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2026-03-31-accounts

Company Registration Number: 03779123 Charity Registration Numbers: 1076829 SC039790

Financial statements for the year ended 31 March 2026 The Miscarriage Association

Contents

Company information 2
Report of the Board of Trustees 3
Auditor’s report 17
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Notes to the financial statements 23 – 37

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THE MISCARRIAGE ASSOCIATION

COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2026

CHARITY NUMBERS

COMPANY NUMBER

REGISTERED OFFICE

BOARD OF TRUSTEES

CHIEF EXECUTIVE OFFICER AND COMPANY SECRETARY

AUDITORS

SOLICITOR

BANKERS

1076829 (England & Wales) SC039790 (Scotland)

03779123 (Company Limited by Guarantee)

2 Otters Holt Wakefield WF4 3QE Tel: 01924 200795 info@miscarriageassociation.org.uk www.miscarriageassociation.org.uk

A Braier Chair
A Hylton-Potts Co-Vice Chair
N Necati Co-Vice Chair
T Owen Hon Treasurer
L English-Rose
J Callaghan
J Harris
K Hattersley Greenish
B Lad
O Obaro
V Robinson
Godfrey Wilson Limited
2nd Floor – South, One Castle Park
Tower Hill
Bristol
BS2 0JA
Shakespeare Martineau LLP
Second Floor, Cubo
38 Carver Street
Sheffield
S1 4FS
Co-operative Bank
1 Balloon Street
Manchester
M4 4BE
Flagstone
1stFloor, Clareville House
26-27 Oxendon Street
London
SW1Y 4EL
Shawbrook Bank Limited
Lutea House
Warley Hill Business Park
The Drive
Great Warley
Brentwood
Essex
CM13 3BE

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THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

The Board of Trustees, who are also Directors of the Charity for the purposes of the Companies Act, present their annual report and financial statements of the Miscarriage Association for the year to 31 March 2026.

PRINCIPAL AIMS AND OBJECTS

The Miscarriage Association acknowledges the distress associated with pregnancy loss and strives to make a positive difference for those it affects. It aims to provide support and information to people who are affected by the loss of a baby in pregnancy, to raise public awareness of the subject of pregnancy loss and to promote good practice in hospital and community-based healthcare.

Public benefit

In planning and setting the objectives for the Miscarriage Association the Trustees have carefully considered the Charity Commission's guidance on public benefit. The Trustees consider that the Charity has complied with the duty under Section 17 of the Charities Act 2011 in respect of public benefit guidance issued by the Charity Commission. The impact of the Charity’s work demonstrates the positive benefit that it has on anyone affected by pregnancy loss: those who directly experience the loss, their partners, families and friends and those in a position to provide care and support, including health professionals and workplaces. This is achieved through improving the support, information and care provided to all affected and by raising public awareness and understanding.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Miscarriage Association is a charitable company, limited by guarantee, registered as a charity with the Charity Commission in England and Wales and the Office of the Scottish Charity Regulator.

The company is managed by its directors, who comprise its Board of Trustees, in accordance with its Articles of Association and within the provisions of the Charities Act 2011 and the Companies Act 2006 and the recommendations and requirements of the Charity Commissioners. A copy of the company’s Articles is available from Companies House and from the registered office.

Trustees

The directors of the Miscarriage Association are referred to in the company’s Articles of Association and in this report as its Trustees. The Board of Trustees has overall legal and financial responsibility for the Charity and is responsible for the employment of all staff. It must comprise no fewer than four and no more than fifteen people.

Trustees may serve for a term of up to three years. At the end of their term of office, they may be reappointed if they wish and if they remain eligible. A Trustee may serve on the Board for up to three terms (a term being three years) making nine years in total. The Board may extend this in special circumstances for a period of one year so as not to lose vital expertise due to a technicality of tenure. Trustees meet at least quarterly with other meetings as necessary. In the year ending 31 March 2026, they met five times. Changes in membership of the Board of Trustees during the period to the date of this report are reflected below:

Appointed Resigned

A Braier L English-Rose J Callaghan 11 June 2025 J Harris K Hattersley Greenish A Hylton-Potts B Lad N Necati O Obaro T Owen

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

THE MISCARRIAGE ASSOCIATION

No Trustee held any beneficial interest in the Charity during the period under review.

The Board reviews its performance regularly, identifying any skills gaps and seeking to fill these, usually via a public recruitment process. All Trustees undertake training wherever necessary, including dedicated Safeguarding for Trustees training.

Senior staff

During the year ending 31 March 2026, the staff and day-to-day operations of the Charity were managed by the Chief Executive Officer (CEO), who also acted as Company Secretary. She is supported by the Head of Operations and Service Delivery, the Head of Communications and Campaigns and the Head of Development, the latter being a new position created in September 2025.

Pay policy

We recognise that our staff are our greatest asset, and we continue to regularly review remuneration, and staff benefits in line with our Pay Policy, which was last reviewed and agreed by Trustees in March 2025. We offered a cost-of-living increase to eligible staff from 1 April 2026 and continue to provide an Employee Assistance Programme and enhanced pension contributions.

Pay Policy for Senior Staff

Senior staff are considered to be members of the Senior Leadership Team; the Chief Executive Officer, the Head of Operations and Service Delivery, the Head of Communications and Campaigns and the Head of Development. Salaries for the heads of department are benchmarked against the sector by the CEO and salaries are set by the People and Pay Committee and approved by the full Board. The CEO is not involved in the benchmarking of their own salary, and this is undertaken by the People and Pay Committee, with the salary level being approved by the full Board of Trustees.

Volunteers

We continued to benefit from the time and skills of a range of volunteers in a variety of roles. During the reporting period, 17 volunteers offered peer support via in person or online support groups, and a further six helped to administer, moderate and respond to posts in our online support forum and Facebook groups. In addition, 158 people were registered as media volunteers, while others provided the user perspective to healthcare professionals and researchers and offered support in a range of other ways. Our Trustees are, by definition, also volunteers. We greatly appreciate the support of all our volunteers.

Collaborative working

The Miscarriage Association is an independently constituted organisation and is not dependent on any other party for its activities. Collaborative work with other charities and organisations is, however, a key part of our ethos.

We are a member of formal and informal collaborative groups, such as the Pregnancy and Baby Charities Network (PBCN), the All-Party Parliamentary Group (APPG) on Baby Loss and the Scottish Baby Loss Collaborative and the Women’s Health at Work Network.

We continue to advise the Department of Health and Social Care on relevant policies and documents and we remain a core member of the established National Bereavement Care Pathways (NBCP) partnerships in England and Scotland. In 2025-26 we chaired the Miscarriage Pathway Development Groups for the new NBCPs being implemented in both Wales and Northern Ireland and we supported the implementation of the Scottish Government’s Miscarriage Care Framework and its subsequent development of a Patients’ Charter. We were also a key stakeholder in the Voluntary, Community and Social Enterprise (VCSE) Voices’ Maternity Consortium initiative.

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

We have strong links with professional bodies including the Royal College of Obstetricians and Gynaecology (RCOG), the Royal Colleges of Nursing (RCN) and Midwives (RCM) and the European Society for Human Reproduction and Embryology (ESHRE). Our CEO serves on the executive committee of the Association of Early Pregnancy Units (AEPU), a specialist society of the RCOG. We also advise on an ad hoc basis for many other initiatives.

