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
Inde￿dent 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 be￿een 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 lindw￿u￿sj
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 End0￿ment. 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$' Report (contlnued)
Sustalnability
With suslainabilty In mind, the Trusle8S are growing increasingly aware of the Charity's impact,. how it
is run, what grants are made for. where their investments are held. This is demonstrat9d through the
following..
The Cliarily now operates from a home-based environment, other than for most Trustee meeting8
being In-pe￿n. This reduces Iravelling lime and cost,. improves safety, and operating efficiencles and
effectiveness wilh minirnal gnvironmenial impact.
The Charities are almost paperless and ask all (x)rrespondents to respect this. For this reason, Ihe
registered office address is not shown on the website.
Trustees have reflected on some 8spects of grant making and taken action on policies whlch they feel
are both damaging the environment and are unsustainable. In 2025 the Chair wrote lo the Minister of
Housing to highlight a problem with very vulnerable and disadvantaged individuals and families
moving to propety where the flooring has been removed. Many grants wère given for the relief of the
suffering this caused.
However. the numbers increased lo a point where resources were not able to meet demand. the
Trustees were saddened by this and so inllially capped the applications lo £1.000, then £500. This
has not alleviated the problem and so in March 2026 il pushed the Trustees to put an efflbargo on this
type of applicalion. The cost of n8w flooring ancl the envlronmenl81 impact nationvvide on landfill
dumping of large quantities of discarded flooring is damaging and unsustainable. Other solutions are
possible.
In addrtion, and mor8 generally. application form$ 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 conSide￿d 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 Un￿rtaIntieS 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 re￿gnised 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.
Can￿lled 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 eXamine￿S 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 s￿bbIngs 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$iaNÈ and North De¥on CIO
£I.000 L6veMu5it Now
Age UKExetew
£1.500 Love Fo¢dCIC
Autistic AtterNou15
ET38 NorthDevonHoWce
Biarkdown SuP￿rtGr￿P
E1X￿O ottery Helpscheme
Bowden Spiings Farm
ÉI,C¥JO Pele'$Dwa8ons
Chances EduCa￿D￿al$jpp0￿$e￿fj¢?5
ÉI.000 Piymouth& DeVonSchoolsSal￿￿ASSoc1th0n
¢ltQensAdvlceEa5tDevon
£3.000 Plymouthcitycouncil
CltizensAdvlceExeter
E2.OOD Piymouthcornmurityhomes
CitizensA&4lce Toibay
£2.000 Re=51owe AxevaieyCIC
CiarrtyNorthOevon
£I.000 Relu8eeSUwortD￿0n
onnectionsGroup Exeter
66d SfjmpiyCoun5ellingCIC
rtditon Corwegatlonalchwch
ÉIOOO Soulh Brent &D15trict Caring
Dartm0￿hcaring
£I.000 Southwest CommunltyChapi8ln¢yLtd
Oartmoulhcommunitychest
£I.000 St &"Llwell'sCenire
DevonCountyCouncil- Early Help.ChlidrenFamiiles& E(lJc*ion £IO.000 stepp5r￿st0ne$T0int$C1c
Dent8id-Thedent81chorNy
£3,000 Tedburn St Mary Outrpath
Dreaffl-a-way
£2,000 Tel￿ValleyLardei
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 c￿rCh c￿l0￿pt0iI
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 Fur￿lUre
15caCommunity Enterprises
£1.5￿) u￿ste Cartts Inmid Devon
n@s￿ld￿eArea 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 Counselli￿GIc
£3,51h)
Cili*nsAdvice Easi Devon
£3.000
Credlton congre￿lo￿al 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