Cavell - Year ended 31 December 2023
**Cavell** Annual Report and Accounts 2023 Page 1
Cavell - Year ended 31 December 2023
## **Contents**
|**Reports**|||
|---|---|---|
|Reference and administrative information|3|4|
|About Cavell|5|- 7|
|Report|8-19||
|Independent|20 -|23|
|**Financial Statements**|||
|Statement of financial activities||24|
|Balance sheet||25|
|Statement of cash flows||26|
|Principal accounting policies|27 -|32|
|Notes to the financial statements|33 -|42|
**Cavell** Annual Report and Accounts 2023 Page 2
Cavell - Year ended 31 December 2023
## **Reference and administrative information**
|**Patrons**
**Trustees**
**Chief Executive Officer**
**Head of Support**
**Principal address**
**(for communication**
**and to apply for grants)**
**Telephone**
**E-mail**
**Website**
**Charity Registration Number**
**(England and Wales)**
**Charity Registration Number**
**(Scotland)**|Lord Russell of Liverpool
Dame Christine Beasley OBE
Susan Gostick (Chair)
Paul Bishop (Chair FAIR (Finance, Audit, Investment & Risk
Committee)
Jill Cox
Deb Critchley
Naomi Dickson
Cynthia Gumbiti-Zimuto
Dr Matthew Hodson MBE
Paul Jackson-Clark (Retired 25thApril, 2023)
David Lewis
Debra Moore
Lewis Allett (appointed 30thJanuary 2023)
Alison Parsons
Grosvenor House
Prospect Hill
Redditch, Worcestershire
B97 4DL
01527 595999
info@cavell.org.uk
www.cavell.org.uk
www.cavellstarawards.org (for information on
Cavell Star Awards)
1160148, Edith Cavell Fund for Nurses, known as
Cavell
SC041453, Edith Cavell Fund for Nurses, known
as Cavell|
|---|---|
**Cavell** Annual Report and Accounts 2023 Page 3
Cavell - Year ended 31 December 2023
|**Auditor**|Buzzacott LLP|
|---|---|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Investment managers**|Cazenove Capital Management Limited|
||1 London Wall Place|
||London|
||EC2Y 5AU|
|**Bankers**|Lloyds Bank plc|
||Box 1|
||BX1 1LT|
**Cavell** Annual Report and Accounts 2023 Page 4
Cavell - Year ended 31 December 2023
## **About Cavell**
Cavell is the charity supporting UK nurses, midwives and healthcare assistants, working and retired, when and the ongoing cost of living crisis.
The charity offers an effective, tailored package of support to help everyone who gets in touch. We give emotional support for those in crisis, advice on maximising benefits, signposting and referrals to specialist services, one-off grants to quickly relieve financial hardship and rapid emergency funding for those at great risk.
From simple, essential support like money to replace a broken cooker or travelling expenses to medical appointments, to vital life-changing aid like helping a family flee their home due to domestic abuse, Cavell is here to help.
## **Sharing our impact**
Impact Report will give you an overview of the challenges that the Cavell team has seen facing the nursing and midwifery family, and the impact that our support has had on the financial and emotional wellbeing of the people we help: https://cavell.org.uk/what-we-do/reports-and-resources/
**Cavell** Annual Report and Accounts 2023 Page 5
Cavell - Year ended 31 December 2023
## **nurses, midwives,**
## **and healthcare assistants in 2023.**
## **Corporate partners:**
## **members:**
**Cavell** Annual Report and Accounts 2023 Page 6
Cavell - Year ended 31 December 2023
## **Cavell Star Awards sponsors:**
**Commercial partners:**
**Cavell** Annual Report and Accounts 2023 Page 7
Cavell - Year ended 31 December 2023
## **Trustees report Year to 31 December 2023**
## **1. Introduction**
The trustees present their report together with the audited accounts of Cavell (registered as the Edith Cavell Fund for Nurses) for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out on pages 27 - 32 of requirements of 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 United Kingdom and Republic of Ireland (FRS 102).
## **Our values**
We continue to be inspired by a remarkable nurse, Edith Cavell. Edith is celebrated for saving the lives of soldiers in World War One. As a result of helping 200 Allied soldiers reach freedom from German-occupied Belgium, Edith was arrested, found guilty of treason, and sentenced to death on 12 October 1915.
Her execution caused a public outcry and Cavell was founded in 1917 following public subscriptions raised by campaign by both the Daily Telegraph and Daily Mirror.
**Cavell** Annual Report and Accounts 2023 Page 8
Cavell - Year ended 31 December 2023
through our work and our values, as shown below.
## **2. An overview of 2023**
The trustees have given due regard to the Charity Commission guidance on public benefit when planning the strategy and activities of the charity. The following is an overview of the activities undertaken in 2023 to achieve our charitable purpose:
## **Supporting the nursing and midwifery family in the UK**
High basic living costs continued to cause problems for many in the nursing and midwifery family during 2023 with Cavell seeing a large proportion of applications for help from working staff. During the year, 80% of those receiving support were working nurses, midwives, or healthcare assistants.
Also, in 2023 there was a 14% increase in the amount of nursing and midwifery staff receiving financial from practical, financial, and emotional support. Applications for support remain at an unprecedented level as we start 2024, with no sign of these slowing down.
_sudden,_
- Healthcare Assistant supported by Cavell in 2023.
To broaden the services available to nurses, midwives and healthcare assistants, Cavell launched its online Support Hub at the beginning of 2023. This resource provides a benefits calculator, advice on maximising income, links to our debt management partners and information on emotional support services. We continue to develop this resource to meet presenting needs and provide the most effective and appropriate support, such as resources for International Nurses and guidance on pensions.
Cavell monitor and research the issues that impact the nursing and midwifery family, so it understands the type of help that is required. In response to data indicating that nursing and midwifery professionals were considerably more likely to experience domestic abuse than the general population, Cavell partnered with the Burdett Fund for Nursing in November 2023 to launch a fund dedicated to supporting nurses, midwives and nursing associates who have experienced domestic abuse and need financial assistance at a critical time in their life.
**Cavell** Annual Report and Accounts 2023 Page 9
Cavell - Year ended 31 December 2023
## **Royal College of Midwives**
Over many years of working together, 2023 was the second full-year that Cavell administered its grantgiving after the full transfer of the Royal College of Midwives (RCM) Benevolent Fund to Cavell on 25 November 2021.
those experiencing hardship. The RCM will continue to fundraise for midwives and maternity support workers to ensure that members get the financial support when they need it most.
