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← The Company Of Nurses Charitable Trust

2025-03-31-accounts

THE COMPANY OF NURSES CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Registered Charity No. 1170982

THE COMPANY OF NURSES CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

CONTENTS PAGE
Legal and Administrative Information 1
Trustees’ report 2 - 7
Statement of Trustee’s responsibilities 8
Independent Examiners’ report 9
Statement of Financial Activities 10
Balance sheet 11
Notes to the financial statements 12-18

THE COMPANY OF NURSES CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

Trustees

The Trustees who served during the period covered by this report were: Brenda Griffiths (Chair) Jo Jacques (appointed 18.07.2024) Frances Davies Elizabeth Turnbull Helen Pickstone Deirdre Barr Julia Mingay Jane Carey-Harris, Master of the Worshipful Company of Nurses ex officio (resigned 7.5.2025) Hilary Andrews, Master of the Worshipful Company of Nurses ex officio (appointed 7.5.2025) John Allen (appointed 2.6.2025)

Secretary to the Trustees

J P Allen

Principal Office

Information Technologists’ Hall, 39a Bartholomew Close, London EC1A 7JN

Registered Charity Number

1170982

Independent Examiners

Andrew Broome ACA HaysMac LLP 10 Queen Street Place London EC4R 1AG

Bankers

Lloyds Bank Blandford Branch PO Box 1000 BX1 1LT

Investment Managers

Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU

1

THE COMPANY OF NURSES CHARITABLE TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their report with the financial statements of the Company of Nurses Charitable Trust (the Trust) for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP) applicable to charities preparing their accounts in accordance with FRS102.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and Incorporation

The Trust was incorporated as a foundation charitable incorporated organisation (CIO) on 12 October 2016 and was registered as a charity (No.1170982) on 4 January 2017.

Governing document

The governing document is its Constitution, dated 12 October 2016, as amended on 22 March 2018.

Recruitment and appointment of new trustees

The Trustees named on page 1 are authorised, under the Constitution, to appoint new Trustees in perpetuity to provide additional skills and expertise, and to fill vacancies arising through resignation, death, or disqualification of an existing trustee. The Master of the Worshipful Company of Nurses attends meetings in an ex officio capacity .

Organisational structure

The overall strategic direction of the charity is determined by the Trustees who have overall responsibility for the management, administration, and policy and decision making for the Trust.

The Trustees meet at least three times a year to decide on matters of policy, to set and review the annual budget, to consider applications for grant aid and to sanction the release of funds with further meetings as deemed necessary.

The Secretary, who is a member of the Board of Trustees, administers the day-to-day affairs of the Trust and reports on matters that have arisen in between Board meetings. Through this mechanism, the Trustees of the charity are able to monitor, supervise and control the day-to-day management of the Trust. The Secretary is also responsible for advising the Board about compliance issues.

2

THE COMPANY OF NURSES CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

Risk Management and Corporate Governance

The Trustees are collectively responsible for risk management and corporate governance matters and are assisted in this respect by the Secretary. A high priority is placed on ensuring that the Trust is properly managed and is not exposed to risk. A risk register has been compiled and is reviewed at least once a year.

Public awareness about the Trust and its objects has continued to increase during the year under review, and the Trustees are confident that the existence of the Trust is becoming more widely known within the nursing profession. Information about the Trust and its objects is posted on the Worshipful Company of Nurses’ website at www.companyofnurses.co.uk/charity and can be accessed by the general public.

The Trust currently has no contractual commitments; does not provide public services; and does not operate a charity pension scheme.

The Trustees are satisfied that appropriate controls are in place to provide reasonable assurance against fraud and error.

Governance and policy documents are reviewed annually and amended, as necessary.

By a resolution of the Board of Trustees on 16 July 2019, the Trustees have adopted a safeguarding policy not only aimed at protecting beneficiaries and the like from harm, but also volunteers.

