CHARITY REGISTRATION NUMBER: 234902 THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Cortènts Reference and AdminSstrdtiv• Dètails Trust¢es' Annual lieporr Independent Examiner's Report Statement of Financial Attyvfae5 BaLte Sheet Notes w the Financlal Statements
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Reference and Adminirtrative Details Registered Charity Name The Rordl Free London Nurses and Mi&ives Trust Charfty Number 234902 Prlnclpal Office Saddlers House Gutter Lane LONDON EC2V 6BR Trnstees A Chambetlain CDHill LJ Mattin M M Maxfield Professor Sir Stephen H Powis (Chair> Dr C P R Skinner Secretary to the Trustee5 P l Griham Independent Examlner Mrs C M Edge Bsc ACA 2 Kingswood Road Wimbledon LONDON SW19 3NE Bankers Hoares Bank PIC 37 Fleet Street LONDON EC4Y I ST Irwèstment Managers Bordier & Cie IUKI PIC 23 King Street LONDON SWIY6QY
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees, Annual Report For the year ended 31 July 2025 The trusoes present thelr annual rèport and thè financial statements of the charity for the year ended 31 Juty 2025. The financial 5tatement5 comply with the Charities Act 201 l and Accounting and Reporting by Charities= Statement of Recommended Prattiee applicable in the UK and Kepublic of Ireland (FRS 102) (second ediwon. Issued 20191. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative detai15 are shown in th2 schedule of reference and administratlve det1$ on page of the financial statements. TRUSTEES The trustees who seryed the charity during the period and up to the appr1 of the financial statements were as follows.. A chaMberln CDHill Ll Matti M M Maxfield Professor Sir Stephen PoNws (Chairl Dr C P R Skinner STRUCTURE. GOVERNANCE AND MANAGEMETr Governlng document The Royal Free London Nurses and Midwives Trust is con$tiruted by the Tmst Deed dated 1964 wf(h amendments in 2018, a5 well as an updated Constitution accepted by the Charity Commission in August 2022. Its objett5 were oriwnally to provide a home of rest to afford a means of physical indlor mental recuperation for the nurses. ex-nurses and MI1VeS of the Royal Free Hospitsl. The property was sold in 1979 with the approval of the Charity Commission and the proceeds of the sale were Invested. The Chartty Commission approved that the income should be expended for the benefit of nurse8 ex- n¢Jrses and mldwives of the R¢)yal Free Hospit under the following headings: Educitional needs-. b. Recuperative holiday5 for those in need of a change and who were unable to afford such holidays from their own re50urce5- and Those in need. Induction and tralning of new trustees On appointmen¢ new trUS¢S receiye detailed inforniation on both their role a5 a trustee and the charity. They are inwted to attend a tru5tees' meeting before formally accepting the position and are a150 invitsd and encouraged to visit and take part in aspect5 Of the tharity's work to 1n a fuller ursderstanding of the issues involved. Organi5atlonal structure The appoints))ent of tnjsrees is governed by the trust deed of the charity, 5ub5equent amendments and the constitution. Both the Worshipful Company of COrdnerS and the ROY Free London NHS Foundation Trust can appoint trustee5. The charity is authorised to appoint new trustees to fill vacancles arislng thr¢)ugh the resignation or death of an existing trustee.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Trustees, Annual Report For the year ended 31 July 2025 Risk managèmént The trustees have i duty to identify and review the risks to whith the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance ¥dinst fraud and error. The trustee5 consider the variability of investment returns on its investment portFolio to constitute the m2jor financial risk and therefore VieW the porrfolio wrch the investment managers on a regular basi5. The m&in ¢)perdtional risk relaté5 to thè expenditure of the annual grants mide to nurses and mithYive5 employed by the Royal Free London group of hospitals. The trustee board includes representati¥es from the Royal Free London group who provide feedback on the 8rant awards. and the trustee5 have the opportuniry to meet those who have benefitsd from che grant5 