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 ch￿tieS Act 2011. tcqallw with ts fina￿4 Ststern￿￿ kn the yew The Board C￿rym$ 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. Reix*l Ihe p•w 1. OBJECTNES APID ACTivrr d Conduct U7al a g*ns sn recc4wTrticffl 8fKI re8oect. Predratsd Lyon the bel￿, wtr￿ ¢(￿1￿r8 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¥ C￿r 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 $UPF*Jn Icrf811ry £150.092 (2023.. £137.215) wrntrKled *) £234.&59 (2023. £270.￿11. Fol￿1￿ 9*n on 1Tr48sknrt d £173.165. crf £1S5.848 w•8 aliule(I 10 It* expenoabbe ernYLy4ryneN fur¥J. 12Q23" £315.811 tr* expendable endcwnenl knHI irveased lo £3.191,781 {2023.' E3.057.591 d•cr•w•) aftw d•ductsty ifi• h)¥•1m￿t •w' f••$ £21.657 (2023" £21.996J WIVESTMENT POUCY AP40 PERFORIAAIICE yo•r •xr•cl8txm w•re cunvAbty bx, posth• in%￿b￿nI 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. Infrastruc￿r0 aTrJ lo daftwi vc4atsHty TM tw#ls ￿ orn￿￿$ safost mthlium r*k {3 015 on In¥K* rlsk ￿1101 nwslng lor bw¢fft d so¢l•ty TNS ¢(￿l￿￿tel lo the 8nh8ncem￿I of and Cor￿￿1 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 Ic￿een of St￿ lo Iho wofesswi (kni ap￿¢￿11CmI a rol*AI re¥ivaf Tr hw$e by th¢ Trus*es arthJ exiemolty, ty ENt¢mel a￿ experts rnsurth n tomp1eli￿. Pag• 3 THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 hlARCH 2024 RE8EftVES P(x￿v H(AWLw8r. Ihe IruAtaèts ￿ rn￿￿￿1 trwt of v(l*le slock m•k•ts lh* wll 8TRUCTUAÉ, GOVeRP4AIICe AND IIAMAGEIIENT Juty 1983 urthr sect￿ 21. Nur58s, Pl8alih Ad 1979. ts stock8, Sha￿ ¥#1 PlOF*ty **re transferred Chwty * v4u*icm. The Clwty Is by a Trust Deed. whth was ggned ￿ 3) Jurn 1983 Ith8 Trust was r•plered *) the Central Regislor of c￿rth8 14 NO¥￿ts￿ 1983. ¥•1 by ￿ ikn. effeap40 S •Awch 2￿. h attwed the Chffj'8 Trusl. Up 10 4 Tr￿1¢•$ 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¥XJinbr￿c TfUS*aS fèC•f4• Inknmth at￿1 th• Tr￿*t"S ￿. ft*us of grant mokry, General Nurs¢rKJ Cixmcl" E￿and 8rxl W* Tru81 w85 r8gi51er8d I￿1h 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' RESPON￿￿1T￿s sa¢bsfi•d that Imy f¥ tho ol of Iy* chwity and of its ret slal*YwiiS COM￿ the thrrt￿s Act 2Q11. ts Chwty w¥1 Repytsl R¢gulatKw)$ 2008 lh• thé trust dood. Tlw aro *so resp￿%*1& salew¥thng ol the c1￿￿ty 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) F￿d 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 LIA￿rnES 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. Page 9 ## **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: - Grants in support of the charity’s aims. - 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. Page 10 ## **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_| Page 11 ## **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. Page 12 ## **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_| Page 13 **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 Page 14 ## **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_| 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 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: 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. 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: Page 16