By a resolution of the Board of Trustees on 28 November 2024, the Trustees have adopted a declaration of interest’s policy aimed at protecting the integrity of the Trust’s decision-making process.

Relationships with related parties

The operations of the Trust are integrally linked to those of the Worshipful Company of Nurses. However, the Trustees operate in accordance with the Charity Commission’s general guidance to charities with a connection to a non-charity, ensuring that they always act in line with their legal duties as Trustees and in the best interests of the Trust.

Representation on other bodies

The Trust does not currently pursue its charitable objectives through trustee representation on any bodies other than the Court of Assistants of the Worshipful Company of Nurses.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and when setting the grant making policy for the year.

The objects of the Trust are:

3

THE COMPANY OF NURSES CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

The Trust fulfils these objects by:

Grant Making Policy

By a resolution of the Board of Trustees on 22 March 2018, a policy for the administration of the Trust’s grant making activities was adopted, which includes the following key provisions:

Principles

The Trustees will apply the funds of the Trust at their discretion and in accordance with the Trust’s charitable objects.

Each request for grant aid will be considered on its own merits and no restrictions will be placed on beneficiaries, by reason of race, gender, age, religion, disability, or sexual orientation.

The final decision to award any and all grants’ rests with the Trustees.

Priority & Purpose

The priorities for support will be reviewed annually by the Trustees and may be changed depending upon circumstances and the perceived effectiveness of the application of funds.

When setting the annual budget, precedence will be given to funding previously agreed recurring commitments. Other available funds will be allocated in response to applications received by the Trustees, either directly or through members of the Worshipful Company of Nurses, or from other charitable or professional bodies.

Due Diligence

The Trustees will adopt a risk rated approach to due diligence. Risk factors will include the size and purpose of the grant and the nature of the relationship between the Trust and the beneficiary.

Before awarding any grant, the Trustees will carry out sufficient due diligence on any potential beneficiary to ensure:

In cases where the Trust is not the only supporter of the work or project to be funded, the Trustees may choose to extend any due diligence beyond the proposed beneficiary and include other partner supporting organisations.

In formulating this policy, the Trustees have taken due regard of the Charity Commission’s general guidance on public benefit.

4

THE COMPANY OF NURSES CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

During the year under review, the Trustees have continued to concentrate on raising awareness of the Trust and its objects. As a result, the demands made upon the Secretary have continued to escalate and the Trustees have decided to support him by engaging the services of an administrator with relevant experience on a contractual basis.

Partnerships with the Queen’s Institute of Community Nursing (formerly the Queen’s Nursing Institute) and CAVELL are now well established, and the Trustees are able to draw on the expertise of both charities to identify nurses who are suffering hardship and who need financial support. Partnerships are also well established with The Florence Nightingale Foundation (FNF) and London’s Air Ambulance (LAA). The Trustees are able to draw on their collective expertise to identify nurses seeking financial support to further their education and career development, and to recognise high achievers. During the year under review new partnerships have been established with The Florence Nightingale Museum, Roald Dahl’s Marvellous Children’s Charity, Teenage Cancer Trust, the Faculty of Sexual and Reproductive Healthcare, The Barbers’ Company General Charities and the University of East Anglia.

The Trustees continue to encourage members of the Worshipful Company of Nurses to donate regularly by means of banker’s order, and in excess of £10,000 is now being donated annually in this way.

Grants Awarded

The Chantry Robinson Award

During the year under review a further prize of £500 has been awarded to a postgraduate student in Advanced Clinical Practice nominated by the School of Health and Medical Sciences of City St George’s, University of London for academic achievement.

The Benevolent Fund

On the recommendation of the Queen’s Institute of Community Nursing and CAVELL, grants totalling £10,250 have been awarded to support a total of 12 nurses suffering financial hardship. Recipients have included 6 nurses who were victims of domestic abuse, a community nurse suffering from PTSD and a retired community nurse suffering from lupus.

