THE FLORENCE NIGHTINGALE MUSEUM TRusr (A Company Llmlted by Guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SÈPTEMBER 2024 Registered numter.. 02246583 Charity number.. 2995 THE FLORENCE NIGHTINGALE MUSEUM TRUST CONTENT5 Page Reference and Administrative Details of the Charity. its Trustees and Advisers Chair's Statement Trustees, Report Independent Examiners. Report Statement ol Finantial Activities io Balanct Sheet li Statement of Cash Flows 12 Notes to the Finantial Statements 13 THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee) Trustees Dame Christine Beasley CBE, Chair (resigned 14.1.251 Jon Card Dame Janet Vitmayer C8E Iresigned 24.4.241 Darren Barker Donna Curry lane Dwellv Alison Hofman Peter Kay (resigned 24.4.251 Professor Thomas Kearns Jennifer Rogers Philip Mitchell Company registered number Charity registered number 02246583 0299576 Registered office Gassiot House 2 Lambeth Palace Road London SEI 7EW Independent examlners Moore Kingston Smith LLP Floor 6 9 Appold Street London EC2A 2AP Bankers National Westminster Bank PIC London SEI 8XJ Investment Managers Sarasin & Partners LLP BNY Mellon Fund Managers Ltd THE FLORENCE NIGHTINGALE MUSEUM TRUST (limited by guarantee) Chair's Statement for the Year Ended 30 Se tember 2024 The Chair present5 her 5taternent for the year. It is pleasing to be able to reflect upon the achtevements of rhe Floience Nightin8ale Museum over the Pèst year,. a period that has seen us move closer towards pre-pandemic visitor numbers. I have no doubt that we will continue to see growth in the next financial year as we develop new exhibition5 and broaden the stories that we tell. I would like to congratulate the team for their hard work, and l am grateful to my fellow trustees and our many volunteer5 for their on8oinK SUPPOrt. I would also like to express my sincere thanks to Guy's and St Thoma5, NHS Foundation Trusr for their support as our landlord, and the generous donations which have SUPPOrted our charitable aims and objectives- The Friends of rhe Florence Nighrin8ale Museum IUSAI, Kin8'5 College London. Guardian Nurses and Sen51. Their supporr has allowed us to introduce new displays and experiences, engaging new audience5. whilst welcoming lamiliar laces to the museum for retum The board would like to thank Christine Beasley for all that she has done for ihe Trust ifi hef time as Chèir. The next financial year will see us develop three new temporary exhlbitions and make impfovement5 10 the main gallery space. Here at the Florence Ni8htin8ale Museum, wè havt many reasons to bt optirnistic and we have a very loyal followin8 which we hope to continue to grow through stren8thenin8 and broadening our offer. I very much look forward to the year ahead. Jennifer Rogers nterim Chair Florence Ni8htin8ale Museum Oate. I Z JU￿[ iozS- THE FLORENCE NIGHTINGALE MUSEUM TRUST {Limited by guarantee) Trustees. Annual Report for the Year Ended 30 Se tember 2024 The Trustees present their annual report together with the independently examined financial statements of the Charity for the year ended 30 September 2024. The Trustees confirm that the Annual Report and financial statements of the tompany comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021. Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 Istrategic Report and Director's Report) Regulations 2013 is not required. The Trustees confirm that the Charity Commission's generol 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 CHARiri 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 objettive, 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 Nightin8ale 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 wa5 established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Article5 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.. THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee) Trustees, Annual Report for the Year Ended 30 Se tember 2024 Off ice Holders.. Chair.. Dame Christine Beasley CBE (resigned 14 January 20251 Jennifer Rogers Ifrom 14 January 20251 Dame Janet Vitmayer CBE Iresigned 24 April 20241 Jennifer Rogers (from 24 April 20241 Jon Card Vice Chair: Treasurer.. Directors and Trustees.. Dame Christine Beasley C8E (resigned 14 January 20251 lon Card Dame Janet Vitmayer CBE (resigned 24 April 