2023-03-31-accounts

CHARITY NUMBER: 288068 THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 Contonts Report ofthe Trustees Reports and Financial Statements for the Year ErKlod 31 March 2023 Statement of Flnanclal Acllvltles Balanc6 Sheet Notes to th8 Financial Statements 9-15 Independent Examinetrs Report 16

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST GENERAL INFORMATION TRUSTEES: Professor Calhetine Anne Gerrish CBE (Chairman) Dr Susan Procter {Deputy Chalrmanl Professor Janice Sigsworth CBE Prof8ssor Annle Topplng Professor Lynne Wiggns OBE Professor Daniel KelW OBE (Appointed 18 November 2022) SECRETARY: Melanie Nakisa 9 Shepherds Lane Hazlemere High Wycombe. HP15 7AR BANKERS: Santander Bridla Road Bood& L30 4GB INVESTMENT MANAGER: Inveslec Wealth & Investmerrt 30 Gresham Strogt London EC2V 7QN INDEPENDENT EXAMINERS: Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshlre RG1 1 PL Page 1

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES. REPORT YEAR ENDED 31 MARCH 2023 The Board of Trustees pres8nt their Annual Report for the year ended 31 March 2023 under the Charities Act 2011, together with the financial slalemenis for the year. The Board confimis that the latt8r comply with the requirements of Ihe Charities Act 2011, the trust deed and the Charities SORP {FRS 1021. Tho TrustO88' Report includes the infomation set out on page l. OBJECTIVES AND ACTivmES Thg Trust's objoctivos arfj.. to promoto and athan¢e lh8 scienc& and art of nursiny- to advance the oducation and training of nurses, both students and registered; to promote research and investigalton into matters related to nursing,. to relieve persons who have retired or ore unable to continue nursing.. and to pri)vide assistance to further Ihe objects of the Nurses Welfare Servico (or successor body). The Trustees feel that they can best keep f8ilh with the heritage by 8pplylng Ihe income frorn the funds and some of our healthy ￿serveS in such a way $0 as to promote the development of nursing for the benefit of society. This in turn will contribute lo the enhancement of th8 profession because 1¢ Is through the maSntenance and development of standards of pract(ce and conduct that 8 profession g8ins in recognition and respect. Predicated upon the belief. when conslderfng applications for grants, Trustees are mlndful of the trusts objects and the desire to enhance the profession of nursing. rather than any individual who is o membgr of the profession. DU￿ng the year two Trustees. meetings took place Sn London. on the 7 July 2022 and the 18 November 2022. ACHIEVEMENTS AND PERFORMANCE The Trust received 20 grant applications forfunding during the year and after full consideration by the Trustees together with indepèndent researchers it was decided to award 3 new grants tolalling £100,646 and extend the FbrenGe Nightingale Foundallon grant by £11,500. Note 3 to the financlal statements glves further detalls. PUBUC BENEFIT The Trusys object for the public tr*nefft is to support charitable activities, in particular those focuslng on seeking to improve the practi￿ of nursing. Research granl applications are inwled and evaluated once a year and grants awarded to the projects that the Trust consider will further its charitable objects for the public ￿nefit. The Trustses have had due regard lo the Charity Commission's guidance on public benefft when consldertng the Trusys objectives and activitie8. Pagg 2

