Charity registration number.. 1134727 The David Gibbons Foundation Annual Report and Financial Stslements for the Year Ended 31 March 2026 WESTCOTTS CHARTERED ACCOUNI•NTS S BVSINESS ADVISEfl6
Th• David Gibbons Foundatlon Contents Reference and Administrative Details Truslees, Report 2to9 Indedent Examiners Report 10 Statement of Financial Activtties 11 Balance Sheet 12 Notes to the Fin8nclal Statements 131020
The David Gibbons Foundation Reference and Administrative Detalls Chair Dr John Frankish Trusl8es.' Dr John Frankish Dr Clive Stubbings, (Vic&Chairl Mrs Elizabelh Lee (reslgned 16 September 2025) Professor Chris King CBE DL Mr Simon Barnett Ms Debbie Newson {appointed 16 September 2025) Ms Julie Moulsdale (appointed 29 July 2025) Mr Michael Warriner {appointed 24 March 2026) Charity Règistratlon Number 1134727 Prlnclpal Offl¢e 24 Philip Avenue Bamstsple Devon EX31 3AQ Independent Examlner Catherine Williams FCA DChA Westcotts (SWI LLP 47 Boulport Street Bamstaple Devon EX31 1SQ Invostmenl management CCLA Investment Management One Angel Lane Londong EC4R 3AB Page 1
The David Gibbons Foundatlon Trustees. Report The Trustees present the annual r8POrt together with the financial statements of the Charity for the year ended 31 March 2026. This report has been produced in acceptance of the required changes under the Charities SORP 2026 Tier 1 reporting regime for charities with income below £500.000. It IS Written wilh reference ta the 2025 Charity Govemance Code. Objgctives and Actlvltles The objectives and funds for Th8 David Gibbons Foundation (DGF} were provided from the Will of David Ernesl Glbbons, who died on 20 February 2008. He provided for the establishment and gifted an endoyfflient lo fund for the Charity. The objects of the Charlty are set out in the TnJ8t deed October 2009. to award grants to promote the wetlare and relief of- People SLrffering from sickness or disabilty induding mental illness and learning disability, 2. People suffering from financial hardship, 3. The eldety, wllhln the county of Devon (East Devon having preferen¢el The Trusle&s are entrusted lo use the income, and capital if needed, of the Charty in fulfilling the objeots through the awarding of grants in line with th8 criteria above. These grants make a great drfference to the beneficiaries, whith dearfy benefits wder society. In Trust meetings every application is discussed thoroughly. giving all Truste&s a chance to support an application and lo what degree. All grants are made at the Trustees, dlgcretion. Consensus is requir8d before grants are made and for how much. In the event of a voting stalemate the Chair of the meeting has a Gasting vote. The act(vities only Involve the Trustees in work needed for grant making, and no other volunteers are Used. All activities are undertaken lo further tho Charitys purpose for public benefrt. This Trust is run in conJunction with the sister Charity, The Gibbons Family Trust Ire9iStered charity number 290884). Structure. Govemanco and Managgmont Th& Chartty delivers its objects via its board of Trustees. Trustees are entirfed lo hold office for life. (original Trust deed dau5e 4.31. However the Board takes notice of Charities Commission guidance of the normal 9-year period of service wllh rwleclion every third year. These re-appointments take place at the AGM as required each May. Due to the increase in demand over the last 3 year5 wlth increased applications and more meeting$, the number of Trustees has been expanded to the maximum allowed in the Deed. The board now o)nsists of 7 Tnjstees. As per the deed. the Trustees elect a Chair to preside over meetings. Except for the Chair (with a casting vote) of the meeting every Trustge has 1 vote on e8¢h issue (original Trust Deed clause 5.6}. Page 2
The David Gibbons Foundation Trustees. Report (continued) So far lo dale, new Trustees have been appointed through a process that starts with a personal invitation or recommendation by another Tnjstee. An initial, informal meeting take5 pla¢e. and if approved, the potential Trustee is Invited as an observer to the next board meeling. Subject to the Trustees further approval they may then be invited to join the board, fofflialised through the signing of L)eed of Appointment, and assume full volng rights. The current Board skill mlx includes family Tnembership, work in education, medlcine, and legal professions. as well as general life experience and qualities. The Trustees are not remunerated bul can claim reasonable travel expenses in the course of their duties. No