Charity registration number.. 1134727 The David Gibbons Foundation Annual R8POrt and Flnanclal Ststements for the Year Ended 31 March 2025 WESTCOTTS TeRID ACCOUNTANT BUS114ISS ADVIgFFIS
The David Glbbons Foundation Cont8nts R8ference and Admlnistratlve Detalls Trustees, Report 2to6 Independent Examlnerfs Report Statement of Financlal Actlvltle8 Balance She8t Notes to the Financlal Ststements 10t017
The Davld Gibbons Foundation Reference and Admlnlstratlve Detalls Chalr Dr John Franklsh Trustees Mr8 Elizabeth Lee Professor Chris King CBE DL Mr Slmon Bamett Dr John Frankish Dr Clive Stubbings, (Vice-chair) 1134727 Charlty Reglstratlon Number Prlnclpal Offlce 24 Philip Avenue Barnstaple Devon EX313AQ Catherine Wi11Sam8 FCA DChA Westcotts (SW) LLP 47 Boutport Street Bamstsple Devon EX31 1SQ Independenl Examlner Page 1
The David Glbbons Foundation Trustees. Report The Trustees present the annual report togelher with the financial statements of Ihe Charity for the year ended 31 March 2025. ObJectlve8 and activltlos The objectives and funding for the Charity come from the Will of Davld Ernest Gibbons, who dled on the 20 February 2008, which provides for the establishment of the Charity and its endowment. The maln objecliv8s of the Charity ar8 to award grants to promote the welfare and rellef of: . 1. People suffering from sickness or dlsabilty includlng mental illness and leaming disabilltles: 2. People suff8ring from financlal hardshlp. 3. The elderly; In the County of Devon (with East Devon having preference) in any manner the Trustees may decide. Object 1 has been broadened lo include bolh physical and menlal sickness, disability and learning disabilily. During the year the Trust88s have had regard to the guldance Issued by the Charty Commls8Son on public benefit. struclure? governance and management The Charity has been fully compliant all relevant Charity Commission Guidance on Govemance. Slnce March 2020, due to coronavlrus restrlctlons. Trustee meetlngs have been conducted 'on-Ilne'. This removèd the need for the Charlty to flnd new office space {following closure of the previous space in June 2021). Thes8 meetings are convi>nlenl, efficient. accurate, economlc and effective. However, the Trustees have resumed meeting in person when an advantage or benefit Is agreed. The trust does not have rent or own current offlce space wlth our manager operallng from home. Trustee meetings have been increased from 4 to 6. Thls better faalitates managing the rise in applications (increasing by 710h in 2 years) and has improved response tim8s and efficiency. The Trustees now meet in January, March, May, July, September and November. The Trustees have designated the May rneeling as an AGM, meeting in person at a hired venue. January Is designated a Governance meeting and the Sèptember meeting which is scheduled lo meel in person al a hired venue. The other 3 meetings are designated grant meetings with limit6d business activity and conducted on-line. The Trust69s contlnue to reflect on the effectiv8ness of the meeting sch8dule and will adapt as required. Outslde of meetings contact between the Trustèes and the Trust Manager continues vla emall at18asl weekly. TrLislees and manager notfy unavailability and holiday via email and using the Tlmelree app. Some grants, nSIdered as urgent, are now assessed and may be awarded swrftly outside of the scheduled meetings using email, with the agreement of the Truste&s. This is important as it facilitates grant rnaking in exceplional or urgent situations. This requires a minimum of 3 out of 5 Trustees to agree on making a grant. The Trustees continue to be extremely grateful to thelr Trust Manager, Cathy Houghton for her thorough and excellerrt management of every aspect of the Charity's affairs. Page 2
