THE MIDDLESEX HOSPITAL NURSES’ BENEVOLENT FUND
Trustees’ Report
and Unaudited Financial Statements for the year ended 31 March 2021
Registered Charity Number 268576
THE MIDDLESEX HOSPITAL NURSES’ BENEVOLENT FUND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
INDEX
| Page | |
|---|---|
| Report of the trustees | 1 |
| Independent Examiner’s report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Accounting policies | 6 |
| Notes to the accounts | 8 |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
THE MIDDLESEX HOSPITAL NURSES’ BENEVOLENT FUND
REPORT OF THE TRUSTEES
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
Constitution and objects
The Middlesex Hospital Nurses Benevolent Fund (registered charity number 268576) is the successor to the Benevolent Fund of the former Middlesex Nurses League. The League was established in 1931 to enable Middlesex nurses to keep in touch with each other and its present staff. Since 1981 the funds of the former league have been applied in support of the objects of the fund. The fund is governed by a constitution adopted on 30 October 1973 and amended on 17 October 1987, 6 June 2009 and 18 February 2021.
The objects of the charity are to give assistance by means of monetary grants to the trained nursing staff and former nursing staff of the Middlesex Hospital who may be in need through sickness or other adverse circumstances; to provide monetary assistance to its members for professional development in health-related fields; and to promote such other charitable purposes as may from time to time be determined. In determining how best to achieve these objects the trustees have had regard to the Charity Commission’s guidance on public benefit.
Organisation
The trustees who served since the last year end are as follows:
Mrs B Asprey (Assistant Editor to September 2020 / Chapel Service Co-ordinator from September 2020) Mrs J Bedwin (Treasurer)
Mrs M Coffey (Elsie Pearce Liaison Officer) Mrs M Gormley (Database Officer) Mrs P McCaul (Benevolent Fund Coordinator) Mrs F de Vries (Membership Secretary) Mrs A Urwin (Assistant Editor from September 2020) Mrs A Wall (Elsie Pearce Bursary Assistant from September 2020) Mrs M Ward (President/Chairman) Mrs A Wedgwood (Editor) Mrs C Lees (appointed September 2020)
The status of all trustees is honorary.
Each of the trustees shall retire with effect from the conclusion of the annual general meeting next after her or his appointment but shall be eligible for re-election at that annual general meeting. The trustees meet quarterly.
Assistance to members
During the year under review the charity donated £8,988 (2020: £8,444) to past members of trained nursing staff of The Middlesex Hospital. The trustees were able to meet all requests for assistance where the quality of the funding application met the criteria set by the trustees.
Financial review and investment policy
Before taking into account movement on investments, the expenditure of the charity exceeded income by £8,230 for the year (2020: £869 income more than expenditure). Income increase due to the receipt of a legacy of £10,000 left to the charity by the late Joy Watson, however expenditure also increased due to a £20,000 donation to UCLH to support nurses involved in the COVID-19 pandemic.
The charity’s investments increased in value by £57,589 and overall the funds of the charity increased by £59,359 during the year.
Page 1
THE MIDDLESEX HOSPITAL NURSES, BENEVOLENT FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 TRUSTEES, REPORT There are no restrictions on the charity's power to invest. The investment Strategy is set by the trustees and lakes account of the projected demand based on the age profile of members and the funds available. The present investment strategy is to seek a combination of income lo rneet short term needs and long term caprtal growth. Whilst in the short leim the valug 01 inveslmenls can increase and decrease, the trustees consider that it is appropriate lo seek the higher return potential ol equities by investing a portion of the funds in equities. Investments are held in the GOIF Common Investment Fund. Rlsk managemenl pollcy The trustees recognise that they have a responsibility to minimise the risk lo which thelr aclfvrties could be exposed. The committee actively reviews the major risks which the charity faces on a regular basis al their committee meetings and believes that the maintenance ot reserves, combined with the annual review ot the controls over key financial systems carried out Ihrough audrt programmes provide sullicienl resources in the event ol adverse conditions. Reserves pollcy As at 31 March 2021 the level of reseeS available for the fund's use was £409,25812020'. £349,899). Statemenl of Truslees, responslbllltles The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charilies in England & Wales requires the trustees to prepare financial slalements lor each financial year which give a true and fair view of the stale of affairs ol the charfty and of the incomlng resources and application of resources of Ihe charity for that period. In preparing these financial slatemenls, the Iruslees afe required lo: select suttable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP {FRS 102). make judgements and estimates