CHARITY REGISTRATIQN NUMBEIL. 23490Z THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRusr ConteThts Pw Réfer•n¢¢ Ind Admini5trfft Detad5 Trus¢¢ Artn Report Ith(Wrbl¢n¢ ExamirS Report Statemert ol Fknancll Acrmdes BaknTr Sheet Note5 to rhe Flnanclal 5TaremEnts
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Reference and Adminlstratlve Detalls Registered Charlty Nam• The Royal Free London Nurses and Midwives Trust Charity Number 234902 Principal Office Saddlers House Gutter Lane LONDON EC2V 6BR Trustees A Chamberlain CDHill LJ Matun M M Maxfield Professor Sir Stephen H Poyrfis Ichalrnian) Dr C P R Slinner Secretary to th• Trustee5 PJ Grdham Independent Examiner A Broome Haysmacintyre LLP l O Queen Street Place LONDON EC4R IAG Bankers Hoire5 Bank PIC 37 Heet Street LONDON EC4Y I BT Investrnent Managers Bordier & Cie (UK) PIC 23 Krng Street LONDON SWIY 6QY
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees, Annual Report For the year ended 31 July 2023 The trustees present thèir annual report and the firwic1 s¢atements of the charity for the year ended 31 Juty 2023. The financial ststements compty with the Charities Act 2011 and Accounting and Reporting by Charities: Sotsment of Recommended Practyce applicable in the UK and Republic of Ireland (FRS 102) (second edition. issued 2019). REFERENCE AND ADMINISTRATIVE DETAILS Keference and idministrative d&wls are Shown in the schedule of reference and administrative details on page l of the financial statements. TRUSTEES The trustees who served the charity during the period and up to the appro1 of the financial statements were as follows.. A Chamberlwn CDHill L l Mattin M M Maxfield Professor Sir Stephen H Powls Ichalmian) Dr C P R Skinner STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Roy31 Free London and Midwives Trust is constituted by the Trust Deed dated 1964 with amenthnents in 2018 and 2022, as well as an updated Constitution accepted by the Charity Comrnission In August 2022. Its objects were originally to provide a home of rest to afford a means of physical andlor mental recuperauon for the nurse5. ex-nurses and midwNes of the Royal Free H05Pital. The property %fdS sold in 1979 Vlith the approval of the Charity Commission 2nd the proceeds of the sale Investsd. The Charity Commission ¥proved that the income should be expended for the benefrc of nurses. ex- nurses and MI5¥es of the Royal Free Hospita] under the following heading5.' Eduotional need5: b. Recuperdtive holiday5 for those in need of a change and who were unable to afford such holldays from their own resources= and Those in need. Induction and tralnlng of new trustees On appointmenL new trustee5 receNe detailed infomiauon on both their role as a trustee and the d)arSty. They are intrd to attend a tru5tees' meeting before formalty accepting the position and a also invited and encouraged to visit and take part in aspects of the charity's work to gain a fuller undersranding of the Issues invold. Organ15atlonal s¢nJcture The appointment of trustees is governed by the Trust Deed of the chartty and subsequent amendments and the Constitution. Both the Worshipful Company of Cordwainers and the Royal Free London NHS Foundation Trust can appoint trU5tees. The charity is authori5ed to appoint new trustees to fill vacancles arlslng through the resignation or death of an existing trustee.
