THE FLORENCE NIGHTINGALE MUSEUM TRUST IA Company Limited by Guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Registered number= 02246583 Charity number: 299576
THE FLORENCE NIGHTINGALE MUSEUM TRUST CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Chairfs Statement Trustees, Report Independent Examiners, Report Statement of Financial Activities io Balance Sheet li Statement of Cash Flows 12 Notes to the Financial Statements 13-24
THE FLORENCE NIGHTINGALE MUSEUM TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITh, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Trustee5 Dame Christine Beasley CBE. Chair Jon Card Alastair Gourlay Oame Janet Vitmayer CBE Darren Barker Donna CLtrrry Jane Dwelly Alison Hofman Peter Kay Professor Thomas Kearns Jènnifer Ro8ers Company règistered number 02246583 Ch311ty re815tered number Re6istered office 299576 St Thomas, Hospital 2 Lambeth Palace Road London SEI 7EW Indepet)dent exarniner5 Moore Kin8Ston Smith LLP Floor 6 9 Appold Street London EC2A 2AP 8ankeTS National Westminster Bank PIC London SEI 8XJ Investment Managers Sara5in & Partners LLP BNY Mellon Fund Managers Ltd
THE FLORENCE NIGHTINGALE MUSEUM TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Chair presents her statement for the year. It 15 pleasing to be able to reflect upon the achievements of the Florence NiRhtingale Museum over the past year,. a perlod that has seen us reopen to the general public and take considerable steps in 'bouncing back. from the pandemic, which hit our institution, the central London visitor econorny. and the nursing profesS1gn we are so closely aligned with 50 hard. We are of course. not seeing visitor numbers and or associated secondary spend zt the leve15 we achieved Én 2019120 yet, but there are shoots of recovery which we firmly believe we can build upon. I have no doubt that our determination to sutceed and our creativity will See further growth in the next financial year. and as always. we will be insp¢red by Nightingale's own challenging path to achievement and many successes. Our team should be con8ratulated for iheir resilience and tenacity under what remains challengin8 circumstances. l am grateful to my fellow tru5tets. our staff. and volunteers for their ongoin8 SUPPOrt. I wguld also like to express my sincere thanks to Guy's and St Thomas. NHS Foundation Trust for their support as our landlord, and the funders who have supported ovi charitable aims and objectives,. The National lottery Heritage Fund. The Postcode Lottery, The Museum of London Museum Development Team IACEI. The Royal Society, A550ciation of Independent Museums. and PHASTAR. Their support has allowed us to develop and introduce new displays and experiences, enga8in8 new audiences, whilst welcorning familiar laces to the museum for return visit5. 1 would also like io take this oppgrtunity 10 thank Alastair Gourlay for his loyal and valuable service as è trustee as he reaches tIrement from Gsrr in Spring 2023. David Green, our Director, will also be leavln8 his position ol Director after S and a hall successful years. although I'm delighted he has agreed to continue to support our museum as a consultant. offering continuity to many of our on80in8 projetts, including a new exhibition that will celebrate thè work of our armed-forces nurses in both war and peècetime, and recogni5e how they draw inspiration from Nightingale and other historic nursing figures such as Seacole and Cavell. The next linanclal yeor will undoubtedly see challen8es. not least due to the current cost of1Svln8 crSsls, but we are buoyed by opportunities to explore excilin8 Options for a new lotation for the museum- an aim of our strategic plan for some time, which should ultimately see us grow and offer additional services. With a number ol Vice-Patron'5 now supporting the museum at international level, and the birth of a Us-based 'Friends of the Florence Nightingale Museum.. we have many reasons to be optimistic, and I look fornard to the year ahead. Darne ChrSstine Beasley Chair- The Florence Nighiin8ale Museum 4..4.pc.I1 :292 2
THE FLORENCE NIGHTINGALE MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30SEPTEMBER 2022 The Trustees present thesr annual report together with the independently examined finanaal statements of the Charily for the year l October 2021 to 30 September 2022. The Trustees confirfn that the Annual Report and finantial statement5 of the company comply with the current statutory requirements, the requifements of the company's governing document and the provisions of the Statewent of Recommended Practice ISORPI. applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I J3nu3ry 20151 as amended by Update Bulletin I leffective l January 20151. SSnce the Charity qualifies as small under section 383. the strategic report requlred of medium and large cornpanies under The Companies Act 21XJ6 Islrate8ic Report and Director's Reportl Re8ulations 2013 is not required. Thè Trustees confirm that the Charity Commi5si0n's general gutdance on publlc benefit h35 been considered in relation to the objective5 of the Charity. The report below sets out those objectives and describes how they have been met in the current year. OBJECTIVES OF The CHARITY The Trust's Memorandum of Associatlon gtvts the objertives as the advancement of the education ol nurses or th95e en8a8ed in nursSn8. In the furtherance of this objective. the 8overninK document give5 the Trust powers whlch include rhe lollowlng: To esiablish and maintain a Museum for the prèservation and wider dlsplay of the Nightingale collection.. To rectlvt donations ol suitable items f the collection. or to purchase suitable items., To facilitate research into the history and work of Florence Nightingale. particularly in relation to the flrst trainln8 school for nurses at St Thorna5' Hospital and constqvtnlial developments in the nursln8 profession. STRucfuRE, GOVERNANCE AND MANAGEMENT The company was established under a Memorandum of Asgxiation which established the object5 and powers of the charitable company and 15 8overned under its Articles of Association. The Trustees, who are also directors of the tompany The Florence Ni8htin8ale Museum Trust durin8 the year and up to the date of this report. were as follows.. Office Holders.. Chair.. Dame Christine Beasley CBE Vice Chalr.. Dame Janet Vitmayer CBE Treasurer.. Jon Card
