DocusSgn Envelop& ID: DFFBB044-A2394AE7-B509-1C08EFE41471 REGISTERED COMPANY NUMBER: 05392271 (England and Wales) REGISTERED CHARITY NUMBER: 1154418 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR GMDN AGENCY
DocJJslgn Envelope ID.. DFFB8044A2394AE7-B509-1COBEFE41471 GMDN AGENCY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pago Report of the Trustses Report of the Independent Auditors 8 to 11 ststement of Financial Activities 12 Statement of Financlal Position 13 Statement of Cash Flows 14 Notss to the Statement of Cash Flows 15 Notss to the Financial Statsments 16 to 23 Detailed Statsment of Financial Activities 24 to 25
DorJJslgn Envelope ID.. DFFB804&A2394AE7-Bs0ICo8EFE4147l GMDN AGENCY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in a¢cordan¢e with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Purposes and aims Our charity's purposes, as set OLrt in the objects contsined in the company's memorandum of asso¢iation, are to: To preserve and protect health and to relieve sickness for the publi¢ benefit by developing and maintaining the 'Global Medical Device Nomenclature,, a system of intemationally agreed descriptors used to identify medical device products which will meet a global need for identification purposes. Our aims fully reflect the purposes that the charity was set up to further. Our Strategic Aims, as identified in our Quality Policy, fully reflect the purposes that the charity was set up to further.. Assist in the protection of patients by acting as a resource for healthcare regulators to help them identify trends and solve problems quickly., Facilitate collaborative efforts beeen regulator5 in different jurisdictions- Offer expertise and insight to the whole medical device supply chain-, Increase transparency of the Agency through stakeholder engagement and communication of activities; Support the industry in the setting up of registries and learning communities- Demonstrate the advantages of greater global harmonisation and medical technology for patient ¢are' Support users to reduce the risk of misuse or misassignment of GMDN terms by taking the lead on the quality of Temis assignment to ensure they are as accurate as possible for downstream use., Assisting stakeholders in the downstream use of GMDN data as a leveraging tool, e.g., inventory management, real-world evidence analysis, vigilance and signal detection. Ensurfng our work delivers our aims We review our Strategic Aims each year (The annual review takes place in February each yearl. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure that our aims, objectives and activities remain focused on our stated purposes. We have referred to the guidance in the Charity Commission's general guidanGe on public benefit when reviewing our aims and objectives and planning our future activities. In particular, the trustees Consider how planned activities will contribute to the aims and objectives they have set. The focus of our work After extensive consultstion, the Strategy 2022-2026 was published in earty 2022. To deliver the GMDN Agency's core work of helping to meet the global need for accurate identification of medi¢al deViS, we have developed four ambitions.. the aims for those areas of work and where we expect to be at the end of the fivevyear strategy period. Promote the value of global collaboralion and harmonisation Continuously improve and innovate Provide excellent services which add value - Be engaged, helpfvl and expert The next five-year strategy will be reviewed with the input of all relevant stskeholders and will be published in the last quarter of 2025. Page 1
DouJ$lgn Envglopo ID.. DFFB6O44A2394AE7-B501CoBEFE4l47l GMDN AGENCY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Public bonefit Our main activities and who we try to help are described below. All our charitable activities focus on the accurate identification of medical deVIS by standardising their common description and sharing this infomation with Governments, Hospitals and device manufacturers worldwide for the public benefit. Who used and benefited from our ser¥lces7 Our objects and funding limit the seNices we provide to maintsining, promoting, and disseminating the Global Medical Device Nomenclature. Equal access to our services is an important iSSLSe for us. All potential users of the GMDN Can gain free access to the GMDN data. Medical device regulators use the GMDN data to identify specific equipment accurately when they need to approve medical devices as part of their national regulatory framework. When monitoring the salety of medical devices within the market, medical device regulators can use the GMDN to identify trends in the success and failure of a specific device or common technology, which is vitally important when systematic failures of devices from more than one manufacturer may occur. Medical device manufacturers use GMDN dats to sort their products into more manageable groups and provide more consistent device names to their customers. Medical device users can use GMDN data to support decision-making within the healthcare environment. We maintain our website to provide infomiation to our members in 14 languages, thereby encouraging wider global a¢¢ess to the GMDN. If necessary, more languages will be added each