The David Gibbons Foundation Trustees. Report (contlnued) The Truslees are not remunefated but can clalrn reasonable travel expenses to attend a Trustees, meeting or in the course of his or her duties. During the period of this report £55 has be8n paid to one Trustee for travel exp8nses. The Trustees are pleased to report that no ¢h8nges in management of the charity have taken place during the reporting year. Trusteas are generally appointed for 3 years with any re-appointments taking place in May IAGM), regardless of month of appointment. Consideration to Charity Commission guidance that appointments are generalSy a maximum of 9 years is 8ccepled with exception to family members. It is noted that this is guidance and might be varied if circumstances dictate. The Trust8es have explor8d the possibillty of an amalgamation of both Trusts to a single Charity. Thls Charity could take the fomi of a CIO. This would simplify the structure and reduce management time and cost. Money was spent on legal advlce. and consultations wllh the Charities Commlssion. The Charities Act 2022 was designed to make it e8sl8r for changes required by the Trustees to take place. Delays to full implementallon forced the Trustees to wait until such time as these Changes are fully implemented before taking further action and in¢urrlng more cost. No progr888 has been made wlth thls during the report Period. The Trustees undertook a review and ratlfication of the following policies at the January meeting 2025: Reserves and Investment, Safeguarding, Office Manual, the Trusts, Risk Assessrnent, Governance code and register of Trustee interests. The Truslees remaln vSgllant in their approach to grant-making, res8archlng charities on the Charlty Cornmlssion website, Companies House, or other statutory body websites.. verifying all organisations onllne: havlng sight of accounts for 811 organisatlons, ideally withln 6 months of thelr year-end. From Novernber 2024 the Trustees agreed that applications for families and Individua18 would only be accepted via an independènt, not for profit third party who would act as their referee and be responslble for grant payments. The Trust is receiving a significant increase in demand from Devon County Council (DCC) on behalf of families. Adaptations have been made to the website and application process to facilitate this. A meeting was undertaken with officers from DCC to set up a 'block grant, system but was not finalised. DCC have been undergoing internal reviews and were not able to set this up and also felt that a block grant would limit the amount of grants made. Thls will be revlewed in the future as lh8 number of grants is incr8aslng and accounts for considerable offlce tlme. However, contact with the relevant Flnance Department of DCC is regular to ensure grants are utlllsed efficiently and 9ffectively and expedlently or retumed to us. Policies surrounding the payment of all grants rèm8ln rigorous lo minimise the risk of fraud,. payment is by BACS only after confirming bank idenlification. The Trust's system requlre5 feedback to gnsure grants are utllised in Ilne wlth the application and within 6 months of receiving a grant. On occasion situations tnay change, and requests are made to the Trustees for a delay or different US8 of a grant. The Trustees always conslder any such request ijillgently before acceptin9 it. The Trustees continue to welcome successful applicants sending feedback vla thankyou's. reports. photos, and invitations, following receipts of grants. Th8 Charity continues lo share all resources, website, and database, with The Gibbons Family Trust. The running costs from 2025 and 2024 for both of the Gibbons Trusts have been paid from capital withdrawals from the DGF in 2025. and this included payments to GFT of £28,315 in total. This is in addition to the usual monthly recharge. This decision, by the Truste8s. was taken due to larger investments and greater income in DGF to support grant making by the GFT. Page 3
