REGISTERED CHARITY NUMBER: 288418
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
FOR
GMC TRUST
GMC TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 14 |
GMC TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives, aims and significant activities
The object of the charity is to promote and assist charitable work by direct grants. The charity's funds may be applied to any charitable institution or for any other charitable purpose.
Public benefit
The trustees have regard to the Charity Commission guidance on public benefit and consider the charity's activities and award of grants are for the public benefit.
Grant making
The charity awards grants to other charitable institutions in varying amounts of between £1,000 and £25,000; preferring an area of benefit in the West Midlands. Exceptionally the charity may award higher amounts. The charity does not award grants to individuals. The charity supports projects which come to the attention of its trustees through their special interests and special knowledge. General applications for grants are not encouraged.
ACHIEVEMENT AND PERFORMANCE
During the year the charity awarded grants of £100,000 compared with £106,500 in the previous year. A full analysis of grants awarded is provided in note 5 to the financial statements.
FINANCIAL REVIEW
The trustees are satisfied with the financial state of affairs of the charity. At the year end the balance on the unrestricted general fund was £111,791.
The trustees are empowered to invest the charity's funds in any investment authorised by law for trust monies or any listed investment. The charity's investments at the end of the year had a value of £3,506,530 compared with £3,236,164 at the previous year end: an increase of 8.4% over the year.
The trustees' policy is to maintain sufficient unrestricted funds which, regardless of an uneven flow of incoming resources, enable them to meet their funding commitments for the foreseeable future and to respond to emergency applications for grants which may arise.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document and charity constitution
The charity is controlled by its governing document, a charitable deed of settlement dated 17 November 1965 and constitutes an unincorporated charity.
Organisational structure and appointment of new trustees
The charity is managed by a Board of Trustees. Trustees are nominated by existing trustees and appointed where they have the necessary skills to contribute to the management of the charity. Upon appointment new trustees are provided with a copy of the charity's deed of settlement and the latest examined financial statements. In addition new trustees are given a briefing by the chairman on the charity's policies and procedures.
Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the activities and finances of the charity, and they are satisfied that systems are in place to manage their exposure to the major risks.
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GMC TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 288418
Principal address
4 Fairways 1240 Warwick Road Knowle Solihull West Midlands B93 9LL
Trustees
BES Cadbury - Chairman MJ Cadbury Mrs CE Fowler-Wright
Independent Examiner
JRG Pitts FCA Rodney Pitts Chartered Accountants 4 Fairways 1240 Warwick Road Knowle, Solihull West Midlands B93 9LL
Bankers
Lloyds Bank plc 142 Edgbaston Park Road Edgbaston Birmingham B15 2TY
Solicitors
DWF LLP One Snowhill Snow Hill Queensway Birmingham B4 6GA
Investment manager
JM Finn 31 Great George Street Bristol BS1 5QD
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GMC TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply 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 order of the Board of Trustees on 24 May 2021 and signed on its behalf by:
BES Cadbury - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GMC TRUST
Independent examiner's report to the trustees of GMC Trust
I report to the charity trustees on my examination of the accounts of GMC Trust (the Trust) for the year ended 5 April 2021.
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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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.
JRG Pitts FCA Institute of Chartered Accountants in England and Wales Rodney Pitts Chartered Accountants 4 Fairways 1240 Warwick Road Knowle, Solihull West Midlands B93 9LL
24 May 2021
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GMC TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Charitable grants Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 57,169 - 102,400 102,400 - (45,231) (6,293) (51,524) 163,315 111,791 |
Endowment fund £ - 12,061 - 12,061 276,134 264,073 6,293 270,366 3,236,164 3,506,530 |
2021 Total funds £ 57,169 12,061 102,400 114,461 276,134 218,842 - 218,842 3,399,479 3,618,321 |
2020 Total funds £ 133,948 12,447 108,900 121,347 (471,697) (459,096) - (459,096) 3,858,575 3,399,479 |
|---|---|---|---|---|
The notes form part of these financial statements
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GMC TRUST
BALANCE SHEET 5 APRIL 2021
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 762 113,428 114,190 (2,399) 111,791 111,791 111,791 |
Endowment fund £ 3,506,530 - - - - - 3,506,530 3,506,530 |
2021 Total funds £ 3,506,530 762 113,428 114,190 (2,399) 111,791 3,618,321 3,618,321 111,791 3,506,530 3,618,321 |
2020 Total funds £ 3,236,164 1,828 163,887 165,715 (2,400) 163,315 3,399,479 3,399,479 163,315 3,236,164 3,399,479 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 May 2021 and were signed on its behalf by:
BES Cadbury - Trustee
The notes form part of these financial statements
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments which are included at market valuation.
