**REGISTERED CHARITY NUMBER: 1185761** ## **Report of the Trustees and** **Financial Statements for the Period 11 October 2019 to 31 August 2020** **for** **The Geoffrey Harold Greatrex CIO** Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG **The Geoffrey Harold Greatrex CIO** **Contents of the Financial Statements for the Period 11 October 2019 to 31 August 2020** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Report of the Independent Auditors**|4|to|5| |**Statement of Financial Activities**||6|| |**Balance Sheet**||7|| |**Cash Flow Statement**||8|| |**Notes to the Cash Flow Statement**||9|| |**Notes to the Financial Statements**|10|to|12| |**Detailed Statement of Financial Activities**||13|| **The Geoffrey Harold Greatrex CIO** ## **Report of the Trustees for the Period 11 October 2019 to 31 August 2020** The trustees present their report with the financial statements of the charity for the period 11 October 2019 to 31 August 2020. The trustees have adopted the provisions of 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 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The object of the charity as set out in its governing document is to advance education and training in medical sciences and other surgical practices for the public benefit through: i) The provision of bursaries for the studies and related costs to persons studying at the Newcastle University Faculty of Medical Sciences, The Royal College of Surgeons of England and such other establishments as the trustees should see fit. ii) The provision of funding for costs for students undertaking medical or surgical research for the advancement of medical science. The useful results of which will be published. The charity aims to make the education in the respective areas of medical study at the stated institutions affordable for all. This will in turn benefit wider society by increasing numbers of surgeons, improving medical research and developments within this sector. This will be facilitated by the provision of grants in line with the charitys grant making policy. ## **Significant activities** The charity was set up in October 2019 and from this period to the year end has received the amounts due from the estate of Geoffrey Harold Greatrex. These have been invested in order to generate income streams to finance the bursaries to students and the medical research in line with the objectives of the charity. In the period work has been started on facilitating the activities of the charity which will commence in the coming year. ## **Public benefit** In determining the Charity's activities the Trustees have had due regard to the Charity Commission's guidance on public benefit. ## **Grantmaking** Grants will be made by the charity to qualifying individuals in furtherance of the charitys objectives. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The charity was set up on 11th October 2019 but only received part of the funds from the estate of Geoffrey Harold Greatrex in December 2019. Therefore the charitable activities were not able to commence during this period and will commence in the year to 31 August 2021. ## **FINANCIAL REVIEW** ## **Financial position** At the year end the charity had unrestricted reserves of £2,034,918. The charity has received monies from the estate of Geoffrey Harold Greatrex in the current year end which will have been invested and will allow the charity to commence it's activities in the period to 31 August 2021. ## **Investment policy and objectives** In deciding the investment policy the trustees undertook a risk questionnaire. In line with the results of the questionnaire the trustees proceeded with a cautious approach for the charitys investments. Four financial advisors were interviewed to look after the investments of the charity with the decision to invest the funds with three of these in order to spread the risk and exposure of the investments. The initial aim of the portfolios whilst the activities of the charity are being facilitated is capital growth. Any income generated will currently be reinvested or used to cover the investment management charges. Once the activities and timings are confirmed, there will be a shift to income generation in order to generate income to pay out cash grants in line with the objectives of the charity. The overall aim will be to raise approximately £40,000. The proposal is for £20,000 to go to Newcastle University for their medical library and for bursaries to qualifying students. The remaining £20,000 will be made available to surgeons for qualifying research schemes. These will be assessed in line with the grant making policy and suitability by the trustees. Page 1 **The Geoffrey Harold Greatrex CIO** ## **Report of the Trustees** ## **for the Period 11 October 2019 to 31 August 2020** ## **FINANCIAL REVIEW** ## **Reserves policy** The trustees aim to maintain free reserves in unrestricted funds at a level which allows them to respond to applications for grants and ensure that support and governance costs are covered. As the funds were received in the current year they have been invested so are high unrestricted reserves. As the charity commences its charitable activities the reserves policy will be developed further. ## **FUTURE PLANS** The trustees aim to generate a legacy from the capital received from the will of Geoffrey Harold Greatrex. The capital has been invested with the aim to provide a regular constant income stream to fund the grants made to the beneficiaries. The long term aim is to preserve the initial capital and distribute the income so that the charity can benefit as many individuals for years to come. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The charity is controlled by its governing document, its constitution and is a Charitable Incorporated Organisation registered with the Charity Commission. ## **Recruitment and appointment of new trustees** New trustees will be appointed by the existing trustees of the charity based on the expertise that they will offer to the board. The trustees regularly review the skill sets of the board and where there is a need for certain skills to be added will approach appropriate candidates to join the board. The governing document describes the eligibility for trusteeship and any new trustee application to the board will be reviewed in line with these requirements. ## **Organisational structure** The charity is governed by it's Board of Trustees who decide on the overall running and governance of the charity. The board meet on a quarterly basis to review matters facing the charity with decisions being taken based on an overall majority. ## **Induction and training of new trustees** All Trustees receive reference material from the Charity Commission website. Specific items relating to the Charity are discussed as a Board in the Trustee meetings. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1185761 ## **Principal address** 15 Newland Lincoln Lincolnshire LN1 1XG ## **Trustees** P Ward (appointed 11.10.19) Mrs L M McEwan (appointed 11.10.19) Dr P P Dawson (appointed 11.10.19) ## **Auditors** Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG Page 2 tor the Perlod 11 REFERENCE AND ADMINISTrATIVE OETAILS In¥•stmenf Managers 1.3 Lochshle CrescenL Edlnburgh PBd( Edinburgh EH12 9SE Ascwtrk Trimbridge Tdm Street Bath, BA1 1HB Mutual Wo81th Old MutU81 Housè Portland Terrnce South¥rnplon S014 7AY STATEMENT OF TRUSTEES. RESPONsf81LmES The truste9s responsible fw prepanng the Rgwt of t￿ Tw$t••s •tyJ th• fin•rKwI st•t•mnts in •¢¢ord•nu applicablglow and Unitgd Kln9dom AcwintiNJ Stsndards Iunrtwj G￿•rallY AC￿pknJ A￿￿nb"r￿4 Practic•l. The 18w appllcable to chArttles In Erol8nd And Wales. thè Charfleg Act 2011. Chanty IAeMunts and RewMtsI R￿Ul￿tiCSn3 2008 and the prowsws of the Iwst the trust¢•g to prI￿re fin8nci•l statoments f¢x 88ch financial y*ar wtti¢h giv* a tru• aThJ lair ol th? $tst• of affair¥ ol tho ¢ho¢ty arKJ ol thg in¢oming rosour￿% and ap￿1￿￿0n of r9sour￿s. Indudin9 the incomg aryj e>¥•nditure. ol tho thanty ILY thal ponod. In propann9 th060 financial 6ts1emenl8, the Irusloos 8fB r8qutrBd lo 10¢13ultsble accAJun￿ftg pc41clos and th•n awy Ihom consistenty. obsaN• th• mdhojs ¥ThJ pnncipkns in lh• Ch•nty SORP., mak• iudg•m•nts an¢J osb'mat*$ thal ar• and wudwL" state whether ap￿iCable accounting Standards have fd11h￿, 8ubhecl to m8terfal departures dtsd080d 8nd explalned In the flnoncbBI s￿leMents.. p￿Pa￿ the finondal stat*m•nts M the gtyrKd rA￿M b•sL* Is Inoppropri•t* to prewmts Ihot fv charty Vlll eAintinue in business. Th? Irusiees are re$F4)n￿blo lor k80ping proper acC￿￿ti￿ r8crYts dl8dw vAth r*880n8bl8 8c(xJr8(ry 8t any lime Ih& IlnancAal po811ion ol thè th8rity and to 8n8bl8 Ih8m to Ih8t lh8 finanrA81818t8ments corn wlh the Ch8rilies Act 2011. the Ch8rity IAcxxJunls and RerAytsl Regulati(￿ 21Th 8nd the of Ihe IN81 deed. They • 8190 re3pon31ble for jaleguarding the asjets of tho eh•nty and hertt for t8ksng f•agonab￿ St•￿ for th• pre￿ntIOn •nd d•t•ctson of tr•￿) •n¢ otrwr IrrwJlariti•s. Approv8d by order ol the to8rd ol In*tees on 12 Aprl 2021 and signed on rfs behal ty. P Ward - TnJsle8 Pagè 3 **Report of the Independent Auditors to the Trustees of The Geoffrey Harold Greatrex CIO** ## **Opinion** We have audited the financial statements of The Geoffrey Harold Greatrex CIO (the 'charity') for the period ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 Practice). - In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 August 2020 and of its incoming resources and application of resources, for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance 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** - We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent 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 form 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 4 **Report of the Independent Auditors to the Trustees of The Geoffrey Harold Greatrex CIO** ## **Our responsibilities for the audit of the financial statements** We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 15 Newland Lincoln Lincolnshire LN1 1XG 12 April 2021 Page 5 **The Geoffrey Harold Greatrex CIO** ## **Statement of Financial Activities** ## **for the Period 11 October 2019 to 31 August 2020** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Grant making
**Total**
Net gains on investments