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 MARCH 2023 FUTURE PLANS Our grant focus for 2023 Is research to explore, explaln, Implement or evaluate innovations deslgned to enhance work place culture lo promot8 the retention of nurses. A call was released in January, with closing dale of 1 March 2023. FINANCIAL REVIEW The Trusts total income for the year was £93,580 (2022.- £89.8T7J with grant5 made and support costs lotslling £137,215 (2022.. £137,243). The unrestricted fund decreased to £270.061 (2022.- £341, 122J. Following not losses on investmanls of £315,811. of which £284.230 was allocated to the expendable endowment fund, (2022.. £132,534 gain) the expendable endowment fund dgcreased to £3.057.591 (2022.. £3.363.816) after deducting the investment managers. fees of £21,995 (2022.. £23,372). INVESTMENT POLICY AND PERFORMANCE While gbbal economi¢ growth remains slow, in7provements have been observed over the last year. While expectslions weTe currently low, positive investment returns were expected over the next 18 months. It was noted that the annual income was estimated lo be 2.8% and that during the past 12 months the fund had performed below the benchmarks. Athough the past year was disappoSnt￿ng, the longer term 10-year figures show a parformance in line with the benchmarks. The investment comprises a diversrfied portrolio, w(th the majoroty In equblles balanced by bonds, infrastructure and propety lo dampen volatility. The bonds are arnongsl the safest available, wtth equities limttsd lo 75% of the portfolio value. The portfolio is ￿tegorised as medium rtsk13 of 5 on Inveslec risk scale). GRANTS POLICY Through its grant awardin9 programme. the Trust aims to promote the development of nursing for the benefit of society. This in turn contributes to the enhancement of the profassion because it is through the maintenance and dgvelopment of standards of practice and conduct that a profession gains in recognition and respect. Trustees are mindftjl of the Trust's objects and the desire to enhance the profession of nursing, rather than any one individual who is a member of the professlon. The Trust invlt8s applications lor the funding of research and evaluation projects whlch demonstrate that they will make a contribution to achieving the Trust's aims. Grant applicants are required lo complete the Trust's 'granl application form. which comprises of fourteen sections including title of proje¢l, summary of project, purpose of proposed investigation and contribution of the study lo the profession. Grant applications undergo a robust review both in- house by the Trustees and exlemally, by External Roviewers who are experts in the research topic to be funded. Projects are fvnded for a period not normally exceeding three years and aTe monitored as usual on an annu81 basis. The Trustees request progress reports when proj8cts are ongoing and a copy of th6 final report and five copies of the executive summary on compl&lion. Page 3

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 MARCH 2023 RESERVES POLICY Our unreslri¢t8d funds (free reserves) are currently £270.061 and it is our intention to call upon som8 of th888 reseNes as necessary in the light of our fall in investment income so that W8 can maintain our totsl grants policy of around £120,000 per annum. However, the trusiges are mlndful that we live In a wodd of volatile stock markets and this wlll ba Tevi8wed regularly by the trustees and their advisors going ft)rward. STRUCTURE, GOVERNANCE AND MANAGEMENT Following the disestsblishmenl of the General Nursing Council for England and Wales on 1st July 1983 under Section 21, Nurses. Mtdwives and Health Visitors Act 1979, its stocks. shares anQ property were transferred to the Charity at valualion. The Charity Is govèrned by a Trnst Deed. which was signed on 20 Jun8 1983 {the Trust was registered in the Central Register of Charities on 14 November 1983. and by an Order. effectivg from 5 March 2004, which altered the Charlty's Trust. An amendment lo th8 Deed of Amendment120031 was agreed to enable the GNCT lo appoint lo its full complamgnt of SLX trustees. The amendment was approved by the Nursing and Mithifery Council and the Trustees118 November 2022), and the Charity CommSsslon, durfng 2022-23. These changes reLgte to.. 1. Clarification of the term 'registered nurse. in relaflon to the appointment of Trustees. At the time of appointment. all Truslees should be on th8 professional register. At the discretlon of the other Trustees, an indlvidLtal Trustee whose registration lapses during their tem) of office. may continue a5 Trustee if they maintain involvement in nurslng matters. 2. Clarification of the number ol nominees pul fonNard by the Nursing and Midwifery Council for consideration as potential Trustees. Prevlously the NMC was invited to nominate nurse8 from England 8nd two from Wales. Changes in NMC membership have Ilmited NMC nominations lo NMC one Irustea from 81th8r England or Wales. 3. Clarffication of the length of the Term of Offlce for Trustee. Trustees shall normally be eligiblg to serv8 up lo three terms of office la total of 9 years}. Al the discrelon of the Trustees. the Chair may be eligible for an additional &year temi of office (total 12 years). At the dis¢xetion of the Trustees a former Tnjstee may be eligible for reappointment after a minimum period of one year has elapsed. Th8 Trustees may consist of up to 6 Trustees under thg followng terms:_ Up lo 4 Trustees may be appointed as "A. Trustees provided thgy are reglslered Nurses ond a member of the nursing profession of England and Wal&s, al the time of appoSnlment 1 'B" Trustee may be appointed as a qualified memkr of the NMC and a registered nurse in England 1 'C' Trustee may be appointed as a qualfied member of the NMC and a registered nurse in Wales Tru$t9e$ ar& appointgd by rgfgrence to the exisung Trustees and the rgprosgntative bodies of th& Nuygng Profession. The Trustees mèet #t least times per year to, omongst other thlngs. dlscuss the strategic direction of the Trust, conslder the Trust's financlal and investment infomialion, revlew research grants to members of the nursing professlon and track thelr progress. Page 4