We remain a member of the Helplines Partnership, a national membership body for organisations providing support and information to the public.

Branches

We ended this reporting period with nine branches. Branch income and expenditure are incorporated into the Association’s accounts, but it should be noted that in all but one instance, these funds are held by and are for the use of those branches alone. The exception is the Edinburgh branch, whose funds we hold at its request. All branch funds, including these, are classed as Restricted Funds. Five branches held no funds at all during the year.

To further modernise how our Charity operates, in line with our 2025-28 strategy and following recommendations from our auditors, the Board of Trustees has committed to dissolving the Charity’s formal branch structure in early 2026-27. By bringing the branches under the national Charity’s legal structure, we will reduce the administrative burden and legal responsibilities on support volunteers, reduce risk and ensure it is as easy as possible for our community to find consistent, clear information and support. For the most part the branches will continue to run as local support groups.

Risk management

Risk assessment and management remains a key priority for the Charity. While our risk register, which covers financial, strategic, operational, environmental and regulatory risks, is formally reviewed annually, the Senior Leadership Team and Trustees remain continually alert to risks, recording them and taking mitigating actions as swiftly as possible. We carried out our most recent formal full annual risk review in September 2025. The most severe and ongoing risks identified were:

An IT failure/cyber security incident: this could result in the loss of data, business interruption or reputational damage. We have recently invested in upgraded IT systems and have developed a disaster recovery plan. We continue to comply with the UK General Data Protection Regulation (GDPR) rules and the Data Protection Act 2018 and have associated policies in place.

A safeguarding incident: this could result in harm to an individual and/or reputational damage to the Charity. To mitigate such incidents, we have a robust Safeguarding Policy and Procedure in place, as well as a Serious Incident Reporting Policy. All staff have received safeguarding training, with three members of staff trained to Level 3 (Designated Safeguarding Lead) standard. All Trustees have also received trustee-specific training. All support group volunteers have received safeguarding training.

Competition within the sector: this could lead to a reduction in income and have a negative impact on the Charity’s ability to deliver its services. We have a clear reserves policy and in 2025-26 we appointed a Head of Development to drive a new income generation strategy. Additionally in 2025-26, we undertook a review to ensure we have a compelling brand and offer that is remaining relevant and appealing to our demographic. The new brand was due to be launched in early summer 2026.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

The financial year 2025-26 represented the first full year of the Charity’s delivery of its new three-year strategy; its overall aim being to position the Charity as the go-to source of support, information and advocacy for people affected by pre-24-week loss and to reach even more people affected by this distressing experience. The official launch of the new strategy in April 2025, was preceded by a year of preparatory work and planning, including the recruitment of senior level personnel and additional skilled Trustees, to underpin the delivery of the Charity’s new goals.

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

Our aims during this strategy period are to:

We report our achievements against those goals here:

Aim 1: Provide more people experiencing pregnancy loss with the support and information they need, when, and how they need it.

Direct support is a core part of the Charity’s offer and in 2025-26, we continued to provide our highquality empathetic support, delivered by our trained staff team and network of volunteers.

In this financial year, our support services team responded to 4,532 direct contacts for support – via telephone, email, live chat and direct message – providing emotional support as well as practical information such as options and treatments following pregnancy loss.

We also enhanced the accessibility for our helpline, partnering with two experienced external providers to support spoken language translation available in over 250 languages, and a video relay service to enable Deaf users to access support in sign language.

While take up has been modest, in the six months since it launched to the end of this financial year, we have been able to support people in a range of community languages – including Punjabi, Vietnamese, Arabic and Farsi – meaning that anyone impacted by pregnancy loss, regardless of their language needs, can now access our trusted support and information.

We also launched a new national telephone number ensuring it was clear that our services were available to everyone across the UK.

We increased our peer support offer in 2025-26, facilitating 103 support group sessions, including specialist ones for those pregnant after loss, and for women and their partners experiencing recurrent miscarriage or molar pregnancy. Almost 1,200 people registered to attend these sessions.

Our volunteers also ran two special memorial Wave of Light online groups on the final day of Baby Loss Awareness Week in October 2025 with 71 people joining to remember their losses. On the same evening, we held an in-person Wave of Light Service at Holy Trinity Church in Leeds city centre, which was much appreciated by those in attendance.

We also enhanced our support offer through the launch of our online counselling directory, a database of therapists with specific experience of working with people affected by pregnancy loss. Each applicant to the directory is vetted by a senior volunteer, herself a renowned specialist in this space.

In the final quarter of 2025-26 we began a review of our direct and peer support offer to ensure we are making continual improvements and still meeting people’s needs in our fast changing social landscape.

The provision of free patient information leaflets remains a core priority for the Miscarriage Association and in 2025-26, we distributed 144,226 leaflets and 22,561 contact cards to hospitals, clinics and GP practices throughout the UK.

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

The Miscarriage Association website continues to be widely recognised as one of the most comprehensive sources of information around pre-24-week loss in the UK.

During the reporting period, our website was visited 1,435,630 times. This was down on the previous 12 months (1,803,094 visits), which is attributable to changing Google search algorithms and also the advancement of AI technology which allows people to receive a substantial amount of information without having to visit a website directly.

In 2026-27 we plan to launch a new website to make it easier and faster for people to find the support and information they need from us directly.

Our social media platforms are also a key source of support, information and awareness for those affected by loss. During this period we had 63,660 members of our Facebook communities, 48,928 followers on Instagram, 14,318 on X and 6,249 on LinkedIn. We launched our TikTok account in September to help us reach younger audiences and by the end of March, our account had 722 followers.

Throughout the year we also continued to support research to help improve outcomes and experiences for people affected by pregnancy loss.

Aim 2: Through training, guidance, and resources, enable more health professionals to provide the best possible patient care from the outset.

We continued to work hard to try to improve the experience women and their partners have from their first contact with health care professionals.

To this end, in November 2025 we launched our new free health professionals’ training offer - a live, online 2.5-hour workshop, designed in collaboration with health professionals working in early pregnancy care. Over 150 health professionals took part in research to inform the training content, timings and delivery method.

The training aims to equip attendees with a toolkit for effective practice and reflection. It focuses on understanding the impact of pregnancy loss, compassionate communication skills and approaches to effective clinical care. Each session we have offered has been fully booked and by the end of March 2026, we had trained 122 health professionals working across different settings, including early pregnancy units, scan departments, emergency departments, maternity and primary care.

A selection of feedback highlights the value of the training for health care professionals:

"Every health care professional caring for people experiencing a loss should attend this training. It is vital that families receive the best care possible when going through the loss of a baby, and this training can help us to provide that".

"Highly recommend joining a training session. Extremely useful".

"Great session, ideal for those caring for anyone going through pregnancy loss".

Our health professionals' training is now included in the Scottish Government's Miscarriage Care delivery framework as recommended training and is also included in the National Bereavement Care Pathways' staff resources toolkits, alongside our popular free eLearning online training, which was completed 415 times.

To support and inform our work with health professionals, in 2025 we established a Health Professionals Advisory Panel which is chaired by Alison Hylton-Potts, one of our Board of Trustees who is a midwife by profession. Its members have been drawn from professions across all pregnancy care disciplines including general practice, research, psychology, nursing, midwifery, gynaecology and obstetrics, sonography and bereavement care.