year. The GMDN Agency continues to maintain its Quality Management System Complian to standard IS09001:2015 by a third-party IBSI UK) audit. To demonstrate our commitment to information security, the GMDN Agency was re-rtified to the UK Government's Cyber Essentials scheme in October 2023. FINANCIAL REVIEW Principal funding sources The principal funding sources for the charity are currently the linCing of services related to the maintenance of the GMDN to our members via our website. Access is only available to members, and membership is priced according to organisation type and size. The membership process is completed online, and access to the GMDN database is immediate upon completion of the registration process. Approximately 910/0 of organisations a¢¢ess our membership seNices free of charge, and some commercial organisations that make up the balance, volunteer to subscribe to our paid membership services. Investment pollcy and objectives Aside from retaining a prudent amount in reserves each year, most of the charity's funds are to be spent in the short term, so there are few funds for long-tenn investment. With the aid of sound financial management and the support of its staff and volunteers, the Charity maintained a total of funds carried forward amounting to £582,883. Page 2
Docuslgn Envelope ID.. DFFB80*A2394AE7-B50&1CO8EFE41471 GMDN AGENCY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Reserves policy The GMDN Agency, as a Charitable activity designed to provide services to members, should operate on the basis of costs equating to income over the long term. ReseNes will be held to ensure continuity of operation and provide a buffer for variations in income or respond to short-term expenditure needs not accommodated by the nomial running of the organisalion, as well as addressing anticipated future change costs associated with both environmentsl and operalional necessities e.g. changes in business model, major recapitslisation of assets, etc. Excess funds should be retumed to members over the medium temi via adjustments to the fees for service. Reserves are categorised as Operational and Strategic reserves. The Operational reseNe is to cover cash flow variability and anticipated 5hort-term variations in etther income or expenditure. It also needs to cover the cost of winding up the Agency, subject to the possibility that the Agency needs to be closed. In 2023-24 the investment ITIGMDN Database Sofvare Coding did incur some substantial 'one-off operational charges. This pushed the expenditure higher than expected in the year. The Strategic reserve is to cover anticipated needs over and above those accommodated by the Operational reserve but required to support the long-temi sustainability of the Agency. This needs to be ¢onsislent with the condition5 applied above. The Trustees agree on an annual basis to the level of these reseNes as part of the financial budgeting process. FUTURE DEVELOPMENTS The Agency's primary objeclive continues to be the effective use of the GMDN by national medical device regulators and other stakeholders worldwide. The Trustees deliberately build up the reserves in the past few years to meet the challenges and costs associated with the increasing use of the GMDN. Due to the long-term nature of adopting the GMDN, the timing of the use of funds can be Ghallenging to predict. It is expected that the adoption of the GMDN will require the investment of substantial funds in supporting adoption and supporting users worldwide. Our larger company members have remained loyal to the voluntary paid-for services we provide to support their management of the GMDN Terms they use. Therefore our income has remained enough to allow the Trustees to be confident of our long-term financial su5tsinability. The membership schemes will be carefully monitored during the coming years to determine their ongoing suitability of purpose and amended each year as necessary. With the increased global recognition and use of GMDN, several countries have joined in adopling it, and the collaboration with the WHO started in March 2024,. this is particularly important in countries with less-developed economies. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The organisation is a charitable company limited by guarantee, incorporated on 14 March 2005 and registered as a charity on 31 October 2013. The company was established under a Memorandum of Asso¢iation which established the objects and powers of the charitable company and is govemed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exedIng £10. Page 3