20241 Darren Barker Donna Curry lane Dwelly Alison Hofman Peter Kay (resigned 24 April 20251 Professor Thomas Kearns Jennifer Rogers Philip Mitchell Museum General Manager: Katie Edwards (left 14 january 20251 Laura Sharpe (appointed 14 january 20251 Trustees are appointed following advertisement and interview for periods of up to 5 years. Trustees ?re inducted by the Chair with the support of the General Manager. Trustees are a150 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 u5 to meet our aims, and provide a plarform for growth,. To continue to be a financially 5UStainable and 5elf-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 event5 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. THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee) Trustees, Annual Report for the Year Ended 30 Se tember 2024 ACHIEVEMENTS AND PERFORMANCE This past year the team have worked hard to attrart an increase in visitors and to achieve successes for the museum, exceeding targets in all areas. The largest project this year has been the development and installation of a new changing exhibition programme- In focus. This space will be transformed twice a year to allow us to explore different subjects connected to Florence Nightingale and her legacy. This year we marked the 80th anniversary of D Day by exploring the brave work of the Flying Nightingale's. This exhibition has allowed us to develop a new handling box for visitors to explore and online talks which have attracted a wider audience to the museum, including an international reach. During this year we worked in partnership with The Arkwright Society to develop and install a new temporary exhibition at Cromford Mills, Derbyshire. This exhibition allowed the Florence Nightingale Museum IFNMI to diversify our audiences and tell new stories outside of London. We used FNM reserves to fund this exhibition. The exhibition was not a success financially. A review of the outcomes has helped to clarify the thinking of the FNMT (the Florence Ni8htingale Museum Trust), specifically that the focus of any relocation plans in the future would be limited physically to London whilst recognising that there is scope for educational pro8rammes to have both national and international reach. Throughout the year we have strengthened our partnership with King's College London and the Nightingale Academy and continue to work with the colleagues in the London Museums of Health and Medicine network and The Nightingale Fellowship. The museum is now open six days per week which will support our plans to grow visitor numbers and increase on site spend. We have continued to improve and expand our retail offer. New products have been developed to expand the range to appeal to visitors who do not have a nursing or healthcare background resultin8 in a higher income from the retail offer across the year both onsite and online. Our accreditation submission was completed in March 2025, due to this we have given much time to reviewing and improving our collection management systems and ensuring our policies and procedures for our collections are up to date. We continue to work with volunteers who support our learning and engagement pro8ramme. We are hugely grateful for their commitment and time. We have developed a marketing action plan to help us to reach a much wider and diverse audience. This has included a monthly e-newsletter. Structured online marketing and partnership promotions. We are pleased to report that school engagement figures have exceeded pre-pandemic levels 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 has enabled us to have a greater geographic reach to school5 across the country. We continue to be a popular destination for group visits frorn all over the world. THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee) Trustees, Annual Report for the Year Ended 30 Se tember 2024 FINANCIAL REVIEW The Statement of Finallclal Activittes show5 that the unrestricted funds of the Museum increased in total by £18,808.12023.' increase of £58.6551. Restricted funds increased by a net £161,527 which 15 inclusive of a gain in the value of the Charity'5 investment portfolio of £160,060 as è130 September 2024. 