The Ann Campbell RBNA Memorial Fund

As reported last year, the Trustees have committed to fund a 3-year scholarship out of this Fund to enable a nurse to access an MSc course in Pre-Hospital Medicine, which London’s Air Ambulance runs in conjunction with Queen Mary University, London. The current recipient resumed his studies in September 2024 and is now in his second year of the course.

Princess Helena and Ethel Mary Fletcher Fund for Nurses

Three scholarships, totalling £20,450 have been awarded out of this Fund to support nurses undertaking the Florence Nightingale Foundation Leadership Programme, London Air Ambulance’s MSc course in Pre-Hospital Medicine, and the Queen’s Institute of Community Nursing Ambition to Lead programme. The one remaining annuitant received an annuity of £100.

General Funds

Grants totalling £18,000 have been awarded to support nurse training and to recognise excellence and achievement. The recipients included The Florence Nightingale Museum (£1,000), Roald Dahl’s Marvellous Children’s Charity (£6,000), Teenage Cancer Trust (£6,000), the Faculty of Sexual and Reproductive Healthcare (£3,000) and 2 undergraduates at the School of Health and Medical Sciences of City St George’s, University of London (£1,000). Additionally, bursaries totalling £7,880 have been awarded to 3 nurses undertaking developmental training.

The Trust has also committed to providing grants of £6,000 to Roald Dahl’s Marvellous Children’s Charity and Teenage Cancer Trust for a further 2 years.

5

THE COMPANY OF NURSES CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

The Trust has assisted the Worshipful Company of Nurses to establish an Almoner’s Fund with a grant of £750 to support members of the Company suffering serious illness or bereavement.

Performance Indicators and Benchmarks

The number of visitors to the charity section of the Worshipful Company of Nurses’ website provides the Trustees with an indication of public interest in the Trust.

Records are maintained of the number of grant applications received, the number of repeat applications, the number of grants awarded and the amount of each grant. The feedback received from beneficiaries provides the Trustees with a qualitative measurement of the Trust’s impact. Extracts of feedback received from beneficiaries are posted on the Company’s website.

FINANCIAL REVIEW

Financial Results

The financial results of the Trust are fully set out in the Statement of Financial Activities.

An additional £85,000 has been received from the Estate of the late Freeman Elizabeth Snelson. The Trustees are indebted to her for remembering and supporting the Trust in this way, and her generosity will be remembered in perpetuity. In the course of winding up the Luton & Dunstable Hospital League, its Trustees have most generously donated £61,000 of the League’s assets to support training and the relief of hardship within the nursing community. Freemen of the Worshipful Company of Nurses donated a total of £12,172 (2024: £10,300) and the Trustees wish to record their thanks to all the donors for supporting the Trust so generously.

The Chantry Robinson Fund, The Ann Campbell RBNA Memorial Fund, The Benevolent Fund and The Princess Helena and Ethel Mary Fletcher Fund for Nurses generated £2,432 (2024: £2,384), £6,976 (2024: £5,728), £16,800 (2024: £16,936) and £33,887 (2024: £32,997) of investment income, respectively.

Investment Powers and Policy

The Constitution authorises the Trustees to deposit or invest funds, employ a professional fundmanager, and arrange for the investments or other property of the Trust to be held in the name of a nominee in the same manner and subject to the same conditions as the trustees of a trust, as permitted by the Trustee Act 2000.

By a resolution of the Board of Trustees on 22 March 2018, the Trustees have adopted an ethical investment policy to ensure that its investments do not conflict with its aims or the values of the Worshipful Company of Nurses.

The Trust is expected to exist in perpetuity and adopts a long-term investment time horizon. The investment objective is to achieve capital growth and a stable, growing income stream of circa 3% within an acceptable level of risk.

A review of the management arrangements was conducted in January 2025, following which Sarasin & Partners were reappointed,

On the advice of the investment managers, the Trustees have decided to invest the assets of The Benevolent Fund , The Ann Campbell RBNA Memorial Fund and The Princess Helena and Ethel Mary Fletcher Fund for Nurses solely in Sarasin’s Endowments Fund.