THE FLORENCE NIGHTINGALE MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30SEPTEMBER 2022 Directors and Trustees- Dame Christine 8easley CBE Jon Card Alastair Gourlav Oamejanet Vitmayer C8E Darren Barker Donna Curry Janè Dwellv Alison Hofman Peter Kay Prole$50rThomas Kèams Jenniter Rogers Museurn Director= David Green IResi8ned 28" February 20231 Trustees are appointed following advertisement and interylew for periods of up to 5 years. Trustees are inducted by the Chair with the support of the Director. Trustees are also offered tralnlng which Is supported by the Association ol Independent Museums. the Arts Council England and Small Charlties Coalltlon, Trustees ret8n declslon makin8 power, workj'ng clostly with the Director as the full-time operational executlve officer. The Chalr rneets the Director to facilitate decision making not less than once per month. The Treasurer meets the Oirector not less than quarterly. STRATEGIC PLAN The objectives, formin8 the basis of the strategic plan of the Charity. are as follows.. To secure a lon8-term10£3tton to allow us to meet our alms, 2nd provide a platform for growth., To contillue to be a financially sustainable self-funding organisation; To increase unrestricted funds through an audience-specific marketing plan., To create an enjoyable. inspiring and enlightenin8 experience for our visitors,. To provide an active and innovative events and learning programme.. To increase access to our unique collections,. To be a centre lor research in the history of nursing," To value the development and effective management of staff and volunteers.
THE FLORENCE NIGHTINGALE MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACHIEVEMENTS AND PERFORMANCE We are delightÈd that the museum has been able to emerge from it5 '5emi-mDthballed' state; a time between October 2020 and May 2022. during which we welcomed vi51tors via a series of 'Open Days. and pre-booked 8roups. order to prudently protect our financial reserves, and limit our impact upon the pandernic re5pon5e of our landlords St Thomas, Hospital. Inteinational Nurses Day 2022 thankfully proved the ideal opportunity to restore our lull ran8e of services, and return to general public opening. Our story. and importance as a heritage attraction, was welcomed widely. and reco8nised by both national and international media, wh joined our re-opening day celebrations 3nd provided si8nificant coverage. Despite the challenging financ¢al clirnate. enhanced by re8ular industrial actton throu8hout thls period, and in September 2022 by the 5ad105s of HRH Queen Elizabeth 11 which also had a direct impact upon the site's operation given our close proximity to Westminster, the rnuseum's team has enjoyed many signiflcant èchSevement5 durinR the past finantial year. These include 8eneratin8 additional digital records for public use, Improvements in the conservation of many objects. creatin8 new dlsplays and vi51tor experiences, and engagement with over SO comrnunity volunteers. Hi8hlights in enhancin8 our permanent exhibitions include additions io the'crimean War Gallery,, most notably adding our model of Ni8hiin8ale's carrlage onto display from storage. alongside an accompanying video which shares details of its conservation. and a popular and Informative new dtsplay within'Ni8htin8ale After the Crimea. that sheds furtheT li8ht on Nightingale's pioneering work u5in8 info-8raphics- a visitor experience supported by a complementary farnily trail. We are also delighted that our fofmal learning ofler. now enhanced by the addition of a re&ular Mary Seacole character performer, has returned to operating at capacity on site. just as it did pre-pandemlc. Indeed, our School sessions are receivin8 more positive feedback than ever before. and with rnany children now enjoyin8 their first school trip after lotkdown. it is thrillin8 to be part ol their tduc3tion31 jOUTney and provlde essential support to teacher5 and families. We have also continued to provide a variety of lifelon8 learning activitie5 for audieThce5, Includin8 on-site and on.line talk5. Additionally, we have built upon the succes5 of our 'Nlghtin8ale's London. Walking Tour, with a sell-guided health walk and historital iour tsf Lambeth and Southwark's'mediculture Quarter,. Our volunteerin8 Opportunities have embraced many different community needs, whilst supporting our operational needs. This Included hosling school placements and Duke of Edinbur8h Award participants. We are proud to have 3150 pioneered a 'Nur5e In Residence, project, welcoming a nurse from the USA who volunteered with us lor one month, much to the interest of our visitors, who were able to learn about the profession first-hand from an experienced nurse-leader, who is inspired by Nightingale every day in her prolessional role. Our rnuseum has recognised the need to be more inclusive and representative. and is keen to further act upon the need to tell more diverse storie5. in line with current trends and demands in 2020.5 society. We have therefore begun work on translorminR our 'Armed Forces Nursing, gallery. which will 8ive us greater opportunity to tell inspiring stories relating io the diversity of the nursing profession and thDse who are nursed. This project will operate throughout 2023. with the core on-site e¥hibition openin8 in late Spring, followed by a series ol supporting events, online exhibition. and'pop up. community exhibition. as well as outreach project5 that are aimed at engaging new audience5 and partners. We look forward to more inteinational visitors returnin8 10 London in 2023. recognising the special affection many have for Nightingale. They have been very much missed for lar8e parts of the last year. We are aware that our journey back to the visitor nvmbers and secondary spend of 2019120 will be a long one, as elsewhere in the sector, and continue to plan with prudence alongside our pas5$0n. but we feel we have made a solid start against a challenging backdrop. Undoubtedly. many opportunities lie ahead, both within our current
