Geor2¢ GibsoD Almshouses Foundation Trnst (CIO) Report and Finan¢ial Statements Year Ended 31 March 2024 GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST AnnMal report and finanei¥l 51atements for the yrAr ended 31 Mareh 2024 Contents Page: Report of the 1Th￿C¢S Inde￿nd¢rtt auditor's report Sialem¢nt of fInar￿la1 activitics 12 Balance 5h¢ct 14 Statement of cash flows 15 Note5 fomiing part of the financial sthiements TTUSttts RE May (ChaiTman) MJ Drake Dr M Wace ML Lovegroye Mrs MAE Easi S W Ricketts Mrs D Hargr¢aves EFH Russell (Apw)inted 12 Sepiember 2024) Manager Mrs F Outman Principal addre55 The John East Centre. George Gib50n Close, Exnin& Newmark¢L SuffolL CB8 7LE. Registered charity number 1176924 Auditors Chater Allan LLP, 7 Quy CourL Colliers Lane. StOW-cllm-Quy. Cambridge, CB25 9AU AceountsDt Andr¢w D Fisk ACIR 26 BlackiKMune Road ElnLswell. Bury Si Edmunds, SuffolL IP30 9UH. Bankers National Westmin#er Bank Plo 7 Cornhill, Bury Si Edmun¢ls. SulTolK IP33 1 BQ. Stockbrokers EFG Harris Allday. 3J Greai Charles StreeL Birniingham. B3 JJN. GEORGE CIBSON ALMSHOUSES FOUNDATION TRusr Report of the trustees for the yegr ended 31 Mar¢h 2024 The trustees present th¢ir annual report togetkn wilh the audited fina￿la1 stst¢ments for the year ended 31 March 2024. The financial statements have been prepared in accordance wilh the accounting policies s¢t out on pages 15 to 18 and ¢omply with the charity's tnLSt the Charittes Ad 2011, and Accounting and Reporting by Chariiies.. Statement of Recommended Practice applicable to ¢haritie5 preparing accounts in accordanc¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective l January 2019. Structuret governaDee and mana8em¢nl A new charithble tncorp)rated OTEani5ation (CIO). the C*orge Gil￿on Almshouses FouTKlation TnLSt registered 31 January 2018 (charity ￿gistra¢10n number: 1176924), and an orderio authorise the transfer of the &ssets of the previous unincorrA)rdied clwiiy th¢ Geooe Gib50n AIn￿houseS Foundaiion (charity registration numtrtr 2i4807) to the neiv CIO was obtsin¢d from thc ChaTity Commission on 14 March 2018. With effea from l April 2020 the trdnsfer of all ofthe assets and liabilities to the CIO was eornpld¢d. The G&)rg¢ Gibson Altn5house5 Fou￿￿110￿ w&8 esEablish¢d io providc and n￿intain almSho￿%eS and to wist )r and old pwple resident in the fom)er adminKstrative county of Ivest Suffolk The Foundation was ¢stsbli5hcd by Trust De￿ on il March 1959 through the generosii}' of the late George Gibson. Gcorge Gibson originally transferred io Fowidation primarily 5harcholdings in the fomier Atlantic Shipping and Trading Company, and laier a further sum of £55.(K)O. In line i%'ith its objectives the Foundatio built George Gibson Close at Exnin& consisting of 32 a1￿hOUSe5 in the early sixiie5. In addilion, the NewTrarkei Day Centre was butlt in 1980. Ulti￿ate control ofthe Foundation rests with the Iruslees who are re5rKI￿$jb1e for theday to day TTwnagemeni of the investments and alTair5 of the Foundation. Th¢ existing trustees ap￿In1 nthv Irustees by reference io ihe nee(Ls of ihe Foundation ivith a view to providing the Foundation with appropriaiely qualified and experienced irusiees for th¢ Foundation's rcquirements. On apw>inth)en4 the trU￿ee5 are made awdre of the Found2tion's activities and Iheir responsibilili¢s through infOrn￿tion provided and review orth¢ Foundation's activities. Thereafter individual trustees ensure they a￿ suffi¢k¢nily traincd io act as rcquirLYJ. Th¢ trystecs mcet regularly to agree strntegy and ar¢&5 of activity for the Foundalion. Day to day management is largely undertak-en by the manager in COE]sultstion with thc chairnwi and oiher trustees as appropriate. The trustees and the Man￿er are considered to be the Ley manag¢mcnt personnel of the Foundaiion. All tru5tc¢s give their time freely and rec¢]V￿ no remuneration or expenses in the year. other ihan as detailed in note 6 for one trust¢¢ in r￿peCt to professional services provided in accordance ivith the trust deed. The tru5tccs review the salary of the manager periodically. and this is increased in accordane¢ ivith their assessment of appropria1¢ r¢Enunerdtion for their duiies in relation io th¢ particular circumstances of the Foundation. Details of those in office during ￿ yearat¢ given on th¢ ¢ontcnts page of this re￿rt. GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Report ofthe for the year ended 31 Mgr¢h 2024 (Conlinuedj Objects 4¢tiYities The In￿tee$ refer to the guidance in Section 17(5) of the Charities Act 2011 on public benefil when reviewing their aims and objeciives and planning their futtwe artivitiC5. The Foundation's objeciivcs are forthe public Eenefit lo: relieve the need of r¢r50n5 resideffl in N¢MTnarket and the surrounding arras (incl￿￿1ng the former adminisErniiv¢ cowity of West Sulrolk) who are 55 years of age or overand in n¢¢d of financi￿ stsp￿rt and &ssistanc¢ ivith the provision of h￿111￿¢ and housing by such means as th¢ tA￿teeS fiom time to time think fil includin& but noi limited