OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Edith Cavell Fund For Nurses

2024-12-31-accounts

Edith Cavell Fund For Nurses (Cavell)

Annual Report and Accounts

Year ended 31 December 2024

Cavell is a registered charity in England & Wales (1160148) and Scotland (SC041453)

1. Cavell – Annual Report and Accounts 2024

Contents

Reports

==> picture [351 x 82] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |Reference and administrative information|3| |About Cavell|4| |Trustees’ Report|5-16| |Independent auditor’s report|17 - 19|

----- End of picture text -----

Financial Statements

==> picture [351 x 109] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |Statement of financial activities|21| |Balance sheet|22| |Statement of cash flows|23| |Principal accounting policies|24 -27| |Notes to the financial statements|28 - 35|

----- End of picture text -----

2. Cavell – Annual Report and Accounts 2024

Reference and administrative information

Patrons Lord Russell of Liverpool
Dame Christine Beasley OBE
Trustees Susan Gostick (Chair)
Paul Bishop (Chair FAIR (Finance,
Audit, Investment & Risk Committee)
Jill Cox
Deb Critchley
Naomi Dickson
Nancy Fontaine – 1st term 22.10.2024
Cynthia Gumbiti-Zimuto
Dr Matthew Hodson MBE
David Lewis
Debra Moore
Chief Executive Ofcer Lewis Allett
Head of Support Alison Parsons
Principal address Grosvenor House
(for communication Prospect Hill
and to apply for grants) Redditch, Worcestershire
B97 4DL
Telephone 01527 595999
E-mail info@cavell.org.uk
Website www.cavell.org.uk
www.cavellstarawards.org
(for information on Cavell Star Awards)
Charity Registration Number 1160148, Edith Cavell Fund for Nurses,
(England and Wales) known as Cavell
Charity Registration Number SC041453, Edith Cavell Fund for Nurses,
(Scotland) known as Cavell
Auditor Buzzacott Audit 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

3. Cavell – Annual Report and Accounts 2024

About Cavell

Cavell is the charity dedicated to transforming the lives of nurses, midwives, and nursing associates, working and retired, facing crisis and hardship. Whether due to illness, disability, domestic abuse, or financial struggles, we provide vital, lifechanging support when it’s needed most.

Cavell offers an effective, tailored package of support including 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. Our holistic approach ensures that those who care for the nation receive the care they deserve.

By strengthening the nursing and midwifery professions, Cavell’s impact reaches far beyond those we directly support—touching tens of thousands of lives each year, safeguarding the future of the UK healthcare system, and improving patient outcomes.

Sharing our impact

Cavell’s latest 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.

==> picture [136 x 234] intentionally omitted <==

----- Start of picture text -----
Support in
>
>
ACTION
:
“5
>
IMPACT REPORT 2024 ‘Supporting
----- End of picture text -----

Download the full impact report: Support in Action: Impact report 2024 ~~a~~

Thank you to those organisations that supported the UK’s nursing and midwifery professionals in 2024.

4. Cavell – Annual Report and Accounts 2024

Year to 31 December 2024

Trustees’ report

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 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 24 - 27 of the attached accounts. They comply with the charity’s governing document, applicable laws and the 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.

Edith Cavell remains an inspiration to many and we’re proud and privileged to maintain her legacy through our work and our values, as shown below.

Our values:

Agility

Courage

Respect

Kindness

Excellence

Teamwork

5. Cavell – Annual Report and Accounts 2024

An overview of 2024

The trustees have given due regard to the Charity Commission’s guidance on public benefit when planning the strategy and activities of the charity. The following is an overview of the activities undertaken in 2024 to achieve our charitable purpose.

Our pupose: Supporting the nursing and midwifery family in the UK

Throughout 2024, Cavell continued to provide essential support to the nursing and midwifery workforce, responding to the increasing financial and personal hardships and crises faced by those on the front lines of healthcare.

Financial hardship remained a significant challenge, with 80% of those supported by Cavell being employed nursing and midwifery professionals. The demand for financial assistance remained high, reflecting the ongoing pressures of rising living costs, the long-term impact of COVID-19, poor mental health, and persistent workforce shortages. As we do each year, we review our eligibility criteria to ensure we balance financial sustainability with meeting our charitable priorities. Our current grant making policy and eligibility criteria may be found on our website at https://cavell.org.uk/get-support/eligible-for-help/

During the year, Cavell provided grants totalling £853,352 to individuals in crisis. The number of financial awards given increased to 1,695, a reflection of the growing need among healthcare staff. Additionally, through the Support Hub, Cavell helped identify and unlock over £3 million in unclaimed state benefits for those who might otherwise have struggled without access to these vital funds.