other payments to Trustees for services or other costs have been made. The Trusl contracts their manager to work from home, which is efficient, effective and economic and works very well for the Charity. Regular contact beeen her and Trustees allows for some business and occasional urggnt grant making, belween scheduled meetings. The Truslees continue lo be extremely grateful lo thgir Trust manager, Cathy Houghton, for her complete. thorough and excellent management of every asped of the Charitys affairs. The Trust has been very active and now holds grant meeting$ avery 8 weeks and full advice is given on the website on who can apply, how to apply. where to apply and whal to expeth. Meetings vary betsveen on-line 2nd in-person events. Achlevements and Performance The Trustees are delighted to state that the Davld Glbbons Foundation has made 1.364 grants since 2011. This has resulled in £1,924,791 being dispersed to individuals and organisations. This is a signfficant public benefit for the recipients and families. Grants Awarded since 2011 £258,565, ia% £1.666.226, 87% Grants made lor8ani53tK)n51 ¥ Grants made lindividtsals) In this year lo 31 March 2026. 143 grants have been made wth a value of £153,299 12025.. £168,901). Of these grants. 87 were made to individuals w(th average value of £522 {2025- £6571- 56 grants were made to organlsations with an averag& value of £1.927 (2025- £2,156)- East Devon individuals and charitable organisations received 14 of these grants 12025.. 22) which represents 9% in number, with a value of £19,21512025= £46.078}- Page 3
The David Gibbons Foundation Trustees. Report (contlnued) Grants Awarded by Area 13 87% % of8rants to E Devon %ofgrantsto'Restol Devon, This grant distribution represents excellent progress against the goals set by the Trusle8s in granting all of the income to tho applicants. This has been augTnenled by the TnJstees drawing down some investments from CCLA to pay all operating costs, and when needed additional capital, to increase grant making capacity. This allowed the Trust to grant the £153.299 mentioned above. in this year ended 31 March 2026, despite investrnent income being a litue lower at £124,381 (2025: £125,346). Year 2025126 2024/2 5 2023124 APPLICATIONS Number received Amount 3 plied for /0 chan eon r before 4vera%e grant lied for 153 301.897 2% 1,973 115 295,186 36% 2,567 339.902 GRANTS Number awarded Vo lue of grants given change fjn r betore A vera rant iven 143 153,299 121 170,901 io% 1,412 97 155,609 13% 1,604 1.072 Grant applications have steadily increased over the last 3 years. espeaally from individuals (via a sponsor, as applications are not accepted directly from members of the publicl- Many of these applications are for dire, urgent financial need, which has caused some pressure and discomfort for Trustees. This has been partially alleviated by increasing the frequency of meetings and expanding the board with new Trustees. Page 4
The David Gibbons Foundation Trustees. Report (continued) Number of Grants Awarded IOD 90 87 75 70 61 56 50 30 22 20 io Na c4 Rrant5 made IL¥¥anigticfi$ No. trf lindwusj 2026 w 2025 • 1024 A big step forward has also been achieved in conjunrtion with Devon County Council (E?rly Help, Children Families & Education Oepartmentl. Many of the most urgent applications, and the fastest growing source of applications, were ftom Devon County Council IDCCI- Followng meetings with key personal over the course of the year. an agreement with DCC for a Block Grant of £20.000 for 1 year, was reached in March 2026. The grant is to be paid in 2 installments of £10,000 in March 2028 and September 2026. This will allow DCC lo respond quickly lo applicants using the objects of the Tnjst. The DCC will report back to the Board after 6 months. and 12 months. The Trustees will decide in March 2027. how to progress this trial. This new Block Grant has been mad8 With a significant condition that is also being fleCted across all of DGF'S gr4nt making.. no longer will be applications be accepted or grant be made. for new flcx)ring of any kind. Thi5 follows the unprecedent8d rise in applicats'ons for families living in Social Housing with no flooring, particularly those having just moved into a new home. The Tnjstees were growing increasingly uneasy oboul funding such an environmentally unfriendly pollcy. and sirnultarbeously are looking now for applicants lo try to purchase second hand I recycled goods before brand new. The appendices attached lo these accounts list all grants made to charitable