REGISTERED CHARITI, NLIMBER: 211533 Ut)audited Finallcial St&tements for tlie Year Ejided 31 tk¢ember ?024 GNC
GNC Trusi The ncial St teiiient Page Refereiice and Admiiiisty4tive Details R¢poit of the Trnstees Independent Exaniinels ReJy)rt Statenlent of Financial Activities Balance Sl)eet Notes to the Financial Statenieiils Detailed Statenient of Finallcial Aclivitie5
GNC Triisl. The r¢llce and Adniinislr the TRUSTEES Mrs R J Cadbthry P J RichmoJid-IVatson Mrs l J willia1$0j1 PRINCIPAL ADDRESS Curo House Greenbox Westonhall Road Bromsgrove WorcesieJ8hiTe B60 4AL REGISTERED CHARITY NUMBER 2115.13 INDEPENDENT EXAMINER Patricia Sprdgg ACA PS Accoiinling 41 Sycamore Drive Hollywood Birniingham B47 5QX ANKERS HSBC Bwik PIC 47 High Siirei BIDiiisgTove Worcestei%hi B618AW INVESTMENT MAP4AGERS Canaccord GeE)uity Slip House PTiL)c¢ss DTtve Worcestei. WRI 2AB Page I
GNC Tiust The the Ye ded 31 Decein The Irii5tee5 present their report with ihe fii)ancial stateintS of the ch1( rity for Ilie year ciided 31 December 2074. The trustees liave adopted the provisions of Ac¢oiintiiig and Reporting by Cliai'ities.. Siatement of Recomnicnded Practice applicable lo charities piEpariiig tl)eir a¢¢oui)Is ii) accordance iyiih the Finat)cial Repoiting Standard applicable in ihe UK and Repiiblt¢ of Ireland IFRS 102) (effective l JRniiary ?019). Going coneerii The accouiits have been pjrpared ots the basis of bein8 B goijig concern. The TTU5tees confjnn (hal they liave ial-en into acwunt all available inforniatioii about the fiiwre for ai least 12 rnonths from the dot¢ Ihe a¢count5 Ire approved and conclude that there is Jio uii¢enainly relating to going e0rteti. ORIECTIIIES AND ACTIVITIES Objectives RRd GrAnt MAking Policy Tlie Iruslees JEgiilarly t¢vi¢iv applicalion5 foT doiialion5. Tlie objective is to siippon gen¢ral worthy Causes and donations are niade to aiiy cliarilable in$litution or foT aiiy charitable purp(5 as d¢ie¥niined by the tnistees. ACIIIEVEMENT AND PERFORMANCE Achltvemenls and PerformAiJce The charity has eoi)tinued lo be able to siipport chèTilable caiises and made grants totall1& £29,525 1?023'. £54,205) during tlie year, as shown in note 4. The triislees are satisfied that il)is expcndtthre is ultimately for public benefit be¢au5e the donalioiis are lo oiher ¢liarithble OiEanisaiiot15, whose rlidS are generally utili5ed for ihe knefjt of a wide population. FINANCIAL REVIKW FiiiRiicial Review liicome for the yeaT consi5t5 entirely of inveslnient in¢ome and has iiicreased by 6.7/[* Compared 10 last year. being £46,060 1?023.. £43,376). The a costs of TAiSIn" fiind5 totallino £6,551 120?3.. £2,076) whicli relales lo ihe management fees Iliai the investment managcr raises on th¢ 8¢qiiiSitions and disposals of investments. Thp re0 for rlie increase of £4.475 i5 dLie to the ciirrenr year beiiig a full yeaT of siivestmenl nianagenient costs. with the cojnparative being for Icss than 6 months as li was a new cost in the prior year. Grlt$ payable liave deereascd by £?4.680 10 £29,525 12023.. £54,205). Total otller eosts have ijicreased by £148 10 the PlEVIOU5 yeai. being £3,374 120?j'. £J.?261. There was It net 1055 on inveslnienls Ihis year of £7,861 12023.. gains of £7391 prijnarily anribuiable lo the eonlinued impa¢t of global