CHARITY NUMBER: 288068 THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 Contents Page(s)- Report of the Trustees Reports and Financlal Statements for the Year Ended 31 March 2025 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-15 Independent Examin&r's Report 16
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST GENERAL INFORMATION TRUSTEES: Dr Susan Procter (Chairman) Professor Arlene Wellman Professor Anne Topping (Deputy Chairman) Professor Daniel Kelly OBE Mrs Elizabeth Panel-coates Professor Brigid Catherine Kent SECRETARY: Melanie Nakisa 9 Shepherds Lane Hazlemere High Wycombe, HP15 7AR BANKERS: CAF Bank 25 Kings Hill Ave, Kings Hill, West Malling Kent ME19 4JQ INVESTMENT MANAGER: Investec Wealth & Investment 30 Gr&sham Street London EC2V 7QN INDEPENDENT EXAMINERS: Crowe U.K, LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Page 1
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES. REPORT YEAR ENDED 31 MARCH 2025 The Board of Trustees present their Annual Report for the year ended 31 March 2025 under the Charities Act 2011. together with the financial statements for the year. The Board confimis that the latter comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102). The Truslees. Report includes the information sel out on page 1. OBJECTIVES AND ACTIVITIES The Trust's objectives are: to promote and advance the science and art of nursing; to advance the education and training of nurses. both students and registered- to promote resaarch and investigation Into matters related to nursing-, to relieve persons who have retired or are unable to contlnue nursing., and to provide assistance to further the objects of the Nurses Welfare ServiGe (or successor body). The Trustees feel that they can best keep faith with the heritage by applying the income from the funds and some of our healthy reserves in such a way so as to promole the development of nursing for the benefit of society. This in turn will contribute to the enhancement of Ihe profession because it is through the maintenance and development of standards of practice and conduct that a profession gains in recognition and respect. Predicated upon the belief, when considering applications for grants, Trustees are mindful of the trusts objects and the desire to enhance the profession of nursing. rather than any individual who is a member of the profession. During the year two Trustees. meetings took place in London, on the 21 June 2024 and 29 November 2024. To enable on-line payments with dual authorisatlon. this year saw the changeover to a new current account provider, CAF bank, from Santander. While the new account has a monthly account fee (¢urrentSy £5) it also accrues interest, usually compensating for the fee. ACHIEVEMENTS AND PERFORMANCE The Trust received 10 grant applications for funding during the year and after full consideration by the Trustees together with independent researchers it was decided to award 2 new grants totalling £79,019. Additionally two further nurses were sponsored through the Florence Nightingale Foundation leadership scheme (£23,000} Note 3 to the financial ststements gives further details. Loss of the website hosting without notice resulted in a 4-monlh period without a website and additional costs incurred to source a provider and developer for a new website, which became live in April 25. PUBLIC BENEFIT The Trust's object for the public benefit is lo support Gharitable activities. in particular those focusing on seeking to improve the practice of nursing. Research grant applications are invited and evaluated once a year and grants awarded to the projects that the Trust consider will further its charitable objects for the public benefit. The Truslees have had due regard to the Charity Commission's guidance on public benefit when considering the Trust's objectives and activities. Page 2
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 MARCH 2025 FUTURE PLANS Our grant focus for 2025 is research to explore evidence-based innovations that identify the role played by Nurses in improving care. Due to a change in website provider, this year's call was delayed to April 25, with a closing date of 27 June 2025. FINANCIAL REVIEW The Trusts total income for the year was £94,115 (2024." £97,572) wth grants made and support costs totalling £100,700 {2024.' £150.092). The unrestricted fund decreased to £226,491 (2024.. £234, 859). Following a net loss on investments of £17.827, of which £16,044 was allocated to the expendable endowment fund, (2024.. £173,165 gain) the expendable endowment fund decreased to £3,153,568 (2024.. £3,191,781 increase) after deducting the investment managers. fees of £22,169 (2024." £21,657). INVESTMENT POLICY AND PERFORMANCE Investec is now a part of the Rathbone's group and the merging of charity support investment functions is now complete. The merger has not impacted the operations of the charity fund. The Trustees noted that inflation is falling but wages in the service sector are still rising at close to 5'A per annum. Interest rates are being cut but there are worries about the size of the government deficits. Markets have performed well but often perform after an interest cut. Key to meeting GNCT objectives, Investec will continue to focus on businesses displaying high and sustainable compound earnings growth. The budget and US election impacted markets. The investment comprises a diversified portfolio, with the majority in equities balanced by bonds, infrastructure and propety to dampen volatility. The bonds are amongst the safest available, with equities limited to 75Yo of the portfolio value. The portfolio is categorised as medium risk13 of 5 on Investec risk scale}. GRANTS POLICY Through its grant awarding programme. the Trust aims to promote the development of nursing for the benefit of society. This in turn contributes to the enhancement of the profession because it is through the maintenance and development of stsndards of practice and conduct that a profession gains in recognition and respect. Trustees are mindfLJI 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 profession. Page 3