during the year. OBJECTIVES AND ACTIVITIES Objective5 and alms The objects of the charity are to provide, for all current nurses and mithyives at the Royal Free H05Pital and the other hospitals in the groupb educational benefits, recuperative holidays and gelle help for those in need. Since the sale of the home of rest in 1979. the trustees have focused on aw3rding grants which provide educational benefits for the nur5e5 and Mi1veS at the Royal Free London group of hospitals. Publlc benefit The trustees confirm they have complied with the duty in section 17 of the Charities Act 201 l in that they have referred co the 8uTdance cont3ined in the Charity Commission'5 general guidance on public benefit when reviewing the thariw s alms and objectives and in planning future activitie5 and Setting the grdnt-making policy for the year. ACHIEVEMENTS AND PERFORMANCE Charitable activities The charity has continued over the past year to exten5ivety 5UPPOrt nurse5 and midwive5 of the Rordl Free London group of hospi¢a15. In 2024Q5. six grants totalling £24,985 were made to nurses and midwives. enabling them to either undertake research or further education. In addition. a grant of 3 was ven to the Royal Free H05Pital to support the new Educational Awards ceremony celebrating the achievements of the nurses and midwiYe5. FINANCIAL REVIEW The trustees agreed at the outset of the year to continue with the level of grants set ou¢ using reserves IF necessary to meet a deficit in the year. and this cpntinues to be the case. The chart$ Investment porfolio has grown slighdy in value despite the current economic and political climate. and the charity is in a good position going forward. Reserves policy The ItI ol reservès as at 31 July 202S is £1.207.52512024: £1.187.230)- The reserye5 are wholly unrestricted and include the revaluation of inyestments which are unreali5ed until the sale of investments. After making charitable distrlbutions eaeh year. it is the policy of the trustees to retain the investments to build up werve5 to provide a fund. the income of which wlll be available to finance future grants and donation Inv¢strnent policy and objertlves The trustees haye the power to make and hold any investments using the general fiJnd5 of the chariry.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Tru5tees' Annual Report For the year ended 31 July 2025 PLANS FOR FUTURE PERIODS The tru5tee5 continue to explore additional w2y5 to support the well-being of the nurses and midwive5 of the Royal Free London group of hospitals in line with the objectives of the charity. The trustees will also conwnue to review grant '¥ing in the current uncer>in economic climate, particularly since applications for grants have retumed to pre-pandemic levels. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees a responsible for preparing the trustses. annual report and the financial ststements in accordan with the United Kingdom Standards Iunited Kingdom Generally Accepted Accountin¥ Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financiai ywdr which give a true and fair view of the state of affairs of the chariry and of the income and expenditure of the charity for that period. In preparfng these financial statèments, the tru5tee5 are rÈquirèd to: Select suitable accounting policies and then appty them con5iStendr. Observè thè method5 and principle5 in the Charitie5 SORP.. Make judgements and accounting estimates that are reasonable and prudtsn State whether 41plicable UK accounting standard5 have been followe(L subject to any matrrial departures dlsclosed and explained in the financlal statements: and Prepare the financial statements on the golng concern basls unless It Is Inapproprlate to presume that the charity will continue in operydtion. The trustees are responsible for keeping proper accounting record5 that disc105e with reasonable aeturacy at any time the financial p0son Of the charlty and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the constitution. The tru5tres are also responsible for safeguarding the assets of the charity and hence for taknng reasonable 5tep5 for the prevention and detection of fraud and other irregulariues. The trustees are responsible for the maintenance and integrity of the charitabl the public domain. Legislation in the Unitefl Kingdom governing the pre ststements may differ from legislation In other lurtsdSc0Tr$. nd financial information witFTin and dissemination of financial Signed by order of the trusoes on 4 November 2025: Prof Sir Stephen H Powls Chair of Trustees p J aham Secretary to the Trusttes