## **Cavell Star Awards**
The Cavell Star Awards programme has been a great success since launching in April 2018. By the end of 2023, more than 800 Cavell Star Award winners across the UK have received medals.
The programme is a unique and inspiring way for nursing and midwifery teams to recognise and celebrate other nurses, midwives and healthcare assistants who shine bright and show exceptional care to their colleagues, patients,
Nursing and midwifery staff have continued to nominate colleagues for awards throughout the difficult past few years, keen to show how their amazing teammates were supporting patients and colleagues on the frontline.
## **Working with**
midwives, and healthcare assistants. This annual relationship helps support and reinforce wellbeing and retention strategies providing a focused approach in supporting members of the nursing and midwifery family as well as aiding those who do not have access to Employment Assistant Programmes.
members pages, with private access to health and wellbeing webinars, links to articles, guides, messaging, and artwork. The hub also provides beneficiaries with a range of tools to improve financial and emotional wellbeing, including online benefit calculators, budgeting tools and links to emotional support helplines and wellbeing apps.
During the year we have been delighted to welcome 4 new members to the scheme, ending the year with 26 members consisting of NHS Trusts, General Medical Practices, private and independent healthcare providers, recruitment agencies, hospices and businesses who want to contribute to a long-term support network, for their employees and UK nursing and midwifery professionals going through tough times.
during this continued period of hardship.
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Cavell - Year ended 31 December 2023
## **Fundraising activity**
As we continue through the cost of living crisis it has been a difficult time to fundraise, however many supporters are choosing to do their own events and they have gone above and beyond, from Trust cake sales to hiking efforts and support them along their journey. Our Cavell organised events saw less supporters join this year as asking for sponsorship is more difficult with the cost of living crisis. Trusts and Foundations remained important sources of income and many new supporters continued to support the work of the charity. We are deeply thankful for the efforts of all our fundraisers who raise such vital funds, and of course, crucial awareness that Cavell is here to help.
Gift Aid continues to contribute as an important source of income, and we are committed to claim it wherever possible.
## **Partnership working**
We maintain strong working relationships with all our partner organisations and work together to share knowledge, pool expertise, and support the nursing and midwifery family.
## **Trusts**
We would like to thank the many Trusts, Foundations, organisations and individuals that support us, including:
Annie Tranmer Charitable Trust, The Ardwick Trust, The Aridev Foundation, The Aubrey Orchard-Lisle Charitable Trust, The Aviva Community Fund: Crowdfunder Limited Belstead Ganzoni Charitable Settlement, The Bourne May Charitable Trust, The Burdett Trust for Nursing, The Charles S French Charitable Trust CSIS Charity Fund Doris Field Charitable Trust Dumbreck Charity Earl Fitzwilliam Charitable Trust, The Eaton Fund, The Florence Cohen Charitable Trust Florence Turner Trust, The Francis Winham Foundation, The Frank Litchfield General Charitable Trust, The Gordon Fraser Charitable Trust, The Holliday Charitable Trust Hugh Fraser Foundation, The John Avins Trust, The John Beckwith Charitable Trust, The Lillie Johnson Charitable Trust
**Cavell** Annual Report and Accounts 2023 Page 11
Cavell - Year ended 31 December 2023
Maud Elkington Charitable Trust, The Mrs L D Rope's Third Charitable Settlement Ms H Carey (individual) Ms S Asmi (individual) Murphy-Neumann Charity Company Limited Palca Stevenson Giving CIO Paul Bassham Charitable Trust, The Pennycress Trust, The Pilkington Charities Fund Poor Fund of the Worshipful Company of Fan Makers, The Rest-Harrow Trust, The Richard Lawes Foundation, The Roger & Douglas Turner Charitable Trust, The Royal Free Hospital Nurses League (closure of Fund) Simon Back Hethersett Charity, The Sir James Roll Charitable Trust, The Smallwood Trust St. James's Place Charitable Foundation Troy Asset Management Limited Van Mesdag Fund, The Walter Guinness Charitable Trust, The Zochonis Charitable Trust, The
We also wish to thank those Trusts and Foundations who prefer to remain anonymous.
## **Sponsorship and Commercial Partners**
During 2023 we were delighted that L&R Medical UK Ltd continued to show their support for the nursing Yorkshire Three Peaks Challenge, which saw over 20 people trek to the summit, raising £10.6k.
We are thankful for the continued support from our Commercial Partners Eakin Surgery; Posh Original Art; and Push Group. These organisations support Cavell in several ways, for example, by making donations from their products and/or profits/sales. We also received substantial gifts from Ascot Underwriting Holdings Ltd, Digital Network (Health Service Discounts Lottery) & Emocien Ltd.
We are extremely grateful for the support we receive from our Sponsors and Commercial Partners, especially during these uncertain economic times.
## **Legacies**
We are incredibly thankful for the legacies which are kindly given to provide a lifeline for nurses, midwives and healthcare assistants. In 2023, we were moved by the generosity and thoughtfulness of those who chose to support Cavell, which resulted in legacy income of £199,882 being recognised in the year (in addition, cash of £18,333 was received in relation to legacies accrued in prior years). These legacies will help to provide life-changing support for nursing professionals. We are so thankful for the kindness of the Late Mr Phillip Clarke, Mr Raymond Haxby, Michaela Jennings, Evelyn E Ross & Ms Sheila Stibbon.
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Cavell - Year ended 31 December 2023
We have, where possible, sent our earnest thanks to the families of our legators and will provide them with an update of the impact to those we help.
## **Support**
## **Partners**
Our Welfare Support Partners include; Institute, RCN Foundation, Junius S Morgan Benevolent Fund; Burdett Trust for Nursing, The Royal College of Midwives, Elizabeth Finn Fund, Macmillan Cancer Support, The Eaton Fund, SSAFA (Soldiers, Sailors, Airmen and Families Association), Care & Repair, The Nurses Memorial to King Edward VII in Scotland, The Benevolent Fund for Nurses in Scotland, Step Change Debt Charity, Citizens Advice, Whirlpool, Royal College of Nursing, Unison and Turn2us, Payplan, Entitledto, The Nightingale Fellowship, Money and Pension Service (MaPS). We are extremely grateful to all our partners who enrich our work.