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 MARCH 2023 On appolnlment. Trustees receive information about the Trust's aims, focus of grant making, as well as financial ané investment reports and relevant minutes to ensure they have bee provided with the informalit)n necgssary to fulfil their duties. The Trustees delegate the day to day management of the Trust to the Secretsry. REFERENCE AND ADMINISTRATIVE DETAILS The General Nursing Council for England and Wales Trust was registered with the Ch8rities Commission In Engl8nd and Wales on 14th November 1983 under charity number 288068. The registered address and principal office al which th& charity can be Contscled until 31 March 2Q23 was.. 33 Butterwick Way Wewn Herts AL6 9GH From 1 April 2023, the new registered address and principal office at which the charliy can be contscled is= 9 Shephèrds lane Hazlemere High Wycombe HP15 7AR The Trustees who have served durfng the year are as follows.. Professor Catherine Anne Gerrish CBE Professor Janice Sigsworth CBE Dr Susan Procler Professor Annie Topping Prolessor Lynne Wioens OBE Professor Daniel Kelty OBE IAppoint8d 18 November 20221 Page 5

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees. Report and the financial statements In aG￿rdance with applicable law and regulalions. Charity law requires the Trustee5 to prepare financial statemonts for each financial ygar in accordance with United Kingdom Generally Accepted Accounting Prdctice (United Kinglom Accounting Standards) and applicable law. Under charity law th8 Trustses musl not approve Ihg financial slalemenls unl8ss they are satisfied that they giv8 a tru8 and fair view of the stste of affairs of the charity and of Its nel outgoing resourcos for that period. In preparlng these financial slalgments, the Trustees are required to: S818cI suitable accounting policies and then apply them consislerfy; observe the methods and principles in the Charftles SORP; make judgments and estlmales that ar8 rèasonablg and prudont., state whether appli&?blg accounting standards have been followed, subject to any material departures disclosed and explalned In the ffinancial statements.. prepare the financial statements on the going concarn basls unless it 18 inappropriate to presume that the charity wll continue to operate. The Trustees are responslble for keeping adequate accounting words that are sufficient to show and explain the charity's transactions and dis¢lose with reasonable acrJJracy al any time the financial position of the charity and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They ar8 81so responsible for Safeguarding the assets of the charity and hence for tsking reasonable steps for the prev8ntlon and detection of fraud and 0th8r irregulariti8S. Approved by the Trusle8s and signed on Ihelr behalf by= Trustee Truslea Date: 8_ 12a3 Page 6