organisations. in the year to 31 March 2026. The following gives more detsil on the impact of Ihe local community. of some of these18rger grants: 1. TRIP Community Transport- £5.000 was awarded to this long-established East Devon based Charity. whose website headline is 'Connecling Our Communities since 1997,. Their charitable services include Ring & Ride mSnibuses. cars for medical appointment journeys, Vvheels for wheelchair friendly transport, Disability Aids, and a Friendship Club..Specifically, this grant was to enable beneficiaries to attend their Friendship Hub free of charge, annually this amounts to approx 1100 visits. Given that East Devon is a particulady large and rural area with limited public transport, this brings together these people (often with disabilities). Dut of social isolation and creates a supported community for them. Page 5
The David Gibbons Foundation Trustees. Report {continued) 2. Simply Counselllng - £3.500 was received by this Plymouth charity, their 2nd grant from the DGF. With a team of over 30 counsellors. Ihelr aim is to make counselling available lo all those in need, if need be. with no charge lo the client. This grant was to be used for women in crisis due to their experience of abuse,. lo offer in total 56 individual trauma informed counselling and psycho-education sessions. The aim was lo help them find positive strategies lo cope, build their assertion. and cope with difficult emotions. fhese tools then can used in all areas of the clients. lives, improving their relattonships with families, friends, work colleagues and the wider ommunity. 3. Cltizen's Advice East Devon - £3,000 grant for thelr Parent Support Project. This was the DCF'S 8th grant lo this CAB since 2011, and many different Devon CAB'S have applied over the years. The Trustees are very aware of both the cnjcial support and help that CABS provide,. yet they are balancing tighter than ever funds with increasing demand. The Parent Support Project enables schools lo refer parents, who are then offered support for a particular issue such as- benefits, adult disabiltties & SEND, housing problems, debt & financial issue. separation I divorce, advocacy, and ITaining. This support has a wide-ranging impact not just on the children and parents, bul also in helping the parents get into a more robust financial position. which then has a positive impact on the local economy and community. Financlal Review Apart from just £687 of interest from CAF Bank account8 for the day lo day running of this Trust, 811 income is by way of dividend distribution from the CCLA Ethiral and Property Funds. Turbulence in intemational markets and world politics have been reflected in the values of the holdings. shown below in Reserves & Investments. As noted above. despite this turbulence income though has remalned faidy steady.. £62.712 was received from the CCLA Ethical Fund (2025.. £63.063} and £60.982 from the Property Fund 12025.. £60,982}. The Tm5tees welcomed the recent news from CCLA that the Ethical Fund dividends are increasing by 40A in 2026. The Board has long been aware that returns from the Prop9rty Fund are higher than th09e of the Ethical Fund- at the 31 March 2026 the yields were 5.24¥0 and 3.41 QA regpectively. However. the Propety Fund is of higher risk and cannot be liquid2ted quickly (6-month notice periryj applies). As mentioned above. the running costs for both thls Charity and its. sister Charity, the GFT. are or will be. covered by the DGF drawng down funds at the instruction of the Trustees, to oplimrze grant making. No drawdowns in this financral year ended 31 March 2026 were needed. In Aprfl 2026 DGF drew down £60,000 from the CCLA Ethical Fund. Oirl costs have increased for this r. from £15.658 in 2025 to £22,311. The most significant reason for this increase is the higher wages of thè Trust Manager, pgrtty due to an increase in application numbers, from 136 in 2025 to 182 this year. Other mallers such as the introduction of Al, negotiatic$ with DCC, improvements in the application process. and more complex I longer Trustee meetings, have necessitsted the conTracling of highèr wages costs. by the Trustees. Oth8r cost increases include 2 rise in necessary IT bills. and the cost of in-person meetings. Page 6
