VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 1129 Registered number: 09064489 Charity numbers: 1157980 & SC038249 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 2129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees. Report Trustees. Responsibilities Statement Independent Auditors. Report on the Financial Statements 7-10 Statement of Financial Activities Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financial Statements 14-27
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 3129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Tessa Brewer Katharine Brooke Nicola Brooksbank (Chainnan) . Dr Karin Englehart Sally Falk (resigned 15 November 2024) Flora Hood Fiona Hughes . Simon Melluish (appointed 27 March 2024) Michael Parker (Treasurer) . Suzy Richardson . Elizabeth Vyvyan . Denotes membership of the Investment SutFCommittee. chaired by M Parker Company registered number 09064489 Charity registered numbers 1157980 and SC038249 Registered office Community House Room F35 South Street Bromley BR1 1RH Grants Administratorlcharity Coordinator Lisa Hungerford Independent auditors James Cowper Kreston Audit 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Bankers Messrs Coutts & Co. 440 Strand London WC2R OQS Solicitors Messrs Farrer & Co. 66 Lincoln's Inn Fields London WC2A 3LH Investment Advisors Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD Page 1
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 4129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Truslees presenl their annual report together with the audited financial statements of the Charity for the period 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statemenls of the charitable company comply with the current statutory requirements, the requirements of the charitable companls goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Reporl required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Structure, governance and managemenl Constitution and Trustees Florence Nightingale Aid in Sickness Trust (FNAIST) was originally constituted in 1975 by a scheme approved by the Charity Commissioners and became an incorporated Charity on 30 May 2014. The charitable company is govemed by Its Memorandum and Articles. and is registered as a Charity in England and Wales. and in Scotland. The Trustees serving throughout the year and to the date of this Report are listed on page 1. They meet six times a year. Day to day management of the activities is delegated to the Grants Administratorlcharity Coordinator. Trustees hold office for a period of four years. Retiring Trustees who remain qualified may be re-appointed. FNAIST currently has ten appointed Trustees. All Trustees give freely of their time. The number of Trustees shall be not less than five and not more than fifteen in total. New Trustees are appointed by existing Truslees and are recruited for Iheir skills and eligibility to act and acceptance of willingness to act. Preferred candidates are approved by the Full Trustee Board. Candidates are asked lo declare potential conflicls of inleresl. New Trustees are provided with information that is relevant to the Charity and their work as a Trustee for Ihe Charity. New Trustees are given an introduction to the Charity Commission guidance. Should any Trustee require ongoing training Ihis will be facilitated. Principal risks The Trustees review the major risks to which the Trust is exposed, in particular those relaled to its operations and finances, and are satisfied that systems and procedures are in Pla to mitigale exposure to the major risks. The principal risks faced by the Trust include- Relian on investment income and performance of investments IT system failure Security of premises to operate from in the long temi Page 2
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 5129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities Objectives The Florence Nighlingale Aid in Sickness Trust provides grants to help people in need who are ill, convalescent or disabled. Grants are used to provide medical and household aids that make a huge difference lo people's ability to manage at home, live as independently as possible and improve the quality of their lives. The charitable object of Ihe Trust is the relief of those persons who are in need by reason of sickness, poor health, disability or old age by the provision of grants, items, services or facilities, provided that preference is given to those persons who have professional, secretarial or administrative qualifications or experience. Activities for achieving objectives Applications for support come via social workers. doctors. health and care workers and other charilies. The Trust provides grants that are not readily available from other sources. The Trust continues lo meet requests for grants from throughout the United Kingdom. including Scotland. The Trust's support varies from person to person but, in general, we provide: Items to assist with independent living. for example manual and electric wheelchairs. electric beds, orthopaedic mattresses, riserlrecliner chairs and mobile hoists- Convalescent and respite care. Medical aids, such as nebulisers. washing machines. refrigerators for essential drug storage and secure drug cabinets., Sensory equipment and communication aids- Computers and specialist software to assist the blind. Achievements and performance Main achievements of the Charity Through our activities, we are able to- Provide enhanced mobility to disabled children and adults with up to date wheelchairs that meet their individual medical and mobility requirements- Provide a comfortable night's sleep by giving grants to purchase specialist beds and mattresses- Solve laundry crises for people who may be incontinent by providing grants to purchase washing machines and tumble dryers" Provide grants lo help pay for convalescent or respite care in cases of chronic illness and to give their carer a well eamed break. Each grant recipient should be able to live with less pain andlor stress. The purchase of basic aids and equipment can make huge life changes and help to alleviate sickness. We offer a swift and in some cases, immediate, positive response to urgent requests. Our aim is to direct as much money as possible to the people who need it. Page 3