THE FLORENCE NIGHTINGALE MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 305EPTEMBER 2022 venue and when we find a new home,- the search for whith is well underway. We can be proud that we have a solid base to work from despite recent events, and throughout our rent experiences we have grown and proven our resilience. whilst remaintng true to our values and mi55ion. intent on achieving our long term goals. FINANCIAL REVIEW The statement of Financial Activities shows that the unrestricted funds of the Museum increased in total bv £43,362.12021.. increase of £438.1151. Restricted funds decre35ed by a net £97.508 which is inclusive of a loss in the value of the Charity's investment portfolio of £117,090 as at 30 September 2022. 12021.. restrictèd increase of £288,011, gain £304,895 In accordance with Charity Commission guidance the Tru5tee5 have agreed a reseNes policy Isee below) based on a realistic assessment of their reseryes need5. It 15 not their policy to build up resources by retaining funds as a matter ol hablt. Any annual surpluses made are held to provide a prudent provision lor costs both lore5een, and unforeseen, which may be incurred in the future. Principal fundlng sourtes ate shown in notes 2 to 5. Further details of restllcled grants are given in note 18. MAINTENANCE OF RESERVES As per Charities Commission guidance The Trustees will aim to maintain appropriate reserves In the future by careful budgeiin8 and monitoring of Incorne and expenditure. SEPTEMBER 2022 RESERVES POLICY It 15 not the policy ol the Florence Nightingale Museum Trust to amass considerable financial resèrvès. The Trustees however do believe it is prudeni that we maintain a linancial position whereby we hold a minimum of nine months, opeTating costs lapproxirnately £350.OCtyJI. We beliwe this Is in Ilne with CharSties Cornmi5s1on guidance. Al 30 September 2022 free reserves were £601,145 bein8 unrestricted net assets excluding unrestricted Heritage a55ets. The Museum will be under80in8 a large-scale ¢apital projèct link to its need to relocate wlthln the next 3-5 years. The Trusiees have therefore agreed to desi8nate £250.000 of unrestriited funds to support thi5 project. GOING CONCERN After making appropriate enqurrie5 and after careful Consideration of the Charity's reserve posltion labovel and after cash flows and commitments, the Trustees have a reasonable expertation that the charitable cornpany has adequate resources io continve in operational existence for the foreseeable future. For this rea50n, they continue to adopt the going concern basis in preparing the financial Statements. Further details regarding the adoption ol the going concern basis can be Found in the Accounting Policie5. INVESTMENT POWERS AND INVESTMENT POUCY Subject to the overriding provisions of the Trustee Acts, the Charity ha5 the power to make any investments which the Trustees see fit. The Charity currently holds two fixed asset investment5. one with Sar35in & Partners LLP and one with BNY Mellon Fund Managers Itd. The funds invested Originate fforn a flm grant rnost generously given by the Perseverance Trust in 2016 to establish an endowment. The investment is held for its returns, and it is not the Trustees policy to pvrcha5e or sell Investments on a regular basis.
THE FLORENCE NIGHTINGALE MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 305EPTEMBER 2022 PAY POLICY FOR STAFF All staff pay reviews are generally subject to approval from ihe Board of Trustees and any increases are subject to available funds and our business position. The Trustees recognise that they need to be competitive to retain key staff. particularly given inflation in salaries and the iurrent cost of livin8 irends. The need io maintain sorne continuity of staff is notable and understood. Trustees had committed to considerin8 elements of performance related pay lor exceptional performance and achievement in the prevtous financial year and will continue lo eyplore this. They will also benchmark salaries agalnst the Museums Association's pay guidance, whilst observin8 mafket trends and force5. Any Such payments would be subject to 8oard approval and the recommendations ol the Chair. RELATED PARTIES AND CONNEcfED ORGANISATIONS The Florence Nightingale Museum is located within the site ol St. Thomas. Hospltal. The Guy's and St Thornas, NHS Foundation Trust 15 represented by a Trustee but it does not have powers to nominate frustee5. FUNDRAISING The Florence Nightin6ale Museum is a Small charity with no fundralsin8 tearn. The Trustees endeavour to support the Direttor who leads on this fespon5ibility. Currently the Charity does not make use of professional fundraisers and has received no complaints in relètlon to fundraisin8 practices during the period under review. VOLUNTEERS The Charity receIS htlp frorn volunteers, withoui whom we would be unable to operate as suctessfully. Volunteers 35515t the or8anisation in many ways- the Trustees who set the strategy for the trust. volunteers who a5515t in the managerial process and provide advice on HR, and the volunteer5 who 5UPPOrt the events we create and deliver, both on site ènd digitally. Volunteerin8 OPPOrtunitie5 this year have included hosting school placements and Duke of Edinburgh Award participants. We have also pioneered a 'Nurse in Residence. project. welcomlng a nurse from the USA who volunteered wilh us for one month. RISK MANAGEMENT The Trustees confirm that they have Identified and rwewed the major risks to which the Charlty is exposed and have established systems to mitigate those risks. Specifically they Intlude: Ensuring and operatin8 SllStainab11ity within a changing economic enwronment A lean operattonal support model able to effectively and efficiently delivei Museum growth Data protection, privacy and security of user data Protection of the collection and ACE Accredited museum status Regular monitorinR of short term c35hflow and long term funding of the Charity