The David Gibbons Foundation Trustees, Report (continued) Reserves and Investments The total investment with CCLA Investment Management on 31 March 2026 was £3.012,183. This is split betw88n the Ethical Fund £1.870.177 162D/ol and £1.142.006 the Property fund 138Yol- The comparative figures for 2025 were a total CCLA holding of £3,178.690'. being £2.057,617 in the Ethical Fund and £1,121,073 in the Propety Fund. This means the Ethical Fund suffered an unrealised loss of £187,440, only partially offset by the £20,933 gain in the Propety Fund. which followed the same pallern as in 2025. Over the last 2-year ends. the Ethical Fund has last value of £287.594 (after dlsposals of £150,000 In 20251. There were no re81ised gains or losses in 2026 as no capitsl drawdowns look place in this financial year. Under the new ownershlp of Jupiter Asset Management since February 2026, CCLA have 8uggesled that the £15 billion of their assets specialising in charitie5. local councils and religious institutions will retain ils brand, ethos and culture. The Trustees are hopefvl that this will be the case and investments may be more p[lUcIlVe under the umbrella of a larger corporation. The Trustees have been closely monhorlng the persistenl underperfomance Df the CCLA Ethical Fund, for some time. The Trustees are very mlndful of their reliance on this income from CCLA to fvlfil the objects of this Charity- The changes at CCLA have therefore caus8d some concern. The Trustees would prefer not to take any acts'on on current investments. but due diligence suggests information gathering now may be important. The Trustees wuld look further afield and consider moving some capital either wthin CCLA or spread the portfolio using other investment organisations. Therefore. meetings are planned this year wth CCLA and other financial advisors lo gain sufficient information lo justify any decisions by the Trustees. Total Reserves on the Balance Sheet at 31 March 2026 were £3,037.502 {2025: £3.255.2381. Of this £25,319 were Unrestrided Reserves, the rest being Expendable End0ment. Other than the pledged grant of £10,000 lo Devon County Council, this Trust has no commilmenls to grantees and minimal running costs, therefore the bulk of these total reserves vf £3.037,503 could be considered Free Reserv&s. This means that there is no speclfic Reserves balance that is required to be held by the DGF. and no issues regarding going concem. Discussions regularly lake place at Trustee meelings on how best to balance Reserves held now, diminishing these Reserv8s through drawdowns for grarrt making purposes. and the longevity of this Trust. Al present the Tru5tee5 are open lo calling on reserves as and when needed for grants, with no flxed agenda for the amount held in reserves in the long-temi. Conversations wll continue to be held on thls, by Ihe Trustees. Plans for future periods As noted above, in the short term the main focus of the Trustees is the potential diversification of their investment portfolio. in the interests of trying to protect their capital in an uncertain economic worfd. In lems of granl-making there are no significant plans for change. This Trust has always b8en r8active to applications, rather than proactively changing grant pollcies or focus. However, al Trugtee meetings it is regulady noted how the nature and type of applications have changed over the past few years. There are more applications for,. urgent, day-to-day applications for basic financial assistan. technology. children's mental health and leaming difficulties. The Trustees will continue to monitor thls and change their application and grant making policies where needed and appropriate. Page 7
The David Glbbons Foundatlon Trusto0$' Report (contlnued) Sustalnability With suslainabilty In mind, the Trusle8S are growing increasingly aware of the Charity's impact,. how it is run, what grants are made for. where their investments are held. This is demonstrat9d through the following.. The Cliarily now operates from a home-based environment, other than for most Trustee meeting8 being In-pen. This reduces Iravelling lime and cost,. improves safety, and operating efficiencles and effectiveness wilh minirnal gnvironmenial impact. The Charities are almost paperless and ask all (x)rrespondents to respect this. For this reason, Ihe registered office address is not shown on the website. Trustees have reflected on some 8spects of grant making and taken action on policies whlch they feel are both damaging the environment and are unsustainable. In 2025 the Chair wrote lo the Minister of Housing to highlight a problem with very vulnerable and disadvantaged individuals and families moving to propety where the flooring has been removed. Many grants wère given for the relief of the suffering this caused. However. the numbers increased lo