io. the proilsion of alnTrshousc a¢wmmodation. Th¢ Foundation aims io ￿hLeYe these obJ￿tiVeS by: providing accommodation in the aIn￿hoUSeS ￿ George Gibson Close in Exning; sUp￿rting the work of the Newmarkci tkny Cent￿. monitoring the Exning Court very sheltered housing projccl in conjunction ivith S3JKtuary Housin making otherdonations io projects that fulfil the Foundation's objectives when identified. These a¢iivities are all ongoing and the FoUnd￿lOn see5 these as rArt of its strategic aims into the future. A¢hievements perfonnance The Foundatio￿ under the p)w¢r of its Trust De￿1. h&8 continued to finance ihe upkcep and maintenance of Geor¥e Gibson Close. This providts 8 5af¢ envirortment for elderly ￿¢ple with a manager. and has bcen fully occupied during the year subjeci to short wio(Ls of va¢aw. This is seen as one of thc key t￿rfoM)an¢E indiratOT5 of the Foundwion's activiti There has I￿en otje significani ￿rurbiShMenI of a bungaloiv undertaken in this year. In addition the Foundation has continued with its regular maintenance of all prO￿rtieS a5 required. which has significantly included the ongoing replacement programme of gutte￿ and fascias, iihich ivill be compleied next )'ear, together wilh repla¢ing bungalow gard¢n pavingslab& some ￿￿]rS io f¢ncffj and works associated wilh electrica] tesiing of the bungalows. The John East Centre (community room) at Oeorge GitGon Close wa8 once again used fora varieiy of actiyiti and events by residents. The Foundatiotj continued with its ongoing maintenanc¢ ofthe Centre in the year. An electric trar Ch￿gIng ￿1n1 was insthlled at the John East Centye during the yedr for vse by residents of the Georbje Gibson C105e. The Foundaiion ￿￿keS a mcthst service churge for occupancy of the bungalo￿5 of £35 {2023:£35) Ftr week per ￿￿On, %vhich is only a sn*ll fraction of their owi market rental Vdlue. In so doing needy members of th¢ public benefil from affordable and saf¢ accommodation. Following a r¢vicw of ihis it d¢cidcd that residents will take overresN)nsibility forpayment oftheircouncil tax in future, and ihat th¢r¢ will consequently be an appropriate revision in service Cha￿e& which has tsL¢n eifeci from l April 2024. In addition charitsble supp)rt h&s b¢en providoj io the Newmth i>ay Centre which ￿orkS with relired and frdil older rthple to enable th¢m to have and enjoy a Irtt¢r quality ofiif< for its ongoing general owaiion. This has included a donation to cover the CO￿ of clcclrica] work [equI￿d following the installation of a new kitchen and a furthcrdonation io coverthc cost of some roof rwmirs. The trustees Én conjunction with Sanctwy Housing have develO￿a Exning Court as a very shcltered housing projcci for the elderly 81 Cotton End Road Exnin& The Foundation coniinues to ￿ involved in overs¢¢ing Exning Court's I￿rf0m￿l￿ under the tern￿ of the dL)nation5 made to it when it Was established. CEORGE GI&SON ALMSHOUSES FOUNDATION TRUST Report of the trustees for the year endod 31 M¥rch 2024 (Conlinued) Achievements And perfonD4￿ce (continued) The funds of the Foundation have continued to either invested for future ￿ or kpplicd for the furtherdnce of ihe Foundation's objecls, and investmeni performanc¢ is d¢lailed ￿lOw. In caryingoui itsaaivilicsthe Foundation ￿lIeVe$ thai it is providinga real public I￿er]I by the reliefofthose in n¢cd by r￿son of age. ill healttL disability. financial hardship. or otherdi5advJntage. Despit¢ its geographical restrictions and the limited number of bungalo1￿ ayailable at George Gibson Close, the Foundation provides ror a large seciion of the public. and the inLaC¢S seek io identify those ny)sl appropriaie io r¢ff that trrtnefit. There is presently a Wditing lill for mpancy. Financi41 review Total income is very similarto I￿t year * £52F,984 (20￿-. £525,405). Investment income from stock market holdings de¢r¢ased slightly to £423.177 {202) £427,049), a5 a Conseq￿nCe of rnarkei factors. Follomryng the increase in tffink inierest rntes in the year the FOUnd￿10n h&s received bank deposit interest of £6,577 {209-J= £1,889). The invcstTnenl prO￿rtYcontjnUcs togenerate aTentsl incomeor£i 1.400 (2023: £9,470) hairyng been o¢¢upi¢d by a lenant for the whole year. Setwice charge income is slightly reduced comrAred to last year at £86,405 (2023: £86.992) largely as a consequence of 8 bungalowrefurbi5hmeni in this yw M'ith aconscquent vacant pericKI. Generdlly th¢re are now more singl¢ o¢cupancy properties than in th¢ previous with the consequent redurtion in service charges which is levied person rath¢r than w pror*rty. There w&5 no change in the rate of service charges in the ¢urr¢nt yur, but thlse are ￿Ing rew5ed cff¢d from the l April ?024 &$ a conscquence of ienants takinL res￿nsibility for iheir own council paym¢nL All bungalows have been ￿tUPi¢d during ihe year subjecL 10 short ￿riOdS following ¢hangts of occupants aThJ to facilital¢ refurbishments when necessary. Tots] ex￿nditUTe has increased significalluy this yrar to £486,802 (2023: £i86.115). E¥penditure in res￿ to A1￿hoUseS * George Gitson Close Increas￿ to £J8&639 (2023.. £i06,259). AIn￿hOuseS mainienance exrKnditiJre inc￿Sed this year ￿ £117.14J {202i £59,682). This year's ¢.