Income
All income is recognised in the statement of financial activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Dividend income is included by reference to the payment date of the dividend.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants awarded are included in the statement of financial activities when approved by the trustees and the recipient. The value of grants unpaid at the year end is accrued. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fixed asset investments
Fixed asset investments are stated at market value, for which purpose unlisted investments are included at trustees' valuation. Gains and losses on disposal and revaluation of fixed asset investments are taken to the statement of financial activities.
Fund accounting
Unrestricted general funds may be used in accordance with the charity's objects at the discretion of the trustees.
Endowment funds are capital funds which may be expended in accordance with the charity's objects at the discretion of the trustees.
continued...
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
2. INVESTMENT INCOME
| Investment dividends Investment interest Bank interest 3. RAISING FUNDS Investment management costs Investment manager's fees 4. CHARITABLE ACTIVITIES COSTS Charitable grants 5. GRANTS PAYABLE Charitable grants |
Grant funding of activities (see note 6) £ 100,000 |
|
|---|---|---|
continued...
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
5. GRANTS PAYABLE - continued
The total grants payable to institutions during the year was as follows:
| Mary's Meals Sense Breadline Africa Build It International CleanupUK Marie Curie Population Matters St Francis Youth & Community Centre TastelifeUK The Royal College of Organists King's College, Cambridge Macmillan Cancer Support Nevill Holt Opera Hand in Hand International The Life House Royal Birmingham Society of Artists Book Aid International Crisis Help Musicians UK Mind - Birmingham Oundle Music Trust PAPYRUS Prevention of Young Suicide The Royal British Legion Volunteer Action ZANE: Zimbabwe A National Emergency House on the Corner Community Project Ex Cathedra Care for Veterans Street Child |
2021 £ 40,000 15,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 3,000 3,000 2,500 1,500 - - - - - - - - - - - - - - - - 100,000 |
2020 £ - 25,000 - - - - - 5,000 - - 2,000 - 1,500 10,000 10,000 6,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 3,000 1,000 1,000 (3,000) 106,500 |
|---|---|---|
continued...
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
6. SUPPORT COSTS
| SUPPORT COSTS | ||||||
|---|---|---|---|---|---|---|
| Governance | ||||||
| costs | ||||||
| £ | ||||||
| Charitable grants | 2,400 | |||||
| Support costs, included in the above, are as follows: | ||||||
| Governance costs | ||||||
| 2021 | 2020 | |||||
| Charitable | Total | |||||
| grants | activities | |||||
| £ | £ | |||||
| Secretarial, accountancy and examination fees | 2,400 | 2,400 | ||||
| TRUSTEES' REMUNERATION AND BENEFITS | ||||||
| There were no trustees' remuneration or other benefits for the year ended 5 | April 2021, nor | for | the year ended | |||
| 5 April 2020. There were no trustees' expenses paid for the year ended 5 April 2021, nor | for | the year ended | ||||
| 5 April 2020. | ||||||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: | ||||||
| YEAR ENDED 5 APRIL 2020 | ||||||
| Unrestricted | Endowment | Total |
||||
| fund | fund | funds | ||||
| £ | £ | £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Investment income | 133,948 | - | 133,948 | |||
| EXPENDITURE ON | ||||||
| Raising funds | - | 12,447 | 12,447 | |||
| Charitable activities | ||||||
| Charitable grants | 108,900 | - | 108,900 | |||
| Total | 108,900 | 12,447 | 121,347 | |||
| Net gains/(losses) on investments | - | (471,697) | (471,697) | |||