THE GENERAL NURSING COUNCIL FOR ENGLANDAND WALES TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2023 Expèndable Unrestricted Endowment Fund Fund 2023 Total Funds 2022 Total Funds Notes Ineome and Endowmonts from Investments Income from investment portfollo Deposit account inl8resl Olher income 92,170 1.410 92.170 1,410 89,834 43 Total Incom• 89,877 ExpèndltUTe on". Raising funds Charltable a¢tfvltl•s Grants made Support costs {21.9951 (21.9951 (23,312) 1107.991) 1107,991) (117.429) Total Expendlturè 133060 155055 Change in fair value on investments 315 811 NET INCOMEI{EXPENDtniRE) AND NET MOVEMENT IN FUNDS 171,061) (305,2251 (377.286) 76,582 Fund Balances at 1 April 2022 3363816 3 704 938 3 628 356 FUND BALANCES CARRIED FORWARD AT 31 MARCH 2023 The notes on pages 9 10 15 form part of these financial statements. Page 7

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Nots8 FIXED ASSETS Investments Cash held for inveslment 3,305.927 3,572,356 3,338.381 3,751,187 CURRENT ASSETS Short term deposts Cash at bank and In hand 78.501 102,091 104.296 137,336 Creditors: amounts falling due wtthin one year 115025 NET CURRENT UABILITIES TOTAL ASSETS LESS CURRENT LIABIUTIES 3.327.652 3.704.938 Croditors: amounts falllng due after one year NET AssErs FUNDS Unrastricted frjnds Expendabl8 endowmertt fund 270,061 3 057 591 347,122 3363 816 TOTAL FUNDS Approved by the Trustees and authorlsed for issue. and signed on Ihelr behalf by.. Trustees Secretary Dale: s.12J3 The notss on pages 9 10 15 fomi part of theso financial ststsmenls Page 8

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of o¢¢ounting The accounts have been prepared in accordance wtth the Charitie5 SORP (FRS102I appli¢abl8 to charities preparing their accounts in accordance with the Financial Reporting Standards applicablg in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2015. The a¢¢ounls have been prepared lo give a 'true and fairf view and have departed from the Charities {Accounts and Raportsl Regulations 2008 only to th8 èxtant required to provid8 a ￿￿9 and fair view,. This departsjre has involved following Accounting and R8POrting by Charili6s preparing their accounts in accordance with the Finaneial R8porting Standard applicable in the UK and Republic of Ireland IFRS1021 issued 16 July 2014 rather than the Accour)ting and Reporting by cha￿11&$.. Statomgnt of Rewmmgndgd Practice effedivg from 1 April 2CN)5 which has since been withdrawn. The General Nursing Council for England and Wales Trust meets the definition of a public benefit nlity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaclion value unless othe￿iSe slated in the relevant accounting policy note. The General Nursing Council for England and Wales Trust is governed by its Trust Deed and is registered in the UK with its registered addres5 at 9 Shepherds Lane, Hazlemere. High Wycombe, HP15 7AR. Golng concern The charity has cash resources and has no requirement for extemal funding. The Trustees have reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Critical a¢¢ountlng Judg8m8nls and koy sourcgs of gstimation uncertainty. In the application of the charity's accounting policies. which are d8scrib8d in note 7. Tnjslees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent frown other sources. The estimation and undeTlyng assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimatgs anil underlying assumptions are reviewed on an Onvgoing basis. Revisions to accounting estimates are recognised in the pgriod in which the estimate is revised if the rgvision affects onty that perio¢J. or in the period of revision and fijture periods if the revision affects the urrent and future periods. In the vlew of the Trustaes, no assumptions concerning the future or estimation uncertainty affecting the assets and liabilities at the b8lanc& sheet dats are Ilkely to result In a materlal adjustment to their carrying amounts in the next financial year. Page 9

