CHARITY REGisfRATION NUMBEIL. 234902 THE ROYAL FREE LONDON NURSES AND MIDWIVES TRusr ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Conterts TT$JSt. Annual Rp)rt kndewdert Ex¥nins IleF Statement of nancIal kni¥ioe5 Balan¢e S)eet Notes to the financi Stateme
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Referen and Administrative DetsH5 Regtstsred Charlty Nmt 234902 Prfncipal Office Gutw Lane LONDON EC2V 6BR TNstse5 CDHill LJ Plattin M M Maxfidd Profe550r &r Steph• H Pawts Ichairnw) Dr C P R Skwiner PJGrnh IndependEnt Examwler Mrs C M Ets B5c ACA 2 Kinywood knd LONDON rf193NE 37 fleet Street LONDON EC4Y IBT Bordier & Qe IUKJ Pk 23 Kr¢g Street LONDON SWIY6QY
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustee5' Annual Report For the year ended 31 July 2024 The trUSte2s Frtnt their ann4d report ald the t¥cl st3tErnEnts of the dmricy for year wded 31 july 2024. The financt31 Sments COTnpty with the ChariE5e5 Acr 2011 atwj kcourknl8 and keprung by Chatitie Statemgnt of Recommend•a Prkctice 3ppIFcabbe in the UK ar Rewblir of Ireland 1021 {second editio sued 20191. REFERENCE AND ADMINisfRATIVE DEfAILS ReferetKe and &nht&trafv drtuls are shown in the xhedule of and athninistAtiv details on page l of the fina1 statemen TRUSTEES The trusw who sed the durlty rIngthe perknd aftd up to the aPpval of the fm3ncRI statems ware as foll)W A Chamberlain CDHil Ll Mattin M M M&¥field ProfEssor s steen H Powts (Odrnw) Dr C P R Skinner STRUCTUR4 GOVERNANCE AND MANAGEMEI Governlng document The Rgyai Free Londor¢ atKI Mi(knves Trust i% C(KLStiDJted by the T[t Deed dated 1964 with in 201& well as utsd Constiwtion x¢yd by Ckthriy tsryK5sion in August2021 Its objects were 0ri8inally to PrOd8 a home of re5tto affDrd a nx¥o 3nor rn1 recup¥0 forthe nutTs ex- nur5eJ and mkh¥r ot ts ROY Free HospitA The propery was 501d 19n with the of the CFArity ar the ol the sak invemtl The Chariry Commission approved th&th• (oMe shcukl be expend¢d frjrthe benefnof nurses. ex. nur5e$ ond midwfves ofthe Royal Free HosF•ta wder the b. K•cuperatye how for th)se in need of• dwryt and v•ho vwÈ urAble to aford such holmty from Indu¢¢lon •nd tAlnini of new tntstees are in?it¢ed to attend a trusted meeting befor¢ fomylty a¢c¢ptN)g the FQSiEiOn ar are akn invited and <our¥ed to th and take parr In ae£ts ¢1 th8 charl$ work to 8w a fiJUtr undrntkng of the issues Lvofved. Or8attlsatlohal rtructur• The appoir¥tment of uustees 1% go¥trned by the trU5t of th dw*i. 5Jb$¢qut •mendmen¢s and the conSDfUtion. Both the WOrshiul ComyyofConhkn aTKI the Koyai Free NHS Foundation Trust can ¥point tnJ5tees. tharitT ts aud1 to new trnstets ro fill ¥xarKies arislrl through the
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees. Annual Report For the year ended 31 July 2024 Aisk mana¥wnent The tnJs¢ees have a duty to identfy and review the rKk5 the dwity 15 W5ed and to ensure 3ppropriate controls zre th pknt ro prThidg rea50nth aswrahce against fraud ¥id Èrror. rmanclal risk in the currtrt econon¥c dimate and therpfore rvliew thè portfolkn with the inve5m)ent manager5 on a regular b35Th The main Opernvo risk rektes to the t%nditU ofthe 8nnual made to nurses and rnidws.ves employed by the Royal Frtt th)n group of hospidk The trustee bpard include5 represenwives from the ROY Free Lon&bn Up Trwly) provide fee(bck +Jn the grant ward& and th• rrusrees have the OPPOrtuniLy to meet