THE FLORENCE NIGHTINGALE MUSEUM TRUST
IA Company LFmiled by Guarant*èl
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Registered number.. 02246583
Charity number- 299576

THE FLORENCE NIGHTINGALE MUSEUM TRUST
CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and
Advisers
Chalr's Statement
Trustees, Report
Independent Examiner5. Report
statement of Financlal Activities
io
Balance Sheet
li
Statement of Cash Flows
12
Notes to the Financial Statements
13

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Llmlted
by guarantee)
Trustees
Gillian Webber IFrom 18th November 20251
Jc•nathan Card
Darren Barker
Donna Curry
Jane Dwelly
Alison Hofman Iresi8ned 9th March 20261
ProfessorThomas Kearns (resigned 1st Oecember 20251
Jennifer Visser-Rogers
Philip Mltthell
Peter Kay Iresi8ned 24th April 20251
Dame Christine Beasley Iresigned 141h January 20251
Company reglstered number
Charity registered number
02246583
0299576
Registered office
Gassiot House
2 Lambeth Palace Road
London
SEI 7EW
Independent exarniners
Moore Kingston Smith LLP
Floor 6
9 Appold Street
London
EC2A 2AP
Bankers
National Westminster Bank PIC
London
SE18
Investment Managers
Sarasin & Partrters LLP
8NY Mellon Fund Mana8ers Ltd

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Llmited
by guarantee
Chalr's Statement
for the Year Ended 30 Se
tember 2025
The Chair presents her statement for the year.
2024125 was a period of significant change for the Florence Nightingale Musuem with both the Choir of
the Trustees and the museum director moving on and the Vice-chair stepping up to lead while a new
Chair and Director were recruited. It is a tribute to the staff and the trustee5 that despite this period of
change the museum's core work of communicating Nightingale's work and legacy to visitors continued
successfully, our accredited museum status was renewed and school visit figures remained Stable.
The temporary exhibition programme was invigorated with the success of the Caring Componions
exhibition which created a new draw for visitors, while the In Focus displays on Chief Kofoworola Abeni
Pratt and Dame Cicely Saunders enabled us to diversify both our partnerships and visitors.
I would like to express my thanks to Guy's and St Thomas, NHS Foundation Trust for their support as our
landlord and also to Guardian Nurses and The North American Friends of the Florence Nightingale
Museum, whose generous support allows us to 8row our global reach In North Americo. It is also thanks
to the support of partnership organisations Including the London Brldge and Southbank BIDS and
exhibition partners- Kings College London. the Kofoworola Abeni Pratt Fellowshlp and St Christopher's
Hospice- that the musuem is able to continue growin8 our offering and grow our audiences.
I would also like to thank Trustees who stepped down during the year- Commodore Alison Hoffman,
Professor Thoma5 Kearns, Peter Kay and my predecessor as Chair, Dame Christine Beasley- for all their
contribution5 to the Florence Nightingale Museum.
Finally, the museum is indebted to the enthusiastic team of volunteers that support our work. Thank
you.
Gillian Webber
Chair Florente Nightingale Museum
Date:

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited
by guarantee)
Trustees. Annual Report
for the Year Ended 30 Se
tember 2025
The Trustees present their annual report to6ether with the independently examlned flnancial statements
of the Charity for the year ended 30 September 2025.
The Trustees confirm that the Annual Report and financlal statements of the company comply with the
current statutory requSremenls, the requirement5 of the company's governing doeument and the
provision5 of the Statement of Recommended Practice ISORPI, applicable to charities preparing their
accounts in actordance with the Financial Reporting Standard appllcable in the UK and Republic of
Ireland IFR5 102}.
Since the Charity qualrfie5 a5 Small under section 383, the strateglc report required of medium and large
tompanies under The Companies Act 2006 IStrate8ic Report and Director's Reportl Re8ulatlon5 2013 is
not requlred.
The Trustees confSrm that the Charity Commission's general guidhnce on public benefit has been
considered in relation to the objectives of the Charity. The report below sets out those objective5 and
describes how they have been met in the current year.
OBJECTIVES OF THE CHARITY
The Trust's Memorandum of Association gives the gbjectives a5 the advancement of the education of
nurses or those en8aged in nursing. In the furtherance of this objective, the governing document gives
the Trust powers which intlude the following:
To establish and maintaln a museum for the preseThatlon and wider display ol the Nightingale collection.
To receive donations of suklable stems for the collection, or to purchase suitable ￿ems.
To facilitate research into the history and work of Florence Nightin8ale, particularly in relation to the first
training school for nurse5 at St Thomas, H05Pital and con5equeThtial developments in the nursing
profession.
STRucfuRE. GOVERNANCE AND MANAGEMENT
The company was established under a Memorandum of Association which established the objecls and
powers of the charitable company and is 8overned under its Articles of Association. The Trustees, who
are also directors of the company The Florence Nightingale Museum Trust durin8 the year and up to thè
date of this report, were as follows..