Docusign Envelope ID.. DFFB804tsA2394AE7-B5o1C08EFE4I471 GMDN AGENCY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees The diredors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association the members of the Board of Trustees are elected to setve for a period of three years after which they must be re-elected at the next Annual General Meeting. All members of the Board of Trustees give their time voluntsrily and received no benefits from the char5ty. Any expenses reclaimed from the charity are set out in note 8 to the accounts. Due to the nature of the medical device sector much of the charity's work inevitably fo¢uses upon this subject. The Board of Trustees seeks to ensure that the needs of this se¢tor are appropriately reflected through the members of the trustee body. To enhance the potential pool of trustees, the charity, through selective networking with industry, regulators and healthcare providers, has sought to identify those individuals who would be willing lo become members of the Agencies advisory committees and use their own experience to assist the charity. In early 2022 following the launch of our new strategy, we established the Authorilies Strategic Advisory Group (ASAG) as a standing advisory committee to the Board of Trustees. This committee stngthen$ the voice of regulators in the strategic planning of the Agency and has been very useful, with regulators from Australia, Brazil, Canada, the UK and the USA now actively participating. The more traditional business and medical skills are well represented on the Board of Trustees. In an effort to maintain this broad skill mix, members of the Board of Trustees are requested to provide a list of their skills and in the event of particular skills being lost due to retirements, individuals are approached to offer themselves for election to the Board of Trustees. A new Trustee joined the Board within the last year. The Trustees as part of the recent strategic planning process. wish to increase the active involvement of regulators in our goveman¢e and therefore are engaging with them to see how this can be done in the coming year. Organisational structure The Board of Trustees consists of up to eight members who meet quartedy and are responsible for the strategic direction and policy of the charity. At present, the Committee has six members from a variety of professional backgrounds relevant to the work of the charity. A scheme of delegation is in place and day to day responsibility for the provision of the services rest wtth the Chief Executive Offi¢er. The Chief Executive Officer is responsible for ensuring that the Gharity delivers the services specified and that key performance indicators are met. The Technical Lead has overall responsibility for the maintenance of the Global Medical Device Nomen¢lature database and the Office Administrator has responsibility for customer ServIS staff. The Chief Executive Officer supervises all stsff and ensures that the team continues to develop their skills in line with good working practice. Page 4
Docuslgn Envelope ID.. DFFB8044-A2394AE74509-1C08EFE41471 GMDN AGENCY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCEAND MANAGEMENT Induction and training of new trustees Trustees are already familiar with the practical work of the charity, having been encouraged to have been a previous members of Agencies advisory committees. Additionally, new trustees are invited and encouraged to attend a training session to familiarise themselves with the charity and the context within which it operates. This is led by the Chief Executive Officer of the charity and covers: The obligations of Board of Trustees members. The main documents which set out the operational framework for the charity including the Articles of Asso¢iation', Resourcing and the current financial position as set out in the latest published accounts,. and Future plans and objectives. A resource pack has been prepared drawing information from the various Charity Commission publications. This is distributed to all new trustees along with the Articles of Association, Governance, Policy and reference documents and the latest management financial report. Related parties In so far as it is complimentary to the charity's objects, the charity is guided by international forum for medical device safety, including the members of the International Medical Device Regulators Forum (IMDRF} and the Global Harmonisation Working Party (GHWP) as well as intemational medical device manufacturers, trade associations, including the Global Medical Technology Allian (GMTA) and the Global Diagnostic Imaging, Healthcare IT and Radiation Therapy Trade Association (DirrA). The representation of the GMDN Agency to these organisations has proved invaluable to the Charity in eslablishing improved links with the medical device sector and identifying levant policy improvements. Risk management The Board of Trustees has conducted a review of the major risks to which the charity is exposed. Our risk register is reviewed at every Board meeting. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Significant extemal risks to funding have led to the development of a strategic plan which will allow for the planning of funding and activities. Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the GMDN Agency's offices. The third-paty certification of our ISO 9001 Quality Management System supports a consistent quality of delivery for all operational aspects of the charity. All internal procedures are regulady audited to ensure that they continue to meet the needs of the charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05392271 {England and Wales) Registered Charlty number 1154418 Registered office Hampden House Monument Business Park Chalgrove Oxford Oxfordshire OX44 7RW Page 5
