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2022-04-05-accounts

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

Charity Registration Number : 1108775

The James Gibson Charitable Trust

Report and Financial Statements

5 April 2022

Deloitte LLP Cardiff

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS 2022

CONTENTS Page
Trustees and professional advisers 1
Trustees' annual report 2/3
Independent examiners report 4
Statement of financial activities 5
Balance sheet 6
Notes to the accounts 7/8

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS 2022

TRUSTEES AND PROFESSIONAL ADVISERS

TRUSTEES

George David Gibson William Bonner-Davies Joanna Skipwith

TRUST ADDRESS

The Manor House 10 Chapple Lane The Reach Cambridge CB25 0JJ

STOCKBROKERS

Raymond James Investment Services Ropemaker Place 25 Ropemaker Street London EC2Y 9LY

ACCOUNTANTS

Deloitte LLP 5 Callaghan Square Cardiff CF10 5BT

INDEPENDENT EXAMINER

David Jones & Co 3 Pantbach Pentyrch Cardiff CF15 9TG

LEGAL STATUS

The charity was formed under a trust deed dated 16[th] March 2005. Charity Commission registration number 1108775.

Page 1

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 5 APRIL 2022

The trustees present their report along with the financial statements of the charity for the period ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charities Act 2011, the Financial Reporting Standard 102 and the provisions of the trust deed dated 16 March 2005.

Constitution and objectives

The Charitable Trust was established by Mr George David Gibson in a Settlement Deed dated 16th March 2005 under the law of England and Wales. The Trust is registered with the Charity Commission, registration number 1108775. The principal objectives of the Trust are to make donations and grants to such charitable institutions or authorities in such a manner as the trustees may in their absolute discretion think fit. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims or objectives and in planning future activities and setting the grant making policy for the year.

Organisation

The trustees, who served throughout the year, their advisors and legal status are summarised on page 1 of these accounts. All trustees meet annually to agree the appeals that will be successful in receiving donations for the year. Appointment of new trustees is at the discretion of the existing trustees. New Trustees are briefed about the Charity’s objectives and how they have been achieved in the past.

Review of activities

The trustees identify suitable projects for consideration. Written applications are submitted to the registered office. Grants are made to Registered Charities which provide a benefit to the general public. The trustees will also consider recurring annual donations.

During the year donations were made of £100,000. Barn Owl Trust and Zoological Society London each received £10,000. Fauna & Flora and World Land Trust each received £30,000. Greenpeace Environmental Trust received £15,000 and The Froglife Trust received £5,000. There were no donations made for the year to 5 April 2021.

The trustees intend to continue providing donations in a similar way as previous years retaining flexibility as to the timing and scale of the donations.

Financial review and investment policy

There was a negative net movement in funds for the year of £12,222 (2021: positive net movement of £550,184) which has been transferred to the unrestricted fund. Ignoring gains on revaluation and disposal of investment assets the net outgoing resources amount to £68,044 (2021 incoming £30,023). The balance of the unrestricted fund for the year amounted to £2,193,648 (2021 – £2,205,870).

The Trust derives its income from investing in quoted shares and securities. The value of investments under management was £2,155,236 at 5th April 2022 (2021 - £2,012,843). The investment portfolio was under discretionary management with Charles Stanley & Co Ltd and later with Raymond James Investment Services, who undertake a moderate risk investment policy and review the investment performance regularly with the trustees.

Reserves policy

The trustees operate a single unrestricted fund that is represented by the market value of investments and net cash deposits required to generate resources from which charitable donations are made. The capital base of investments is used to generate income for distribution on an annual basis.

Risk management

The trustees annually review the risks that the charity faces. To date these have mainly related to investments and these have been addressed by diversified portfolio management. The trustees are aware of the risks of fraudulent applications being received and continue their vigilance in assessing appeals.

Page 2

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

Statement of trustees responsibilities

Charity Law 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 its financial activities 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 constitution and the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and consequently for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with their responsibilities, the Trustees have considered the appropriateness of the going concern basis for the preparation of the financial statements. After making enquiries, the Trustees have reasonable expectation that the Charity has adequate resources to continue in operational existence for the current financial year to 5 April 2022 and that all funds have the ability to meet their obligations. For this reason the Trustees continue to adopt the going concern basis in preparing the financial statements.

Independent Examiner

The trustees intend to retain David Jones & Co to undertake the independent examination of the trust for the year.

Signed on behalf of the trustees

....................................

George David Gibson

01 February 2023 | 00:07:46 PST .............................. Date

Page 3

Docusign Envelopp ID. 21FC101N9A(k4ADUF2(H)E1222BFF3C2 David Jones & Co Independent Examiners Report to the Trustees of The James Glbson Charitable Trust - charity number l 108775 I report to the trustees on m!" examinthon of the ac£ounts of Th¢ James th.bson Cl)aritable T￿￿t (the Tnsl) for th¢ l'ear ended i April 2022. Rcsponsibililies and basis of retMIrt As thc chaTitt' trnstees of the Trust i.ou arc respKTrnsibk for thc pr4)arntion of thc ￿tsunts in accordan¢¢ ii'ith thc requiremeFtls of the Charities Act 2011 ("thc Act-) I report in respect of m!" eumination of the Tn￿ s xcounts carr1￿ oul under s(￿110￿ 145 of the 2011 Act and in ¢atTr'ing out mi" C￿ninatiOn I h￿"C folloii.ed all the applicabl¢ Directions ￿l'ell bi". the Charity. Commission under 5CCtion 141 (iKb) of the Act. Indcixndent e.iamincr s sthiement I hai"e completed m!. ewllination. I confinn that Th) malerial matters h￿"¢ come to mi" attention iTt connection ii.ith the cuDinatson gii.ing m¢ ca￿￿ to trtliei"e that in an!" matcrial rrspect.. l) ￿OUntIng records ii'ere not k.ept ID TesFEcI of thc Trust as required b!. section 130 of the Aet or 2) the w)unts do not accord ￿1th those re£ords" or J) the accounts do not compl!. ii.ith thc applicablc requiremcnts ¢oDceming the fom and content of accounts sel out in thc Charities (Accounts and RetK)rts) Regulations 2008 other thart aui. requircmenl that the accounts gii"e a -ttue and fair i'ithi" ii'lll"ch is not a matter cOnsid￿cd as part of aEE inde[￿ndent eNamination. I hai'e no concetns and hai"e come across ￿ othet matters in Comi￿￿"0ll Thith the &wnination to ii.hich attention should bc drai1￿ in thi.s rel￿ in order to ¢rtable a proper undcrstanding of the accounts to be reacheiL Signed Name: Davsd Jones Relevattt professional qualification or body: Chartered Institute of TaxatioD & Society of Trnst and Estate Practitioners 3 Palltbaeh Pelltyreh Cardiff CF15 9TG Address Date: g¢)

