CHARITY REGISTRATION NUMBER: 234902 THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Contents Page Reference and Administrative Deuls Trustees. Annual Report Independent Examiner's Report Staternent of FIrYan0 Activities Balan Sheet Notes to the nandal Statements
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Reference and Administrative Detalls Re8lStered Charity Name Rordl Free London Nurses and MI1VeS Trust Charity Number 234902 Principal Office Clothworkers. H1 Dunster Court Mincing Line LONDON EC3R 7AH Trurtees A Chamberlain CDHill LJ Mattin M M Meld Profe550r Sir Stephen Pow15 (Chairman} Dr C P R snner Secr¢tary to thg Tru5tèè5 PJ Gr*ham Ind•pend¢nt Examiner Andrew Broome Haysmacintyre LLP 10 Queen Street Phce LONDON EC4R IAG Bankers Barclays Bank PIC Harrow 9 LEICESTER LE87 2BB In¥tmortt Managors Bordter & Cie (UK) PI 23 kn.ng Street LONDON SWIY6QY
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees. Annual Report For the year ended 31 July 2022 The trustees present their annual report and the finaTrti statements of the tharity for the year ended 31 July 2021 The financial statements cornp with the Chartties Act 2011 and Actounting and Keporting by Charityes.. Statement of Recommended Prattice applicable in the UK and Republic ot Ireland (FRS 102) {second edition. 15sued 2019). REFERENCE AND ADMINisfiiATIVE DETAILS Reference 2nd MInistAt1¥e dethls are shown in the schedule of reference and administratwe details on page l of the thnancial statements. TRUSTEES The trustee5 who Served the charity during the period and up to the approv of the ffinanaal 5tstements were as follows.. A Chamberlain H Gyory Ire51ed 18 November 20211 CDHill L l Mattin M M Maxfield Profe550r Sir Stephén Powis ICharm•an Dr C P R STRUCTURE. GOVERNANce AND MANAGEMENT Governing document The Royal Free London and Midwive$ Trust 15 COll5tytuted by the Tru$r Deed dated 1964 with amendrnent5 in 1018 and 2022. Its objects were OriginlY to PrOde a home of rest to afford a means of physiol andlor men recuperation for the nurses, ex-nurses and mith4ive5 of the Royal Free Hospital. The property wa5 501d in 1979 with the approval of the Charity Cornm$10n and the proceeds of the sale imfested. The Charity Comrni5SlDn approved thar the incorne should be expended for the benefrt of nurse5, ex- nurses and midwives of the Ropl Free Hospital under the following headlngs.. Educational nee&-, Recuperntive holki&ys for those In need of a change and Trrtho were unable to afford such holidays from their own resources.. and Those In need. Ind¥rtion and trnining of new tri19t On appointmeni new trustses receive detailed infomiation on both their rgle as a trustee and the charity. They are invited to attend i trustee5' meeting before formrY accepting the p05itson and are also invited and entouraged to Vistt and take part in a5pect5 of the tharity's work to pin a fuller understanding of the issues involved. Organisational structure Appointrnent of trustee5 governed by the Trust Deed of the charity and 5ub5equent aMendrnen Both the Wor5hipfiJl Company of Cor(hyainers and the Koyal Free LOV0 NHS Foundation Trust can appoint trustees and the charity is authorised to appoin¢ new trustees to fill vacancies arising through resignatlon or death of an esting trustee.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees, Annual Report For the year ended 31 July 2022 Rlsk management The tru5tee5 have a duty to identify and review the risks to whlch the charity Is exposed and to ensure appropriate controls are in place to provid? reasonable a55urance against fraud and error. The trustees consSder the variability of investsnènt returns on its investment portfolio to constitute the major financial risk in the current economic cllmate and therefore revlew the portfolio with the investment managers on a regular basis. The main operational risk relates to the expenditure of the annual grallt5 made to nurses and mi¢fv4ives employed by the Royal Free London group of hospita15. The tru5tre board includes repre5entativ¢s from the Royal Free London group who provide feedback on the grant awards and the tnJstees have the opportunity to meet those who have benefi¢ted from the 8rants during the year. OBJECTIVES AND ACTIVITIES Objectives and aim5 The