12023.. restricted increase of £2.836. gain £60,206) In accordance wlth Charit¥ Commission guidance the Tru5tee5 have agreed a reserves policy (see belowl based on 3 realistic assessment of theif reserves needs. It is not their polity to build up resourtes by retaining funds as a matter of habit. Any annual surpluses made are held to provide a prudent provision for costs both foreseen, and unforeseen. which rnay be incurred in the fyture. Principal fundin8 sources are shown in note$ 2 to 5. Ftsrthef details of restrided grant5 are given in note 18. MAINTENANCE OF RESERVES As pef Chariries Commission 8uidance The Trustees will airn to maintain appropriate reserves in the future by careful budgetin8 and monitorin8 of Income and expendlture. SEPTEMBER 2024 RESERVES POLICY It is not the policy ol the Florence Nightingale Museum Trust to amass considerable financial reseryes. The Trustees however do believe it Ss prudeni that we maintain a financial position whereby we hold a minimum af nine rngnths, operating costs lapproximaiely £350,IJCQI. We believe this is in line with Charities Commission guidance. At 30 September 2024 free reserves were £622,705 being unrestricted net assets excludln8 unrestrlcted Heritage asset5. RELATED PARTIES ANO CONNEcfED ORGANISATIONS The Florence Nightingale Museum Is located within the site ol St. Thomas, Hospital. The Guy's and St Thomas. NHS Foundatlon Trust is rep￿sertte￿ by a Trustee. but it does not have power5 to norninate Trustees. FUNDRAISING The Florence Ni8htinEale Museum is a small charity with no fundraising team. The Trustees endeavour to support the Director who leaos on this responsibility. Currently the Charity does not make use of professional luftdraisers and has received no cornplaint5 in relation tD fundraising practices during the period under review. THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee) Trustees, Annual Report for the Year Ended 30 Se tember 2024 VOLUNTEERS The Charity receive5 help from volunteers. without whorn we would be unable to operate as 5ucce5sfully. VoluntÈers assist the or8anisation in many ways- the Trustees who set the strategy for the trust, volunteers who a5515t in the managerial pro£es5 and provide advice on HR, and the volunteers who suppoft the events we create and deliver. both on site and di8ltally. Volunieerin8 OPPOrtunitie5 this year have included hostin8 school placements and Duke of Edlnburgh Award participants. RISK MANAGEMENT The Trustees confirm that they have identtlied and ieviewed the major risks to which the Charity is exposed and have established system5 to mitigate those risks. Speclfically, they include= Ensuring and operating 5UStainability within a changing economic environment A lean operational support rnodel able to effectively and effitiently deliver Museum 8rowth Data protection, privacy, and secuflty of user data Protection ol the collection and ACE Accredited Museum siatus Regular monitoring of short term cashflow and long-term funding of the Char¢tv Ouring the year we cèrried out revièws ol the Fire and Electrical safety SV5tems in the rnuseum and have made adjustments to reduce potential risks to the collection. GUARANTORS The Trustees are the Members of the Company which is limited by guarantee. In the event ol winding up, the liability ol eath mernber is limited to £1. PAY POLICY FOR STAFF We 3re compliant wilh London Llving Wage. THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited by guarantee) Trustees. Annual Report for the Year Ended 30 September 2024 TRUSTEES. RESPONSIBILITIES rhe Trustee5 are respon51ble for preparing the Tru5tee5' Report aThd the linancial statements in accordance with applicable law and United Ktngdom Accountin8 Standard5 (United Kingdom Generally Accepted Accounting Practice) including FRS 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland,. Charity law requires the Trustees lo prepare finantial Statements for each financial year which give a true and falr view of the stète of affair5 of the Charity and of the income and expenditure of the charitable ompany lor that period. ITh preparing the financial siatements. the Trustees are required to.. select suitable accounting pglicies and then apply them consistently.. observe the method5 and principles of the Charities SORP., make judgements and estirnate5 that are reasonable and prudent., state whether