PO Box7193 Planetary Ro&J Willenhall WV19DG Solicitors Bales Wells Brarthwaite 10 Queen Street P￿e London EC4R 18E Page 1 ROYAL COLLEGE OF MIDWIVES TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 OECEMBER 2024 The Trustees P￿Sent their Annual Report together with the audited fina￿la1 slalements of the Charity for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Tru5tees' Report and a Directors, Report under cornpany law. The TTuslees conffim that the Annual Report and financial slalement5 of the ¢harrtable company compty with the current slatutory requirements. the requirements of the charitable compan￿$ goveming document arKI the pro￿510n5 of the Statement of Recommended Practice ISORPI applicable lo charibes preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) leffectNe 1 January 2019). Since the group and the Chanty qualfy as small urKler section 383 of the Companies Act 2006. the Group Strategic Report required of medium and large cornpanies under the Companies Ad 2006 {Stralegic Report and Directors, Report) Regulat￿n$ 2013 has been omrtted. Objectives and activities a. Poltcies and obJe¢tiV•5 The objectives of the Royal Crjlege of Midwives Trust fRCMf, 'RCM Tntsf, or Ihe Charitl'l are as follows.. Promote the professiona edu¢*ion of mthiives Provide infom)al*)n services lo the Royal College of I-RCM.) members and public Promote mitiwrfery practice Raise the research profile In setting objectNes and planning for ¥twit￿S, the Trustees have gNen due consideration to general guidance published by the Charity C¢>nmissh)n relating to publ￿ benefft. including the guidance 'Public benefit.. wnning a charity IPB21'. Page 2 ROYAL COLLEGE OF MIDWIVES TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance . Main achievernents of the CharSty During the year. the Chanty tarried out the followirKJ *iv*ies lu*ard5 meeting its above objectives.. Promote the rofessional education of M￿￿1veS There were no grants paid in 2024 to the RCM to cary OLrt work on the RCM Trusfs behall that fulfils the objeclives of the Trust to promote and advance the art and sciertce of midwifery and the effectiveness of midwives. Those adivities were lunded by the RCM Provide infomation seNices to RCM members and ublic 2024 saw the RCM focus on On9￿n9 challenges around workforce, LWh wruitment and retention. and the safety of maternty services. The RCM continued to buikl on work done in 2023 on sharing its concerns, its aspiralions and its solirtions to these deep-sealed issues. The Colbege receNe(l and responded to a signrficant number of requests durirYJ 2024 to submit evidence to enquiries and reports. including those by padiamenlary ommittees and national enquirigs. The College and its slaff akn frequentty appeared in the media. Promote MI￿lIe ractice As the professional ass￿latIon for mi0h•￿eS and MSWS practising ￿ the UK, the RCM develops and disseminates advice and guidance to aid safe, positive midwifery practs.￿. Safety has remained at the forefront of the RCM'S work across 2024. The Cc4lege produced a number of publicth.ons and events to support its members and lo imwove pradice arKI cohesion across Mull￿￿1￿1plInary teams. Fiais6 the research rofile The RCM'S commitment lo supporting good qualty midvlrfery research witinued in 2024. As part of the Research slrate9y work wntinued on th8 Research Prioritts*ion proied. focusing on understsnding members research needs and priorities_ b. Fundralsing No professional fundraisers were used in the period, nor does RCM Trust have plan5 to engage any in the foreseeable future, and so no monitowing of fvndraising acb"vrties by third path.es Is Currently undertaken IRCM Trust does not currenlty subscribe to any fLtndraising standards or schernesl. No complaints were received regarding ILtndraising practice5 during the peric*J. The Trustees seek to protect all indiwduals, especially those ￿nsidered vulnerable. when raising funds using existsng group safeguarding poltcies and practices. . The Alliance Partnerships The Allrance Partnerships continue to 5UPPOrt the aims and obJ"ecbves of the RCM Trust. The current Allianc8 Partners are.. Slimming Wodd Vitabiotics Emma's Diary (contract