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited
by guarantee)
Trustees. Annual Report
forthe Year Ended 30 Se
tembèr 2025
Office Holders..
Chair..
Dame Chrlstlne Beasley Ire5igned 14thJanuary 20251
JennrferVisser-Rogers Ilnterlm from 14th January 2025-18th November 20251
Gillian Webberlfrom 18th November 20251
Vice Chair..
JennilerVisser-Roger5
Treasurer..
Jonathan Card
Directors and Trustees..
Gllllan WebberlFrom 18th November 20251
Jonathan Card
Darren Barker
Donna Curry
Jane Dwelly
Allson Hofman Iresigned 9th March 20261
ProlÈssorThomas KearTrs IRe5igned 1st Decetnber 202SI
JennrferVisser-Rogeis
Peter Kay (resigned 24th April 20251
Dame Christine Bea51ey I￿Signed 14thJanuary 20251
Museum Director..
Kèiie Edward5 (resigned 14thJanuary 20251
Laura Sharpe (From 14th January 20251
Trustees are appolnted following advertisement and lrterwiew for period5 tsf up to 4 years.
Trustees are inducted by the Chairwrf(hthe supp)rt of the Museum Dlrector. Trustees are also r)ffered
training which ss supported by the Associ£t¢on of Inde￿ndent Museums. the Arts Council England, and
Small Chèrities Coalition. Trustees retslndec￿i¢>n maklng power. worki08closely wlth the Museum
Director.
The Chair ffjeet5 the Mu5eurn OiTectorto fa¢ilitate detislon making not less than 0￿e per month. The
Treasurer meets the Museum Director not less than quarterly.
STRATEGICPLAN
The objectives, formin8the basis of the strate8K plan of the Charlty. are asfollow5.'
To secure a lon8-term locatlon to allow us to meet OUT a1rn5, and provide a platlorm for growth..
TD continue to be a financiallysustsinable and self-funding OfEafb15ation.'
To Increase unre5trlcted lund5through an audience-specrfk marketing plan,.
To create an enloyèble. Snsplrin8and enll8htenlnB expriencefor ourvisitors,.
To provlde an actfve and InTh)vètfve events and learnin8 prosrafflme.,
To iffttrease attess to our urtique collertions;
To be a centre foT research in the history of nuTsing',
To value the development and effective mana8ement of staff and volunteers.

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited
by guarantee)
Trustees. Annual Report
for the Year Ended 30 September 2025
ACHIEVEMENTS AND PERFORMANCE
The team have worked incredibly hard over the last year to attract new vi5itor5 and maintain stable
figures across all areas. Both the Musuem Manager and Chair of ihe Board stepped down in January
2025, with the vice<hair of the board stepping up during the ￿£ruitMent process and the Learning and
Community Engagement Manager being promoted to Difertor. The staff team and board have been
Incredibly supportive ensuring a smooth transltion period was achieved wlth minimal impact to overall
operations.
The largest project of the year was the 'Caring Companions, temporary exhibition running from October
2024, this ￿InvIgorJted the larger temporary exhibition5 programme following on from the success of
the smaller scale'ln Focus, programme launched the previous year. We saw an ijptSck of visitors comlng
specifically to See the exhlbition and it also allowed us to develop our retall range and event
programmirbg. Visitor feedback was overwhelmingly positive. especially for the VR (virtual reality)
content developed in collaboration with Kings College London.
Our In Focu5 programme of exhibitions has remained successful and the second in the series ' In Fotus.-
Chief Kofoworola Abeni Pratt, allowed us to further diversify the stories we share and build stronger links
with Guy's and St Thomas, NHS Trust. The relationshlps built with the Chief Nurse5 office and Kofoworola
Abeni Pratt Foundation led to the exhibition being put on permanent display in St Thomas, Hospital
followin8 Its run onsite at the musuem. The latest in the Series 'ln Focus: Dame Cicely Saunders, opened
in July 2025 and has continued the pattern of buildin8 relationships with external partners and brlnging
in new audiences.
Our retail offering has strengthened with increased exhlbrtion programming giving more opportunities to
develop bespoke lines.
We are pleased to see our schools figures remainlng stable and we are seeing increased demand for
visit5 from secondary schools. Feedback remains positive with a SiBnifitant number of repeat bookings
annually.
In August 2025 it was confirmed that the musuem has maintained full Accreditation status from the Arts
Council England's Accredited Museum scheme. This is a well deserved recognition that we are working
within the guidelines of industry best practice. particuarly In regard5 to the managament of our
collection.
We are pleased to see our enewsletter growing in popularity with subscriber numbers rislng monthlyi
this direct marketing has led to a direct increase in event ticket sales and allowed us to contlnuing
growing our events programme and the range of events on offer.
We continue to be 5UPPOrted by a lar8e team of enthusiatic volunteers who glve theirtime and expertlse
to enhance our visitor experience. We are incredibly grateful for their continued commltment.

