2023-09-30-accounts

THE FLORENCE NIGHTINGALE MUSEUM TRUST

(A Company Limited by Guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Registered number: 02246583 Charity number: 299576

THE FLORENCE NIGHTINGALE MUSEUM TRUST CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and
Advisers	1
Chair's Statement	2
Trustees' Report	3
Independent Examiners' Report	9
Statement of Financial Activities	10
Balance Sheet	11
Statement of Cash Flows	12
Notes to the Financial Statements	13

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Contents

	Trustees Dame Christine Beasley CBE, Chair Jon Card
	Alastair Gourlay (resigned 4 April 2023) Dame Janet Vitmayer CBE Darren Barker Donna Curry Jane Dwelly Alison Hofman Peter Kay Professor Thomas Kearns Jennifer Rogers Philip Mitchell
	Company registered number 02246583 Charity registered number 0299576 Registered office St Thomas' Hospital 2 Lambeth Palace Road London SE1 7EW Independent examiners Moore Kingston Smith LLP Floor 6 9 Appold Street London EC2A 2AP Bankers National Westminster Bank Plc London SE1 8XJ Investment Managers Sarasin & Partners LLP BNY Mellon Fund Managers Ltd

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Chair's Statement for the Year Ended 30 September 2023

The Chair presents her statement for the year.

It is pleasing to be able to reflect upon the achievements of the Florence Nightingale Museum over the past year; a period that has seen us move closer towards pre-pandemic visitor numbers. I have no doubt that our determination to succeed and our creativity will see continued growth in the next financial year, and as always, we will be inspired by Nightingale’s own challenging path to achievement and many successes.

I would like to congratulate the team under David Green and Gabrielle Gale for their resilience and hard work under what still remains challenging circumstances. I am grateful to my fellow trustees, our staff, and volunteers for their ongoing support. I would 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 our charitable aims and objectives; The National Lottery Heritage Fund, The Postcode, The Friends of The Florence Nightingale Museum, The Royal Society, The Mary Seacole Trust, and The Company of Nurses Charitable Trust. Their support has allowed us to introduce new displays and experiences, engaging new audiences, whilst welcoming familiar faces to the museum for return visits.

The next financial year will undoubtedly see challenges, not least due to the current cost of living crisis, but we are encouraged by opportunities to explore exciting options for a new location for the museum – an aim of our strategic plan for some time, which should ultimately see us grow and offer additional services. We also plan to develop new temporary exhibitions both on-site and in London.

Here at the Florence Nightingale Museum, we have many reasons to be optimistic, and I very much look forward to the year ahead.

…....................................................

Dame Christine Beasley CBE

Chair- The Florence Nightingale Museum

Date:

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Trustees' Annual Report for the Year Ended 30 September 2023

The Trustees present their annual report together with the independently examined financial statements of the Charity for the year ended 30 September 2023.

The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

The Trustees confirm that the Charity Commission's general guidance on public benefit has been considered in relation to the objectives 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 Association gives the objectives as the advancement of the education of nurses or those engaged in nursing. In the furtherance of this objective, the governing document gives the Trust powers which include the following:

To establish and maintain a museum for the preservation and wider display of the Nightingale collection.

To receive donations of suitable items for the collection, or to purchase suitable items.

To facilitate research into the history and work of Florence Nightingale, particularly in relation to the first training school for nurses at St Thomas' Hospital and consequential developments in the nursing profession.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The Trustees, who are also directors of the company The Florence Nightingale Museum Trust during the year and up to the date of this report, were as follows:

Office Holders:

Chair: Dame Christine Beasley CBE Vice Chair: Dame Janet Vitmayer CBE Treasurer: Jon Card

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Trustees' Annual Report for the Year Ended 30 September 2023

Directors and Trustees: Dame Christine Beasley CBE Jon Card Alastair Gourlay Dame Janet Vitmayer CBE Darren Barker Donna Curry Jane Dwelly Alison Hofman Peter Kay Professor Thomas Kearns Jennifer Rogers Museum Director: David Green (Resigned 28[th] February 2023) Museum General Manager: Gabriele Gabe (to September 2023) Katie Edwards (Joined September 2023)

Trustees are appointed following advertisement and interview for periods of up to 5 years.