applicable UK Accountin8 Standards have been followed, subject to any material deparrures Iyisclosed and explained in the financial siarements,. and prepare the financial sratements on the 80in8 concern basis unless il is inappropriate to presume that the compaThy will continue in business. The Trustees are responsible for keepin8 adequate accovnting records that disclose with reasonable accuracy at any time the financial position ol the charitable company and ro enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safe8uardin& the 5sets of rhe Charity and hence takin8 reasonable steps lor the pre¥eniion and detection of fraud and other The Trustees are responsible for the malnienance and inte8riiV of the corporate and flnanclal informatlon inclL¢ded on the Charity's website. LeBislation 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 01 the Cornpanies Act 2006 relating to Small cornpanie5. This rEport, incor directors, on the trate8ic report. was approved by the Trustees, in their capacity as cornpanv and signed on their behall by.. Je nifer Roge Interim Chair ard Treasurer 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 2024 Responsibllitie5 and ba515 of report As the charity trustee5 01 the Trust you are reswnsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'rhe Aci'l aving Satisfied myself that the accounts of the Company ère not ￿qUired to be audited under part 16 of the 2(X)6 Ac¢ and are eligible lor independent examinarion. I report In respect of my exarnination of your charity's account$ 35 carried out under section 145 of the Charities Act 2011 (the 2011 Adl. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Art. Independent exarninerfs statement Since the charity's gross Income ex¢eeded £250,CQ) your examsner must be a member of a body listed in section 145 of the Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which 15 one ol the lisied bodies. I have tompleted my examination. I confirm that no matters have come to rny attention in connection with the examination 81ving me cause to believe.. l accounting records were not kept In respeci of the Charity as required by section 130 of the 2006 Act., or the accounts do not accord wilh rhose records., or the accounrs do not comply with the accounting requirernents of section 396 of the 2006 Act other than any requirement thal the 3ccount5 give a'trye and fair view, which Js noi a matter considered as part of an independent examination,. or the accounts have not been prepared In accordance with the rnethod5 and principles ol the Statements of Recomrnended Practice for accountin8 and reportln8 by tharitie5. I have no concerns and have come acr055 no other Matters In connection with the examination to which attention should be drawn in thi5 report in order to enable a proper undersiandin6 ol ihe accounts to be reached. olYL K ' fJL LCP James Cr055 For and on behalf of Moore Kln£ston Smlth LLP Chartered Accountants Floor 6 9 Appold Street London EC2A 2AP Date.. 17 June 2025 THE FLORENCE NIGHTINGALE MUSEUM TRUST (Llmlteil by guarant￿) STATEMENT OF FINANCIAL ACTIVITIES for the Year ETrded 30 Se tember 2024 Totsl Year endèd 30 Sept 2024 Total Tot81 Year ended 30 Sept 2023 Total Unr88tritt8d Resthaed Note In¢om& from= Donations and grants Chariièble activities Inveslrnenl income Other trading in¢ome 24.185 305.122 15.855 96.027 49.478 73.663 305,122 52,985 96.027 12.226 293,734 39,932 121,057 37.130 Total Income and Endowm&t)ts 441.189 e6.608 527.797 466,949 Expendlture on.. Raising funds Charitab18 acUvlUe5 47.826 482.815 47.826 532.538 51,145 414,519 49,723 Total exp￿dIt￿l• 530.641 49.723 580.364 465.664 N•t Incom•llexp•ndltur•l 189.4521 152,5671 1.285 Add: Exhlb6tlon tax r•ll•f Gl•lrn•d 72.842 72,842 Tr•n¥f•r¥ behv••n fund• 18 35.418 135.4181 Other r•¢ognl88d 98in81110•s••1 N•t gallls on Invostmenti 13 160.t40 180,060 60.206 N•1 mov•m•nt In fund• 161,527 180.335 61.491 Rèeon¢lllatlon ol fvnd8- Total funds brought forward 672.339 1.518.186 2.188,525 2.127,034 Total fvnd• ¢•vrl•4 loN•Td 691 147 1 677713 2 388 860 2.186,525 io THE FLOREldCE NIGHTIIIGALE MUSEUM TRUST BALANCE SHEET AS AT 30 5eptEmber2024 2024 2023 14ote Fixed Assets 12 12 13 Heritage assets Inve5tment5 105.746 1.534.663 105,746 I,a74,603 1.640.409 1,480,349 Current A55ets Stock Debtors C05h at