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited
by guarantee)
Trustees, Annual Report
for the Year Ended 30 Se
tember 2025
FINANCIAL REVIEW
The Statement of Financial Activities shows that the unrestricted fund5 of the Museum increased in total
by £30,78812024'. increase of £18,808).
Restricted funds intfeased by a net £65,084 which is inclusive of a gain In the value of the Charrty's
investment portfolio of £80,755 as at 30 September 202512024: restricted increase of £161,527. gain
£160,060).
In accordance with Charity Commission guidance the Trustees have agreed a reserves policy (see below)
based on a realistic assessment of their reserves needs. It 15 not their policy to build up resources by
retaining funds a5 a matter of habit. Any annual surpluses made are held to provide a prudenl provision for
costs both foreseen. and unforeseen, which may be incurred in the future. Principal funding sources are
shown in notes 2 to 5. Further details of rest￿cted grants are given in note 18.
MAINTENANCE OF RESERVES
A5 per Charities Commission guidance The Twstees will aim to maintain appropriate reseThes in the future
by careful budgeting and monitorin8 of income and expenditure.
SEFfEMBER 2025 RESERVES POLICY
It is not the policy of the Florence Nightingale Museum Trust to amass considerable financial reserves. The
Trustees however do believe it is prudent that we maintain a financial position whereby we hold a
minimum of nine months, operating Costs lapproximately £375.0001. We believe this is in line with
Charities Commission guidance. At 30 September 2025 free reserves were £721,935 bein8 unrestricted net
assets.
RELATED PARTIES AND CONNEcfED ORGANISATIONS
The Florence Ni8htin8ale Museum is located within the site of St. Thomas, Hospltal. The Guy's and St
Thomas, NHS Foundation Trust is represented by a Trustee, but li does not have power5 to nominate
Trustees.
FUNDRAISING
The Florence NightinBale Museum is a small charity wrih no fundralslng team. The Trustees endeavour to
support the Director who lead5 on this responslbility.
C¢Jrrently the Charity does not make use of professional fundraisers and has recetved no complaints in
relation to fundraising practices during the period under review.

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limlted
by guarantee)
Trustees, Annual Report
for the Year Ended 30 September 2025
VOLUNTEERS
The Charity receives help from volunteers, without whom we would be unable to operate as succe55fully.
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 volur)teers who support
the events we create and deliver, both on 51te and digitally. Volunteering opportunities this year have
included hosting univèrsity placements, work experience students and specialists delivering talks.
RISK MANAGEMENT
The Trustee5 confirm that they have identified and reviewed the major risks to which the Charity 15
exposed arKI hève established systems to mitigate those risks.
Specificalty, they include..
Ensuring and operating sustainability within a changing economic environment
A lean operational support model able to effectively and efficiently deliver Museum growth
Data protection, privacy, and security of user data
Protection of the collection and ACE Accredited Museum status
Regular rnonltoring of short term cashflow and long-term funding of the Charlty
Durin8 the year we carried out reviews of the security systems and emergency procedure5 plans and made
djustments to reduce potentlal risks to the collection.
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.
PAY POLICY FOR STAFF
We are compliant with the Living Wa8e. A full staffing pay review has taken place and is being actioned for
the 2026-27 financial year.

THE FLORENCE NIGHTINGALE MUSEUM TRUST (Limited
by guarantee)
Trustees. Annual Report
for the Year Ended 30 September 2025
TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees, Report and the financial statements In accordance
with applicable law and United Kingdom Accounting Starbdards (United Kingdom Generally Accepted
Accounting Practice) including FRS 102 The Financial Reportbng Standard applicable in the UK and Republic
of Ireland.,
Charity law requires the Trustees to prepare financial statements for each finantial year whlch glve a true
and fair view of the state of affairs of the Charily 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 accounting policies and then apply them consistently,.
obSe￿e the methods and principles of the Charities SORP.
make judgèments and estimates that are reasonable and prudent,.
• slate whether appllcable UK Accounting Standards have been followed, subject to any
material departu￿$ disclosed and explained In the financial statement5,' and
prepare the financial statement5 on the going concern basis unless it is inappropriate to
presume that the company will continue in busines5.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable
ccuracy 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 takin8 reasonable steps for the prevention and detection of fraud and
other irregularities.
The Trustees are responsible forthe maintenance and integrity of the corporate and financlal ihfomiation
Included on the Charity's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislatlon In otherjurSsdictKJns.
SMALL COMPANIES EXEMPTION
The above report has been prepared in accordance wtth the special provisions of Part 15 of the Companies
Act 2CX)6 relating to small tompanies.
This report, incorporating the Strategic report, was approved by the Trustees, in their capacity as companv
director5, On .
and signed on their behalf by:
Gilllan Webber Chalr
Jon
ard Treasurer

