CHARITY NUMBER: 288068 TrIE GENERAL NURSING COUP4CIL FOR ENGLAND AND WALES TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2024 P•Jels)', R•rKrfi ol TnAth•s 31 2024 9-15 16
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST GENERAL INFORMATION TRUSTEES: (Clirn) SECRETARY: W. HP15 7AR BANKER8: Bndla Rood INVESThIENT MANAGER: W••th & *w•strnwrt INDepEP4DEMT EXAIAINER8: U K. LLP Readry Page I
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 The 8wd ol TnAMes Rwi for tt •rthJ 31 K4¥ch 2024 uNd•r chtieS Act 2011. tcqallw with ts fina4 Ststern kn the yew The Board Crym$ tr41 Iho l•iw cThiWy wth IM rwwirThits ol th• Ch¥ltss Acl 2011. the trust d88d arbj th• Clwiti8s SORP {FRS 1021. The Truslees. Reixl Ihe p•w 1. OBJECTNES APID ACTivrr d Conduct U7al a gns sn recc4wTrticffl 8fKI re8oect. Predratsd Lyon the bel, wtr ¢(1r8 y4Kots)ns TryL818tt we mirthl of Tr trusts I ana tho DsJriTha yeaf Try4t. pl•c• kn Landf. th• 22 kn• 2023 and th• 8 Decerter 2023. ACHIEVÉMEMTS AIIO PÉRFORMAIKE 3 grarTrts io¢•ilThJ £118.517 •xi•Thl IM Fkff• grnm PUBUC BENEFIT 41 furtsr its dwrtotsle otfcts frx ts wbk benefit. Pago 2
ThE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENOEO 31 MARCH 2024 FUTURE PLAN¥ Cr grant fty 2024 4 re6ewch to 8xphye the ry>18 rKffskng cw rOay In addr8$61ty health Imwallties ¥#Y h•athy b•hayK A cal was r¢leawl kn Jar¥Jary. WFth FINAMCIAL Review $UPFJn Icrf811ry £150.092 (2023.. £137.215) wrntrKled ) £234.&59 (2023. £270.11. Fol1 9n on 1Tr48sknrt d £173.165. crf £1S5.848 w•8 aliule(I 10 It expenoabbe ernYLy4ryneN fur¥J. 12Q23" £315.811 tr expendable endcwnenl knHI irveased lo £3.191,781 {2023.' E3.057.591 d•cr•w•) aftw d•ductsty ifi• h)¥•1mt •w' f••$ £21.657 (2023" £21.996J WIVESTMENT POUCY AP40 PERFORIAAIICE yo•r •xr•cl8txm w•re cunvAbty bx, posth• in%bnI relwrfa ve exFe¢teO ov Its next 18 nvJnlhs li r•x¢d Ihal the anw•l was e5bffAed to l 2.8% and thal enchrnarks. ds. Infrastrucr0 aTrJ lo daftwi vc4atsHty TM tw#ls orn$ safost mthlium rk {3 015 on In¥K rlsk 1101 nwslng lor bw¢fft d so¢l•ty TNS ¢(ltel lo the 8nh8ncemI of and Cor1 thal a yol•ssth gakns m wklon al f•8(1 Tru8tees aro nyThJlul of klual • mwnb•f LYol88W. arn io completo lh• Trnst's 'granl ¥pIralK Itmi, thmFnses of Iceen of St lo Iho wofesswi (kni ap¢11CmI a rolAI re¥ivaf Tr hw$e by th¢ Trus*es arthJ exiemolty, ty ENt¢mel a experts rnsurth n tomp1eli. Pag• 3
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 hlARCH 2024 RE8EftVES P(xv H(AWLw8r. Ihe IruAtaèts rn1 trwt of v(lle slock m•k•ts lh wll 8TRUCTUAÉ, GOVeRP4AIICe AND IIAMAGEIIENT Juty 1983 urthr sect 21. Nur58s, Pl8alih Ad 1979. ts stock8, Sha ¥#1 PlOFty re transferred Chwty * v4uicm. The Clwty Is by a Trust Deed. whth was ggned 3) Jurn 1983 Ith8 Trust was r•plered ) the Central Regislor of crth8 14 NO¥ts 1983. ¥•1 by ikn. effeap40 S •Awch 2. h attwed the Chffj'8 Trusl. Up 10 4 Tr1¢•$ be appyxed 8$ "A. Trusloe6 Ihey wsl8r•J the rusY#J and Wales. a¢ Ihe tsrne of fS• In ErWr#J Th• Tn•S m•ot al18aSt Iwo Ilmes p8r 5. thirys. th5¢ it stral•glc Pwo4
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 MARCH 2024 Ckn •k¥XJinbrc TfUSaS fèC•f4• Inknmth at1 th• Trt"S . ftus of grant mokry, General Nurs¢rKJ Cixmcl" Eand 8rxl W Tru81 w85 r8gi51er8d I1h the Chwll HPIS 7AR Dr SUGW PTCCter Prolessor Towiry Paps
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES. REPORT (CONTINUED YEAR ENDED 31 MARCH 2024 STATEMENT OF TrUSTEES' RESPON1Ts sa¢bsfi•d that Imy f¥ tho ol of Iy chwity and of its ret slalYwiiS COM the thrrts Act 2Q11. ts Chwty w¥1 Repytsl R¢gulatKw)$ 2008 lh• thé trust dood. Tlw aro so resp%1& salew¥thng ol the c1ty fc* takry steps th¢ Awoved ty mè TAJ••$ and tyle behall ty: 5aol Patpe 8
THE GENERAL NURSING COUNCIL FOR EhlGLAND AND WALES TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) YEAR ENDED 31 IIARCH 2024 2023 Fw¥l Fund• ¥wstments 93.081 4.491 93.1)81 92.170 1.410 Tow In¢ty 97 Expendllurn M: R•ising lund ¢hwtt•bl• •¢Wvftl•s {21.115n (21.Isn (21.995) 1130.0281 1130,0281 (107.997) SJpwt costs Toial Exp•ndlturn Chang8 m fw ( WET INCOMEIIEXPEIIOITUREI AND IIET IAOVEMEMT111 FUIIDS (35.202) 134.1 (37T.th7) Fd 8oI•ica¥ •11 W 2023 27 FUND 8ALAfr4CES CARRIED