bank Ind in hand 15 14 18.9YI 305,441 663.413 22,313 23,035 699,473 787,845 744,821 Credltors.. amounls falllng due wlthln one Vear 16 159.394 136,6451 Net Current Assets 728A51 708,176 Net A55ets 2,368,860 2.J88,525 Charlty Funds Resiricied funds Designated Ivnds Unrestricted fund5 18 IB 18 1,677,713 250,0 41,147 1.516,186 250,OQ) 422,339 Total Funds 2.368,860 2,188,525 For rhe financlal year enLSed 30 September 2024 the company was entitled to exemption vnder section 477 of the Companies Act 2006 relating 10 small companies. No member5 hève required the tompany to obtain an audit of itsaccounts for the year in question in o¢cordance with Section 476 of the Companies Act 2006. The directors acknowledBe rheif responsibility fot ¢omplyirlR With the requirernent5 of the Act with respect to aecounting record5 and for ihe preparaiion of accounts. Thesè accounts have been prepared In accOrda￿e wrth the proviyons applicable to tompanies subject to the small tompanies re8ime. The financi3151atements were approved and aurhorised for issue bytheTwstees on..................... .and signed on their behalf by-. nnifer Ro I Carol The no¢es an page5 13 to 25 form pan of these financial siaiemenis li THE FLORENCE NIGHTINGALE MUSEUM TRUST Statement of Cash Flows Year ended 30 September 2024 Note 2024 2023 Cash flows from operating activities= Net Cash (used in)Iprovided by operating activities 20 89,045 13,948 Cash flows from investing activities.. Purchase of investments in year Dividends and interest from investments 52,985 39,932 Net cash provided by investing activities 52,985 39,932 Change in cash and cash equivalents in the year Cash and cash equivalents bought forward 36,060 25,984 699,473 673,489 Cash and cash equivalents carried forward 21 663,413 699,473 12 THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l. A¢countln8 Policle5 Basis of preparation of flnancial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice 3pplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 c05t or transaction value unless otherwise stated in the relevant accounting policv. Company Status The charity 15 a company limited by guarantee reBlStered in England and Wales, company number 02246583. Its registered office address is Gassiot House, 2 Lambeth Palace Road, London, SEI 7EW, which is also its princlpal place of operation. The principal activity of the charity remains that of runnlng 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 per member of the charity. The presentallon currency is GBP and all amounts have been rounded to the nearest £. Golng Concern The financial statements are prepared on a goin8 concern basis which assumes that the charitable company will continue in operational existence for the foreseeable future. During the year. the charitv achieved nel income of £107,49312023.. net income of £61.4911. This is after taking into account unrealised gains of £160,06012023'. unrealised 8ains of E60,2061, before which the deficit would have amounted to £52.56712023'. surplus £1,285). Due to the unrealised nature of the gains and10sses on the charity's investment portfolio. the tru5tee5 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 sat15fied 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. 13 THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l. Accountlng Policles Icontinuedl Empendlture Expenditure is recogni5ed once there is a legal or constructive obligation to transfer economic benefit to a third party, it 15 probable that a transfer of economic benefit5 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 ènd shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Sh3red cost5 which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activitie5 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 cost5 (museum governance) are those costs incurred directly in support of expenditure on the objects of the charitv. Expenditure on charitable activities are cosis incurred on the charity's educational operatlons, including support costs and costs relating to the governance of the charity apportioned to charitable activlties. Tan8lble Ilxed assets and depreclatlon All assets Costing more than £5,000 are capitalised. Flxtures and fitilngs lower of the remaining lease term or 10 years on a straight-line basi5 Office equipment 4 years on a strai8ht.line basis Herltage assets-capita15sed Heritage assets that 3re capitalised comprise Florence Nightingale's owl and a series of paintin85 acquired at cost in 2013. Her5tage assets- not Capltallsed Heritage a55ets that are not capitalised comprise the Trust's collection5 of 'Nightingalia' and associated artefacls, 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 concernlng 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. 