**NET INCOME**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricte
fund
£
2,030,006
5,358
500
2,035,864
16,209
7,300
23,509
22,563
2,034,918
2,034,918| |---|---| The notes form part of these financial statements Page 6 Harold Gr&knx C la 31Au ust 2020 Un￿StriCte fund FIXED ASSETS Tangible ass•t5 Invgstments io 1.989,421 1.989.781 CURRENT ASSETS Debtors Cèsh at bank 11 25.637 23,501 49,138 CREDITORS Amounts laNing duè wthin om year 12 14.W11 NET CURRENT ASSETS 45.137 TOTAL ASSETS LESS CURRENT LIABILinES 2.034,Q18 NET ASSETS 2,034.918 FUNDS Unreslricted funds 13 2,034.918 TOTAL FUNDS 2.034.918 Th& ffinancial 3t8tem8nts ¥bBre appro￿ by the Board of Tnjstees arKI authoris•Y for issue on 12 April 2021 and %4ere $bned on its behalf ty. P Ward . Trustee The wes frjnn pan ofthese finanaal statements Pagtr 7 **The Geoffrey Harold Greatrex CIO** ## **Cash Flow Statement** ## **for the Period 11 October 2019 to 31 August 2020** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of fixed asset investments
Proceeds reinvested/used against fees
Interest received
Dividends received
Net cash (used in)/provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|£
1,985,001
1,985,001
(1,983,068)
6,894
9,316
2,291
3,067
(1,961,500)
23,501
-
23,501| |---|---| The notes form part of these financial statements Page 8 **The Geoffrey Harold Greatrex CIO** ## **Notes to the Cash Flow Statement** ## **for the Period 11 October 2019 to 31 August 2020** ## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|| |---|---| |**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Losses on investments
Interest received
Dividends received
Non-cash donations
Increase in debtors
Increase in creditors
**Net cash provided by operations**
2.
**ANALYSIS OF CHANGES IN NET FUNDS**
At 11.10.19
Cash flow
£
£
**Net cash**
Cash at bank
-
23,501
-
23,501
**Total**
-
23,501|£
2,034,918
(22,563)
(2,291)
(3,067)
(360)
(25,637)
4,001
1,985,001
At 31.8.20
£
23,501
23,501
23,501| ||At| The notes form part of these financial statements Page 9 **The Geoffrey Harold Greatrex CIO** ## **Notes to the Financial Statements** ## **for the Period 11 October 2019 to 31 August 2020** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **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 cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** ## **3.** |Donations
**INVESTMENT INCOME**
Investment income
Deposit account interest|£
2,030,006|£
2,030,006| |---|---|---| |||£
3,067
2,291| |||5,358| Page 10 continued... **The Geoffrey Harold Greatrex CIO** ## **Notes to the Financial Statements - continued** ## **for the Period 11 October 2019 to 31 August 2020** ## **4. RAISING FUNDS** |**Investment management costs**
Portfolio management
**5.**
**CHARITABLE ACTIVITIES COSTS**
Grant making
**6.**
**SUPPORT COSTS**
Grant making
**7.**
**AUDITORS' REMUNERATION**
Fees payable to the charity's auditors for the audit of the charity's financial
statements
Auditors' remuneration for non audit work
**8.**
**TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the period ended 31 August 2020.
**Trustees' expenses**
There were no trustees' expenses paid for the period ended 31 August 2020.
**9.**
**TANGIBLE FIXED ASSETS**
**COST**
Additions
**NET BOOK VALUE**
At 31 August 2020
**10.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
Additions
Disposals
Revaluations
At 31 August 2020
**NET BOOK VALUE**
At 31 August 2020
There were no investment assets outside the UK.|£
16,209
Support
costs (see
note 6)
£
7,300
Governance
costs
£
7,300
£
2,000
2,000
Plant and
machinery
£
360
360
Listed
investments
£
1,983,068
(16,209)
22,562
1,989,421
1,989,421| |---|---| Page 11 continued... **The Geoffrey Harold Greatrex CIO** ## **Notes to the Financial Statements - continued** ## **for the Period 11 October 2019 to 31 August 2020** ## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other debtors
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**13.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
2,035,864
**TOTAL FUNDS**
2,035,864|Resources
expended
£
(23,509)
(23,509)|Net
movement
in funds
£
2,034,918
2,034,918
Gains and
losses
£
22,563
22,563|£
25,637
£
4,001
At
31.8.20
£
2,034,918
2,034,918
Movement
in funds
£
2,034,918
2,034,918| |---|---|---|---| ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the period ended 31 August 2020. Page 12 **The Geoffrey Harold Greatrex CIO** **Detailed Statement of Financial Activities for the Period 11 October 2019 to 31 August 2020** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Investment income
Deposit account interest
**Other income**
Compensation
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Portfolio management
**Support costs**
**Governance costs**
Auditors' remuneration
Auditors' remuneration for non audit work
Professional fees
Total resources expended
**Net income before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net income**|£
2,030,006
3,067
2,291
5,358
500
2,035,864
16,209
2,000
2,000
3,300
7,300
23,509
2,012,355
(9,315)
2,003,040| |---|---| This page does not form part of the statutory financial statements Page 13