Ihal are reasonable and prudent. stale whether applicable accounting slandards have been lollowed, subject to any material departures disclosed and explained in the financial slatemenls. prepare the financial statements on the going concern basis unless It is inappropriate to presume that the chaisly will continue in operation. The trustees are responsible for keeping proper accounting records that dis¢lose with reasonable accuracy al any time the financial position ol the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the Irusl deed. They are also responsible for safeguarding Ihe assets of the charity and hence lor taking reasonable sleps lor the prevention and detection ol fraud and other irregularities. The trustees are responsible lor the maintenance and inlegrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of linan¢ial stateinenls may differ from legislation in other jurisdictions. By order of Ihe trustees-. Trustee U9a Dale Page 2
THE MIDDLESEX HOSPITAL NURSES, BENEVOLENT FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 INDEPENDEKf EXAMINER'S REPORT Independent Examiner's Report to the Trustees of The Mlddlesex Hospital Nurses, Benevolent Fund I report lo the charity trustees on my examination ol the accounts ol the charity tor the year ended 31 March 2021 which are sel out on pages 5 10 11. Responslbllltles and basls ol report As the charity's trustees you are responsible for the preparation of the accounts in accordanee wth the requirements of the Charities Act 20111'the Act'l- I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Gharily Commission under section 14515llbl of the Act. Independent examlnefs slatement I have completed my examination. I confirm that no material matters have come lo my attention in COnntIon with the exarnination giving me cause to believe that in any material respecl.. accounting records were not kept in lespect ol the charity as required by section 130 of the A¢t', or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concemiNJ the form and contentof accounts set out in the Charities (Accounts and Rep)rtsl Regulations 2008 other than any requirement that the accounts give a 'true and fair vi* which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wf(h the examinalh)n to which attenlion should be drawn in this report in order lo enable a propel understanding of the accounts to be reached. Ie. i.jll kl Geollrey Flosl, BSclHonsl FCA Blue Spire Limited, Chartered Accountants Cawley Priory South Pallant Chichestef Wesl Sussex P019 ISY Dale Pago 3
THE MIDDLESEX HOSPITAL NURSES' BENEVOLENT FUND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Charitable activities 2 Investments 3 Total EXPENDITURE ON: Charitable activities 4 Total Gains/(losses) on investments Net income/expenditure) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 12 Total funds carried forward 12 |
Unrestricted Funds £ 10,125 3,923 11,438 25,486 33,716 33,716 67,589 59,359 - 59,359 349,899 409,258 |
Restricted Funds £ - - - - - - - - - - - - |
2021 Total Funds £ 10,125 3,923 11,438 25,486 33,716 33,716 67,589 59,359 - 59,359 349,899 409,258 |
2020 Total Funds £ 635 2,709 11,385 |
|---|---|---|---|---|
| 14,729 | ||||
| 13,860 | ||||
| 13,860 | ||||
| (10,674) | ||||
| (9,805) - |
||||
| (9,805) 359,704 |
||||
| 349,899 |
None of the charity’s other activities were acquired or discontinued during the above financial year.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
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THE MIDDLESEX HOSPITAL NURSES. BENEVOLENT FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 BALANCE SHEET AS AT 31 MARCH 2021 2021 21120 FIXED ASSETS Inve¥tm8nts 383,999 326,410 383,999 326,410 CURRENT ASSETS Debtor5 Cwsh at hand and in bank Totsl ¢urrent assets 2,825 25,509 28,334 2,898 23.646 26,544 CURRENT LIABIUTIES Creditors.. amounts f811in9 due within one year 3,075 3,055 Net current 8SSotsllllabllltle51 25,259 23,489 N•t a8$etsuiiablllll•sl 409.258 349,899 THE FUNDS OF THE CHARITY Restricted ftsnds Unrestricted funds Total chaflty funds 12 409,258 409,258 349.899 349.899 The notss on pages 8 to 11 forn part of these account8. Th8se finanual statements ware aFvroved by the board and signed on thair beha Trnstea Date Page 5
THE MIDDLESEX HOSPITAL NURSES' BENEVOLENT FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Middlesex Hospital Nurses' Benevolent Fund is a registered charity in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Cash flow statement
The charity is exempt from preparing a statement of cash flows under FRS 102 Section 1A.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
-
Raising funds; these include investment management fees charged by the charity's investment managers
-
Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
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THE MIDDLESEX HOSPITAL NURSES' BENEVOLENT FUND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
ACCOUNTING POLICIES
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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THE MIDDLESEX HOSPITAL NURSES' BENEVOLENT FUND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| Donations Legacies 2. Income from charitable activities Subscriptions 3. Investment income Investment income Bank interest |