The David Gibbons Foundation Trustees. Report (continued) In addition, in the usual course of the year and separatety to d6cisions taken for these one of payTnents from capital a monthly standing order exists lo GFT for monthly runnlng c03ts. with a balancing transfer at the end of the financial year to complete full payment. The Trust885 are pleased that the onllne grants database dalivers an efficlent and paperfess system for Trustees In thelr preparation for rneetlngs. AchSev•ments and performanco It 1$ with Immense pride we can report that slnce 2011. £1.769.302 has been gifted In 1,219 grants. During that tim8 average grants lo Indlviduals was £588 and to organlsations £1,816. The Charlty grant policy follows the spiril of tho crlteria slipulated in the Trust Deed, The Trustees continue to favour smaller IOCBI charities rather than larger national charities. The Trustees are pleased that Ihe online grants database dellvers an efflcient and paperless sysl8m for Trustees in th8lr preparation for meetlngs. The Trustees have contlnued to dlslribule the maxlmum income avai18ble through grants, and have utilised wilhdrawn capital, designated for grant spending. when income was not sufficient. With th8 extra money released from the 3 drawdowns 12022, 2024 and 2025) grant numbers have been steadily increa$lng over the past 3 year8, The result is the highest spend on grants distributed slnce the Trusl began. In thls reported year £168,901 was awarded by way of 120 grants (£155,609 in 20241. The average gr8ril size being £1,408. This growth is also renected in the number of applications received, 152 Ihls year which is an Increase of 89 appllcatlons on jusl 2 y8ars ago. Of Ihis total. £46,078 in 22 grants (average £2.094) remalned In East Devon, In keeping wlth the DGF D&eds staled preference for this area. £39,405 (£18.621 in 2024) was given to indwiduals through 60 grants (22 in 2024). This slgnificant increase, as noted above, is largely due to incr8asing numbers from Devon County Council social workers, on behalf of familles. A full Ilst of the grants made to organisations is av8ilable as an appendix to thes8 accounts. The Trustees were sad to report the death of the first Chalr of Trustees, Roger Dawe who worked with David Gibbons to draw the daeds of both the DGF and GFT. He took over the running of both trusts after the death of David and lh8 over58eing of Incorporating Ihe estate of Vera Gibbons on her d8ath. As a mark of respect, the Trustees have agreed a grant of £10.000 towards refurbishments at Resthaven care home, his favoured Charity. Page 4
The David Gibbons Foundation Trustees. Report (contlnued) Flnanclal revlew All the Charitls investment funds rem8in with CCLA Investment M8nagement Ltd. These are split between 2 Funds. CCLA Ethical and CCLA Property. The Charity reports an investment income during the y8ar of £124,046 available for grants (£123,666 in 2024 £123,666 in 2023, 2022 in £124,549). The Truslees welcomed the bank interest on Éheir CAF bank accounts of £1,300 (£470 '. 2024, £286 In 2023, 2022; £61. On 31st March 2025 fvnds were CCLA Ethical £2,057,617 1£2,297.346 In 2024, 2023: £2,091.827, 2022; £2.201,595), and CCLA Property £1,121,073 1£1,105.480 In 2024, £1.165.608 In 2023. £1,385,402 in 2022). As always, the Charity tries to keep office costs paid from Unrestricted Funds as small as possible. maximising income available for grants continues to be the financial priority. Office cosls amounted to £15,658 (£12,983 in 2024, £11.731 in 2023. £11,482 in 2022). This represents 12010 of inveslmenl income. refi8Cting the efficiency Df management and office policy. Thè increase in offic8 expenditure is a direct relection on the significant increasè in applications and improvèments to internal Systems. In Aprll 2024 a capllal wlthdrawal of £70,QOO took place and another of £80.000 In December 2024 (£77,000 in 20221 from the Expendable Endowmenl Fund. £30,000 of both trusts this was wlthdrawn to cover costs meanlng all Income and the remalnln9 £120,000 could support granl maklng. As noted 8bov8. £28,315 of thls was repald to lh8 GFT for office cost relmbursem8nt not already covered by the usual monthly recharge The Balance Sheet ha8 fluctuated in value over the past $8veral years, due to turbulence in the stock markets. A net