Inarket un¢ertaithties. The overall suIt shows iiet expeiidiliire of £1251 {2023.. £15.3921. The Twsiees are able to disiribiiie boih incotL)e and eapital froni the Twst. Asse¢s undeT nianagement had a n)aTkel value of £l.O?0.5?0 {?023.. £1,023.019). Investment Policy The Trusl Deed gives the Irusiees wide powe of investsnent. Reserves Poli¢y The trustccs have reVied the reserves of the charity, which are M,holly nrestriCted. The majtsty of these reserves aye represented by investments. The tnisiee5 do E)Ot actively fundraise and iheKfotr rely on Ilje inconie earned froin these inveslmenis to enable theni to continue their pliilaiiihropic work. The tristees consider Ihat the ¢urrent level of reserves is appix>piiate to eiiable thein to ¢oniinue to fuiid grants and govern&nce costs witlioiit significantly redii¢tng the investment capital of Ihe cliaFity. srRUCTURE,GOVERNANCE AND MANAGEMENT Coverming document Tliis cliarilable tr115t wa5 fonmed by a deed of settlemeni dated l Novemb¢T 1960 by Mr GN Cadbury. The trustees have poiver under this deed to apply botli income and capital for siich clia17table piirposes and chaTitable Tlie oi'iginal Iwstees W appointed by GN Cadbury. Sin¢e hi5 death, the ]x>wer to ap11)t t)¥ Irusiees is vested in the existing IIu5t¢e5. in accordance with Irusi law. Risk Maiiagernent The hslee5 have considered the inajor risks to which the charity 15 W)tentially exposed ajid are 5at15fied iliat proceduiEs are in place to inilMise exposure to Iliese risks. Page 2
GNC Tnjst The ort of the Trugtees AppiDved by or(1erofthe boaTd oftsw5t¢¢5 Oti aiid signed on its behalf by.. MrsRJCad istee Page 3
rnde GNC Tiiisl Tlie inEPs th¢ Truste s of Iiidepeijdeht eNAminti"s ieportto the trustee5 of GNCTI-u5t. The I IEPOlt to the Tity Ivsiees ok hiy ¢Xa11l5tiation of Ilio accoiinls of GNC Tist. The (Ihe Trust) for tlie year ended 31 Decemb¢r2024. ReSp81blltIes %nd bk51s of ipoi As the Clilty tt'LLqtees ol Ili¢ Tj'iist yoii LI Ir5poJisible for Ilje pi.evatiojl of tlie accou1 iii accordance ivith tlie rcqiiirenitnts ofthe Cthwilies Act 2011 I'lhe Aci'l. I IEPOrt iii respect of my ekaniination of Itke Thirst's act01irt carried ¢)vl linder SEcIIoLi 145 of She Act aod it) earryittg oul my ¢%8rnin&tion I IIHv¢ folloved all &r4)licuble Diir¢ttoiis gbven by tlie Cljasity CDmmissioii under Section 145{5llbl of Ihe Act. Independent eXa1nl s $tatEm¢nt I have coinpleted niy exRminalion. I Co1Th that no inatei'ial iiiatters have £ome to my Rtt¢niio?i in conlleclion iviili the exan)inatioii giving me cause to believe that in any matdial fespect: accoiiiiting ¥eCoTd5we noi kept ia rcspccl of theTnisl ws rqiiired b), Section 130 of Ilie Act. or the Accounts dtrnol accord with tknse iecords., or ¢li¢ ac¢oiin15 do not con?ply iviih th¢ applicble i'equsr¢meiits coi)cerniiig the fomi and conient of arcoiints set oui in tlie Cllaiities IAccouiiLS And Reports) Regul1% tions 2008 oilier than any reqihiitiii¢nt iliaE ihe Hccoui)Is give a ie Ènd fairvieivwhich is nota mÈtteT ¢onsideiEd as pfiitof indep2Dd¢nt exwllination. IIAve no toncerns have toille across no otlier matters in connection with tlie ex&ininption to ivliith &ttenlioR shoiild bE dTaivn iTJ th>s report Inordcrtoen&blE a prop0ryndetll4p ofthe accounts to bei?&ched. •0é]9 P&liicia SpnggACA PS AtcoutbtiDg 41 Sy¢oin0 Drive Hollyivood Ilirmiiig118m B475QX D&ie'. Page