%penditure includes the refurbishment Costs of one Imjngalow for £iO,867 I%'hilst the previous year saw no significani costs other ilw) the replacement of ihe b￿hrOoM in the manager's house for £6,404 and £1,625 for Complction of the renovation of another bungalow. G¢nerdl repmirs at £43.120 (2023: £20,904) were significanily higher than the pr¢vious year prkmarily due (o electri{21 tesiing and ￿sOCi￿￿ WOTks undertsken in the current y&v. Redecoration COSL8 ai £9.666 {202): £10.)90) were broadly similar to lasi year. Costs incurred thi5 yur in res[￿1 to the ongoing repla¢cmenl progrdmme of gutters and fascias were iT]CfEased C(TrrnPaT￿ to last year at £33,490 (202) £20,i59). Whilst most oth¢r AlmslKTruse costs were similar io last year. garde￿ woodland and path maiftienance ivas increas￿ at £57,9)2 (2023: £39.569}.ThÉs wa5 primartly due lo significant costs in¢urred in resm to replacing the paving slabs in the gar&ns of bungalows. Council charges incurred redu¢d io £i6.229 (2023: £40,759) due to the r*rsonai circuHstances of ihe tenants and is also indicative of the greater numi*rof single (ttupants in the A]n￿hOw. GEORGE CIBSON ALMSHOUSES FOUNDATION TRUST Report ofthe trusttts for the year ended 31 March 2024 (Contihuedj Financial review {¢ontinued) All oiher AIn￿ho[L$e eXr£ndltu￿ ha5 iwi broadly similar io the previous y￿. although there were small increases in the Mcdequipmonitoringand r¢S￿nseservice of£1 1.591 {202) £10.441). Ivaterchargesof£7.0?? (202): £5.4881, insurdn¢¢ costs of£??.43J (202J £?0.0681 and sire￿ lighting costs of £1.252 (202i- £546). and a reduthion in costs &550¢iated with thejohn E&8t Centre of £14.512 (2023- £16.713) win¢l￿￿lY as a result of redecor*ion costs in ￿ previo￿ yar. Consequenily costs ￿rore the allocation of supwrt wsis Incr￿sed to £287.975 (202) £21i,240). Costs in relation to charitable support of the Nel￿18rket Day Centre wtr¢ increa%ryJ compared to (he previous year at £25,9J2 (202J: £7218) ￿[0￿ the allocation of suprxyn costs. as a eonsequ¢nce of: donations made the current year of £9.8fA io cover electrical cosis in conn¢rtion with the new kiichen and £7,200 for roof repai￿. Total supwjrt Costs W£￿ higher this year ai £104.859 (20?j' £95,896). This iY&s largely as a consequence of.. incr￿ed payments to the manager of £67.i58 (20￿. £64.265) lo reflect a higher salary, increased legal and professiona] fces of£1 1,137 (202i- £5a4i)- which includLid ihe COSLS {£?u401 of a fire insurdnce valuation for thc Alnshouse& Audii aNI accountancy costs were £21,975 (202) £21,925). The proportion ofsuprKJrt Costs treatedas othersuptMIrt COSLS incrAsed to £5),416 (?023 £51.026), whilst those costs tfvdtedas goveman¢e costs incre&sed 10 £51.44) (202): £44,870), primarily because of the additional legal and professional fees this yw. Given the naiure of the Foundation's acliviiies the bulk of the total of these support cosi ar¢ a]l(Thted to the AlnLsl1o￿￿cS b¢ing £100.664 (2023: £9J,019). Invesiment nunagemeni Costs were incurred Ihis year in res￿ io: property maintenance and managetn¢nt costs of £1.&16 (202i'. £i.144) relating io ihe investrnent proEKrty at Vin￿nt Close, 2nd manag¢ment of the inv¢stmcnt portfolio of £67,070 (202i- £6A617) by EFG Harris Allday. An in¢r¢a5e of £422.437 {2￿J." £21H,129 d¢￿eaSe} represents the movement in valuc of the Foundaiion's investment ￿)rtfOliO. As dctsiled ￿loW in the FoUnd￿lOn.5 invcstment ￿}licY and ￿rf0m￿?¢c this largely ulted frotn the imFQCt of markei factors. This tesults in an overall net inward movemeni of funds of£463.619 (?02J: £64.8J9 outward) forthe year. The Foundation contin￿ ￿ hold the majority of its net in fixed asset invthnts which amounted to a 10t￿ of £12.218.121 (202i- £l1.639.758) at the year end as d¢thilcd iKIoi%'. The fixed &wts of the Foundation amounted to £1237,940 (?023- £1261.809) and are held for the charitabl¢ purposes of the Foundation. Thi5 y&W5a￿ additional costs oiherihan ihe purch&se of an ele¢tri¢ car charger for £3.660. Thh¢nvise there have iyen no changes in the pa￿ year&8ide from normal deprecialion. D¢bioTS were Incr&￿￿ on l&st year & £1 11,957 (2023: £95.789) noMithstanding reduced accrued investment income, due to a large de￿51t Fkiid in advance iyfore the year end in resFtt¢ to the cost of window and dcx)r replacemeni WOTk5 at the Neiymarkei Day Centr¢. This amount also largely rest￿A￿lbIe for the higher amouni of credttor5 due at the year end of £89,)09 (2023.. £46.352). Funds held &s cLsh ai bonk were reduced this yearat £)91.OP (202) £455.158). A statement of cL8h flows is provided on [￿ge 14 of these fin￿￿&71 S￿eMents which SUWT]marises the movement in wh funds forthe year. CEORGE GIBSON ALMSHOUSES FOUNDATAON TRUST Report of the trnst¢es for the y¢ar ended 31 Marnh 2024 (Coniiuued) Financial review (continued) Together with ￿ current assets of £41i.720 (2023: £504.595) tothl fiu]ds of the charity at the year