investment loss of £74,136 has impacted the Balance Sheel in March 2025. This means the value has decreased from £3,416,902 in 2024 to £3,255.238 at the time of report. ReseNes and Investment Pollcles Since the Charity CommSssion gave perm188ion In 2022 for the converslon of the Pemianent Endowm8nt Fund to an Expendable Endowment Fund much greater flexlbiblily has benefitted grant making. The Truslees continue lo monitor the portfolio regularly.. receiving monthty valuations via their website and quarierly reports from CCLA, plus an annual VIeW with the Director of Client Services. The next review is scheduled for May 2025 at the AGM. The Trustees are satisfled that Ihe current balance of Investment Is as good and as $8fo as the current financial situation can provide. The Trustees also watch the fluctuation in the fund values for a future opportunity to further wlthdraw funds, when requlred, to boost the Unrestrlcted Fund. In the Unrestrided Fund th8 Trusle8s operated a 'zero level polity, aiming lo spend each year all the income available to them from Investments {after allowing for minimal offic8 expenses). It is not the intention of the Trustees to build up Unrestricted Reserves. However, as at the 31st March 2025. there is a current surplus of capital of £53,802 within the overall balance of £3,255.238. This is due the addition of the £80,000, withdrawn in Dec 2024, bul not yet all spent on grants. This bolsters the grant making ability of the Trust. but was not intended to be spent immediately. This has given the Trustees much greater flexibility and granl making and is shown by the excess of expenditure of £212,874. over income of £125.346. Durtng 2025 £46,198 of capltal was awarded In grants, slgnlficantly hlgher than £25,827 In 2024 lustlfying the Trustees decision to withdraw further capltsl. Page 5
The David Gibbons Foundatlon Trustees. Report (contlnued) statement of Trustees. Responslbilities The Trustees are responsible for preparlng the Trustees, report and th8 financial statements in accordance with tha United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulatlons. The law applicable lo chariti88 requires the Trustees to prepare financlal 8tatpments for each fSnancial year which give 8 true and fair view of Ihe $18te of affairs of th6 Charity and of the Incoming resources and appll¢ation of resources of the Charlty for Ihat perlod. In preparing these financial stst8ments. the Trustees are required to.. select suitablè accountlng pollcles and then apply them con81Stently' observe the methods and prlnciples in the Charities SORP; make judgements and estlmates that are reasonable and prudent., state whether appllcable accountlng stsndard8 have been followed. subject to any malerlal departures dlsclosed and explalned in the financlal statements,. and prepare the flnanclal statements on the going concern basls unle&8 il Is Inappropriate to presume that the Charity will contlnue In bu81ness. The Trustees are responsible for keeping proper accounting records that disclose with r8a50nable accuracy at any time the finanoal position of the Charity and enable them to ensure that the financial st81ements comply with the Charities Act 2011. the Charities {Accounls and Reports) Regulations 2008, and the provislons of the constilutlon. The Trustees are also responslble for safeguarding the 8ssels of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irr8gularilies, The Trustees are responsible for the maintenance and Integrity of the corporate and financlal information included on the charllabte companys website. Legislation governing the preparation and dlssemlnatlon of financtal Statements may differ from legislation in other jurlsdl¢tions. The annual report was approved by the Tru8tees of the Charlty on ?i[s behalf by.. and signed on Its r John ankish Chair and Trustee Page 6