Trustees are inducted by the Chair with the support of the General Manager. Trustees are also offered training which is supported by the Association of Independent Museums, the Arts Council England, and Small Charities Coalition. Trustees retain decision making power, working closely with the General Manager.

The Chair meets the General Manager to facilitate decision making not less than once per month. The Treasurer meets the General Manager not less than quarterly.

STRATEGIC PLAN

The objectives, forming the basis of the strategic plan of the Charity, are as follows:

• To secure a long-term location to allow us to meet our aims, and provide a platform for growth;

• To continue to be a financially sustainable and self-funding organisation;

• To increase unrestricted funds through an audience-specific marketing plan;

• To create an enjoyable, inspiring and enlightening 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 for research in the history of nursing;

• To value the development and effective management of staff and volunteers.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Trustees' Annual Report for the Year Ended 30 September 2023

ACHIEVEMENTS AND PERFORMANCE

This past year has been challenging for us due to the high turnover of staff, as well as a reduction is visitor figures, most likely due to the cost-of-living crisis that is ongoing. However, this year saw some great achievements and successes for the museum.

The largest project this year has been the Military Nursing project, entitled British Military Nursing in Peace and War, which is now a permanent addition to the gallery space. This was achieved with funding from NLHF, the Royal Society and the Mary Seacole Trust. As part of this, we employed two contracted members of staff to assist with the project and connected with many organisations, communities, and individuals, who generously shared their stories, experiences and expertise to allow us to collect a dynamic collection of oral histories. Within this project we were able to work closely with the Mary Seacole Trust, strengthening this relationship and redesigning and relaunching our Mary Seacole offer to schools, with a fantastic new actress portraying Seacole. This accurate representation has allowed us to clarify some historical inaccuracies surrounding Nightingale and Seacole, ensuring both women are celebrated for their individual achievements. The funding allowed us to provide a number of free Mary Seacole sessions and performances to launch the new script. As a direct result of this, we have seen an increase in paid bookings for schools and other events, both this year and pre-bookings for next year.

The Project Officer that we hired bought their own skill set which included an expertise in access, so an unexpected positive coming out of the project and this hiring, was the launch of a remote Access Volunteer programme. A group of volunteers based around the UK have assisted us in creating a more accessible website and gallery experience. They have successfully created captions for all images on our website and transcribed all videos both online and in the gallery. They have also created large print guide of all interpretation and text in the gallery. We hope to continue the momentum of this by putting more focus on accessibility in all future work.

We are pleased to report that school engagement figures are back to pre-pandemic level and are continuing to rise, in part due to the increase in Mary Seacole sessions but also the continued increasing demand for zoom sessions which had been started during the lockdowns, which has allowed to have a further geographic reach to schools across the country.

Across the summer months, we were able to trial increased opening hours to six days a week. This resulted in an increase in visitor numbers and secondary spend across all three months of the trial. This has helped shape our plans for open hours and subsequent staffing requirements going forward.

We continued to improve and expand our retail offer. New products included various books and tote bags. The key new product that we have brought in was a new fanoos lantern, a replica of Nightingale’s lamp that she used during the Crimean War. These are more authentic that our previous offering and have even been made in Turkey, close to where Nightingale worked at Scutari Hospital.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Trustees' Annual Report for the Year Ended 30 September 2023

Having made the decision to change over the Collections Management System in 2021 from TMS to eHive, 2023 saw the completion of the project to change over to the new system. Each item was individually added, while a location audit and condition check were also undertaken for each object. Most of the collection is now searchable online ensuring better access for the public to our collection. Further cataloguing and research will be added as we expand our knowledge about our varied collection.

