**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.
Page 1
**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
Page 2
**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent; and
- 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
Page 3
## **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:
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.
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
Page 4
**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
Page 5
## **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
Page 6
**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...
Page 7
**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...
Page 8
## **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...
Page 9
**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**
continued...
Page 10
**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...
Page 11
**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...
Page 12
**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...
Page 13
**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.
Page 14