The David Gibbons Foundation Independenl Examlner's Report to the trustees of The Davld Glbbons Foundatlon I report to the Trustees on my examination of the accounts of The DavKI Gibbons Foundation for the year ended 31 March 2025. Responslbilitle8 and basls of report As the Charity Trustees of The Davld Gibbons Foundatlon you are responslble for the preparatlon of the accounts In accordance with the requirements of the Charities Act 2011 ('the Act.), I report In respect of my examlnation of th8 Thè David Glbbons Foundatlon's accounts carried out under section 145 of the 2011 Act and in carying out my examinatlon I have followed all the applicable Dlrectlons given by the Charlty Commission under section 145(5)(b) of the Act. Independent examlner'8 8tatoment I have completed my examlnatlon. I conflrm that no material matters have com8 to my attention In cL)nnectlon wilh the examlnation glvlng me cause to believe that in any material respect: 1. accounting r8cords were not kept In r8spect of The Davkl Glbbons Foundatlon as required by section 130 of the Acl., or 2. the accounls do not accord with those records. or 3. the accounts do not comply with the accounting requirements concerning the fomi and content of accounts set out in Ihe 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 connectlon wlth Ihe examlnatlon to whlch attention should be drawn in this report In order to enable a proper understanding of the accounts to be reached. Catherine Williams FCA DChA Independenl Examlner Westcotts (SWI LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Date:.>.........rfY3x >S Page 7
The David Gibbons Foundation Statement of Flnanclal Actlvities for the Year Ended 31 March 2025 Unr88trlcted funds Endowment funds Total 2025 Total 2024 Note Income and Endowments from: Investment income 125,346 125,346 124.136 Total Income 125,346 125,346 124,136 Expenditure on: Charitable activities 212,874 212,874 168,592 Total expendlture Gainsl(losses) on investment assets (212,874) (212,874} 1168,592) 74,136 74,136 145,391 Nel (8xpenditurè)fincome Gross transfers been fund8 (87.528> (74,138) (161.664) 100,935 150,000 150.000 Nel movement in funds 62,472 1224,136) 1161,664) 100,935 Reconclllatlon of funds Total funds brought forward Total funds carrled forward 14 14,076 3,402.826 3,416.902 3.315,967 78,548 3.178,690 3,255,238 3,416,902 All of the Charlty's activttles derive from contlnuing operations during the above two periods. The funds breakdown for 2024 is shown in note 14. The notes on pages 10 to 17 fom an Integral part of these financial statements. Page 8
The David Gibbons Foundation (Reglstratlon number: 1134727) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed as8et8 Investments 11 3,178,690 3,402,826 Current assets Cash 8t bank and in hand 12 78,888 47,240 Credltors: Amounts falllng due wlthln one year Net current asset8 13 2,340 33.164 76,548 14,076 Net assets 3,255,238 3,416.902 Funds of the Charlty: Endowmont funds Unre•trlcted fund• 3.178,6 76,548 3,402,826 14.076 Total funds 14 3,255.238 3,416,902 The fi ¢181 statemgnts on pages 8 to 17 were approved by the Trustees, and authorised for issue on .A-l.. ........... and signed on their behalf by: Dr Joh Chair Frankish nd Trustee Dr Cllve Stubbings Vice-chair and Trustee The notes on pages 10 to 17 form an integral part of these financial statements. Page 9
The David Glbbons Foundatlon Notes to the Flnanclal Statements for the Year Ended 31 March 2025 1 Accounting policios Statement of compllance The financial statements have been prepared in accordance with Ihe second edition of the Charities Statement of Recommended Practlce issued In October 2019, th8 Financial Reporting Standard applicable In the United Kingdom and Republic of Ireland IFRS 1021 and Ihe Charitl8s Act 2011. Ba81s of prgparatlon The David Gibbons Foundation meets the definltion of a publlc benefit entlty under FRS 102. The accounts {financial statements) have been prepared under the historical cost conv8ntion wlth items recognlsed at cost or transaction value unless otherwise stated in the relevant notel8) to thes8 accounts. Golng concern The Trustees conslder that there are no material uncertalntles about the Charitys abillty