Docuslgn Envelopg ID: DFFB804M2394AE74509-1C08EFE41471 GMDN AGENCY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees Dr E D Krell Ms J Trunzo DrCMWTong Mr J Wlkinson Mrs D Bruce Mr D Black (appointed 611212023) Company Secretsry Mr5 D Bruce Auditors MGI Midgley Snelling LLP Ibex House Baker Street Weybridge Surrey KT13 8AH Solicitors Mishcon de Reya LLP Buxton Court Minns Business Park, Unit 3 West Way Botley Oxford OX2 OJB STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of GMDN Agency for the purposes of company law) a responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards {United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policie5 and then apply Ihem consistently; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which 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 wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infomation of which the charitable company's auditors are unaware; and the trustees have tsken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditors are aware of that information. Page 6
Docuslgn Envglopo ID.. DFFB8044A2394AE7-B509-1C08EFE41471 GMDN AGENCY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- contlnued AUDITORS MGI Midgley Snelling LLP were appointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity. Approved by order of the board of Trustees on 4 September 2024 and signed on its behalf by: 0usIned by: 05/09/2024 EE4DOD73ESF7449.. Mrs D Bruce- Trustee Page 7
Docuslgn Envelop8 ID: DFFB804M2394AE74509-1CO8EFE41471 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GMDN AGENCY Opinion We have audited the financial statements of GMDN Agency (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Adtvities, the Ststement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Ppclice}, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statemenls: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming reSoUrS and application of reSoUrs, including its income and expenditure, for the year then ended., have been properly prepared in ac¢ordan¢e with United Kingdom Generally A¢¢epted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in a¢¢ordan¢e with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance wilh Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the ¢haritable company in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in a¢cordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable company's ability to continue as a going Concern for a period of at least fmelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiation The trustees are responsible for the other infomialion. The olher information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independenl Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Page 8
DorJJsign Envelope ID.. OFFBBOA2J94AE75o9-1co8EFE4147l REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GMDN AGENCY Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in a¢¢ordance with applicable legal requirements. Matters on which vrn are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or - the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the dire¢tors' report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi5Statement, whether due to fraud or error. In pparIng the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of a¢¢ounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Page 9
Docusign Envelope ID.. DFFB804¥A2394AE7-B50&1CO8EFE41471 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GMDN AGENCY Our responsibillties for the audit of the finan¢lal ststsments Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inffluence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-complian¢e with laws and regulation5. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks include5 Consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of iegUlarities. We are also required to perfomi specific procedures to respond to the risk of management override. As a result of this assessment, we considered the opportunities and incentives that may exist within the company for fraud and identified that the greatest area of risk was in relation to management override. We have obtained an understsnding of the legal and regulatory frameworks that the company operates in from discussions with the directors and our knowledge of the company and its industry sector. We have focussed on the provisions of those laws and regulations that have a direct effect on the detemination of material amounts and di5¢1osures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. We performed the following audit procedures after consideration of the above risks which included the following.. enquiry of management of actual and potential litigation and claims; reviewing ¢orrespondence with HMRC and the company's legal advisors., reviewing financial statement disclosure5 and testing to supporting documentation to assess compliance with applicable laws and regulations., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., and in addressing the risk of fraud Ihrough management override of controls, testing the appropriateness of joumal entrie5 and other adju5tment5', as5es5ing whether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any signifiGant transactions that are unusual or outside the normal course of business. The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-¢omplian¢e with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that ¢omplian¢e with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding iegularl1[eS occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A fvrther de5¢riPtion of our responsibilities is available on the Financial Reporting Council's website at: httpS'.l.frc.Org.ukJaudlt0rsreSponSlbllitles. This description forms part of our auditof s report. Page 10