“Thank you for your remarkable support! It’s making a significant difference to our lives during these difficult times. Thanks to your kindness, I am able to provide a home for my children and myself.”

Midwife supported by Cavell in 2024

Expanding Support Services

Cavell’s Support Hub played an increasingly vital role in 2024, providing advice and resources to an average of 560 people per month.

As the needs of the nursing and midwifery workforce evolve, so too does the Support Hub, ensuring timely and relevant support for those facing financial hardship, personal crises, and workplace challenges.

In 2024, new resources were introduced to better support Internationally Educated Nurses and Midwives and those experiencing domestic abuse, reflecting Cavell’s commitment to addressing the most pressing issues affecting healthcare staff.

6. Cavell – Annual Report and Accounts 2024

The Support Hub provides:

Responding to Domestic Abuse Among Nursing and Midwifery Professionals

Cavell’s research in 2024 found that nursing and midwifery professionals are three times more likely to experience domestic abuse than the general population. In response, Cavell continued to work in partnership with the Burdett Trust to deliver the Domestic Abuse Fund, ensuring financial assistance is available for those escaping dangerous situations.

“Thank you so much for helping me and my children during such a challenging time in our lives. Leaving an abusive marriage has been hard mentally, emotionally, physically, and financially. Cavell listened and helped ease this pressure for us. I will forever be grateful.”

Domestic abuse survivor supported by Cavell in 2024

Cavell’s impact in 2024 has been profound, but the need for our support has never been greater. As financial pressures, workforce shortages, and personal crises continue to challenge the nursing and midwifery professions, Cavell stands as a vital lifeline—offering practical, financial, and emotional support when it’s needed most. With demand having reached unprecedented levels, we remain unwavering in our commitment to growing our reach, strengthening our services, and advocating for those who care for others. Because when nursing and midwifery professionals face hardship and crisis, they deserve more than just gratitude—they deserve real, tangible support.

7. Cavell – Annual Report and Accounts 2024

Royal College of Midwives

Over many years of working together, 2024 was the third full-year that Cavell administered its grant-giving after the full transfer of the Royal College of Midwives (RCM) Benevolent Fund to Cavell on 25 November 2021.

The transfer of the RCM’s Benevolent Fund to Cavell means the RCM can provide even better support to 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. Since it started, more than 900 Cavell Star Award winners across the UK have been celebrated and recognised by their colleagues and received their medals. We awarded close to 100 Cavell Star Awards in 2024.

The programme is a unique and inspiring way for nursing and midwifery teams to recognise and celebrate other nurses, midwives, healthcare assistants, maternity support workers and nursing associates who shine bright and show exceptional care to their colleagues, patients, and patients’ families.

Nursing and midwifery staff have continued to nominate colleagues for awards throughout the difficult past few years, keen to show how their amazing teammates are supporting patients and colleagues on the frontline.

‘Working with’

‘Working with’ is an exclusive membership offer for organisations that employ or work alongside nurses, midwives, and nursing associates. It is a retention tool that supports organisations to improve morale, get nurses back to work quicker and celebrate colleagues who go above and beyond. ‘Working with’ is a flexible membership programme which can be tailored to support individual trusts, complementing other wellbeing initiatives including Employee Assistance Programmes.

We are always looking for ways to add value to ‘Working with’ and this year has seen the continued revamp of members’ pages, a new calendar of health and wellbeing webinars, links to articles, guides, messaging, and artwork. We continue to work with trusts to provide resources and attend events on an individual basis, to align with the wellbeing activities of each organisation.

8. Cavell – Annual Report and Accounts 2024

During the year we have been delighted to welcome 6 new members to the scheme, ending the year with 25 members who want to contribute to a long-term support network, for their employees and UK nursing and midwifery professionals going through tough times.

The charity is enormously appreciative for the support we receive from our ‘Working with’ members which helps us to be there for the nursing and midwifery family when they need us most.

Fundraising activity

Whilst the cost-of-living crisis continued to impact on community fundraising and events, we are deeply grateful to those who supported Cavell in 2024, with activities such as cycling the Devonshire coast, bake sales, treks across Wales and half-marathons. A successful Christmas individual giving campaign helped to raise vital funds whilst shining a light on the nursing and midwifery professionals who were working over the Christmas period.