GNC Ttusl Tlie bei. ?024 20?4 Unrestrkcted fiind ?0?3 Totsl fLtnds Notes INC.OME AND ENDOWMENTS FROM Iiivestnieni income 46,060 43.376 EXPENDITURE0Tr4 Raising fiinds 6.551 2.076 Charitable activities Medical c2uses CLiliure & The Arts 16,?50 13,175 9.300 1.850 1,475 650 ?7.100 5,730 6,800 1.400 Relivious Interests So¢ial Welfa Snialler 8rai)ts lliidei'£l,000 Other 3.374 3.2?6 TotAI 39.450 59,507 gain[10sses) on iajvestments 17,861 } 739 NET INCOM{ExPENDITuRE) {15,39?1 RECONCILIATION OF FUNDS Total fvnds brouglir fon¥ard 1,094.423 1.109.815 TOTAL FUNDS CARRIED FORWIIRD 1,093,172 1.094.4?3 Tlie Iioles fomi part of iliese fit)ancial siatthneiils Page 5
GNC Trust The Balance Sheet 20?4 Unycstricled riind ?023 Total funds No*s FIXED ASSETS Inv¢stiiients 1,020,520 .023.019 CURRENT ASSETS Casli at bAnk 75,947 76.954 CREDITORS Amouiits falling due i¥ithin oJi¢ year 13,2951 15,5501 NET CURRENT ASSETS 72,652 71,404 TOTAL ASSETS LESS CURRENT LIABILITIES 1,093.17• 1.094,423 NET ASSETS 1.093,172 1.094.4?- FUNDS Unrestricted funds I,IY)3,172 1,094,4?3 TOTAL FUNDS 1,093,172 1.094.423 tements were approved by the Board of Trustees and aiiihorised for issue and were signed on its behalf by.. LL dALL R J Cadbii ee The iiotes forni part of tlie5e fijiancial statejnents Page 6
GNC Trusl. The lo he fiiiaiicial Statements for the Yeai. Eiided.31 Decei 024 ACCOUNTING POLICIES B9sis of i)Yep&ring the nnanel41 st&tements Tlie fiiiaiicial 51aiement5 of tlie chaiily. Ivhich is a ptiblie benefit en¢ily iindei. FRS 10? have been prepared in accordanee with ilie Charities SORP IFRS IQ?) 'A¢¢ountiiig and Repoiting by Cliarities.. Statement of Recoi?irnended PiTrclic¢ applicable lo charities pirparing Iheii. accoiints in a¢¢ordan¢e with the Fiiian¢iAI Reporting Standard applicable tn I1)e UIi and Repiibli¢ tsf Ireland IFRS 1021 leffeclive l January 2019),, Fin&nciAI Reporting Standard 10? 'Mie Finsnctal Repoiling Standard applicable in the UK èiid Repiiblic of IJEland' and the Charities Act 2011. The f1118n¢ial slaiemenls have been PTepaird linder the historical c05t convention, with the exception of investn)enis iyhich are included at market valiie. The trusi coiisiiiutes a public benefit entiiy as defit)ed by FRS 10? Tlie trustees toosid. tl)al the are no iJateriAI uncertaiiitie5 about tlie trust's ability to conlijille as a going conceni. The PTe5entation cuntncy of tlie financial 51atements is the Pound Stei'ling 1£). The finan¢i&l siaieinents are rounded to the nearest £1. Finaiicial pOrting 5tAiidard 102- reduced disclosure exemptio The charity has iakeii advantage (>f Ihe following dis¢losiire exenipiion iii prepaiiiig these financial slalenients. as pErmitted b), FRS 102'Th¢ Fijiancial Reporfing Sialidal applicable in Ilie Uk and Repiiblic of Ireland.: the quIreMe]1ts of Section 7 Statement of Cash flow5. Jncome All iiicoille t5 Tecognised once the cliarity has eiTrtitle]neJit to lh¢ income, it is probable Ihat ihe income will be received and tli¢ amoiini of in¢om¢ receivable Can be measiired reliably. Investin11 income ts accoiinted for on ihe date tlie ineotjie be¢oJttes due and includes any r0Verable tax. All otlier income is accounted for when