## **Fundraising Statement**
The charity adheres to the Fundraising Code of Practice regulated by the Fundraising Regulator. The charity is registered with the Fundraising Regulator. At all times the charity complies with this guidance.
At Cavell we hugely value the support we receive, and personal data and privacy is extremely important - to us. Our Privacy policy can be found on our website at https://www.cavell.org.uk/privacy policy
The charity relies on voluntary donations, which means we do have to ask for money. When we do, we always endeavor to ask responsibly and respectfully.
We will never:
- Sell data to another organisation;
- Share information with another organisation without specific and explicit consent; or
- Share or sell personal details to another organisation for their own use.
We will always:
- Keep personal details safe;
- Listen to people, and ensure that we communicate with them in the way they want; Treat people fairly and reasonably;
- Act with transparency if there are any questions, we will answer them in an open and honest way; and
- Be accountable if an
We do:
- Make general approaches to individuals who are already engaged with the charity for fundraising activity;
- Advertise fundraising activity on our website and social media; and
- Make a general approach to parties who may be interested in the charity through organisations e.g. universities, hospitals, Rotary Clubs, etc.
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Cavell - Year ended 31 December 2023
## We do not:
- Canvass face to face on the street.
- Send out generalised direct mail, but we do approach those already engaged with the charity for specific fundraising campaigns.
We have a contract with a professional fundraiser to write trust applications on our behalf. The progress of these applications is monitored by the charity staff. We do not employ any other third parties to fundraise on our behalf. The charity has not received any complaints about its fundraising activity or the activities of the professional fundraiser.
We internally regulate the amount of contact with donors to protect vulnerable people and the public from unreasonable behaviour. We especially monitor fundraisers who have been former beneficiaries. We do not mail out to former beneficiaries regarding fundraising activity without prior consent.
## **3. Our finances**
The total income for the year was £1,028,676 (2022: £736,549). The main variance in income between 2023 and 2022 was from Legacy, Trusts and Foundations and Working with income. Income from donations and legacies comprised primarily of general donations, grants and legacies which totalled £946,674 (2022: £661,554). Investment income in 2023 was £71,702 (2022: £62,838).
Expenditure in the period totalled £1,497,873 (2022: £1,464,326). The consistency in expenditure was driven by consistent high grant giving to individuals, exacerbated by the cost-of-living crisis.
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Cavell - Year ended 31 December 2023
investments totalled £178,860 (2022: £223,782). The fall in fundraising expenditure is due to lower advertising costs as a consequence of fewer events held in the year. The expenditure incurred on the including associated support costs totalled £1,319,013 (2022: £1,240,544).
Net expenditure £469,197 (2022: £727,777 net income).
Net gains £109,835 (2022: net losses of £266,129).
After accounting for the investment gains and losses, the overall net expenditure and net decrease in funds for the year amounted to £359,362 (2022: net decrease of £993,906), thereby providing net assets on 31 December 2023 of £3,284,001 (2022: £3,643,363). These net assets were represented by:
- funds of £110,223 (2022: £80,019) restricted for financial assistance to nurses, heritage recognition and the grant of scholarships;
- funds of £721,288 (2022: £736,021) restricted for support of maternity staff as the maternity fund;
- unrestricted general funds of £1,986,806 (2022: £2,352,189); and
- unrestricted designated funds of £465,684 (2022: £475,134) which the trustees decided is to be used for a specific purpose which is detailed below. This designation, coupled with our Reserves Policy, considerably affects future available funds and makes clear that our main challenge is raising sustainable funds for the work we do.
## **Designated funds**
The trustees agreed to maintain the designated Crisis Fund. This fund was created to support our beneficiaries facing extraordinary and incredibly challenging events in their lives. It was activated in 2020 immediately following the first national lockdown in respect of the coronavirus pandemic, enabling us to support our beneficiaries at speed. Expectation of utilisation of the fund is dependent on demand and the trustees will monitor the designation on an annual basis.
## **Reserves policy**
## **Overview**
may be caused by the following risk factors:
- Unforeseen increases in expenditure, particularly an increase in demand for grants and support for individuals;
- Income falling short of best expectations;
**Cavell** Annual Report and Accounts 2023 Page 15
Cavell - Year ended 31 December 2023
The overall aim of the above measures is to ensure the individuals Cavell is here to support are not disadvantaged in any way. Whilst this risk is being managed, the reserves provide the financial resource that is needed in order to be able to support the day-to-day delivery of the charity's objects. The Cavell organisational strategy aims to increase the number of people we support, grow the awareness of the organisation, and accelerate income to support increased grant giving. As part of the strategy, we aim to increase and strengthen our welfare offer, addressing some of the underlying issues, related to individual financial crisis. This strategy combined with current economic conditions, will require us to use significant reserves over the next 2 years.
The level of reserves targeted at the end of this two-year period will range between 9 months and 18 months of total costs. This will allow for the volatility in income experienced by a small charity and the specific upward pressure on grant giving and downward pressure on income during periods of challenging economic conditions.
## **Restricted and unrestricted funds**
Reserves include restricted and unrestricted funds. Only the unrestricted funds can be used at the discretion of the Trustees to meet the cash requirements and fluctuations detailed above. The restricted funds may only be used for their specific purpose.
Total funds carried forward are £3,284,001 of which £831,511 are restricted funds. The Trustees have designated £465,684 for use as a Crisis fund (as noted above).
This leaves £1,986,806 as general unrestricted funds (or free reserves), of which £1,875,066 can only be utilised through the sale of listed investments and is therefore considered to be relatively liquid. To manage the above risk factors alongside the planned deficit of £660,252 in 2024 alone, the trustees consider this to be a reasonable quantum of free reserves.
With the current level of free reserves and if the designated fund was to become un designated, based on current expenditure, not including any income received, the Charity has approximately 21 months of operating costs.
## **The future**
Cavell will focus on continuing to grow, develop and implement its support strategy to enhance the services it offers. There is the expectation that there will be a significant increase in the need for support ensure it is meeting that need effectively.
In recognition of the significant increase in the need for support and the challenges around some income streams, the trustees undertook a detailed review of the income strategy in 2023. The new income plans are a key risk-mitigating factor in relation to our current income expenditure pattern. The charity is currently implementing the plans, which include:
- a new CRM platform to streamline our processes; drive income generation; and to enable us to be more efficient on providing support and freeing us to help more people and have greater one to one time with them.