TPIE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees. Annual Report For the year ended 31 July 2023 Risk mana¥ernent The trustee5 have a duty to identify and review the risks to which the charity is txposed and to tnsu appropriate wntrols are In pke 10 provide reawnle assurarK¢ nsEfraud and eror. The rnjstoes consider the Ydriability of investment rÈturns on investment portfolio to constitute the rnaior financial risk in the current economic climate and rherefore review the Portfol with the invesrment managers on a regular basis. The main operdtional risk relates to the expenditure of the ann grants nmde tts nurses and mldvaves wnployed by the RO Free London group ol hosp> The trustee board indudes repreS¢atyVes from the RO Free London group who prowde feedback on the granr aw¥d5. and the trustw hav¢ th8 opporrunlry tD meet rhose who have benefirod from the grants durlng the year. 08JECTIVES AND ACTIVITIES OblÈttl¥È3 and aims The objeets of thÈ tharty are to pro¥lde for 11 turreTrt hursts and mldwlves at the RtsY Frae Hosp(tsl, educational benefi recuperative holidays and Kenerdl help for th05E in need. Snce the $e ofthe home of res[ In 1979. the trusrees have f¢xussed on x%Yarding 8ranrs whlth prOde educad¢)nal benefirs for the nurses and rnAwive5 at the Royal Free London youp ol.h05PitIs. PbIk benefft The rru5Eee5 tonfim) they have coMpld with the duty In secdoTr 17 of the Charrtles kn 2011 in tha¢ they have referred to the guidwKe contained in the Charity COMMSn.$ gened guidance on public benefit when revi¢wing the tharity's aims and objettwes and in pknning fiAure 1¥11¢$ and setting th¢ yant-InakinE policy for the year. ACHIEVEMENTS AND PERFORMANCE Charrtable arti¥itie5 The charrty has continued over the past year to exten5ivety 5UPPOrt nur5qs and mldwlyes of the Royal Free London zroup of hospit& In 2022123.fivezrants totslling £22.920 hyere made to nurses and midwiw enablTng them ro either undÈrtake research or fvrther educaoon. In addtsn. a granr of £300 was &vors to the R FrEE Ho$pitrl tD $UFVQrtthe new EdUtttlDn Awards cerEtnoDy cdEbwng the athie¥emenrs of the nurses and FINANCIAL REview The rrustee5 4reed at the outset of rhe year to continue wth the level of grancs set uslng reserves ff e£essary to meet a deficit in the year. and this continues to be the case. The charity's investrnent portfolic has len s1i8htty in lue due ¢0 the turrent etonomi¢ and politld cllmat& bu¢ the tharity remwns in a 8d powtion go fornvwd. Reserves policy The level of reserves a5 a¢ 31 luty 2023 i¥ £1,093.3S812022- (1.124,7741. The re5erYe5 are %tholly unre5trlcted and include the revaluauon of Investments whith arÈ unrealised until the s31e of inYe5tment5. After maknng charitable distrtburKsns each year, Sr Ehe pollcy of the trustees to retain the inYestmeThts to build up rese to provide a fund. the income of vthich will be ivailable to finance furure grants and donaTions. Invostment pollcy and oblective5 ThÈ rrustees have the p¢wor to mthè and hold any In¥estm•nrs uslng thè gÈnèrnl ndS of the chary.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees, Annual Report For the year ended 31 July 2023 PLANS FOR F(rfuRE PERIODS The trustee5 COnne to expl¢re additlonal ways ro $upwrt the well-belnE ol the nurses and midwiS of the Froe London group (pf hospitals In1Sne wlth the objectiYp5 of the chary. The ¢ru¥tees wll $0 contywe to re¥W grnnt ywng in rhe current uncertain econofflic climat4 parti¢ularty since applicauons for granTS have rerurThed to preandemit level5. TRUSTEES, RESPONSIBILITIES STATEMENT ThÈ [rut$ are responsible for preparir¥ the tru5tees' annud reportaTrd the finan<ial 5ratemenrs accordance wth the United Kingdom Standard% Iunited Kingdom GerallY Accepted Accounting Prdctycel and applicable law and regulation5. Thè law appllcable to eharitie5 requires the tn55teesto prepare financial statememcs for each finantial year which ve a rrue and falr ¥lew of the stale of affalrs of the Charity and Qf rhe Income and pendIre of thè thariry for thac perfod. In preparing these financial staternents. the trusoes Ire requlr¢d to., lect suitable accounting pdicies and then appty them cothsistendy.. Observe the methods and principles In the charfe$ SORP., MakÈ ludEements Kcouming estymates that are reasonablt nd prudenr.. Stats whether appliable UK accounting stsndards have been followed. subjert to 3ny mRrIa1 departures disclosed and eX[aned in the