to continue as a going concern. Income and endowments Inveslmgnt Incomo Dlvidends are recognlsed once the dlvldend has been declared and rK)tlfication has been received of Ihe dlvldend due. Expendlturo All expenditure is recognised once there is a legal or conslructive obligation to that expenditure, il Is probable settlement is required and the amount can b8 measured reliably. All costs are all¢)caled to thè applicablè expenditure heading that aggregale similar costs to that category. Where cosls cannot be directly attributed to particular headings they have been allocated on a basis consistent wilh Ihe use of resources, with central staff costs allocated on the basis of tlm& spent, and depreciation charges allocated on the portion of th8 asset's use. Other support costs are allocated based on the spread of staff costs. Charitable acuvltles Charitablg expenditure comprlses those costs Incurr8d by the Charity In the delivery of its acllvlties and servlces for its beneficlaries. It Includ8s both costs that can be allocated direclly lo such activities and those costs of an Indlrect nature ne$sary to support them. Grnnt provlslons Provlsions for grants are made whon the intsntlon to make a grant has been communlcated lo the recipient but there is uncertalnty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functlons and havè been allocated to actlvlty Cost categorl8s on a basls conslstent with the use of resources, for example. allocating propoty costs by floor areas, or per caplta, staff costs by the time spent and other costs by their usag8. Page 10
The David Gibbons Foundation Notes to the Financlal Statements for the Year Ended 31 March 2025 (contlnued) Fixed asset invastments Fixed asset investments, other than programme related investments. are included at mart(et value al the balan sheet date, Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost. and are charged or Grediled to the Statement of Flnancial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values durlng thè year and are credited or charged to the Stat8ment of Financlal AcUvltias based on the mark8t value at the year end. Cash and cash equlvalonts Cash and cash equivalents comprise cash on hand and call deposits. and other short-temi highly liquid inveslrn8nts that are readily convertible to a known amount of cash and are subject to an Insignificant Tisk of changè In value. Fund Structu Unrestricted income funds are general funds that ar8 available for use at the Trustees discretlon In furtherance of Ihe objectives of the Charlty. Financlal instruments Classificatlon Financial assets and ftnanclal 1labl1les are recognlsed when the Charlty becom88 a party to the contractual provlsions of the instrument. Flnancial Ilabllltles and equlty Instruments are classifled accordlng to the substance of the contractual arrangements entered Into. An equity instrument Is any contract Ihat evidences a resldual Interest In the assets of the Charlty after deducllng all of its liabilllles. Recognitlon and measurement All finandal assets and Ilabilities are Inillally measured at transaction price (includlng transactlon costs), except for those financlal ass8ls classified as at falr value through proflt or loss, whlch are inltially measur8d at falr value (whlch Is normally the transaction prlce excludlng transactlon costs). unless the arrangement constitutes a financing transadion. If an arrangement constitutes a financing transaction. the financial asset or financi81 liability is measured at the present value of the future payments discounted at a market rale of inlerest for a similar debt inslrument. Financial ass8ts and liabilities are only offs8t in the statemenl of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle Ihe liability simultsneously. Financial assets are derecognised when and only when a) the contractual rights to the cash fiows from the financial asset expire or are settled. b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial assel, or c) the Charity. despite having retained some, but not all, significant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabililles are derecognised onty when the obligation specified In the contraGt is dlscharged. can¢e51ed or expires. Page11