Trusts and Foundations remained important sources of income and we were delighted to continue to work in strategic partnership with organisations including the Julia Rausing Trust and the Burdett Trust to offer dedicated funds to support individuals who are impacted by domestic abuse.

Corporate partners are hugely important to Cavell and we are so grateful to all of the organisations who support Cavell in various ways, from gifts in kind and pro bono support, to employee fundraising and corporate philanthropy. These partnerships help Cavell to provide support for the nursing and midwifery family when they need it most.

9. Cavell – Annual Report and Accounts 2024

We would like to thank the many Trusts, Foundations, organisations and individuals that support us.

Trusts

These include: Annie Tranmer Charitable Trust, The Ardwick Trust,The Belstead Ganzoni Charitable Settlement, The Burdett Trust for Nursing, The Charlotte Bonham-Carter Charitable Trust, The Claire Hunter Charitable Trust, The Company of Nurses Charitable Trust , The CSIS Charity Fund Dennis Alan Yardy Charitable Trust, The Doris Field Charitable Trust Dumbreck Charity Eaton Fund, The Englefield Charitable Trust, The Executive Nurses Network (ENN) FDR Trust, The Fifty Fund, The Florence Cohen Charitable Trust , The Florence Turner Charitable Trust, The G J W Turner Trust Gale Family Charity Trust Harapan Trust Holliday Charitable Trust Hugh Fraser Foundation, The John Avins Trust, The Julia Rausing Trust, The Lillie Johnson Charitable Trust Margaret Foundation, The

Maud Elkington Charitable Trust, The Mickleham Trust, The Mrs L D Rope’s Third Charitable Settlement Murphy-Neumann Charity Company Limited N Smith Charitable Settlement, The Patricia Routledge Foundation,The Pilkington Charities Fund Poor Fund of the Worshipful Company of Fan Makers, The Provincial Grand Lodge of Warwickshire, now known as Warwickshire Freemasons’ Charitable Foundation Rainford Trust, The Richard Lawes Foundation, The Roger and Douglas Turner Charitable Trust, The Royal College of Midwives (RCM) Liverpool Branch Smallwood Trust Smith & Pinching Charitable Trust, The The Honourable The Irish Society Troy Asset Management Limited Van Mesdag Fund, The Walter Guinness Charitable Trust, the Worshipful Company of Parish Clerks’ Charity incorporating The Signe Trust, The

We also wish to thank those Trusts and Foundations who prefer to remain anonymous.

10. Cavell – Annual Report and Accounts 2024

Legacies

We are incredibly thankful for the legacies which are kindly given to provide a lifeline for nurses, midwives and healthcare assistants. In 2024, we were moved by the generosity and thoughtfulness of those who chose to support Cavell, which resulted in legacy income of £1,034. These legacies will help to provide life-changing support for nursing professionals. We are so thankful for the kindness of the Late Ruth Mary Halsall and Michaela Jennings.

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 Services’ Partners

Our Support Partners include; The Queen’s Nursing Institute, RCN Foundation, Junius S Morgan Benevolent Fund, Burdett Trust for Nursing, The Royal College of Midwives, 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, Citizens Advice, Whirlpool, Royal College of Nursing, Unison, Turn2us, Payplan, Entitledto, The Nightingale Fellowship, Money and Pension Service (MaPS) and National Energy Foundation. 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:

We do:

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.

11. Cavell – Annual Report and Accounts 2024

Our finances

Income 2024:

£940,513

Expenditure 2024:

£1,586,467

The total income for the year was £940,513 (2023: £1,028,676). The main variance in income between 2024 and 2023 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 £873,733 (2023: £946,674). Investment income in 2024 was £55,196 (2023: £71,702).

Expenditure in the period totalled £1,586,467 (2023: £1,497,873). The consistency in expenditure was driven by consistent high grant giving to individuals, exacerbated by the cost-of-living crisis.

The cost of raising funds including both the cost of fundraising and the cost of managing the charity’s investments totalled £140,703 (2023: £178,860). 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 charity’s principal activity, supporting nurses suffering hardship or distress through grant awards, including associated support costs totalled £1,445,764 (2023: £1,319,013).

Net expenditure before accounting for gains and losses on the charity’s listed investments amounted to £645,954 (2023: £469,197).