The museum made some key acquisitions to its collection this year, including Florence Nightingale’s Wheelchair from the Johns Hopkins University School of Nursing and The Johns Hopkins Hospital. Following a successful fundraising campaign, the museum was able to get the wheelchair shipped from the United State to London. Other acquired items include a drawing by Selena Bracebridge of Malta in 1854, while accompanying Nightingale and her team of nurses to Scutari Hospital.

PAY POLICY FOR STAFF

All staff pay reviews are generally subject to approval from the 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 current cost of living trends.

The need to maintain some continuity of staff is notable and understood.

Trustees had committed to considering elements of performance related pay for exceptional performance and achievement in the previous financial year and will continue to explore this. They will also benchmark salaries against the Museums Association's pay guidance, whilst observing market trends and forces. Any such payments would be subject to Board approval and the recommendations of the Chair.

RELATED PARTIES AND CONNECTED ORGANISATIONS

The Florence Nightingale Museum is located within the site of St. Thomas' Hospital. The Guy's and St Thomas' NHS Foundation Trust is represented by a Trustee, but it does not have powers to nominate Trustees.

FUNDRAISING

The Florence Nightingale Museum is a small charity with no fundraising team. The Trustees endeavour to support the Director who leads on this responsibility.

Currently the Charity does not make use of professional fundraisers and has received no complaints in relation to fundraising practices during the period under review.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Trustees' Annual Report for the Year Ended 30 September 2023

VOLUNTEERS

The Charity receives help from volunteers, without whom we would be unable to operate as successfully. Volunteers assist the organisation in many ways - the Trustees who set the strategy for the trust, volunteers who assist in the managerial process and provide advice on HR, and the volunteers who support the events we create and deliver, both on site and digitally. Volunteering opportunities this year have included hosting school placements and Duke of Edinburgh Award participants.

RISK MANAGEMENT

The Trustees confirm that they have identified and reviewed the major risks to which the Charity is exposed and have established systems to mitigate those risks.

Specifically, they include:

• Ensuring and operafing sustainability within a changing economic environment

• A lean operafional support model able to effecfively and efficiently deliver Museum growth

• Data protecfion, privacy, and security of user data

• Protecfion of the collecfion and ACE Accredited Museum status

GUARANTORS

The Trustees are the Members of the Company which is limited by guarantee. In the event of winding up, the liability of each member is limited to £1.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

Trustees' Annual Report for the Year Ended 30 September 2023

TRUSTEES' RESPONSIBILITIES

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 Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the charitable company for that period. In preparing the financial statements, the Trustees are required to:

• select suitable accounfing policies and then apply them consistently;

• observe the methods and principles of the Charifies SORP;

• make judgements and esfimates that are reasonable and prudent;

• state whether applicable UK Accounfing Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• presume that the company will continue in business.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

SMALL COMPANIES EXEMPTION

The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report, incorporating the Strategic report, was approved by the Trustees, in their capacity as company directors, on ...................................... and signed on their behalf by:

…...................................... …...................................... Dame C Beasley CBE Chair J Card Treasurer

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Independent Examiner's Report to the Trustees of The Florence Nightingale Museum Trust

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

Having satisfied myself that the accounts of the Company are not required to be audited under part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Ad). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1 accounting records were not kept in respect of the Charity as required by section 130 of the 2006 Act; or

2 the accounts do not 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 that 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 the methods and principles of the Statements of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