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

Additionally, we retained membership of the Executive Committee of the Association of Early Pregnancy Units (AEPU), providing the patient perspective and we attended its annual conference in November 2025, delivering a learning session to 80 professionals and engaging with hundreds more via our exhibition stand. Additionally, in December 2025, we delivered a webinar for the Association of Early Pregnancy Units' on the theme of compassionate care which was attended by over 100 health professionals.

We also continued to work in partnership with The Ectopic Pregnancy Trust to facilitate monthly Professional Pause sessions - a safe space for professionals to come together to discuss difficult cases and to share knowledge and best practice.

Our patient information leaflets, more details of which are noted above, are also a key tool for health professionals. In 2026-27 we will be relaunching these materials, following research with patients and healthcare staff.

We also continued to partner with Healthinote which allows GPs to offer ‘information prescriptions’ signposting to the Miscarriage Association website. In support of our work with the National Bereavement Care Pathways, we also took part in several health professionals networking sessions, sharing best practice.

Aim 3: Ensure pregnancy loss and its impact is more widely acknowledged and the feelings of people affected are recognised across society.

The experience of pregnancy loss can be hugely compounded by a lack of recognition and validation. Historically there has been a stigma around miscarriage and pregnancy loss which has added to the sense of isolation - and sometimes guilt and shame - that people feel. One of our key priorities is to change societal perceptions of pregnancy loss and to bring conversations about it into the mainstream. To achieve this, the Trustees resolved that the Charity would need to take a bolder, more pro-active approach to its communications activity.

To facilitate this, during the planning year, which preceded the start of our new three-year strategy, we enhanced our communications and marketing team, creating a new role of Head of Communications and Campaigns and appointing a Digital Marketing Officer. We also reviewed the other communications team role and created the new position of Content Manager.

We report here on the first full year of the new communications team being in position, and having adopted this new approach. While, as noted above, we have seen a decline in website visits, we have seen significant growth across social and, in particular, earned media, such as print, broadcast and online coverage.

In total our content across Instagram, Facebook, Linkedin, X and TikTok had over 7.9 million impressions. Instagram continued to be our best performing platform, with a follower growth of 3,325, and over 4.2 million impressions This represents an 84% increase in impressions overall and a 53% increase on Instagram specifically.

As reported above, we ended the year with a total of 133,877 followers, a 7% increase on 2024-25, when we had 125,220, across our social platforms. While follower numbers on TikTok - which launched part way through the year - are modest, but steadily growing, (722 at the time of this report), this is an area we wish to grow further as a vital tool to reach younger audiences who may not use more traditional channels to seek support and information.

A reflection of our more proactive approach to PR and communications, we noted 1,175 media appearances, articles or mentions, a 96% increase on the previous year (600 media appearances, which was itself a 400% increase on 2023-24). Our CEO, ambassadors or case studies featured on or in the likes of BBC Breakfast, ITV News, LBC, Radio Five Live, the Guardian, the Independent and the Irish News.

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

Key highlights included our ongoing Leave For Every Loss campaign, our Miscarriage in the UK: A state of the nation report (more details of both can be read in Aim 4), our response to the National Maternity and Neonatal Inquiry, and the launch of an Office of National Statistics report on the impact of baby and pregnancy loss on women at work.

We were fortunate to receive the support of a number of ambassadors and influencers throughout the year, including two new ambassadors, Sarah Owen MP, Chair of the Women and Equalities Committee, and media and broadcast personality Elizabeth Day. They joined TV headteacher Matthew Burton (star of Educating Yorkshire), influencer Nisha Reedtz and former Strictly Come Dancing star Natalie Lowe. Additionally, Myleene Klass MBE acts as a policy campaigns champion.

Through our Workplace project, we continue to raise awareness of the impact of pregnancy loss at work, and advocate for better support for employees.

At the end of March 2026, 385 organisations covering a total of 1,442,421 employees, had signed our Pregnancy Loss Pledge, committing to a six-point standard, including allowing time off work, being flexible and offering a supported return to work and support for partners. These included the Student Loans Company, The Cabinet Office, The Welsh Government, Hilton UK Hotels, Lloyds Banking Group, WSP, Leeds Teaching Hospital and NHS Resolution.

We also provided training for various employers during this period, including, for example, the National Grid, East of England Ambulance Service and the University of West London. We also delivered a session for members of the Chartered Institute of Professional Development as well as hosting a series of open workshops for individual managers or HR professionals. In addition, we undertook speaking engagements at the Personal Investment Management & Financial Advice Association (PIMFA) and Energy UK conferences.

Additionally, we continued our partnership with the Simplyhealth Women’s Health Charity Alliance, working alongside other charities with interests in improving women's health. Through this collaboration, funded and supported by healthcare plan providers Simplyhealth, we help amplify each other’s messaging and campaigns. Throughout the year, we also continued our partnership with the Card Factory, the UK’s biggest card retailer, to stock our miscarriage condolence card on their website.

Aim 4: Advocate for changes to law, regulation and practice so that pregnancy loss is included in relevant policies from healthcare to employment.

Our support services bring direct comfort and understanding to thousands a year. However, through our advocacy and policy work, we are helping to bring improved care, support and recognition to hundreds of thousands of women and their partners who have or will be impacted by pregnancy loss.

This could not be more clearly evidenced than by our work in 2025-26 to change the law through our Leave for Every Loss campaign. Working closely with our ambassador Sarah Owen MP, Chair of the Women and Equalities Committee, we called on the Government to amend the Employment Rights Bill to update bereavement leave rules to include pre-24-week pregnancy loss.

Backed by many charities, organisations, businesses and our policy and advocacy champion Myleene Klass MBE, we worked closely with the policy team at the Department for Business and Trade and the Women and Equalities Committee, giving written and in person evidence at the House of Commons, and with meeting with the Employment Rights Minister.

The Government was persuaded to lay its own amendment to the Bill to update employment laws, and it received Royal Assent in December.

In anticipation of the Bill being signed into law, in October 2025, we also held an event in Parliament to mark this landmark change. It was attended by some of the women and their partners who had shared their experiences to support our campaign, along with representatives from a number of

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

partner charities who had lent their backing. Formally sponsored by Sarah Owen MP, it was also attended by several key stakeholders including businesses like the Co-op, and the Employment Rights Minister and Myleene Klass MBE were also in attendance.

In acknowledgement of our contribution to improving workers’ rights, we were invited to attend a reception at 10 Downing Street with Prime Minister Keir Starmer in January, to mark the historic passing of the Act. In May 2026, we also attended a Buckingham Palace reception with members of the Royal Family in recognition of our work in this area.

The relevant parts of the new Employment Rights Act covering bereavement leave are expected to be enacted in Autumn 2027. We will continue to work with the Department for Business and Trade on developing guidance for employers to meaningfully implement the changes.

Also in this reporting period, we launched our Miscarriage in the UK report, examining the experiences of women and their partners across healthcare, employment, relationships and society.

This comprehensive study captured the experiences of more than 1,000 people affected by miscarriage and exposed widespread gaps in care, support and recognition. Although there were examples of good care, there were many distressing reports highlighting systems that are still inconsistent, fragmented and at times causing additional distress. The report’s overriding theme was Miscarriage in the UK: Still a distressing and dehumanising experience.

