2023-12-31-accounts

REGISTERED CHARITY NUMBLR: 211533 Re ort of the Tiustees Uiiaudited Financial Statements for the Ye r Ended 31 Deeeinber 9023 GNC Trus

GNC Trusi The Conlcnts of Ilie Financial Statenien er 2023 R¢fetrJ?ce and Administrntive Delatls Report of the TTUStees Independe11t Exaniin*s Report Stsienieni of Financial Activities Balance Sheet Noies to tlie Financial Statement5 Detail¢d Statem¢nt of Fiiijncial Activitl¢5

Triist The nce ror Ilie Year d AdM￿n￿Sti￿tIvC Deiails l Deceinber *023 TRUSTECI S Mt3 R J Cadbury Mrs P J RichJnond-Wat50n Mts l J Williwnsoii PRINCIPAL ADDRESS Curo Hou5C GTeenbox Westonhall Rolld Bromsgrove WoiresteTshiit B60 4AL REGISTERED CHARITY NUMBER 211533 INDEPENDENT F.XAMINER Patricia Spragg ACA PS Accotinting 41 Sycamore Drive Hollywood BiTniinghani B47 5QX BAIYKERS HSBC. Bank PIC I I Victoria Soua Droitwich Spa Worcesietshi WR9 8DH INVESTMENT MANAGERS Canaccord Genuity Slip House Priiicess Drive Wtsrttsiei VRI 2AB Page I

GNC frust The rtoft f rtlie Year Elided 3 Tlie Iruslees pi'esenl IheiT rewrt ivtili the f1112ncial stateillcnts of the chayity for lh¢ year ei)ded 31 Dcccmber 20?3. The trustees liave adopted the provisions of Accoiinting and Reporting by Cliarities.. StateTnent of Recommended Practice applicable lo charitlcs p￿p￿rIt)g their awouiits in accordance wilh the Finai)ci41 Rep011ing Standail applicable ii) ￿le UK and Republic of Ireland IFRS 102) {effe¢tive l January 9019). Coing concerii The ac¢ouiils have been pitpared on the basis ofbeiiig a goiiig concern. The Triisiees confjnn that they liave takeii iL)to accoiini all available ii)foiYJiatioii about the fLltiir¢ for al least 12 months fiY)ni tlie date ihe accoLinls ivere appJr)ved and conclude tliat their is no ULlCCrtaiiily relating to soijig concern. ORJEcfivES AND ACTIVITIE.8 Objective5 and Gi'ani Making Policy The trustees re￿IlarlY revieiv applications tor donattons. The objective is tt> siipport general worthy causes and donations aTC niade to w)y chatitable institution or for any charipable piirposes as d¢teriiiin¢d by the trustees. ACHIEVEMENT LND PERFORMANCE Achievements and Ptrformgn¢e The ¢hariiy has coiitinued lo be able its siipp>rt cliarilable ca115es aE)d has Inade gratils tolalling £54 ?05 1?0?2.. £38.6311 duTing tlie year. #s shown in t)ote 4. Tlie tru51¢es are salisfjed that Iliis expenditUTe is iiliimately for public benefit because the donations are lo other charitable OiEani5ations, w110se funds are generally ￿tIll8ed for the benefit of a wide population. FINANCIAL REVIEW FiDanei#l Rewew Incoine for the yeai. consists entirely of investtneji incoine and has decreased by 4.080/¥J coinpared to last year, being £43,376 (20?2.. £41.6761. There are costs of Jzising flind5 totalling £2,076 11022.. £0) because the investnient manager ha5 began to ¢harge Inanage17]ent fee5., i¥liei¢a5 previously they had cliar8ed coiiiimission Costs, whicli were iiicliided in tlie inve51in¢iit acquisition and disposal costs. GTaiits payable have increaged by £15,574 to £54.?05 120?2'. £38,631), due to increased donations being made to instititlioiis Wlthin the 'Culture & The Aas, indiisry. 2t tlie discretion of the Board of TTU5t¢e5. Other costs are similar to the previous year being £3.2?6 1202?: £J.231). There have been net gains on iiivestmei]ts this year of £739 120?2.. losses of £158,294) due io ilie investm¢iit inaiket being affected by ongoiiig worldwide issiTres. The iiet result 15 Ihat there is net expejiditure of £15,392 1?022'. iier eYpendiil￿e of £158,480). The Tn15tee5 are able to distribute i)oili incoine and capitol froin ihe Trusl. A55¢t5 linder managemeti¢ had a market value of £1,023,01912022.. £1,048,776). Iiivestrnent Poli¢y Tlie I riist Deed gives the triistees wid¢ p>weT5 of investtnent. Reserves Policy The irLisiees have reviewed the Teserves of tlie cliai'ity, which are wholly uiiresiricted. The majority of ihese reseives are represented by inveslnients. The trustees do not actively fuiidi?ise aiid therefore rely oil the incomE Vaty)ed f]Dn) these investments to etiable tliein to contii)ue their pliilanihiDpic work. The tr115ttE5 consider that the current level of re5eive5 is appix)priaie to enable iheni lo conliiiue ￿ fiind grnnls and govemance c051s wthout signifi¢*nily reduciiig the inveslnient capital of Ilie charity. srRUCTURE,COVERNANCE AIYD MANAGEMENT Coverniiig document This charitsble tiust was formed by adeed of settlement dAted l Noveniber 1960 by ￿. GN Cadbury. The iriistees have powu ut)der diis deed (o apply b)th irbrorne and eapilal for siich cliaritable piirpo￿5 and chaiitable insiiiuiions as they shall deterlnine. The oi'iginal trustees weTe apw)inted by GN Cadbury. Siiice his deatli. the w>wer to appoint new trustees is vested in the e¥isiing trustees. in accoi)dance with tnisi law. Page 2