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 MARCH 2025 RESERVES POLICY Our unrestricted funds (free reserves) are currently £226.491 and It Is our intentlon to call upon some of these reserves as necessary in the light of our fall in investment income so that we can maintain our total grants policy of around £120.000 per annum. Only two new award5 were made in 2024 (rather than the usual three new awards) due to the fall in investments income. However, the trustees are mindful that we live in a wortd of volatile stock markets and this will be reviewed regularly by the trustees and thoir advisors going forward. STRUCTURE, GOVERNANCE AND MANAGEMENT Following the disestablishment of the General Nursing Council for Engl8n¢J and Wales on 1st July 1983 under Section 21, Nurses, Midwives and Health Visitors Act 1979, its stocks, shares and property were transferred to the Charity at valuation. The Charity is governed by a Trust Deed, which was signed on 20 June 1983 (the Trust was registered in the Central Register of Charities on 14 November 1983. and by an Order. effective from 5 March 2004, which altered the Charity's Trust. The Trustees may consist of up to 6 Trustees under the following terms:_ Up to 4 Trustees may be appointed as °A' Trustees provided they are registered Nurses and a member of the nursing profession of England and Wales. at the time of appointment 1 "8" Trustee may be appointed as a qualified member of the NMC and a registered nurse in England 1 "C" Trustee may be appointed as a qualified member of the NMC and a registered nurse in Wales Trustees are appointed by ference to the existing Trustees and the representative bodies of the Nursing Profession. The Trustees meet at least two times per year to dlscuss the strategic direction of the Trust, consider the Trust's financial and investment infomiation, review research grants to members of the nursing profession and track their progress. On appointment, Trustees receive information about the Trust's aims, focus of grant making, as well as financial and investment reports and relevant minutes to ensure they have been provided with the information necessary to fulfil their duties. The Trustees delegate the day-tO-d8y management of the Trust to the Secretary. Page 4
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 MARCH 2025 On appointment. Trustees receive information about the Trust's aims, focus of grant making. as well as financial and investment reports and relevant minutes to ensure they have been provided with Ihe information necessary to fulfil their duties. The Truste&s delegate the day to day management of the Trust to the Secretary. REFERENCE AND ADMINISTRATIVE DETAILS The General Nursing Council for England and Wales Trust was registered with the Charlties Commission in England and Wales on 14th November 1983 under charity number 288068. The registered address and principal office at which the charily can be contacted is: 9 Shepherds lane Hazlemere High Wycombe HP15 7AR The Trustees who have served during the year are as follows.. Professor Arlene Wellman Dr Susan Procter Professor Anne Topping Professor Daniel Kelly OBE Mrs Elizabeth Panel-coates Professor Brigid Catherine Kent Page 5
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting practi (United Klngdom Accounting Standards) and applicable law. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charlty and of its net outgoing resources for that period. In preparing these financial slatements, the Trustees are required to: • select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP. make Judgments and estimates that are rgasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basls unless it is inappropriate to presume that the charity wlll contlnue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compEy with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: Tnistee .ToPPIfvJQ Trustee Date: &_12.ZS Page 6
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2025 Expendable Unrestricted Endowment Fund Fund 2025 Total Funds 2024 Total Funds Notes Income and Endowments from Investments Income from investment portfolio Deposit account interest 90.841 90,841 93,081 Total Income Expendlture on: Raising funds Charitable activities Grants made Support costs (22,169) (22.169) (21.657) {83,431) {83,431) (130,028) Total Expenditure 100700 122 869 171749 Change in fair value on Investments 173 165 NET INCOMEI(EXPENDITURE) AND NET MOVEMENT IN FUNDS (8,368) (38,213) (46,581) 98,988 Fund Balances at 1 April 2024 234 859 3 191781 3 426 640 3 327 652 FUND BALANCES CARRIED FORWARD AT 31 MARCH 2025 The notes on pages 9 to 15 form part of these financial statements. Page 7
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Investments Cash held for investment 3,284,294 3,403.272 3,335,614 3,493,917 CURRENT ASSETS Short term deposits Cash at bank and in hand 166.848 73 57,046 74 166,921 57,120 Creditors: amounts falling due within one year 122 476 124 397 NET CURRENT ASSETSI (LIABILITIES) TOTAL ASSETS LESS CURRENT ASSETS 3,380,059 3,426,640 Credltors: amounts falling due after one year NET ASSETS FUNDS Unrestricted funds Expondable endowment fund 226,491 3 153 568 234,859 3 191781 TOTAL FUNDS Approved by the Trustees and authorised for issue, and signed on their behalf by.. Trustees Secretary M91anoNakisa Date.. 2Lk(1.25 The notes on pages 9 to 15 fomi part of these financial statements Page 8
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basls of accounting The accounts have been prepared in accordance with the Charities SORP IFRS102) 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 Accept&d 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 aGcounts 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: Ststement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The General Nurslng Council for England and Wales Trust meets the definltion 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) Golng 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. Critical ac¢ountlng judgements and k8y sources of estlmation uncertalnty. 