14 THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l. Ateountlng Pollrles Irontinuedl The Trust's collections were largelv a￿eMbled by Dame Alicia Iloyd-still. who diliRently8athered items brought to St Thomas, Hospital during the early twenrieth century. as the èdoiing British public reco8ni5ed this to be the site of Nighiingale's first training school for nurse5 and w15hed io celebrate her life and achievements. In 1989, the Florence Ni8htin8ale Museum Trust was formed to care forthe cdlecttons, recognising the need for museurn expertlse to administer recogni5ed collecting standards fully harness public Interest and educational potent131. Unique to the UK. as the lar8est collection of nursing themed items. ¢he Collection has rnany exhibits of both quality and senrimental value. Ni8htin8ale 15 regarded as the founder ol the nursirt8 profe55ion. whose work is still highly relevant today, the rnu5eurn receives research enquiries and visits from the general public and from both the UK and global audiences. Ni8htingale Is also retO8nised a pioneerin8 statistician and campai8ner, as well a5 a leadin8 female icon. The exhibit5 assembled by Lloyd-still have been supplemeftted occasionally with 3 Small number of additional donations. mosi eornmonly rellectin8 Ni8htin83le's leBacy. The museum's colle¢tion of Ni8htingale's letters re largely held by the London Archives in order to facilitate public access. Further details of the nature and Extent of thE collertlons are avallable on the Museum'swebslte httP'.//w¥￿.florenCe.nIIh1bngaIe.Co.Uk. The definition ol number5 in a collection Is fairly arbitrary as s¢n8le Items acce5510ned may cornprise a wide ran8e of èrtefacts, Components or 5UPPOrtin8 papers. A new Collections Mènagement Sy5tern allow5 a much clearer overyiew of the number of objects within the collection. Cateiory Letters Photographic materials 8ook5 & printed mateYl81s Textiles & uniforms Furnilurt, cerarnics & others object5 Ariworks & prints Met?1 work & jewellery Estlmated Ntsmber of Iiems •130 September 2024 1,424 379 529 ioi 374 181 133 15 THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l. Accounting Policies Icontinued) Heritage a55ets- Acquisitions and disposals policy While the collection was Started in the Nightingale Training School with Dame Alicia Lloyd Still, in the last 100 years there have been a great number ol additions to the collection. The Trust will consider acquisiiions on a case by case basis. based on its Collecttons Developrnent Policv. This policy covers acquisitions and disposals. Objects rha¢ fall under the categories for acquisition will be acquired based on the Collections and Gener31 Mana8ers recommendations and with the Board's approval. Areas covered include Nightingale's life & legacy and the Nishtin8ale Trainin8 School. The Trust will consider disposal if objects are deerned to be outside of the collecting policy. These will be done with approval of the Board, advice from colleagues in other museums and inline with the Mu5eurn Association's Code of Ethic5 for Oisp05als. Herltage assets. Collertlons mana¢emeTrt The trustee5' primary objective 15 to safe8uard and develop rhe collections $0 that they can be made as accessible as possible now and in the future. This objective is delivered rhrough PfO8iammes of displays, event5. publications websites, fieldwork. research, documentation and collections care. Objects from the collection are either displèyed in the musevm and on QUT web￿te. or made available via loans to third parties, or else they are held in our collections stores for research and future use. Herlta8e asset$- Stora8e and ¢are The collection Is displayed and s¢ored ac¢ordin8 to reco8nised international 5t3ndards for the prevention of material deterioration. Llbrary and archSve storage fatilities and exhibition5 are based upon and informed by the requirements of BS 5454 and The National Archives Standard for Record Rep051torie5 Herltage assets- Documentstlon Objects in the collection are documented In accordance with Arts Council England requirements and SPECTRUM. The Trust will-. have secure title to all object5 in the collection.. hold basic data on every object so that it can be uniquely identified and rhe collecrion audited re8ularlv,' ensure records relating to objects in the collection are enhanced and made available to audiences where appropriate. 