received. Expemditure Liabilitie5 ait recogiised a5 expendilute as soon a5 there is a legal or ¢oJisii'iiciive obligation committing the eharity to tliat expenditu, it is probable thai settleineiii M'ill be IEquired and Ilie amount of the obligation can b¢ nieasvr¢d reltably. All expenditure is a¢¢ounted for on an a¢¢ruals basis. Grants and donations ale payn)ents made lo third parties in thc fiJrth¢rance of the charilablc objects of the Chai'ity. In Ilie case of an uncondiiional grdnt ofFer ¢his 15 accTued once tlie recipient has been notified of tlie wnt award and is ac¢oiinied foT whe]1 paid ovei.. or wliei) awaTded, if that award creates a Coiistnictively binding obligation on tlie Charity. Costs of rdising fi]nds winprise ihose costs dircctly attributable to mwio(ring the investinent portfolio and raising inveslnient income. Dor>ations Jnade in the period relate to institutl0ll5 only. No doiiations weir iiiade to Individuals. Giii)t5 offered 5ubje¢t to ¢onditioi1s whi¢h have not been met at the year end date are noted as a commilniei)¢ biit not acciued as expenditure. The GNC Trust is a charitsble rrusi and 15 ¢x¢inpt from taxation on its income and capital gains provided tliat its activities are deemed to be of a chaiitable naliire. Fuiid accouiitillg Geiieral futids represeiil tlie flind5 of tlie Cliarity that are not subjeci to any resti'ielions gardIng their Lise and I"e avail7 ble foi. application on the geiwral purposes of the Cliarity. Fuiid5 designated for a p&ilicular piirpose by the ChaTity are also uiiresti'i¢ied. Page 7 eontiiiiied...
GNC Tiwsl The Notes foi'tlie YeHI' Eiid ial Slalemenls ntinu ACCOUiYTlh'G POLICIES- eontinued Fund Accountillg Resii'icled fuiids are tliose futids ilial Inust be speiil on IEStricied purpos¢5. Any balan¢¢ laIlling iinspent at tlie end of eacli year must be ¢aTiied hii¥ard as a balAn¢e oil that fvnd. Coillg COEicern Tlie finai)cial statemen1$ have been prepar¢d on tl)e going ¢oi)cern basis on Ilie giDui)ds tl)al tl)e dire¢lors believe tlia¢ iliere is siiificient fiindints in p5acc to support ihe biisiTress for tlie next ttyelye months froTn tl)e dale of approval of the financial siaiemeiiis. InYestm¢nt$ Investtnenls are initially recognised at Iheii. transaction valiie and SubsequtlY measLired at their faiF value at the balance sheet dale Iising the ¢losing quoied marke¢ price as provided by the investment manager. Gains and losses, both reali5ed and Iliose arising on revaliiation. air combiiied aiid iJiclLided iji Ihe StRl¢Jnenl of Financial Atlivittes. INVESTMENT INCOME 2024 2023 Dividend5 and inteTest 46,060 4i,376 TRUSTEES. REMUNERATION AND BENEFITS There were no tn]stee5' reniiineration or other benefits for the year ended 31 Deceniber 20?4 nor for the year ended 31 December 202). Trustees, expenses There wer¢ Jio trust¢¢s' expet)s¢s paid for ihe year ¢nd¢d 31 De¢einber 2024 nor for th¢ yea¥ ¢iided 31 December 2023. COMPARATIVES FOR THE STATEMENTOF FINANCIAL AcfiviTIES Unrestricted fund INCOME AND ENDOWMENfs FROM Iiivesrn)enl income 43376 EXPENDITURE ON Raising funds 2.076 Chgrilgble 4ftivitie5 Medical ca115e5 CllliuiE & The Arts 13,175 27.100 5.730 6,800 1.400 Religious Inteirsts Social Welfare Smallergr8nts uiider£l.000 Otlier 3,2?6 Tot*1 59,507 Page 8 contiiiued...