ended in August 2024) d. RCM Information Servicos LimIt￿- Midi Subscription kvels continued lo Ir￿)roVe Irom 2023. moslly from joint Sludenl RCM members. At 31 December 2024, MIDIRS 3,172 subscribers which is a 16Wh i￿reaSe since joiniThJ the RCM in February 2021 11,181 vs 3,172). Institut￿n subscriplH)ns remained stable. Page 3 ROYAL COLLEGE OF MIDWIVES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial rnview . Going con¢em After making appropriate enquirie5. the Trustees have a wsonable expe¢tstKJn that the Charty has adequate resource5 to continue in operats.onal existence for the foreseeable fijlure. For Ihis reason. they continue to ad¢)pt the going concem basis in preparing the financial 5Litement5. Further delails regardiThJ the adoption of the going concem basi5 can be found in the accounting policie5. b. ReseNes pollcy Following a govemance revw in a prior year. which considered the reLationship bethen the RCM and the RCMT, rt was concluded Ihat aCtNIt￿ historicalty attributed to the RCMT can be perfomied by the RCM. The impact of the review was that the RCMT in future would be a much smaller entity with incoffE and a$socialed expendrture wnsiderabty reduced. The main source of income will be the donations from lis subsidiaries. investrnents. and grants from external funders. By implementing the govemance revie•V arKI recommendati¢)ns in full. the Tru51ees would like to keep free reserves for opeTation purposes at the ￿7 of around £5001Q The main expenditure wll be the library costs estimated at around £1 OOK per year, a provis￿1n sel aside of around £200K for funding potential projects Sho￿ they arise, and £200K for unforeseen liabilits"es. The financial statements shtrw that t￿81 fvnds of the Group * the balance sheet date were £994,731 12023-. £923,711), comprising endtr•ved funds of £142,564 (2023.. £135,124). restricled funds of £34,848 {2023.' £34.2481, and unieslri¢ted funds of £817,319 {2023.' £754,339). The reserves policy was rt Ihroughout the year. ¢. Financial summary The RCM Trust group's total incoming resources amounted to £627,010 for the year, compared to £501,660 for the previous period. The main sources of income are the Alliance programme, investments. income frorn Midwives Information and Resource Service {MIDIRSI. and donalKJns. Overall experKliture amounted to £593.929 compared to £431.339 in the prevfv?us period. After taking into account the gain on investments of £37.63712023: gain of £18.135), the RCM Trust Group shows a nel gain in funds of £70,718. This compares with the previous per￿.$ nel movement of £88,756. The results indude the RCM Trust Trading Compan¥s resuh of a net operating Profrt of £74,21512023= profrt of £106,687}. The company don*es its profit to the RCM Tnjst. Separate financial statements for RCM Trust Trading Company Limrted have been prepared, audited. arKI approved by the directors. The BenewAent Fund was Iransfefred to Cavell Nursing Trust in November 2021. The result for RCM InfomMtion Sermces Linrted shows a profil of £153,417 {2023.' surplus of £56,331). Separate financial statements for RCM Informats"on Serv￿$ knmited have been P￿pared, audrted. and approved by the director5. Page 4 ROYAL COLLEGE OF MIDWIVES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2024 d. Investment powets. policy. and perfomiance Thg Tnsslees have wde investment pawers and delegate responsibÉlity for manajing the investmenl portfolio of the RCM Trust to its fvnd managers. The investment poly has been prepared by the Investment CLMnmittee of the Board of Trustees antl was appioved by the Board of Trustees. The policy makes eyplKit the RCM Trust investment philosophy. and sets OLtt the investment objectives and ho4¥ these will be achieved. The investment o*"eclNe is to maintsin and grow the real capital value of the investments over the long lem. Whi￿ providing a suitable level of income lo support the adivities of the TrusL The long4enn obje¢tNe for the investment portfolio is lo achieve a relum by way of income and the capital grth￿h of CPI plus 4% per annum after fees {updaled in October 2021). The Trustees adopted a balanced investment strategy with a medlum-risk