Net gains on the revaluation and disposal of the charity’s listed investments during the year totalled £217,810 (2023: £109,835).

After accounting for the investment gains and losses, the overall net expenditure and net decrease in funds for the year amounted to £428,144 (2023: £359,362), thereby providing net assets on 31 December 2024 of £2,855,857 (2023: £3,284,001). These net assets were represented by:

12. Cavell – Annual Report and Accounts 2024

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

The purpose of the charity’s free reserves is, in part, to mitigate any risk to ongoing activities which may be caused by the following risk factors:

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 free 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 support offer, addressing some of the underlying issues, related to individual financial crisis.

The level of free reserves targeted ranges between 9 months and 18 months of total costs, which equates to approximately between £1.2m and £2.4m. 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.

Year-end financial position

As noted above, the charity held a mix of both restricted and unrestricted funds as at 31 December 2024. Only the unrestricted general 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 £2,855,857 of which £977,053 are restricted funds. The Trustees have designated £458,523 for use as a Crisis fund (as noted above).

This leaves £1,420,281 as unrestricted general funds (or free reserves). The free reserves are largely held as listed investments at the balance sheet date which may be sold as needed and therefore considered to be relatively liquid.

The current level of free reserves falls within the target set by trustees and therefore the trustees are content with the year end position. In addition, to manage the above risk factors alongside the planned deficit of £505,205 in 2025 alone, the trustees consider this to be a reasonable quantum of free reserves.

The Future: Strengthening Cavell for the Nursing and Midwifery Family

As Cavell looks ahead to 2025, we are deepening our commitment to supporting the UK’s nursing and midwifery workforce, ensuring that those who dedicate their lives to caring for others have access to the financial, practical, and emotional support they need. With demand at an all-time high, we are taking bold, strategic steps to enhance our services, expand our reach, and strengthen our voice as a leading advocate for nursing and midwifery professionals.

To achieve this, Cavell is implementing a comprehensive income growth strategy, securing at least one new partnership per quarter to diversify funding streams and build long-term financial sustainability. A key focus will be the expansion of our ‘Working with’ programme, with a revised pricing structure launching in January 2025 to better align with market expectations, increase engagement, and drive revenue growth.

13. Cavell – Annual Report and Accounts 2024

Recognising the power of data-driven decision-making, we are enhancing our use of Salesforce to track income trends, prospect pipelines, and engagement efforts more effectively. This will enable us to optimise resource allocation, ensuring greater efficiency, impact, and sustainability in our support for the nursing and midwifery community.

Beyond income generation, Cavell is committed to expanding its national reach and influence. In 2025, we will strengthen partnerships with healthcare leaders across England, Scotland, Wales, and Northern Ireland, ensuring that nurses, midwives, and healthcare assistants in all regions of the UK can access the support they need when they need it most.

As we move forward, our focus remains clear: to grow, adapt, and advocate, ensuring that Cavell remains a vital lifeline for the UK’s nursing and midwifery workforce, today and in the years to come.

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 inline 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 2024. The net investment gains for the year to 31 December 2024 totalled £217,810 (2023: gains of £109,835). 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.

We are taking bold, strategic steps to enhance our services, expand our reach, and strengthen our voice as a leading advocate for nursing and midwifery professionals.

14. Cavell – Annual Report and Accounts 2024

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 2024. The FAIR committee also met three times for formal meetings.

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.

New trustees are appointed by the existing Board of Trustees as needed after assessing the composition and skills mix of the existing board. Existing board members together with the Chief Executive support any new trustees with their induction, including providing a briefing on the charity’s current strategy and key challenges and risks.

Trustees were offered opportunities for training and development such as attendance at relevant conferences.

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 charity’s 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 three times during the year, and on three of those occasions received a presentation from the investment managers. In addition, the members of the Committee received a quarterly detailed investment report. The Committee remains satisfied that the charity’s invested assets are safely managed, and the investment performance is satisfactory compared with relevant benchmarks in the prevailing market conditions. The Committee also reviewed the risk analysis of the charity’s activities on an ongoing basis and found no cause for concern. The Committee reviewed the draft annual report with the charity’s auditor prior to its 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 relating to the charity’s strategic direction, income and grant making activities, its investments, and finances.

The trustees believe the significant risks facing the charity to be:

15. Cavell – Annual Report and Accounts 2024

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.