THE FLORENCE NIGHTINGALE MUSEUM TRUST TRUSTEES, REPORT FOFI THEYEAR ENDED 30 SEPTEMBER 2022 GUARANTOR5 The Trustees are the Members of the Company which is limited by 8uaiantee. In the event of winding up. the liability of each member is limited to £1. TRUSTEES, RESPONSIBILITIES The Tru5tee5 are responsible lor preparing theTrustees' Report and the financlal statements In accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice) includinR FRS 102'The Financial Reporting Siandard applicable in the UK and Republic of Ireland,. Charity law requires the Trustee5 to prepare financial statements for each financial yèar which give a true and falr view of the state of affair5 01 the Charity and of the income and expenditure of the charitable company for that period. In preparin8 the financial statements. the Trustees are required to.. select 5ultable ac£ountSng policSes and then apply them consistently- observe the methods and principles ol the Charities SORP., make jud8ements and estimate5 that are reasonable and prudent,. stare whether applicable UK Accounting Standards have been followed, subjett to any materlal departures disclosed and explained in the financial statements., and prepare the financial statemenrs on the Roin8 concern basis unless11 Is inappropriate to presume that the company wlll contlnue in buslnes5. The Trustees are responslble for keeping adequate accounting retords that disclose with reasonable accuracv at any tirnt the flnantial position of the charitable company and to enable them to ensure that the financia1 statements comply with the Charities Act 2011. They are also fesponsible for safe8uardin8 the asset5 01 the Charity and hence taking reasonable steps lor the prevention and detection ol fraud and other irregularities. The Trustees are responslble for the malnienance and Integrity of the corporate and financlal informatlon included on the CharitV5 web51te. Legislation in the Untted Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjyrisdirtion5. SMALL COMPANIES EXEMPTION The above report has been prepared in accordance with the special provi5i9ns of Part IS of the Companles Act 2006 relating to small companies. This report. incorporating the Strategic report, Wa5 apprgved by the Trustees. in their capacity a5 company directors. on ..It.,Apr.i1. :..2.o.Zl. atsd signed on their behalf by.. Dame C Beasley CBE J Card Treasurer
Independent Examinerfs Report to the Trustees of The Florence Nightingale Museum Trust I report lo the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2022. Rgspon51bllltle5 and basis of report As the charity Iruslees of the Tnjsl you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 Ilhe Act'i. Having satisfied myseN that the accounts of the Company are nol required lo be audited under part 16 of the 2006 Act and are eligible for independent exarnination, I report in respect of my examination of your charity's accounts as carried out under section 145 of Ihe Charities Ad 2011 I'the 2011 A¢t'l. In c8rrying out my examination I have followed the Directions given by the Charity Commission under seth'on 145151 Ibl of the 2011 Act. Independent examlnerfs statement Since the charitls gross income exceeded £250,¢XIO your examiner musl be a member of a body listed in section 145 01 the Act. I confinn th81 l am qualified to undertake the examination because l am a member of the Inslilule ol Chartered Accountanis in England and Wales. which is one of the listed bodies. I have completed my examinatlon. I confirm that Th) mallers have come lo my attention in connection with the examination glving me cause lo believe: accounting records were not kept in respect of the Charity as required by section 130 of the 2006 Act., or 2 the accounts do n¢X accord with those records- or 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement Ihat the accounts give a'true and fair vieW which is not a matter considered as Part of an independent examination., or 4 the accounts have not been prepared in accordance with ihe methods and principles of the Slalemenls of Recommended Practice for accounting and reporting by charits"es. I have no concerns and have come across no other matters in connection vrith the èxamination lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. O&YL K, fuL L James Cross For and on behalf of Moore Kingston Smith LLP Chartered Accouniants Floor 6 9 Appold Street London EC2A 2AP Date.. 18 April 2023
THE FLORENCE NIGHTINGALE MUSEUM TRUST ILimrted by guarankel STATEMENT OF FINANCIAL ACTtvmES forthe Y8ar Ended 30 Se tember 2022 Total Yeai ended 30 Sept 2022 Total Totsl Period eThd 30 Sept 2021 Totsi Inrorne IroTTr'. Donalions and grants Charitable aclivilie5 Investment inGwe OthBT trading InGome 4.322 135,641 235 74,811 103.945 108.267 135.641 34.863 74.811 614,732 37.556 5D,833 283.868 34.628 Total Incomo and Endowmonts 215,009 138.573 353.583 966.987 Expenditure on: Raising funds Charitable actiwlitss 23.326 162.731 23,326 281.722 22,450 523,306 118.991 Total expendlture 118.991 545 756 N•t Incomollexpendlturel 28.952 19,582 48.534 421,231 Add.. Exhlbttlon tax rnll•f clolmed 14,410 14.410 Other recognl8•d 981nlI0•sj Net galns on Invostments 13 1117.0901 1117.0901 304,895 Net movem•nt In fufids 43.362 197,5081 154,1451 726.128 Rlcontlllatlon of funds.. Total funds brouiht forward 570.322 1,610,858 2.181,180 1,45S.054 T1 fund• ¢•rrl•d forward 1 $13 350 2 127 035 2.181 180 10