The David Gibbons Foundatlon Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (contlnued) 2 Investment Incomo Unre8tr1cted funds Total 2025 Interest receivable Inveslment income 1.300 124,046 125,346 1.300 124,046 125.346 Unr6•trlcted funds Total 2024 Interest receivable Investment income 470 123,666 124.136 470 123,666 124,136 3 Expondlturn on charltable acllvltie8 Unrgstrlctod funds Total 2025 Grants payable Support costs 168,901 43,973 168.901 43,973 212,874 212,874 UnreStriOd funds Total 2024 Grants payable Support costs 155,609 12,983 155,609 12,983 168,592 168,592 Pag8 12
The David Gibbons Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (continued) 4 Analy818 of 8UPPOrt costs Support costs Total 2023 Total 2024 Offlce expenses reimbursed to Gibbons Famlly Trust Recharge to the Gibbons Family Trust Independ8nt examinerfs fee Legal and professional fe8S Bank charges 28,315 28,315 13,258 2,340 13,258 2,340 10.259 2,232 432 60 60 60 43,973 43.973 12,983 The David Gibbons Foundation shares resources and the seNIc8s of a Trust Manager, employed by the Gibbons Family Trust. Durlng Ihe year these costs were shar8d equally, and th8 David Gibbons Foundation reimburses the Gibbons Family Trust for half of these costs retrospectively on a quarterly basis. The amount of £28,315 was repaid to Gibbons Family Trust in lieu of 2 years of office costs that has not been reimbursed in previous year5. The David Gibbons Foundation has capital funds invested wlth CCLA Investment Management Ltd. CCLA income is received net of investment fees. 3 Grant4naklng Analysi8 of grants 2025 2024 Analysls of grants Granls to individuals Grants to institutions 39,405 129,496 18,821 136.988 168.901 155,609 6 Net Incomlngloutgolng resources Net outgoing resources for the year include: 2025 2024 Gainsl(losses) on other Inv8slment assets 74,136) 145,391 Page 13
The David Gibbons Foundatlon Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (continued) 7 Trustee8 remuneration and expenses During th8 year, The David Glbbons Trust relmbursed The GSbbons Family Trust half of the £55 (2024: £53) claimed In travel expenses by one Trustee. No Truste8s, nor any persons connected wlth them, have recelved any remuneratlon frorn the Charity during the year. Legacies Under the terms of the Wlll of late Mr D Gibbons this Charlty is a potential ben6fi¢iary of Discretionary Trust Fund with capital value of £28.535 al 31 March 2025 (2024.. £31,880}. The other potential beneficiaries are Ihe Glbbons Family Trust and Mr Kevin 8anfield, a former employee of Mr Gibbons. In 8dditlon the Davld Gibbon8 Found8tlon wlll a150 re1ve absolutety a property purchased under the lemis of the Will. The same employee has the beneflt of the property during hls lifetime and on his death the property will pass to the David Gibbons Foundation. The property was valu8d by Bradleys Estate Agents at £390,000 in October 2016 (previously valued at £425,000 at the tlme of David Gibbons, death in 2008). 9 Staff costs The average head count of employees durlng the year was Nll {2024: NII), No employ8e recelv8d emoluments of rnore than £60.000 during the year (2024.. Nil). 10 Independent oxamlnerfs remunerallon 2025 2024 Independent examination fees 2,340 2,232 Page 14
The David Gibbons Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (contlnued) 11 Investmgnts CCLA Property Fund CCLA Ethical Fund Total Co$t or Valuatlon At 1 Aprll 2024 Falr value movements Disposals At 31 March 2025 1.105,480 15,593 2,297,346 3,402,826 (89,7291 {74.1361 150.000 150,000 1,121.073 2,057,617 3.178.690 Net book value At 31 March 2025 1,121,073 2.057,617 3,178,690 At 31 March 2024 1,105,480 2.297.346 3,402.826 12 Cash and cash equlvalents 2025 2024 Cash at bank 78,888 47,240 13 Credltors: amounts falllng due wlthln one year 2025 2024 Granls payable Other creditor8 Accruals 27,476 3.456 2.232 2.340 2,340 33,164 Page 15