Statement of trustees’ responsibilities

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:

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 and the provisions of the charity’s governing constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the trustees:

Susan Gostick, Chair

Approved by the trustees on: 13 May 2025

16. Cavell – Annual Report and Accounts 2024

Independent auditor’s report to the trustees of Edith Cavell Fund for Nurses

Opinion

We have audited the accounts of Edith Cavell Fund for Nurses (the ‘charity’) for the year ended 31 December 2024 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the 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 other information comprises of information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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 this gives rise to a material misstatement in the accounts themselves. 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.

17. Cavell – Annual Report and Accounts 2024

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity 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 the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities contained within the trustees’ report, 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 are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 145 of the Charities Act 2011 and section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with those Acts and relevant regulations made or having effect thereunder.

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

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:

18. Cavell – Annual Report and Accounts 2024

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008, 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.

Buzzacott Audit LLP

Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 13 May 2025

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

19. Cavell – Annual Report and Accounts 2024

Financial Statements year to 31 December 2024

20. Cavell – Annual Report and Accounts 2024

Statement of financial activities year to 31 December 2024

==> picture [516 x 4] intentionally omitted <==

2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
Notes £ £ £ £ £ £
Income from:
Donations and legacies 1 410,483 463,250 873,733 655,401 291,273 946,674
Investments 2 43,292 11,904 55,196 57,960 13,742 71,702
Other sources 11,584 — 11,584 10,300 — 10,300
Total income 465,359 475,154 940,513 723,661 305,015 1,028,676
Expenditure on:
Raising funds 3 138,935 1,768 140,703 176,428 2,432 178,860
Charitable activities
– Assisting nurses in need or
sufering hardship or distress 4 1,070,938 374,826 1,445,764 1,008,209 310,804 1,319,013
Total expenditure 1,209,873 376,594 1,586,467 1,184,637 313,236 1,497,873
Net (expenditure) / income
before investment gains (744,514) 98,560 (645,954) (460,976) (8,221) (469,197)
Net gains on investments 10 170,828 46,982 217,810 86,143 23,692 109,835
Net (expenditure)/income
and net movement in funds 6 (573,686) 145,542 (428,144) (374,833) 15,471 (359,362)
Balances brought forward
at 1 January 2024 2,452,490 831,511 3,284,001 2,827,323 816,040 3,643,363
Balances carried forward
at 31 December 2024 1,878,804 977,053 2,855,857 2,452,490 831,511 3,284,001

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.

21. Cavell – Annual Report and Accounts 2024

Balance sheet as at 31 December 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Intangible assets 9 119,878 102,870
Investments 10 2,537,535 2,966,393
2,657,413 3,069,263
Current assets
Debtors 11 47,078 53,559
Cash at bank and in hand 225,362 280,222
272,440 333,781
Creditors:
amounts falling due within one year 12 (73,996) (119,043)
Net current assets 198,444 214,738
Total net assets 2,855,857 3,284,001
Represented by the funds of the charity: 13
Restricted funds 977,053 831,511
Unrestricted funds
– General fund 1,420,281 1,986,806
– Designated fund 458,523 465,684
1,878,804 2,452,490
Total funds 2,855,857 3,284,001

Approved by the trustees of Edith Cavell Fund For Nurses (CIO Reg no. 1160148, OSCR Reg no. SC041453) and signed on their behalf by:

Chairman: Susan Gostick Approved on: 13 May 2025

22. Cavell – Annual Report and Accounts 2024

Statement of cash flows year to 31 December 2024

==> picture [516 x 4] intentionally omitted <==

2024
2023
Notes
£
£
Cash fows from operating activities:
Net cash used in operating activities
A
(710,682)
(460,593)
Cash fows from investing activities:
Dividends and interest from investments
55,196
71,702
Purchase of tangible and intangible fxed assets
(46,042)
(100,801)
Proceeds from the disposal of investments
1,353,630
1,070,407
Purchase of investments
(707,190)
(695,806)
Movement in cash investments
228
69,983
Net cash provided by investing activities
655,822
415,485
Change in cash and cash equivalents in the year
(54,860)
(45,108)
Cash and cash equivalents at 1 January
280,222
325,330
Cash and cash equivalents at 31 December
B
225,362
280,222

Notes to the statement of cash flows

A Reconciliation of net expenditure to net cash provided by operating activities

2024 2023
Notes £ £
Net expenditure per the statement of fnancial activities (428,144) (359,362)
Adjustments for:
Depreciation and amortisation charge 29,034 11,853
Gains on investments (217,810) (109,835)
Dividends and interest from investments (55,196) (71,701)
Decrease in debtors 6,481 28,363
(Decrease)/increase in creditors (45,047) 40,092
Net cash used in operations (710,682) (460,593)

The Charity did not have any borrowings or lease obligations in the current or comparative period. A separate analysis of changes in net debt is therefore not provided (as net debt for the charity comprises the balance of cash and cash equivalents alone).