THE FLORENCE NIGHTINGALE MUSEUM TRUST BALANCE SHEET AS AT 30 5Èptember 2022 2022 2021 Note Flxed Assets Tangible assets Heritage assels Inve8imeni$ 12 12 13 105.746 1 314397 105.748 1.431.487 1.420.143 1.537.233 Currtrnt A558tS siock Deblors Cash ai bank and hand 15 14 24,352 32,138 673.489 30.648 192.965 451,943 729.979 675.556 Credltor5'. amount8 fallln9 due wlthln on• y•3T 16 Z3,088 N•t Current Ao$•t 706 891 643,947 2 127,034 2.781.1BO Cltarlty Fund$ Reslricied funds Unresiri¢ie.rflII Jesignaled funds Gangral unsInc1ed funds 18 18 1,513,350 1.610,858 250,ODO 363.684 570.322 Total FuTrd• 2 127,034 2.181.180 For the fifianclal yew ended 30 S¢pt•Tr•r 2022 11 cornpany was eniillad to ¢xempuon unller 5eclion 477 of Ihe Cornpanigs Act 2Q06 relating 10 srnall ¢ornpanie5. No members have roquired th? company lo thain an audÈl of its 8ccounts lor lh¢ year in queslicffj ln accordance with section 476 of the Companies Aci 2006. The direclors acknowledge Iheir responsikn"lilyfor coryilwng wilh the requirwn¥nls of ihe Acl vrfiih respecl 10 accounting records and for Ihe preparalion of account5. These accounis have been prepared In acc¢ydancè wilh lh8 Fffow$KJns applicable Io comp8nie5 subjèd to Ihè srnall companle$ regirne. Th8 financial siatsmenis were approved and aulhorised lor Issue by Ihè Trustees on their behalf by-. Dame C Beasley C8E C J CaTd Trea5uier The noies on pages 15 10 26 form part of Ihese flnanuai si*ements.
THE FLORENCE NIGHTINGALE MUSEUM TRUST Statement of Cash Flows Year ended 30 September 2022 Note 2022 2021 Cash flows from operating activities.. Net Cash (used in}Iprovided by operating activities 20 186,684 148,545 Cash flows from investing activities: Dividends and interest from investments 34,863 50.833 Net cash provided by investing activities 34,863 50,833 Change in cash and cash equivalents in the year Cash and cash eouivalents bought forward 221,547 199,378 451,943 252.565 Cash and cash equivalents carried forward 21 673,490 451,943 12
NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting Polities Basis of preparation of financlal statements The financial statements have bèen prepared in accordance with Accounting and Reporting bv 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 IFRS 1021 (effective l January 20151- (Charities SORP IFRS 10211, the Fin3nci31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Florence Nightingale Museum Trust meet5 the definition of a publit benefit entity under FRS 102. Assets and li3bilities are initially recognised at historical c05t or transartion value unless otherwise stated in the relevant accounting policy. Company status The charity is a company limited by guarantee registered in England and Wale5, company number 02246583. Its registered office address is Gassiot House. 2 Lambeth Palace Road, London, SE71 7EW, which is also Its principal place of operation. The principal activity of the charity remains that of runnin8 a museum. The Members of the company are the Trustees named on page l. In the event of the charity bein8 wound up, the liability in respect of the guarantee is limited to £1 pei member of the charitv. The presentation currency is GBP and all amounts have been rounded to the nearest £. Go5n8 ¢on¢ern The financial statements are prepare(l on a going concern basis which assumes that the charitable company will continue in operational existence lor the loreseeable future. During the year, the charity incurred a loss of £54,1451202 1.. gain of £726,126). This is after taking into account unrealised losse5 of £117,09012021'. unrealised gains of £304.8951, before which the surplus would have amounted to £62,94412021'. surplus £421,231). Due to the unrealised nature of the gains and losses on the charity's investment portfolio. the trustees consider the latter figure a5 key to understandlng the financial performance of the charity. The trustees have reviewed the financial forecasts taking these factors into account for a period of at least twelve months from the date of approval of Ihe5e financial statements. These show that ihe charity has a realistic expectation of meeting its liabilities as they fall due and the trustees are satisfied that the assumptions on which they are based are reasonable. Accordingly. they continue to adopt the going concern basis in the preparètion of the financial Statements. Income All income is retognised once the charity h35 entitlement to the income, it is probable that the in¢ome will be received. and the amount of income receivable can be measured reliably.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEMBER 2022 l. Accounting Policies Icontinuedl Expenditure Expenditure Is recognlsed once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each artivity. Direct costs attributable to a single actlvity are allocated directly to that activity. Shared costs which contribute to more than one attivity and support costs which are not attributable to a sinBle activity are apportioned between those activities on a basis consistent with the use of resources. Central staff cost5 are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs Imuseum governance) are those cost5 incurred directly in 5UPPOrt of expenditure on the objects of the charity. Expenditure on charitable activities are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charltable activities. Tanglble flxed assets and depreclatlon All assets C05ting more than £5,000 3re capltalised. Tanglble fixed assets are carrled at Cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value. over their expected useful Ilves on the following bases.. Fixtures and fittings Office equipment lower of the remainin8 lease term or 10 years on a straight-line basls 4 years on a straight.line basis Office equipment Herltage assets- capitalised Herltage assets that are capitallsed comprise Florence Ni8htingale's owl and a series of paintings acquired at cost in 2013. Herltage assets . not capltallsed Heritage assets that are not capitalised comprise the Trust's collections of 'Nightingalia' and associated artefacts, including letters, documents, personal effects, unifom)s, artworks and other items which were largely collected by Oame Alicia Lloyd-stil. former Matron of St Thomas, Hospital. Further details concerning the nature and extent of the collection are provlded on the Museum's website. No value is attributed to the collections as reliable historical cost information is not avallable and due to the uniquene55 of much of the collection, conventional valuation techniques are either not appropriate or cannot be obtained at a cost commensurate with the benefit that might be derived by Ljsers of the accounts. Therefore the trustees have adopted a non-recognition approach as permitted by FRS 102. Expenditure on preservation and restoration of the collection is written off in the Statement of Financial Artivities as it is incurred. 14
NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 305EPTEMBER 2022 l. Accounting Policies Icontinuedl The Trust's collections were18rgely assembled by Dame Alicia Lloyd-still, who diligently gathered items brought to St Thomas, Hospital during the early twentieth century, as the adoring British PLtblic recognised this to be the site of Nightingale's first training school for nurses and wished to celebrate her life and achievements. In 1989, the Florence Nightingale Museum Trust was formed to care for the collections, recognising the need for museum expertise to administer recognise(I collecting standards and fully harness public interest and educational potential. Unique to the UK, as the largest collection of nursing themed items. the collection has many exhibits of both quality and sentimental value. A5 Nightingale is regarded a5 the founder of the nursing profession, whose work is Still highlv relevant today, the museum receives research enquiries and visits from the general public and from both the UK and global audiences. Nightingale is also recognised a pioneering statistician and campaigner, as well as a leading female icon. The exhibits assembled by Lloyd-still have been supplemented occasionally with a small number of additional donations, most commonly reflecting Nightingale's legacy within the nursing profession. The museum's collection of Nightingale's letters are largely held by the London Metropolitan Archive In order to f3cilitate public access. Further details of the nature and extent of the collections are available on the Museum's website http:l/www.florence- ni8htingale.co.uk The definition of number5 in a collection is fairly arbitrary as single items accessioned may comprise a wide range of artefacts. components or supporting papers. However, this list reflects how they are accessioned in museum records. Category Estimated Number of items at 30 September 2022 Letters Photographic materia55 Books & printed materials Textiles & uniforms Furniture, ceramics & others objects Artworks & prints Metal work & jewellery 330 240 80 100 150 150 Herltage assets- Acquisitions and disposals policy The collections are very much the work of one family and it is rare for the Trustees to make acqui51tions or disposals of objects from the collection unless the Trustee5 are sat15fied that this does not detract from the integrity of the collection. There is a strong presumption against the disposal of any accessioned items in the TrLt5t's collection except for sound curatorial andlor collections management reason5. There have been no material aequisitions or disposals since April 2010. Herltage a5sets- Collections management The tru5tee5' primary objective is to safeguard and develop the collertions $0 that they tan be made as accessible as possible now and in the future. This objertive is delivered through programmes of displays, events, publications websites, fieldwork. research. documentation and collection5 care. Objects from the collection are either displayed in the museum and on our website, or made available via loans to third parties, or else they are held in our collection5 Stores for research and future use.
NOTESTOTHE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021 Accounting Policies Icontinuedl Heritage assets- Storage and care The collection 15 displayed and stored according to recognised international standards for the prevention of material deterioration. Library and archive storage facilities and exhibitions are based upon and informed by the requirements of BS 5454 and The National Archives Standard for Record Repositorie5. Heritage assets- Documentatlon Objects in the collection are documented in accordance with Art5 Council England requirements and SPECTRUM. The Trust will.. have secure title to all objerts in the collection,. hold basic data on every object so that it can be uniquely identified and the collection audited regularly,. ensure record5 relating to objects in the collection are enhanced and made available to audiences where appropriate. Non Inclusion of Herilage Assets in the Balance Sheet In the opinion of the Trustees, reliable information on cost or value is not available for the Trust's collections aCqUiTed prior to April 2010. This is owing to the lack of reliable information on purchase cost,. the lack of comparable market values; the diverse nature of the objects,. and the volume of items held. In the Trustees, opinion. conventional vaSuation approaches lack sufficiently reliabillty and any valuation is likely to incur significant cost and a time commitment that is likely to be onerous. Even if valuations could be obtained the cost would not be commensurate with any benefits to the Museum management, curatorial staff, the public, or users of the financial statements For this reason, the Collections which were almost entirely gifted to the Trust at nll cost many years ago, and are incomparable in noture, are not recogni5ed as assets in the Trust's Balance Sheet. Investments Fixed asset investments are a form of financial instrument and are initially reco8nised at their transaction cost and subsequently measured at fair valve at the Balance Sheet date, unless falr value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and shown in the heading 'Gains/llossesl on investments, in the Statement of Financial Activities incorporating Income and Expenditure Account. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the Bank, Stocks Stocks are valued at the lower of cost and net realisable value after making do allowance for obsolete and slow-moving stocks. Cost include5 all direct costs and an appropriate proportion of fixed and variable overheads.
NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 l. Accounting Policies Icontinuedl Debtors Trade and other debtors are recogni5ed at the settlement amount after any trade discount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. Cash at Bank and in hand Cash at bank and in hand includes cash and short temi hlghly Ilquid inveslment5 Wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Llabilities and pro¥lsSons Lialjilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money15 material, the provision is based on the present value of those amounts, discounted at the pre.tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. FlnancSal Instruments Apart from its investments. the charity only has financial a$5ets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whlch are subsequently measured at amortised cost using the effective interest method. Fund accountlng General funds are unrestrirted funds which are available for use at the discretion of the Trustees in furtherance of the general objectNes of the tharity and which have not been designated for other purpose5. Restritted funds are funds which are to be used in accordance with specific restrictions imposed bv donors or which have been raised by the charity for particular purposes. The costs 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 slatements. Investment income, gains and losses are allocated to the appropriate fund. Redundancy and termination payments Redulldanty and termination payments are included in the statement of financial artivity as and when paid.
THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTESTOTHE FINANCIAL 5TATEMEFifs FOR THE YEAR ENDED 3QSEPTEM8ER 2022 Incorne fvom Donaoons andGraiits rotal Y¢arEndd S•ptèmb 2022 ToLql P01 Endod 20 SÈptÈrnbèr 2Q21 Donabons CorDnavirusJRS Grant 4,322 4.312 103.94S 103,51S 418.050 4322 IWa.94S 814.732 Frytho pBriod ondod 30 Sutthnbur20ZY thurnwwgt398.09)dr¢Wi ¢orn• Irorn Charftabh ac¥5• Tothl oriod Endqd 30 Septemb 2021 Y•irEnded 2071 Admissions 86.046 18,0 Sch¢d adrnl1sI 34.356 15.237 34.358 15.237 2,838 1é,092 135.641 Y••rEnd•d Pertod Enoed 30 S•ptttmMr 2021 2022 ?35 Y.628 34.883 50.B33 Z35 83 Foi thq p•rtod wded 30 SOFIbr202I ihDrn4¥M£91698olreiued rt•. Oth•rtradlng Incam Totil P•ntyd End•0 30 SvpternbBr 21 Y••rElld•d 30 S•p¥•mb•r 2•22 shop 5Ble Répro¢0 nghls S TalkWEvents inwrn• BMk ol HthnoLY SZ.137 52.1J7 1,6Q4 1.942 49,609 28.273 2.422 2.100 1.942 Other Income- IDaLYanc4 Oth•r Incom•. conbon I MIKellaneous Income 175.300 11.648 6.154 74.B11 263 86fj
THE FLORENCE NIGHTINGLE MUSEUM TRLIST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Total Year Ended 30 September 2022 Total Period Ended 30 SepterTrber 2021 Ralsln9 funds R?5trithd Publi(aty Support costs InDte 81 Shop purchases 2,417 2,417 401 600 20.909 23.326 20,909 23,326 Total Year Ended 30 Sptèmbr 2022 Tot81 Peplod Ended 0 30 Sepiember 2021 Charitsble a¢t5vlt108- muièum op•raUon Unr•¥trlcted siaff Costs Staff IrainbnconfQr9n¢1$ lryecoverab VAT Education Oulreath Educalion Costs Projects Websile Expense• Prornises costs E Musovm Mainlenar l)fficelMuseum EquiwertlSuppl88 frHv Cdleciion management Volunteeer expenses Depreciation Reslricted grant exF4nthlure Support G051$ (note 81 124.031 558 15.3201 2.482 1.525 2.072 09,810 193,841 558 15.3201 2.482 1.525 2.072 345.698 433 16,0351 80 505 99 164 7,134 10.385 10,385 3.360 331 2.432 267 109 331 697 49.181 49.181 21.729 142.008 29.612 21,729 118.991 281 722 523 306 For Iht peiic*J ended 30 Seplemtér 2021 th¥¢ was £455,632 of restricted eynthlure.
THE FLORENCE NIGHTINGALE MUSEUN TRUST OTESTOTHE FINNCIAL STATEMENT5 FOR ThE YEWt ENDEO 3D5EPTEMBER 2022 Year EndÉd Support Cus15 Chariiable RaiSinJ swmber 2021 2022 Pnniing and siaiDI&y T¢phOne ?n¢ posW¢ CoTh)putyrtg Banking co515 Bnd eXcr rattvAri4n¢es General rnisc&laneL¥J$cos15 Insuranc4 1.475 1.928 7.153 11.2641 1,47$ 1.928 7.153 11.2641 13 1.20 1740 B.788 3.220 (3.S761 10,U66 39fj 600 7.749 6.724 2.0 2.000 Fundrsisiry cO¢Y GovemAn¢• 3.7 30.212 T4xaWon Th thadtsbltr tmpany11 •iAU lli wd purpDsN. N•t In¢0m(exPndityThl Y••rEndqd J• S•pternbllt Ended 30 S•pitmber 2021 Depraclaiic In¢epwdinlEx•mlneri' J.7 1.1 4.513 4.200 1.850 8.75B DJiln9 In• y•ar, no Trusi•• r•uFv•d Jnybenefitsin lin¢ I2021- £NII YHrÉnd•d IQ 8•W•mb•r 2022
J Sqsknmb Stjff lo1.. 178.215 315.526 21.414 8.756 YS.698 1•3.J41 Th• numb¥t¢fp•rt*QW4d byth•chAthy duhwth• 2Z No. 2021 10 he•dwum e¥resHd eqwnknt No.
