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$JSt￿. Annual R*p)rt kndewdert Ex¥nin*s IleF Statement of ￿nancIal kni¥ioe5 Balan¢e S)eet Notes to the financi￿ Stateme THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Referen* and Administrative DetsH5 Regtstsred Charlty N*mt 234902 Prfncipal Office Gutw Lane LONDON EC2V 6BR TNstse5 CDHill LJ Plattin M M Maxfidd Profe550r &r Steph• H Pawts Ichairnw) Dr C P R Skwiner PJGrnh IndependEnt Examwler Mrs C M Ets B5c ACA 2 Kinywood knd LONDON rf193NE 37 fleet Street LONDON EC4Y IBT Bordier & Qe IUKJ Pk 23 Kr¢g Street LONDON SWIY6QY THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustee5' Annual Report For the year ended 31 July 2024 The trUSte2s Frtnt their ann4d report ald the t￿*¥c￿l st3tErnEnts of the dmricy for ￿ year wded 31 july 2024. The financt31 S￿￿ments COTnpty with the ChariE5e5 Acr 2011 atwj kcourknl8 and keprung by Chatitie Statemgnt of Recommend•a Prkctice 3ppIFcabbe in the UK ar￿ Rewblir of Ireland 1021 {second editio sued 20191. REFERENCE AND ADMINisfRATIVE DEfAILS ReferetKe and *&nht&trafv drtuls are shown in the xhedule of and athninistAtiv* details on page l of the fina￿1 statemen TRUSTEES The trusw who se￿d the durlty ￿rIngthe perknd aftd up to the aPp￿val of the fm3ncRI statem*s ware as foll*)W A Chamberlain CDHil Ll Mattin M M M&¥field ProfEssor s* ste￿en H Powts (Odrnw) Dr C P R Skinner STRUCTUR4 GOVERNANCE AND MANAGEMEI Governlng document The Rgyai Free Londor¢ atKI Mi(knves Trust i% C(KLStiDJted by the T[￿t Deed dated 1964 with in 201& ￿ well as ￿ u￿tsd Constiwtion x¢yd by Ckthriy tsryK5sion in August2021 Its objects were 0ri8inally to PrO￿d8 a home of re5tto affDrd a nx¥o 3n￿or rn￿￿1 recup¥￿0￿ forthe nutT*s ex- nur5eJ and mkh¥r￿ ot ts ROY￿ Free HospitA The propery was 501d ￿ 19n with the of the CFArity ar￿ the ol the sak invemtl The Chariry Commission approved th&th• ￿(oMe shcukl be expend¢d frjrthe benefnof nurses. ex. nur5e$ 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 ital. educatio￿ benth re£uperthe Ftolidays and h* forthose th need %nce the s￿e ofthe hom¢ gf rest 1979, the trurtees havè ftscu￿ed 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 tharr￿S aim5 and gbienive5 and in fuwre atuyiw settirrf the zMt4nthinK policy for the year. ACHIEVEMENTS AND PERFORMANCE Charlt•bl* actlvld*s The tharity has continued over the part year to txteThsrrtty suppxt nurse5 rnidwfve5 of the Royal Free London group OfhQ5￿s. In 2023124. Six grdnTS tsX311ng ￿560 V•*re rn￿e 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 Mi￿7¥e$. FINANCIAL REVIEW necessary to meet a deficit in thé year, and this CQn¢iDues to be the ( The charl￿5 In*5￿¢￿¢ portfouo hs gr￿￿ SI￿￿/ ￿ TAhJe dt4kn the ¢Wrrent¥c￿OM•C arwj Po￿"r￿ clirrA and the thaiity ￿1n810r*￿￿ Reserves polky The level of re50Thes as at 31 lufy 2024 ￿ £1.187230 (2023: £T.093J58). The reswves are wknly unrestritted tharitable distributions eath ytsr. rt is the ofthE trU5tE¢S to retain thè inYe5trnènts to Ixmbj up re5erwes tts p￿￿de a tho Incorne ofwhKh wil be to fi￿¢¢ fvwre ￿ and doDatÈon The tru￿¢$ hve the power ro make and hold w Irmstrnw u*tho ￿eral fvn& tsl the d￿rIty. 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 d*rity. The uijsreps will th continue to review grant gMg in the current U￿t￿l￿ ecor￿m￿ clisrot4 particularly s￿ce app￿on5 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 ￿ngd￿n Stan(knrds (Unityl G￿erallY Accepted Accountyng Pr*dce) and apph'cab law and rewIadof￿. The Faw applitable to dwit1￿ requires the trusrÈe5 to prepare fI￿claI for eath rmanc1￿ Far which give a trije and f￿r ￿tW of thÈ stare of aff￿r5 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 r￿￿rad 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 