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 MI￿1VeS Trust
Charity Number
234902
Principal Office
Clothworkers. H￿1
Dunster Court
Mincing Line
LONDON
EC3R 7AH
Trurtees
A Chamberlain
CDHill
LJ Mattin
M M M￿eld
Profe550r Sir Stephen Pow15 (Chairman}
Dr C P R s￿nner
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 Ire51￿ed 18 November 20211
CDHill
L l Mattin
M M Maxfield
Profe550r Sir Stephén Powis ICha*rm•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 Origin￿lY to PrO￿de 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 form￿rY 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 LOV￿0￿ 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
e￿sting 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
MI￿l¥e5 at the Royal Free London group of hospitals.
Publlc benefit
The tru￿e$ 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 co￿d. the war in
Ukraine and the fuel cri$F5.
TRUSTEES, RESPONSIBILITIES STATEMENT
The trustees are responsible for preparing the trustees. annual repc*rt and the financial statements in accordance
th the United Kingdc*m Standard5 (Unl￿d 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 Charit￿5 website. Le￿.51atIon In the United Kingdom governing the
reparation and dissemination of
financial staiernents may differ from leglslttion in other jurisdictions.
Si￿ed 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 dIre￿On$ 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
Un￿all$ed gainslllossesl on investtnepts
13.081
{10,1591
10,736
107.854
NET MOVEMENT IN FUNDS FOR THE YEAR
(4.268)
15,258
Total funds brought forward
1,129.042
1,013,784
TOTAL FUNDS CARRIED FORWARD
1.124.774
1.129.042
l of the above arngunts relate to continuing activwes.
l the above amounts relate to unrestrKted fijnds.
The note$ 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
Ch￿r 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 r￿pt of
thè payment or rtotlfica￿on 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)Ve￿d. 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
+seFyi￿trttr¥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