end were £li.869.781 (202J £l),406,162). Th¢ FoUnd￿lOn would anticipate it5 activities and financial perforn￿￿ to br￿￿lY similar in fvture years given its ongoing commilments, &8i(k from rerognising that prorKrty Costs are a]way5 likely to somewhat variable. and thai it h&5 made a capital commitmeni of £7)278 in respect io r¢placemeni windows and doors ai theNe1￿market Day Centre in the coming year. The bigg¢si single risk factortherein is investment [¢rfOrn￿)Ct as disc￿$sed ￿]0￿¥. Reserv¢spolio' Total funds at the year end were £13.869,781 (2023- £13.406.162). As dethilcd in noi¢ l ) to these financial statemcnts the Foundation has des1￿￿ed fimds equivalent to the Wdlue of tangible fixed assets and invesim¢nts lo crrdle rescrve funds to provid¢a iLsis forthe provision of ihosea55d& and geouation of investmeni income lo fUrt￿r its charitsble objertives. In sodoing the trustes wise IIMtthe level ofthe D¢signated Capitsl Fund reserve may lluctuate some%vhat. especially due io markei factors as discussed belo*. but that these fluctuaiions are rwonable in the ¢irCun￿la￿￿. and are likely lo mTrtigaied in the longer ternL Levels of annual income and expenditure in recent years have tten such that addiiional funds have been added io tO(al reserve4 princirotly in the fomi oladditional investsnents. Some of ihese funds were utilised io fund the building of the n¢w community room and office. the John FASI Centr¢ in 2017. and TT¥)re recently the ne¥v conservaiory at ihe Newmarket Day Ceni]r. CoTL%equenily funds previously designated within the Designated Capital Fund. and utiliscd for this have now F*conK a rArt of the DeSig[￿ted Charitable Fixed A55eT Fund. It is the Foundation's txjlicy lo aim io cover och yw's iotrl expenditure from income generated, which has n achieved this year. In ihe curreni yrar an increase in proF¢rty costs a550ciaied with the periixlic rcfurbishmenl and maintenance of bungalo￿ compar￿1 to the previous year. has contributed io a reduce(J surplus of £41,189 Whilst results vary from year to yrdf. it is antici￿ed that broadly similar l¢v¢ls of nomjal income and eX￿ndItUre to those of recent ye2E5 ￿?]] tesult in positive or near breakeven annual r￿Ults before investmeni gal￿5 and losse5 in funuv y(ws. There are no restricted fund5 held by the Foun(kniion. InvesthienlpoliryondperfoméDKe Th¢ I￿￿teeS ha￿ the ￿W¢r to invesi in such assets as they se¢ fit. The Foundation holds a large portfolio of illvestments ihat have continued io produceihe wnajority of its income frotn dividend5 and interest. Investment income from these Sources was £429.754 (2023: £428,9i8) in the year. A freehold investment pro1￿rry is a]so Id io provide additional investment ren￿1 income of £11,400 (202).. 9.470). This has ￿ten te-valued at lh¢ yrar-end by Morris Amiitage Estaie Agents ai £250,000. a r¢duclion of £8.700 on last year's value whtch was b&sed on the trustees irst esttmate using market indici¢s. The irustces, Ihrough an inv¢stTnenr managcr (EFG Haryi5 Allday). n￿nage s¢ock mark¢1 investments on an unconstrdined-managed Discrelionary- basis on a higher risk approach aimed at achieving balanced retums. There have i%en a num￿rofChartgcs in inve5tmentsduringthe yearas the1n￿ee$S¢eK to m&Yimi5¢ investment income whi15t maintstning markd Ydlue. GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Report ofthe Irustees for th¢ year end¢d 31 March 2024 {Conlinued) Finan¢iAI review {continued) 1nveslmenipoli￿0ndperforrn￿￿c¢ (coniitsuedj Thc fall in int¢rcsi rdi¢s during recenE y%irs, prior to thi5 year. had led to a Significant reduciton in ihe income from ihis source and th¢ tA￿tee$ have invested funts previoL%ly held on dcposit into the ￿OcK markei where a tterretum is anti¢ip3ted. Th¢ main form of financial risk fac•J by ihe charity is that of volaiility in equity markets and investmeni markcts due to wider economic condilion& the attitude of inve510rs to investtnent risk, and changes in 5cntimeni con¢eming equitie5 and within particular s¢¢10￿ or sub ￿t0[s. The Foundation manages these risks by rethining ¢%￿rt advisoTS and in consultation with ihem opernting a policy that provide5 a high dwee of diveTsifi(aiion of holdings within investn]¢nt class¢s that are quoied on recognised st(￿k cxchang¢s. Consequently. there is a very loiv risk to liquidity. Th¢ Foundaiton principally holds its investment wrtfolio ivith a view to maintaining a iwlanced r¢lurn and as such would expcct short Icrni volatility will ￿ correctcd in the longer iemi. The stock market tnvestm¢nt wrtfoliogaveTise to investsncntgains of £431. li7 (202) £213.129 losses) during thc year, which is indicative of this p)li¢yand gen¢rdl market factots at the yearend. This was in the eontext of mark¢t reactions to the ongoing economi¢ uncertainlics. in w due to geowlitical tensions particularly in the Middle Fast. Grant maknngpolicy The mjsices make grants io third Wi¢s in x¢0[da￿e with the cl)aritsble objectives of the Foundaiion. No grants were made aside from those to the Ne￿n?￿.