Unrestricted Funds £ 125 10,000 10,125 Unrestricted Funds £ 3,923 3,923 Unrestricted Funds £ 11,432 6 11,438 |
Restricted Funds £ - - - Restricted Funds £ - - Restricted Funds £ - - - |
2021 Total Funds £ 125 10,000 10,125 2021 Total Funds £ 3,923 3,923 2021 Total Funds £ 11,432 6 11,438 |
Unrestricted Funds £ 635 - 635 Unrestricted Funds £ 2,709 2,709 Unrestricted Funds £ 11,340 45 11,385 |
Restricted Funds £ - - - Restricted Funds £ - - Restricted Funds £ - - - |
2020 Total Funds £ 635 - |
|---|---|---|---|---|---|---|
| 635 | ||||||
| 2020 Total Funds £ 2,709 |
||||||
| 2,709 | ||||||
| 2020 Total Funds £ 11,340 45 |
||||||
| 11,385 |
4. Charitable activities
| Middlesex Nurses Journal Gifts and assistance (see note 5) Printing, postage & stationery Meeting expenses Legal & professional fees Governance costs: Independent examiner's fees |
Unrestricted Funds £ 2,509 28,988 242 144 953 880 33,716 |
Restricted Funds £ - - - - - - - |
2021 Total Funds £ 2,509 28,988 242 144 953 880 33,716 |
Unrestricted Funds £ 2,201 8,729 300 1,280 510 840 13,860 |
Restricted Funds £ - - - - - - - |
2020 Total Funds £ 2,201 8,729 300 1,280 510 840 |
|---|---|---|---|---|---|---|
| 13,860 |
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THE MIDDLESEX HOSPITAL NURSES' BENEVOLENT FUND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
NOTES TO THE FINANCIAL STATEMENTS
5. Grants (one grant unless indicated)
| Grants to institutions Medical Detection Dogs University College London Hospitals Charities - To support nurses Grants to individuals 6. Independent Examiner's fees Unrestricted Restricted Funds Funds £ £ Examiners fees - examination 880 - 7. Investments |
2021 £ - 20,000 20,000 8,988 28,988 2021 Total Funds £ 880 |
Unrestricted Funds £ 840 |
Restricted Funds £ - |
2020 £ 285 - |
|---|---|---|---|---|
| 285 8,444 |
||||
| 8,729 | ||||
| 2020 Total Funds £ 840 |
||||
| Market value brought forward Cost of investments purchased Disposals at proceeds Gains/(losses) on investments Market value carried forward Analysis of investment holdings: Unit Trusts 8. Debtors Accrued income 9. Creditors Accruals Deferred income Deferred income Brought Released forward in year £ £ Subscripton income 2,255 (2,255) |
2021 £ 326,410 - (10,000) 67,589 383,999 383,999 2021 £ 2,825 2,825 2021 £ 840 2,235 3,075 Deferred in year £ 2,235 |
2020 £ 337,084 - - (10,674) |
|---|---|---|
| 326,410 | ||
| 326,410 | ||
| 2020 £ 2,898 |
||
| 2,898 | ||
| 2020 £ 800 2,255 |
||
| 3,055 | ||
| Carried forward £ 2,235 |
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THE MIDDLESEX HOSPITAL NURSES' BENEVOLENT FUND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
NOTES TO THE FINANCIAL STATEMENTS
10. Related party transactions and employment costs
The charity has no employees, all administration being carried out by the trustees who were not remunerated in the year under review or the comparative year.
No expenses were reimbursed to or paid on behalf of the charity's trustees in the year under review or the comparative year.
No donations were received from the charity's trustees in the year under review or the comparative year.
There were no other disclosable related party transactions in the year under review or the comparative year.
11. Analysis of net assets between funds
| Investments Current assets Current liabilities |
Unrestricted Funds £ 383,999 28,334 (3,075) 409,258 |
Restricted Funds £ - - - - |
2021 Total Funds £ 383,999 28,334 (3,075) 409,258 |
Unrestricted Funds £ 326,410 26,544 (3,055) 349,899 |
Restricted Funds £ - - - - |
2020 Total Funds £ 326,410 26,544 (3,055) |
|---|---|---|---|---|---|---|
| 349,899 |
12. Net movement in funds
| 12. Net movement in funds | ||||||
|---|---|---|---|---|---|---|
| Restricted Unrestricted funds Restricted Unrestricted funds |
Year ended 31 March 2021 | |||||
| Total funds brought forward £ - 349,899 349,899 |
Total incoming resources £ - 25,486 25,486 |
Total Gains/ resources (losses) on expended investments £ £ - - (33,716) 67,589 (33,716) 67,589 Year ended 31 March 2020 |
Transfers between funds £ - - - |
Total funds carried forward £ - 409,258 |
||
| 409,258 | ||||||
| Total funds brought forward £ - 359,704 359,704 |
Total incoming resources £ - 14,729 14,729 |
Total resources expended £ - (13,860) (13,860) |
Gains/ (losses) on investments £ - (10,674) (10,674) |
Transfers between funds £ - - - |
Total funds carried forward £ - 349,899 |
|
| 349,899 |
Page 10
THE MIDDLESEX HOSPITAL NURSES' BENEVOLENT FUND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
NOTES TO THE FINANCIAL STATEMENTS
| 13. Comparative statement of financial activities Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Charitable activities 2 Investments 3 Total EXPENDITURE ON: Charitable activities 5 Total Gains/(losses) on investments Net income/expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 13 Total funds carried forward 13 |
Unrestricted Funds £ 635 2,709 11,385 14,729 13,860 13,860 (10,674) 869 - (9,805) 359,704 349,899 |
Restricted Funds £ - - - - - - - - - - - - |
2020 Total Funds £ 635 2,709 11,385 |
|---|---|---|---|
| 14,729 | |||
| 13,860 | |||
| 13,860 | |||
| (10,674) | |||
| 869 - |
|||
| (9,805) 359,704 |
|||
| 349,899 |
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