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 6129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance {continued) During Ihe year the following number of grants were provided to individuals in support of our objectives.. 2024 95 2023 106 Aid purposes Mobility equipment Respite and convalescent breaks Communication aids 182 81 138 95 14 366 353 Public benefit In setting our objects and planning the activities for the year. the Trustees confinn that they have had due regard for the guidance on Public Benefit published by the Charity Commission and so fulfilled their obligation under section 4 of the Charities Act 2011. Financial review Financial summary Total income for the year was £433.294. compared with £399.446 in 2023. The majority of this income was generated by the Trust's investment portfolio. Total expenditure for the year was £497,815, a increase on the £418,404 for the comparative year. During the year. there was a gain on investments of £179,272, compared to a prior year gain of £326,197. This resulted in the overall surplus for the year being £114,751 compared to an overall surplus of £307.239 in 2023. Funds carried forward total £12.506,066, of which £175.110 relate to endowment and Ihe remaining £12.330,956 are unrestricted. £12.327.501 is represented by the Trust's investment portfolio with the remaining £178.565 represented by current assets less current liabilities. Investments FNAIST maintains its investments in a range of fixed interest and equity securities. The investment portfolio produces regular income each year, which is essential to the Trust's ongoing operation as this income funds Ihe grant payments. Investment perfomance is monitored by the Investmenl Sub-committee, the members of which are shown on page 1. The Sub-committee meets with the investment advisors. Brewin Dolphin Limited, three times a year to monitor investment performance across a range of benchmarks, and to take appropriate advice. The Charity's investment policy stipulates that a key benchmark is to track the performance of the portfolio over a 3 year rolling period against the ARC Charity Balanced Index. In the three years to 31 December 2024. the Charity s portfolio returned 2.1 % compared with 2.5% for the ARC Charity Balanced Index. The slight underperformance reflects the historic focus upon income generation within the portfolio during a period when market returns have been driven predominantly by gro investments. The Trustees are satisfied with the performance of the investments. Reserves policy As at 31 December 2024 the Charivs free reserves. as defined by the Charity Commission, are its unrestricted funds and amounted to £12,330.956. These funds are available to be used for both currenl and future beneficiaries. The Trustees endeavour to ensure that the reserves (which primarily comprise investments} are maintained at the appropriate level such that the income generated is sufficient to cover known outgoing expenditure and the average level of grant approvals that are made at present. Page 4
VirtualSignalur8 Transaction R81. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 7129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trust does not have plans to redu reserves levels in the medium term future. This is considered appropriate as reserves are invested to create annual income because Ihe Trust does not generale regular income from any olher source. Annual investment income experienced in recent years exceeded annual base running costs, and the balance is spent on grants to individuals in support of charitable objects to the extent possible. For now, any longer term gains that are experienced on the investment portfolio are therefore reinvesled for use on future beneficiaries. The remainder of funds are then able to be made available for investment to generate funds. The Charity relies on the interest and dividends generated by its share portfolio to fund its charitable activities and the Trustees have determined to maintain a prudent level of cash held as Reserves in the Charity's bank accounts. This cash acts as a buffer against unforeseen expenditure requirements. Most grants are now being reiVed online, with BACS paentS being made for all but a very few grants. As can been seen from the 2024 list of grants provided to individuals, the numbers have increased. Fundraising The Edward Gostling Trust agreed a grant of £250,000 which FNAIST received in March 2022. This generous grant is for the next 10 years and is being spent at the rate of £25,000 per annum adjusled for inflalion as closely as we can in accordance with their wishes of the previous years. The Trustees are very graleful to Ihe Edward Gostling Trust- these funds make a huge difference to the lives of our beneficiaries. Plans for the future The Trustees plan to continue the grant-giving activities of the Trust for the foreseeable future. in line with its charitable objectives. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, Reporl is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit infomiation of which the charitls auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitys auditors are aware of that information. Auditors The auditors, James Cowper Kreston Audit, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a July meeting of the Trustees. ed by order of the members of the board of Trustees and signed on their behalf by: Mlthatl 10May25 14..45..$t iurc411 M Parker Trustee Date: 10 May 2025 Page 5