a point where resources were not able to meet demand. the Trustees were saddened by this and so inllially capped the applications lo £1.000, then £500. This has not alleviated the problem and so in March 2026 il pushed the Trustees to put an efflbargo on this type of applicalion. The cost of n8w flooring ancl the envlronmenl81 impact nationvvide on landfill dumping of large quantities of discarded flooring is damaging and unsustainable. Other solutions are possible. In addrtion, and mor8 generally. application form$ for individuals now requests the sponsor considers suslainabilily, parhcularly by asking Ihein to slate if they have tried lo source recycled goods before applying lor iiew. The Trustees are looking for applicants who can demonslrale value for potential grant money and make wise ethical choices where they can. For example. charities that both help disadvantaged groups through activities with an environmental focus, are recoived more frequenuy, and are welcomed. As indiGaled above Ihe Trustees liave liquidated assets from the Investment portfolio. However, the Trustèes are aware that this is not sustainable and will impact on future periods. To maintain current capacity will require fvrther drawdowns, in tum reducing Income. The Board is mindful of balancing acting in the best interest of the charity now and for the future, with public benefit. This is to maintain the positive impact of grant-making as long as possible, despite awareness that in the distant future this may need changes. All Trustees are content wtth the focus of the CCLA Ethical fund. wlh its. mindfulness on sustainability and environmental impact. Page 8
The David Glbbons Foundation Trustees, Report {continued) Statement of Trustees. RgsponsibllltiOS The Trustees ar& responsible for preparing the Trustees. report and the financial statements in accordance with the United Kingdom AGwunting Standards (United Kingdom Generally Accepted Accounting Practice} and applicable law and regulations. The law applicable lo charities requires the Trustees to prepare financial stslemenls for each financial year which give g true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, sublect to any material departures disclosed and explained in the fin8nclal stslemenÉs.' and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financlal position of the Charity and enable them to ensure that the financial statements comply wilh the Charities Act 2011, the Charits'es (Accounts and Reports) Regulations 2008, and th8 provisions of the conslitulion. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonablg Steps for the prevention and detection of fraud and olhei iTregularilies. The Trustee5 are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation goveming the preparats'on and diss8minalion of financial ststements may differ from legislation in other jurisdictions. The annual report was approved by the Trustees of the Charity on .F..ILsIts.. and signed on ils b8half by.. Dr John Frankish Chair and Trustee Page 9
The David Gibbons Foundalion Independent Examiner's Report to the trustees of The Davld Gibbons Foundation I report to the Trustoes on my examination of the accounts of The David Gibbons Foundation for the year ended 31 March 2026. Responsibilltles and basls of report As the Charity Trustees of The David Gibbons Foundation yrju are responsible for the preparation of the accounts in accordance with the requirements of the Charities AGt 20111'the Act'l. I report in respect of my examination of the The David Gibbons Foundation's accounts carried Olrt under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515Xb) of the Act. Independent examinerfs statement I have eompleted my examinallon. I confimi that no material matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in rgspect of The David Gibbons Foundation as requlred by section 130 of the Act,. or 2. the accounls do not accord with those records" or 3. the accounts do not comply with the accounting requirements conceming the form and content of accounts sel out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair viev/ which is not a matter conSided as part of an independent examination. I have no concerns and have come auoss no other rnallers in conngction with the examinatSon lo which attention should be drawn in this report In order tr) enable a proper understanding of the accounts to be reached. Catherine Wllliams FCA DChA Indep8ndent Examiner Weslcotls {SWI LLP 47 Boulport Street Barnstaple Devon EX31 1SQ Page 10