The assets of The Chantry Robinson Fund continue to be invested in a multi-asset common investment fund.

Additionally, a total of £50,000 cash has been invested in a high interest deposit account.

6

THE COMPANY OF NURSES CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

Reserves Policy

The Trustees have invested the majority of the Trust’s unrestricted funds to ensure that sufficient income is generated annually to meet budgeted commitments. Free cash reserves equivalent to 6 months projected annual income are currently held on deposit to ensure that recurring commitments can still be met regardless of fluctuations in dividend income. This policy will be regularly reviewed and amended, as necessary.

Total reserves as at 31 March 2025 were £2,294,693 (2024: £2,144,503) of which £1,450,315 (2024: £1,253,418) were unrestricted.

FUTURE PLANS

The Trustees have conducted a further strategic review and their plans and priorities for 2025 are as follows

Board of Trustees

Four of the current Trustees, including the Chair will have completed 9 years in office in 2026 and will need replacing. Work continues on drawing up a succession plan that will help maintain continuity and pre-empt any skills gaps from arising. A Vice-Chair is to be appointed in May 2026 in advance of the Chair retiring. Additionally, the existing process for recruiting and selecting new trustees are to be refined.

Fundraising

The Trustees will be seeking to attract further major donors, particularly from any nursing charities whose objects have become redundant and who are in the process of winding up. They will continue to promote regular giving by standing order and legacy giving, particularly from Freemen and Liverymen of the Worshipful Company of Nurses. They also intend to make provision for individuals to donate online via the website.

Communications

The Trustees intend to formulate a communications strategy aimed at achieving wider engagement with Freemen and Liverymen of the Worshipful Company of Nurses and with other nursing organisations.

Partnerships

The Trustees intend to explore opportunities for creating further partnerships with nursing charities that have shared objects, and that have the resources to process grant applications from registered nurses requiring support for training and professional development purposes, or for relief from financial hardship. Existing partners are to be invited to some of the Worshipful Company of Nurses’ events, in order to inform members of the Company about their charities and the work they undertake.

Grant Making

Based on projected income for 2025/26, it will be possible for the Trust to meet all committed expenditure and to award broadly the same level of grants as last year. Cases of hardship among members of the nursing profession continue to escalate, and any surpluses in projected income over the course of next year will be committed to supporting those in need.

Feedback will continue be sought from the recipients of scholarships and bursaries funded by the Trust, in an effort to evaluate the benefits they have gained and the impact they are expected to have on their performance. The Trustees also intend to develop closer relationships with the Trust’s alumni by inviting them to provide presentations about their experiences and areas of expertise and to network with members of the Worshipful Company of Nurses.

7

THE COMPANY OF NURSES CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

THE TRUSTEES RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Trustees prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Acts. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

............................................ Brenda Griffiths Chair of Trustees

Date: 9 July 2025

8

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

THE COMPANY OF NURSES CHARITABLE TRUST

I report to the Trustees on my examination of the accounts of The Company of Nurses Charitable Trust for the year ended 31 March 2025 which are set out on pages 10 to 18.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Andrew Broome ACA HaysMac LLP 10 Queen Street Place London EC4R 1AG

Date: 9th July 2025

9

THE COMPANY OF NURSES CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME &
ENDOWMENTS
Donations and legacies
2
Investment income
3
Total income
EXPENDITURE
Charitable activities
4
Total Expenditure
Net income
Investment (losses)/gains
Transfer between funds
Net movement in funds
Balance at 31 March 2024
Balance at 31 March 2025		 Unrestricted
Restricted
Endowment
2025
Total
2024
Total
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
158,172
-
-
158,172
83,886
35,331
26,208
-
61,539
58,608
193,503
26,208
-
219,711
142,494
62,402
16,950
-
79,352
38,830
62,402
16,950
79,352
38,830
131,101
9,258
140,359
103,664
65,796
(59,628)
3,663
9,831
121,775
-
-
-
-
-
196,897
(50,370)
3,663
150,190
225,439
1,253,418
133,306
757,779
2,144,503
1,919,064
1,450,315
82,936
761,442
2,294,693
2,144,503

The Statement of Financial Activities includes all gains and losses recognised in the period.

