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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