Docuslgn Envglopg ID.. DFFB8O*A2394AE7-B501cO8EFE4147l REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GMDN AGENCY Use of our report This report is made solely to the Charitsble company's members, as a body, in arLordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, orforthe opinions we have formed. Sarah Squires BEng FCA (Senior Statutory Auditor) for and on behalf of MGI Midgley Snelling LLP Ibex House Baker Street Weybridge Surrey KT13 8AH q September 2024 Page11
Docuslgn Envalope ID.. DFFB6044A2394AE74509-1C08EFE41471 GMDN AGENCY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted fvnds. 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,260,956 951,466 Investment income 8,704 476 Total 1,269,660 951,942 EXPENDITURE ON Charitable activities Development and maintenance of database 1,638,076 1,517,547 NET INCOMEI{EXPENDITURE) (368,416) (565,6051 RECONCILIATION OF FUNDS Total funds brought fOard 951,299 1,516,904 TOTAL FUNDS CARRIED FORWARD 582,883 951,299 The notes form part of these financial statements Page 12
Docusign Envelope ID: BC78CA4PAE824E2E-825F-7585EC18OC6D GMDN AGENCY STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 Unreslri¢ted funds 2023 Total funds Notes FIXED ASSETS Intangible assets Tangible assets 10 306,344 10,014 308,743 11,660 316,358 320,403 CURRENT ASSETS Debtors Cash at bank 12 54,615 1,049,370 41,160 1,140,027 1,103,985 1,181,187 CREDITORS Amounts falling due within one year 13 {837,460) (550,291) NET CURRENT ASSETS 266,525 630,896 TOTAL ASSETS LESS CURRENT LIABILITIES 582,883 951,299 NET ASSETS 582,883 951,299 FUNDS Unrestricted funds 14 582,883 951,299 TOTAL FUNDS 582,883 951,299 These financial statements have been prepared in accordan with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 4 September 2024 and were signed on its behalf by.. DDru$l4n•d by.. EE4DOD73ESF7449... Mrs D Bruce - Trustee The notes form part of these financial statements Page 13
Dowslgn Envelope ID.. DFFB804¥A2394AE7-B509-1C08EFE41471 GMDN AGENCY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 55,292 (388,117) Net cash provided byl(used in) operating activities 55,292 (388,117) Cash flows from investlng actlvlties Purchase of intangible fixed assets Purchase of tangible fixed assets Interest received (149,571) (5,082) 8,704 (138,954) 110,790) 476 Net cash used in investing activities (145,949) {149,268) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (90,657) (537,385) 1,140,027 1,677,412 Cash and cash equivalents at the end of the reportTng period 1,049,370 1,140,027 The notes fomi part of these financial statements Page 14
DocJJslgn Envalopa ID.. DFFB8044-A2394AE7-B509-1C08EFE41471 GMDN AGENCY NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for". Depreciation charges Loss on disposal offixed assets Interest received Increase in debtors Increase in cdItorS (368,416) {565,605) 158.698 158,949 762 (476) (21,542) 39,795 (8,704) {13,455) 287,169 Net Gash provided byllused in) operations 55,292 (388,117) ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank 1,140,027 (90,657) 1,049,370 1,140,027 190,657) 1,049,370 Total 1,140,027 190,657) 1,049,370 The notes form part of these financial statements Page 15
Doarslgn Envelopa ID.. DFFB804¥A2394AE7-B509-1C08EFE41471 GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION GMDN Agency is a charitable company limited by guarantee and incorporated in England and Wales. The address of the company's registered office is Hampden House, Monument Business Park, Chalgrove, Oxford, OX44 7RW. The registered company number is 05392271 and the registered charity number is 1154418. The principal activities of the charity are as disclosed within the Report of the Trustees. The presentational currency of these financial statements is Sterling {£), being the currency of Ihe primary economic market in which the entity operates. All amounts in these financial statemenls have been rounded to the nearest pound unless stated otherwise. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othemise stated. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a publi¢ benefit entity under FRS 102, have been prepared in a¢¢ordance with the Charities SORP {FRS 102) '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) (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under Ihe historical cost convention. Goin Concem The trustees have considered the substantial net assets of the charity and the cash resources available as well as the charity's commitments. The trustees consider that the charity has adequate resources in place to continue in opeption for a period of at least twelve months from Ihe date of approval of the financial statements and therefore continue to adopt the going concern basis in preparing these financial ststements. Income All income is recognised in the Statement of Financial Activities once the chartty has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Membership fees are recognised equally over the period of the 12 month subscription. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Allocation and apportionment of costs Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Trustee salaries have been apportioned in accordance with the duties to which they relate. Intellectual property The ¢ost of developing the company's database and associated systems is being capitalised and amortised through the Statement of Financial Activities in equal annual instalments over its estimaled economi¢ life of 5 years. The Cost of development includes staff costs. Page 16