Independent Examiner's Report to the Trustees ol The Florence
NiEhtin£ale Museum Trust
I report tv the charity trustees on rnyex3min31ion oftheoecounts of the Company forthe year ended 305eptember 2025
Rgwn51bl4Uesand b85150f report
As the rharity trustees of the Trwtyou are re5pon5ible for the preparation of the accounts in accordancewth the
requirements otthe Charlties Att 20111.ihe A£t'l
Havin8 53tlsfieO myself that the accounts of the Company 3re not Tequired to be audited under part 16 of the 20D6 Act ènd
are eliglble for indÈpÈndont*xamin2tion, I report in rÈspect of my examination of yourcharity'5 actounts as tarrled out
under section 145 of theChar¢tie5 Act 2011 (the 2011 Adl. In tèrryingout myexamin3tion I have followedthe Pirectiorls
gS¥en by the Charity Comrnisslon under section 145151 Ibl ol the 2011 Ac
IndepehdÈnt•X4mlnrf5 5tatqment
5Snce the tharity's gross Income exceeded £250.000 your examinermust be a membef ola budy Ii5tEd in section 145 of the
Act I confirrn fvt l am qvalified to undprrake the examination because l am a memberef the In5tituteof Chartere(I
Accountants ith England and Wales, which is one ol listed bodie5.
I have compleied my exèmlnatknn. I conffirm t￿t no matters ha¥* come to my attentlon In ¢onnethon wfth the examlnation
81¥lng rne cause to bdieve=
l accouThtinE ￿cOrdS were not kept in respect of the Chawityis required by sertfjon 130 01 the 211)6 Act: or
2 the accounts dts not accord with those records. or
3 the atcounts dD notcoffiptywith the atcounting re4ulrements of sectSor$ 396 of the 2006 Aci other than
any requirement ihat the accounts give a'true and fairview, which is not a matter considered as partof an
Independent examin3tioa', or
4 the accounts havé not been prepared in accijwdance with thE rnEthods and prlnclple5 olthe Sratements
of Recommended Pfactiie for accountin8 and reporting by thant￿$.
I have no concerns and have come acr055 no other matters in tonnection wlth the examlnation to which attenlioTr Should be
drawn In thls report order to enable a preper underst3ndinB of the accountsto ￿ r¢aehed.
O&Y& K, L
Jame5(ro$s
Forandon behalf of Wore Klniston Smllh LiP
Chartered Arcountants
Fbor6
9 AppDld Street
London
EC2A 2AP
Date.. 17 JunÈ 2026

THE FLQRE14(E NIGIMNGALE MUSEUM TRUST lilmlted by 8uaran*el
STAIEMEpif OF FINANUALACTIWTIES
fDrtheYear Ended 305
mber ZO25
Totsl Year
ended 30 Sept ¥)25
Total
Total Year
ended 305ept 2024
Total
Unrestricted Re5trided
Note
Incom¢fr•M'.
tJonat10Th5 and Brnnis
Charitable actlvlties
In¥estmÈnt i#corne
OthÈr iradin8 IncLNne
11649
284,949
14,814
100,592
12,649
284,949
52.623
l(KJ.592
Y3,663
305,122
52,985
96,027
37,8OY
7otallncorr••nd Endowments
413,LX)4
3Y,8LYJ
450,813
517,797
Exp•Mlifure•n:
Ralslogfunds
Charitable acEl¥&r￿S
44.884
354,789
47.826
532,538
51,480
408,269
Tot•1 •xpenditrJre
399.673
453,153
580,361
Net Incorr*ll￿P•￿d￿r•}
13,331
15,671
52,567
Add.. txhlbklon r4lldd•lmed
17,4$6
17A56
72,842
Tr4nsler5 htwetn funds
18
l)theri*tozntsed yinsAlossesl
NEt8alThs on Investments
13
80.755
,755
NEt mo¥emgThtlD fvthd$
39,788
95,872
180J35
Re¢oncMl•titim olfijnds..
Total fund5bTouxhtforward
691.147
1,677,713
2.18&525
Total fund5¢arr￿d lornva

THEFLORENCÈ NIGHTINGALE MUSEUM TRU
BALANCESHEEfAS AT 30 September ZOZ5
20Z5
2OZ4
Note
FhxodAssets
Tangible assets
Herit48e assets
Investments
12
12
13
105.746
1.615.418
105.746
1,534,663
1.721.164
1.640,409
CurrentAssets
Stock
Debtors
Cash at bank and in hènd
15
14
26.697
116,449
655,695
18,991
105,441
663.413
798WI
787.845
Qethtors: amourttsfalli
duq wltNn oneyear
16
1553731
159.3941
N*tCurr4nt A55et5
743,569
728,451
Net J55ets
2.464,733
2,358.860
CharityFunds
Restritted funds
Designated funds
Unrestrirted fvnds
18
18
18
1.742.798
2se.OC¥)
471.935
1.677.713
250,￿0
441.147
Totsl Funds
2.464.733
2,368,860
For the finaTrctal year ended 30 SepteM￿r 2025 the compaThy wa5 entitled to exemption vnder5ecllon 477 ofthe CornpaniesAct
20D6 relatin8to small tompanieL
No members have requlred the tompanyto obtsin an audlt of Itsaccountsfor the year in question in accordance with sectien 476
of the Companie5 Act 2006.
The directors acknowkdge thdr responslbllltyforcomplyin8 with the requirements ol the Act with respect to accountin8 re£oids
nd for the preparation of attounts.
These accounts have been prepared in attordance wfth the provision5 applicable to companies subjectto the small companie5
re81rne.
The financial statements were approved and authorlsed for issue bythe Trusteeson.............
d siBned on their behalf by..
lian weL￿er (Chairl
Jonathan Card (Tre
urerl
The r￿1*$ on pages 13 to 25 form part of these Nnancial stst
li