those who havè beTrthed from the grants during the yt•r. OBJECTIVES AND AcfiviTIES Ol¥ectlYu and aim$ The objects of the tharity are to prf)Yth for currert nur5C5 and midwkn at the Royal Frte Ho4>ital. educatio benth re£uperthe Ftolidays and h forthose th need %nce the se ofthe hom¢ gf rest 1979, the trurtees havè ftscued on wdrang grants whith pro¥ide ethJtatkYAI benefits lor nur5e5 and mlthwffts atthe Koyal Free Lon ofhgs Publlc befiefft The trustee5 confirn) they h¥e comrAled the Ikn in secti 17 ofthe Charfti¥ Act 2011 In that they havo ferred to the guthnce eontwned ¢n the Charity cm)M'S guidancÈ on publk benefit when ng thé tharrS aim5 and gbienive5 and in fuwre atuyiw settirrf the zMt4nthinK policy for the year. ACHIEVEMENTS AND PERFORMANCE Charlt•bl actlvlds The tharity has continued over the part year to txteThsrrtty suppxt nurse5 rnidwfve5 of the Royal Free London group OfhQ5s. In 2023124. Six grdnTS tsX311ng 560 V•re rne to nurses and midwiYe& enabling them to etther undertake researth or lurther In addiric¢). a of £3W wa5 to the Roy Free Hospiral to 5UPPOrtthE new Ethcational AvArth cerumny cd&Tawg the athieyements ofthe Nr5e5 and Mi7¥e$. FINANCIAL REVIEW necessary to meet a deficit in thé year, and this CQn¢iDues to be the ( The charl5 In5¢¢ portfouo hs gr SI/ TAhJe dt4kn the ¢Wrrent¥cOM•C arwj Po"r clirrA and the thaiity 1n810r Reserves polky The level of re50Thes as at 31 lufy 2024 £1.187230 (2023: £T.093J58). The reswves are wknly unrestritted tharitable distributions eath ytsr. rt is the ofthE trU5tE¢S to retain thè inYe5trnènts to Ixmbj up re5erwes tts pde a tho Incorne ofwhKh wil be to fi¢¢ fvwre and doDatÈon The tru¢$ hve the power ro make and hold w Irmstrnw utho eral fvn& tsl the drIty.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustee< Annual Report For the year ended 3 l July 2024 PLANS FOR FixfuRE PERIODS The trustees contrue to explore adtht#>nal dy$ to support the TAo&befjng of the nurses and midwives of the Royal Free Lon(kn of ho¥tal5 M with the obiecd¥es of the drity. The uijsreps will th continue to review grant gMg in the current Utl ecorm clisrot4 particularly sce appon5 for grants hav rewrned t¢ pre-pandemic leve TRUSTEES. RESPONSIBILITIES STATEMEP The trustees are responsible for preparinzthe tsiJ5tees' ann reporrand the fThncol starement5 iv accordance wrth the United ngdn Stan(knrds (Unityl GerallY Accepted Accountyng Prdce) and apph'cab law and rewIadof. The Faw applitable to dwit1 requires the trusrÈe5 to prepare fIclaI for eath rmanc1 Far which give a trije and fr tW of thÈ stare of affr5 rA the dMrity and of the income and e¥wditure ot the ¢1ority for that period. In preparing these firniclal ststem¥ffs the trustees art rrad to: Selca gjrtable accounting polioe5 and then appty t. Observe the methods and principles in the Clwrw SORP. Make jvdgerrtents and xcouming esDTnatsS rea?e and State whether applrdt4e UK acctyjvtkng stan¢tsr& have been f(thwed 5ublert Tts ary departure5 discJ05ed and expl&ned in the fin2fto ¥tateMeTh Prepa the finADci31 statements tffj the conorn basi% unless it i4 tiyproprknts to prewme that chary 11 continue in Thè thlJStee5 arn respons for proper accouming record5 di5c105e wth rt3sthth1e 3coJrw at aThy tirne the financi sItIon ofthe ch#rity Ind w*ble to ensJretrAt the financial Statets comply with the chare5 Art 2011. the appwe Ch¥hJ& (Acc4$ and Rw15) Regulation5 