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 anci 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 dtffer from these estimates. The estimates and underlying assumptlons 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 revlsion 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 2025 ACCOUNTING POLICIES (contlnued) d) Financial instruments The charity only has finanGlal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslruments are initially recognised at transaction value and subsequently measured at their settlement value. Investments Investments are a fomi 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 instrumenls. The main fomi of financial rlsk faced by the charity 15 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. 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) Expendlturo Expenditure is recognized on an accrual basls 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 iwo 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 2025 ACCOUNTING POLICIES (contlnued) 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 msy 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. i) Taxatlon The Trust is exempt from income tax on its ch8ritable 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. Cash and cash equlvalents 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. CHARITABLE ACTIVITIES 2025 2024 Investment managers fees Grants made (note 3) Support and administration costs (note 4) 22.169 83.431 21,657 130, 028 Page11
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 GRANTS cOMMIED DURING THE YEAR 2025 2024 Advancing the science and art of nursing University of York Kingston University University College London Florence Nightingale Foundation Kings College London Lanca5hire Teaching Hospitals NHS Foundation Trust 39,933 39,964 38,631 11,500 23,000 39,122 102,019 18 88 130,028 Grants underspenuwritten off ..1..30,028 The figures shown in respect of each grant reflects the total commitment which may be allocated over a number of years. SUPPORT COSTS 2025 2024 Secretarial and other fees Travel and subsistence Printing, postage, statlonery and telephone Miscellaneous Governance: Independent Exam Accountancy 8,250 302 31 1,275 11,025 700 32 1,733 4.865 4.092 Total No Trustee received any remuneration during the current or prior year. There were no remunerated key management personn81 in either year. 4 Trustees (2024.'4) received reimbursed travel expenses of £302 (2024.. £612) in connection with travel to board meetings and to attend an Investec financial training event. There have been no related paty 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 2025 FIXED ASSET INVESTMENTS 2025 2024 Quoted Investments Market value as at 1 April 2024 Additions Disposals Change in fair valu8 3,403,272 3,305,927 885,537 2,295,424 (986,688) (2.371,244) 173 165 Market value as at 31 March 2025 27 The cost of these investments at 31 March 2025 was £3.214.451 (2024.. £3, 168.372). The market value at 31 March 2025 includes £2,061,667 non-UK investments (2024.. £675,923J. UK (Govt on 4.25°h Snr 07112140 GBP1000 comprised more than 50/0 of total market value of investments totalling £nil (2024.. £181.875). 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 companie5 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 Irade at cost (that is their transaction value)- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other creditors Bank overdraft Grant commitments (note 7) Investment manager's fees 10.598 9,904 4,313 104,630 106,328 124 397 Page 13
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 GRANT COMMITTMENTS 2025 2024 Grants payable: Opening balance at 1 April 2024 Granted during the year Grants cancelledlunderspent Payments made 104.630 102,019 (18,588) 100, 199 130. 028 125 597 Payable at 31 March 2025 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Expendable Endowment Unrestricted Funds Total 2025 Investments Current assets Current liabililies Long term liabilities 3,159,118 176.496 166,921 (116,926) 3,335,614 166,921 (122.476) (5,550) 2024 Expendable Endowment Unrestricted Funds Total 2024 Investments Current assets Current liabilities Long term liabilities 3, 197,331 296, 586 57,120 (118,847) 3.493,917 57,120 (124,397) (5,550) FINANCIAL INSTRUMENTS 2025 2024 Financial assets measured at amortised cost Financial liabilities measured at amortised cost Financial assets measured at fair value 166,921 (122,476) 3,335,614 57,119 (124,396) 3,493,917 The company's income, expense, gains and losses in respect of financial instruments are summarised bèlow Page 14
THE GENERAL NURSING COUNCIL FOR ENGLAND AND WALES TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 FINANCIAL INSTRUMENTS 2025 2024 Interest income and expense: Interest income Dividend income 3,274 90,841 4,491 93,081 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 aGcruals. Financial assets measured at fair valLte comprise investments. 10. COMPARATIVE SOFA Expendable Unresti7Cted Endowment Fund Fund 2024 Total Funds Notes Income and Endowments from Investments Income fmm investment portfolio Deposit account interest other incon7e 93,081 4.491 93.081 4,491 Total Income Expenditure on." Raising funds Chan'table activities Grants made Support costs (21,657) (21,657) (130,028) (130,028) Total Expenditure 150 092 171749 Change in fair value on investments 155 847 173 165 NET INCOME/(EXPENDITURE) AND NETMOVEMENT IN FUNDS (35,202) 134. 190 98,988 Fund Balances at 1 April 2023 270 061 3 057591 3 327 652 FUND BALANCES CARRIED FOR WARD A T 31 MARCH 2024 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 2025. 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 Charilies Act 2011. My independent examiner's work has been undertaken so that I might state to the charily's Trustees thos6 matters l 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 responsibilty to anyone other than the charity, the charity's members as a body and the Gharity's Trustees as a body for my independent examin8Vs work, for this report, or for the opinions I have formed. Responslbllities 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 accounls carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable DireGtlons given by th8 Charity Commission under section 145(5)(b) of the Act. Independent examinerfs statement Independent examiner's statemont 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.. 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 ¢onceming 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