The David Gibbons Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (Gontlnued) 14 Funds Balanco Other at 1 Aprll Incomlng Resources recognlsed 2024 rosources expended Transfers galnsl(lossa81 Balance at31 MarGh 2025 Unrestrlcted funds General funds 14.076 125,346 (212,874) 150,000 76,548 Endowment funds Expendable Endowment funds 3,402,826 150.000 74,136 74.136 3,178,690 3,178,690 3,255.238 3.402,826 150,000 Tolal funds 3 416,902 125,346 212.874 74,136 Balance at 1 Aprll 2023 other Incomlng Resources recognlsed resources expended galnsl{losse3) Balance at 31 March 2024 Unrestrlcted funds General funds 58,532 124,136 (168,592) 14,076 Endowmontfunds Expendable Endowment fund5 3.257.435 145,391 145.391 3,402,826 3,257.435 3,402,826 Total funds 3.315.967 124,136 168,592 145,391 3.416,902 Page 16
The David Gibbons Foundation Notes to the Flnanclal Statements for Ihe Year Ended 31 March 2025 (continued) 15 Analy818 of net a880t8 betWOon funds Unrestrlcted funds General Endowment funds Expendable Total funds at 31 March 2025 Fixed asset investments Current assets Curr8nt liabilitles 3,178,690 3,178,690 78,888 2.340 78.888 2,340 Total net as88ts 76,548 3.178.690 3,255.238 Unrostrlctod funds Goneral Endowment funds Expendable Total funds at 31 March 2024 Fixed asset investments Current assets Current liabilities 3,402,826 3,402.826 47,240 33,164 47,240 33,164 Total net assets 14,076 3,402.826 3,416,902 16 Related party transactlons During the year Vicerychair and Trustee Dr Clive Stubbings ac18d as a Trustee and Secretary for Exmouth Welfare Trust. A grant of £3,000 was paid to Exmouth welfa Trust12024.. £3,000). Page 17
Th8 David Gibbons Foundation entureTherJ Age Concern BJrnstJpie and Nonh Devon CIO AEe Concern Crediion A£e UK Exeter AAMinercomMUnltyShed 8riti$hWireless Fof The Blind Fund Calibre Audio Churches HousingActlonTeamlCHATI CliizensAdvlce EKeier Cllizenspthlce Souih Hom5 Cltlzens4Jvlce Torbay Cpmmon Flora Credlton CommunltyBookshopLld TIA The Bookery 04>rtmouth Corlne Deniald The Oentalcharlty DreDm-a-wJy Eos1 Devon Ridinftlorthe Dlsabled Group Estuary League olFriends LKeter CoMmnityT¥anSP0rtAss0cl0t10n Exerer GJtewayCentre Exeier Network Church E%moulh Gatewayclvb EKn)ouih Welfare Trust FareShJre Souihwest Foodcycle Freedom CommunltyAlllance Gala Givln2CIC Glftedwomen Glenorchy lobcafé Hair in ihe Community 230 1.798 +arbDurNouse 1.000 Home.Stort Exeter. Ea Jnd Mld Devon 3,001) Hospis¢are Insplringconneciions Southwest CIC KlnRgbridEe Area Food Bank LaunchpadlSWI C.I.C Mawc Carpel Merry Go Rpund Toy and Leisure Llbrorie No Limi15CommunityCafe and Hub Nonh DevDn l)own Syndrome Group Open Ooor Exmouth Phoenix AlnEFIt CIC Plyniouth CItyCoun¢il Pro}ecl Food 2.000 AE.'STOREAXEVALLEYCIC 1.250 Refueeesupport Devon i.ooo Rest Hoven (Royroawe memoriolFJan 10.000 Rowcroft Hospice 2.050 Sea¢hange Devon 1.000 Slep One Charity 1.000 TelbrIdge Communiry Projeet CIC 1,5 The ALice Crc1s5Centrt 2.500 The Strow Paieh Projeet CIC 2.no Trevi Women Lt Unite Corers In Mid Devon Veierans Ouidoors Illsioricore lor Hoete$spe0p1e Westbank Community Heolth and Care Weh¥heelSTorty WhJiYourProblemC.I.C. 2.000 3.000 920 i.10 2.OLM) 2.OQO 1.50 1,623 3.000 1.51JO 1300 500 2.160 1.000 5.000 2.IJOD 2.0110 3.000 3.lJOO 1.000 .3.000 s.ooo 1.500 3.0 4.000 2.000 1.500 1.000 1.000 2.000 1.500 1.500 Page 18
The David Gibbons Foundation Rest Haven (Roger Dawe memorlal grant) Exeter Gatewaycentre Open Ooor Exmouth Unlte Cafers In Mld Devon Fareshare South West Axminster Comrnunlty Shed citlzens Advlce Exeter Dentaid The Dental Charlty Dream-a-way Exeter Cornmunlty TransportAssoclatlon Exmouth WeltareTrust Homfrstart Exeter, East and Mld Devon Hosplscare Ptyrnouth Clty Councll Trevl Women Ltd The Straw Patch Project CIC AdventuieTherapy The Allce Cross Centre No Llmlts Communltycafeand Hub Rowcroft Hosplce 10,000 5.000 5.000 5.000 4.000 3.OlXI 3,OlY) 3.000 3,000 3,000 3,000 3,000 3,0(K) 3,000 3.000 2.770 2.500 2,500 2,160 2,050 Total 70,980 Page 19