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Cavell - Year ended 31 December 2023
- a focus on Working with, Corporates and trusts and foundations to reflect the changing dynamics of giving;
- collaborating with a consultant to develop our income generation methods;
- restructuring of our income team to enhance efficiency, develop new skills and reduce costs.
## **Investment policy and performance**
The investment managers work within specific guidelines that are set out and regularly reviewed by the trustees. The investment objective is to maintain the real capital value in-line with inflation and provide a sustainable level of return.
Our investment managers look to mitigate the impact of financial and non-financial risks and seeks to integrate Environmental, Social, and Governance related considerations into research and overall investment decisions across investment desks and asset classes.
The members of the Finance, Audit, Investment & Risk Committee meet with the investment managers on a regular basis to review the performance of the portfolio and the investment strategy and report to trustees. The current benchmark for Cavell is a tailored benchmark to reflect the specific investment objectives of the charity.
The performance of the portfolio for the period reflected the condition of the markets generally throughout 2023. The net investment gains for the year to 31 December 2023 totalled £109,835 (2022: losses of £266,129). The Trustees monitor the fund's performance on an ongoing basis and recognise that while there might be short-term volatility, remain comfortable with the long-term returns and that the portfolio is managed appropriately relative to the investment objective.
## **4. Governance procedures and structure**
## **Constitution**
Cavell is registered with the Charity Commission as a Charitable Incorporated Organisation (CIO), (Charity Registration Number 1160148) and is registered with the Office of the Scottish Charity Regulator in Scotland (Charity Registration Number. SC041453).
## **The Trustees**
Cavell is managed by the trustees which met four times during 2023. The FAIR committee also met 3 times for formal meetings plus an additional Business Plan & Budget meeting on 17[th] January 2023.
The Governing Scheme provides for up to 15 members who are appointed for a term of four years by a resolution of the members. This term can be renewed for a second period of four years and thereafter renewed at the discretion of the trustees.
Trustees were offered opportunities for training and development such as attendance at relevant conferences.
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Cavell - Year ended 31 December 2023
## **Key Management Personnel**
The key management personnel of the charity are the trustees and those who they have delegated the day-to-day running of the charity i.e., the Chief Executive and Head of Support. Excepting the Chief Executive, remuneration is set by the Board of trustees based on recommendations made by the Chief Executive. The remuneration of the Chief Executive is determined by the trustees. There is a renumeration and cost-of-living policy which aids trustees in making decisions regarding remuneration of the staff.
## **Finance, Audit, Investment & Risk Committee (FAIR)**
The FAIR Committee has responsibility for monitoring the financial performance and security of the charity, reporting to the board of trustees, and making recommendations on financial, budgetary and strategic matters.
FAIR met four times during the year, and on two of those occasions received a presentation from the investment managers. In addition, the members of the Committee received a quarterly detailed managed, and the investment performance is satisfactory compared with relevant benchmarks in the prevailing market conditions.
ound no presentation for approval by the trustees.
## **Risk Management**
The trustees continue to review the assessment of the major risks to which the charity is exposed. The FAIR Committee initially reviews the risks and reports to the trustees. The trustees are particularly focused on those risks income and grant making activities, its investments, and finances.
The trustees believe the significant risks facing the charity to be:
- The income risk that fundraising does not produce the anticipated returns, particularly considering the cost-of-living crisis. To mitigate this risk, we monitor income regularly, we ensure that reserves are used within policy guidelines and our strategy drives a sustainable financial model.
- The risk that key staff or trustees may be lost or that we do not have the required skills and experience. To mitigate this risk the Chair undertakes an annual governance review and trustee appraisals. The Chief Executive report to the trustees covers staffing requirements.
- The reputational risk associated with inappropriate grant payments is mitigated by enhanced checks and measures within the new CRM system and a robust internal audit process carried out by staff and a nominated trustee who reports back to the Finance, Audit, Investment and Risk (FAIR) Committee and Board.
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Cavell - Year ended 31 December 2023
- The reputational risk associated with receiving income from inappropriate sources or donors. To mitigate this an Acceptance or Refusal of Donations Policy has been prepared with any unusual or higher risk donations being reported to the Trustees by the Chief Executive.
- service. To mitigate this risk critical suppliers are monitored by the Chief Executive.
## **Statement of the responsibilities of the trustees**
The trustees are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales and in Scotland requires the trustees to prepare accounts 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 these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the 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 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 e assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the trustees:
Susan Gostick, Chair Approved by the trustees on: 2[nd] May, 2024.
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Cavell Year ended 31 December 2023
## **Opinion**
2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies, and notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, he UK and
In our opinion, the accounts:
- of 31 December 2023 and of its
- income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, 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**
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 to continue as a going concern for a period of at least twelve months from when the accounts 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 trustees are responsible for the other information. The other information comprises of information included in the Annual Report and Accounts, report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
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Cavell Year ended 31 December 2023
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts, 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 accounts 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.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
- the information given in the is inconsistent in any material respect with the accounts; or
- sufficient and proper accounting records have not been kept; or
- the accounts are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the responsibilities of the trustees, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees 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 objectives are to obtain reasonable assurance about whether the accounts are free from material 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 based on these accounts.
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Cavell Year ended 31 December 2023
## **(continued)**
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:
- the audit engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with trustees and management, and from our knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, the Charities Accounts (Scotland) Regulations 2006 (as amended), fundraising regulations and data protection legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and reviewing the minutes ; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed journal entries to identify unusual transactions;
- checked the authorisation of expenditure as part of our substantive testing; and
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias.