GNC fiijsi The Note5 to the FFnaiicÈal Stateineiits- continued foi'the YeAI' Ended 31 Decejnbei. ?024 COMPARATIVES FOR THE STATFMENTOF FINANCIALAcfiviTIES- contitiued Uiire5tiicted fuiid Net gains on ii)ve5tmei)Is 739 IYET INCOMEI(EXPENDITURE) 115,3921 RECONCILIATION OF FIINDS Toial funds byought fOan1 1.109.815 TOTAL FUNDS CARRIED FORWARD ,094,423 FIXED ASSET INVESTMENIS Inveslineiits MARKETVALUE At l January ?0?4 Addiiions DESsaI5 Net gaijislllossesl .0•3.019 129,?36 {123.874) 17,861) At 31 December 2024 1,020.520 NET BOOK VALUE At 31 De¢en)b¢r 2024 1,020,520 At 31 December20?3 1.023,019 Th¢r¢wer¢ no lilstIncl assets outside thc UK. CREDITORS: AMOUNTS FALLING DUE IVITHIN ONE YEAR 2024 2023 Trnde creditors 3,?95 5,550 MOVEMENT IN FUNDS niovejiient in fvnds At 31.1?.24 Atl.1 ?4 Unrestricfed GetL¢fdl fund 1.094,413 1,093,172 TOTAL FUNDS 1,094.423 1.093.17? Page 9 contiiiued...
GNC Trust The Note tlie Ye In i. Elided 31 DeceinbEI. ?024 MOVEMENT IN FUNDS- contiiiue Net movemejit in flind5. included in the above are as follgws.. ljicomtiix resouires Resoui'ces expet)ded Gaiiis wid losses Mov¢inent in fiinds Unregtri¢ted funds General fund 46.060 139,4501 17,8611 TOTAL FUNDS 46.060 lJ9,4501 {7,861) Comparatives for movement li? funds Net movenient in funds At 31.12.23 Atl.1.23 Unie5tricted funds Geiieral fund ,109,815 115,392) 1,094,423 TOTAL FUNDS 1,109.815 115.392) 1.094,423 Compardiive nei movenient in fid& incliided in the above as follows.. In¢oniing resolirces Resoiirces e.xpended Gains and losses Movenient in fijnds Unrestricted funds GeiieiTrl fiind 43,376 159.5071 739 115.392) TOTAL FUNDS 43,376 1595071 739 115.J921 A riintnt yeaT 12 Inontl?5 and prioryeaT 12 nionth5 combind p0511ioJi is as follows-. Net mov¢ment in fut)ds At 31.1??4 Unrestritted funds Gtntral fund 1.109.815 (16.643) .093.17? TOTAL FIINDS ,109,815 116,6431 1.093,172 Page 10 contiiiued...
GNC Trusi The 'iiiancial St&t¢inents- continued fortlie Yeai. Elided 31 De MOVEMENT I)Y FUNDS- coiitlnueil A current year 12 inojiths and piior year 12 months combii)¢d net rnoveineiil in funds. incliided in the above air s folloivs.. Inconiing resourtts Resouires expended Gaiiis and losses Movetnent in fiinds Uiiresti'itted funds General fiind 89,436 198.9571 (7.12?) {16,643) TOTAL FUNDS 89,436 198,9571 17,1221 (16,6431 RELATED PARTY DISCLOSURES A donation has been made to Friend5 of Bournville Carillon Limil¢d during the year, toifftlling £750. R J C2dbiiry is the Presideiii of the Board for Friends of Bounivtlle Carillon Liiiiited, 8$ well as a Twslee for The GNC Ti'ust. A doi)alion l)as also been niade lo wlIage Clio2al Socitty diirijix ilie year, lolailiJi8 £400. Mrs l J Williainsoii is a TnI5t¢e on th¢ board of Wantage Choral Society, as well as being a Twstee for M)e GNC Triist. Thert were no terms and cx>iiditions or 8iiardntees attached to Ihese doiialioos. Pagell
GNC Trust The Elided cembe. ?02 ?024 ?0?3 INCOME AND ENDOWMENTS Investnient income Dividends and inte1 46.060 43.376 Total incoming ruources 43.376 EIPENDrruRE Chai'ltable aetSvlties GtaE)t5 to institutions 29,525 54.205 Support tost5 Fingnce Bank charges 79 76 Other3 Investment manageme]it fees 6,551 2.076 Governan¢È ¢o$t$ Accountancy Independent examination 2.520 775 2,400 750 3.295 3,150 Tot&1 resources expended 39.450 59.507 Net in¢omelleApeuditure) before gains losses 6,610 (16,131) Net gainsl(losse51 on investiments (7.861) 739 Net eApenditurt 115.39? This page does not fomi part of the statutory finan¢ial statements Page 12