GNC. Trus tlie Ye&i'E einbei. ?023 STRucfuRE, COVERNANCE AND MANACEMENT Rlsk MAiJAgeniellt The Iruslees have consideird the major risks to wl)icli th¢ charity is potentially exposed and ar¢ satisfied Iliat p1￿ced11r¢S are in place to minimis¢ ¢xy)wrc to these risks. Approved by order of the ￿ard of tri]stees on .. and signed on it5 belialf by.. M￿R c.ad ury- Tnistee Page 3

Inde endent Examinerfs Re The GNC Trust rt to the Trustees of Indapondent examlner'$ rgporito the trustees of The GNC Trust I report lo the charity Iruslèes on my examination of the accounts ol Ihe GNC Trust (the Trust) for the year ended 31 December 2023. whlch are set out on pages 5 to 11. Respon61bilitie& and ba$1¥ of report A8 the eharily trustees ol the Tiust you aTe responsitAg for Ihe PT8paration of the ac¢ount$ In accordance wilh Ihe requ1￿mentS of the Charities Act 2011 Ilhe Act). I réportin respecl of my exarnination of theTrusl's accDunls ¢arr¢8d oui undèrsection 145 of the Act and In carying out my examinallon I have followed all applicable Dlreclions given by Ihe Charity Commission under sgction 14515llbl ofth8 Ad. Independent wmln•rf6 Statement I have completed by examination. I confirm that no material matters have come to my attention in conneclion wlth the examination giving me cause to believ8 Ihat in any material iesped= accounting records were not kept In respect of the Trust as requiréd by saetion 130 01 the Acl., or Ihe accounts do not accord with those recoids.. or the 8¢counts do not comply with the appllcable requlremenls con¢ernlng the form and content of acctjunts sel oul ia ihe Ch8ri1ies (Accounts arnd Reports) Regulations 2W8 Olher than any requi¥èment that the

ccounts give a true and fairview whK* is not a mattgl ¢on5id8F6d as part of an independent ex8mination

I have no concems and have come across no other matters in connection with th8 gxamlnation lo whlch attention 8hould be drawn in Ihis report in orderlo enable a proper undeislandin9 of Ihe acLounts lo be rea¢hed_ Owc(99 Patri￿2 SpTagg ACA PS Accounting 41 Sycamor& Drive HOll￿00d Bimiingham 847 5QX . -3 0(k)Iw ;Qci44 P8ge 4