The David Gibbons Foundation statement of Financial Activitbes for the Year Ended 31 March 2026 Unrestrlcted funds Endowment lunds Total 2026 Total 2025 Noto Income and Endowments from: Investment income 124,381 124,381 125.346 Total Income 124,381 124,381 125,346 Expendlture on- Charitable activities 175,610 175,6101 {212,874 Total expenditure G8inslllossesl on investment assets (175,610) {175,6101 1212,8741 1166.5071 1166,507 74,136 Nel expenditure Net movement in funds (51,2291 {166,507) 217,736 161,664 (51.2291 1166,5071 1217,7361 1161,6641 Reconclllatlon of funds Total funds brought forward Total funds carried forward 14 76,548 3.178,690 3,255.238 3,416,902 25.319 3,012,183 3,037.502 3.255.238 All of the Charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2025 is shown in note 14. The notes on pages 13 to 20 fomi an integr81 part of these financial statement5. Page 11
The David Gibbons Foundation (Registration number: 1134727) Balance Sheet as at 31 March 2026 2026 2025 Note Fixgd assets Investments 11 3.012.183 3.178.690 Current assets Cash at bank and in hand 12 28,773 78,888 Creditors: Amounts falllng duè within ong year Net current assets 13 13,454 12.340) 76,548 25,319 Net a559ts 3.037,502 3.255,238 Funds of the Charity: Endowment funds Unrestrlcted funds 3.012.183 25,319 3,178,690 76,548 3,255.238 Total funds 14 3.037.502 The fin on nci I slalemenls on pages 11 to 20 were approved by the Trustees. and authorised for issue .X and signed on thgir behalf by. Dr rankish Chair and Trustee Dr Clive Stubbings Vice-Ch8ir and Trustee The notes on pages 13 to 20 form an integral part of Ih8se financial statements. Page 12
The David Gibbons Foundation Notes to the Financial Statements for the Year Ended 31 March 2026 1 Accounting policies Statement of compliancg The financial statements have been prepared in awrdance with the second edition of the Charities Statement of Recommended Practice issued in October 2019. the Financial Reporting Standard applicabl8 ill the United Kingdom and Republic of Ireland IFRS 102) and the Charities A¢1 2011. Basi5 of preparation The David Gibbons Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cosl convention with items recognised al cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. The flnanclal statements are prepared in sterling which is the functional currency of the charity. Going Goncern The Trustees consider that there are no material UnrtaIntieS about the ChariWs ability lo continue as a going concem. Income and ondowrnents Investment Income Dividends are recognised once the dividend has been declared ané notification has been received of the dividend due. Expendituro All expendlture is recognised once Ihere is a legal or constructive obligation to that expenditure. it is probable settlement is required and the amount Can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo partlcular headings they have been allocated on a basis consistent with the use of resourc8S, With central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charltable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Gan be allocated directly lo such gclivilies and those costs of an indirect nature necessary to support them. Grantprovlslons Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or th8 aTnount of grant payable. Page 13
The David Gibbons Foundation Notes to the Financlal Statements for the Year Ended 31 March 2026 (contlnued) Support costs Support costs include central functSons and have been allocated to activity cost categories on a basls consistent with the use of resources, for example. allocating propety costs by floor areas, or per capila, staff costs by the time spent and other costs by their usage. FSxed asset Investments Fixed asset investments, other than programrne r81ated investments, are included at market valu8 at the balance sheet date. Realised gains and losses Dn investments are calculated as the difference between sales proceeds and their market value at the start of th6 year. or their subsequent cost. and are charged or credlled to the Statement of Financial Activrtles in the period of disposal. Unrealised gains and Ioss8s represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market valu& al the year end. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem hlghly liquid investments that are readily conv8rtrble to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the Charity. Flnancl81 Instruments Classlllcadon Financial 8sset5 and financial liabilities are regnised when the Charity becomes a paty lo the contractual provisions Df the instrument. Financial liabilities and equity in4Jtrument9 are clas3ified according to the substaiiL ul Ulu wrilraclual arrangements entered into. An equity instrument is any contract th81 evidences a residual interest in the assets of the Ch4rily after deducting all nf its liahililie. Page 14