THE FLORENCE P41GHTINGALÉ MUSEVPA ntUST NOTE5TO THE FINANCIAL STATEP4ENTS FOR THE YEAR EPIDED 30 SEPTEMBER2D22 employee eairtd befften £60.0 & t?0. dunng the bfarlZ021." 01 Key Mana9Ernenl c(Mnwsesthe tnJses. the j$en Llreaty. Firts lkrtw.vEXweCe & LeanMn9 19. aThJ Learning Manager lfrom April 20221. The tal reMunErati ofkfjy Ihe arWa5 £147.24512021. £182,395) InCd in 5al¥s and fi¥J1£167.l32(2ll' 315.5261 wa5 r40?1". tZ,152 regafd5 12. Tang&l•flll •v40ts Flxiwe¥ FitiThgs Equlpmeni Totsl COST AI 1stOclllbei 2021 14740 4.82Q 954.818 ADDrrioNS AI 3D StPtrmbffr2022 746 CIEPRÉ¢LATIO Al l$1 Oclober2D21 Ch5rye IOT ihè W.05Z 4.820 148.872 AI 30 S?prnbor 2022 NET BOryKVALUE At 30 Seplornr 2021 io 746 AI 31 SBpi•mbryr 2021 10&746 74 AI flA•d a8tsot84r•us•d iofL¥411w 13. LIDt•d IIDrkei valu• Al l Othhr 2021 R•valuatlons 1.431.417 At 30 Sowèmb•r2022 1.314.397 2022 U•t•d knv•th•m• 397 1 431487 14. btow• Y•4r End•d 31 S•wember 2022 Penod Endqd 30 Septemb Trndè DebiOr PrepJwntni Aecrued Insurnrth daim VAT Oubknr L)hw D?b<¥ 8.239 9.418 175.308 12.841 1,469 192.965 21
THE FLORENCE t41GHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMEFnSFOR THÉ YEfvJI ENDED 305EFTEIABER2O22 Stock Y••r End•d SryplErnbllr 2022 P¢nod En XISepiembBr Gmt thop 24,352 30.648 YitrEhd•d P•rknd End•J 30 sEbE[ 2021 2022 Tr8? Creditors TaX3n anrf s(KJal CAhorcro4ih715 AecTu$ 4.3SJ 3.795 3.513 3.764 12.216 17. FlTrlln¢lal In•lnwn¢nt• 30 8•N•rnb•r 2022 30 Swmb•r 2021 Income expenttiture Fln•nciAI as¥ mo•491•m¢pl1¢ e¢41 1J14.397 13,021 8.239 1.439726 FIn•N(l ffl••Jrnd 11.759 Fln•ndwl •14•t• tr•d• •r4 olhvrdvtkn. Fln•n¢lAI EK9111 rn•#urnd toHMRC.
TME FLORENCE NIGHf4GALE MUSEUMTrtUsr PIOTE5TO T AEFTr4ANCIALSTATE¥ENTSFOR TèIE YEAftErIL1o SEPTEJIBER30 SlatmentolfvndB-¢rr•nl Ewthty• frdnsTws 3OS•pt•Trkn•r2022 eTl oes1gtedtynd5 570. 219.419 RSD.OWI 250.LiII 363.6 250.DUO A19 186057 IngPltirtgChanp- W¥V1 PalnliD95 CLw•rv41itin Fur Fnger•al1hw Eth P•wyèfaVTfy51 2•0 I2.2 Quy%202D SFacoleTNIt W•llcomDTw51.5pwi¥l FbJ lose L4ll•ryFvnd Gllldsnuth¥lSTEM Pr The NIohuFQèp- PBr&Bwn(O CuriioT NLHLF. 8l.tènry AFtr H¢¥p&id and1rIn• 4.272 4,272 1541 18,8s31 11.4761 1.4Y.W9 I&IT4 11.610 IY,6281 1111.OW)I l.J57.BS• I45) 19.32Z So¢1YrrSt T•iffjLoDth kn4Q• {13.9291 (2.0ty)1 12.OWI Ruy415uuety LF.8nlih Mlthry 150 4I6ts1 sn 117.090 T¢lblo1fi 2101 110 J7 192 250 l Awi¥ots Tr•n¢w• 30 5•pt•mb•r2011 132•J7 IW.1241 frIGl•d lun WW1 w01 Bt4rdstthiwoD 20?0 PA•ryS••wi• fty 4,27t F rJ.4401 12206 ts976 11A701 1,120 1122541 Hwll4g•LoliryFyn Od1h1 I STEkl T••N 11x1 1,454,945 NLHLF-&.¢entqffl•ry 135.wl (29.7211 11.134 41.>1 11.621 4.TOll Muxyrnol ¢¥nl ILI9È Ennry4ncyFwd. COVIDI# Cnl EWpn¢ R•co¥eryur 2.(Wl IM.coJ) 1J7.2>] 45.OJ5 1644tyJ) 17 2 1BI 110 23
THE FLQRENCENIGHTINGALE MU5EUMTRusr NOTESTOTHE FINW4CWL STATEIIENT5FCiTHEVEIR EIKIED XOSEPTEIIBER2 19. 20 Tangiblefiied Ja14.3Y7 S750 .4CO (23.OB81 105.746 T24.380 123CWI cwrent5515 Cre&lL¥S Oue IS4.14$1 72th1¥ AJiordSr. on01n1v1 In•to& 11FS.Y281 146.51 18,5211 2947 157.160 321.IC• TW FIfI.11*Hlty R•thhdplrtytr4nIOn ¢ommhm•M• 24