flnanCI statemert and Prepare the financ1 rtatfjmenrs on the golng <(Cern basi$ unle5$ it 15 in3pproprkte to prewme that the charity will rontynue in QPEfèTlon. The tru5ree5 arE re5porisible for keeping proper accounting records that disch)$0 wrth reasonable tccura¢y at any ume the fin¢1 Ption of the charity and erAble them ro ensure thar the fipancid 5tatetnents cotnply with the ChariESes Art 2011. the ipplie*ble Charttiès (Accounts and Reports) RegtJlatioD$ and the prowlJw)ns Df the consrirution. The rru5¢ees are a150 respDnsibl2 for safeguarding the assets of the chary and hence for rthing rewnable sreps for the prevention and detection of fraud and other irregularities. The tru5tee5 are responslble for the maintenance and InteKrity of th¢ charirabl the public domwn. W"$Lqtion Sn the United Kingdom governing th 5tatemeThts may from in other juri5dicuons. Jnd fInand Inforrnatlon wlthln and disseminatKJn of financ 51gned by order of the ttusrèes Oh 6 Noverrther 2023.. Prnf Sir Stephen H Pow1% Chair ol Trusrees P J Graham Secretary to the Trustee
INDEPENDENT EXAMINERS'S REPORT TO THE TRUSTEES OF THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Yèar Thd 31 July 2023 I report on the acwunts of the charity for the year end¢d 31 july 2023 which are set out on page% 6 to 10. Re5pethTe re5pon5ibilities of trurtees and examlner The trustees are responsible for the preparation of the accounts. The trusEees conslder that an wdlt Is not required for thi5 year under 5ectyon 144121 of the charie$ Art 2011 (the 2011 Act) and that independent ey3mination is needed. It 15 Iny re5pansibility to.. Examine the ¥¢ount5 under settion 145 ¢f th¢ 2011 A<¢ To follow procedures laid down in the gened directions &ven by the Charw Commission under section 145ISllbl ol the 2011 kn. and TD 5tatE whEthEr partKuLryr matters haye come to tny atreniion. Bas15 of Independent exmSner's report My eXamInon carried out in aordaCe with the zenernl direcuons Riven by the Charlty CotntlllsOn. An oxaminaiion includes a rev(ew tsfthe acc¢untlng records keptbythe chariry a comparison of the accounts prwented with those records. ILal$o include5 £onsiderdtion of any Unus{ itern5 or di5closure5 in the aCCDunts and Seeking explanatyor& from you asthe trustees cofvtrrning such matters. The prtscedures Uthdeken do not provide •ll rh¢ eviden that wguld b¢ r¢quired In an audSr and consequenty no oplni¢n is &Yen as ro whether the accourts present a 'true and hlr vlthv. and tho reFX)rt Is limired to those matter5 sel In the next ststemenL Ind•p•nd•nt ExamlneO5 stsrfjmgnt In ccffjnetyon with my examinatlon, Matter has come to my attendon.. l. which w¢5 me reasonable cause tg bgliev¢ that in any ma¢erial respett the requirements: To keep accoullrng recorcL% in xcordance with settion 130 of the chare$ Att 2011- and b. To prepare I0u which accord with the accounting record5 and cOmY with the xcounting wirernents r>fthe 2011 Act have not bew met,. or to which. in my accounts to inion. attention should be drawn in order to enable a proper understanding of the Andrww Broome ACA Haysmaclntyre LLP 10 Queen Srreet Ftsce LONDON EC4R IAG 15 November 2023
THE ROYAL FREE LONDON NURSE5 AND MIDWIVES TRUST Statemont of flnancial activities For the year ended 31 July 2023 2023 2022 Not• INCOME Donat)n5 in knnd Intome from Ihvestments 4641 27.271 6,208 22.971 TOTAL INCOME 33.912 EXPENDITURE Raising funds- invesrmtnt marwent cos¢s Expenditure on charitable acth+itles Cost of SeCeS donated by the Worshipfvl Company ol Cordwainers 18,373} (26,750} 1&641) 18.8081 (21,3S31 16,2081 TOTAL EXPENDITURE 36.369 Nsf EXPENDITURE BEFORE (LOSSESYGAINS ON INVESTMENTS (7A51) {7.1911) Realised gainslllossesl on investment Unreali$ed gIn{lO$se$l on Investments 10,837 4.401} NET MOVEMENT IN FUNDS FOR THE YEAR (31.416) <4.268) Toot fiJDds brought ferRrd 1.124.774 1,129.04Z TOTAL FUND5 CARRIED FORWARD 1.093,3S8 1.124.774 All of tho abo amounTS relara ro conElnulng acdvrfe All th¢ above amounts reknte Eo tsnrestrlcted funds. The notes on pag•s il to IQ fom) part of thte fi*ancial ststementS