C+bjec¢s of the charity are to provide for all current nurses and midwives at the Royal Free Hospital, educational beneft¢ recuperative holidays and general help for those in need. Since the sale of the home of rest in 1979, the trustees have focussed on awarding grants which provide educational benefrt for the nurses and MIl¥e5 at the Royal Free London group of hospitals. Publlc benefit The true$ confim) thty haye complied with the duty in Section 17 of the Charities Att 2011 in that they have referred to the guittsnce contained in the Charity Commi55ion's general guidance on public benefit when reviewing the charl$ aims and objec¢ives and in planning future activities and serring the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE Charitable activitiès The charity has continued over the past year to support nurses and midwive$ of the Royal Free London group of hospit315 extensively. In 2021122, five grants totalling £17.300 were made ¢0 nurses and midwives. enabling them to either undertake research or further education. FINANCIAL REVIEW The trustee5 agreed at the outset of the year to continue with the level of grants set OUL using reserve& if nece55ary. to rneet a deficit in the year. artd this continues to be the case. The chari¢y was grateful for the support of Bordier & Cie in 2020121 for their waiver of fees during the p3ndemic. which enabled the charity to maintain the level of grant funding and the charrcy acknoyledges the return to the nornial level of fees in 2021122. The charity'5 invexment porrfolio has fallen slighrjy in value due to the current economic and political climate, but the charity remains in a good position going forwdrd. ReseThes pollcy The level of reseryes as at 31 July 2022 Is £1,124.774 {2021.. £1,129,0421- The reserves are wholly unresrricted and include revaluation of investments which are unrealised untll the $e of Investments. It is the policy of the trustee5. ifter maknng charitable distributions each year. to retsin the inYe$tments in order to build up re5erve5 to provide a fund. the income of which will be available to finance future grants and donations. Investment policy and obj•ctiYe$ The truttees have power to make and hold any investments using gener31 fund5 of the charity.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees. Annual Report For the year ended 31 July 2022 PLANS FOR FUTURE PERIODS The trustee5 continue to explore additional ways to support the well4JeSng of the nurses and midwives of the Royal Free London group of hospitals in line with the objec¢ives of the charity. partttularly in light of the pressure that the Covid-19 pandemic ha5 placed on them all. The trustees will also continue to review the future of grant giving plans a5 investment income has reduced a$ a consequence of the economic impatt of cod. the war in Ukraine and the fuel cri$F5. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are responsible for preparing the trustees. annual repcrt and the financial statements in accordance th the United Kingdcm Standard5 (Unld Kingdom Generally Accepted Accounting Prdctice) and applicable l&w and regulations. The law applicable to charffies requires the tru51ees to prepare financial 5catsments for each financial year which ve a true and fair view of the sta of affairs of the charity and of the income and expenditure of the charfty for that period. In preparing these financlal statement& the trustees are required to; Select suitsble accoLknting pollcies and then apply them consistently.. Observe the methods and prlnciple5 in the Charities SORP, Make judgements and accounting estimates that are reasonable and pruden¢ State whether applicable UK aceounung standard5 have beeft followed. Subject to any material departure5 disclosed and explained in the financial statements.. and Prepare the financial statements on the going concern b3515 unless It is inapproprlate to presume that the charity will contynue In operauon. The trustees are responsible for keepin8 proper Lccountlng records that disclose with reasonable accuracy at any tSme the financial position of the tharity and enable them to ensure that the financial statements compty with the Charltles Act 2011, the applicable Charities {Account5 and Report5) Regulations and the provision5 of the constitution. The trustees are also responsible for safeguarding the assets of the chariy and hence for taking reasonable ttep5 for the prevention and detection of fraud and other irregularities. The trustees are responsible forthe maintenance and integrity of the charitable and financial Inforniation included on the Charit5 website. Le.51atIon In the United Kingdom governing the reparation and dissemination of financial staiernents may differ from leglslttion in other jurisdictions. Sied by order of the trustees on 17 November 2022 Prof Sir Stephen H Pow15 Chair of Tru5rees PJG Secretary to the trustee5
