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
BaL￿te 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 det￿1$ on page
of the financial statements.
TRUSTEES
The trustees who seryed the charity during the period and up to the appr￿1 of the financial statements were
as follows..
A chaMberl￿n
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 MI￿1VeS 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 COrd￿nerS 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 Mi￿1veS 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 I￿tI 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 p0s￿on 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 lurtsdSc￿0Tr$.
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 Par￿CUlar 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 oPera￿On
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 a￿et 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
Dispos￿5
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 cOr￿aIner in 1849 and who
founded the Royal Free Hospid in 1828. The Company is considered 10 be a rela￿d 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 r￿ordIng 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 CordW￿nerS at the year•¢nd.
10