| NET INCOME/(EXPENDITURE) | 25,048 | (484,144) | (459,096) | |||
| Transfers between funds | (5,992) | 5,992 | - | |||
| Net movement in funds | 19,056 | (478,152) | (459,096) | |||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 144,259 | 3,714,316 | 3,858,575 | |||
| TOTAL FUNDS CARRIED FORWARD | 163,315 | 3,236,164 | 3,399,479 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021, nor for the year ended 5 April 2020. There were no trustees' expenses paid for the year ended 5 April 2021, nor for the year ended 5 April 2020.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 5 APRIL 2020
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
9. FIXED ASSET INVESTMENTS
| Market value At 6 April 2020 Additions Disposals Revaluations Exchange differences At 5 April 2021 Net book value At 5 April 2021 At 5 April 2020 |
Listed investments £ 1,799,794 159,629 (163,402) 416,759 - 2,212,780 2,212,780 1,799,794 |
Unlisted investments £ 1,434,375 - - (140,625) - 1,293,750 1,293,750 1,434,375 |
Cash and settlements pending £ 1,995 (159,629) 163,402 - (5,768) - - 1,995 |
Totals £ 3,236,164 - - 276,134 (5,768) 3,506,530 3,506,530 3,236,164 |
|---|---|---|---|---|
All fixed asset investments were held in the United Kingdom.
Unlisted investments with a market value of £1,293,750 (2020 - £1,434,375) are wholly represented by a holding in The Economist Newspaper of 56,250 ordinary shares of 5p each; which is a material investment.
If fixed asset investments had not been revalued they would have been included at the following historical cost:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cost | 1,705,589 | £1,694,429 |
Fixed asset investments were valued on an open market basis on 5 April 2021 by JM Finn.
continued...
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued income 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 12. MOVEMENT IN FUNDS Net movement At 6.4.20 in funds £ £ Unrestricted funds General fund 163,315 (45,231) Endowment funds Endowment fund 3,236,164 264,073 Total funds 3,399,479 218,842 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 57,169 (102,400) Endowment funds Endowment fund - (12,061) Total funds 57,169 (114,461) |
2021 £ 762 2021 £ 2,399 Transfers between funds £ (6,293) 6,293 - Gains and losses £ - 276,134 276,134 |
2020 £ 1,828 2020 £ 2,400 At 5.4.21 £ 111,791 3,506,530 3,618,321 Movement in funds £ (45,231) 264,073 218,842 |
|
|---|---|---|---|
continued...
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Endowment funds Endowment fund Total funds |
At 6.4.19 £ 144,259 3,714,316 3,858,575 |
Net movement in funds £ 25,048 (484,144) (459,096) |
Transfers between funds £ (5,992) 5,992 - |
At 5.4.20 £ 163,315 3,236,164 3,399,479 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 133,948 (108,900) Endowment funds Endowment fund - (12,447) Total funds 133,948 (121,347) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 6.4.19 in funds £ £ Unrestricted funds General fund 144,259 (20,183) Endowment funds Endowment fund 3,714,316 (220,071) Total funds 3,858,575 (240,254) |
Gains and losses £ - (471,697) (471,697) Transfers between funds £ (12,285) 12,285 - |
Movement in funds £ 25,048 (484,144) (459,096) At 5.4.21 £ 111,791 3,506,530 3,618,321 |
|
|---|---|---|---|
continued...
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GMC TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment fund Total funds |
Incoming resources £ 191,117 - 191,117 |
Resources expended £ (211,300) (24,508) (235,808) |
Gains and Movement losses in funds £ £ - (20,183) (195,563) (220,071) (195,563) (240,254) |
|---|---|---|---|
During the year £6,293 was transferred from the general fund to the endowment fund to settle investment management costs.
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2021.
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