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