VirtualSignalur8 Transaction R81. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 8129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) 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 accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires Ihe Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that Ihey give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its incorne and expenditure, for that period. In preparing these financial stalements, the Trustees are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102)" make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's Iransactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by: 10 144533 6STIUTC &11 M Parker Trustee Date: 10 May 2025 Page 6
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 9129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FLORENCE NIGHTINGALE AID IN SICKNESS TRUST Opinion We have audited the financial statements of Floren Nightingale Aid in Sickness Trust (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Slandard applicable in the UK and Republic of Ireland. (United Kingdom Generally Acpted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charitable CoMpanS affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006, Charities Act 2011 , the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the elhical requiremenls that are relevant to our audit of the financial statements in the United Kingdom, including Ihe Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audil evidence we have obtained is sufficient and appropriale lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial siatements. 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 perfomied, we have not identified any malerial uncertainties relating to events or conditions thal, individually or collectively, may cast significant doubt on the charitable companls ability to continue as a going concem for a period of at least iwelve 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. Page 7
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 10129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (CONTINUED) Other infomiation The other information comprises the information included in ihe Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the olher information contained within Ihe Annual Report. Our opinion on the financial statements does nol cover the olher information and, except to the extent olherwise explicitly stated in our reporl, we do not express any form of assurance conclusion thereon. Our responsibility is to read Ihe other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this olher information. we are required to report that fact. 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 Ihe audit: the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if. in our opinion- adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees. remuneration specified by law are not made; or we have not received all the information and explanations we require for our audil- or the Truslees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also Ihe 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 detemiine 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 charitable companvs ability to continue as a going concem, disclosing, as applicable. matters relaled to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Page 8
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 11r29 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 44(1)(c) of the Charilies and Trustee Inveslment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error. and to issue an Auditors, Reporl Ihat includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee Ihat 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 slatemenls. Because of the inherent limitations of an audit. there is a risk that we will nol detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more thal compliance with a law or regulation is removed from Ihe events and Iransactions reflected in the financial statements, as we will be less likely to become aware of instances on non-compliance. The risk is also greater regarding iegUlar1tieS occurring due to fraud rather than eOr. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities. including fraud. were as follows- Enquiry of management and those charged with govemance around actual and potential litigation and claims- Enquiry of management and those charged with govemance to identify any material InStanS of non compliance with laws and regulations- Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulations- Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting eslimates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: vwM.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditors, Report. Page 9