Docuslgn Envelope ID: DFFB804U2394AE7-B509-1CO8EFE41471 GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computers and fumiture Straight line - 33 % Taxation The charity is exempt from corporation tax on its charitsble activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fvnds can only be used for particular restricted purposes within the objects of the charty. Restrictions arise when specified by the donor or when funds are pised for particular restricted purposes. All the charity's funds are unrestricted. Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities. Hire purchase and leasing ¢ommitments Rentals paid under operaling leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the haritable company's pension scheme are charged to the Ststement of Financial Activitie5 in the period to which they relate. Financial instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially re¢ognised at transaction value and subsequently measured at their settlement value. Significantjudgements and estimates The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of income, expenditure, assets and liabilities. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. Page 17
Docuslgn Envelope ID.. DFFB8044-A2394AE7-B509-1C08EFE41471 GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations Subscriptions 19 1,260,937 951,455 1,260,956 951,466 INVESTMENT INCOME 2024 2023 Bank interest 8,704 476 CHARITABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Development and maintenance of database 1,502,723 135,353 1,638,076 SUPPORT COSTS Governance costs Management Finance Totals Development and maintenance of database 100,570 27,188 7,595 135,353 Analysis of support and governance costs The charity initially identifies the costs of its support function. It then identifies those costs which relate to the governance function. Having identified its govemance costs and support costs these are apportioned belmeen the key charitable activities undertaken in the year. Please refer to the table below for the basis of apportionment and the key analysis of support. General Governance Support function Basis of apportionrnent Wages Audit fees Accountancy 100,570 The duties to which they relate Governance The duties to which they relate 7,595 27,188 Total 127,758 7,595 Page 18
Dowslgn Envelope ID: DFFB804<A2394AE7-8509-1C08EFE41471 GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMEIIEXPENDITURE) Net in¢omel(expenditure) is stated after chargingllcrediting)- 2024 2023 Auditors, remuneration Depreciation - owned assets Other operating leases Deficit on disposal of fixed assets Intellectual propety amortisation Foreign exchange Igainslllosses 7.595 6,728 24,719 6,655 6,412 20,247 762 152,537 152,562) 151,970 18,045 TRUSTEES, REMUNERATION AND BENEFITS 2024 2023 Trustees, salaries Trustees, social security Trustees, pension contributions to money purchase schemes 172,334 21,194 8,498 261,600 32,416 12,916 202,026 306,932 The trustees, remuneration is in respect of one (2023 0) trustees, being Mrs D Bru, for services as the Chief Executive Officer of the charity. Trustees. expenses Trustees, expenses reimbursed for the year ended 31 March 2024 totalled £16,586 to four trustees (2023 £38,118 to five trustees), of which £2,451 (2023: £Nil) was due at the year end. Expenses related to travel, subscriptions and other sundry costs. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 731,737 84,203 36,355 772,271 88,947 37,556 852,295 898,774 During the year £121,652 (2023 £108,141) of salaries and pension a5 well as £13,169 (2023 £11,511) of social security costs were capitalised as part of the intangible fixed asset. These costs are not included in the figures above. The average monthly number of employees during the yearwas as follows.. 2024 2023 Management Technical Administration 12 12 Page19
Docuslgn Envolope ID.. DFFB6044A2394AE74509-1C08EFE41471 GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS - continued The number of employees whose employee benefits (excluding employer pension Costs) exceeded £60,000 was: 2024 2023 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £130,001- £140,000 £170,001- £180,000 £190,001- £200,000 10. INTANGIBLE FIXED ASSETS Intellectual property COST At 1 April 2023 Additions 1,573,744 149,571 At 31 March 2024 1,723,315 AMORTISATION At 1 April 2023 Charge for year 1,265,001 151,970 At 31 March 2024 1,416,971 NET BOOK VALUE At 31 March 2024 306,344 At 31 March 2023 308,743 Page 20