23. Cavell – Annual Report and Accounts 2024

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 2024. Comparative information is provided in respect to the year to 31 December 2023. 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 Republic of Ireland (FRS 102) (‘Charities SORP FRS 102’), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 therefore 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 current economic challenges, including the cost of living crisis, on the charity and have concluded that although there may be some negative consequences as outlined in the trustees’ report, it remains appropriate for the charity to continue to prepare its accounts on the going concern basis.

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 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.

24. Cavell – Annual Report and Accounts 2024

Donations (including ‘Working With’ monies) and grants

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)

Sponsorship income for the Cavell Star Awards is recognised when the charity’s participation in certain 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 as either restricted or unrestricted donations in the charity’s accounts dependent upon the nature of the donation. The goods and services are valued at their value to the charity and are expensed to the relevant expense heading. No donated goods or services were received throughout 2024.

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 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 being 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.

25. Cavell – Annual Report and Accounts 2024

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 accruals 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:

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 on the basis of 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.

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 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.

26. Cavell – Annual Report and Accounts 2024

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 nonrecoverability. 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.

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 towards achieving any charitable purpose that falls within the charity’s objects.

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 of 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

Contributions by the charity in respect of its employees’ personal pension plan and its auto-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.

27. Cavell – Annual Report and Accounts 2024

Notes to the financial statements

1. Income from donations and legacies

==> picture [513 x 4] intentionally omitted <==

2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
£
General donations
141,625
—
141,625
144,240
—
144,240
Gift Aid
8,255
—
8,255
12,924
—
12,924
Working With
108,980
—
108,980
158,181
—
158,181
Cavell Star Awards
1,875
—
1,875
13,750
—
13,750
Maternity Fund
—
—
—
—
588
588
Other grants receivable
148,714
463,250
611,964
126,424
290,685
417,109
Legacies receivable
1,034
—
1,034
199,882
—
199,882
410,483
463,250
873,733
655,401
291,273
946,674

2. Income from donations and legacies

2. Income from donations and legacies
2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
£
Income from UK
investments
4,248
1,169
5,417
8,410
2,312
10,722
Income from overseas
investments
31,643
8,703
40,346
44,899
10,151
55,050
Deposit account interest
7,401
2,032
9,433
4,651
1,279
5,930
43,292
11,904
55,196
57,960
13,742
71,702

28. Cavell – Annual Report and Accounts 2024

3 Expenditure on raising funds

==> picture [513 x 5] intentionally omitted <==

2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
£
Fundraising
3,466
—
3,466
19,496
—
19,496
Advertising
1,187
—
1,187
105
—
105
Consultancy fees
22,568
—
22,568
13,320
—
13,320
Staf costs
99,644
—
99,644
134,259
—
134,259
Investment manager fees
6,448
1,768
8,216
8,909
2,432
11,341
Other staf related costs
5,622
—
5,622
339
—
339
138,935
1,768
140,703
176,428
2,432
178,860

4 Expenditure on charitable activities: Assisting nurses in need or suffering hardship or distress

==> picture [513 x 4] intentionally omitted <==

2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
£
Grants awarded
502,316
302,940
805,256
514,790
195,694
710,484
The Maternity Fund grants
—
48,096
48,096
—
50,323
50,323
Cavell Star Awards
2,884
—
2,884
6,022
—
6,022
Awareness raising
198,935
—
198,935
171,684
—
172,684
Support costs (see note 5)
366,803
23,790
390,593
314,713
64,787
379,500
1,070,938
374,826
1,445,764
1,008,209
310,804
1,319,013

During the period a total of £853,352 (2023: £760,807) was awarded to beneficiaries, all of which were single grants awarded to individuals for financial support.

At 31 December 2024, 22 grants had been pledged subject to the fulfilment of certain conditions by the recipients. These grants totalled £16,040 (2023: £20,290 pledged to twenty-six beneficiaries).

