George Gibson Almshouses Foundation Trust (CIO) Year Ended 31 Mawh 2025 GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST ADllual report and f￿8￿¢1￿1 ststsments for the year endal 31 March 2025 Contents Page: Rel￿ of the trustees Independent auditor's rep)rt Statement of financial activities 12 13 Balance sheet 14 Sthtement of flows 15 Notes forniing part of the fitwi¢ial statemeryts Trustees RE May (Chainnan) MJ Drake Dr M Wace ML Lovegrove S W Ricketts Mrs D Hargreaves EFH Ru￿¢11 (Appointed 12 September 2024) Manager PrincApal addres8 The JOI￿ East Centr. George Gli )son Clos4 Exnin& Newm8TkeL SuffolL CB8 7LE. Registered charity DllDJber 1176924 Auditon Chater Allan LLP, 7 Quy Cour¢ Colliers StOW•cum-Quy, Cambridg4 CB25 9AU Aecollnt￿t Andrew D Fisk ACIE. 26 BlacklM)urne Rorf Elmswell, Bury St EthllUn￿ SuffolL IP30 9UH. BankerJ National Westminster Bank Plc, 7 CornhilL Bury St E41mund& SuffolK IP33 IBQ. Stockbrokers EFG Hatris Allday. 33 Great Charles str￿ Birnlingh￿ B3 3IN. GEORGE G￿0￿ ALMSHOUSES FOt7NDATION TRU Report of the truste￿ for the year ended 31 Matth 2025 The trustees present their annual rep)rt together with the audiled financial 5t8tetlleDts for the year ended 31 March 2025. The f￿at]Cia] statments have been prepa￿d in accordance with the accounting p)licies set out on pages 15 to 18 and comply wtth the charity's trust de￿ the Charities Act 2011, and Accounting and Rewjrttng by Charities: Ststem¢nt of Recommended Practic¢ applicable to charities preparing aecounts in accordaDce with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effe£tive l January 2019. Structhr4 governaD¢e manayellt A n￿V charitable incortKYated organisatiffl (CIO). the Gexyrge Gibson A]mshouses Foundation Trust w&s registered on 31 January 2018 (Charity registration number: 1176924). and an order to authorise the trdnsfer of the assets of the previo￿$ UDinCorEXK￿ cknity the GeiKge Gibson AImshson Almshouses Foundation was establishd to provide and maintain almshouses aEtd to assist p(K)r And old people resident in the fomer admiDisirative Coullty of West Suffolk. The Foundation WAS established by Trust Deoj on 31 March 1959 thrwgh the gen¢n￿ty ofth¢ late G¢org¢ Gibson. G￿)rge Gibson originally It8nS￿ to the FoutKlknn funds. primarity 5barehoklings in the f¢)rni¢r Atlanti Shipping and Trading Company. and later a fither sllm of £55.0(Ki. In line with its objectives the Foundation built George Gibson Close at Exnin& co￿1￿8 of 32 ahnthouses in th¢ earty sixties. In addition, the Newmakn Day Centr¢ built in 1980. Ultimate control of the Foundation rests with the trustees who aye responsible for the day to day management of the investments and affairs of th¢ Foundatio The existing trnstees apwjint new tnjstees by reference to the needs of the Foundation with a view to providing th¢ Fovodation with appropriat¢ly qualified and experienced tr(￿te¢S for the Foundation's requirements. On appoinknenL the trustees arc made aware of the Foundation's activities and their responsibilities througb infornialion provided and wiew of th¢ Foundation's activiti¢s. Th¢r¢aft¢r tndivldual trustees ensure they ar¢ suffi¢i¢ntly train¢d to a¢¢ as rquirryj. The trustees meet regularty to agree 51rdtegy and areas of activity for the Foundation. Day to day management is largely undertaken by the manager in consultation with the chairnian and other trustees &s appropriate. The trustees and the manag¢r Cl)nsidered to be the k¢y management persomiel of the Foundation. All trustees give their time freely and received no remunerdtion or expenses in the y¢8r. other than as detsiled in llote 6 for ODe truste¢ in respe¢t to professional s¢tvi¢¢s provided tn accordance with the trnst deed. The trustees revi¢w th¢ S￿ory of the managff periodically, and this is increased in accordance with their assessmellt of apprnpriate remuneration for their duties in r¢lation to the particular ¢i￿umsta1￿C¢s of the Foundation. Details of thost in office during the year are gtyen on the contents page of this rewrL Objects and activitses The ttustees refer to the guidan(% in knion 17(5) of the Clwill￿ Act 2011 on public Ixnefft when reviewing their aitns and objecttves and planning their future &tivtt GEORGE GtBSON ALMSHOUSES FOUNDATION TRUST Report of tbe trus1￿ for the year ended 31 March 2025 (Condnutd) Objects aDd aetivi¢ies (eontinu¢d) The Foundation's obJ￿1]ve$ are for the public I￿efit to: relieve the need of peN)ns resident in Newmthet and the surrounding areas (inch￿]ng the forn)er admini5trthe county of West Suffolk) who 