**Cavell** Annual Report and Accounts 2023 Page 22
Cavell Year ended 31 December 2023
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing accounts disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring as to actual and potential litigation and claims; and
A further description of our responsibilities for the audit of the accounts is located on the Financial
**.**
## **Use of our report**
This report is made solely to the trustees, as a body, in accordance with section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act and in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the 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 and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
3 May 2024
Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL
Date:
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act
**Cavell** Annual Report and Accounts 2023 Page 23
Cavell Year ended 31 December 2023
## **Statement of financial activities year to 31 December 2023**
|Notes
**Income from:**
Donations and legacies
1
Investments
2
Other sources
**Total income**
**Expenditure on:**
Raising funds
3
Charitable activities
. Assisting nurses in need or
suffering hardship or
distress
4
**Total expenditure**
**Net income (expenditure)**
**before investment gains**
**(losses)**
Net gains (losses) on
investments
11
**Net movement in funds**
**Balances brought forward**
**at 1 January 2023**
**Balances carried forward**
**at 31 December 2023**|**Unrestricted**
**funds**
**£**
**655,401**
**57,960**
**10,300**
**723,661**
**176,428**
**1,008,209**
**1,184,637**
**(460,976)**
**86,143**
**(374,833)**
**2,827,323**
**2,452,490**|**Restricted**
**funds**
**£**
**291,273**
**13,742**
**305,015**
**2,432**
**310,804**
**313,236**
**(8,221)**
**23,692**
**15,471**
**816,040**
**831,511**|**2023**
**Total**
**funds**
**£**
**946,674**
**71,702**
**10,300**
**1,028,676**
**178,860**
**1,319,013**
**1,497,873**
**(469,197)**
**109,835**
**(359,362)**
**3,643,363**
**3,284,001**|Unrestricted
funds
£
498,334
49,693
9,500
557,527
223,782
930,924
1,154,706
(597,179)
(208,725)
(805,904)
3,633,227
2,827,323|Restricted
funds
£
165,877
13,145
179,022
309,620
309,620
(130,598)
(57,404)
(188,002)
1,004,042
816,040|2022
Total
funds
£|
|---|---|---|---|---|---|---|
|||||||664,211
62,838
9,500|
|||||||736,549|
|||||||223,782
1,240,544|
|||||||1,464,326|
|||||||(727,777)
(266,129)|
|||||||(993,906)
4,637,269|
|||||||3,643,363|
All the charity's activities derived from continuing operations during the above two financial periods.
The statement of financial activities includes all gains and losses recognised in the year.
**Cavell** Annual Report and Accounts 2023 Page 24
Cavell Year ended 31 December 2023
## **Balance sheet as at 31 December 2023**
|Notes
**Fixed assets**
Intangible assets
9
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
**Creditors**: amounts falling due
within one year
13
**Net current assets**
**Total net assets**
**Represented by the funds of the**
**charity:**
14
Restricted funds
Unrestricted funds
. General fund
. Designated fund|**2023**
**£**
**102,870**
**2,966,393**
**53,559**
**280,222**
**333,781**
**(119,043)**
**1,986,806**
**465,684**|**2023**
**£**
**3,069,263**
**214,738**
**3,284,001**
**831,511**
**2,452,490**
**3,284,001**|2022
£
13,516
406
3,301,143
81,919
325,330
407,249
(78,951)
2,352,189
475,134|2022
£
3,315,065
328,298|
|---|---|---|---|---|
|||||3,643,363|
|||||816,040
2,827,323|
|||||3,643,363|
Approved by the trustees of Edith Cavell Fund for Nurses (CIO Reg no. 1160148, OSCR Reg no. SC041453) and signed on their behalf by:
Chair: Susan Gostick
Approved on: 2[nd] May, 2024.
**Cavell** Annual Report and Accounts 2023 Page 25
Cavell Year ended 31 December 2023
## **Statement of cash flows year to 31 December 2023**
**----- Start of picture text -----**
Year to 31 December Year to 31 December
2023 2022
Notes
£ £
Cash flows from operating activities:
Net cash used in operating activities A (460,593) (695,508)
Cash flows from investing activities:
Dividends and interest from investments 71,702 62,838
Purchase of tangible and intangible fixed assets (100,801) (5,482)
Proceeds from the disposal of investments 1,070,407 932,383
Purchase of investments (695,806) (813,666)
Movement in cash investments 69,983 328,962
Net cash provided by investing activities 415,485 505,035
Change in cash and cash equivalents in the
(45,108) (190,473)
year
Cash and cash equivalents at 1 January 325,330 515,803
Cash and cash equivalents at 31 December 280,222 325,330
**----- End of picture text -----**
## **Notes to the statement of cash flows**
## **A Reconciliation of net expenditure to net cash provided by operating activities**
**----- Start of picture text -----**
Year to 31 December Year to 31 December
2023 2022
£ £
Net expenditure per the statement of financial
(359,362) (993,906)
activities
Adjustments for:
Depreciation and amortisation charge 11,853 9,619
Loss on write off of tangible fixed assets 66
(Gains)/Losses on investments (109,835) 266,128
Dividends and interest from investments (71,701) (62,838)
Increase in debtors 28,360 104,279
Increase/(decrease) in creditors 40,092 (18,856)
Net cash used in operating activities (460,593) (695,508)
**----- End of picture text -----**
The Charity does not have any borrowings or lease obligations. Net debt consists therefore of the cash at bank and in hand.
**Cavell** Annual Report and Accounts 2023 Page 26
Cavell Year ended 31 December 2023
## **Principal accounting policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid below.
## **Basis of accounting**
The accounts have been prepared for the year to 31 December 2023. Comparative information is provided in respect to the year to 31 December 2022. The accounts have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The accounts 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 Republ 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
## **Critical accounting estimates and areas of judgement**
In preparing these accounts, the trustees are required to make significant judgements and estimates. The most significant areas of judgement and estimation that affect items in these accounts are estimating the useful economic lives of tangible fixed assets for determining the annual depreciation / amortisation charge, estimating the amount receivable in respect to legacies where the charity has been notified of its entitlement and the allocation of support costs across various expenditure categories.
## **Going concern**
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.
The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees have considered the impact of the cost-of-living crisis, inflation and wider economic issues and the increase in demand these cause for the charity. They have concluded that although there may be some negative consequences as outlined in the t continue to prepare its accounts on the going concern basis.
**Cavell** Annual Report and Accounts 2023 Page 27
Cavell Year ended 31 December 2023
With respect to the next reporting period the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the investment return and the performance of the investment market generally. The charity will make estimates on the potential value of legacies where there is a high probability of receipt, whereby the amount is reliably measurable, and there is sufficient evidence to enable an estimate to be made.
## **Income**
Income, which includes donations, legacies, grants, sponsorship monies and investment income, is recognised in the period in which the charity is entitled to receipt and the amount can be measured reliably and it is probable that the funds will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or when the donor or funder has specified that the income is to be expended in a future accounting period.
Donations and grant income from trusts and foundations are recognised when the charity has confirmation of both the amount and settlement date. In the event of amounts pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that an amount is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period. Grant income is included as donations if the money is given in response to a general appeal or with greater freedom of use, for example monies for core funding.