￿ Day Centre &$ detailol in this ￿￿)rL sknianugemeni The trustec5 actively review the wAjorrisks which the Foun(kntion faces on a ￿g￿larb&s1s and believe that s￿h reviews of the Foundation's actlviliesand ritw￿la1 perfonnance, iogetherwiih the established sysicms in pl8CG are su￿1¢1¢nI to mhtigate si8nifi(2nl risks. In particular. the trysiees monitor all a5Ms of health and safety, fir< and risks generally approprrate to their charithble activities. The provision of th¢ AlmSho￿$£S to elderly ￿nefICiaTi¢5 gives rise to particular risks that Ihe trustees seek to address through ihe: provision of an on-site Manager, the Med¢quip Monitoring and R¢stK)nse System thatgivesea¢h nsidentan en￿CnCY pendanu andihe ongoing maintenance ofall bungalows and grounds io a very high Stsndard a[￿ in accordance w&th all appropriate standards and regulalion5. Finan¢ia] risks are covered by appropriatr insura￿¢ and the emplo)Ineni of profession￿ advisors as appropriaie. The mosi significant financial risk" surrounds inVests￿￿ts which are covcred &$ d¢thiled al)ove. In connection with this the Foundation beli¢ves that their use of ¢XFerienced professional advisors is the mosl appropriai¢ to limit any N)t¢nlial imFoct on investmeni I￿)￿ Whi15t the Foundatiorj ordinarily relies up)n its invtsth*ni 1￿me io fund its aciivilie5 year on year, it does hold significant rcscrves should thes¢ be required to assist in Maintsi￿Ing ongoing activiiies. The Portfolio is reviewed * fdch with th¢ stocklxokcr. GEORGE GI￿)N ALMSHOUSFS FOUNDATION TRUST Report ofthe tru51eos for the year eDded 31 March 2024 (Conlinued) Financial review (rontinued) GoEng concern The irwtees have not identified any maicrral uncertainlies that may c&5t signifi&uJt doubl aiy)ut the ability of th¢ ¢harity to continue as a going conccm. The trustees consider that the Foundation fflore than adequale resources to fund its acti14ti¢s into the future. Plans for future periods The Foundation aims to continue its sutvirt of all eyisting projects into ihe fuiEtre given the naiur¢ of its objectives. These r¢quire long-lern] pmvision and Cothinued investment in the tsscts to provid¢ these. Th¢ Foundation will also continue to considerareas of supwrt appropriate to its objeclives. s￿¢If7caIlY the FouThlation will a150 ￿mplete its current progrdmme of replacing a]1 guttets and associated materials on ihe GwTge Gibson AlnLshouses bungalow5 Ihat were started in the previous two years in addttion to the usual Ntern of maintenance and refurbishmeni as C1￿Um$t3nCES (b¢￿e. In addition work will undeTtsk-en in rel*ion to lifting and relaying the palio area in front of Exning House and replaniing the knr(ler, together ivith the completion of nLYe5sary tree ivorks at George Gibson C105e following a survey carried in the currcnt year. The trustees will coniit]u¢ to supwjrt ihe use of the John FAst Centre with at] ongoing prowdmme of events for residcnts. The trUSi¢¢s will a150 continue to ¢(￿SIder th¢ r￿Ibility of building some one lthm properti¢s as there are an InC￿l￿g numberof appli￿lon5 from sing]e ￿lple for bjngalows at Gcorse Gibson Close. The Foundation cattied outa review of their CUTrent policy of payingihetouncil tlx for each resident's propety and concludcd that this slK)uld ￿ ￿ld by th¢ individua] residents in firture not the Foundation. This change has en advised to all residents and has Con￿ into force from l April ?024. As a consequence of Ehis change in jlicy the current service clwges have tten r¢vi5ed from the same dale io reflect this. The trust¢es haveagreedto fuThJthetKovisionof replacement d￿r$alld wiThJows * the N¢wmark"ei Day Centre, and work in this re4f¢t iva5 Compl￿ed in auttjmn ofthis year. GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Report of tbe trustees for the year ended 31 Marrh 2024 (Conlimued) Statement of r¢spon5ibillti¢5 ofthe Trusttts The trustees are r¢s￿nSIble for prerAring the Tn]stees' Annual Re￿)rt and the financial stslements in accordance with applicable law and United Kingdom Accouniing Sthndards (United Kingdom Generally AcceNed Accounting Practice). The law applicable lo charities in England and Wales Tequire5 the trLsie£s io prepare financial statetrjents for ea¢h financial year which give a irue and fair vithy of the state ofalTaÉrs of the charity and of the incoming resourcts and application ofresources of the charity for perio(L In preparing these financial statements. the trustees are required to: select suitable accounting N)licies and then apply them cotjsislenily" observe the ￿￿th(￿JS and PTinciples in the Charities SORP. make judgements ¢Stimaies are re&wnable and prudenl slate whether appli(zble accounting stsndard5 have been follow& subject to any d¢partures di5clos¢d and explained in the financial SL*ments' and prepa￿ ihe finwKia] statements on thegoingwncem ba815 unless it is ÉnoppTopriaie io presume that ihe charity will continue in trwine5& The trusteos are reS￿￿￿[ble for keeping proper accounting records whieh disclose iiyth rvasonablc accuracy at any time the financial p)silion of the clwity and enable them io