The notes on page 12 to 18 form part of these accounts.

10

THE COMPANY OF NURSES CHARITABLE TRUST

BALANCE SHEET

FOR THE YEAR ENDED 31 MARCH 2025

Notes 2025 2025 2024 2024
£ £ £ £
Fixed Asset Investment 5 2,199,473 1,964,596
Current Assets
Debtors 8 243 243 3,840 3,840
Cash at bank 99,753 99,753 179,877 179,877
99,996 99,996 183,717 183,717
Liabilities
Creditors falling due within one
year 9 (4,776) (4,776) (3,810) (3,810)
Net current assets 95,220 179,907
Total Net Assets 2,294,693 2,144,503
The Funds of the Charity
Funds
Unrestricted Fund 10 1,450,315 1,253,418
Restricted Fund 10 82,936 133,306
Endowment Funds 10 761,442 757,779
2,294,693 2,144,503

Approved by the Board and authorised for issue on and signed on its behalf by:

.................................................................... Brenda Griffiths Chair of Trustees

The notes on page 12 to 18 form part of these accounts.

11

THE COMPANY OF NURSES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting Policies

The Company of Nurses Charitable Trust’ is an unincorporated charity registered in England and Wales, with the charity number 1170982. The registered office is Information Technologists’ Hall, 39a Bartholomew Close, London, EC1A 7JN. The principal objectives of the charity are set out within the Trustees Report, on pages 3 and 4.

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepares its financial statements in accordance with the 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 (The FRS 102 Charities SORP) and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charity's forecasts and projections and have taken account of pressures on donation and event income. After making enquiries the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Income Recognition

All income is recognised when there is entitlement to the funds, the receipt is probable, and the amount can be measured reliably. Income is recognised in the year to which it relates and on an accrual’s basis. Legacies are included when the legacy is received or when the charity is notified of an impending distribution which can be quantified and receipt is probable, whichever is the earlier. Recoverable taxation is accounted for on an accrual’s basis. Gift aid is accounted for on an accrual basis.

Expenditure

Expenditure is accounted for on an accrual’s basis, including value added tax which is irrecoverable and has been included under expense categories that aggregate costs for allocation of activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.

Fixed Assets Investments

Fixed asset investments are continuously revalued at bid price and the value at the balance sheet date is the bid price value, as determined by the investment managers. The net gains or losses for the period are taken to the statement of financial activities.

12

THE COMPANY OF NURSES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting Policies (continued)

Fund Accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or are raised by the charity for specific restricted purposes.

Designated funds are funds which are available for use at the discretion of the trustees but have been earmarked by them for a specific purpose.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with bank and other shortterm liquid investments with original maturities of three months or less.

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid .

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle that obligation can be measured or estimated reliably. Creditors and provisions are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

Critical accounting estimates and areas of judgement

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

2 Donations

Donations
Gift Aid
Legacies
Total		 2025
Total
£
73,172
-
85,000
158,172		 2024
Total
£
10,592
3,668
69,626
83,886