THE FLORENCE NIGHTINGALE MUSEUM TRUST
Statement of Cash Flows
Year ended 30 September 2025
Note
2025
2024
Cash flows from operating artivities:
Net Cash (used Inl/provided by operating 3Ctivities
20
160.3421 189,0451
Cash flows from investing activities:
Purchase of investments in year
Dividends and interest from investments
52.623
52,985
Net cash provided by investing activities
52,623
52,985
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
(7.7191 136,060}
663,413
699,473
Cash and cash equivalents carried forward
21
655,694
663,413
12

THE FLORENCE NIGHTINGALE MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 30 SEPTEMBER 2025
l. Accountln8 PolScles
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 charitie5 preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities 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 definltion of a publlc beneflt entlty under FRS 102. Assets
and Ilabllitles are Inltlally recognlsed at hlstofical cost or transaction value unless otherwise stated in the
rèlevant accountin8 policy.
Company Status
The charity is a company limited by guarantee re8iStered in England and Walès, ctsmpany number
02246583. Its re8iStered office addrèss is Gassiot House, 2 Lambeth Palace Road, London. SEI 7EW, which
is also its principal place of operation.
The principal activity of the charity remains that of running a museum.
The member5 Qf the company are the Trustees named on page l. In the event of the charity being wound
up, the liability in respert of the Euarantee is limited to £1 per member of the charity.
The presentation currency is GBP and all amounts have beerb rounded to the nearest £.
Golng Concern
The financial statements are prepared on a going concern basis which assumes that the charitèble company
wlll eontinue in operational existence for the foreseeable future. During the year, the charity achievèd net
Income of £95.87212024: net income of £180,335). This is after taking into account unrealised gains ¢f
£80,7SS12024'. unrealised gains of £160,060), before which the deficit would have amounted to £2,340
12024.. deficit £52,567). Due to the unrealised nature of the gatns and lossès on the charity's investment
portFolio, the trusteès consider the latter figure as keyto understanding the financial perfonnance of the
charity.
The tru5tee5 have reviewed the financial foiecasts 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 thè tharity has
realistic expectation of meetin8 Its liabilities as they fall due and the trustees are satisfied that the
assumption5 on which they are based are reasonable. Accordin8ly, they Continue to adopt the going
concern basis in the preparation of the financial statements.
Income
All income Is recognlsed once the charity ha5 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 2025
l. Accountlng Pollcles Itontlnuedl
Expendltu
Expenditure is recognised once there is a legal or constructive obli8ation to transfer economic benefit to
third party, it is probable thal a transfer of economic benefits will be required in settlement and the amount
of the obligatlon can be measured reliably. Expenditure is classified by activity. The costs of each activity are
made up of the total of dlrect Costs and shared costs. including support costs involved in undertaking each
activity. Direct costs attributable to a single activity aTe allotated directwto that activity. Shared costs whic
ontribute lo more than one activity and support costs which are not attributable to a single activity are
apportioned between those attivlties on a basis consistent with the use of resources. Central 5toff cost5 are
allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Support costs (museum 8overnancel are those cost5 incurred directly in support of expenditure on the
objects of the charity.
Expenditure on charitable activitles are costs incurred on the charity's educational operations, includin8
support ¢OSts and costs relating to the govemance of the charity apportioned to charitable activities.
TangIb￿ assèts and depredatlon
All asset5 costin8 more than £5.000 are capltallsed.
Tan8ible fjxed assets ore carried at cost, net of deprèclation and any provision for impairment. Depreciation
is provided at rates calculated to write off the cost of fixed assets, less their estimated re5Idual value, over
their expected useful lives on the followin8 bases=
Fixtures and fittings- lower of the remainin8 lease term or 10 years on a strai8ht-Ilne basls
Olfice equipment- 4 years on a 5trai8ht-line basis
rftaB• ass•ts.cabknlls•d
Heritage assets that a￿ tapitsllsed comprlse Florence Nightingale's owl and a series of paintings acquired at
cost in 2013.
Herltage a55ets- not capltalised
Heritsge assets that are not capitalised tompri5e theTrust's collections of 'Nighttngalla' and associated
artefacts, including letters, documents. personal effects, uniforms, artworks and other items which were
largely collected by Dame Alicia Lloyd-still. former Matron of StThoma5' Hospital. Further detalls
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 etther nol appropriate or
cannot be obtained at a tost commensurate with the benefit thai might be derived by user5 01 the
accounts. Therefore the trustees have adopted a non-retognition approach as permitted by FRS 102.
Expenditure on preservaiion and restoration of the collection is written off in the Statement of Financial
Actifftties as rt is incurred.
14