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 12129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (CONTINUED) Use of our report This report is made solely lo the charitable CoMpanS trustees. as a body. in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. and to the charitable companls 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 charitable companls trustees and Truslees those matters we are required lo state to them in an Auditors. Report and for no other purpose. To the fullest extenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body. for our audit work, for this report, or for the opinions we have formed. Michael Bath Bsc FCA DChA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Date: 13 May 2025 James Cowper Kreston Audit are eligible to act as auditors in tems of section 1212 of the Companies Act 2006. Page 10
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 13129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Endowment funds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Inveslments 14,299 418,995 14.299 418,995 6,970 392,476 Total income and endowments 433,294 433,294 399,446 Expenditure on: Raising funds Charitable activities 52,586 417,350 52,586 445.229 51,774 366,630 27,879 Total expenditure 27,879 469,936 497.815 418,404 Net expenditure before net gains on investments (27,879) (36,642) (64.521) (18,958) Net gains on investments 179,272 179.272 326,197 Net (expenditure)lincome Transfers between funds (27,879) 142,630 114.751 307,239 15 (27.879) 27,879 Net movement in funds {27,879) 142,630 114,751 307,239 Reconciliation of funds: Total funds brought forward Net movement in funds 202,989 (27,879) 12,188,326 142,630 12,391,315 114.751 12,084,076 307,239 Total funds carried fonNard 175,110 12,330,956 12,506,066 12,391,315 The Statement of Financial Activities includes all gains and losses recognised in the year. The noles on pages 14 to 27 form part of these financial statements. Page11
VirtualSignalur8 Transaction R81. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 14r29 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 09064489 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Inveslments 1,009 12,327,501 12 12,200,815 12,328,510 12,200,815 Current assets Debtors 13 26,354 203,769 1,964 240,747 Cash at bank and in hand 230,123 242,711 Creditors.. amounts falling due within one year 14 {52,567) (52,211) Net current assets 177,556 190,500 Total net assets 12,506,066 12,391,315 Charity funds Endowment funds Unrestricted funds 15 15 175,110 12,330,956 202,989 12,188,326 Total funds 12,506,066 12,391,315 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for ihe year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011 and section 44{1)(c) of the Charities and Trustee Investment (Scotland) Acl 2005. The Truslees acknowledge their responsibilities for complyng with Ihe requiremenls of the Acl with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable lo entities subject to the small companies regime. The financial siatements were approved and aulhorised for issue by the Trustees and signed on their behalf by: ¥yJ)2$144SSSBSTiufc•ll M Parker Trustee Date: 10 May 2025 The notes on pages 14 to 27 form part of these financial statements. Page 12
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 15129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 18 (507.047) (397,759) Cash flows from investing activities Investment additions Investmenl disposals Investment income Purchase of tangible fixed assets (2,546,122) 2,414,849 418,995 {1.512) (540,723) 561,603 392,476 Net cash provided by investing activities 286.210 413.356 Net cash (oufflow)linflow brought forward {220,837) 15,597 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (220.837) 653.654 15.597 638,057 Cash and cash equivalents at the end of the year 19 432,817 653,654 The notes on pages 14 to 27 fonn part of these financial statements Page 13
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 16129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information Florence Nightingale Aid in Sickness Trust is a charitable company limited by guarantee registered in both England and Scotland (Company Registered Number.. 09064489). 11 is registered with the Charity Commission (Charity Registered Number 1157980) and the Scottish Charity Regulator (Charity Registered Number SC038249). In Ihe event of the Charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the Charity infomiation on page 1 of Ihese financial stalernents. The nature of the Charitys operations and principal activities are as detailed on page 3. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charilies SORP (FRS 102) Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Florence Nighlingale Aid in Sickness Trust meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. The financial siatements are presented in sterling which is the functional currency of the Charity and rounded lo the nearest pound. 2.2 Income All income is recognised once the Charity has entitlement to Ihe income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidence of entitlemenl to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and Ihe death of the benefaclor} and the executor is satisfied that the property in question will not be required to satisfy claims in the estale. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until Ihose conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Inveslment income is eamed through holding assets for investment purposes such as shares and securities. It includes dividends and interest. Interest incorne is recognised using the effective inlerest method and dividend income is recognised as the Charitys right lo receive paymenl is established. Page 14