INDEPENDENT EXAMINERS'S REPORT TO THE TRUSTEES OF THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Year ended 31 July 2022 I report on the a¢¢ounts of the charicy for the year ended 31 July 2022 which are set out on page$ 6 to 10. Rwp¢¢tive responsibllities of tru5tee5 and axaminer The trustees are responsible fL)r the preparation of the accounts. The trustees conslder that an audlt is not required for this year under seedon 144121 of the Charities Act 2011 (the 201 l Act) and that an independent examination is needed. It 1$ my responsibility to: Exarnine the CoUntS under sethon 145 of the 201 I Ac¢ To follow procedures laid down in the general dIreOn$ given by the Charity Comtnission under secdon 14515llbl of the 2011 ACL and To 5tste whether particuLir matters have Come to my attention. Basi5 of independent ¢xamin¢r's report My examination was carried out in accordan with the general direttions &ven by the Commission. An examination indude5 a review ofthe accounting records kept bythe charity and a compari50n ofthe iccounts presented with those records. It also includes consideration of any vnusual Items or discltssures in the account5 and seeking explanations from you as the trustees concerning Such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and Consequent no opinion 15 yven a5 to whether the account5 present a 'true and fair view, and the report is limited to those matter5 Set out in the next $tatemenL Independent Exam•Ther'$ $tatement In connec¢ion with my examination, no matter has corne to rny *rtention: which yeS me reasonable cause to bdieve that in any rnateriil re5pett the requirements: To keep accounting record5 in accordantt with 5ecuon 130 of the Charr(ie5 Att 2011- and b. To prepare accounts which accord with the aeeounting record5 and comply with the accounting requirements of the 2011 Act have nix been meL Dr to whith, in m aceounts F6 be opinion, attention should be drawn in order to enable a proper understanding of the eached. Andr•w Br(rn• ACA Hay5rnaantyre LLP 10 Queen Street F1ace LONDON EC4R IAG 17 November 2022
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Statement of financial artivities For the year ended 31 July 2022 2022 2021 Note INCOME Cash donations Donations in knnd Inctsme from investments 50 7.651 21,801 6208 22.971 TOTAL INCOME 29.179 29.502 EXPENDITURE Raising fvnds- investrnent management costs Expenditure on charitable actywties Cost of seryice5 dgnated by the Worshipfijl Company of Cordwwners 18.808) (21.353} 16208) 111611 {23.022} 17.651> TOTAL EXPENDITURE 36,369 32,834 NET EXPENDITURE BEFORE (LOSSESYGAINS ON INVESTMENTS (7.190) (3.332) Reatised gain51(losse51 on investments Unall$ed gainslllossesl on investtnepts 13.081 {10,1591 10,736 107.854 NET MOVEMENT IN FUNDS FOR THE YEAR (4.268) 15,258 Total funds brought forward 1,129.042 1,013,784 TOTAL FUNDS CARRIED FORWARD 1.124.774 1.129.042 l of the above arngunts relate to continuing activwes. l the above amounts relate to unrestrKted fijnds. The note$ on page$ 8 to l O form part of these financial statem•Thts
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Balance Sheet As at 31 July 2022 2022 2021 Note FIXED ASSETS InvestmenTS 1.120.509 126.044 CURRENT ASSETS Cash at bank 7.217 27.907 CREDITORS: arnounts falllng dtse wlthin one year Q,9521 {24,9091 NET CURRENT ASSETS 4.26S 2.998 TOTAL ASSÉTS LESS CURRENT LIABIUTIES 1.124,774 1,129,042 TOTAL NET ASSETS 1,124,774 ,129,042 FUNDS Unrescrirted incorne funds 1,124.774 1.129.042 TOTAL FUNDS ,124,774 1.119.042 These financial stitements were approved by the trustees and authori$ed for i$$ue on 17 Novernber 2022 and are 5i8ned on their behajf by.. Prof Sir Stephen H Powis Chr of Trustee& hamborlain Tru ee The notes on pages B to 10 fomi part of these financial statements