tolerance. The portfolio is primarily invested in equities with diversification through exposure to fixed income. propety, Comm(￿￿1t1es and absolute relurn funds. The RCM Trust has adopted an investment policy which ensufes its investments do not confI￿t ￿t￿ rts aims. The RCM Trusl does not invest diredty in companies invow in arn￿ manufaclure. toba￿0. alcohol. breast milk substitutes ￿ fossil fuels. The Trustees review the investment portfofio regulaty vAth the fund managers. comparing perfomance against the benchmark and periodulty revvwing the appropriateness of the benchmark. Overall, the investment performance has approximatety mirrored the market and the benchmark during the year. The RCM Trust's benchmark t￿)riseS the fokw'rYJ'. 20% UK equities, measured by the FTSE All Share IrKlex 45Vo Overseas developed market equrties, measured by the MSCI Workl ex UK Index 5% Overseas emerging market equrties, measured by the MSCI Emerging Markets Index 5t)/0 Guirts. measured by the FfsE Gorft All Stocks co￿orate bonds, measured by BofA non-Glts 10Yo property. measured by the IPD UK Pcoled 2% CLynmodrties. measured by SONIA+2% 6% absolute return. measured by SONIA+2% 20h cash. measured by SONIA The movement of the RCM Trusvs investments during the year is shown in note 5 to the acrLJunts. e. Prln¢lpal risks and uncertainli The Trustees are responsible for managirg the risks faced by the RCM Trust. An annual review of the RCM Trust's risk management processes and systems tcok place. and policies have been put in place lo mitigate any significant risk identified. Loss of income from the RCM Alliance ramme The RCM remains very awa￿ of the need to demonstrale value to its partners. This is even more important as the Alliance comprises of tsvo long stsnding partners. both of whom a￿ highty valued. There continues lo be foeus on ensuring that the partnerships remain relevant and beneficL81 lo all partie5. With this in mind, the RCM has sought lo ensure that partner5 continue to value the access and assccialion wi(h the Col￿e. It also carried out a piece of work wlh an outsKle agew boking at new opportun￿"e$ for the Alliance programme. Loss of income for RCM Information Serv Midirs continues lo be the key inc¢)me stream for RCM Infomialv)n SeNces, which is a risk, particularfy when individuals and Organisations a￿ looking to redu￿ their outgoings. To mitigate against this, the RCM has successfully sought to increase offering and promote the services available via Midirs lo ensure existing subscribers are retsined and new subscrthrs swJned ￿. Page 5 ROYAL COLLEGE OF MIDWIVES TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governance and management a. Constitutlon Royal College of mi￿1Ve$ Trust is registered as a charitable company limited by guarantee and was Set up by a Memorandum of Association. Ils goveming dccument is its Artides ofAssocialion dated 19 May 2016. b. Methods of appointrnerrt or election of Trusteès The management of the Group and the Chanty is the responsibilrty of the Trustees who are elected by the RCM Isole member of RCM Trust and ultimate parent enttyl and are appointed for terms of two years. ¢. Organisational structurn and declslon4naklng pollc6es The Trustees are collectwety kncmn as the Board of Trustees lor the Trustee Board). Trustees are non- executive and unpaid. The Board retains overal responsbilty for the control of the Trust. The Board of TNstees 1$ adwsed by an audit and risk committee. d. Policies adopted for the induction and trnlnln9 of Trustee$ An induction for newty appointed trustees is held every tsvo years as near as conveniently possible to the dale on which they lake up office. Thereafter. trustees a￿ supported for further education and training ty external providers, including the Trust's auditor and invesbnenl manager. e. Related party velatbonships The RCM Trust is a company limrted by guarantee and is a subsidiary of The Royal Collège of MtdwNeS {the RCMI. The RCM is the sole member of the Trust. Parties to which the RCM TTUSI is related are.. The RCM- ultimate paienl entity RCM Trust Trading Company Limited- wholty•owned subsidiary of RCM Trust iii. RCM 1nfofm*￿n