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 17r29 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a Ihird party, it is probable that a transfer of economic benefits will be required in setllement and the amounl of the obligation can be measured reliably. Expenditure is classified by activily. The costs of each activity are made up of the total of direct costs and shared costs, including supporl costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Expenditure on raising funds includes all expenditure inCued by the Charity to raise funds for its charitable purposes and and includes all costs of all investment management fees. Expenditure on charitable activities is inCued on directly undertaking the activities which further the Chariws objectives, as well as any associated support costs. Supporl costs are Ihose that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include project management. Where support costs cannot be directly attributed to parlicular headings they have been allocated lo expenditure on raising funds and expenditure on charitable activities on a basis consistenl with use of the resources. The analysis of these costs is included in note 7. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Tangible fixed assets and depreciation Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assels are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs inCued to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less Iheir residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the ft)Ilowing basis.. Office equipment Page 15
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 18129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.5 Investments Fixed asset investments are a form of financial instrumenl and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investmenl gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Statemenl of Financial Activities. Fair value is deemed to be market value using closing quoted market pri. The Statement of Financial Activities includes all net gains and losses arising on revaluation and disposals Ihroughout the year. As investments are revalued to fair value continuously, no realised gains or losses arise. 2.6 Debtors Trade and other debtors are recognised at the settlemenl amount after any Irade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of Ihe deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payTnents for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the presenl value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.9 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 at their settlement value with the exception of bank loans which are subsequenlly measured at amortised cost using the effective interest method. 2.10 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of Ihe year. Page 16
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 19129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of Ihe Trustees in furtheran of the general objectives of the Charity and which have not been designaled for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cosls of raising and adminislering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in Ihe notes to the financial statements. Expendable endowment funds are funds where the Truslees have a power of discretion lo convert endowed capital into income, subject to any restrictions on the amount of conversion imposed by the donor. The expendable amount of the fund in any period may be treated as restricted or unrestricted according to the terms of the original endowment. and is shown as a transfer from the endowment fund to either restricted or unrestricted funds as appropriate. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. Page 17
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 20129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 9,299 5,000 9,299 5.000 1,970 5,000 Legacies 14,299 14,299 6,970 Total 2023 6,970 6,970 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Equities and fixed interest securities Bank deposit interest 416,880 2.115 416,880 2,115 391,211 1,265 418,995 418,995 392,476 Total 2023 392,476 392,476 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 52,586 52,586 51,774 Total 2023 51,774 51,774 Page 18
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 21129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Aid in Sickness 27,879 417,350 445.229 366,630 Total 2023 26,669 339,961 366,630 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Aid in Sickness 379,997 65,232 445,229 366,630 Total 2023 306,365 60,265 366,630 The number of individuals who reiVed a grant in the year was 366 {2023: 353). Page 19
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 22129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Staff costs 32.179 503 30,790 Depreciation Bank charges Bookkeeping Rent 697 5,963 7.785 492 700 5,471 7,365 403 Postage, printing and stationery Computer expenses Governance costs Telephone Sundry expenses Insuran 1.843 13,527 1.098 121 1,815 11,610 885 259 1.024 967 65,232 60,265 Auditors. remuneration 2024 2023 Fees payable to the Chariws auditor for the audit of the Charitys annual accounts 8.750 6,990 Fees payable to the Chariws auditor in respect of: All non-audit seN1$ not included above 2.150 1,910 Staff costs 2024 2023 Wages and salaries Contribution to defined contribution pension schemes 31,444 735 30,103 687 32,179 30,790 Page 20