the provisions of the cor15titution. The trwfee5 ¥e also reb for sal¢wdry the assets of the charity and hence for taklng reasonable step5 fry the preYentK>n and detect of fraud and other Yrylatitie5. The trustees are respolIe fv the maintenantr aTh4 intwirr of the ch3r¢able and information with the public dornain. Lew5kathn in the Lknited "ngdoM go¥ernin£ the p and thsseminotion of financial statttnenrs may ¢&ffèrfrom In other lurtsthcdons. Soned by order ofthé <>r$ 24 October 2024: Prof Sir Stephen H Powts Chwr of Trustee5 PJG
INDEPENDENT EXAMINERS'S REPORT TO THE TRUSTEES OF THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Year ended 31 July 2024 I report on the accounts ofthe tharity torthe year ended 31 luty 2024 which Oljt on p•p 6 to 10. required for this year under Sea 14¢Q) of the Charities Att 201 I (the 2011 Art) and that an indwdeTht examirRvon 15 need It is my re5ponbility to: E¥2mlne the accJ$ undw Secti( 145 dthe 2011 A¢ To follow proE¢dure5 dtywn In threcthxts by th commissi unthr 5edion 14515)(b) of the 2011 Affj and To stste whether particubr nMttW5 have cfft to attentK>
1$ of independent examin¢O$ roport
examina(¥on inclu¢kn a reyivw 9ftheatt0w8r0rds kw bythe tharicy2nd acomparknTh ofthe atctyjnts presented those r¢¢or& It akn induvjes consideration of any unusual It or dtsck>sure5 in the accoui)ts and sethng explar4tiorts from you as the truslees convrnwi suth r[Atte The procedures w&rtaken do n¢X prOde all the evid2nce that WDuld be rquired VL an audit and Corw no op¥iion 15 81¥ a5 to whether the accounts present a true and f¥ Vt and the report 15 ii)xed w tsknse matters set out in the next 5tat¢menL Independ•n¢ Eartne$ stat•m & To keep xcouming records kn xcordance tMh sedon 130 of the CIArK5 2011: and ¥counting r4UIremty ofthE 2011 Acth*Ye nOtb met I to vthith my opinw sh¢wkl be drawn in ord¢r to erAble a prow unders¢anthng of tht MrsCMEdgeBF 2 Kin¥swood Road Wimbled( LONDON SW19 3NE
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST For the year ended J l July 2024 Note 2024 2023 INCOME Donations In kiftd Income from Inve5trnts 7,064 31931 6.641 27.271 TOTAL INCOME 40.995 33,912 EXPENDITURE Raising fuDd5- eStment coxs Expèndiwre on charipbk aEuYitse5 Cort of seThice5 donated by the WorshiFAul ComFAny of Cordw&iDers (8.n2) (26.964) (7.0641 (8,3ni 12&7501 {6.641) TOTAL EXPENDITL•RE 750 41.764 NET EXPENDITURE BEFORE (LOSSESYGAINS ON INVESTMENTS (1,755) ,852) 3,875 91.7S2 10.837 (34.4011 Unrealised n(lOSSes) w iAve5ty) NET MOVEMENT IN FUNDS FOR THE YEAR 93.872 (31.416) Total lunds br0uAhrfordrd Im3J58 1,124,714 TOTAL FUNDS CARRIED FORWAIID 187.230 093 358 +lJl of the amounts re to ¢tina¢e*
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST A5 at 31 Juty 2024 2024 2PZ3 FIXED ASSETS 1089 368 Inve$trnts 179.140 CURReNT ASSErs C¥h at bank 7.032 &590 CREDITORS: zmounts falkng within oneyear (5fr)) 13,042) Nrr CURRENT ASSET5 TOTAL Assrrs LESS CURRElff LIABILrriES 1.187230 1,093,358 TOTAL NEf ASSErs 1 187230 1093 358 FUNDS Unrestricted income fvDd5 .187.230 I,(B3.358 TOTAL FUNDS 1 187230 1093,358 These financi sratements wre apwoNd by the trustees and authori for issue on 24 Qctober2024 and are $ied th&r behalf by. ProlSiT steph H Po*is Cha¢r dTrwt¢