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES {¢ontinued Financial in$trum•nts The charity only has financlal assets and financial liabilltles of a kind that qualfy as baslc nancS8l Instruments. Baslc financlal Instruments ar8 initially recognised at transaction valu8 and Subsequently measured al their settlement value. Inv•stm&nts Investments are 8 fom of b8sic fin8ndal instnjment and are initially recorded at thelr transaction value and subsequently revalued al closing mld-market valu8 at the Balance Sheet date. Any gain or loss on revaluation is taken to Ihe Statement of Financlal Actlvlbes. The Trust does not acqulre put optlons, derivatives or other complgx financial instruments. The main fomi of financial risk faced by the charity Is that of volatlloty In equity markets and inveslmgnl markets due to wider economic condytions. the attitude of investors to investment risk. and changes Sn senllmenl conceming equities 8nd within particular sectors or sub sectors. Expandabl8 8ndowmant Stocks, shares and propety orfglnally held by The General Nursing Council for England and Walgs, which ceased to exist on 1 July 1983, were transferred lo the TrusL Since this date all propertias hekl have been sold and the proceeds inv8st8d in shares. In accordance with tho lemis of the transfer. the Trustees recLaSs￿ed the markel value of the invoslments al 1 April 2000 as expendable endowment This fund as a vtholg provides the core ncom8 of the Trust and thereby the finance for Its continuing activities. g) Incomo All incoming resources are induded in the Statement of FinanGio1 Adivities when the charity Is enlilled lo the income and the amount can be quantified with reasonable 8¢curacy. Investment income represents gross dividends and Interest from quoted securtlies and is Included when receivabl8. h) Expendlture Expenditur8 ts recognized on an accrual basls as each liability is incurred. Cost of raislng funds represents investrnenl manager's fees. Charitable expendSlure comprises those costs Incurred by the charity in the delivery of its activities and services for its benefficiarie5. It includes both costs that can be allocated direcljy to such activities and those costs of an indirect nature necessary to support them. Charitable expenditure is reported under tsvo 8ub headlngs: Grants in support of the charity's airrks. Support costs- comprlsing the costs incurred in the supervision of the grantees, the administration of the acttvities of th& GhaTity. togethgr with the support to our pathers. Page 10

THE GENERAL NURSING COUNCIL FOR ENGLAND ANDWALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES {contlnuedl Grants awarded The amount of grants Charged to the Ststement of Financial Activities represents the lolal amount committed by the Trustees dufing the year. Those may be commitments over a number of years depending on the nature of the grant but the whole liability is recognised when the grant Is wmrnitted. Taxation Th8 Trust is exempl from inrK)me tax on ils charitable activities. kl Credltors and provlsSons Creditors and provisions arg r8¢ognised when the charity has a present obligation resulting from past event that will prtsbably result in the transf&r of funds to a third paity and the amount due lo settle the obligation can be measured or estimated reliably. Credttors and provisions 8re normally recognised al their setuemenl amount after allowing for any trade discounts due. Cash and Gash equival8nt$ Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments Ihal mature in no more than three months from the date of a¢quisrb'on and that are readily convertible lo known amounts of rash with insignificant risk of change in valug. CHARITABLE ACTIVITIES 2023 2022 Investrnenl managers fees Grants rnade {nole 31 Support and adminislralion costs (note 4} 21,995 107,991 23,312 117,429 Pago11

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 GRANTS COMMiftED DURING THE YEAR 2023 2022 Advanclng the sclence and art of nurslng Univgrsity of South Walos University of York Oxford Brookes University Florence Nightingale Foundation University of Cambridge Cardiff Universty Op8n Unlversily 39,877 39.104 38,448 11.500 39,131 38,044 112,146 117,429 Less: Easl & North Hertfordshire NHS Trust grant written off {4.155) Total The fwJures shown in respect of each grant reflects the total commitment which may be allocated over a number of years. SUPPORT COSTS 2023 2022 Secretarial and other fees Grant supervision w5ts Travel and subsistence Printing, postage, stationery and telephone Miscellane¢)US GoveTnance'. Independent Exam Accountancy 16.200 12.000 738 459 170 843 606 233 1.748 4,020 3,588 Total No Trustee received any remuneration during thg currenl or prior year. There were no remunerated key management personnel in either year. 3 Trustees (2022.'3J received reimbursed travel expenses of £38212022.. £380) in connection with travel to board meetings. There have been no related party transactions requiring disclosure durlng the year. Pag8 12