13

THE COMPANY OF NURSES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

3 Investment income

Dividends receivable
Bank interest receivable
Total
4
Charitable expenditure
Donations
Scholarships
Annuity
IT and general costs
Independent examination and
professional fees
Governance costs
Total charitable expenditure
5
Fixed Asset Investments
Market Value at 1 April 2024
Additions
Revaluation (losses) gains
Market Value at 31 March
2025
Historical cost
Investments at fair value comprised:
Unrestricted
Restricted and
endowments
Equities
711,121
568,660
Fixed interest
270,751
174,656
Property
35,801
28,655
Alternative
128,840
86,888
Liquid assets
115,575
78,526
1,262,088
937,385		 Dividends receivable
Bank interest receivable
Total
4
Charitable expenditure
Donations
Scholarships
Annuity
IT and general costs
Independent examination and
professional fees
Governance costs
Total charitable expenditure
5
Fixed Asset Investments
Market Value at 1 April 2024
Additions
Revaluation (losses) gains
Market Value at 31 March
2025
Historical cost
Investments at fair value comprised:
Unrestricted
Restricted and
endowments
Equities
711,121
568,660
Fixed interest
270,751
174,656
Property
35,801
28,655
Alternative
128,840
86,888
Liquid assets
115,575
78,526
1,262,088
937,385		 2025
Total
£
60,095
1,444		 2024
Total
£
58,045
563
61,539 58,608
2025
Total
£
25,750
47,781
100
1,181
4,276
264		 2024
Total
£
12,500
22,600
100
-
3,410
220
79,352 38,830
2025
Total
£
1,964,596
225,046
9,831		 2024
Total
£
1,842,810
11
121,775
2,199,473 1,964,596
2,010,534 1,785,525
2025
Total
£
1,279,781
445,407
64,456
215,728
194,101		 2024
Combined
£
1,258,244
445,300
56,979
131,270
72,803
1,262,088
937,385		 2,199,473 1,964,596

Investments are held in Sarasin and Partners income & reserves funds and Endowment funds. Also COIF Charitable ethical Investment Fund, and are held in the UK.

6 Employees

The charity has no employees. (2024: Nil)

14

THE COMPANY OF NURSES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

7 Taxation

The charity has suffered no tax charge, as it is not subject to UK corporation tax on its charitable activities.

8 Debtors

Debtors
Accrued income
9
Creditors within one year
Accruals
Creditor		 2025
Total
£
243
-
243
2025
Total
£
4,776
-
4,776		 2024
Total
£
172
3,668
3,840
2024
Total
£
3,310
500
3,810

10 Funds

Funds
Unrestricted Fund
Princess Helena & Ethel
Mary Fletcher Fund
Restricted Funds
Chantry Robinson
Benevolent
Ann Campbell RBNA
Memorial
Total Restricted Funds
Permanent Endowment
Chantry Robinson
Expendable Endowment:
Benevolent
Ann Campbell RBNA
Memorial
Total Endowment Funds		 Balance
Balance
at
Gains/
at
1-Apr-24
Income
Expenditure (losses)
Transfers
31 -Mar-25
86,143
13,440
(21,820)
-
-
77,763
1,167,275
180,063
(40,582)
65,796
-
1,372,552
1,253,418
193,503
(62,402)
65,796
1,450,315
8,727
2,432
(500)
-
-
10,659
31,166
16,800
(10,000)
81
-
38,047
93,413
6,976
(6,450)
(59,709)
-
34,230
133,306
26,208
(16,950)
(59,628)
-
82,936
85,778
-
-
(3,639)
-
82,139
599,463
-
-
4,864
-
604,327
72,538
-
-
2,438
-
74,976
757,779
-
-
3,663
-
761,442
2,144,503
219,711
(79,352)
9,831
-
2,294,693

15

THE COMPANY OF NURSES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

Chantry Robinson Fund

This permanent endowment fund was created with two £25,000 donations from Ann Chantry-Price and the income was invested in the COIF Ethical Investment Fund. Under the terms of the donation, the capital of the fund is not to be expended and only the income arising is to be used for the purposes specified by the donor.

Benevolent Fund

This expendable endowment fund was created with a £500,000 donation from the Nightingale Fellowship Council and the income was invested in Sarasin Endowments Funds and Sarasin Income & Reserves Fund. Under the terms of the donation, there is an option that the capital of the fund can be expended with trustee approval and the income arising is specifically for the support of nurses in need.

