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¢ Examir￿￿S 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 appro￿￿1 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 MI￿5¥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 in￿trd 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 invol￿d. 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 reawn*le 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 $￿e ofthe home of res[ In 1979. the trusrees have f¢xussed on x%Yarding 8ranrs whlth prO￿de educad¢)nal benefirs for the nurses and rnAwive5 at the Royal Free London youp ol.h05PitIs. P￿bIk benefft The rru5Eee5 tonfim) they have coMpl￿d with the duty In secdoTr 17 of the Charrtles kn 2011 in tha¢ they have referred to the guidwKe contained in the Charity COMM￿S￿n.$ 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 add￿tsn. 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 8￿d 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 COn￿n￿e to expl¢re additlonal ways ro $upwrt the well-belnE ol the nurses and midwi￿S of the Froe London group (pf hospitals In1Sne wlth the objectiYp5 of the chary. The ¢ru¥tees wll ￿$0 contywe to re¥￿W grnnt ywng in rhe current uncertain econofflic climat4 parti¢ularty since applicauons for granTS have rerurThed to pre*andemit level5. TRUSTEES, RESPONSIBILITIES STATEMENT ThÈ [ru￿t$ are responsible for preparir¥ the tru5tees' annud reportaTrd the finanfthe 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 Se￿CeS 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$l on Investments 10,837 4.401} NET MOVEMENT IN FUNDS FOR THE YEAR (31.416) <4.268) Toot fiJDds brought fer*Rrd 1.124.774 1,129.04Z TOTAL FUND5 CARRIED FORWARD 1.093,3S8 1.124.774 All of tho abo￿ amounTS relara ro conElnulng acdvrfe All th¢ above amounts reknte Eo tsnrestrlcted funds. The notes on pag•s il to IQ fom) part of tht*e fi*ancial ststementS THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Balance Sheet As at 31 Juty 202J 1023 2022 Notè FIXED ASSETS Investments 1.089.368 1.110,509 CURRENT ASSETS C￿h at bank 7,032 7,217 CREDITORS: amounts falllnt dut vlthln ane year 13.0421 119521 NET CURRENT ASSETS 4.265 TOTAL ASSETS LESS CURRENT LIABILITIES 1,093.358 1,114,774 TOTAL NEf ASSETS 1.093.JS8 1.124.774 FUNDS Unrestritted Income fijnds 1.093.358 1.124,774 TOTAL FUNDS 1.093.358 1.124.774 Thèst ffinanti￿ staternents were approved by the tnjstees and authorised for i55ue orl 6 November 2023 and are 51gned on their behaw br. Prof Sir Stephen H Pow15 Chllr of Trustets A Chamberlairb Trustee ThÈ notes ort p4t$ 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 statem￿ts have been prepared In aecordantt wlth Ae¢ounflng and Reporting by CharityÈ& Ststement of Recornrnended Practyce applicable to charlties prep*rlng 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- char￿0& 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 hIsto￿tal 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 t￿1 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 Y￿Ue 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 f￿d5 are ¥ened funds that ar¢ aVaila￿e for use at tnJstee$' discretw)n in rtherance ofthe Obl￿¢￿¢$ ofthe charity. Flxed asset Investments Fixed asset in¥esunwrs are included at market vabJe. T￿tion 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￿￿$t Purchases Disposals Change in n)arkeE y￿ue ,107,179 In207 {167.165) {34,401} 1.105,236 207,248 1195.1461 110.159) A5at31luty 1.077B20 1.107,179 Cash held for inYe5rmene 13,330 Tod Irwesth)ent ￿u8 as at 31 luty 1089 36• I 120509 THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Note$ 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 Cordw￿ner 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 Worship￿1 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 C0th￿ners. Accru￿5 indwJe5 fHI12021. Inil) due to the WorshipfiJl Cornpany of C0r¢frw￿ner$ 4t th¢ year end. 10