The David Gibbons Foundation Notes to the Flnancial Statements for the Year Ended 31 March 2026 (continued) Recognltlon and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs}, except for those financial assets classified as at fair value through profit or loss. which a initially measured at fair value (which Is normally the transaction price excluding transaction costs), unless the arrangement conslitules a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liability is measured at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right lo set off the recognised amounts and the Charity intend8 either lo settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecc)ynised when and only when al the contractual rights to the cash flows from the f1nanaal asset expire Dr are s8tUed. bl the Charity transfers lo another paty substantially all of the risks and r8wariJs of ownership of the financial ass81, or c) the Charity, despite having retained some, but not all, significant rlsks and rewards of ownership, has transferred control of the asset lo another party. Financial liabilities are derecognlsed only when the obligation specified in the contract is discharged. Canlled or expires. 2 Invostrnenl Income Unr•$trlcted funds Total 2026 Interest receivable Investment ineome 687 123.694 123,694 124,381 124,381 Unrestrictgd funds Total 2025 Interest receivable Investment income 1,300 124,046 1.300 124,046 125.346 125,346 3 Expendlture on charltable aGtivities Unrestrictsd funds Total 2026 Grants payable Support costs 153,299 22,311 175.610 153.299 22.311 175,610 Page 15
The David Gibbons Foundation Notes lo the Financial Statements for the Year Endad 31 March 2026 (continued) Unrestricted funds Total 2025 Grants payable Support costs 168,901 43,973 212,874 168,901 43.973 212,874 4 Analysis of support costs Total 2026 Total 2025 Office expenses reimbursed lo Gibbons Farnily Trust Recharge to the Gibbons Family Trust Independent eXamineS fee Bank charges 28,315 13,258 2,340 60 19.797 2,454 60 22.311 43,973 The David Gibtxins FoUndatiC share8 resources and the services of a Trust Manager. employed by The Gibbons Family Trust. During the year these costs were shared equally. and The David Gibbons Foundation reimburses The Gibbons Family TN5t for half of these costs retrospectively on a quarterfy basi5. The David Gibbons Foundation has capital funds invested with CCLA Investment Management Ltd. CCLA income is received net of investment fees. 5 Grant.making Analy5i$ of grants 2026 2025 Analysis of grants Granls lo indlviduals Grants to institutions 45,408 107,891 153,299 39,405 129.496 168,901 Page 16
The David Gibbons Foundation Notes to the Financial Statements for the Year Ended 31 March 2026 (continued) 6 Net incorningloutgolng resources Net outgoing resources ft)r the year include: 2026 2025 Gainslllos5es> on other investment assets (166.507) 74.136 7 Trustees remuneratlon and expensBs Ouring the year. The Davld Gibbons Trust reimbursed The Gibbons Family Trust half of the £425 (2025: £55} Trustee expenses dalmed. The expenses claimed were for travel expenses and Trustee leaving gift. No Truslees. nor any persons connected wth them, have r8ceived any remuneration from the Charity during the year. 8 Legacies Under the terms of th8 Will of late Mr D Gibbons this Charity is a potential beneficiary of a Discretionary Trust Fund with capital value of £23.485 al 31 March 2026 (2025: £28,5351- Mr Kevin Banfield, a former employee of Mr Gibbons is the lifetime beneficiary, the ultifflate ben&firyaries are The David Gibbon5 Foundation and The Gibbons Family Trust. In addttion The David Gibbons Foundation wlll also receive absolutely a property pur¢hased under the lems of the Will. The Same employee has the benefit of the propety during his lifetime and on his death the property will pass to The David Gibbons Foundation. The property was valued by Tnjslees within the year at £524,500 {previousty the property was valued by Bradleys Estate Agents at £390,000 in October 2016). 9 Staff costs The average head count of employees during the year was Nil {2024: Nil). No employee received emoluments of more than £60,000 durfng the year12024.. Nill. 10 Indgpendent examlnerfs remuneration 2026 2025 Independent examlnallon fees 2.454 2,340 Page 17