## _**Sponsorship (Cavell Star Awards)**_
activities is confirmed and the charity is entitled to receipt.
## _**Donated goods and services**_
The charity receives donations of goods and services which are known as gifts in kind. These are shown the donation. The goods and services are valued at their value to the charity and are expensed to the relevant expense heading.
## _**Legacies**_
Legacies are included in the statement of financial activities when the charity is entitled to the legacy as a measurable amount, the executors have established that there are sufficient surplus assets in the estate to pay the legacy as a measurable amount, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted and the amount becomes measurable, the estate has been finalised and notification has been made by the executor to the charity that a distribution of a measurable amount will be made; or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where legacies
**Cavell** Annual Report and Accounts 2023 Page 28
Cavell Year ended 31 December 2023
have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is not treated as a contingent asset and disclosed in the relevant financial year it becomes measurable. In the event that the gift is in the form of an asset other than cash, or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity.
## _**Investment income**_
Income from investments is recognised once the dividend has been declared and notification has been received of the dividend due. Interest on investment assets is accounted for when receivable.
## **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an basis. Expenditure comprises direct costs and support costs. All expenses are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
- Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes donation transaction fees, staff costs associated with fundraising and promotion and relevant support costs.
- Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity. Such costs include grants made in accordance with our welfare policies, scholarships, and heritage work.
Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued but are disclosed as financial commitments in the notes to the accounts.
## **Support and governance costs**
Support costs represent indirect charitable expenditure and are included in charitable activities based on their use. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.
Governance costs comprise the costs involving the public accountability of the charity. These include audit costs and costs in respect to compliance with regulation and good practice.
**Cavell** Annual Report and Accounts 2023 Page 29
Cavell Year ended 31 December 2023
## **Tangible fixed assets**
All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised. The asset type determines the estimated useful life of the asset and depreciation is charged, based on cost, over the life of the asset on a straight-line basis.
The life of assets is determined as:
|Computer equipment|3 years|
|---|---|
|Fixtures and Fittings|5 years|
## **Intangible fixed assets**
Intangible fixed assets consist of website development costs and the implementation of a new CRM system that are capitalised and amortised on a straight-line basis over their expected useful economic life of 5 years. Amortisation is charged from the point the asset is available for use.
## **Fixed asset investments**
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives, or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Realised gains (or losses) in investment assets are calculated as the difference between disposal proceeds and their purchase value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are credited (or debited) in the year in which they arise.
## **Debtors**
Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
**Cavell** Annual Report and Accounts 2023 Page 30
Cavell Year ended 31 December 2023
## **Creditors and provisions**
Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
## **Fund accounting**
The general unrestricted fund represents those monies which are freely available for application
Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.
Designated funds are those that are unrestricted but earmarked by the trustees for a particular purpose.
## **Leased assets**
Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the lease term.
## **Pension costs**
-enrolment scheme (see below) are charged to the statement of financial activities in the year in which they are earned by those employees.
The charity is auto-enrolment compliant for pension purposes and contributes into a Group Personal Pension scheme with Scottish Widows. This scheme means that once contributions are made the pension funds are at the discretion of the members and are outside the control of the charity.
**Cavell** Annual Report and Accounts 2023 Page 31
Cavell Year ended 31 December 2023
**Cavell** Annual Report and Accounts 2023 Page 32
Cavell Year ended 31 December 2023
## **Notes to the financial statements**
## **1. Income from donations and legacies**
**----- Start of picture text -----**
Year to 31 Year to 31
December December
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
funds Funds Funds funds funds Funds
£ £ £ £ £ £
General
donations 144,240 144,240 193,027 193,027
Gift Aid 12,924 12,924 12,963 12,963
Working With 158,181 158,181 102,387 102,387
Cavell Star
Awards 13,750 13,750 30,000 30,000
Maternity Fund 588 588 2,657 2,657
Other grants
receivable 126,424 290,685 417,109 112,666 163,220 275,886
Legacies
receivable 199,882 199,882 47,291 47,291
655,401 291,273 946,674 498,334 165,877 664,211
**----- End of picture text -----**
## **2. Income from investments**
**----- Start of picture text -----**
Year to 31 Year to 31
December December
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
funds Funds funds funds funds Funds
£ £ £ £ £ £
Income from
UK
investments 8,410 2,312 10,722 10,808 2,252 13,060
Income from
overseas
investments 44,899 10,151 55,050 37,211 10,434 47,645
Deposit
account
interest 4,651 1,279 5,930 1,674 459 2,133
57,960 13,742 71,702 49,693 13,145 62,838
**----- End of picture text -----**
**Cavell** Annual Report and Accounts 2023 Page 33
Cavell Year ended 31 December 2023
## **3. Expenditure on raising funds**
||||**Unrestricted**
**funds**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Restricted**
**funds**|**Restricted**
**funds**|**Year to 31**
**December**
**2023**
**Total**
**Funds**|**Year to 31**
**December**
**2023**
**Total**
**Funds**|Unrestricted
funds|Unrestricted
funds|Restricted
funds|Restricted
funds|Year to 31
December
2022|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||Total|
|||||||||||||||Funds|
||||||||||||||||
||||**£**|||**£**||**£**||£||£||£|
||||||||||||||||
|Fundraising|||**19,496**
**105**
**13,320**
**134,259**
**8,909**
**339**|||||**19,496**
**105**
**13,320**
**134,259**
**11,341**
**339**||35,974
16,734||||35,974|
|Advertising||||||||||||||16,734|
|Consultancy
fees||||||||||15,797||||15,797|
|Staff costs||||||||||141,752
12,491
1,034||||141,752|
|Investment
manager
fees||||||||||||||12,491|
|Other staff
related
costs||||||||||||||1,034|
||||**176,428**||**2,432**|||**178,860**||223,782||||223,782|
## **4. Expenditure on charitable activities: Assisting nurses in need or suffering hardship or distress**
**----- Start of picture text -----**
Year to 31 Year to 31
December December
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds Funds funds funds Funds
£ £ £ £ £ £
Grants
awarded 514,790 195,694 710,484 475,642 136,272 611,914
The
Maternity
Fund
grants 50,323 50,323 52,584 52,584
Cavell Star
Awards
6,022 6,022 3,776 3,776
Awareness
raising 172,684 172,684 204,229 204,229
Support
costs (see
note 6) 314,713 64,787 379,500 247,277 120,764 368,041
1,008,209 310,804 1,319,013 930,924 309,620 1,240,544
**----- End of picture text -----**
During the period a total of £760,807 (2022: £664,498) was awarded to beneficiaries of which £710,484 (2022: £610,414) were single grants and £nil (2022: £1,500) were a result of working alongside partners.