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Balance Sheet As at 31 Juty 202J 1023 2022 Notè FIXED ASSETS Investments 1.089.368 1.110,509 CURRENT ASSETS Ch at bank 7,032 7,217 CREDITORS: amounts falllnt dut vlthln ane year 13.0421 119521 NET CURRENT ASSETS 4.265 TOTAL ASSETS LESS CURRENT LIABILITIES 1,093.358 1,114,774 TOTAL NEf ASSETS 1.093.JS8 1.124.774 FUNDS Unrestritted Income fijnds 1.093.358 1.124,774 TOTAL FUNDS 1.093.358 1.124.774 Thèst ffinanti staternents were approved by the tnjstees and authorised for i55ue orl 6 November 2023 and are 51gned on their behaw br. Prof Sir Stephen H Pow15 Chllr of Trustets A Chamberlairb Trustee ThÈ notes ort p4t$ 8 to 10 fornh part of th954 flnan¢lal 5tat¢ments
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Notes to the Flnanclal Statements For the year ended 31 July 2023 I ACCOUNTINfj POUCIES Basls of accourtlng The financiat statemts have been prepared In aecordantt wlth Ae¢ounflng and Reporting by CharityÈ& Ststement of Recornrnended Practyce applicable to charlties preprlng Eheir acctsunrs in accordarte wkh the Financi Reporring Stsndard applicable in the UK and the Republic of Ireland (FR5 1021 (second edition. issued in 20191- char0& 50KP IFRS 1021. the Financial REporting Standard appkcable in the UK and Rtpubllt of Ireland IFRS11021 and the Chariues Acr 2011. The financial srètsments are prepared on a golng eothcern basis underthe hIstotal cosc cofbvention. The fiThancial statEments are presented in sterlin& which Is rhe funcuonal currency of the chariry and mJndEd ro rhe nearest pound. The Royal Fr LtsTrdtsn Nursts and Mitknves Tru5¢ meets the definivon of a pub¢ benrf entiry under FRS IQL The rw5ree5 con5idEr t1 there are no material uncertainties about the charity's abllity to ccfftrlnue as a zolng concern. Inv•stm•n¢ Incom• Dlvldends are reco8nised on a received basi5. Voluntary intome Donarion$ are induded in the nroncial sratements when receivable. Genedty. this wll be on re*ipt of the payTnent or notrficatty)n of an imminent pymenL Donat$ in knnd are included at the estyrnated YUe to the ch•iry of the services recelved. ExpeNdFturè and IrYÈttsverablé VAT Éyenthture is atcounièd for on an accruals basis and 15 Tecognised once there 15 an obli8atk)n to make a payment to a third pary and the amount of the obligation can be measured reliabty. EKpendioJre is inclusNe Df any VAT whlch tsonot be recovered. The £osrs assoclattd with donations ITr knnd are irKlud2d at the same value as thè relat income. Expenditure which dir atrributsble tt) specific acEhr(les has been included in the cosc of operydflon of Ehe •Ctivitvèk OEhEf Dffice C05ts which are attributable to more than one actDthy are allocated t suppcrL Fund struthre Unrestricted incoffle fd5 are ¥ened funds that ar¢ aVailae for use at tnJstee$' discretw)n in rtherance ofthe Obl¢¢$ ofthe charity. Flxed asset Investments Fixed asset in¥esunwrs are included at market vabJe. Ttion The charity 14 exemp¢ from (P&t100 ttx OTh its tharkable acuvifles.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Note5 to the Ftnanclal Statements For the year dad 31 July 2023 2 INCOME FROM INVESTMENTS 2023 2012 Bank in*resc Dwidends froTrm fLKed a55et illVe5tmErits 62 27.209 21971 27.271 21971 3 EXPENDITURE ON CHARITABLE ACTIVITIES 2023 2022 Grants Awards ceremony Support costs 21920 300 3,530 17,300 941 4 SUPPORT COSTS 2023 2022 IndEpendent fee Accountancy fees Bank char¥ts 1.242 1.987 301 1,960 3.530 3.112 G¢)vernanee induded wlthln support Costs and relat¢ to the Indep¢ndent Examln¢r'5 Fe INVESTMENTS 2023 2022 Cost or valuitlc As at l A$t Purchases Disposals Change in n)arkeE yue ,107,179 In207 {167.165) {34,401} 1.105,236 207,248 1195.1461 110.159) A5at31luty 1.077B20 1.107,179 Cash held for inYe5rmene 13,330 Tod Irwesth)ent u8 as at 31 luty 1089 36• I 120509
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Note$ to the Financial Statements For the year ended 31 July 2023 6 CREDITORS: amounts ling du8 vlthin one year 2023 2022 Accru$ 3.042 1952 3.042 7 RELATED PARTIES The Worshipful Company of Cordwainers has a long4tanding relationship with the Royal Free LondDTh oup of hosplral$ darSn8 back ro Dr Willlam Marsden. who wa5 Masttr Cordwner ltt 1849 and who founded the ROY Free Hospital in 1829. The Company is considEr&l to be a related party ofthe chariry as the Company inlrhiced the setunx up of the chthty In 1964 and ha5 reprexTrwon on the Bwd of Trustee& During the year the Worship1 Company of Cordwainers dtsnarÈd sarvices to a lue 01 £6.6411202L. £6,208) ¢(b the chariry in respecr of sraff cosrk The tharty pald attounfary t05ts of £1,987 P021. LI.9601 to the Worshipful Company of C0thners. Accru5 indwJe5 fHI12021. Inil) due to the WorshipfiJl Cornpany of C0r¢frwner$ 4t th¢ year end. 10