The report, and its recommendations for change, was backed by politicians including Sarah Owen MP, Chair of the Women and Equalities Committee and Andy McNae MP, Chair of the All Party Parliamentary Group on Baby Loss, as well as a number of charities in the pregnancy and baby loss sector. The report was also shared with the Department for Health and Social Care and its findings were also used to inform our health professionals training, as detailed above.

As also mentioned above, the publication of the report generated widespread media attention, and support for our community, with many sharing their own stories of loss and a lack of support.

We also shared the report, as well as providing important in-person and written evidence, with Baroness Amos, Chair of the National Maternity and Neonatal Investigation, ensuring the voices and experiences of our community are heard in this important inquiry.

Also, during this reporting period, we worked with the Scottish Government alongside charities Tommy’s and Held in Our Hearts to develop a new Patient’s Charter for miscarriage, clearly outlining the care and interventions women and their partners are entitled to receive when experiencing miscarriage. It builds on our work in supporting the Scottish Government’s Miscarriage Care Delivery Framework launched earlier in 2025 to ensure equitable and compassionate support across Scotland.

Further to this aim, as part of the Scottish Baby Loss Collaborative, we held a joint event at the Scottish Parliament in March 2026 to raise awareness of the issues surrounding pregnancy and baby loss and to encourage Members of the Scottish Parliament (MSPs) to commit to a series of care and support standards.

In March 2026, we responded to the findings of the Healthcare Module of the UK Covid Inquiry, having previously collaborated with 12 other pregnancy and baby organisations in giving evidence to the investigation on behalf of our community.

We continued our ongoing work with the National Bereavement Care Pathways, sitting on the steering groups for the established pathways in England and Scotland, and chairing the miscarriage pathway development groups for the new pathways being created for Wales and Northern Ireland.

Additionally in Northern Ireland, as a key stakeholder we contributed to the consultation around new much-anticipated baby loss certificates to acknowledge pregnancy losses before 24 weeks.

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We remained a member of the All-Party Parliamentary Group on Baby Loss attending meetings throughout the year to represent the voices of our community and we continued to sit on the core group of the Pregnancy and Baby Charities Network, an influential group of charities working across the sector.

Throughout the year, we also continued to advise and serve on steering committees or Patient Advisory Groups for a range of research studies, representing patient perspectives and advising on patient-facing materials. These included studies into the prescribing of progesterone for threatened miscarriage and the benefits of minimally invasive post-mortem techniques.

Aim 5: Position the M.A. as a strategy and data driven, operationally effective, collaborative and inclusive Charity.

This aim is important in its own right, but crucially, it also underpins all our other strategic goals. Throughout the year we continued to invest in equipping the Charity with the tools and resources it needs to deliver against its ambitious plans, and to ensure we are working as effectively as possible.

In this reporting period, we completed the restructuring of the Charity’s staff team with the creation of a new role of Head of Development to complement the existing Senior Leadership Team. This new role is designed to support the financial sustainability of the Charity through and beyond the current three-year strategy. Elsewhere, other team members were supported to take on additional responsibilities, such as the delivery of healthcare professionals training.

One of the most significant pieces of work undertaken during this year was a review of the Charity’s brand to ensure it remained relevant and appealing to our audiences. We commissioned the services of a specialist agency to undertake this project, consulting with staff, the Board of Trustees, health professionals, service users and others with lived experience. The new brand will be launched alongside a new website in summer 2026. This work was long-overdue with the brand last being updated over 15 years ago.

We continued to modernise our policies and processes, including updating our accounting systems and internal processes for the submission of invoices and expense requests. The new system has vastly reduced our reliance on hard copy finance paperwork, shifted admin burden away from the CEO and further streamlined our processes.

This reporting year, we further strengthened our Board of Trustees with the appointment of Dr Jessica Farren, a consultant gynaecologist, who brings considerable skills and knowledge of clinical care and patient experience. To further support strong Governance and with the anticipated retirement of two long-standing members of the Board of Trustees in 2026-27, we carried out a trustees’ skills audit. An open recruitment process to on-board at least two new Trustees with specific experiences or competencies will take place in 2026.

In addition to the Health Professionals Advisory Panel mentioned above, we continued to operate several working groups, combining the skills and experiences of senior staff members and Trustees (brand development, income generation, data and communities). We dissolved the short-life working group set up to oversee the updating of the Charity’s Articles, which was completed in March 2025.

We also established a short life working group to inform the review of our support services, ensuring these continue to be of high quality, meet the evolving needs of our service users and are sustainable for the future.

As mentioned above, work also began to dissolve the Charity’s formal branch structure.

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REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

FINANCIAL REVIEW

Financial review

The Miscarriage Association continued to follow sound financial management principles and processes to make best use of its resources. We remained alert to the changing and often challenging financial landscape.

Trustees and senior staff worked to a planned deficit budget (-£232,712), predicting a significant increase in costs as we began to realise the new strategy. A designated development fund was previously established for this purpose. The resulting deficit of £218,508 was less than anticipated due to slightly higher than expected income, mainly due to a generous and unexpected one off corporate donation in March 2026 made in recognition of a talk delivered by our ambassador Elizabeth Day.

The Charity expects and is planning to incur a similar deficit (-£203,669) in 2026-27 as it continues to invest in realising its strategy.

Total income for the year was £588,005 (£551,666 in 2024-25) representing a 6.6% increase, and net assets at year-end were £932,762 (£1,151,270 in 2024-25) representing a decrease in net assets of 19%.

In total, donations from individuals and groups decreased in 2025-26 to £318,403 (£336,008 in 202425) but donations from companies and charitable trusts increased to £59,283 (£38,140 in 2024-25). Income from third party events, such as the London Marathon, Great North Run, London Landmarks Half Marathon and the Royal Parks Half Marathon increased to £132,751 (£88,818 in 2024-25). This was attributable to the purchase of additional places in these events as well as some exceptional individual fundraising efforts. We were also able to reduce costs for the London Marathon, particularly, by ending an external management agreement and bringing this in house.

Having updated our Articles and dissolving our membership scheme in March 2025, we no longer received any membership payments in 2025-26, however, most of our former members continued to contribute as regular givers.

We continued to benefit from a grant from the Scottish Government of £14,965 (£14,997 in 2024-25) and we received Gifts in Kind of £14,172 (£24,698 in 2024-25) which included our Google ad grant, pro bono PR work and gifted podcast advertising.

Income from training and consultancy remained steady at £10,240 in 2025-26 (£10,173 in 2024-25). Other trading income increased slightly to £7,946 in 2025-26 (£6,945 in 2024-25), which is attributable to the introduction of our online counselling directory, which attracts a small annual charge for inclusion.

Total expenditure during the year was £806,514 which was significantly higher than 2024-25 (£585,649). A large amount of this was due to increased salary costs; the appointment of a new Head of Development and the first full year of the Head of Communications and Campaigns and Head of Operations and Service Delivery positions, as well as a full year’s costs of two other positions (Information, Research and Training Lead and Digital Marketing Officer). It also included £55,320 spent towards the rebrand project, £14,254 direct costs for public affairs and campaign work, the costs associated with implementing the new accounting system (£5,600) and additional travel costs. Expenditure on charitable activities of £660,908 made up the majority of our expenses and represented a significant increase on 2024-25 (£480,039).

Overall staff costs were £502,006 (£351,330 in 2024-25), with the Charity’s headcount increasing accordingly to 13 (10.6 FTE), compared with 10 (7.8 FTE) in 2024-25. Other costs included the print and distribution costs associated with our free patient information leaflets, rent, IT equipment and improvements, telecoms, website support, communications tools and accounting and audit fees.