cnsure that ihe financial statemenis compl), with the Charities Act 2011, th¢ Charity {ArcounLs and R¢p)Tts) Regul￿70n5 2008 and the pmvisions of the trust deed. Th¢y are also rLSP)nsible for safeguarding th¢ assets of the charity and hc5]ce for taking re&￿nable sieps forthe prevctrtion aThJ detection of frdud and other irregularities. This rwrt Wds approved by the tn￿ceS and signed on thetr khaIfon 16th January 2025 MJ Drnke Trusiee Chairn￿n CEORGE GJBSON ALMSHOUSES FOUNDATION TRU Independent auditor's report to the trustees ofceorge Glbson Almshouses Foundation Trust Opinio We haye audited ihe financial statements ofthe George Gibson Almshous￿ Foundatron Tn￿t {th¢'charity') for Ihc yvdr ended il March 2024 which comprise the Stsiement of Fanancia] Activitic& the B￿anCe Shee¢ the Sfmtement of Cash Flows and noies to the financial ststcmeni& in¢luding significant accounting policies. The financial reporting frdm¢ivoTk that h&$ been applied in their prepardtion is applicable law and Uniied Kingdom Accounting Stsndards, including FRS 102 "The Financial Re￿rtIng Standard applicable in the UK alld Republic of Ireland" (United Kingdom Generally Accewed Accoun¢ing Practice). In our opinion th¢ financial slatementS.' give a trueand fair viewofthcstate ofthecharity's affairs as atjl March 2024 andof ils incomingresources and applicaiion of resourccs for the year then ended. have been properly prerAred in accorthce with United KÈngdom Generally Accepted Accounting Practiee" and have been pretAred in accordancc wilh the requirements olthe Ch￿itIeS Act 2011. B9515 for opinion We have been appointed as audilors under seoion 144 of ihe Charities Act 2011 and report in ac£ordance with regulations made under section 154 of th& Act. We ¢onducted our audit irt accordance with International Stsndards on A￿JIting (UK) (ISAS (UK)) and appli¢able law. Our responsibilitits under those stsrtdards are further descril￿d in the Auditor's ￿SponsIbl1111eS for ihe audii ofthe financial staiemcnts section of our report. We are independeni of the charity in accordance with ihe ethical requircments that are relevant to our audii of the fina￿la] stsiements in the UK, inc]￿l￿g ihe FRC'S Ethi¢a] Standard and we have fulfilled our other ethical reswnsibilities in accordance with ihes¢ requirements. We klieve th￿ the audit cvidence iv¢ have obthined 15 suificieni and appropriate to provide a Imsis for our opinion. Coll£lusions re12ting to going eoneern In auditing the financial stsiements. Ive have concluded thai the trustees, use of the going concem basis of accounting in the preparation of the fi[k￿Cl￿ Sthiemenis is appropriate. Bascd on the work we have perfornied. we have not identified any mat¢rial uncertainties wlating to ¢vcnts or condition5 that. individuallyorcolleciively. may cost significant doubt on the charity's abiliry to continllea5 a going conc¢m for a period of ai least twelve nM)nths from wh¢n the fin8t]cial statements ar¢ authorised for issue. Our reswpnsibiliti¢s and th¢responstbilitics ofthetrus1e￿ with resW io goingconcem are described in th¢ relevant se¢iions of ihis report. Other informgiion The oih¢r inforniaiion comprises th¢ infomiaiion included in ihe Report and Financial S￿lements other than the rinancial statements and our auditor's rewrt thercon. The trustees are resrx)nsible for the other inforniation Contain￿ wiihin the RewTrrt and Financial Stsements. Our opinion on the financial slatcments does not cover the oiher infomiaiion and. we do not express any forni of ￿uranCe conclusion ihereon. Our responsibility is to read the other Infom￿£10￿ anrl in doing so. consider whethcr the oth¢r infornia¢ioE7 is materially inconsistent with the financial S￿leMents or our knowlcdge obtained in ihe eourse of ihe audii or oiherwis¢ apFtars to ￿ materially misstated. If we identify such material inconsist¢ncies or apparent material missiaicments. we are requir¢d to d¢iermine whether this gives rise io a maierial Missth￿MeTr1 in the financial staiemcnts themselves. If. based on the work we have performeiL we conclude that I￿re is a maicrial missiatcment of this other infom)ation. Ive r¢quired io report ihai fact. We have nothing to reN)rt in this regatd. GEORGE CIBsof4 ALMSHOUSES FOUNDATION TRUST Independent Auditor's report to the trys¢ees of George Gib50D Almshouses Foundation Trust (Conlinued) Matters whl¢h we gre required io report by exception We have nothing to re￿TI in res￿ of the following matters where Charities Act 2011 requires us to retM)n io you if. in our opinion: thc infomjalion given in the financial thtements 15 inconsi5t¢nt in any maierial respeci with the Trustees, Rewn: or 5ufficienl accounting r¢¢ord5 have been kcpt; or the financial sthtements are not in agreement with the accounting records and rtiirn5: or we havc not ffccived all ihe inforniation and cxplanations ive require for our audit. Responsibilities of trusteos As e¥plained more fully in the S￿ement of Trusiees. res￿nSibIlitieS sei out on page 8, the trustees are responsibl¢ for the preparation of