8r¢ 55 years of age or over and in need of fllwKial suptrf)rt and a&sistanc¢ with the provision of healthcotre and housing by such means as the tn￿ from Éime to time think fiL includin& but Dot limited to. the provAsioD of a]m5house The Foundation aims to achieve these objectiv¢s by: Providing a¢comm(Klation in the ahnShouS￿ at G¢org¢ Gibg)n Close in Exnin8: supwjrting the work of the Newmakn Day Centre" monitoring the Exning c(m￿ very sheltered housing proJ￿t in conjunction witlL Sanctuary Housin making other donations to projects that fiEIfiI the Foundatii)n's objectives when identified. These activities are all ongoing 2nd the Found8tion sees these as part of its strategic aims into the firture. AChIeven￿nts 4Dd perfomance The Foundatio￿ utid¢r the w)wer of its TnLSt IknL has continued to finance the upkeep and maintsnance of George Gibson Close. This provides a safe enV1￿M￿¢￿t for elderly P￿)ple with a manager, and has been fi￿Y occupied during th¢ y¢ar subject to short peric￿ of vacancy. This is seq) as one of the key wfornlance indi¢ators of the Foundation'5 activities. There have been two sig0ifi￿it refurbi5bments of bung8lows undertaken in this y¢8J. together with the replacement of a kitchen in a third. In addition the Foundation has continued with its regular maintenan¢¢ of all properties &8 Tequire(I which has significantty iDcluded the ¢ompl¢tion of the progrdmme of replacement gutter5 and fasci&s. The Foundation has also undertaken sI￿1fiCant grounds works this year including the felling of a of tr￿ and the uFthting of th¢ promen8d4 patio and lth. The JOI￿ East Centre (commwiity [(￿} at G￿e Gil)son Clos¢ was once again us¢d for a variety of activities and events by residen￿ The Founda￿ continued with tts ￿ ongoing nLaÉtitenance of the Centre in the year. An electric car charging point instsll￿ at the JOI￿ East Centre during the previou5 year for vse by residents of the George Gibson Close continues to be used. The Foundation makes a service Charge for Occupan￿ of the bungalows. In the past this amounted to a charge ￿ person of £1,128 (2024:£1.820) FKryear. which is onty a smau fi￿tIOn of their open market renlal value. This change followed a revi￿ that decid￿] that residents should take over responsibilty for payment of their own council t&x from l Aprtl 2024. and consequendy the r¢vised seryice charge h&s been reduced sigmifiuntly fTr)m that in the previo￿8 year. A nllMt￿ of garages are also provideJJ to residents at a charge of £260 (2￿24:£ 260) to th(￿ that need them. In so doing neejjy ￿em￿r$ of the pthlic benefit from In addition charitabk SUP1K￿l wivided to the NeW]na￿et Day Centre which works with retl￿d and frail older Fwple to enable them to bave and enjoy a tetter quality of life. for its ongoing generdl operation. This has included a donation to wv¢r th¢ cost of some r(yof repalrs and additional leasehold propety depreciation costs a&S(￿lated with the replac¢m¢nt ofthe Day Centre's windows 2nd doots. Th¢ tnJstee5 in conjunction with Sancttiary Housing have develO￿d Exning Court as a very sheltered housing project for the elderly at cott{￿ End Road, Exning. The F(Mmdation continues to be involved in overseeing Exning Cowt's perforn)an¢e under the tellns of the donations made to it when it w&s ¢stablIShe￿ and a srna]I diMI￿lon w&s made in the year to cover the hire of a for &Te5idents outxng. GEORGE GI￿)1¥4 ALMSHOUSES FOIJNDATION TRU Report of the tn￿te¢S for Ihe year endal 31 March 2025 (Conlinued) Achievemellts And performanee (continued) The fimds of th¢ Foundation have continued to ￿ ¢ith¢r invested for fithre w¢ or applied for the fvrtherdnce of the Foundation's objects, and investment p￿rfOnnancC is detailed klow. tn wrying out ifs athittes the Foundation iElieves that it is providing a real public b￿¢fit by th¢ reli¢f of thos¢ in n¢¢d by Teason of age, ill healtK disability. financial hardship. or other disadvantage. D&spite its geogrnpbicai r¢stri¢tions and the limited numlKr of bvngaiows available at George Gibson Close, the Foundation provides for a large section of the publiE 8nd the trustees seek to identify thos¢ most appropriate to r￿e7Ve that EwefiL There is presently a waiting list for oc￿pancv. FiDAneial Total income is reduced compargj to i&lacing the paving slabs in the gardens of bungalows l&st year Coutscil t&x charges inCu￿ed reduced to £1.755 (2024: £36229) due to the residents tsking over resSK)nsibility for paying these. Th¢ wsts now relate to the manager's h(x￿¢ and vacath P¢TicKts in bungalow occupancy. GEORGE GIBSON