At 31 December 2023, twenty-six grants had been pledged subject to the fulfilment of certain conditions by the recipients. These grants totalled £20,290 (2022: £19,410 pledged to twenty-five beneficiaries).
**Cavell** Annual Report and Accounts 2023 Page 34
Cavell Year ended 31 December 2023
## **5. Support costs**
**----- Start of picture text -----**
Year to 31 Year to 31
December December
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds Funds funds funds Funds
£ £ £ £ £ £
Staff costs 159,047 64,787 223,834 97,009 120,764 217,773
Management
services 26,901 26,901 39,547 39,547
Postage,
telephone and
stationery 7,597 7,597 9,608 9,608
Premises 29,172 29,172 29,555 29,555
Depreciation 11,853 11,853 9,618 9,618
Write Off of
Fixed Assets 66 66
Website design
and
development/IT 35,689 35,689 37,415 37,415
Recruitment
costs 12,949 12,949 976 976
Other staff
related costs 12,728 12,728 7,586 7,586
Office costs 8,277 8,277 6,397 6,397
Governance
costs 10,500 10,500 9,500 9,500
314,713 64,787 379,500 247,277 120,764 368,041
**----- End of picture text -----**
## **6. Net expenditure and net movement in funds**
This is stated after charging:
||**Year to**
**31 December**
**2023**
**£**|Year to
31 December
2022|
|---|---|---|
|||£|
|||544,768
9,500
9,618
30,690|
|Staff costs (note 8)|**523,972**||
|-|||
|. Statutory audit services|**10,500**||
|Depreciation and amortisation|**11,853**||
|Operating lease rentals|**23,048**||
**Cavell** Annual Report and Accounts 2023 Page 35
Cavell Year ended 31 December 2023
## **7.**
|||**Year to**
**31 December**
**2023**
**£**|**Year to**
**31 December**
**2023**
**£**|Year to
31 December
2022
£|
|---|---|---|---|---|
||||||
|Wages and salaries||**457,401**||471,768|
|Social security costs||**41,719**||47,963|
|Other pension costs||**24,852**||25,047|
|||**523,972**||544,778|
An average of 13 (2022: 12) employees were employed during the period.
The figure for 2022 includes the costs for terminating one member of key management personnel, comprising statutory severance pay of £2,000 and contractual payments in lieu of notice of £15,609. There were no termination costs in 2023.
Total remuneration paid in respect of key management personnel was £150,228 (2022: £263,973) which includes employer's National Insurance and Pension contributions.
One employee earned remuneration in the band £60,000 - £70,000 during the period (2022: two employees earned between £70,000 - £80,000). No other members of staff earned more than £60,000 for the year.
No trustee received any remuneration in respect of their services as a trustee during the year (2022: none)
No amounts were reimbursed to trustees during the year, in connection with travel or other expenses (2022: None).
## **8. Taxation**
Cavell (Edith Cavell Fund for Nurses) is a registered charity and therefore is not liable to pay income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
**Cavell** Annual Report and Accounts 2023 Page 36
Cavell Year ended 31 December 2023
## **9. Intangible assets**
|**Cost**
At 1 January
Additions
At 31 December
**Amortisation**
At 1 January
Charged during year
At 31 December
**Net book values 2023**
Net book values 2022|CRM
Costs
£
89,896
89,896
6,402
6,402
83,494|Website
Costs
£
43,348
10,905
54,253
29,832
5,045
34,877
19,376
13,516|**Total**
**£**|
|---|---|---|---|
||||**43,348**
**100,801**|
||||**144,149**|
||||**29,832**
**11,447**|
||||**41,279**|
||||**102,870**|
||||**13,516**|
## **10. Tangible fixed assets**
|**Cost**
At 1 January
Disposals
At 31 December
**Depreciation**
At 1 January
Charged during year
Eliminated on disposal
At 31 December
**Net book values 2023**
Net book values 2022|Fixtures
and fittings
£
1,104
1,104
1,104
1,104|Computer
Equipment
£
13,587
(2,813)
10,774
13,181
406
(2,813)
10,774
406|**Total**
**£**|
|---|---|---|---|
||||**14,691**
**(2,813)**|
||||**11,878**|
||||**14,285**
**406**
**(2,813)**|
||||**11,878**|
|||||
||||**406**|
**Cavell** Annual Report and Accounts 2023 Page 37
Cavell Year ended 31 December 2023
## **11. Investments**
**----- Start of picture text -----**
£
**----- End of picture text -----**
||**£**|
|---|---|
|**Listed investments**
At 1 January 2023
Additions at cost
Disposals at book value (proceeds: £1,070,407; gain £7,482)
Unrealised gains on revaluation
Market value at 31 December 2023
**Cash held by investment managers**
**Total investments**
**Cost of listed investments at 31 December**|**3,165,284**
**695,806**
**(1,062,925)**
**102,353**|
||**2,900,518**
**65,875**|
||**2,966,393**|
||**2,813,852**|
At represented a material proportion of the total value of the listed investment portfolio at that date:
||**2023 percentage**|**2023 market**||
|---|---|---|---|
||**of portfolio**|**value**||
|**Investment**|**%**|**£**||
|Vanguard S&P 500 UCITS EFT
HSBC FTSE All World Index Fund|**12.75**
**9.66**|**369,916**
**280,065**||
|Schroder Global Sustainable Growth|**7.03**|**204,009**||
|Schroder Diversified Alternative|**5.41**|**156,866**||
|Charities Property Fund|**4.98**|**144,586**||
||**2023 percentage**
**of portfolio**
**2023 market**
**value**
**Investment**
**%**
**£**|**2023 percentage**
**of portfolio**
**2023 market**
**value**
**Investment**
**%**
**£**||
|---|---|---|---|
|||||
||Vanguard S&P 500 UCITS EFT
**12.75**
**369,916**|||
||HSBC FTSE All World Index Fund
**9.66**
**280,065**|||
||Schroder Global Sustainable Growth
**7.03**
**204,009**|||
||Schroder Diversified Alternative
**5.41**
**156,866**
Charities Property Fund
**4.98**
**144,586**|||
|||||
|In addition, cash held by investment managers at 31 December 2023 includes £10,493
(2022: £73,598) held with the Blackrock ICS Institutional Fund and £11,650 (2022:
£33,770) held with JP Morgan GB Liquidity LVNAV Fund.