ihe financial statements and for irins 5ati5fied that they give a true and fair vithy, and forsuch internal control as the trustees dei¢Tmine is n¢cessary to enable the preparation orrina51cial statements thal are free rrotn material misstaiemenL W]￿lher due to frdud or crror. In preparing ihe financial statemcnts. the I￿Stee5 are resp)nsible forassessing the charity's ability to continue a5 a going concern. di5closin& &5 applicablc. matt¢rs relaied io going concern and using the going concern basis or accounting unless th¢ trustees either inl¢nd to liquidate ihe charity or to ceLse operations. or have no realistic alicrnative bul to do 50. Auditor's responsibilities for tbe audit ofthe fin9￿claI stalements Our objectives ar¢ to obtain r￿&￿￿￿ble &ssurance aboui whether the financial ststements as a whole are free from material mi55taiement, whether due io frdud or ern)r. and to issue an auditor's rep)rt that in¢ludes our opinion. Reasonable assurance is a high level of assuran¢e. bui is not a guaranice ihat an audit conduaed in accordance with ISAS {UK) will aliyays deteci a material misstaiement when it exists. Misstaietnents can arise from frnud or ¢rror and are considered tnaterial if. individually or in ihe aggregate, they could reasonably b¢ expected to influence the economi¢ decisions of user5 tak.en on the basis of these financial statements. The extent to which the audit was Consider￿ capable of deteeting irregul8rities. including fraud Irregularities are instances of non40mpliance wilh laws and regulations. The objeciiv¢5 of our audit are to obthin sufficient appropriate audil evidence regarding compliance ivith law5 and regulations that hav¢ a direct effect on the d¢terniination of material amounts and disclosur¢s in ihe financial staiements. to perfoTm audit procedures ¢0 hclp identify instance5 of non-cornpliancc with other lakn's and regulations that ma! havc a material etrect on the rinancial Statemell￿ and io rarBe forth¢ year 87551 4.613 22.102 1.410 17,542 3,122 18.384 242.613 27,529 At31 ￿larr￿ 2024 133W12 92.161 Z3J12 20.6 27ffj142 At31 llirch 2024 97W8 254.486 1.953 S&13 1237.94(¢ At JI MaTth 2023 5*)4.IM2 259.099 3J63 5J05 1.261.809 Fixed 4sset investments Trrtthold iD¥osimeAt propem l< ltsttd tquitj, ime5tm¢D15 2024 Tothi 2023 Total hl•rkei )'alu¢ Ai l April 2023 Addiiions Di5P05al Pro￿ ReValy￿lOt￿llei InbtStn￿ffl gaittslll(¥s%%l 258,71XI I lJ81.058 ?243.879 12.087.9531 11.639.758 ? 24 j.879 1?.087,9531 11.878.574 426,949 1461.6361 I&7￿) 431.137 422,437 1204.1291 A¢ 311114￿h 2024 12218.121 11.639.758 Ca4t•t 31,Il*r¢h 2024 9N6J92 9J05W70 9.932.260 UK listed equity invesiments included listed invcsiments at a lair value of £l1.091,797 (202i.' £11,214,475) with a cost of £8,770.568 (202i- £9,607,499A and cash or cash equivalents of £876.324 (2023: £166.583). The fre¢hold inve5tmeni property in Vincent Close. Newmarkei h&s becn re-￿[U£d by Morris Arniilage Estate Agents at ihe yearend ai £250,000, and the tr￿$1￿5 believc ihis is a reasonable esiimale of ihe fair value for the freehold tnvestmeni proFerty ai i l Marth 2024. 20 GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Notes foming part of tbe financial staiements for the )'e8r ended 31 March 2024 (Conlinued) Fixed asset iDVts¢meDts (Conlinued) All lisied inveslments are C2Tried at iheir fair Vdlue. Invcstments in equilies are all tradcd in quoted public markets. primarilythe London Stock Exchange. The basis for fair Ydlue forquoted inv¢stmenls is equival¢nl to market value, using the bid price. Asset sales and purc1]a￿ are recognised at the date of trade at cosi (thai is their mark¢t valuc). Th¢ significance of financial instruments on the ongoing financial SUSiainability' of the Fou]￿8110n is considered in the financial reYi¢w and investment policy and performance sections of ihe tru5t¢es annual report. The main risk to th¢ Foundwion from financial iASlTumenls ltes in a combination of uncertain markets and volatility of equity income. The Foundation manages thes¢ risks by r¢taining expert advisors and operating a policy that provides a high degree of diver5ificatioft of holdings within investment elasses that aye quoted on recognised Stock exchanges. Conswuenily, there is a very low risk to liquidity. The Foundation also principally holds its investmenl p)rtfolio with a view io mainthining a balanced retum and as Such would exttti short term volaiility ivill be ¢orrected in the longer ierm. Debtors 2024 2023 Other dcbtors Prcpaym¢nts and ac¢rued incom¢ 19.818 92,139 28.464 111,957 95.789 10 Credltors". amounts falling due wlthirt one year 2024 2023 Trade credito Oiher t&xes and socia] security Accruals and deferr¢d income 52,459 247 36,603 296 2,081 43.975 89J09 46.i52 I I Provisio￿$ for liabilitie5 2024 2023 Balance ai l April 2023 Charged in the yedr 795 {795) Bal2n¢c at 31 March 2024 A licellce to occupy the Foundation's investmeni pro￿rtY for a m&ximum period of three years rent free was &Jrdnted in 2020 and a provision b￿d on the estimaied rental value of the property was made lo