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 statein￿tS 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 I￿re 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$litution or foT aiiy charitable purp(￿5 as d¢ie¥niined by the tnistees.
ACIIIEVEMENT AND PERFORMANCE
Achltvemenls and PerformAiJce
The charity has eoi)tinued lo be able to siipport chèTilable caiises and made grants totall1￿& £29,525 1?023'. £54,205)
during tlie year, as shown in note 4. The triislees are satisfied that il)is expcndtthre is ultimately for public benefit
be¢au5e the donalioiis are lo oiher ¢liarithble OiEanisaiiot15, whose r￿lidS are generally utili5ed for ihe knefjt of a wide
population.
FINANCIAL REVIKW
FiiiRiicial Review
liicome for the yeaT consi5t5 entirely of inveslnient in¢ome and has iiicreased by 6.7￿/[* Compared 10 last year. being
£46,060 1?023.. £43,376). The￿ a￿ costs of TAiSIn"
fiind5 totallino £6,551 120?3.. £2,076) whicli relales lo ihe
management fees Iliai the investment managcr raises on th¢ 8¢qiiiSitions and disposals of investments. Thp re￿0￿ for
rlie increase of £4.475 i5 dLie to the ciirrenr year beiiig a full yeaT of siivestmenl nianagenient costs. with the cojnparative
being for Icss than 6 months as li was a new cost in the prior year. Gr￿lt$ 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 reVie￿￿d the reserves of the charity, which are M,holly ￿nrestriCted. The majts￿ty 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 ap￿11)t t)￿¥ Irusiees is vested in the
existing IIu5t¢e5. in accordance with Irusi law.
Risk Maiiagernent
The h￿slee5 have considered the inajor risks to which the charity 15 W)tentially exposed ajid are 5at15fied iliat proceduiEs
are in place to ini￿lMise 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 Ti￿st. The (Ihe Trust) for tlie year ended
31 Decemb¢r2024.
ReSp￿￿81b￿lltIes %nd bk51s of i*poi*
As the Cli￿lty tt'LLqtees ol Ili¢ Tj'iist yoii LI￿ Ir5poJisible for Ilje pi.eva￿tiojl 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 eXa￿1n￿l s $tatEm¢nt
I have coinpleted niy exRminalion. I Co￿￿1Th 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¢ applic￿ble 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 prop0rynde￿t￿ll￿4p￿ 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.
Investin￿11 income ts accoiinted for on ihe date tlie ineotjie be¢oJttes due and includes any r￿0Verable 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¢¢ ￿l￿aIlling 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 Subsequ￿tlY 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 fO￿an1
1.109.815
TOTAL FUNDS CARRIED FORWARD
,094,423
FIXED ASSET INVESTMENIS
Inveslineiits
MARKETVALUE
At l January ?0?4
Addiiions
DES￿saI5
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 lil￿stInc￿l 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 w￿lIage 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 inte￿1
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