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES Year ended 5 April 2022

Note
INCOMING RESOURCES
Incoming resources from Generated Funds:
Investment income receivable
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Cost of Charitable Activities:
Donations payable
Cost of Generating Funds:
Bank Charges
Stockbrokers’ fees
Governance Costs:
Accountants’ fees
Accountants’ fees – under-provision
Independent examiners’ fee
TOTAL RESOURCES EXPENDED
NET INCOMING/OUTGOING RESOURCES
Profit on investments realised
(Loss)/profit on investments unrealised
NET MOVEMENT IN FUNDS
TOTAL FUNDS brought forward
4
TOTAL FUNDS carried forward
4		 2022
Total Funds

£
£
47,362
47,362
100,000
32
12,404
2,520
-
450

____
(115,406)
(68,044)
57,353
(1,531)
(12,222)
2,205,870
2,193,648		 2021
Total Funds
£
£
40,825
40,825
-
-
8,072
2,220
60
450

____
(10,802)
30,023
69,473
450,688
550,184
1,655,686
2,205,870

Page 5

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

BALANCE SHEET Year ended 5 April 2022

Note
INVESTMENTS
Quoted securities
5
CURRENT ASSETS
Charles Stanley – capital account
Charles Stanley – income account
CAF bank
Raymond James Investment Services
HMRC – tax repayable
CREDITORS:
Amounts falling due within one year:
Accountants’ fees
Independent examiner’s fee
NET CURRENT ASSETS
FUNDS
Unrestricted funds:
General funds
4		 £
-
-
25,068
14,937
1,437
41,442
2,580
450
3,030		 2022
£
2,155,236
38,412
2,193,648
2,193,648		 £
194,643
2,167
-
-
1,437
198,247
4,320
900
5,220		 2021
£
2,012,843
193,027
2,205,870
2,205,870

The financial statements of James Gibson Charitable Trust, registered charity number 1108775 were approved by the Trustees and authorised for issue on 01 February 2023 | 00:07:46 PST

............................................

.......................................... ......................................... George David Gibson Joanna Skipwith

01 February 2023 | 00:07:46 PST ...............................Date

05 February 2023 | 10:33:33 GMT ......................................Date

..................................

William Bonner-Davies

31 January 2023 | 21:40:48 GMT .............................. Date

Page 6

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

NOTES TO THE ACCOUNTS Year ended 5 April 2022

1 ESTABLISHMENT

The Charitable Trust was established by a Settlement Deed dated 16[th] March 2005 under the law of England and Wales.

The Trust is registered with the Charity Commission, registration number 1108775.

2 ACCOUNTING POLICIES

The financial statements are prepared in accordance with applicable accounting standards including the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP January 2020), Financial Reporting Standard 102 and applicable United Kingdom accounting standards. The particular accounting policies adopted by the trustees are described below.

(a) Accounting convention

The financial statements are prepared under the historical cost convention, except as described at (f) below.

(b) Fund accounting

The fund is unrestricted.

(c) Incoming resources

All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of tax has or will be made, this is shown as tax recoverable.

(e) Other expenditure

Other expenditure relates to management and administration costs.

(f) Investments

Investments are stated at market value.

3 INFORMATION REGARDING TRUSTEES

No trustee or person connected to them, has received any remuneration from the Trust during the year or received re-imbursement for expenses. William Bonner Davies has a business relationship with Raymond James Investment Services and Charles Stanley who were investment advisors to the trust. Fees of £12,404 were charged for the administration of the investment portfolio.

.

Page 7

DocuSign Envelope ID: 21FC101D-89A0-4AD8-8F20-DE1222BFF3C2

THE JAMES GIBSON CHARITABLE TRUST

NOTES TO THE ACCOUNTS Year ended 5 April 2022

4
MOVEMENT IN UNRESTRICTED FUNDS

Balance as at 6 April 2021
Profit on sale of investments - realised
(Loss)/profit on investments - unrealised
Incoming/outgoing resources
Balance as at 5 April 2022
5 QUOTED INVESTMENTS AND SECURITIES
Market value brought forward
Purchases
Proceeds
Net realised profit
Net unrealised (loss)/profit
Market value carried forward
Historic cost
£
57,353
(1,531)		 2022
£
2,205,870
55,822
(68,044)
2,193,648
___
2022
£
2,012,843
417,134
(330,563)
57,353
(1,531)
2,155,236
__
1,632,948
£

69,473
450,688
2021
£
1,655,686
520,161
30,023
2,205,870
___
2021
£
1,550,448
17,010
(74,776)
69,473
450,688
2,012,843
__
1,489,024

Page 8