James Cross

For and on behalf of Moore Kingston Smith LLP

Chartered Accountants Floor 6 9 Appold Street London EC2A 2AP

Date: 30 May 2024

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THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

for the Year Ended 30 September 2023

Note Income from: 2 3 4 5 6 7 Total expenditure Add: Exhibition tax relief claimed Transfers between funds 18 Other recognised gains/(losses) Net gains on investments 13 Net movement in funds Total funds carried forward Expenditure on: Charitable activities Net Income/(expenditure) Reconciliation of funds: Total funds brought forward Raising funds Total Income and Endowments Donations and grants Charitable activities Investment income Other trading income	Unrestricted £ 6,133 293,734 3,542 121,057 424,466 51,145 314,666 365,811 58,655 - - 58,655 613,684 672,339	Restricted £ 6,093 - 36,390 - 42,483 - 99,853 99,853 (57,370) - 60,206 2,836 1,513,350 1,516,186	Total Year Total Year ended 30 Sept 2023 ended 30 Sept 2022 Total Total £ £ 12,226 108,266 293,734 135,641 39,932 34,863 121,057 74,811
			466,949 353,581
			51,145 23,325 414,519 281,722
			465,664 305,047
			1,285 48,534 14,410 - - 60,206 (117,090) 61,491 (54,146) 2,127,034 2,181,180 2,188,525 2,127,034

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THE FLORENCE NIGHTINGALE MUSEUM TRUST

BALANCE SHEET AS AT 30 September 2023

Note Fixed Assets Tangible assets 12 Heritage assets 12 Investments 13 Current Assets Stock 15 Debtors 14 Cash at bank and in hand Creditors: amounts falling 16 due within one year Net Current Assets Net Assets Charity Funds Restricted funds 18 Designated funds 18 Unrestricted funds 18 Total Funds	£ - 105,746 1,374,603 22,313 23,035 699,473 744,821 (36,645)	2023 £ 1,480,349 708,176 2,188,525 1,516,186 250,000 422,339 2,188,525	2022 £ - 105,746 1,314,397
			1,420,143 24,352 32,138 673,489
			729,979 (23,088)
			706,891
			2,127,034
			1,513,350 250,000 363,684 2,127,034

For the financial year ended 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on ……………………….and signed on their behalf by:

…………………….	………………….
Dame C Beasley CBE	J Card
The notes on pages 13 to 25 form part of these financial statements.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST

Statement of Cash Flows

Year ended 30 September 2023

Note Cash flows from operating activities: Net Cash (used in)/provided by operating activities 20 Cash flows from investing activities: Dividends and interest from investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents bought forward Cash and cash equivalents carried forward 21	2023 2022 £ £ (13,948) 186,684
	39,932 34,863
	39,932 34,863
	25,984 221,547
	673,489 451,942
	699,473 673,489

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounfing Policies

Basis of preparation of financial statements

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 (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Florence Nightingale Museum Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Company Status

The charity is a company limited by guarantee registered in England and Wales, 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 running a museum.

The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The presentation currency is GBP and all amounts have been rounded to the nearest £.

Going Concern

The financial statements are prepared on a going concern basis which assumes that the charitable company will continue in operational existence for the foreseeable future. During the year, the charity incurred net income of £61,491 (2022: loss of £54,145). This is after taking into account unrealised gains of £60,206 (2022: unrealised losses of £117,090), before which the surplus would have amounted to £1,285 (2022: surplus £62,944). Due to the unrealised nature of the gains and losses on the charity's investment portfolio, the trustees consider the latter figure as key to understanding 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 these financial statements. These show that the 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 preparation of the financial statements.

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounfing Policies (confinued)

Expenditure

Expenditure is recognised 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 activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Support costs (museum governance) are those costs incurred directly in support 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 charitable activities.

Tangible fixed assets and depreciation

All assets costing more than £5,000 are capitalised.

Tangible fixed assets are carried 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 lives on the following bases:

Fixtures and fittings - lower of the remaining lease term or 10 years on a straight-line basis Office equipment - 4 years on a straight-line basis

Heritage assets-capitalised

Heritage assets that are capitalised comprise Florence Nightingale's owl and a series of paintings acquired at cost in 2013.