12

THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

The cost of raising funds increased to £145,606 (£105,610 in 2024-25), which relates to increased staff costs and the purchase of additional places in third party events, which in turn has supported increased income, as well as travel and accommodation for these events and fundraising collateral such as t-shirts, vests and collection pots.

Reserves policy

The Charity’s reserves policy aims to maintain reserves at a level that ensures a sound financial base for its future operations. Trustees aim to keep free reserves at a level equivalent to approximately nine months’ operational costs, which for 2026-27 is £605,000. The Charity’s current free reserves, being unrestricted general funds, less the net book value of fixed assets, are £835,831, which is in excess of this target. The Trustees intend to spend down excess reserves over the coming year in order to meet the reserves policy.

In 2023-24, Trustees allocated £500,000 of the Charity’s free reserves to a development fund, to underpin the delivery of its ambitious 2025-2028 three-year strategy. At the end of 2024-25, a balance of £406,609 remained. In 2025-26, the Charity spent £316,858 from this fund. As explained above, this was largely spent on additional staff costs, the rebranding project, public affairs and campaign work, an external review of our support services, and the new accounting system.

At 31 March 2026, the fund balance stood at £89,751. It is the Trustees’ intention to spend down this fund by the end of the strategy period as well as reducing its free general reserves.

Further details of the designated fund are provided in note 25.

The restricted fund reserves comprised branch funds, funds from the Scottish Government to support our work in Scotland and funds from Simplyhealth.

Branches provide support and comfort through the operation of local support groups, some delivered online. Branch funds are for the use of those branches alone. The Edinburgh branch funds are held at their request by the Miscarriage Association, and these are therefore shown separately as a restricted holding fund.

In June 2025, the Scottish Government made a grant of £14,965 for the year to 31 March 2026 for work benefitting people in Scotland and expenditure is reported accordingly.

Fundraising

As reported above, income from fundraising and individual donations increased slightly in 2025-26.

Overall, donations and legacies (including fundraising activities and gifts in kind) amounted to £544,724 in 2025-26, representing an 8% increase on the previous year (£504,660 in 2024-25).

As noted in the financial review, a significant amount of income comes from third party events, such as the London Marathon. We also continue to run our own ‘in house’ virtual events, however we have noted a decline in income from these over recent years and will be reviewing this as part of our income strategy.

We have benefited from an increase in income from corporate partners and donors in 2025-26; our Simplyhealth corporate partnership being renewed and the one-off £25,000 donation from a company made in recognition of our ambassador Elizabeth Day, as noted above. Another business, Emtec, selected us as its Charity of the Year and raised over £5,500. There were also standout individual fundraising efforts including a gala event, a DJ club night, and a sponsored sky dive, among many others.

We also took part in the Big Give matched funding Christmas Appeal, raising £4,939 and for the first time we were selected to take part in the Big Give Women and Girls’ Appeal, raising £11,425.

13

THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

As ever, we greatly appreciate the generosity of all our supporters, donors and fundraisers who not only help to sustain and develop our services but also help to raise vital awareness of the impact of pregnancy loss.

Cash and investment policy

Cash balances (including those short-term deposits which are categorised as cash investments on the Balance Sheet) held by the Charity were lower than in the previous year at £854,786 (£1,109,335 in 2024-25).

The Charity holds £25,000 in a long-term (two year) investment. As per the Charity’s Investments Policy, monies are invested to seek the maximum return, having due regard to risk, whilst ensuring liquidity sufficient to meet the Charity’s obligations.

Going Concern

The Miscarriage Association’s main sources of income are from donations and fundraising activities which are not guaranteed going forward, particularly in the light of the changing economic climate. Forecasts have been prepared based on prudent estimates of future income which covers estimated future expenditure. The Charity has developed a new income generation strategy which focuses on maximising both current and new income streams and fundraising initiatives, excellent stewardship of our supporters and the development of additional funding sources going forward.

The directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months from the date of approval of these accounts. Thus, they continue to adopt the going concern basis for accounting in preparing the annual financial statements.

PLANS FOR THE FUTURE

The reporting period represented the first year of the Charity’s three-year strategy, with its key strategic aims set out above.

Specifically in the coming 12 months we plan to:

14

THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. The Trustees are members of the Charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the Charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

15

THE MISCARRIAGE ASSOCIATION

REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026

SMALL COMPANY RULES

This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006.

Approved by the Trustees on 16 July 2026 and signed on their behalf by

A Braier

Chair: A Braier

16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND THE TRUSTEES OF THE MISCARRIAGE ASSOCIATION

Opinion

We have audited the financial statements of The Miscarriage Association (the 'Charity') for the year ended 31 March 2026 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

17

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND THE TRUSTEES OF THE MISCARRIAGE ASSOCIATION

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement set out in the Trustees’ report, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

18

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND THE TRUSTEES OF THE MISCARRIAGE ASSOCIATION

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the Charity’s Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Charity’s members and Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity, the Charity's members as a body and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

William Guy Blake

Date: 16 July 2026 William Guy Blake ACA (Senior Statutory Auditor) For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 2nd Floor – South One Castle Park Tower Hill Bristol BS2 0JA

19

THE MISCARRIAGE ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2026

Notes
INCOME
FROM:
Donations and
legacies
4
Charitable
activities
5
Investment
income
Other trading
income
6
Total income
EXPENDITURE
ON:
Raising funds
9
Charitable
activities
10
Total
expenditure
12
Net income
(expenditure)
Transfer
between funds
24-26
Net movement
in funds
14
Fund balances
brought
forward at 1
April 2025
Fund balances
carried forward
at 31 March
2026		 General
Funds
£
529,759
10,240
25,095
7,946
573,040
145,606
333,227
478,833
94,207
12
94,219
725,745
819,964		 Designated
Funds
£
-
-
-
-
-
-
282,741
282,741
(282,741)
-
(282,741)
406,609
123,868		 Restricted
Funds
£
14,965
-
-
-
14,965
-
29,955
29,955
(14,990)
(12)
(15,002)
18,916
3,914		 Total
2026
£
544,724
10,240
25,095
7,946
588,005
145,606
645,923
791,529
(203,524)
-
(203,524)
1,151,270
947,746		 Total
2025
£
504,660
10,173
29,888
6,945
551,666
105,610
480,039
585,649
(33,983)
-
(33,983)
1,185,253
1,151,270

The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations.

There are no gains or losses other than those reported in the Statement of Financial Activities.

20

THE MISCARRIAGE ASSOCIATION

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2026

Notes
Fixed assets
Tangible assets
15
Long term cash
investments
16
Total Fixed Assets
Current assets
Stocks
17
Debtors
18
Short term cash
investments
19
Branch funds
20
Cash at bank and in hand
21
Total Current Assets
Creditors: amounts
falling due within one
year
22
Net current assets
Total assets less current
liabilities
Net assets
Reserves
General funds
24
Designated funds
25
Restricted funds
26
Total funds
27		 2026
£
3,267
25,000
28,267
7,999
94,926
610,270
3,536
244,516
961,247
(41,768)
919,479
947,746
947,746
819,964
123,868
3,914
947,746		 2025
£
4,073
-
4,073
15,333
56,817
622,023
3,710
487,312
1,185,195
(37,998)
1,147,197
1,151,270
1,151,270
725,745
406,609
18,916
1,151,270

The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of the financial statements.