The David Gibbons Foundation Notes to the Financial Statements for the Year Ended 31 March 2026 (continued) 11 Investments CCLA Property Fund CCLA Ethlcal Fund Total Cost or Valuation At 1 April 2025 Fair value movements 1,121.073 20,933 2.057,617 3,178,690 1187,440) {166.5071 At 31 March 2026 1,142,006 1,870,177 3,012.183 Net book value Ai 31 March 2026 1.142.006 1,870.177 3.012.183 At 31 March 2025 1,121,073 2,057,617 3,178,690 12 Cash and cash oqulvalents 2026 2025 Cash at bank 28,773 78.888 13 Credltors- amounts falling due withln one year 2026 2025 Grants payable Accruals 1,000 2.454 2.340 3.454 2,340 Page 18
The David Gibbons Foundation Notes to the Financial Statements for the Year Ended 31 March 2026 (continued) 14 Funds Other Resources recognlsed expendod galnsl(losse¥l Balance at 31 March 2026 Balance al 1 April 2025 Incomlng resourGes Unrestrlcted funds Gen8ral funds 76,548 124,381 {175,610) 25,319 Endowmenl funds Expendabl8 Endowment funds 3.178,690 1166,507) 1166.507 1166,5D7 3.012,183 3,178,690 3,012.183 Total funds 3,255,238 124,381 {175,610} 3.037,502 Balancg at31 March 2025 Balance at 1 April 2024 Other Incomlng R?sourGes rècognlsed resources expended Transfgrs gain51llossesl Unrestrlcted funds General funds 14,076 125,346 {212,874) 150,000 76,548 Endowment funds Expendable Endowment funds 3,402,826 (150,0001 150.000 74,136) 3,178,690 (74,136 3,178,690 74.1361 3,255,238 3.402.826 Tolal fund5 3.416.902 125,346 212,874) Page 19
The David Gibbons Foundation Notes to the Financlal Statements for the Year Ended 31 March 2026 (continued) 15 Analysls of nel assets b¢twoen funds Unrestricted funds Ggneral Endowmonl funds Expendable Total funds at 31 March 2026 Fixed asset investments Current assets Current liabilities 3.012.183 3,012,183 28,773 {3,454} 3,037,502 28,773 (3,4541 25.319 Totsl nèt assets 3,012.183 Unrestrfcted funds General Endowment funds Expondable Total fund$ at 31 March 2023 Fixed asset investments Current assets Current liabilities 3.178,690 3,178,690 78,888 {2,3401 3,255.238 78.888 12,3401 76,548 Tol81 nel assets 3,178,690 16 Related party transactions Duiing the year Vice-chair and Trustee Dr Clive sbbIngs acted as a Trustee and Secretary for Exmouth Welfare Trust. A grant of £3,000 was paid to Exmouth Welfare Trust in 2025, no grants w8re paid in 2026. Page 20
The David Gibbons Foundation Aoe CoD¢ein Bam$iaNÈ and North De¥on CIO £I.000 L6veMu5it Now Age UKExetew £1.500 Love Fo¢dCIC Autistic AtterNou15 ET38 NorthDevonHoWce Biarkdown SuPrtGrP E1XO ottery Helpscheme Bowden Spiings Farm ÉI,C¥JO Pele'$Dwa8ons Chances EduCaDal$jpp0$efj¢?5 ÉI.000 Piymouth& DeVonSchoolsSalASSoc1th0n ¢ltQensAdvlceEa5tDevon £3.000 Plymouthcitycouncil CltizensAdvlceExeter E2.OOD Piymouthcornmurityhomes CitizensA&4lce Toibay £2.000 Re=51owe AxevaieyCIC CiarrtyNorthOevon £I.000 Relu8eeSUwortD0n onnectionsGroup Exeter 66d SfjmpiyCoun5ellingCIC rtditon Corwegatlonalchwch ÉIOOO Soulh Brent &D15trict Caring Dartm0hcaring £I.000 Southwest CommunltyChapi8ln¢yLtd Oartmoulhcommunitychest £I.000 St &"Llwell'sCenire DevonCountyCouncil- Early Help.ChlidrenFamiiles& E(lJcion £IO.000 stepp5rst0ne$T0int$C1c Dent8id-Thedent81chorNy £3,000 Tedburn St Mary Outrpath Dreaffl-a-way £2,000 TelValleyLardei ExeA¢¢ess É2S(K) TeS8DbwidBeCVS Exeter DSspensaryChar4ty É3.0(M) Ihe Dance Cafe Exmouth Bosom Bu&JlesCIC £iJrrf) Ihe FourthTrlmesterPosty¥(umCIC ExmouthGatewayClub £3,000 The Keystone Prolect StArnlrews crCh cl0pt0iI Ftsodcycle £ZOOO The Stiaw Patch 0]ect CIC GaiaGlvlnglGaia Coifeel CIC ÉI.000 Thewee SnuiCIC Giftedwomen ÈI.000 Torri GiowlniT¢gethe*CIC Honiioncommurwtyspaces È1.570 TRIPCommunityTian5wnAssoclatlon In5pJringCoMectlonsSouthWestCIC ElS(Kl Twniable FurlUre 15caCommunity Enterprises £1.5) uste Cartts Inmid Devon n@sldeArea Food Bank Cfftl WheelsofAnanda CIC f2,000 £2.000 £1,000 £I,ODO El,SOO 50 É3,000 f3.000 El.000 £550 E3.500 É2.000 ,500 £2.000 .000 £414 El.lY)O QL¥)O £soo É1.70S £2,0) £i,o(y) r2.000 £1,000 É5.0(K) OLbJ £2,OOD Ei,000 Page 21
The David Glbbons Foundation toor atlons er £250 Devoncounty Council- EarlyHetp, Chlldren Famllies &Education Flo,)0 TRIP CommunltyTransponAsso¢lation £5.000 S5mply CounselliGIc £3,51h) Cili*nsAdvice Easi Devon £3.000 Credlton congreloal Church Denlaid-The dentalcharfty ExeterDispensaryChar6ty E¥mouth Gateway Club Kingst¥ldgeArea Food eank Ptymouth Cltycouncil Plymouth Ci)mmunity homes Conneciions Group Exeter ExeAccesg Souihwest Communltychaplaincy Ltd £3,OfA £3,0 £3.000 £3,000 £3,000 È3.000 £2.500 £2,5 Total £50.164 Page 22