Heritage assets- not capitalised

Heritage assets that are not capitalised comprise the Trust's collections of 'Nightingalia' and associated artefacts, including letters, documents, personal effects, uniforms, artworks and other items which were largely collected by Dame Alicia Lloyd-Stil, former Matron of St Thomas' Hospital. Further details concerning the nature and extent of the collection are provided on the Museum's website.

No value is attributed to the collections as reliable historical cost information is not available and due to the uniqueness 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 users 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 Activities as it is incurred.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounfing Policies (confinued)

The Trust's collections were largely assembled by Dame Alicia Lloyd-Still, who diligently gathered items brought to St Thomas' Hospital during the early twentieth century, as the adoring British public 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 recognised 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.

As Nightingale is regarded as the founder of the nursing profession, whose work is still highly 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 facilitate public access. Further details of the nature and extent of the collections are available on the Museum's website http://www.florence-nightingale.co.uk

The definition of numbers in a collection is fairly arbitrary as single items accessioned may comprise a wide range of artefacts, components or supporting papers.

Category	Estimated Number of items at 30 September 2023
Letters	330
Photographic materials	240
Books & printed materials	900
Textiles & uniforms	80
Furniture, ceramics & others objects	100
Artworks & prints	150
Metal work & jewellery	150

Heritage assets - Acquisitions and disposals policy

The collections are very much the work of one family and it is rare for the Trustees to make acquisitions or disposals of objects from the collection unless the Trustees are satisfied 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 Trust's collection except for sound curatorial and/or collections management reasons. There have been no material acquisitions or disposals since April 2010.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounfing Policies (confinued)

Heritage assets - Collections management

The trustees' primary objective is to safeguard and develop the collections so that they can be made as accessible as possible now and in the future. This objective is delivered through programmes of displays, events, publications websites, fieldwork, research, documentation and collections 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 collections stores for research and future use.

Heritage assets - Storage and care

The collection is 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 Repositories

Heritage assets - Documentation

Objects in the collection are documented in accordance with Arts Council England requirements and SPECTRUM.

The Trust will:

• have secure fitle to all objects in the collecfion;

• hold basic data on every object so that it can be uniquely idenfified and the collecfion audited regularly;

• ensure records relafing to objects in the collecfion are enhanced and made available to audiences where appropriate.

Non inclusion of Heritage 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 acquired 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 valuation approaches lack sufficiently reliability 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 nil cost many years ago, and are incomparable in nature, are not recognised as assets in the Trust's Balance Sheet.

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair 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/(losses) on investments' in the Statement of Financial Activities incorporating Income and Expenditure Account.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 1.Accounfing Policies (confinued)

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.

Stock

Stocks are valued at the lower of cost and net realisable value after making do allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments 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 term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities 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 money is 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.

Financial instruments

Apart from its investments, the charity only has financial assets 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 which are subsequently measured at amortised cost using the effective interest method.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Fund accounting

General funds are unrestricted funds which 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 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 statements.

Redundancy and termination payments

Redundancy and termination payments are included in the statement of financial activity as and when paid.

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THE FLORENCE NIGHTINGALE MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. Income from Donations and Grants

Donations Grants Total Donations	Unrestricted £ 6,133 - 6,133	Restricted £ 6,093 - 6,093	Total Total Year Ended Year ended 30 September 30 September 2023 2022 £ £ 12,226 4,322 - 103,945 12,226 108,266

For the period ended 30 September 2022 there were £103,945 of restricted grants.

3. Income from Charitable activities

Museum operations: Education School admissions Outreach education income Admissions	Unrestricted £ 215,940 55,225 22,569 293,734	Restricted £ - - - -	Total Year Ended 30 September 2023 £ 215,940 55,225 22,569 293,734	Total Year ended 30 September 2022 £ 86,047 34,358 15,237
				135,642

4. Investment income

Investment income	Unrestricted £ 3,542 3,542	Restricted £ 36,390 36,390	Total Year Ended 30 September 2023 £ 39,932 39,932	Total Year ended 30 September 2022 £ 34,863
				34,863

For the year ended 30 September 2022 there was £34,628 of restricted investment income.