ThE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST BALANCE SHEET AS AT 31 MARCH 2024 2023 FIXED ASSErs Inw•slmonts 3.403.272 3,W5 927 3,4•J,917 133&381 CURRENT ASSErs C89h * bortt aThJ In harKI 74 57,120 101.296 IIET CIJRRENT LIArnES TOTAL ASSET8 LES8 CIIRRENT UA8ILrriE8 142Q640 1327.652 NEf ASSETS FUNDS Urnestrthd lund* 234.8S9 191781 270.&11 TOTAL FUNDS
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
a) Basis of accounting
The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The General Nursing Council for England and Wales Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated 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 address at 9 Shepherds Lane, Hazlemere, High Wycombe, HP15 7AR.
b)
Going concern
The charity has cash resources and has no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
c) Critical accounting judgements and key sources of estimation uncertainty.
In the application of the charity’s accounting policies, which are described in note 1, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects the current and future periods.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting the assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
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THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES (continued)
d) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
e) Investments
Investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently revalued at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
f) Expendable endowment
Stocks, shares and property originally held by The General Nursing Council for England and Wales, which ceased to exist on 1 July 1983, were transferred to the Trust. Since this date all properties held have been sold and the proceeds invested in shares.
In accordance with the terms of the transfer, the Trustees reclassified the market value of the investments at 1 April 2000 as expendable endowment. This fund as a whole provides the core income of the Trust and thereby the finance for its continuing activities.
g) Income
All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Investment income represents gross dividends and interest from quoted securities and is included when receivable.
h) Expenditure
Expenditure is recognized on an accrual basis as each liability is incurred.
Cost of raising funds represents investment manager’s fees.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Charitable expenditure is reported under two sub headings:
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Grants in support of the charity’s aims.
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Support costs – comprising the costs incurred in the supervision of the grantees, the administration of the activities of the charity, together with the support to our partners.
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THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES (continued)
i) Grants awarded
The amount of grants charged to the Statement of Financial Activities represents the total amount committed by the Trustees during the year. These 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 committed.
j) Taxation
The Trust is exempt from income tax on its charitable activities.
k) Creditors and provisions
Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
l) Cash and cash equivalents
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 that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2. CHARITABLE ACTIVITIES
| Investment managers fees Grants made (note 3) Support and administration costs (note 4) |
2024 £ 21,657 130,028 20,064 171,749 |
2023 £ 21,995 107,991 25,069 |
|---|---|---|
| 155,055 |
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THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
3. GRANTS COMMITTED DURING THE YEAR
| Advancing the science and art of nursing University of York Kingston University University College London Florence Nightingale Foundation University of Cambridge Cardiff University Open University Less: East & North Hertfordshire NHS Trust grant written off Total |
2024 £ 39,933 39,964 38,631 11,500 - - - 130,028 - 130,028 |
2023 £ - - - 11,500 39,131 38,044 23,471 112,146 (4,155) 107,991 |
|---|---|---|
The figures shown in respect of each grant reflects the total commitment which may be allocated over a number of years.
