**REGISTERED CHARITY NUMBER: 1185761**
**Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 August 2021**
**for**
**The Geoffrey Harold Greatrex CIO**
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
**The Geoffrey Harold Greatrex CIO**
**Contents of the Financial Statements for the Year Ended 31 August 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|10|
|**Detailed Statement of Financial Activities**||11||
**The Geoffrey Harold Greatrex CIO**
## **Report of the Trustees for the Year Ended 31 August 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. 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.
iii) The provision of grants to medical institutions for the training and development of staff students.
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, grants to medical institutions for staff training and development and the medical research in line with the objectives of the charity.
## **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 or institutions in furtherance of the charitys objectives.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During the period the charity made its first grant to the Royal College of Surgeons for £20,000. This grant was made for enhancing the skills of surgical educator. This is through the Training The Trainers (TTT) initiative which is the college's flagship development course with monies used to further develop the course to enhance knowledge, efficiencies and skills of the learners.
The charity made a further commitment of £60,000 to the University of Newcastle to create the Geoffrey Harold Greatrex Scholarship and support twelve undergraduate students.
## **FINANCIAL REVIEW**
## **Financial position**
At the year end the charity had unrestricted reserves of £2,231,374 (2020: £2,034,918). The charity has received monies from the estate of Geoffrey Harold Greatrex in the prior year end which was invested to fund it's activities in the year to 31 August 2021 and for future years.
Page 1
**The Geoffrey Harold Greatrex CIO**
## **Report of the Trustees for the Year Ended 31 August 2021**
## **FINANCIAL REVIEW**
## **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.
## **TO 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.
At the year end there was negative free reserves of £40,059 (2020: positive £45,137) due to the commitments for grants of £80,000. This is to be covered from drawings from the fixed asset investment portfolio prior to when the liabilities fall due. The trustees regularly review the level of reserves and timing of payments but will look to carry a cash balance to cover commitments.
## **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.
Page 2
Inyou.LThdod 31 Auqust2QZI
REFERENCE ANO ADMINISTRAnVE DETAILS
Reglstered Charlty number
1185761
Prfnelp•l addr•s•
15 Nand
LIn**Shtre
LN1 1XG
P Ward
Mr3 L M McEwan
l•&ptndÉni Examlmr
Paul Cc4comb
FCCA
Wright Limited
Chartered AccoJntsnts & 8Une$S
15 Newknd
Lincoln
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Apprvved by of the board oftru8* M 6 ju 2022 And slyd on rts behall ty.
P Wwd. Trus*e
## **Independent Examiner's Report to the Trustees of The Geoffrey Harold Greatrex CIO**
## **Independent examiner's report to the trustees of The Geoffrey Harold Greatrex CIO**
I report to the charity trustees on my examination of the accounts of The Geoffrey Harold Greatrex CIO (the Trust) for the year ended 31 August 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Colcomb FCCA Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
6 June 2022
Page 4
**The Geoffrey Harold Greatrex CIO**
## **Statement of Financial Activities**
## **for the Year Ended 31 August 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Grant making
Other
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Year Ended
31.8.21
Unrestricted
fund
£
283
24,540
-
24,823
15,134
86,501
120
101,755
273,388
196,456
2,034,918
2,231,374|Period
11.10.19
to
31.8.20
Total
funds
£
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 5
## **The Geoffrey Harold Greatrex CIO**
## **Balance Sheet**
## **31 August 2021**
|Notes
**FIXED ASSETS**
Tangible assets
7
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
**TOTAL FUNDS**|2021
Unrestricted
fund
£
240
2,271,193
2,271,433
999
22,542
23,541
(63,600)
(40,059)
2,231,374
2,231,374
2,231,374
2,231,374|2020
Total
funds
£
360
1,989,421
1,989,781
25,637
23,501
49,138
(4,001)
45,137
2,034,918
2,034,918
2,034,918
2,034,918|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 6 June 2022 and were signed on its behalf by: P Ward - Trustee
The notes form part of these financial statements
Page 6
**The Geoffrey Harold Greatrex CIO**
## **Notes to the Financial Statements for the Year Ended 31 August 2021**
## **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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
## **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. INVESTMENT INCOME**
|||Period|
|---|---|---|
|||11.10.19|
||Year Ended|to|
||31.8.21|31.8.20|
||£|£|
|Investment income|24,517|3,067|
|Deposit account interest|23|2,291|
||24,540|5,358|
Page 7
continued...
