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2023-04-05-accounts

REGISTERED CHARITY NUMBER: 288418

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

FOR

GMC TRUST

GMC TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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 2023

The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. 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 £125,100 compared with £178,000 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 £56,651.

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 £3,873,308 compared with £3,904,949 at the previous year end: a decrease of 0.8% 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 2023

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 Group plc One Snowhill Snow Hill Queensway Birmingham B4 6GA

Investment manager

JM Finn 22-24 Queen Square Bristol BS1 4ND

Page 2

GMC TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023

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:

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 11 July 2023 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 2023.

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

11 July 2023

Page 4

GMC TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

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
£
133,815
-
127,500
127,500
-
6,315
(10,251)
(3,936)
60,587
56,651		 Endowment
fund
£
-
12,731
-
12,731
(29,161)
(41,892)
10,251
(31,641)
3,904,949
3,873,308		 2023
Total
funds
£
133,815
12,731
127,500
140,231
(29,161)
(35,577)
-
(35,577)
3,965,536
3,929,959		 2022
Total
funds
£
133,562
13,517
180,400
193,917
407,570
347,215
-
347,215
3,618,321
3,965,536

The notes form part of these financial statements

Page 5

GMC TRUST

BALANCE SHEET 5 APRIL 2023

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
£
-
1,119
57,932
59,051
(2,400)
56,651
56,651
56,651		 Endowment
fund
£
3,873,308
-
-
-
-
-
3,873,308
3,873,308		 2023
Total
funds
£
3,873,308
1,119
57,932
59,051
(2,400)
56,651
3,929,959
3,929,959
56,651
3,873,308
3,929,959		 2022
Total
funds
£
3,904,949
6,400
56,587
62,987
(2,400)
60,587
3,965,536
3,965,536
60,587
3,904,949
3,965,536

The financial statements were approved by the Board of Trustees and authorised for issue on 11 July 2023 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 2023

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 value.

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.

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.

Taxation

The charity is exempt from tax on its charitable 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 2023

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
5)
£
125,100		 2023
£
130,554
2,831
430
133,815
2023
£
12,731
Support
costs (see
note 6)
£
2,400
2023
£
125,100		 2022
£
130,157
3,031
374
133,562
2022
£
13,517
Totals
£
127,500
2022
£
178,000

continued...

Page 8

GMC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

5. GRANTS PAYABLE - continued

The total grants payable to institutions during the year was as follows:

Sense International
St Francis of Assisi PCC, Bournville
ActionAid UK
Hand in Hand International
Mary's Meals
Population Matters
TastelifeUK
Breadline Africa
The British Institute of Organ Studies
Climate and Ecology Marketing
Crisis UK
Listening Books
Marie Curie
The Open University
St Francis Youth & Community Centre
ZANE: Zimbabwe A National Emergency
Campaign Against Living Miserably
Kennet and Avon Canal Trust
Clean Rivers Trust
Ex Cathedra
The Listening Place
The Royal College of Organists
Nevill Holt Opera
PAPYRUS Prevention of Young Suicide
The Cart Shed
Bournville Quaker Meeting House
DEC Ukraine Humanitarian Appeal
mothers2mothers
Whitley Fund for Nature
Build It International
Book Aid International
Book Trust
The CLD Trust
CleanupUK
Hands Up Foundation
Mind
NAYC
Northfield Community Project
Medical Aid for Palestinians
The Norfolk Hospice
The Royal Star and Garter
The Bhopal Medical Appeal
Hospice Africa
Practical Action		 2023
£
15,000
10,000
7,000
7,000
7,000
7,000
7,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
4,000
4,000
3,000
3,000
3,000
3,000
2,000
2,000
1,000
100
(5,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
125,100		 2022
£
30,000
-
-
11,000
(9,000)
11,000
-
-
2,000
-
-
3,000
5,000
-
5,000
-
-
-
-
3,000
5,000
6,000
2,000
5,000
-
-
12,000
11,000
11,000
10,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
3,000
3,000
3,000
2,000
2,000
2,000
178,000

continued...