5. Other income

Reproduction rights & Royalties Talks/Events income Wall & Book of Honour Legacies Received Miscellaneous Income Shop sales	Unrestricted £ 98,501 307 18,693 1,840 - 1,716 121,057	Restricted £ - - - - - - -	Total Year Ended 30 September 2023 £ 98,501 307 18,693 1,840 - 1,716 121,057	Total Year ended 30 September 2022 £ 52,138 1,604 1,942 1,020 6,000 14,870
				77,573

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

6. Raising funds Publicity Shop purchases 7. Charitable activities - museum operation Staff Costs Staff training/Conferences Irrecoverable VAT Education Outreach Education Costs Projects Website Expenses Premises costs Office/Museum Equipment/Supplies Travel Collection management Other costs Restricted grant expenditure Support costs (note 8)	Unrestricted £ 1,798 49,347 51,145 Unrestricted £ 219,861 216 538 10,408 3,076 9,304 40 16,874 5,758 524 158 2,951 - 44,958 314,666	Restricted £ - - - Restricted £ 99,853 - - - - - - - - - - - - - 99,853	Total Total Year Ended Year ended 30 September 30 September 2023 2022 £ £ 1,798 2,417 49,347 20,909 51,145 23,326 Total Total Year Ended Year ended 30 September 30 September 2023 2022 £ £ 319,714 182,194 216 558 538 2,773 10,408 2,482 3,076 1,525 9,304 2,072 40 - 16,874 10,385 5,758 3,360 524 331 158 880 2,951 - - 49,181 44,958 21,729 414,519 277,471	Total Total Year Ended Year ended 30 September 30 September 2023 2022 £ £ 1,798 2,417 49,347 20,909 51,145 23,326 Total Total Year Ended Year ended 30 September 30 September 2023 2022 £ £ 319,714 182,194 216 558 538 2,773 10,408 2,482 3,076 1,525 9,304 2,072 40 - 16,874 10,385 5,758 3,360 524 331 158 880 2,951 - - 49,181 44,958 21,729 414,519 277,471
				277,471

For the period ended 30 September 2022 there was £277,471 of restricted expenditure.

Page 28

THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Support Costs Printing and stationery Telephone and postage Computing Banking costs and exchange variances General miscellaneous costs Insurance Legal fees Fundraising consultancy Governance	Year Ended 30 September 2023 £ £ £ 1,586 - 1,586 2,332 - 2,332 9,092 - 9,092 8,961 - 8,961 503 - 503 7,517 - 7,517 8,347 - 8,347 - - - 6,620 - 6,620 44,958 - 44,958 Raising funds Charitable activities	Year Ended 30 September 2022 £ 1,475 1,928 7,153 (1,264) 13 6,724 2,000 - 3,700
		21,729

8. Support Costs

9. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Net Income/(Expenditure)

Year Ended 30 September 2023 £ This is stated after charging: Depreciation - Independent Examiners' remuneration 4,450 Other services - payroll and accountancy fees 3,480 During the year, no Trustee received any remuneration (2022 - £nil) During the year, no Trustee received any benefits in kind (2022 - £nil) During the year, no Trustee received reimbursement of expenses (2022 - £nil) Staff costs Year Ended 30 September Staff costs were as follows: 2023 £ Salaries and wages 197,622 Social security costs 16,969 Staff Pensions 5,270 219,861 The average number of persons employed by the charity during the year was as follows: 2023 No. 11	Year Ended 30 September 2022 £ - 3,700 1,140
	Year Ended 30 September 2022 £ 167,132 10,764 4,297
	182,193
	2022 No. 6

11. Staff costs

No. of employees earning more than £60,000 during the year: nil (2022: 1) Key Management comprises the trustees, the Museum Director, Finance Manager, Visitor Experience & Learning Manager, and Learning Manager.