29. Cavell – Annual Report and Accounts 2024

5 Support costs

==> picture [513 x 5] intentionally omitted <==

2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
£
Staf costs
217,105
23,790
240,895
159,047
64,787
223,834
Management services
17,320
—
17,320
26,901
—
26,901
Postage, telephone
and stationery
5,376
—
5,376
7,597
—
7,597
Premises
30,143
—
30,143
29,172
—
29,172
Depreciation
29,034
—
29,034
11,853
—
11,853
Website design and
development/IT
34,783
—
34,783
35,689
—
35,689
Recruitment costs
9,476
—
9,476
12,949
—
12,949
Other staf related costs
5,964
—
5,964
12,728
—
12,728
Ofce costs
7,102
—
7,102
8,277
—
8,277
Governance costs
10,500
—
10,500
10,500
—
10,500
366,803
23,790
390,593
314,713
64,787
379,500

6 Net (expenditure)/income and net movement in funds

This is stated after charging:

2024
2023
Total
Total
Funds
Funds
£
£
Staf costs (note 8)
479,871
523,972
Auditor’s remuneration
- Statutory audit services
10,500
10,500
Depreciation and amortisation
29,034
11,853
Operating lease rentals
1,599
23,048

30. Cavell – Annual Report and Accounts 2024

7 Staff costs, pensions and trustees’ remunerations

==> picture [513 x 4] intentionally omitted <==

2024
2023
Total
Total
Funds
Funds
£
£
Wages and salaries
419,301
457,401
Social security costs
43,888
41,719
Other pension costs
16,682
24,852
479,871
523,972

An average of 11 (2023: 13) employees were employed during the period.

The figure for 2024 includes the costs for terminating 2 members of personnel, comprising statutory severance pay of £3,858 and contractual payments in lieu of notice of £14,297.

Total remuneration paid in respect of key management personnel was £147,197 (2023: £150,228) which includes employer’s National Insurance and pension contributions.

One employee earned remuneration in the band £70,000 - £80,000 during the period (2023: one employee earned between £60,000 - £70,000). 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 (2023: none)

During the year, £297 (2023: £nil) were reimbursed to trustees during the year to three trustees, in connection with travel and subsistence costs incurred in connection with executing their duties as trustees.

8 Taxation

Cavell Nurses Trust (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

9 Intangible assets

CRM Website
costs costs Total
£ £ £
Cost
At 1 January 89,896 54,253 144,149
Additions 45,399 643 46,042
Disposals — — —
At 31 December 135,295 54,896 190,191
Depreciation
At 1 January 6,402 34,877 41,279
Charged during year 23,379 5,655 29,034
Eliminated on disposal — — —
At 31 December 29,781 40,532 70,313
Net book values 2024 — — 119,878
Net book values 2023 83,494 19,376 102,870

31. Cavell – Annual Report and Accounts 2024

10 Investments

£
Listed investments
At 1 January 2024 2,900,518
Additions at cost 707,190
Disposals at book value (proceeds: £1,353,630; realised gain £36,747) (1,316,883)
Unrealised gains on revaluation 181,063
Market value at 31 December 2024 2,471,888
Cash held by investment managers 65,647
Total investments 2,537,535
Cost of listed investments at 31 December 2,158,874
At 31 December 2024, the charity’s listed investment portfolio included the following holdings which
represented a material proportion of the total value of the listed investment portfolio at that date:
2024 percentage 2024
percentage of portfolio Market value
% £
Investment
Vanguard S&P 500 UCITS EFT 14.00 345,991
HSBC FTSE All World Index Fund 10.69 264,202
Schroder WM Global Sustainable equity 8.26 204,299
SPDR S & P 500 6.50 160,749
M & G Japan Fund 5.31 131,200

In addition, cash held by investment managers at 31 December 2024 includes £251 (2023: £10,493) held with the Blackrock ICS Institutional Fund and 8,650 (2023: £11,650) held with JP Morgan GB Liquidity LVNAV Fund.