INDEPENDENT EXAMINERS'S REPORT TO THE TRUSTEES OF THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Year ended 31 July 2025 I report on the accounts of the charity for the year ended 31 Juty 2025 which are Set out on pages 6 to l O. Respective responsibilities of trustees and examiner The trustees are responsible for the preparation of the accounts. The trustres consider that an audit is not required for this year under settion 144121 of the Charities Att 2011 (the 2011 Act) and that an independent examination is need2d. It 15 my responsibility to.. Examine the accounts under section 145 of the 201 I Ac To follow procedures laid down in the general direttions given by the Charity Commission under section 145{5}Ib} of the 201 I ACL. and To state whether ParCUlar matters have come to my attentlon. Basis of independent examlnerfs report My examrnation was carried ou¢ in accordance with the general direcrions given by the Charity Commission. An examination includes a review of the iccountyng record5 kept bythe charity and i comparison ofthe accounts presented with those records. It 1150 includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as the tru$tees concernin8 such matters. The procedure5 undertaken do not provide 311 the evidence that would be required in an audit and consequentty no opinlon is glven as to whether the accounts present a 'tnJe and fair view. and the report is limi*d to those matters set out in the next statement Independent Examinees statement In connectyon with my examination. no matter has come tt) my attention: which gives me reasonable cause to believe that in any Materi respect the requirements- To keep accounting records in accordance with section 130 of the Charities Act 2011; and b. To prepare accounts which accord with the accounting record5 and comply with the accounting requirements of the 2011 Att have not been meL or I to which. in my opinion, attention should be drawn sn order to enable a proper understanding of the accounts to be reached. Mrs C M Edge Bsc FCA 2 Kingswood Road Wimbledon LONDON SW19 3NE
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Statement of financial activities For the year ended 31 July 2025 2025 2024 Nrt¢ INCOME Donitions in kind Income from inves¢ments 7.494 34,472 7.064 33.931 TOTAL INCOME 41.966 40,995 EXPENDITURE Raising funds- investment management cost5 Expenditure on charitable activities Cost of 5etwices donated by the Worshipful Company of Cordwalners (9,481) 128.742) 17.494) {8,722) 126,964) (7.064) TOTAL EXPENDITURE 45.717 42.750 NET EXPENDITURE BEFORE (LOSSES)IGAINS ON INVESTMENT5 (3,751) (1,755) Realised gain5 Qn in¥esrrnents Unrealised gainslllossesl on investments 10.212 13.834 3,875 91,752 NET MOVEMENT IN FUNDS FOR THE YEAR 20,295 93,872 Total funds brought fo 1,187230 1,093.3S8 TOTAL FUNDS CARRIED FORWARD ,207,525 ,187,230 All of the above amounts relate to continuin8 activities. All the above amounts relate to unrestricted fijnds. The notes on pages 8 to l O forni part of these financial rtatements
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Balance sheet As at 31 July 2025 2025 2024 Note FIXED ASSETS Investments 1.195.418 1,179.140 CURRENT ASSETS Cash at bank 13,107 8,590 CREDITORS: amounts falling due within one year { 1.0001 15001 NET CURRENT ASSETS 12,107 8,090 TOTAL ASSETS LESS CURRENT LIABILITIES 1207.525 1.187.230 TOTAL NET ASSETS ,207,52S 1,187,230 FUNDS Unrestricted income funds 1,207,525 1,187,230 TOTAL FUNDS 1,207,525 1.187.230 These financial statements were approved by the trustees and auth0ri5ed for issue on 4 Noyember 2025 and are signed on their behalf by. Prof Sir Stephefft Powis Chair of Trustees Chamberlaln Stee The notes on pa8e$ 8 to l O forni part of these financial statements