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the Trustees on 16 July 2026 and signed on their behalf by

Teresa Owen

Hon Treasurer: T. Owen

21

THE MISCARRIAGE ASSOCIATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026

CASHFLOWS FROM OPERATING ACTIVITIES
Net cash outflow provided by operating activities
CASHFLOWS FROM INVESTING ACTIVITIES
Interest income
Payments to acquire tangible fixed assets
Redemptions from long term cash investments
Deposits in long term cash investments
Redemptions from short term cash investments
Deposits in short term cash investments
Net cash inflow provided by operating activities
CHANGE IN CASH AND CASH EQUIVALENTS IN THE
REPORTING PERIOD
CASH AND EQUIVALENTS AT THE BEGINNING OF THE
PERIOD
CASH AND EQUIVALENGTS AT THE END OF THE
PERIOD
RECONCILIATION OF NET INCOME TO NET CASHFLOW
FROM OPERATING ACTIVITIES
Net expenditure
Depreciation
Investment income
Decrease in stock
Increase in debtors
Increase in creditors
Net cash outflow provided by operating activities
ANALYSIS OF CASH AND CASH
EQUIVALENTS
At 1.4.25
£
Cash at bank and in hand
487,312
Branch funds
3,710
491,022		 2026
£
(253,191)
25,095
(1,627)
-
(25,000)
11,753
-
10,221
(242,970)
491,022
248,052
(203,524)
2,433
(25,095)
7,334
(38,109)
3,770
(253,191)
Cashflow
£
(242,796)
(174)
(242,970)		 2025
£
(61,956)
30,182
(1,463)
646,158
(182,010)
273,934
(719,621)
47,180
(14,776)
505,798
491,022
(33,983)
2,645
(29,888)
4,690
(21,843)
16,423
(61,956)
At 31.3.26
£
244,516
3,536
248,052

The Charity has not provided an analysis of changes in net debt as it does not have any long-term financing arrangements.

22

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

1. Accounting policies

The Miscarriage Association is a charitable company, limited by guarantee, registered with the Charity Commission in England and Wales and the Office of the Scottish Charity Regulator. The address of its registered office is 2 Otters Holt, Wakefield, WF4 3QE. The Charity’s company number is 03779123.

The principal purpose of the Charity is to provide support and information to people who are affected by the loss of a baby in pregnancy, to raise public awareness of the subject of pregnancy loss and to promote good practice in hospital and community-based healthcare and in medical practice.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The Miscarriage Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

(b)

Going concern

The directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of accounts. There are no material uncertainties about the entity’s ability to continue. Thus, they continue to adopt the going concern basis for accounting in preparing the annual financial statements.

(c)

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy unless a deferment is required as a condition of the benefactor’s grant or donation.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

(d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised, and the Trustees’ annual report provides more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

23

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

Donated services and facilities (continued)

For Google AdWords and PR and advertising activity, the Charity measures the value of the gift at the value the Charity would pay for the equivalent services. This is deemed to be 25% of the market value provided by the supplier. Where the market value is given in foreign currency, this is translated in line with the Charity's foreign exchange policy (note 1o).

(e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

(f)

Unrestricted Funds

Unrestricted funds represent unrestricted monies donated, granted or raised for the pursuit of the Association’s general charitable objectives. The Association may nominate unrestricted funds as designated funds with the intention of using these funds for particular purposes. Designated funds, however, remain part of the Charity’s unrestricted funds and may be used for any of the Miscarriage Association’s general objectives.

(g) Restricted Funds

Restricted funds represent monies donated and granted to or raised by the Association for specified purposes and which may not be used for any other purposes without the agreement of the benefactors or Charity Commissioners. Consequently, these do not form part of the Miscarriage Association’s unrestricted fund.

(h) Resources expended

Resources expended are recognised on an accruals basis as a liability is incurred. Resources expended include any VAT which cannot be fully recovered and are reported as part of the expenditure to which they relate.

(i) Allocation of support costs

Where costs of raising funds and costs of charitable activities can be directly related to an activity, they are so classified. Where costs cannot be directly attributed, they are allocated on a basis which is appropriate to the use of the resource (see note 11).

(j) Tangible fixed assets

The Charity’s tangible fixed assets are held solely for the purpose of pursuing its charitable objectives.

Fixed assets are shown at original cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Computer and telephone equipment 25% straight line Office furniture and equipment 20% reducing balance

(k) Stocks

Stocks held for resale are valued at the lower of cost and net realisable value on a first in, first out basis. Educational leaflets held for distribution to beneficiaries are valued at the lower of net realisable value, being the service potential provided by the items of stock, and cost.

24

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

(l) Cash at bank and in hand, and cash investments

Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Short term investments include cash held on deposit for a term of between 4 and 12 months from the date of deposit.

Long term investments include cash held on deposit for a period of more than 12 months from the date of deposit.

(m) Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured as their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

(n) Pensions

The pension costs charged in the financial statements represent the contributions payable by the Association during the year.

(o) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

(p) Lease commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

(q) Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for reserves and expenses during the year. However, the nature of the estimation means that the actual outcomes could differ from the estimates. The Trustees believe that there are no critical accounting policies where judgements or estimates are necessarily applied.

2. Income - general funds

This income is attributable to the grants, fees and other unrestricted income and from the general activities of the Miscarriage Association.

3. Taxation

Taxation has not been provided for as the charity qualifies for exemption on its charitable activities.

25

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

4. Donations and legacies 2026

Branch income
Donations from Companies
and Charitable Trusts
Company gifts in kind
Donations from individuals
and groups
Government Grants
Other Grants
London Marathon
London Landmarks
Great North Run
Royal Parks		 General
Funds
£
-
59,283
14,172
318,403
-
5,150
70,900
18,283
33,971
9,597
529,759		 Designated
Funds
Restricted
Funds
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,965
-
-
-
-
-
-
14,965		 Total
2026
£
-
59,283
14,172
318,403
14,965
5,150
70,900
18,283
33,971
9,597
544,724

Company gifts in kind related to Google Adwords, podcast advertising and public relations support.

Donations and legacies
2025
Membership fees
Branch income
Donations from Companies
and Charitable Trusts
Company gifts in kind
Donations from individuals
and groups
Government Grants
London Marathon
London Landmarks
Great North Run
Lights of Love
Royal Parks		 General
Funds
Designated
Funds
Restricted
Funds
£
£
£
1,710
-
-
-
-
289
13,140
24,698
-
-
25,000
-
336,008
-
55,967
223
31,132
740
756
-
-
-
-
-
-
-
-
14,997
-
-
-
-
-
464,374
-
40,286		 Total
2026
£
1,710
289
38,140
24698
336,008
14,997
55,967
223
31,132
740
756
504,660

26

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

5. Charitable Activities

Training and presentations
Consultancy		 Total
2026
£
2,423
7,817
10,240		 Total
2025
£
10,713
-
10,173

Income from training and presentations was unrestricted in the current and prior year.

6. Other trading income

Counselling Directory
Merchandise		 Total
2026
£
1,746
6,200
7,946		 Total
2025
£
-
6,945
6,945

Income from sales of merchandise was unrestricted in the current and prior year.