NC Trust The Statement of Fiiiancial Activili Year Etided 31 Deceinber ?023 20?3 Unresli'icled riind Total flind5 Notes INCOME AND ENDOWMENTS FROM Investnienl income 43,376 41,676 ENPFNDITURE ON Raising flinds 2,076 Charitable activities Medical causes Culliire & The Arts 13,175 7.000 27,100 5.730 6,800 1,400 21,600 Religious Inteltsts So¢ial Welfare Sni&lleL' grants under £l,IK>O 3,800 6,231 Oilier 3.226 3,231 TotAI 59,507 41.862 Net gainslllosses) on inveStm￿ltS 739 {158.?94) NET INCOMEI(EXPENDITURE) 115,392) (158,480) RECONCILIATION OF FUNDS Total fiinds broiiglit forward 1,109,815 1.268.295 TOTAL FUNDS CARRIED FORWIIRD 1.094,4?3 1,109,815 The notes fomi part oftlies¢ financial stateit)eiils Page 5

Trust The lice Sh ?022 Total fiinds un￿Stricted fund Notes riJlED ASSETS Investrnents 1,023,019 1,048,776 CURRENT ASSETS Cash at bw)k 76,954 64,189 CREDrroRS Aniounts falling due within one year 15.5501 13,150} NET CURRENT ASSETS 71,404 61,039 T(yfAL ASSETS LESS CURRETr¥r LIABILITIES 1.094,423 1,109,815 NET ASSETS 1,094,423 1,109.815 FUNDS Un￿StrICted fllnds 1,094.4?3 1,109.815 TOTAL FUNDS 1,094.423 1.109.815 statejnenls weTe appiDved by the Board of Ttwslees and aiitliorised foi. issue and i¥ere 5i0ned on its behalf by.. on RJC Trustee The iioles fomi part of tliese finantial staleit)eiits

GNC I Stateinents foT ihe Year Elided 31 De Inber •023 ACCOUNTING POLICIES BASIS of piep&riMg the finiDeial $18tement5 The financial statements of the charity, wl)ich is a public benefit entity Linder FRS 10? have been piEpared li) accordance wilh Ilie Charities SORP IFRS 10?) 'A¢¢oiinling and Rew)rting by Charities.. Statement of Reconimended Practice applicable lo ¢hai'ities pj'eparing Iheii. accoLints in a¢¢ordaii¢e witli the Fijiaiicial Reporting Siandard applicable iii Ilie aiid Repiiblir of Ii'eland IFRS 1021 (effective l January 20191,, Financial ReportiiTrg Standard 102 'Mie Fiiiancaal Reporting SiaiidaTd applicable in the UK aiid Republic of Iirland, ai)d the Cljarilie5 Act 2011. The fii)ancial slalemenls have beei) prepared under tlie historical cost convention, with the exception of iDV¢Stnient5 M4iich are included ttt market value. The Injst eoiistittites 8 public benefit ejitity a5 defined by FRS 102. The tnistees conside¥ that there are no material unceriainlies aboul the trust's ability lo conliiiue as a going conceni. The presei)lalion cuirency of ilie financial slalemenls is ihe Pouiid Sterliiig (£1. The financial stateinent5 are Tounded to the nearest £1. 4inaneial reporting stfindard 102- ￿d￿Ced disclosure exemptions Thc chaTity has takeii advant8ge of the following disclosiire exempiion in preparing these finaiicial staiements a5 pern?itted by FRS 102'The Financial ReFQrting Stand￿'d applicable in (lie Uk and Repiiblic of Ireland,: Ilie requirements of Section 7 Statement of Cash Flow5. Intome All iiicoine is recO￿lised ollce the charity has entitlement to the illcom¢. it is probable Ihat the in¢om¢ will be received and th¢ aTlloLint of in¢om¢ receivable can be rneasured reliAbly. Investment income is a¢wunted for on the date the incon1¢ be¢omes due and inclLide5 ally T￿0Vel￿ble tax. All od1￿. incoine is accounted for wheii received. Expeiiditure l*iabiliiies are recognised as exp¢iiditure as soon as ilieiE is a l or con5trii¢tive obligation committing the cliarity to tliat expenditure, it is pl￿babIe that settlemei)I will be Irquired and the aniount of the obligatitsn can b¢ measured IEliably. All eNpeJiditure i5 accounted for on an accruals basts. Granis and donaiioiis are payments Jnade lo thllrf paitie5 ijl the fu11hei?n¢e of the charilRble objects of the Cliai'ity. In the case of an uiiconditioHal grwjt offer this ts accrued once the recipient lias been notified of the glint awai￿ and is accounted for wh￿) paid over. or ivhen awarded, if tliat award creates a constnictively btnding obligation on tlie Charity. Costs of rd¢sing thiids comprise those costs directly attrIb￿lable ¢0 managing tlie invesknneni portfolio and raising investnient income. Donatioiis made in the period relate to institiitions Only. No donations were Tnade to individuols. Gi?nts offered Subject to conditions which have not bceji met at the year end dale are noted as a eommiliiient biit not aCCrLi￿ as expendI￿re. TaxatLOR Thc GNC Triist is a charitable injst and is cxempt froni knxation on its iw)nie and capitil gain5 provided that lis activities are deemed to be of a charitable naliire. Fund aeeoujiting GeThe￿I funds represeni the fLIDd5 of tlie Cliarity that are not subject to ally re5tric¢ions r¢gardin& their iise and ar¢ available for application on the geiierdl pu1vo￿5 of the Charity. Fuiids designated for a particular purpose by the Cliarily are also uiiresti'icl¢d. Page 7 contiiiued...