released across that peritsj of three yeor5 or uniil such time &s the arrdMgem¢nt ce&sed in the previous year. 21 GEORGE GIBSOSY ALMSHOUSES FOUNDATION TRUST Notes fonning part of tbe financial $th¢emtDts for the yegr 31 Mareb 2024 (Conlinuedj 12 ARalysis of net 95s¢ts bett¥etD funds Current year Designated charitable rt5ed Assets fund Tot#1 Funds 2024 Designaied General fund Tangible assets Investments Net currenl assets 1237.940 1237.940 12218.121 413,720 1221&121 413,720 1337,940 12218,121 413,720 13,869,781 Prior year Designat C￿n￿ble rixed assets fi￿d Total Designated capita] fund General fund 20?3 Tangibl¢ assets Invc5tments Net current assets 1261,809 1,261.809 11.6J9.758 504,595 11,6)9.758 504,595 1261,809 11,6)9,758 504.595 13,406,162 13 Unrestricted ftsnd5 Current year DesigR21ed ¢haTitablt rixed asset fund Designated eapital fund CeneTal fund Toigl 2024 Balance at l April 2023 Net movemeni in funds Trdnsfers between funds 1261J09 11,639,758 504J95 463,619 (554,494) 13,406.162 463,619 (23J69) 578J63 Baloncc al 31 March 2024 1337.940 1231&121 413.720 13,869,781 22 CEORGE GIBSON ALMSHOUSLS FOUNDATION TRUST Notes forming part of the finan¢l41518tements for the year ended 31 March 2024 (Conlinued) 13 UDf¢stricted fund5 (Conilnued) Priorycar Designated charitsbl¢ fixed asset fund D¢signated capitaI r￿d Genernl fund Total 2023 Balance ai l April 2022 Nel movemeni in funds TrnnsfcTS between fvnds 1287.403 11 178,574 305.024 (64.8i9) 264,410 13.471,001 (64,839) (25.594) (238.816) Balance ￿ 31 Marrh 2023 1261.809 1.6i9.758 504,595 1).406.162 Th¢ Foundation has two designated funds &$ follows". Designated charithble fixed a55ets fund io rcpresent the net valu¢ of tangible fixed &ss¢ts. In each yearan amouni 15 tra￿$ferred to or from th¢ fund repres¢nting ihe movement in net iMM)k valu¢of iangible fixed in th¢ year. Designated capitsl fund to represent the Vdlue of investments held by ihe Foundation to provide investment incotne to fund its ¢haritsble objeciives. In yearan amount is transferred io or from the fund repre5eniing the movemenl in value ofinvestmenLS in the year. 14 Fln4ncig1 Instrumtnts The carying an70unts of the Charity's financial itJstTuments at 31 March were: 2024 Financial &ssets: Instruments M￿vred ￿ fair vdlue ihrough the SOFA 11,091,797 11.214,475 15 Reconciliation ofoet movement In funds to net rash now frotn operation5 2024 2023 Net movefflent in funds Depreciation charges (Gains)Ilosses on investmenL% Investment income {Incre&seydecrease in debtors 1￿c￿9$e/(deCre1se) in creditor5 & provisions 463,619 27029 (422,437) (441,154) {37590} 42,957 (64,8i9) 26,998 204,129 (438,408) {4.096) (1.30?) Net cash (￿ed inyprovided by operating 8ethtitie5 (367,076) (277,518) GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Notes forniing ofihe financial statements for the year ended 31 March 2024 {ConlinuedJ 16 Analvsis of ¢h4nges in nei funds 2023 Cash Flow 2024 Cash at bank and in hand 455,158 (64.086) 391.072 17 C4pital eommiljnents Capilal exttnditure aUthori￿d and contractcd for noi provided in Ihe5e financial statements. in relation to Ihe repla¢emcnt of the windoivs and d¢)ors ai th¢ Newmarkei Day Centre and associaied w'orks, amounts to £7J,278 (202i- £Nil). 24 GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST The page5 that follow are for the use of th¢ trusiLY5 only 2) GEORGE GIBSON ALMSHOUSES FOUNDATION TRu&r Schedlllts to the statement of fJnAnrial getivlties for the year ended 31 March 2024 2024 2023 Gtoree CibsoD Close- Almshou5ts Mcdequip monitoring & r¢s￿nsL ￿rVI¢¢ Flealih and safcty costs (iArden. i%¥)¢Mllan(ts and path mainietwice Council ￿¢5 W￿cr charg Insuranc¢ Strlrl lighiin8 TV li¢¢nw. r Proprrty costs . Genlrat repairs - RedLYorniion linlernal & extrrnall -Guticr5 & fascias rLylacemeni -Renovation'. number 14 -Renovation: numb¢r 29 -Renovaiior>: number 31 John Easi Ccntrc cosls Dcprcciation- GardLn Imachinerv tkprt¢ial¥on- John Easi Centre IlJ91 10.441 i?0 39.569 40.759 5.488 20,068 546 57.932 36329 7￿22 22,433 1252 67 43,120 20.904 lo.3￿> 20.359 33.490 3OJ67 6.404 1.625 16.713 1.410 18.384 J4J12 1.410 18J84 287.975 100.664 213.?40 93.019 Allocalion ofsupportCOSLS 38&&19 306.259 Newmarktt Day C¢DI Ground renl Insurance Donation for roof rq)airs Donaiion for ki¢¢hLn clcctrical Morks Ftr¥' valuation Amorti921ion of IL*sehold prorKriv 3,030 73lJO 4,613 4.613 25252 3.146 7.218 1.918 AllocaLÈon of 5UPIKTrrt cosis 28J98 9,136 Exning Court Allocation ofsupport ¢05t5 1049 959 GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Schedule5 to the statement orrinaDcial getivittes for ibe year e￿ded 31 March 2024 (continutd) 2024 2023 Supwjrt Costs Manager's salury PPS,IT. telephone. subscripiions and oifjce costs DcprLriationAoss(profitl on disposats ofoffice ¢quiprncnt Audit fe¢s Accountancy fec5 Legal and prOrL￿10￿a7 - Edmondson H￿] - Lar¥J licgisty ftt5 - Do!"cn land re AlM$h￿J5¢S fire valvaiion Tru51ce meeiing and Sundry costs 67J58 3J82 482 IL6 9J75 8.687 IIO 2J40 525 64.265 3.087 683 l?,O(K) 9.925 5.343 593 104.859 95,896 27