THE FLORENCE NIGHTINGALE MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 30 SEPTEMBER 2025
l. Accountlng Polldes (contlnuedl
The Trust's collections were largely assembled by Dame Alicia Lloyd-still, who diligently gathered items
brought to St Thomas. Hospltal during the early twentieth century, as the adoring British public recognised
this to be thè 51te of Nightingale's first training school for nurses and wished to celebrate her life and
chievements.
In 1989. the Florence Nlghtlngale Museum Trust was formed to core for the ¢ollettlons, recogni5in8 the need
for museurn expertise to administer recognised collècting 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 quallty and Sentimental value.
As Nightingale is regarded as the founder of the nursinB profession, whosè work is still hi8hly relev?nt ioday.
the museum receives research enquiries and wsits from the general publi¢ and from both the UK and global
audiences. Nightingale is also recognised a pioneerlng statistieian and ¢ampai8ner. as well as a leading
female icon.
The exhibits assembled by Lloyd-still have been supplemented occasionally with a small number of addltlonal
donations. most commonly reflecting Nightingale's legacy. The museum's collection of Nighlingale's letters
are lar8ety held by the london Archive5 in order to facilitate public access. Furiher details of the nature and
extent of the collections are available on the Museum's website http=Ilwww.florence-nightingale.co.uk.
The definition of numbers in a collection is fairly arbitrary as single items accessioned may comprise 3 wlde
range of artefacts, components or sUPPOrting papers. A new Colle¢tions Management System allows ) much
clearer overview of the number of objects within the collection.
Category
Estlm*ed Number of Stems at 30 September 202S
Letters
Photographic materials
Book5 & printed materials
Textiles & uniforms
Furniture, ceramic5 & others oblects
Artworks & prints
Melal work & jewellery
1,424
379
529
ioi
374
181
133
Is

THE FLORENCE NIGHTINGALE MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 30 SEPTEMBER 2025
l. Accountin8 Pollcles lcontlnued)
Heritage assets- Acquisitions and disposals policy
While the collertion was started in the Nightingale Training School with Dame Alicia Lloyd Still, in the last
100 years the￿ have been a great number of additions to the collection.
The Trust wlll consider acquisitions on a case by case basis, based on it5 Collections Development Policy.
This policy covers acquisltions and disposals. Objects that fall under the categories for acquisilion will be
atquired based on the Collection5 and General Managers recommendations and with the Board's approval.
Areas covered include Ni8htin8ale's life & legacy and the Nightingale Trainin8 School. The Trust will
consider disposal if objects are deemed 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 Museum Association's
Code of Ethits for Disposals.
Herltage assets- Collections management
The trustees, primary objertlve is to safeguard and develop the collections so that they can be made as
accessible as possible now and in the future. This objective 15 delivered through programmes of dlsplay5,
events, publications websites, fieldwork, research, documentation and collections care. Objects frorn 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 re5earth and futu￿ use.
Herita8e assets- StoraBe and care
The collection 15 displayed and stored accordin8 to recognised international standards for the Pfeventlon of
material deterioration.
Library and archive storage facilities and exhibitions are based upon and Informed by the requirements of
BS 5454 and The National Archlves Standard for Record Repositories
Herhtase assets- Do¢umentail¢n
Objects In the collection are documented in accordance with Arts Council England requirements and
SPECTRUM.
The Trust will-
have secure title to all objects in the eollertion.
hold basic data on every object so that it can be unlquely identified and the collection audited
regularly..
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 2025
l. A¢countln8 Polieies {tontinued)
Non incluslon of Herftage Assets In the Balance Sheet
In the opinion of the Trustees, reliable information on cost or value is not available for the Trust'5
collections acquired prior to April 2010. This is owin8 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.
Investments
Flxed asset investments are a form of financial instrument and are initially recognised at their transaction
cost and subsequently measured at falr value at the Balance Sheet date, unless fail value cannot be
measured reliably in which case it is measured at cost less impairment. Investment gain5 and losses.
whether realised or unrealised, are combined and shown in the heading'Gains/llossesl on investments, in
the Statement of Financial Actbvities Incorporating Income and Expenditure Account.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be meaSU￿d
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.
Prepayment5 are valued at the amount prepaid net of any trade dlsttjunts due.
Cash at Bank and In hand
Cash at bank and in hand includes c35h 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.
17

THE FLORENCE NIGHTINGALE MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 30 SEPTEMBER 2025
l. A¢¢ountin8 Policie5 leontinuedl
Llablllties ond provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past evenl, 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 arnount that the charity anticipates it
will pay to settle the debt or the amount it has received as advanced payment5 forlhe 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 al the pre-tax discount rate that reflects the risks 5pecrfic to the
liability. The unwinding of the discount is recognised within interest payable and similar charges.
Financial instrurnent5
Apart from its investments, the charity only has financial assets and finantial liabilitles of a kln(I that qualify
as basic financial instruments. Basic financial instruments are initially recognised at transaction value and
subsequentty measured at their settlement value with the exception of bank loans which are subsequently
measured at amortlsed cost usinB the effertive interest method.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees In
furtherance of the general objertives of the charity and which have not been designated for other
purposes.
Restricted funds are funds whlch 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 ralsing and administering
such fund5 are char8ed against the Specific furhd. The aim and use of each restritted is set OLtt in the
notes to the financial statement5.
Redundancy ond tem)inatlon payments
Redundancy and termination payment5 are included in the statement of financial activity as and when
paid.
18