**The Geoffrey Harold Greatrex CIO**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2021**
## **3. RAISING FUNDS**
## **Investment management costs**
|||Period|
|---|---|---|
|||11.10.19|
||Year Ended|to|
||31.8.21|31.8.20|
||£|£|
|Portfolio management|15,134|16,209|
|**GRANTS PAYABLE**|||
|||Period|
|||11.10.19|
||Year Ended|to|
||31.8.21|31.8.20|
||£|£|
|Grant making|80,000|-|
## **4. GRANTS PAYABLE**
The charity paid a grant of £20,000 to the Royal College of Surgeons and committed a grant of £60,000 to the University of Newcastle during the period.
## **5. AUDITORS' REMUNERATION**
|**AUDITORS' REMUNERATION**|||
|---|---|---|
|||Period|
|||11.10.19|
||Year Ended|to|
||31.8.21|31.8.20|
||£|£|
|Fees payable to the charity's auditors for the audit of the charity's financial|||
|statements|-|2,000|
|Auditors' remuneration for non audit work|-|2,000|
The charity was below the threshold for audit in the current year and so an independent examination was undertaken. Independent examination costs for the period were £3,600 with other accounting, secretarial services and professional advice charged of £1,610.
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the period ended 31 August 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the period ended 31 August 2020.
## **7. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
||Plant and|
||machinery|
||£|
|**COST**||
|At 1 September 2020 and 31 August 2021|360|
|**DEPRECIATION**||
|Charge for year|120|
|**NET BOOK VALUE**||
|At 31 August 2021|240|
|At 31 August 2020|360|
Page 8
continued...
**The Geoffrey Harold Greatrex CIO**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 August 2021**
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 September 2020
Additions
Disposals
Revaluations
At 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020
There were no investment assets outside the UK.
Cost or valuation at 31 August 2021 is represented by:
Valuation in 2020
Valuation in 2021
Cost
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments and accrued income
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.20
£
2,034,918
2,034,918|2021
£
-
999
999
2021
£
63,600
Net
movement
in funds
£
196,456
196,456|Listed
investments
£
1,989,421
656,425
(592,586)
217,933
2,271,193
2,271,193
1,989,421
Listed
investments
£
22,563
257,730
1,990,900
2,271,193
2020
£
25,637
-
25,637
2020
£
4,001
At
31.8.21
£
2,231,374
2,231,374|
|---|---|---|---|
Page 9
continued...
**The Geoffrey Harold Greatrex CIO**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2021**
## **11. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
24,823
24,823|Resources
expended
£
(101,755)
(101,755)|Gains and
Movement
losses
in funds
£
£
273,388
196,456
273,388
196,456|Gains and
Movement
losses
in funds
£
£
273,388
196,456
273,388
196,456|
|---|---|---|---|---|
|||||196,456|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
in funds
£
2,034,918
2,034,918|At
31.8.20
£
2,034,918|
|---|---|---|
|||2,034,918|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
2,035,864
2,035,864|Resources
expended
£
(23,509)
(23,509)|Gains and
losses
£
22,563
22,563|Movement
in funds
£
2,034,918|
|---|---|---|---|---|
|||||2,034,918|
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 August 2021.
Page 10
**The Geoffrey Harold Greatrex CIO**
## **Detailed Statement of Financial Activities**
## **for the Year Ended 31 August 2021**
|Year Ended
31.8.21
£
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
283
**Investment income**
Investment income
24,517
Deposit account interest
23
24,540
**Other income**
Compensation
-
**Total incoming resources**
24,823
**EXPENDITURE**
**Investment management costs**
Portfolio management
15,134
**Charitable activities**
Grants to institutions
80,000
**Other**
Plant and machinery
120
**Support costs**
**Management**
Sundries
35
Website costs
596
631
**Governance costs**
Auditors' remuneration
-
Auditors' remuneration for non audit work
-
Professional fees
660
Accountancy
5,210
5,870
Total resources expended
101,755
**Net (expenditure)/income before gains and**
**losses**
(76,932)
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
66,854
**Net (expenditure)/income**
(10,078)|Period
11.10.1
9
to
31.8.20
£
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 11