THE GENERAL NURSING COUNCIL FOR ENGLANDAND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 FIXED ASSET INVESTMENTS 2023 2022 Quoted Investments Market value as at 1 April 2022 Additions Disposals Chonge in fair value 3.572.355 672.480 {623,097) 315 811 3,622,768 394.949 (592,621) 147 260 Market value as at 31 March 2023 The cost of these investments at 31 March 2023 was £2.799,940 (2022.- £2,571. 7T7). The rnarkel valug at 31 March 2023 includes £1,415.831 non-UK investments (2022.. £2,212, 189)- There were no investments that comprSsed more then 5% of total market value of inveslmenls (2022.. Ishsres Core S & P Ucits USD totalling £198,225). All investments are carried al their fair value. Investment in equities and fixed interest se¢uriligs are all traded in quoted public markets, primarity the London Stock Exchange. Holdings in common investrnent funds, unil trusts and open-ended investmènt companies are at the bid price. The basis of fair value for quoted investsnents is equivalent to the market value, using thè bid prSce. Asset sales and PUTchas8s are recognis8d at the date of tradts at cost Ilhat is IhgSr transacllon value). CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors Grant commitments Inole 71 Inveslment manager's fees 9.277 100.199 8,604 169,43t Page 13

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 GRANT COMMirrMENTS 2023 2022 Grants payable.. Opening balan￿ at 1 April 2022 Granted during the year Grants Gancelledlunderspent Payments made 169.431 112.146 14.153) 177 225 184.962 117.429 132 960 Payable at 31 Marth 2023 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Expendable Endowment Unrestricted Funds Total 2023 Investments Current assets Current liabllhies Long term Ilabilibes 3,063.141 275,240 104,296 (109,4751 3.338,381 104,296 1115,025} 15,550) 2022 Expondabls Unr&strlcted Endowm$nl Funds Tolal 2022 Investments Current assets Current IAabilAties Long tarm liabilities 3.369.366 381,821 t37,336 (178.035) 3.751.187 137.336 (183,585) (5,550) FINANCIAL INSTRUMENTS 2023 2022 Financial assets measured at amortised cost Financial liabilities measured al amorbsed cost Financial assets ffleasured at fair value 104,296 137,336 (115.026) {183,585) 3.338.381 3,751,187 The company's income, &xp8nse, galns and losses in rgSP8Ct of flnancial in5trumgnts are summarised below Page 14

THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 FINANCIAL INSTRUMENTS 2023 2022 Interest incorn• and axpon$e: Interest income Dividend income 1,410 92,170 43 89,834 Flnallcial assets measured al amortlsed cost comprise short lemi deposits and cash equivalents. Financial liabilities m&2sured at amortiS8d cost comprise other creditor5, grant commitments and accruals. Financial assets measuTrd at fair value comprise inveslm8nts. 10. COMPARATIVE SOFA Expendabl8 Unrestricted Endowment Fund Fund 2022 Total Funds Notes Income and Endowments from Investments Income fmm inv¢stmentportfolio Deposit account interest Olherincome 89.834 43 89,834 Total Incom9 Expenditure on.. Raising funds Charitable aclivilies Grants made Support costs (23,372) (23,312) (117.429) (It7.429) Tot81 Expendituro 137 243 760 555 Change in fair value on investments 141 260 NETINCOME/(EXPENDITURE) AND NET MOVEMENfiN FUNDS (32,640) 109,222 76.582 Fund Balances at 1 Apnl 2021 2 3254594 FUND BALANCES CARRIED FOR WARD A T 31 MARCH 2022 Page 15

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST

I report to the Trustees on my examination of the accounts of the General Nursing Council for England and Wales Trust (the Trust) for the year ended 31 March 2023, which are set out on pages 7 to 15.

This report is made solely to the charity's Trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity's members as a body and the charity's Trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed.

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 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement

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.

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.

J L Joyce Crowe U.K. LLP Chartered Accountants Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL

Date: 13 December 2023

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