Serwces Limrted- wholly•owned subsidiary of RCM Trust Plans for future wiods RCM Trust is aiming to continue to carry on ¥￿th its objeckn.ves set up by Trustees. These are to promote the professional education of mithvives and midwrfery practice. It will also continue to provide inf0M￿tion services to RCM members and Publ￿ and raise Ihe research profile. Disclosure of Informalion to auditors Each of the persons who are Trustees at the twne when this Trustees. Report 15 approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit inf0m￿tion of which the tharitable group's auditots are unaware. and that Truslee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of any relevant audit inft)rmalion and to estatAish that the charitable group's auditors are aware of that infornalion. Page 6 ROYAL COLLEGE OF MIDWIVES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Auditors The auditors, GfY)dman Jones LLP. were appoirrted in the year have indieated their willingriess to continue in office. The deswJnated Trustees will proFK)se a rr*)tion reappoinling the audrtors at a meeting of the Trustees. Approved by order of the members of the board cl Trustee5 and swJned on their behalf ty. Melissa Davios Chair 18-09-25 Page 7 ROYAL COLLEGE OF MIDYIIVES TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in xcordance wrth applicable law and United Kingdom Ac¢ounting Stsndards (Unf(ed Kingdom Generalty Accepted Accounting Practice}. Company law requires the Trustees to prepare financkil statements for eath financial . Under company law. the Trustees must not approve the finanad slalements unless they are satiSf￿d that they give a tnJe and fair view of the state of affairs of the Group and the Charty and of their incoming resources and application of re$our¢es, including Ihetr income and expenditure. for that pericKI. In preparing these financial slalements. the Trustees are required to: select suitable accounting policie5 and then apply them consistenttr. observe the methods and principles of the Charibes SORP {FRS 1021., rnake judgements and accounting estimates that are reasonable and Prudent.. state whether applicable UK Accounkn"n9 Standards {FRS 1021 have been folknved. subiect to any material departures disch)sed and explained in the finanaal ststements". prepare the financial slalemenls on the gtyng concem basis unless it is inapprcyriate to presume that the GroLP will conlinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to sh¢)w and explain the Group and the Charitys transactions and disclose with reasonable accuracy at any time the financial positron of the Group and the Chanty and enable them to ensure that the financial slalements comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and Iho Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the member5 of the board of Trustees arKI signed on ils behalf by.. diSSA PAwiS Melissa Davles Ch8ir Dale.. 18-09-25 Page 8 ROYAL COLLEGE OF MIDWIVES TRUST INDEPENDENT AUDITORS. REPORT TO ThE MEMBERS OF ROYAL COLLEGE OF MIDWIVES TRUST Opinion We have audited the financial slalements of Royal College of Mi¢]￿1ve5 Tru$l (the 'pa￿nt charitsble company,) and its subshliaries (the 'group') for the year ended 31 December 2024 wh￿h comprise the Consolidated Statement of Financ*1 Act1wt￿s, the ConsolKlated Bala￿e Sheet, the Charity Balance Sheet, and the related notes, including a summary of sydnificanl accounling polic￿$. The financial reporting framework that has been applied in their prepa￿tIOn is applicable law and Uniteuftting poll¢les Icontlnued) 2.8 Liabilities and provlsions "8bilrties are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement be estimated reliabty. Liabilrties are recognised al the amount that the Chanty antripales il will pay to settle the debt or the amount it has receTrRd as advanced payTnenis forthe goods or seNces it must provide. Provisions are measured at the best ests.mate of the amounts required to settle the obligation. Wherg the effect of the time value of money is material. the provision 1$ based the present value of those amounts, discounted at the pr&tax discount r*e th* ￿lleCts the risks Specif￿ lo the liabilty. Tho unwindirvJ of the disCi￿nt is reccgnised in the consol￿ated St*ement of Financial Activities a$ finance cost. 2.9 Financial instrurnents The Group onty has financial assels and financial liabilthes of a kind that qualty as basi¢ financial instruments. Bas￿ financial instruments are initialty recognised al Iran$action value and subsequently measured at their settlement value wrth the exception of bank loans whtch are subsequently measured at amortised cost using the effective interest method. 