16 THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l. A¢countinB Policies Icontinuedl Non inclusion of Heritage Assets In the Balan¢e Sheet In the opinion of the Trustees. reliable information Oll C05t or value is not available for the Trust's collections acquired prior to April 2010. This is owinR to the latk of reliable information on purchase cost.. the lack of comparable market value5.' the diverse nature of the objects., and the volume of item5 held. Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transactlon cost and subsequently rneasured at lair value at the 8alance Sheet date, unless fair value cannot be measured reliably which case it is measured at cost less impairment. Investmerit 8ains and Ios5e5, whether realised or unieali5ed. are combined and shown in the heading'Gainslllossesl on investments, in the Statement of Financial Activities incorporating Income and Expenditu￿ Account. Interest recelvable Interest on funds held on deposSt is Included when receivable and the amount can be measured reliably by the chaflty., thls Is normally upon notification of the interest pald or payable by the Bank. Stock Stocks are valued at the lower ol c05t and net realisable value after maklng do allowance for obsolete and slow-moving stock5. Cost includes all Ilirect costs and an appropriate proportion of fixed and variable overhead5. Debtors Trade and other debtgrs are reco8nised at the seitlement amount after any trade discount offered. Prepayments art valued at the amount prepaid net of any trade discounts due. Cash at Bank and In hand Cash at bènk and in hand include5 cash and shorr temi highly liquid invesiment5 Wlth a short maturity of three months oi less from ihe date of acqulsition or opening of the deposst or $4milar account. 17 THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l. Accounting Policies Icontlnuedl Liabilities and provlslons Liabilities are recognised when there is an obligation at the 8alance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in senlement, and the amount of the 5ettlernent can be estimated reliably. Liabilities are recoBnised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payrnents for the good5 or services it musi provide. PTovision5 are measured at the best estimate of the arnount5 required to settle the obligation. Where the effect of the ttme valve of money is maierial. the provi51on is based on the present value of those amounts, discounted at the pre-tax discount rate that reflect5 the risks specific to the liabilitv. The unwinding of the discount is reco8nised within interest payable and similar char8es. Flnanclal Instruments Apart from its investment5. the charity only has finantial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. 8asic financial instrumenis are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank ltsans which are sub5equentlv measured at amortised cost ussnK the effective interest method. Fund accountln8 General funds are unrestricted funds which are available tor use at the di%retion of the Trustees In furtherance of the gtnÈral objectives of ihe charity and which have not been designated for other purposes. Restricted funds are funds whith #re to be used in accordance with spec11ic restriction5 irnposed by donor5 or which have been raised by the charity lor particular purposes. The costs of raising and administerin8 such funds are charged against the Specific fund. The aim and use of each restricted fund ¢5 Set out in the notes to the financial staiement5. Rtdundanty and termlnatlon payments Redundancy and termination paymenis are includetl in the statement of financial activity a5 and when paid. 18 THE FLORENCE NIGHTINGALE MUSEUM TRUST NOTES TO THÉ F114ANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 