7. Branch income and expenditure

The income and expenditure of the branches of the Charity have been incorporated into these financial statements. This is restricted income and expenditure for the use of the branches alone.

8. Government grants

The charitable company receives government grants, defined as funding from the Scottish Government to fund charitable activities. The total value of such grants in the period ending 31 March 2026 was £14,965 (2025: £14,997). There are no unfulfilled conditions or contingencies attaching to these grants in 2025-26.

27

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

9. Raising funds

Salaries and office costs:
Costs directly allocated to
activities
Support costs allocated to
activities (note 11)
Branch expenditure:
Costs directly allocated to
activities		 General
Funds
£
135,100
10,506
-
145,606		 Designated
Funds
£
-
-
-
-		 Restricted
Funds
£
-
-
-
-		 Total
2026
£
135,100
10,506
-
145,606		 Total
2025
£
95,762
9,848
-
105,610

Expenditure on raising funds (£105,610 in 2025) was all from general funds in the prior year.

10. Charitable activities 2026

Salaries and office costs:
Costs directly allocated to
activities
Support costs allocated to
activities (note 11)
Branch expenditure:
Costs directly allocated to
activities
Charitable activities 2025
Salaries and office costs:
Costs directly allocated to
activities
Support costs allocated to
activities (note 11)
Branch expenditure:
Costs directly allocated to
activities		 General
Funds
£
196,552
136,675
-
333,227
General
Funds
£
223,952
131,652
-
355,604		 Designated
Funds
£
282,741
-
-
282,741
Designated
Funds
£
98,987
-
-
96,987		 Restricted
Funds
£
29,955
-
-
29,995
Restricted
Funds
£
25,900
-
1,548
27,448		 Total 2026
£
509,248
136,675
-
645,923
Total 2026
£
346,839
131,652
1,548
480,039

28

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

11. Support costs

The support costs of the Charity consist of the items of cost shown below.

Support costs are allocated on the basis of staff time, usage (e.g. of equipment), shared costs and floor area as set out below.

Item of cost
Basis of
allocation
Staff costs
Staff time
Administration &
office costs
Usage
Management costs
Usage
Finance costs
Shared
costs
Premises &
equipment
Floor area
Depreciation
Usage		 Raising
funds
Charitable
Activities
Total
2026
£
£
£
120
65,845
65,965
2,688
10,503
13,191
980
5,141
6,121
2,810
19,493
22,303
3,665
33,503
37,168
243
2,190
2,433
10,506
136,675
147,181

Total governance costs were £43,876 (2025 £58,138).

Support costs 2025

Item of cost
Basis of
allocation
Staff costs
Staff time
Administration &
office costs
Usage
Management costs
Usage
Finance costs
Shared costs
Premises &
equipment
Floor area
Depreciation
Usage		 Raising
funds
Charitable
Activities
Total
2025
£
£
£
90
49,560
49,650
2,844
9,180
12,024
653
16,373
17,026
2,051
15,732
17,783
3,945
38,427
42,372
265
2,380
2,645
9,848
131,652
141,500

29

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

12. Total resources expended 2026

Staff
costs
£
Raising funds
89,002
Charitable activities
413,004
502,006
Total resources expended 2025
Staff costs
£
Raising funds
60,368
Charitable activities
290,962
351,330
13.
Staff costs
Wages and salaries
Social security costs
Pension contributions
The average number of employees was
Full-time
Part-time		 Depreciation
£
243
2,190
2,433
Depreciation
£
265
2,380
2,645		 Other
costs
£
56,361
230,729
287,090
Other
costs
£
44,977
186,697
231,674
2026
£
424,550
43,530
33,926		 Total
2026
£
145,606
645,923
791,529
Total
2025
£
105,610
480,039
585,649
2025
£
303,347
24,086
23,897
502,006 351,330
2026
Number
5
8		 2025
Number
4
6

This is equivalent to 10.6 (2025 – 7.8) full time posts.

In 2026, the Trustees considered the key management personnel to be the Chief Executive Officer, the Head of Operations and Service Delivery, the Head of Communications and Campaigns and the Head of Development. Total remuneration for those posts amounted to £226,365.

In 2025, the Trustees considered the key management personnel to be the Chief Executive Officer, the Head of Operations and Service Delivery and the Head of Communications and Campaigns. Total remuneration for those posts amounted to £129,130, the latter two positions being created in the second half of the year.

The total number of employees whose annual emoluments were £60,000 or more were:

£60,001 - £70,000 2026
Number
2025
Number
1
1

30

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

14. Net movement in funds

Net movement in funds is stated after charging:
Operating lease rentals
Depreciation of owned assets in general funds
Under-accrued independent examiner’s fee (excluding VAT)
Audit fee (excluding VAT)		 2026
£
29,096
2,433
-
8,500		 2025
£
29,096
2,645
1,525
8,200
15.
Tangible fixed assets
Cost
At 1 April 2025
Additions
At 31 March 2026
Depreciation
At 1 April 2025
Depreciation charge for the year
At 31 March 2026
Net book values
At 31 March 2026
At 31 March 2025
16. Long term cash investments
Cash on deposit for a period longer than 12 months
17. Stocks
Leaflets
Fundraising stock
18. Debtors
Accrued income and debtors
Other debtors
Prepayments		 Office
furniture &
equipment
£
8,510
416
8,926
8,334
118
8,452
474
176		 Office
furniture &
equipment
£
8,510
416
8,926
8,334
118
8,452
474
176		 Computer &
telephone
equipment
£
31,821
1,211
33,032
27,924
2,315
30,239
2,793
3,897
2026
£
25,000
2026
£
6,603
1,396
7,999
2026
£
53,116
6,250
35,560
94,926		 Computer &
telephone
equipment
£
31,821
1,211
33,032
27,924
2,315
30,239
2,793
3,897
2026
£
25,000
2026
£
6,603
1,396
7,999
2026
£
53,116
6,250
35,560
94,926		 Total
£
40,331
1,627
41,958
36,258
2,433
38,691
3,267
4,073
2026
£
25,000
2026
£
6,603
1,396
7,999
2026
£
53,116
6,250
35,560
94,926		 2025
£
-
2025
£
6,949
8,384
15,333
2025
£
25,010
6,250
25,557
56,817

31

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

19. Short term cash investments

2026 2025
£ £
Cash on deposit for between 4 and 12 months 610,270 622,023

20. Branch funds

These are held as cash and bank balances at the branches, except for the Edinburgh branch, whose funds are held at their request, by the Charity.

21. Cash at bank and in hand

21. Cash at bank and in hand
Cash at bank
Cash in hand
22. Creditors - amounts falling due within one year
Trade creditors
Social security costs
Accrued expenses
23. Financial Instruments
Carrying amount of financial assets
Financial assets that are debt instruments
measured at amortised cost
Carrying amount of financial liabilities
Financial liabilities measured at amortised cost		 2026
£
244,513
3
244,516
2026
£
8,063
12,172
21,533
41,768
2026
£
59,366
41,768		 2025
£
487,295
17
487,312
2025
£
10,791
9,050
18,157
37,998
2025
£
31,260
37,998

Financial assets that are debt instruments measured at amortised cost are comprised of trade debtors, other debtors and accrued income. Financial liabilities measured at amortised cost are comprised of trade creditors, social security costs and accrued expenses.