2.10 Fund accounting General funds are unrestricled funds wh￿h are availabl8 for use al the discretion of the Trustees in furtheranee of the general objeth.ves of the Group and ￿1¢h have not been designated for other purposes. Restricted funds are funds which are to be used in accordan¢e wiiti specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such frjnds are eharged against the specffic fund. The aim and use of $a¢h restricted fiJnd is sel out in the notes to the financial sL*ements. Invostsment Inco￿￿, gains and losses are allocated to the appropriate lund. Page 20 ROYAL COLLEGE OF MIDWIVES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accounllng estimates and areas oflUdg8M￿rt In the applic*Tr)n of the companVs accounting pdi¢ies, the directors are required to make judgements, estim*es, and assumptions ab)ut the Cal￿n9 amount of assets and liabilities that are not readity appa￿nt from other sources. The e$limates and a$$￿thd assumptions are based on hislorical experience and other fadors that are considered to be relevant. Actual results may differ from these esl¥n*s. Critical accounting estimatss and assunytsons.. The estimates and Under￿'n9 assumptrons are reMff￿ed on an ongoing basis. RevisKJns to accounting estimates are re￿nised in the peri¢>J in which the estimate is revised where the revision affects only that period. or in the period of the revision and fLrture periods ￿[e the wston aff¥ts both curtent and future period$. The Trustees have not hlenlified any s￿￿1￿Can1 judge￿￿Trts, estimates. or as5umplions that are conshlered to give rise lo risk of material misstslemenl in the next accounting period. Income from donation$ and legacies Unrestricted Benevolent funds funds 2024 2024 Totsl funds 2024 Total funds 2023 Donations 200 800 6,204 To1812023 1.015 S. 189 6,204 Income from other trading activities Income from non charitable trading activities Unrostrlcted fund$ 2024 Total funds 2024 Tot funds 2023 Membership subscri)tions and royalt Other income 620.717 620.717 489.285 383 620.717 620.717 489,668 Total 2023 489.668 489.668 Page 21 ROYAL COLLEGE OF MIDbYIVES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 Investment Incom• Unrestricted funds 2024 Total funds 2024 Tofal lunds 2023 Income from local listed investments 5.493 5,493 5. 788 Total 2023 5.788 5. 788 Investment management costs Unrestricted Endowment nds funds 2024 2024 Total funds 2024 Total fvnds 2023 Investment management fees 3.669 1.825 2.299 Total 2023 1,525 774 2,299 Analysi$ of expenditure on charitable activities Summary by fund type Unrestricted lunds 2024 Total 2024 Tolal 2023 seNi￿s to member5 326,851 326,851 199,304 Total 2023 199.304 199.304 Page 22 ROYAL COLLEGE OF MIDWIVES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of expendituro by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total lunds 2023 servi￿ to members 273,366 53.485 326.851 199,304 2023 169.229 30.075 199,304 Analysis of direct costs Services to members 2024 Totsl funds 2024 Total funds 2023 Project e>pense$ Rates Subscriptions. books. and donalions Storage Professional fees IT costs Publication ar￿ brochure cosls Bank charges Postage 4anagement charge Mar*ets'ng Events 22.671 14. 151 87.600 2.627 5,835 (7,909J 2,6T9 532 15.154 56.560 3.760 8.832 15.154 $6.560 3.760 8.832 8.840 580 8,840 580 37.192 120.000 1.448 21.000 37.192 120.000 19,943 21,000 273,366 273.386 169.229 Toto12023 169,229 169,229 Page 23 ROYAL COLLEGE OF MIDWIVES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of •xpenditur• by activities (continued) Analysis of support Costs SeThices lo members 2024 Total funds 2024 Total funds 2023 AdminislratKJn charge ALKlit fees Professional fees IT costs (2.6201 5.000 3.000 9,438 92 7.846 3.000 23.729 4.1)00 (2,620) 5,000 3.000 9,438 (2.635J 2. 