THE FLORENf4NIfjYTINGAiEMUSIUMTrUST
rKITESTO THE FINANa4lSTAIEMENTSFOR THEyFAREtrWJOSEPTEUBERll￿5
IvdmrnelrornooTrat￿mènd Grnrt5
Tot•1
YeprEnded
J¢September
Yearended
30Septembe
2024
Unr25trined
estrictÈ
11649
JL649
73.66
12.649
73.663
Toui
YeaiEnded
J05tptembei
2025
Total
Yearended
305eptember
2024
lJnre5trided
Rlustum o ttètiOnS'.
Admissions
GrDUP a&ni55hn5
Educatknn
5clwl adm15SiOnS
{￿trea[hedu[allOn Incamo
165.471
17,897
165A71
18F,173
26.208
71,728
19,853
7Ln8
69.557
11.184
2Y.949
2NM9
305,122
Totsi
Y*•rEhded
3tsSHpterrthei
2025
Ytai ended
305eptember
2024
unrtstrfcted
Re5trictEd
37￿Cl)
5162>
52.985
14,814
37.809
Forthe year endpd30SeptÉtnbÉr2O241 thÉrewa4£17.13001 restrictedlnv25tment incL¥ne.
ot￿rIr￿•Mè
Total
YearEndEd
30September
202$
Yearended
30Se0￿M￿tr
2014
Unre5trkted
Re5tdffled
Shopsale5
ReproduCtiW liehts & Royaltles
lalk51£vents Incorne
Wall & DfHwour
Le8a¢ies Ae(eived
M￿dIa￿er￿J$ Income
85.147
366
io,iii
4.968
05.147
87,7S3
359
315
16LX)
.111
I￿,592
ltyJ.592

TrEFLORENCE N￿N￿lIG￿lE MUSELIMTRusr
NOTE5TOTHE FINANCIAiSTAIEMEtirs FOR THEYEAR ENDEO JOSEPTEMBER2025
Tot*1
Yeav End
JD5eptember
2025
Total
Yearended
September
2024
R•lth¥ funds
ertrkted
Re#rf¢ted
PublI￿ty
Shop purchases
4,296
40,S88
44,884
2,231
45.594
47￿26
40.588
44.884
Totsi
YearEnded
30SeptembEr
2025
Total
Ytarended
>)SepteM￿*
2024
CharilJblEadlvltles- rnusethmop2rntk+n
Unrtstirtttd
Resirtrted
StsfF Cost5
Staff tra1n1r￿CoThferen￿s
IrrecoverableVAT
Education
Outreach Educatlon Costs
Projetts
Website Expenses
Prern15esc05ts
Offtelmuseum Eguipmentlswplies
Travel
Co1￿Ctio￿ manageffjent
Volwteer expenses
Othertost5
Restrifttd grantexpenditure
Suw)ortC05ts (note8)
194.574
832
93
32,969
8,607
33,264
1,2fA)
18.141
6.612
433
1,467
37,
218.386
93
1,686
18.235
10,691
2C*.840
1.155
16,134
3.146
418
L097
L45S
32.959
8.607
33364
13
18,141
6h12
423
IA67
486
S77
JS*7J
55.474
577
15,671
11593
3A937
55A74
354,789
53,480
269
S3L53B
Forthe perlod ended 30Septernber2024there wos £49.723 of iesifitted expendlture.

THE FLORENtE N￿NTIN￿lIE MIJSEUMTAVST
P40TESTOIHEmAfvfLdLSTATEMENTS FOR THEYEAR ENDEDX*SEPTEMBER2025
YeDI Ended
30Sepiembpr
YearEndeO
305eptember
2024
SuppDrt C05tS
cha￿tab
Pwlnting andstationery
Te￿phOTre and POStsEe
Computin8
Bankln8 C05rsand eKch&nyvarfan(e5
General Mis￿l￿neoUS(9Sts
InSurtnce
Legal and profwbfft&l fee5
FundialSiThttttt15uitsnry
Governance
1,6
2.156
Y.905
6,268
772
9,197
Jl,268
IA75
1156
2.251
1,810
7,753
6,910
1,?58
8.915
1,986
IF2
*197
IL268
14J33
5,S54
59,474
55.474
36.937
T•xJyo
Theehaiiiablecompany *exempt Iromcorporatyontaxasall Incorne ts tharhaWe•rtd lsapplled lorcharftat4epurpJ5U.
p*tlncomEIIExpendlturel
YearETrdE
30SepteThbr
yearE￿j¢d
>September
2024
Thi%lsststed afterchar8in8'.
DepreciatlD
InJependentExamlners' rernunernllon
l)theisefV￿￿- payrr>ll ènd accountantyfees
7(hJ
2.104
Jilngtheyear. ThoTruStee recek¥edanyremunerntyon12024- EThi
rwiSngihe yeay. noTw51ee ￿eN￿danYb￿n￿rl￿5 in￿ndI￿o24- Enill
thjiing iheyeai, noTtuStee recetyed reimburseD*nt of ￿per￿12024- £nill
ii.
w515
YearEnded
30Spptetnbe
2024
305eptember
5taflcostswèrèa51cllo¥Js'.
Salarlesand W￿e&
111576
201.319
121>78
4,989
218,386
stsft Pen5K>nS
%957
231383
The avei4¥e nurytherof petson$ ¢mpknyed bythÈ tharitydurlnlthe
yearwAS asfrollow$-.
2015
2024
No.
No. of employee52arnln8rnore than£￿.(1x)￿nnBIh￿¥Èar.' nlllX24' nlll
Key MèDaÈementcomprises lhetru5tee5.the DlreMor1pr￿0VSl¥GÈneral Mana8erl. Flnance Mawrand PErsevertnt* Curator.
ThetDtsl remuneraiigD ol kevm6na8eMent&urit4¢tk*￿l was £11429812024..É14O,4021