The total remuneration of key management during the year was £151,960 (2022: £147,245)

Page 29

THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. Tangible fixed assets Heritage Fixtures & Office Total Assets Fittings Equipment £ £ £ £ COST 105,746 844,052 4,820 954,618 ADDITIONS - - - - 105,746 844,052 4,820 954,618 DEPRECIATION - 844,052 4,820 848,872 Charge for the year - - - - - 844,052 4,820 848,872 NET BOOK VALUE 105,746 - - 105,746 105,746 - - 105,746 13. Listed Securities £ At 1 October 2022 1,314,397 Revaluations 60,206 At 30 September 2023 1,374,603 2023 2022 £ £ Listed investments 1,374,603 1,314,397 14. Debtors Year Ended Period Ended 30 September 30 September 2023 2022 £ £ Trade Debtors 10,714 13,621 Prepayments 12,321 12,898 VAT Debtor - 1,469 Other Debtors - 4,150 23,035 32,138 Investments at market value comprise: At 30 September 2023 At 30 September 2022 All tangible fixed assets are used to fulfil the charity's objects. Fixed asset investments Market value At 30 September 2023 At 1st October 2022 At 30 September 2023 At 1st October 2022	Heritage Fixtures & Office Total Assets Fittings Equipment £ £ £ £ 105,746 844,052 4,820 954,618 - - - - 105,746 844,052 4,820 954,618	Heritage Fixtures & Office Total Assets Fittings Equipment £ £ £ £ 105,746 844,052 4,820 954,618 - - - - 105,746 844,052 4,820 954,618	Heritage Fixtures & Office Total Assets Fittings Equipment £ £ £ £ 105,746 844,052 4,820 954,618 - - - - 105,746 844,052 4,820 954,618
	- -	844,052 4,820 - -	848,872 -
	-	844,052 4,820	848,872
	105,746	- -	105,746
	105,746	- -	105,746
		2023 £ 1,374,603 Year Ended 30 September 2023 £ 10,714 12,321 - - 23,035	Listed Securities £ 1,314,397 60,206
			1,374,603
			2022 £ 1,314,397
			Period Ended 30 September 2022 £ 13,621 12,898 1,469 4,150
			32,138

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

15. Stock Year Ended 30 September 2023 £ Gift shop stock 22,313 16. Creditors : Amounts falling due within one year Year Ended 30 September 2023 £ Trade Creditors 20,016 Taxation and social security 6,447 Other creditors 2,302 Accruals 7,880 36,645 17. Financial instruments Year Ended 30 September 2023 Financial assets measured at fair value through £ income and expenditure 1,374,603 Financial assets measured at amortised cost 10,714 1,385,317 Financial liabilities measured at amortised cost 30,198 Financial assets measured at fair value through income and expenditure comprise fixed asset investments. The fair value is determined by reference to the investment portfolios	Year Ended 30 September 2022 £
	24,352
	Year Ended 30 September 2022 £ 9,844 4,353 3,795 5,096
	23,088
	Year Ended 30 September 2022 £ 1,314,397 13,621
	1,328,018
	18,735

Financial assets measured at amortised cost comprise trade and other debtors.

Financial liabilities measured at amortised cost comprise creditors excluding amounts owed to HMRC.