GNC Triist The Notes to th F. nci tateinents- conliiiued ror the Year Eiidcd 31 D ¢e b r?023 ACCOUNTING POLICIES- continue Fund nccounling Restricted funds are tl)ose fund5 that inusl be speiit on IEslricted PLirtK>5es. Any balance rei]Yditting iinspent at the end of each year musl be ¢arried fon¥ard as a balaiice oil that fui)d. Going coijcei Tlie fJnaii¢ial sialejnenls have been prepaitd oi) the goiiig ¢on¢em basis on tl)e 8rounds tjiat th¢ diitctors believe tliat there 15 siifficieiit fvnding in plac¢ to support the bL15iiie55 for t11e Next hvelve monilis fiDni the date of approval of the fiiion¢ial slatenieiits. Inve5trntnts Investments are inÉtially ttcognised at tli¢ir transaclion valiie and subsequently measured ai iheir fair value at the balaiice sheei dAle using Èhe closing quoted TllaTkei price as provided by the investmeiil manager. Gain5 aiid losses botli reali5¢d ai)d Ilk)se arising on iEvalualion, air combii)ed aiid ijicluded in the Siaiemenl of Ftnancial Activities. INVESTMF.NT INCOME 2023 Dividends and interest 43,376 41.676 TRUSTEES, REMUNERATION AND BENEFITS There were i)0 trustees, Irmuneration or other b¢nefits for the year ended 31 December 20?3 nor for the year ended 31 D¢c¢niber 2022. Tru5tee5' exptnses There weff no tNste¢s' expel￿e5 paid for the year end¢d 31 D¢cember 2023 noi. for the yeaL' elided 31 DeceEnLEr 2022. COMPARATIVES FOR THE sfATBMENT OF FINANCIAL AcfiviTIES Unrestricted fund INCOME AND EIYDOWMEIYTS FROM Invtttment incoine 41.676 EXPENDITURE ON Charitable activitie$ Medical causes cultu￿ & The Ans 7.0(K> 21,6 3,800 6,231 Social WelfaEt Sjiialler gTat)ts undei. £1,000 Other 3.231 Totsl 41,862 Net Bainslllossesl on iiiveslinents (158.294) Page 8 continued...

• Trust The the Fiiiancial Stateinents- conti for Ilie Year l Decejnber ?023 COIMPARATIVLIS FOR THE sfATEMENT or riNANCIAL ACTIVITIES- ¢ontiiiued Unresiricted fujid NET INCOMEI{EXPENDITURE) (158.4801 RECONCILIATION OF FUNDS Total fuiids brought forward 1.268.295 TOTAL FUNDS CARRIED FORWARD 1.109.815 FIXED ASSET INVESTMENTS Inv￿tIn¢llt5 MARKET VALUE At l January ?023 Additions Di5posa15 Netgaindllosses) 1,048,776 105.406 1131,9021 739 At 31 Deceniber2023 1,023,019 NET BOOK VALUE At 31 Dece1￿ber?023 1,023,019 At 31 De¢einb¢r20?2 1.048.776 There were llo investnieiit assets oiitside ihe UK. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR ?023 20? Trade creditor5 5,550 J,150 MOVII MEPU IN FUNDS Net n)oveineiit in funds At 31.1?23 Al 1.1.23 Uni'esti'i¢ted funds General fund 1.109.815 (15,39? } 1,094,4?3 TOTAL FUNDS 1.109,815 (15.392) 1,094,423 Page 9 contiiiued.

