## 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.
**Page 4**
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.
**Page 6**
## **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.
**Page 7**
## **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|
**Page 8**
## **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|
**Page 9**
## **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|
**Page 11**