Listed investments held at 31 December 2024 comprised the following:

2024
£
UK fxed interest 137,246
UK equities 91,823
Overseas fxed interest 107,017
Overseas equities 1,690,348
Multi Asset funds —
Property funds 157,773
Commodities 125,708
Hedge funds 75,061
Other 86,912
2,471,888

32. Cavell – Annual Report and Accounts 2024

11 Debtors: amounts falling due within one year

==> picture [513 x 4] intentionally omitted <==

2024
2023
£
£
Monies due from Working With
25,050
21,675
Deposits paid in advance
17,328
14,909
Investment income receivable
—
7,989
Legacies receivable
990
990
Other debtors
3,710
7,923
Gift Aid recoverable
—
73
47,078
53,559

12 Creditors: amounts falling due within one year

==> picture [513 x 4] intentionally omitted <==

2024
2023
£
£
Trade creditors
3,047
30,296
Taxation and social security
10,695
9,763
Accruals and deferred income
57,337
75,791
Other creditors
2,917
3,193
73,996
119,043
2024
2023
£
£
Deferred income
Deferred income at 1 January
41,719
26,031
Released during the year
(13,637)
(15,174)
Resources deferred in the year
11,345
30,862
Deferred income at 31 December
39,427
41,719

Deferred income in the main relates to membership subscriptions received in advance in relation to Cavell’s ‘Working With’ programme.

33. Cavell – Annual Report and Accounts 2024

13 Movement funds

==> picture [513 x 4] intentionally omitted <==

At 1
Gains, losses
At 31
January
and transfers
December
2024
Income
Expenditure
between funds
2024
£
£
£
£
£
Unrestricted funds
General fund
1,986,806
465,359
(1,202,712)
170,828
1,420,281
Designated fund
465,684
—
(7,161)
—
458,523
2,452,490
465,359
(1,209,873)
170,828
1,878,804
Restricted funds
The Maternity Fund
721,288
11,904
(49,864)
46,982
730,310
Financial Assistance Fund
110,223
463,250
(326,730)
—
246,743
831,511
475,154
(376,594)
46,982
977,053
Total funds
3,284,001
940,513
(1,586,467)
217,810
2,855,857

Comparatives for net movement in funds

==> picture [513 x 4] intentionally omitted <==

At 1
Gains, losses
At 31
January
and transfers
December
2023
Income
Expenditure
between funds
2023
£
£
£
£
£
Unrestricted funds
General fund
2,352,189
723,661
(1,175,187)
86,143
1,986,806
Designated fund
475,134
—
(9,450)
—
465,684
2,827,323
723,661
(1,184,637)
86,143
2,452,490
Restricted funds
Gifts in Kind
—
—
—
—
—
The Maternity Fund
736,021
14,330
(52,755)
23,692
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

Crisis Fund (designated)

The trustees agreed the designation of £500,000 for a Crisis Fund in 2019. The trustees and the staff team have aspirations that this fund may be a success in its trial year, 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 at 31 December 2024, £41,477 of the designated amount had been utilised

Restricted funds

The purposes for which the funds were held are as follows:

34. Cavell – Annual Report and Accounts 2024

14 Analysis of net assets between funds

==> picture [513 x 4] intentionally omitted <==

Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
2024
Funds
Funds
2023
£
£
£
£
£
£
Fund balances at 31 December are represented by:
Intangible fxed assets
119,878
—
119,878
102,870
—
102,870
Investments
1,785,844
751,691
2,537,535
2,340,750
625,643
2,966,393
Net current assets
(26,918)
225,362
198,444
8,870
205,868
214,738
Total net assets
1,878,804
977,053
2,855,857
2,452,490
831,511
3,284,001
Unrealised gains included above
Unrealised gains at 1 January
67,972
18,694
86,666
(33,474)
(9,206)
(42,680)
Amounts released in respect
of disposals in year
10,310
34,975
45,285
21,171
5,822
26,993
78,282
53,669
131,951
(12,303)
(3,384)
(15,687)
Net unrealised gains on
revaluations in year
142,008
39,055
181,063
80,275
22,078
102,353
Unrealised gains at
31 December
220,290
92,724
313,014
67,972
18,694
86,666

15 Leasing commitments

Operating leases

At 31 December 2024, the charity had total commitments under non-cancellable operating leases which expire as follows:

Land and Buildings Land and Buildings Other
2024 2023 2024 2023
£ £ £
Payments on operating leases that fall due:
Within one year 21,527 6,814 — 520
Within one to two years 21,527 — — —
Within two to fve years 16,145 — — —
55,452 6,814 — 520

16 Related Parties

Other than the matters disclosed within note 7 to the accounts, there were no related party transactions in the current or prior year.

35. Cavell – Annual Report and Accounts 2024

01527 595 999 info@cavell.org.uk cavell.org.uk

Cavell is a registered charity in England & Wales (1160148) and Scotland (SC041453)