GNC Trust The Note5 to the Fiiiaiicial Statemen15- contiiiued f i'tlie Year Elided 31 DeceJJJbeJ. 1023 MOVEMEiYT IN FUNDS- coijtijiued Net nioven)ent in fiinds, in¢l￿ded iti the above are as follows= Resources expeiided Gaiiis aiid losses Movei)Jeiil in fiind5 re50iiI'ce5 Unie5tricted fuiid5 General fund 43.376 (59.507) 739 {15,39?) T(YTAL FUNDS 43,376 159,507) 739 115.392) CornpAratives for movement iii fund5 Net movenient in funds At 31.12.2? At 1.1.22 Unrestricted fund5 General fiind 1 ?68,?95 {158.480) 1,109,815 TOTAL FUNDS 1 •68,?95 1158.480) 1,109.815 Comparative net movement in fuiids, included in the Above as follows.. Inconiing TeSOUTces ResoLirees Exp¢llded Gains and losse5 Movement in funds Unrestritted funds General ftind 41.676 141.862) (158.294) 1158.480) TOTAL FUNDS 41,676 141,8621 (158.?94) (158.4801 A ¢iirr¢Dt yew. 12 mojit1￿ and prioryear 12 iiionth5 COEMbined TM)51tioti is a5 follows.. Net Ihovement in funds Ai 31.12.93 At 1.1.22 Unrestiicted fuDds Geiieral fund 1,268,295 1173,872) 1,094,423 TOTAL FUNDS 1.268,295 1173,8721 1.094,4?3 Page 10 ¢oniiiiued...

GNC Trusi. The Note5 lo the Fiiiaiicial Stal¢m¢nt5. con¢. for the Yeai'Eiided 31 Deceinbei. 2023 MOVEMENT IN FUNDS- continued A ¢iirrent year 12 mont115 and piior yeAr 12 months conibithed nel Énovement in fut)ds, included in the aLN)ve are as follows.. Inconiing TesoiiKes ResoLirces expeiided Gai115 and hsses Moveinent in fvnd5 Uiirestricted funds Genernl fund 85.05? 1101.369) (157,555) {173.872) TOTAL FUNDS 85.052 1101,3691 (157,5551 (173,87?) RELATED PARTY DISCLOSURES A donation have been niade to Fnends of Boiimville CaT2llon Limited during the year. totalling £500. Mrs R J Cadbiiry 1$ ihe Pirsident of the Board for FTiend5 of Bouniville Carillon Limited, as well as a Trt￿tte for The GNC Ti'iist. A doi)ation l)as also been n)ade to Wanlage Cliordl Sociely durii)g the yeai., totallin￿ £250. l J Williatttson is a Trustee on Ilie board of Wantage Choral Society, as well as being a Trustee for Tlie GNC Tnjsi. There were no tel￿$ and conditions oi. giiaranlees atta¢hed to these dot)ations. Page 11

GNC ienieiit of rtllancial Activi¢i¢ 31 Decembej. 2023 foT tlie Year 20?2 INCOME AND ENDOWMENTS InvestThent Ineome Dividends at)d inteKst 43,376 41,676 Total 5n¢oming resources 43 J76 41,676 EXPENDITURK CharltAble acttvities G]*iits to insiitiitions 38,631 Support costs FinAIEce Baiik ¢harges 76 81 Other 3 Investnient inanagemtnt fees ?,076 Governonce costs Accountancy Independent exatnijiation 2.400 750 2,400 750 3,150 3,150 Total resources expended 59,507 41,86? Net expendlture before ylD$ And1055es 1186} Net ￿&115100$$e$) on investments 739 (158,294) Net expenditui'e (15.392) 1158,480) This pag¢ does not fomi part of tlie statutory financial statements Page 12