4. SUPPORT COSTS
| Secretarial and other fees Travel and subsistence Printing, postage, stationery and telephone Miscellaneous Governance: Independent Exam Accountancy Total |
2024 £ 11,025 700 32 1,733 4,092 2,482 20,064 |
2023 £ 16,200 606 233 1,748 4,020 2,262 25,069 |
|---|---|---|
No Trustee received any remuneration during the current or prior year.
There were no remunerated key management personnel in either year.
4 Trustees (2023:3) received reimbursed travel expenses of £612 ( 2023: £382) in connection with travel to board meetings and to attend an Investec financial training event.
There have been no related party transactions requiring disclosure during the year.
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THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
5. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| 2024 £ Quoted Investments Market value as at 1 April 2023 3,305,927 Additions 2,295,424 Disposals (2,371,244) Change in fair value 173,165 Market value as at 31 March 2024 3,403,272 |
2023 £ 3,572,355 672,480 (623,097) (315,811) |
| 3,305,927 |
The cost of these investments at 31 March 2024 was £3,168,372 (2023: £2,799,940) . The market value at 31 March 2024 includes £675,923 non-UK investments (2023: £1,415,831) .
UK (Govt of) 4.25% Snr 07/12/40 GBP1000 comprised more than 5% of total market value of investments totalling £181,875 (2023: nil).
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Bank overdraft Grant commitments (note 7) Investment manager’s fees |
2024 £ 9,904 4,313 104,630 5,550 124,397 |
2023 £ 9,277 - 100,199 5,550 |
|---|---|---|
| 115,026 |
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THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
7. GRANT COMMITTMENTS
| Grants payable: Opening balance at 1 April 2023 Granted during the year Grants cancelled/underspent Payments made Payable at 31 March 2024 |
2024 £ 100,199 130,028 - (125,597) 104,630 |
2023 £ 169,431 112,146 (4,153) (177,225) |
|---|---|---|
| 100,199 |
8. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2024 Expendable Endowment £ Investments 3,197,331 Current assets - Current liabilities (5,550) Long term liabilities - 3,191,781 2023 Expendable Endowment £ Investments 3,063,141 Current assets - Current liabilities (5,550) Long term liabilities - 3,057,591 9. FINANCIAL INSTRUMENTS Financial assets measured at amortised cost Financial liabilities measured at amortised cost Financial assets measured at fair value |
Unrestricted Total Funds 2023 £ £ 296,586 3,493,917 57,120 57,120 (118,847) (124,397) - - 234,859 3,426,640 Unrestricted Total Funds 2022 £ £ 275,240 3,338,381 104,296 104,296 (109,475) (115,025) - - 270,061 3,327,652 2024 2023 £ £ 57,119 104,296 (124,396) (115,026) 3,493,917 3,338,381 |
|---|---|
The company’s income, expense, gains and losses in respect of financial instruments are summarised below
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THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
9. FINANCIAL INSTRUMENTS
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Interest income and expense: | ||
| Interest income | 4,491 | 1,410 |
| Dividend income | 93,081 | 92,170 |
Financial assets measured at amortised cost comprise short term deposits and cash equivalents.
Financial liabilities measured at amortised cost comprise other creditors, grant commitments and accruals.
Financial assets measured at fair value comprise investments.
10. COMPARATIVE SOFA
| Notes Income and Endowments from Investments Income from investment portfolio Deposit account interest Other income Total Income Expenditure on: Raising funds Charitable activities 2 Grants made 3 Support costs 4 Total Expenditure Change in fair value on investments 5 NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN FUNDS Fund Balances at 1 April 2022 FUND BALANCES CARRIED FORWARD AT 31 MARCH 2023 |
Unrestricted Fund £ 92,170 1,410 - 93,580 - (107,991) (25,069) (133,060) (31,581) (71,061) 341,122 270,061 |
Expendable Endowment Fund £ - - - - (21,995) - - (21,995) (284,230) (306,225) 3,363,816 3,057,591 |
2023 Total Funds £ 92,170 1,410 - 93,580 (21,995) (107,991) (25,069) |
|---|---|---|---|
| (155,055) | |||
| (315,811) | |||
| (377,286) 3,704,938 3,327,652 |
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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 2024, 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
I 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 R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ
Date:
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