24. Reserves – General funds 2026

Balance Balance
at Incoming Resources at
01.04.25 Resources Expended Transfers 31.03.26
£ £ £ £ £
General funds 725,745 573,040 (478,833) 12 819,964

32

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

Reserves – General funds 2025

General funds Balance
at
01.04.24
£
656,282		 Incoming
Resources
£
511,380		 Resources
Expended
£
(461,214)		 Transfers
£
19,297		 Balance
at
31.03.25
£
725,745

The Association’s assets and reserves do not belong to its members. On dissolution these must be distributed in accordance with the Articles of Association either to another charity with similar objects or to another body with prior agreement from the Charity Commission.

25. Reserves – Designated funds 2026

Balance
at
01.04.25
£
Development fund
406,609
406,609
Reserves – Designated funds 2025
Balance
at
01.04.24
£
Awareness
campaign
programmes
e-Learning resource
Development fund
17,963
5,000
500,000
522,963		 Incoming
Resource
s
£
-
-
Incoming
Resourc
es
£
-
-
-
-		 Resource
s
Expende
d
£
(282,741)
(282,741)
Resourc
es
Expende
d
£
(3,596)
-
(93,391)
(96,987)		 Transfers
£
-
-
Transfer
s
£
(14,367)
(5,000)
-
(19,367)		 Balance at
31.03.26
£
123,868
123,868
Balance at
31.03.25
£
-
-
406,609
406,609

Reserves – Designated funds 2025

Development Fund In 2024 Trustees agreed to assign £500,000 of its reserves to a new Development Fund to underpin an ambitious programme of growth for the Charity, allowing the Charity to reach even more people affected by the difficult and distressing experience of pregnancy loss.

33

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

26. Reserves – Restricted funds 2026

Balance
at
01.04.25
£
Scottish Government
Grant
Edinburgh Branch
Holding Fund
Simplyhealth
-
858
14,348
Branch funds
3,710
18,916
Reserves – Restricted
funds 2025
Balance
at
01.04.24
£
Scottish Government
Grant
Edinburgh Branch
Holding Fund
Northern Ireland
Project
Simplyhealth
-
858
181
-
Branch funds
4,969
6,008		 Incoming
Resources
£
14,965
-
-
-
14,965
Incoming
Resource
s
£
14,997
-
-
25,000
289
40,286		 Resources
Expended
£
(14,965)
(480)
(14,510)
-
(29,955)
Resource
s
Expended
£
(14,997)
-
(251)
(10,652)
(1,548)
(27,448)		 Transfers
£
-
-
162
(174)
(12)
Transfers
£
-
-
70
-
-
70		 Balance
at
31.03.26
£
-
378
-
3,536
3,914
Balance at
31.03.25
£
-
858
-
14,348
3,710
18,916

Scottish Government Grant

In June 2025, the Scottish Government made a grant of £14,965 for the year to 31 March 2026 for work benefiting people in Scotland over a twelve-month period and expenditure is reported accordingly.

Edinburgh Branch Holding Fund

The Edinburgh branch funds are held at their request by the Miscarriage Association but are for the branch use only. The balance was carried forward to 2026-27 but with the dissolving of branches in 2026-27, these funds will be released into general funds, with ongoing costs related to the Edinburgh group met from general funds.

34

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

Simplyhealth

Funds from Simplyhealth (a healthcare plan provider) as part of our participation in the Women’s Health Charities Alliance, were received in September 2024 and spanned two financial years, with the balance as above being carried forward in 2025-26. Funds were again received in October 2025 in relation to this partnership but were unrestricted and are included in general funds.

Branch funds

Branches provide support and comfort through the operation of local or online support groups. As noted above, the branch model will be dissolved in early 2026-27.

Transfers between funds

The transfer of £162 from general funds to the Simplyhealth restricted fund was to permit the completion of this project. The transfer of £174 from branch funds to the general fund was in relation to the closure of a branch, with monies returning to the centre.

27. Analysis of net assets between funds

2026
Unrestricted funds
General funds
Designated funds
Development fund
Restricted funds
Edinburgh Branch Holding Fund
Branch funds
2025
Unrestricted funds
General funds
Designated funds
Development fund
Restricted funds
Edinburgh Branch Holding Fund
Branch funds
Simplyhealth		 Fixed
assets
£
28,267
-
-
-
28,267
Fixed
Assets
£
4,073
-
-
-
-		 Current
assets
£
833,465
123,868
378
3,536
961,247
Current
Assets
£
759,670
406,609
858
3,710
14,348		 Current
liabilities
£
(41,768)
-
-
-
(41,768)
Current
liabilities
£
(37,998)
-
-
-
-		 Total
£
819,964
123,868
378
3,536
947,746
Total
£
725,745
406,609
858
3,710
14,348
4,073 1,185,195 (37,998) 1,151,270

28 Share capital

The Charity is limited by guarantee and has no share capital. In accordance with the Association’s Articles of Association each member is liable to pay no more than £1 towards its liabilities.

35

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

29 Transactions with Trustees

The Association’s Trustees received no remuneration for their services as directors of the Charity. In 2026 £897 (2025 - £653) was reimbursed to six (2025 – four) Trustees for travel, subsistence, accommodation and training expenses. £275 of expenditure was incurred by the Charity in respect of membership to the Association of Chairs (2025 - £nil).

30 Related party transactions

The Charity has no related party transactions to disclose for the year ended 31 March 2026.

31 Financial commitments

At 31 March 2026, the Association was committed to making the following payments under noncancellable operating leases:

2026
Due within:
Less than 1 year
1 to 5 years
2025
Due within:
Less than 1 year
1 to 5 years		 Property
£
25,000
3,716
28,716
Property
£
25,000
28,716
53,716		 Equipment
£
3,945
2,479
6,424
Equipment
£
4,096
6,424
10,520		 Total
2026
£
28,945
6,195
35,140
Total
2025
£
29,096
35,140
64,236

32 Pension costs

The Miscarriage Association operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £33,702 (2025 - £23,897). Outstanding contributions of £3,599 (2025 - £2,920) were due at the year end and are included in creditors.

33 Debenture guarantee

The charity has granted a fixed and floating charge over its assets under a debenture in favour of The Cooperative Bank plc in connection with its banking facilities. No amounts were outstanding under these facilities at the balance sheet date.

36

THE MISCARRIAGE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

34 Statement of Financial Activities for the year ended 31 March 2025


INCOME FROM:
Donations and legacies
Charitable activities
Investment income
Other trading income
Total income
EXPENDITURE ON:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) and
net movement in funds
Transfer between funds
Net movement in funds
Fund balances brought
forward at 1 April 2024
Fund balances carried
forward at 31 March 2025		 Unrestricted Funds
General
Funds
Designated
Funds
£
£
464,374
-
10,173
-
29,888
-
6,945
-
511,380
-
105,610
-
355,604
96,987
461,214
96,987
50,166
19,297
(96,987)
(19,367)
69,463
(116,354)
656,282
522,963
725,745
406,609		 Restricted
Funds
Total
2025
£
£
40,286
504,660
-
10,173
-
29,888
-
6,945		 Restricted
Funds
Total
2025
£
£
40,286
504,660
-
10,173
-
29,888
-
6,945
40,286
551,666
-
105,610
27,448
480,039
27,448
585,649
12,838
70
(33,983)
-
12,908
(33,983)
6,008
1,185,253
18,916
1,151,270

37