Docuslgn Envalope ID: DFFB804aM2394AE7450&1C08EFE41471 GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS Computers and furniture COST At 1 April 2023 Additions Disposals 42,764 5,082 12,962} At 31 March 2024 44,884 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal 31,104 6,728 (2,962) At 31 March 2024 34,870 NET BOOK VALUE At 31 March 2024 10,014 At 31 March 2023 11,660 12. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and arxrued income 31,198 3,423 19,994 4,838 36,322 54,615 41,160 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Creditors Social security and other taxes Other creditor5 Accruals and deferred income 9,369 28,075 7,114 792,902 23,346 36,635 7,890 482,420 837,460 550,291 Included within accruals and deferred income is the following deferred income.. Deferred income at 31 March 2023 463,335 Released in the year (463,335) Deferred in the year 770,539 Defeed income at 31 March 2024 770,539 The defeed income is in respect ofthe annual memberships to the database. Page 21
Docuslgn Envelope ID.. DFFB8044-A2394AE7-B5O1CO8EFE4147l GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 14. MOVEMENT IN FUNDS Net movement in funds Transfers between fund5 At 31.3.24 At 1.4.23 Unrestricted funds General fund Designated cash flow fund Designated reserve fund 171,049 250,000 530,250 (368,416) 200,000 2,633 250,000 330,250 (200,000) 951,299 (368,416) 582,883 TOTAL FUNDS 951,299 (368,4161 582,883 Net movement in fvnds, included in the above are as follows- Incoming resources Resour¢es expended Movement in funds Unrestricted funds General fund 1,269,660 {1,638,076} (368,416) TOTAL FUNDS 1,269,660 (1,638,076} (368,416) Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Designated cash flow fund Designated reseNe fund 736,654 250,000 530,250 <565,605) 171,049 250,000 530,250 1,516,904 (565,605) 951,299 TOTAL FUNDS 1,516,904 (565,605) 951,299 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in fvnds Unrestricted funds General fund 951,942 (1,517,547) (565,605) TOTAL FUNDS 951,942 (1,517,547) (565,6051 Page 22
Docusign Envelope ID.. DFFB80*A2394AE7-B5o1C0eEFE4147l GMDN AGENCY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 14. MOVEMENT IN FUNDS - continued The Charity has the following designated funds: The Designated Cash Flow Fund { Operational Re5erve"l is held to cover cash flow variability and anticipated short-temi variations in either income or expenditure. 11 also needs to cover the cost of winding up the Agen¢y subject to the possibility that the Agency needs to be closed. The Designated Reserve Fund ("Strategic Reserve") is held to cover anticipated needs over and above those accommodated by the Operational Reserve but required to support the long-temi sustainability of the Agency. This needs to be consistent with the conditions applied above. The level of these reserves will be agreed on an annual basis by the Trustees as part of the annual financial budgeting process. 15. EMPLOYEE BENEFIT OBLIGATIONS The company operates a defined contribution pension scheme. The pension costs charged to the income statement represent contributions payable by the company to the fund in the year and amounted to £42,887 {2023 £41,923). This is prior to any capitalisation of Costs in respect of the development of the database. 16. RELATED PARTY DISCLOSURES During the year ended 31 March 2024, consultancy fees amounting to £8,400 {2023: £Nil) were paid to Mr M Wasmuth, who was a trustee during the prior year ended 31 March 2023. There were no other related party transactions for the year ended 31 March 2024 {2023- £Nil). 17. ULTIMATE CONTROLLING PAR The charity was under the control of the trustees throughout the Current and previous year. 18. COMPANY LIMITED BY GUARANTEE The liability of each member is limited to an amount not exceeding £10. Page 23
Docuslgn Envglopo ID.. DFFB804¢A2394AE7-B509-1CO8EFE41471 GMDN AGENCY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacles Donations Subscriptions 19 1,260,937 951,455 1,260,956 951,466 Investment income Bank interest 8,704 476 Total Incoming resources 1,269,660 951,942 EXPENDITURE Charltsble activities Trustees, salaries Trustees, social security Trustees, pension contributions Wages Social security Pensions Rent Database costs Travel and subsistence Insuran Telephone Postage and stationery Computer costs Sundries Consultancy Bank charges Foreign exchange (gains) I losses PAYE interest Training costs Subscriptions Recruitment fees Marketing Amortisation Depreciation Loss on sale of tangible fixed assets 85,724 10,597 4,249 559,403 63,009 27,857 24,719 199,406 51,124 36,350 351 300 204 8,328 201,466 19,839 18,045 130,248 16,208 6,458 510,671 56,531 24,640 20,247 123,837 61,380 32,481 790 316 95 6,435 157,541 16,061 (52,262) 19 20,424 9,770 33,727 4,350 152,537 6,412 762 24,307 4,772 2,196 1,779 151,970 6,728 1,502,723 1,339,678 Support costs Management Trustees, salaries Carried fOard 85,724 85,724 130,248 130,248 This page does not fomi part of the statutory financial statements Page 24
Do$s9n Envelop8 ID: DFF88o44-A2394AE7-B501cOBEFE4147l GMDN AGENCY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Management Brought forward Trustees, social security Trustees, pension contrtbutions 85,724 10,597 4,249 130,248 16,208 6,458 100,570 152,914 Flnance Accountsncy 27,188 18,300 Govemance Costs Auditors, remuneration 7,595 6,655 Total resources expended 1,638,076 1,517,547 Net expenditure (368,416) {565,605) This page does not form part of the statutory financial statements Page 25