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 23129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff costs (continued) The average number of persons employed by the Charity during the year was as follows: 2024 No. 2023 No. Employees No employee received remuneration amounting to more than £60,000 in either year. The Trust considers its Key Management Personnel to be the Trustees. During the year, no remuneration was paid to the Key Management Personnel of the Charity in relation to their roles as Trustees (2023 - £NIL). 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits in relation to their roles as Trustees (2023 - £NIL). During the year ended 31 Dember 2024. expenses totalling £481 were reimbursed or paid directly to 2 Trustees (2023 - £580 to 2 Trustees)- These expenses were in relation to travel. See note 23 for details of other amounts paid to a Trustee. 11. Tangible fixed assets Office equipment Cost or valuation Additions 1.512 At 31 December 2024 1,512 Depreciation Charge for the year 503 At 31 December 2024 503 Net book value At 31 December 2024 1.009 At 31 December 2023 Page 21
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 24129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Fixed asset investments Unlisted Listed investments investments (cash) Total Cost or valuation At 1 January 2024 Additions 11,787,908 2,546,122 (2,414,849) 179,272 412,907 12,200,815 2,546.122 (2,414,849) 179.272 {183,859) Disposals Revaluations Transfers (183,859) At 31 December 2024 12,098,453 229,048 12,327.501 Net book value At 31 December 2024 12,098,453 229,048 12,327,501 At 31 December 2023 11.787,908 412.907 12,200,815 13. Debtors 2024 2023 Due within one year Other debtors Prepayments 24,268 2.086 940 1,024 26,354 1,964 14. Creditors: Amounts falling due within one year 2024 2023 Other creditors Accruals 136 52,075 52,567 52,567 52,211 Page 22
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 25129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds - all funds 12,188,326 433,294 (469,936) 179,272 12,330,956 Endowment funds Endowment Funds - all funds 202,989 (27,879) 175,110 Restricted funds Restricted Funds all funds {27,879) 27,879 Total of funds 12.391,315 433,294 (497,815) 179,272 12,506,066 Restricted funds must be used in accordance with the Deed of Gift dated 09103122 specifically for the purposes of providing grants for medical and household aids which enable people living with a disability or long term illness to live independently in their own home. The Endowment cannot be used to fund any of the costs of the Florence Nightingale Aid in Sickness Trust operating costs. Page 23
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 26129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds {continued) Statement of funds - prior year Balance at 31 December 2023 Balan al 1 January 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds General Funds - all funds 11,854.418 399,446 (391.735) 326,197 12,188,326 Endowment funds Endowment Funds - all funds 229.658 (26,669) 202,989 Restricted funds Restricted Funds all funds (26,669) 26,669 Total of funds 12,084.076 399,446 (418,404) 326,197 12,391,315 Page 24
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 27129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Summary of funds Summary of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure General funds 12,188,326 433,294 (469,936) 179,272 12,330,956 Endowment funds Restricted funds 202,989 (27,879) 27.879 175.110 {27,879) 12,391,315 433,294 (497,815) 179,272 12,506,066 Summary of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Transfers inlout Gainsl (Losses) Income Expenditure General funds 11,854.418 399,446 (391,735) 326,197 12,188,326 Endowment funds Restricted funds 229.658 (26,669) 26,669 202,989 (26,669) 12,084.076 399.446 (418,404) 326,197 12,391,315 17. Analysis of net assets between funds Analysis of net assets between funds - current period Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 1,009 1.009 175,110 12.152,391 12,327,501 230,123 230,123 (52,567) (52.567) Current assets Creditors due within one year Total 175,110 12,330,956 12,506,066 Page 25
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 28129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments 202,989 11.997,826 12,200,815 242,711 242,711 (52,211) (52,211) Current assets Creditors due within one year Total 202,989 12.188,326 12,391,315 18. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the period (as per Statement of Financial Activities) 114,751 307,239 Adjustments for: Depreciation charges Investment income 503 (418,995) {179,272) (24,390) 356 (392,476) (326,197) {270) 13,945 {Gain)Iloss on investments (Increase)Idecrease in debtors Increasel(decrease) in creditors Net cash used in operating activities (507,047) (397,759) 19. Analysis of cash and cash equivalents 2024 2023 Cash in hand Current investments 203.769 229,048 240,747 412,907 Total cash and cash equivalents 432.817 653,654 Page 26
VirtualSignatur8 Transaction R8f. G38W-V6P7-N79M 10 May 2025 14..45..34 BST (UTC +11 D 1rJ p 29129 FLORENCE NIGHTINGALE AID IN SICKNESS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 240.747 (36.978) 203.769 240,747 (36,978) 203,769 21. Pension commitments The Charity operates a defined contributions 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 £735 (2023: £687). Contributions totalling £Nil (2023- £136) were payable to the fund at the balance sheet date and are included in creditors. 22. Members. liability Each member of the charitable company undertakes to contribute to the assets of Ihe company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. The members of the Company are its Trustees as listed on page 1. 23. Related party transactions During the year. Nicola Brooksbank, a Trustee. was paid £3.645 for bookkeeping services (2023: £3,405). £Nil (2023.. £950) was outstanding at the year end date and is included within current liabilities. Page 27