Page 31

THE FLORENCE NIGHTINGALE MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.	Statement of funds - current year		Balance at					Gain/Loss on	Gain/Loss on	Balance at
			1 October 2022	Income		Expenditure	Transfers	Investment		30 September 2023
										£
	Unrestricted funds:
	General fund		363,684	424,466		(365,811)	-		-	422,339
	Designated funds		250,000	-		-	-		-	250,000
			613,684	424,466	-	365,811	-	-		672,339
	Restricted funds:
	Inspiring Change:		22,562							22,562
	WW1 Paintings		96,996							96,996
	Mary Seacole Trust		4,272							4,272
	Perseverance Curator		1,337,859	36,390		-	-	60,206		1,434,455
	Art Fund: Respond and reimagine	-	4,593	4,593						-
	Postcode Society Trust		6,066			(6,036)	-	-		30
	Royal Society		3,500			(974)	-	-		2,526
	Museum Development Measuring Up			1,500		(1,500)	-	-		-
	HLF - British Military Nursing Project		46,688	-		(91,343)	-	-		(44,655)
			1,513,350	42,483		(99,853)	-	60,206		1,516,186
	Total of funds		2,127,034	466,949	-	465,664	-	60,206		2,188,525
	Statement of funds - prior period		Balance at				Gain/(Loss) on			Balance at
			1 October 2021	Income		Expenditure	Transfers	Investment		30 September 2022
	Unrestricted funds:
	General funds		570,322	229,419		(186,057)	(250,000)		-	363,684
	Designed funds		-	-		-	250,000		-	250,000
			570,322	229,419		(186,057)	-		-	613,684
	Restricted funds
	Inspiring Change:		28,288	-		(5,726)	-		-	22,562
	WW1 Paintings		96,996	-		-	-		-	96,996
	Conservation Fund		108	-		(108)	-		-	-
	Fishmongers-Healthy Eating		108	-		(108)	-		-	-
	Perseverance Trust		549	-		(554)	5		-	-
	Victorian Beards Exhibition		124	10		(134)	-		-	-
	Guys 2020		2	-		-	(2)		-	-
	Mary Seacole Trust		4,272	-			-		-	4,272
	Wellcome Trust-Spanish Flu		5,880	-		(5,880)	-		-	-
	Heritage Lottery Fund		34	-		-	(34)		-	-
	Goldsmiths / STEM Teens Project		8,853	-		(8,853)	-		-	-
	The Nightingale Fellowship - Esmond Bequest		(1,476)	2,300		(824)	-		-	-
	Perseverance Curator		1,454,949	34,628		(34,628)	-	(117,090)		1,337,859
	NLHLF - Bi-centenary		15,174	9,840		(25,044)	30		-	-
	Art Fund - Respond and reimagine		11,620	-		(16,213)	-		-	(4,593)
	Public Health Nurse Leadership		4,700	-		(4,700)	-		-	-
	Arts Council England Cultural Recovery Fund 2		(19,323)	19,322		-	1		-	-
	Postcode Society Trust		-	19,995		(13,929)	-		-	6,066
	Team London Bridge		-	2,000		(2,000)	-		-	-
	Museum Development London Measuring Up Programme		-	2,000		(2,000)	-		-	-
	Burdett Trust		-	2,500		(2,500)	-		-	-
	Royal Society		-	3,500		-	-		-	3,500
	HLF - British Military Nursing Project		-	49,478		(2,790)	-		-	46,688
			1,610,858	145,573		(125,991)	-	(117,090)		1,513,350

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THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

19. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year	General funds Restricted funds Total funds 2023 2023 2023 - - - - 1,374,603 1,374,603 8,750 96,996 105,746 700,234 44,587 744,821 (36,645) (36,645)
	672,339 1,516,186 2,188,525
	422,339 -

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities) Adjustment for: Depreciation charges Losses/(gains) on investments Dividends and interest (Increase)/decrease in stock (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash (used in)/ provided by operating activities 21. Analysis of cash and cash equivalents Cash at bank and in hand Deposit accounts Total	2023 2022 61,491 (54,145) - - (60,206) 117,090 (39,932) (34,863) 2,038 6,296 9,103 160,827 13,558 (8,521)
	(13,948) 186,684
	Year Ended Period Ended 30 September 30 September 2023 2022 182,369 352,380 517,104 321,109
	699,473 673,489

22. Members' liability

Eash member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before they cease to be a member.

23. Related party transactions

There were no related party transactions during the year other than those stated in note 11.

24. Pension commitments

The museum is a member of the People's Pension arrangement and contributions are charged as paid.

Page 33