THE ROYAL FREE LONDON NURSES AND MIDWIVE5 TRUST Notes to the Financial Statements For the year ended 31 July 2025 I ACCOUNTING POLICIES Basis of accountlnz The finantial statements have been prepared in accordance wth Accounting and Reporting by Charities.. Statement of Recommended Prnctice applicable to tharities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and the Republic of Ireland IFRS 1021 {secoHd edition. issued in 20191- Charitie5 SORP IFRS 102). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS {1021 and the Charitie5 Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in 5terlin& which is the functional currency of the charity and rounded to the nearest pound. The Rordl Free Lgndon Nurses and MlthYSves Tnjst meets the definttion of a public benefit entity under FRS IOL The trustees tonsider that there are no Matsrial uncertalnties aboui the charity's ability to continue a5 a going concern. Invertment Income Dividends are recognised on a received basis. Voluntary in¢ome Donations are included in the financial statements when receivable. Generalty, thi5 711 be on receipt of the piyment or notificatlon of an imminent payment Donauons in kind are Included at the e5tirnated value ro the charity of the services received. Expendlture and Irrecovèrabl¢ VAT Expenditure 15 accounted for on an accruals basis and is recognised once there 15 an obligation to make 4 payment to a third party and the amount of the oblirdtion can be measured reliably. Expenditure 15 inclusive of any VAT which cannot be recovered. The cost5 a550ciated with donations in kind are included at the same value as the related income. Expendlthre which is direcdy attributable to specific attivi¢ies has been induded in the cost of oPeraOn of the activities. Other office costs which are attributable to more than one activiry are allocated to support Fund structure Unrestricted income funds are general funds that are available for use at the trustees, dlscretion in furtherdnce of the objettives of the charlry. Flxed aet Investrnents FrKèd asset investments are included at market value. Taxatlon The charity is exempt from corporation tax on its charitable actiwties.
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Notes to the Financial Statements For the year ended 31 July 2025 2 INCOME FROM INVESTMENTS 2025 2024 Bank interest Dividends from fixed 355et investments 194 34.278 213 33,718 34,472 33,931 J EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2024 Note Grants Awards ceremony Support costs 24.985 300 3,457 25.560 300 28,742 26,964 4 SUPPORT co¥rs 2025 2024 Independent Examlner's fee Accountancy fees Bank char8e5 Sundry 500 2.017 203 361 40 5C(I 3,457 1,104 Governance costs are included within support costs and relate to the Independent Examiner's fee. INVESTMENTS 2025 2024 Cost ¢)r valuation As at l August Purchases Dispos5 Change in market Yalue 1.169.697 20140S (201.267) 13,834 1.077.820 124,428 (124.303> 91.752 Asat31July 1,184,669 1,169,697 Cash held for investment 10.749 9.443 Totsl inve5trnent value as at 31 july .195.418 .179.140
THE ROYAL FREE LONDON NURSES AND MIDWIVES TRUST Notes to the Financial Ststements For the year ended 31 July 2025 6 CREDITORS". amounts falling due withln one year 2025 2024 cruals i.orJ) 500 1.000 500 7 RELATED PARTIES The Worshipful Company of Cor(fv4ainers ha5 a long-standing relationship with the Royaj Free London group of hospita15. dating back to Dr William Marsden. who was Master cOraIner in 1849 and who founded the Royal Free Hospid in 1828. The Company is considered 10 be a relad party ofthe charity as the Company initiated the seuing up of the charity in 1964 and ha5 rÈpre5entation on thè B03rd of Trustses. During the year, the Worshipful Company of Cordwainers donated services to a Yalue of £7,494 {2024: £7,064) to the charity in respect of staff costs. The charity paid accountancy costs of Q.017 {2024: £1003) ¢0 the Wc*rshipful Company of CordvNners. The charity donated ro The Worshipful Company of Cordwainer5 £500 towards the cos¢ of rordIng short wdeos of the chartty's beneficiaries, which will be used ¢0 promote the work of the chariry. Accruals include £SOO (2024.. £nil) due to the Wor5hipfvl Company of CordWnerS at the year•¢nd. 10