750 3.600 817 Bank charges Other expenses Accountancy Renl Govemance ￿$ts 82 3, 181 3.000 23.729 4,000 18,000 4,280 53.485 30.075 Total 2023 30,075 30,075 10. Staff Costs Group 2024 Gr(wp 2023 Wages and salar 260,513 228, 700 260.513 228, 700 Neither the Charity nor its substdiaries employ any staff. The costs above represent recharges of staff costs from the ultimate parent entity, The Royal Cdlege of Mi(fv4Nes. No employee received remuneration amounting to nvxe than £SO,000 in either ￿ar. 11. Trustees. rernunernlion and expenses During the year. no Truslees received any remuneration or other beneffts (2023- £NIU. During the year ended 31 December 2024. no Truslee expenses have been incurred (2023- £NIL). Page 24 ROYAL COLLEGE OF MIDWIVES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Fixed asset investments Investm•nts in Otherfixed subsidiary asset ¢ompanles Investments Total Group and Charity Cost or valuatlon At 1 January 2024 Additions Revaluations 396.234 S.140 37.637 396,236 5,140 37,637 Al 31 December 2024 439.011 439,013 Investments in subsidiaries are detaled in rnte 15. Other fixed asset investments are managed by Cazenove Capital. 13. Debtor5 Group 2024 Gnxjp 2023 Chaiity 2024 Charity 2023 Due withln one year Trade debtors Amounts ¢Md by group undertakings Other debtors Prepayrnenls and accrued income 163.337 142.996 856 106,987 1,442 4,245 116.596 4.Tlg 39.640 7.442 14.693 2,562 207.796 159. 131 119,623 113,530 14. Croditors: Amounts fa115ng due within one year Group 2024 Gmup 2023 Chirity 2024 Charity 2023 Trade creditors Amourbts owed to group undertakings Other taxation and social S￿uThty A¢cruals and deferred income 11.029 32.501 35.399 241, 796 1.522 179. 102 8.893 19.688 12,547 288.071 10,277 7,948 331,602 457.819 19,169 40, 183 P￿e 25 ROYAL COLLEGE OF MIDy￿VEs TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Group 2024 Group 2023 Oefefred income at 1 January 2024 Resources deferred during the year Arnounl$ released from previous per￿S 154,210 135.628 {24,2921 252,853 (98,643) 265.546 154,210 Deferred income is in relat￿n lojoumal income received in adv¥Ke. 16. Statement of funth Stateti*iht of funds- current year Balon¢¢ at Balance at q January 2024 G8insJ December ILosse8) 2024 Incorne Expen(fiture Uiire8trieted l￿d9 754J39 624410 1592,1•41 21372 817.319 EndoYiii￿￿Q funds Perinoiient end0￿ent 13&124 (I,B251 9265 142,564 Restricted fund¥ 28A65 28,565 Restricted fund3- Class 11 5m3 .600 283 Total Restricted fimds 34348 600 34848 Total 921711 627.010 {593P29 37,637 994.731 Page 26 ROYAL COLLEGE OF MIDWIVES TRUST NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds I￿ntInued1 The income receNed relating to the permanent endowment fund (frrm The Fairfoaim and Rosalind Pagel Trust comprised in a Trust Deed dated 25 November 19421 is availab￿ to be expended on the RCM Trust's library and educaliond activrties. The fund is invested. and the income alkKaled lo the Specific Headquarters FurKI. The Johnson & Johnson Pediatit Institute {JJPI} fvnd is held for Ihe development and implemenlalion of on inrtiativ¢ focused on neonatal examinati￿ and ca￿. RCM worked with Cavdl Nurses Trust {CNn since 2018 to improve the efficiency and performance of the 8enevolenl Fund. CNT administered the fund on behalf of the RCM under a management fee arrangement. In this lime a number of improvements were made lo the speed of our service, the amunt of support we were able Qoinltyl to give to mi¢hwves and MSWS facing financ￿1 hardship and the customer service we were ab￿ to deliver. Throughout this process RCM and CNT worf(ed to 8 common objective.. lo increase the number of midwNes and MSWS we were able to support. In 2021 the Executive proposed that RCM Trust should consider transferring the entire Benevoknl Fund lo CNT lo secure long term future and rts suslainabilty. The ExecutNe team have used the Chafrty Commissionerfs checklist to work through the strengths. weaknesses. opportunities and th￿at$ associated with this proposal. The Executive also explored the legal requirements, reputational risks and benefrts