Page 9

GMC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

6. SUPPORT COSTS

Governance
costs
£
Charitable grants 2,400
Support costs, included in the above, are as follows:
Governance costs
2023 2022
Charitable Total
grants activities
£ £
Secretarial, accountancy and examination fees 2,400 2,400

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2023, nor for the year ended 5 April 2022. There were no trustees' expenses paid for the year ended 5 April 2023, nor for the year ended 5 April 2022.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 5 APRIL 2022

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Charitable grants
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
fund
£
133,562
-
180,400
180,400
-
(46,838)
(4,366)
(51,204)
111,791		 Endowment
fund
£
-
13,517
-
13,517
407,570
394,053
4,366
398,419
3,506,530		 Total
funds
£
133,562
13,517
180,400
193,917
407,570
347,215
-
347,215
3,618,321

continued...

Page 10

GMC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 5 APRIL 2022 - continued

TOTAL FUNDS CARRIED FORWARD
9.
FIXED ASSET INVESTMENTS
Market value
At 6 April 2022
Additions
Disposals
Revaluations
Fees and other cash movements
At 5 April 2023
Net book value
At 5 April 2023
At 5 April 2022		 Listed
investments
£
2,343,165
113,176
(117,052)
(138,286)
-
2,201,003
2,201,003
2,343,165		 Unrestricted
fund
£
60,587
Unlisted
investments
£
1,560,375
-
-
109,125
-
1,669,500
1,669,500
1,560,375		 Endowment
fund
£
3,904,949
Cash and
settlements
pending
£
1,409
(113,176)
117,052
-
(2,480)
2,805
2,805
1,409		 Total
funds
£
3,965,536
Totals
£
3,904,949
-
-
(29,161)
(2,480)
3,873,308
3,873,308
3,904,949

All fixed asset investments were held in the United Kingdom.

Unlisted investments with a market value of £1,669,500 (2022 - £1,560,375) 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:

2023 2022
£ £
Cost 1,718,091 1,724,883

Fixed asset investments were valued on an open market basis on 5 April 2023 by JM Finn.

continued...

Page 11

GMC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Investment manager's account
Accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
12.
MOVEMENT IN FUNDS
Net
movement
At 6.4.22
in funds
£
£
Unrestricted funds
General fund
60,587
6,315
Endowment funds
Endowment fund
3,904,949
(41,892)
Total funds
3,965,536
(35,577)		 2023
£
359
760
1,119
2023
£
2,400
Transfers
between
funds
£
(10,251)
10,251
-		 2022
£
5,720
680
6,400
2022
£
2,400
At
5.4.23
£
56,651
3,873,308
3,929,959

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Endowment fund
Total funds		 Incoming
resources
£
133,815
-
133,816		 Resources
expended
£
(127,500)
(12,731)
(140,232)		 Gains and
Movement
losses
in funds
£
£
-
6,315
(29,161)
(41,892)
(29,161)
(35,577)

continued...

Page 12

GMC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Endowment funds
Endowment fund
Total funds		 At 6.4.21
£
111,791
3,506,530
3,618,321		 Net
movement
in funds
£
(46,838)
394,053
347,215		 Transfers
between
funds
£
(4,366)
4,366
-		 At
5.4.22
£
60,587
3,904,949
3,965,536

Comparative net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
133,562
(180,400)
Endowment funds
Endowment fund
-
(13,517)
Total funds
133,562
(193,917)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 6.4.21
in funds
£
£
Unrestricted funds
General fund
111,791
(40,523)
Endowment funds
Endowment fund
3,506,530
352,161
Total funds
3,618,321
311,638		 Gains and
losses
£
-
407,570
407,570
Transfers
between
funds
£
(14,617)
14,617
-		 Movement
in funds
£
(46,838)
394,053
347,215
At
5.4.23
£
56,651
3,873,308
3,929,959

continued...

Page 13

GMC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

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
£
267,377
-
267,378		 Resources
expended
£
(307,900)
(26,248)
(334,149)		 Gains and
Movement
losses
in funds
£
£
-
(40,523)
378,409
352,161
378,409
311,638

During the year £10,251 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 2023.

Page 14