TMERofiENCENIGMTINGALE MUSEUM TRUST
IIOTtSTO FINANCJAL STATEMtiirsfOR ThEYEAR ENDED aOSEPTEMBER1025
IL
TarylNeftxed issets
F￿re$&
Offl¢e
Totsi
05r
At IstOctvber2024
105.746
844.052
4,820
954.618
fON5
At 30Septtrtther2025
105.746
844A52
4.820
DEPRECIATiof4
At tst Octobw2024
Char8e theyeai
844.052
4J20
At30Sèptsrnber2025
844.052
4A20
84U72
NE[ BOOK VALUE
At305epternber 2025
105,746
746
At30September ￿24
105.346
105.746
Itaniibletixed J55et511eu5ed tOfu￿1theC￿r￿v,S oblect5.
13.
Fixed•5setln¥e51ments
115ted
SEcurftiE5
Mark*t¥aluo
Atl Ortober2024
RevaluatKJns
Addltions kn yeai
At 30September2025
1.534.663
80.755
1615.418
1nve5LM￿nts ￿t￿￿￿e[ValuEc¢>ffipr15e'.
2024
tthd investments
1,61VI8
1.534.663
The h15t4>￿[ cos1ofiis￿ investmentsis £l.OCOmJ.
riebtors
1024
Trade Debtors
Prepayments
ExhSbitlonTax Rellef Debtoi
Other DÈbtors
16.775
12,47D
72A42
3.354
114449
105.441

THÉRORENCE NIGHll14GAIE MUSEUM Trusr
NOVESYOTHEFty4ANaALSfATEMEN￿FOft TME ITAR ENDED305EPIEMBER2025
5t
2025
2024
Gth5hopstock
2&697
i&
Cvedltor5'.Amountsfalllnidu@thonÈpar
2015
2024
TradeCredltDrs
Taxatlon andsoclal stturSty
OthercreditVT5
Atttualsanddefefred intL¥ne
42.458
3.338
1,17fj
12,412
7,551
L437
243
55.27>
17.
Flvin<lallrthuments
z4
Flnancièl èS5el5 mEa5uredatfalrvaluÈthrou8h
jnc•me and empendlture
Flnantial èssets rnÈasuredatamtrrt15ed c05t
L615N18
J68
l.S34.663
16,7
1,64516
1.551,438
FIna￿l31 ILibIl￿@S M￿asured3t3r￿rtISd rost
47.710
56.056
Flnanclal assets measured aifaiivaluethrou8h incorneand e¥pendlturecofflpri5@fixed a55et
ve51TheN5.ThEI?irvalue 15 deterrnined byrele1en￿loThe Inve5tmÈnt p￿rfOllO5
SinAnclal wet5 me4suredal&nK>rtlsed c05tcompr55e ir4dp andi>thErdebtot5.
Finawipl liabilities measuredataDKrtised c05tcomprL4ecredirorsex¢ludin8amountsowed toHMRC.

ThEFLQIENCEIIGNTwfo4fN115eJiA TrWT
WO7ESTOTAEANIJIOAS7ATÈIWSF(A ThEY￿￿tI￿￿￿5EpTFmlERlQI$
•WIo55Q
IDL1th￿ID]
Y9*13
Isjm)
711.935
691.14?
22￿1
IP•lNlThXS
LS5I.115
37
37￿9
Rpy41kn
&67y.ni
.]5$
.756
Exr￿dIu[e
>)SeptemknErlJY
530ffi1J
672.5
53D
35AII
4.P?
34.455
37.130
590
I￿.r£0
pw4lkn¢l•iy
4*47
115y3
1.SJ&l96
IthY7.FlJ
IIW525

7NEFL￿E￿￿llM7mnHG￿MLW￿1A￿sr
STE57OTNEAPuNC￿srAlWFtl[$FOR7HKVFARE￿DETrJOSEFTullER￿5
25
242$
L6L5.411
L6JSAIB
I￿.746
79V42
*)J#4
721.gJ5
1.742.
2D24
95$72
SM51
(F,N6)
1tt4061
21749
2L
YeaiEnd
Josrf•mb•i
147.923
517.772
S¢
.959
fd413