Listed investments held at 31 December 2023 comprised the following:||**£**||
|UK fixed interest||**135,716**||
|UK equities||**119,794**||
|Overseas fixed interest||**170,864**||
|Overseas equities||**1,812,736**||
|Multi Asset funds||**43,133**||
|Property funds||**231,467**||
|Commodities||**140,287**||
|Hedge funds||**89,654**||
|Other||**156,867**||
|||**2,900,518**||
**Cavell** Annual Report and Accounts 2023 Page 38
Cavell Year ended 31 December 2023
## **12. Debtors**
**----- Start of picture text -----**
2023 2022
£ £
Monies due from Working With 21,675 7,400
Deposits paid in advance 14,909 16,418
Investment income receivable 7,989 3,379
Legacies receivable 990 25,000
Other debtors 7,923 28,911
Gift Aid recoverable 73 811
53,559 81,919
**----- End of picture text -----**
## **13. Creditors: amounts falling due within one year**
**----- Start of picture text -----**
2023 2022
£ £
Trade creditors 30,296 6,742
Taxation and social security 9,763 10,582
Accruals and deferred income 75,791 59,476
Other creditors 3,193 2,151
119,043 78,951
**----- End of picture text -----**
Deferred income of £41,719 (2022: 26,031) relates predominantly to monies received in advance for Working With fees for future periods.
## **14. Movement in funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes.
|||At 1
January
2023|Income|Expenditure|Gains,
losses and
transfers
between
funds|Gains,
losses and
transfers
between
funds|**At 31**
**December**
**2023**
**£**|
|---|---|---|---|---|---|---|---|
|||£|£|£|£|||
||||||||**1,986,806**|
|**Unrestricted funds**|||||86,143|||
|General fund||2,352,189|723,661|(1,175,187)||||
|Designated fund||475,134||(9,450)|||**465,684**|
|||2,827,323|723,661|(1,184,637)|86,143||**2,452,490**|
||||||23,692|||
|**Restricted funds**||||||||
|The Maternity Fund||736,021|14,330|(52,755)|||**721,288**|
|Financial Assistance Fund||80,019|290,685|(260,481)|||**110,223**|
|||816,040|305,015|(313,236)|23,692||**831,511**|
|||||||||
|**Total funds**||3,643,363|1,028,676|(1,497,873)|109,835||**3,284,001**|
**Cavell** Annual Report and Accounts 2023 Page 39
Cavell Year ended 31 December 2023
## **14. Movement in funds (continued)**
## **Comparatives for net movement in funds**
|||At 1
January
2022|Income|Income|Income|Expenditure
Gains,
losses and
transfers
between
funds
£
£
(1,147,106)
(208,725)|**At 31**
**Decembe**
**r 2022**
**£**|
|---|---|---|---|---|---|---|---|
|||£|£|||||
||||||||**2,352,189**|
|**Unrestricted funds**|||557,527|||||
|General fund||3,150,493||||||
|Designatedfund||482,734||||(7,600)
(1,154,706)
(208,725)|**475,134**|
|||3,633,227|557,527||||**2,827,323**|
||||15,802
163,220|||(52,583)
(57,404)
(257,037)||
|**Restricted funds**||||||||
|The Maternity Fund||830,206|||||**736,021**|
|Financial Assistance
Fund||173,836|||||**80,019**|
|||1,004,042|179,022|||(309,620)
(57,404)|**816,040**|
|||||||||
|**Total funds**||4,637,269|736,549|||(1,464,326)
(266,129)|**3,643,363**|
## _**Crisis Fund (designated)**_
The trustees agreed the designation of £500,000 for a Crisis Fund in 2019. Resulting in this designated fund being used for the coming decade to give additional or increased grants to those facing extraordinary and incredibly challenging events in their life. As of 31 December 2023, £34,316 of the designated amount had been utilised
## _**Restricted funds**_
The purposes for which the funds were held are as follows:
## _**The Maternity Fund**_
These restricted funds will be used to support maternity staff during times of personal financial hardship.
## _**Financial Assistance Fund**_
The fund represents money donated to the charity specifically for providing welfare assistance to nurses.
**Cavell** Annual Report and Accounts 2023 Page 40
Cavell Year ended 31 December 2023
## **15. Analysis of net assets between funds**
**----- Start of picture text -----**
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2023 funds Funds 2022
£ £ £ £ £ £
Fund balances at 31 December are represented by:
Intangible fixed assets 102,870 102,870 13,516 13,516
Tangible assets 406 406
Investments 2,340,750 625,643 2,966,393 2,571,652 729,491 3,301,143
Net current assets
8,870 205,868 214,738 241,749 86,549 328,298
Total net assets
2,452,490 831,511 3,284,001 2,827,323 816,040 3,643,363
Unrealised gains included
above
Unrealised gains at 1 January (33,474) (9,206) (42,680) 391,101 (1,688) 389,413
Gains (losses) gains in respect of
disposals in year 21,171 5,822 26,993 (229,460) 46,142 (183,318)
(12,303) (3,384) (15,687) 161,641 44,454 206,095
Net gains (losses) on revaluations
in year 80,275 22,078 102,353 (195,115) (53,660) (248,775)
Unrealised gains (losses) at 31
December 67,972 18,694 86,666 (33,474) (9,206) (42,680)
**----- End of picture text -----**
## **16. Leasing commitments**
## _Operating leases_
On 31 December 2023, the charity had total commitments under non-cancellable operating leases which expire as follows:
||Land and Buildings|Other|
|---|---|---|
||**2023**
2022
**£**
£|**2023**
2022|
|||**£**
£|
|Payments on operating leases that fall due:|||
|Within one year|**6,814**
16,352|**520**
824|
|Within one to two years|6,814|520|
||**6,814**
23,166|**520**
1,344|
## **17. Related Parties**
There were no related party transactions in the current or prior year.
**Cavell** Annual Report and Accounts 2023 Page 41
Cavell Year ended 31 December 2023
**Cavell** Annual Report and Accounts 2023 Page 42