Ann Campbell RBNA Memorial Fund

This expendable endowment fund was created with a £100,000 donation from The Royal British Nurses’ Association and the income was invested in Sarasin Endowments Funds and Sarasin Income & Reserves Fund. Under the terms of the donation, there is an option that the capital of the fund can be expended with trustee approval and the income arising is to be used to help the trustee further its objectives and preserve the memory of the late Ann Campbell.

Princess Helena and Ethel Mary Fletcher Fund for Nurses

This expendable endowment fund was created with a combined donation of £1,200,978 from The Helena Benevolent Fund, The Ethel Mary Fletcher Fund for Nurses, The Royal British Nurses’ Settlement Fund, and the Trained Nurses’ Annuity Fund, and the income was invested in Sarasin Endowments Funds and Sarasin Income & Reserves Fund. Under the terms of the transfer, there was an option that the capital of the fund can be expended with trustee approval and the income arising was to be used to prevent hardship of nurses and former nurses in need. On 28 February 2025, following an application from the Trustees, the Charity Commission made a scheme which provides that the property contained within the Fund is to be administered as part of the general funds of the Trust.

16

THE COMPANY OF NURSES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

10 Funds – Prior year comparative Funds – Prior year comparative
Balance Balance
at Gains/ at
1-Apr-23 Expenditure (losses) Transfers
Income 31 -Mar-24
Unrestricted Fund 36,850 54,923 (5,630) - - 86,143
Princess Helena & Ethel
Mary Fletcher Fund 1,060,467 62,523 (22,700) 66,985 - 1,167,275
1,097,317 117,446 (28,330) 66,985 - 1,253,418
Restricted Funds
Chantry Robinson 6,343 2,384 - - - 8,727
Benevolent 23,510 16,936 (10,500) 1,220 - 31,166
Ann Campbell RBNA
Memorial 87,262 5,728 - 423 - 93,413
Total Restricted Funds 117,115 25,048 (10,500) 1,643 - 133,306
Permanent Endowment
Chantry Robinson 78,002 - - 7,776 - 85,778
Expendable Endowment:
Benevolent 565,482 - - 33,981 - 599,463
Ann Campbell RBNA
Memorial 61,148 - - 11,390 - 72,538
Total Endowment Funds 704,632 - - 53,147 757,779
1,919,064 142,494 (38,830) 121,775 - 2,144,503

11 Analysis of net assets

Fixed Asset Investment
Current assets
Current liabilities
Net assets at the end
of the year		 Unrestricted
£
1,262,088
70,812
1,332,900		 Restricted
£
181,013
29,184
(4,776)
205,421		 Endowment
£
756,372
-
-
756,372		 Total
funds
£
2,199,473
99,996
(4,776)
2,294,693

17

THE COMPANY OF NURSES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

11 Analysis of net assets – Prior year comparative

Fixed Asset Investment
Current assets
Current liabilities
Net assets at the end
of the year		 Unrestricted
£
1,111,244
124,885
(3,810)
1,232,319		 Restricted
£
150,484
58,832
-
209,316		 Endowment
£
702,868
-
-
702,868		 Total
funds
£
1,964,596
183,717
(3,810)
2,144,503

12 Related Party Transactions

The Worshipful Company of Nurses has a long-standing relationship with the Company of Nurses Charitable Trust. The Company is considered to be a related party of the charity as the Company initiated the setting up of the charity in 2017 and has representation on the Board of Trustees. The balance outstanding, at 31 March 2025, £243 owing to Charity (2024: 172.50 owing to Company).

13 Trustees’ expenses

No trustee received any remuneration for services as a trustee (2024: £Nil). Key management personnel are the trustees.

14 Grant commitments

The charity has a financial commitment to pay the Florence Nightingale Foundation £11,500 per annum for two years. Additionally, the charity has a financial commitment to pay London Air Ambulance £12,700 per annum for 2years.The Charity has also committed a further £6,000 each to Roald Dahl’s Marvellous Children’s Charity and to Teenage Cancer Trust for this year and next year

18