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST For the year ended 31 July 2024 l AccouKfiNG POUCIES Basls of actountlng Tne financial statements ha¥e been prw8d WL accordance with Anting and Reporting Charities.. Statement Df Ke£unmended Practste 8PFAKable w cFaritiES prepari8 their attounts in xcordance vith the Ftnanckl R¢porrlng Sundard applicable in th2 UK and th¢ KepubSc of Ireland {FRS 1021 Isetond edtuon. issued in 2019I- Charitie5 SORP (Ffts 102). the FanCial Rwting Sw&rd altable ITr the UK Republic of Irejand IFRS1102) and the Chitie5 Att 2011. The fironthl statsments are prepared on agwg concern bau"s uThJer the hi%torid c05tc¢n¥ention. The SEatements are presented in stsrkn& is the functional CU£¢1 of tha charity and rounded to the nearest Pn& The Rordl Free Nurses and Mithwiyes Trux meets the definiip>n ofa pth bwdk enpty under FRS 101 The tru5tee5 C¢yoidtrtha¢ there are no rrAtero1 urterrimies aboutthe charfs to continue ¥ a in8 concern. IM¥estment income oMde& are recognw rtted b351L Volthrtary IrKom• Dorr&thn5 are kncluded in the finaThial statements when Gw)eralTry, 11 b• OD roceipt of the Fxymtnt ty n¢JtsfKan ofan imrnKJcrt payTneDL Doftatrons In kknd are inclu&d * th •St) IR$ to the tharity seTrices recelvtrl xpnditure and ieCoVer•bIt VAT Expenditure Is accounted for an accruls basi and is reCtid Or 15 * btiOn to make a payment to a third party athl the amun¢ of the 1>bhb)n on be rn&15ured reliably. Eyn¢fiwre i% inclu5fve danyVATwhich cannor be rectse The coll$ assoc1x wth in klnd are induded Expenthjre whkh Is thredy attriKe to ha5 been indudod In the cost of operdtlon of the acties. Other offKe cos1$ vIFth are attre to thèn ce actritY are allocatrd to Fund strurture Unrestyrd In£om* fijnds are fiJnd5 tkr lable for use ar trw5teÉs' thstreon furtherarbce o( the obiecuvts of tht tt4rity. Taxation
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST to the Financlal Statsments For the year ended J l July 2024 2 INCOME FROM INVESfMEfrrrs 2024 2013 213 33,718 62 27309 Oivldefids from fixed asset inYeMnRrhts 27.271 3 EXPENDITURE ON CHARITABLE AcrivrriES 2024 2023 25.560 300 1,104 22,920 Awards cererr Support ccssts 3,530 4 SUPPORT C5 2024 2023 Independent Examlnerfs fee Accountanq f Bank charges Sundry 51y) 203 361 1.242 1.987 301 Goyernance costs are wded within supptsrt costs and relate tothe Irdqjvthnt Exarninerf5 fee. INVESTMENTS 2014 2023 Cort or Tduation As * l Augurt Purchases Disposals Change in markEt I77.810 124,428 (124J03> 91.752 1,107,179 171207 {167,1651 (M.4011 at311 1.169.697 1.077,820 Cash hdd f(>r In¥stmert 9.443 11.548 Totsl In¥estrnrt at 31 Idy 1 179 140 089 361
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Notes to the Flnandal Ststements For the year ended 31 July 2024 6 CREDrroRS: amounts f8llyy due withm 2014 202J Accru$ 500 3.1x2 51x1 3.042 7 RELATED PARTIES The Worshlpfid cpanY of C)rthriner5 has a lorstsnding rePdtb)thip with the Royal Free London p OF h05Pitals dating bxk to Dr Wilhm Marskn. who Master Cord¥YAiner ID 1849 and who founded the Free H05pitsI in 1818. The Compary considered to be a reknted p3rty ofthe clwxy 4$ the Cthmpany ini¢iattd the setting of the chrw ift 1964 and has repre5eMation on the B(sard gf During the year WorshIp[ Ccxnpany of CorlhvnerS &12t¢d 5er¥ice5 to of £7.064 0.. £16411 ro the chariry in respect of staff cost Th• p4d accountancy Costs of £Z003 12023.. £1.987) w the Worshpfvl Company of Corsth¥w"n Actr$ inchjdes nil Q023: thif) 4kn to the Wor5hpfvl Cryry gfCorth•nlnÈrs at th ygar en 10