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Note5 to the Financial Statements For the year ended 31 July 2022 I ACCOUNTING POLICIES Basis of accountin8 The financial statements have been prepared in accordance Accounting antl ReportTrng by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporring Standard applicable in the UK and the Republic of Ireland IFRS 102) (second edition, issued in 20191- Charities SORP IFRS 1021. the Finanoal R¢porting Standard applicable in the UK and Kepublic of Ireland IFRS1102} and fhe Charives Act 2011. The financial statements are prepared on agoing concem b3sis under the histtsrical tost convention. The firtancial statements are presenred in sterfin& which is the funtoonal eurreney of the charity and rounded to the nearest pound. The Royal Free London Nurses and Mldhwves Tryst meets the definition tsf a public bentht entity under FRS 102. The trustees consider that there are no material vncertainties about the charity s ability to ctsntinue as a Kolng concern. Inv¢strn•nt incom• Dividend5 are recogni5ed on a received basis. Voluntary income Donations are included in the financial statements when receivable. Generally. thi5 will be on rpt of thè payment or rtotlficaon of an imminent payrnenL Donatk*ns in kind I intluded at the e5tirrAtrd value to the charity of the servitts received. Exp¢nd•ture and •rrecoYerable VAT Expenditure is accounted for on an accru$ basis and is COgnised once the is an obligtion to make a payment to a third party and the amount of the obligation can be measured rel¢ably. Expenditure 15 inclusive of any VAT which onnot be ¢t)Ved. The costs a5500ated with donations in kind are induded at the same value a$ the relaTrd income. Expenditure which is direttly attributable to 5pecthc xtwities has been induded in the $[ of operation of the activitie5. Other office costs which are attributable ro more than one activity are allocated to 5uppofL Fund Strurtur• Unrestritted income funds are general funds that are avwlable for use at the irusLees' discretion in furthernThce of the objecrives of the charity. F5xed asset investments Frxed asset investments are induded at market value. Taxatlon The charity is exempt from corporation tsx on its ch¥htable actlvltles.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Note5 to the Financial Statements For the year ended 31 July 2022 2 INCOME FROM INVESTMENTS 2022 2021 Di¥idends from fixed asset investments 22.971 21,801 22.971 21,801 3 EXPENDITURE ON CHARITABLEACTIVITIES 2022 2021 Note Grants Awards cerernony Support costs 17,3(K) 21.767 3,112 1.255 21,353 23.022 4 SUPPORT COSTS 2022 2021 Independent Examiner's fee Accountancy fees 1,152 1.960 1.080 175 3.112 1.255 GovernaTr costs are induded within 5UPPOrt costs and relate to the Independent Exarniner s Fee. INVESTMENTS 2022 2021 Cost or valuation As at l AuDst Purcha5e5 Dssposals Change in market value 1,105.236 207,248 1195,146} 110.159) 943,195 255,430 1201,2431 107,854 Asat31July 1.107.179 1.105,236 Cash held for investment 13,330 20,808 Total investment vatue as at 31 Juty 1,12Q.509 1 126.044
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Notes to the Financial Statements For the year ended 31 July 2022 7 CREDITORS: amounts falling due withln one year 2022 2021 AccTua15 Grant accrual 2,952 3.142 21.767 2.952 24.909 B RELATED PARTIES The Worshipful CompaTry of Cordwainers has a lon*stsnding relationship wtth the ROY Free London group of hospiu15 dating back to Dr Williarn Mar5den, who was Masrer Cordwainer in 1849 and who founded the Royal Free Hospital in 1828. The Cornpany 15 considered to be a related party of the cPArity as the Company initiatsd the Setting up of the charity in 1964 and has representation on the Board of Trustees. -During"the year.thtr¥VoFsWkComp +seFyitrttr¥ya1Ytr9f-É&l9s-{.2Ql.1. £7,651) to the charity in respect of staff costs. The chary paid accountancy c05rs of £1.96012021.. £175) to the Wor5hipfvl Cornpany OF Cordvrdiner5 which reduced the level of donated serYice5 in 2021122. Accruals indudes nil (2021.. £2621 due to the Worshipful Cornpany of Cordwainer5 at the year end. 10