InccAn• from Dothatltsns And Gwants Total Year Entjed 30 Swernber 2024 To￿1 Yearended 30 Sep*mber 2023 O￿atIOnS Gront$ 24.185 49.478 12.226 24.185 In¢om• frorn Chwftabl• Act5￿1[•¥ Total Y•ar End•d Jl) S•pt•nb•T 2024 Sup¢embEr 2023 AdmI5&C￿S 188.173 188.173 26.208 215,940 duration S¢Fwl admi￿￿1 •dUCat￿ Inc 69,SS7 21,184 69.557 21.184 55,225 22,$6g 305.122 305 122 l*¥••tmOnt Incom• Tot41 Y••r End•d 30 Septemb•r 2024 Tot Y￿r •nd4d 20 Seplernbef 2023 Inv•tsknont Intom• 1S.BSS J7.130 39,932 15.855 39.932 Fu the yeorended 30 Sept•mbw 2023 tyw•wa$£36.39J incoM•. Oth•r In¢om• Tot•1 Y••r End•d 30 SepteM￿r 2024 Yearonded 30 September 2023 Shop so ReprottuGiian rights & Royalbe T81kslEvtnis InCDme W811 & 8ook of Hty)oui Leg?cie5 Received MiscelL4neous Incrmne a7,753 96.501 307 18.693 1.840 5.315 5,315 1.716 .027 121.057 19 THE FLORE14CE NIGHTINGALE MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YE*R ENDED 30 SEPTEMBER 2024 Total Year Ended 30 September 2024 Total Year ended 30 Seplember 2023 Flalsln9 funds Vnrestricted Restrfidod Publiuty Shop purchase5 2.232 45.594 47,826 2.232 45,594 1.798 49.347 Totsl Year Ended JO Sqptembèr 2024 Total Year trndÉd 30 Seplember 2023 Charltabl• actlvitl•s. rnu••vm opprallon Unrestricted R•stricte Stsff Costs Staff Irainlnglconftsrencas 1ry8coverable VAT Educati Outreach Eoucabon Cosls Projec15 Websitè Expètylts Premises COSIS OfficelthJ5eum Ewipmenvsuthi Travel Collection rnanagJrn¥nt Volunteer eyn$¥s Olher c0s15 RoslriGl•d grunt expondilure Support G￿15 Irffjl¢ 81 181.256 1.764 37.130 218,38 1.764 1.686 18.235 10.691 208.840 1.155 16,134 3,146 416 1,097 1,456 253.328 218 538 10.408 3,076 9.304 40 16.B74 5,758 524 158 18.235 10.691 208.840 1.155 16,134 3.146 418 1.097 1,456 2.951 66,386 44,958 12,593 12,593 38,937 ,937 482815 49.723 414 $19 For the p￿0d ¢nd¢d 30 SerAemb¢r 2023 ther* £99.W of r*$lri¢ted expthlilure, 20 THE FLORENCE NIGHTINGALE MUSEUM TRLIST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EI4DED 30 SEPTEMBER 2024 Year Ended 30 Sèptèmber 2024 Year Ended 30 September 2023 Support Co$is Charltabl• •¢tiVitl•s Ralslng fvn4Y¥ Printing and 51alionery Telephone and post898 Computing B3nkiDg costs an¢J exchanlltr vaiièntéi General mi8ce18neous cost8 Insurance Legal fee5 Fundrai*ng consuttancy Govem8nee 2.251 1.810 7.753 6.910 1.758 8.915 Z,251 1.586 2.332 9.092 B.961 503 7.517 8.347 7.7S3 8.910 1,758 8.915 1.986 8.620 44.956 Tax•tlon The ch8riWWe ￿￿panY 1$ 8xemo from corwraiion w 88 811 ts incwe $ f*8n18NJ 8n¢J is apr4￿￿ fral Other creditor& AcGruoLs an¢ dof•ff•d in￿0 42.4 5.33a 1.176 12.422 20.016 6.447 2.302 7.880 36.645 17. Fln•n¢lal In•trumeh Y•ar End•d JO S•pwmb•r 2024 Y•ar Ended 30 S•p¢•mb•r 2023 Flnancial m•4wr8¢ •llair ¥8￿• Ihrwh Incorne and expendiiure Finanrial a¥$BiS tnea5urBd al arno￿￿0￿ co31 1.$34.613 16.775 1.374.603 10.714 1 SS1 43b 1.385317 Flnanclzl Nabilillvs me4surfjil al amrrt¥fjd cosi 056 30.198 Fln8nci81 è8sets rno8sur8d atfairvam Iwgh and expenditure cory)nse fixe¢ asset inveslrnents. The fair v•lue Is ¢¢t¢rrnmed by reference ￿ Ihe Investmoni pryffol Fln8ncial a8sets rn888Uf8d 81 amothed co* cL¥n￿&t trnde and other deblo Fin8nci81 118bilit￿l mt8sured at 8mortiStd cost credilrrf5 exc*Jdww •mwnts ¢y*ed lo HMRC. 23 THE FLOREt4CE NIsKr￿sALEmusEu1A TRVST NOTESfoTHEfWANCL4LSTATEMEIITS FOR THEVEAREMOED J•SEPTEIIBER2024 1 (ki(*vW23 E¥&i¢WTe TIw5fw5 I￿￿5th￿l 305opwmb¢r2024 Gtneralfur Ign*edfunds 4?.339 2$0WO 514.031 530.$4t 35.410 441.147 2$0.0 514M31 53Dfj41 35.41 RMtrttt*dfvrth.. 22%2 21,562 9B,S W%VT Pain￿￿9$ kIBrySeir￿p T 1.434.455 37.1 37.1 36.390 1.551.1 Pa51cadB SwetyTN¥l RD¥al Soo ￿LF.8￿￿¥h 2.526 4655 2.52b 49478 177,713 525 ÉOD 36 Iny4ilJMnt Josw•Th&ir1025 305011 013W 424.rf6 . 3550t1 22 $6? 96,9 ry S•Kol•TnJit I.J37559 JS.3 4.5 I￿34,￿￿5 Savqty 174 I,s HLF.8nLIth P 91.3lJ ,•ss 1.$13.J50 4z.uJ . .0SJ 2 II7Mi4 24 THE FLOAENCE ￿￿￿TING￿E MUSEiHITRUST Tr40TES TOTME FINANCWL sIATEFIENTSFQftTHEVts￿ EI1DÈDJDSEPTEIA￿1o24 1•. 2024 20Z4 T•Dgble fJx•d •u•ti 1.S34.&f3 1.$34.Uf 105.746 71S.DDY 1$9.3g41 H•ril24q CurroThf4s&ql .?so 46.QSI 2210.DI io. 3023 1•0.335 11.491 1160 152WSI 139.gyl d¥￿r￿ IiZ4Q61 22 749 13.5Sts i￿1*d￿nY￿thd ol ulh Dnd ￿h*4￿￿ Y•wEnd•d 2014 3023 C•bh41 binK 454 I￿.31• 517.1 10t41 22. pl￿b•￿' libllhy Ir4cl•d b•foT• 24. P•nAkin ¢orrtirdtmwrfA 25