lo the RCM and its members. The RCM Trust formalty agieed to asset transfer and the most of Ihe 8enevolent fund assets were transferred to Cavell Nurses Trust on 23 November 2022. The RCM not ck*se the Benevolent Fund as a charty and has kept Unty bank accounts with holding of£1. This is to allow RCM lo receive any future don*wsJ *acies made lo the RCM Benevolent Fund. Page 27 ROYAL COLLEGE OF MII)WIVES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 15. Statement ol funds (contlnued) Statement of funds - prior year Balance al 31 De¢embei 2023 Balance al l January 2023 Gain (Losses) Income Expendrfure Unrestri¢¢ed funds General Funds- all fvnds 694.624 496.471 (430.565) (6, 191) 754,339 Endowment funds Permanent endowTnent 111.471 (774) 24,427 135, t24 Restrictod funds JJPI 28,565 28,565 Restrlcted fund$- Class11 Class 11 Restricted Funds- all funds 4189 5,683 Total Restricted funds 29.059 &189 34.248 Total fvnds 835. 154 1.660 (437.339) 18.236 923. T11 Page 28 ROYAL COLLEGE OF MIDWIVES TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 16. Analysis of net assets beiween funds Analysls of net a$￿ts b•lw•en funds - ¢urrenl p•riod Restrid fund$ - Endowment class li fund$ 2024 2024 Unrestrided Restricted funds funds 2024 2024 Total funds 2024 Fixe(l asset investments Current assets cTedrt￿ due within one year 261.602 929.701 1373.980) 28.565 6283 142,564 439,014 929,701 1373.980} Total 817.319 28.565 6.283 142.564 994,731 Analysls ol net assets bthgen funds- prior perlod Resbicled Resliicted funds- closs Endowmenl funds funds 2023 2023 unresti￿ted funds 2023 Total funds 2023 2023 Fixed asset investmenls Current assets Creditors due within one 266,2 94&908 (45T.819) 135, 124 401,374 980, 156 (457.819) 28.565 &683 Totsl 754.339 28.565 5.683 135, 124 923, 711 Page 29 ROYAL COLLEGE OF MIDMVES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 17. Prfnclpal subsidiaries The following were subsxliary undertakings of the Charity. Names Cornpany nufflbor Registered office or principal Principal activity place of business RCM Trust Trading Company Limited 05399453 11>18 Un￿n Stree( London. SE1 Commercial activity 1SZ 1¢>18 Union Street. London. SE1 Comrnertial activty RCM InfomBtion Services Lirnrted 11914882 Class of shares Holding Included In ¢oTrsoJidatlon Ordinary 100% Yes Ordinary lo￿ Yes The financial resutts of the subshliaries for the Yearwe￿. Names Incomo Expenditure Profrtl{Lo$$) Net assets I for the year RCM Trust Trading Company Limrted RCM Information ServKes Limited 103.791 516.926 (29.576} 1363,5091 74,215 153,417 1,036 (2,5281 10. Controllin9 party The Royal College of MidwNes {"RCIK'}. a c￿npanY limited by guarantee, registered in England and Wales under company number 30157, 15 the ultimate parent enlrty of The Royal College of Mi0￿1ve$ Trust I'RCM Trusf'i. The regk8tered office address of RCM and RCM Trust is 10-18 Union Streel, London. SE1 1SZ. The obFctives of the RCM are to promote and •tran¢e the art and science of m￿j￿rery, and lo promote the effectiveness and protect the interests of ils members. The RCM is the Trust's SO￿ member. RCM prepares consolidated financial statement$ induding RCM Trust arKI its subsidiaries. and these can be obtained from the wistered offiee address. Page 30 ROYAL COLLEGE OF MIDWWES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Related party transactions Ouring the year. the Ch*ty a￿rUed a grft aid distribution from RCM Trust Trading Company Lirnrf(ed. its who￿-0Wned subsidiary, of £74.216 {2023.. £106.987). During the year. the Charity incurred overhead and govefflar￿e expenditure lolalling £120,000 (2023.'£nil} from RCM. Al the balance sheet date, the Charity ar¥1 its subsidiaries had the foll￿1ng balances with fellow group companies.. Owed to the Charty by RCM- £42,380 (2023.. £12.546 ty¥e(I by the Charity lo RCMI. Owed by RCM Infom7alion Services Limiled lo RCM- £22.190 {2023.' £196.9041 Owed by RCM Trust Trading Company Limiled to RCM - £52.690 (2023: £32,346) Apart from those di￿10$ed above a￿1 ebewthere n these finwKial statements. the￿ were no other transactions with related parties requirir¥J discbsure in either the current or prior years. P￿e 31