State￿ts comply with the char￿e5 Art 2011. the appwe Ch¥hJ& (Acc￿4￿$ and Rw15) Regulation5 the provisions of the cor15titution. The trwfee5 ¥e also re￿￿b￿ 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 respo￿lIe 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 re5pon*bility to: E¥2mlne the acc￿J￿$ 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 9ftheatt0w￿8r￿0rds 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 prO￿de 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¢ E￿art￿ne￿$ stat•m & To keep xcouming records kn xcordance t*Mh sedon 130 of the CIArK*5 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 MrsCMEdgeB￿F 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 Inve5trn￿ts 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 br0uAhrfor￿drd Im3J58 1,124,714 TOTAL FUNDS CARRIED FORWAIID 187.230 093 358 +lJl of the amounts re￿ to ¢￿tin￿￿a¢￿e* THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST A5 at 31 Juty 2024 2024 2PZ3 FIXED ASSETS 1089 368 Inve$tr*nts 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 w￿re apwoN*d by the trustees and authori￿ for issue on 24 Qctober2024 and are $i￿ed ￿ th&r behalf by. ProlSiT steph￿ H Po*is Cha¢r dTrwt¢ THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST For the year ended 31 July 2024 l AccouKfiNG POUCIES Basls of actountlng Tne financial statements ha¥e been prw8d WL accordance with A￿￿nting and Reporting Charities.. Statement Df Ke£unmended Practste 8PFAKable w cFaritiES prepari￿8 their attounts in xcordance v*ith the Ftnanckl R¢porrlng Sundard applicable in th2 UK and th¢ KepubSc of Ireland {FRS 1021 Isetond edtuon. issued in 2019I- Charitie5 SORP (Ffts 102). the F￿anCial Rwting Sw&rd a￿ltable ITr the UK Republic of Irejand IFRS1102) and the Ch*itie5 Att 2011. The fironthl statsments are prepared on agwg concern bau"s uThJer the hi%torid c05tc¢n¥ention. The SEatements are presented in stsrkn& is the functional CU￿£￿¢1 of tha charity and rounded to the nearest P￿n& The Rordl Free Nurses and Mithwiyes Trux meets the definiip>n ofa pth bwdk enpty under FRS 101 The tru5tee5 C¢yoidtrtha¢ there are no rrAtero1 urterrimies aboutthe charfs to continue ¥ a in8 concern. IM¥estment income oMde￿& are recognw rtt￿ed b351L Volthrtary IrKom• Dorr&thn5 are kncluded in the finaThial statements when Gw)eralTry, ￿11 b• OD roceipt of the Fxymtnt ty n¢JtsfKa￿n ofan imrnKJcrt payTneDL Doftatrons In kknd are inclu&d * th* •St*)*￿ IR￿$ to the tharity seTrices recelvtrl xpnditure and i￿eCoVer•bIt VAT Expenditure Is accounted for an accruls basi* and is reCti￿d Or￿ 15 * ￿b￿￿tiOn to make a payment to a third party athl the amun¢ of the 1>bh￿b)n on be rn&15ured reliably. Eyn¢fiwre i% inclu5fve danyVATwhich cannor be rects￿e￿ The coll$ assoc1x￿ wth in klnd are induded Expenthjre whkh Is thredy attriK￿e to ha5 been indudod In the cost of operdtlon of the acti￿￿es. Other offKe cos1$ vIF*th are attr￿￿￿￿e to thèn c￿e actr*itY are allocatrd to Fund strurture Unrestyr￿d In£om* fijnds are fiJnd5 tkr ￿ ￿lable for use ar ￿ trw5teÉs' thstre￿on 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 C￿5 2024 2023 Independent Examlnerfs fee Accountanq f Bank charges Sundry 51y) 203 361 1.242 1.987 301 Goyernance costs are w￿ded within supptsrt costs and relate tothe Irdqjvthnt Exarninerf5 fee. INVESTMENTS 2014 2023 Cort or Tduation As * l Augurt Purchases Disposals Change in markEt I￿77.810 124,428 (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¥estrn*rt 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 c*￿panY of C*)rthriner5 has a lor*stsnding 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 Corlhv￿nerS &￿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 Cry*ry gfCorth•nlnÈrs at th* ygar en 10