AtMSHOUSES FOUNDATION TRUST Report of the trnstees for the year e4ded 31 March 2025 (Contlnued) Ffn#Dcial (coniknnued) Medequip monitoring and r¢sponse se￿Ie¢ co* of £l1.544 (2024: £11.59]), and water charges of £7.731 (2024: £7.022), were consistent with the previo￿8 years. Insurance (x>sts were reduced at £15.537 (2024: £21433) following a r¢vi¢w of prorty valuation4 and street lighting costs were £1,443 (2024: £1,252). Costs associated with the JOI￿ E&st C¢ntr reduc4J to £13276 (2024.. £14.512) prin¢ipalty as a result of lower electricty costs this year. [k￿latIOn costs as9xiateAI with the John East Centre at £18.384 and garden machinery at £1.409 were CODSiStent with the previous year. Cowuenty costs befor¢ the allocation of support costs d￿eaSed to £281501 (2024: £287,975). Costs in relation to clwitable suptK)rt of th¢ N¢wmarket l>dy C¢ntsE were decreased ci)mpared to the previous y¢ar at £12,752 (2024: £25252) before the all(￿tiOn of support costs, mostty as a consequence of: more donations made in the previous year of £17.064 to Cover electrical costs in com)ection with the new kÉtchen and for roof Tepait4 Compar￿ to £1.872 this year. Insuranc¢ costs increased to £4,916 (2024: £3,030) following a tEview of the prop￿leS valuatKm together with incre&s¢d depreciation as a c4)ns4u¢nce of the replacement of window5 and di)ors undertaken in the year of £5,959 (2024: £4,613). A small donation was made to ExniDg C(MUt this year of £397 to cover the hire of aco¥h for an outing. Totsl SUp￿)rt costs weAE similar Ihis year at £104J88 (2024: £104.859). Whilst tboE wer¢ increased payments to the manager of £71206 (2024.. £67J58) to reflect a hi8her salary. private health costs of £l.155 (2024.. £Nil), reduced legal and professional fees of £4,435 (2024:£11,137)" and higher office costs of £4.530 (2024." £3 Jf2). Audit and acc(yJnthcy c(K5ts were £21.845 Q024: £21.975). The prowtion of support costs treated as other sUp￿)rt o)sts incre&sed to £57,852 (2024 £53.416). wbi]st those costs treated &s govutwlce costs decre￿￿ to £46.536 (2024: £51,443). primarily because of the less legal and profe55tonal fees this year. Given the nthre of the Foundation'5 activities the bullc of the totsl of these support ¢ost are all(￿ated to the Almsho￿ tKing £100,212 (2024: £100,664). Inveslment management costs w￿e incurred this iu re5r*d ts): PrO￿rty mainlellance and managem¢nt costs of £1,488 (2024: £1,646) relating to the investment prorety at Vin¢ent Close. and management of the investment wrtfollo of £71.926 (2024.. £67.070) by EFG HarTiS Allday. A d￿reASe of £19,722 (2024: £422.437 inc￿￿£¢) repyesellts the movement in value of the FoundatioD'S investtnent portfolio. As detsiled Ixlow in the Foundation's investment wlicy and perfonnan¢¢ Ihis larg¢ly resulted from the impact of math factOT& This Tesults in an overall net outward movement of fvnds of £55,294 (2024: £463,619 invth) for th¢ year. Th¢ Foundation continues to llold the majority of its n& &￿ts in fLxed asset investments which amounted to a total of £12J74,687 (2024: £11218.121) at the year end as detailed IKIOW. The r￿ed &ssets of the Fiyjndation amounknj to £1284.116 {2024: £1.237.940) and are held for the charitable purposes of the Foundation. This year saw the replacement of the Newmark& Day Centre's windows and thjors for £74.263. Otherwise thtre have been no Chan￿ in the past year asid¢ from normal depreciation. DebtOTS were de¢￿s￿ on last year at £70,179 (2024: £111.957) largely du¢ to the deposit paid in advance last year in respect to the cost of window and d(Kyr replacement works at the Newmarket Day Centre. This amount of £32,541 was also largely restM)nsbi le for the lower amount of creditors due at the year end of £50.197 (2024.. £89J09) tog¢therwith a creAiItt￿ fv audit fees of £ll(M)O. Funds held &8 cash at bank were this year at £135.702 (2024: £391.072). A statement of cash flows is provided on page 14 of thes¢ financial statements which sllmn￿ the movement in cash funds for the year. GEORGE GIBSON ALMSHOUSLS FOUNDATIOFI TRU Report of the trllste￿ for the yegr ended 31 March 2025 (Contin4ed) Financial review (con1inM￿ Together with net current a&sets of £155.684 (2024: £413.720) tolai funds of the charity at the year cnd were £13.814.487 (2024= £13.869.781). The Foundation would anticipate its activities and financial Fwforniance to be broadty similar in yvars giv￿ its ongoing commitrnent% aside from rwising that property costs are always likety to be somewhat variabl¢. The biggest single risk f&tor th￿elti ts investment ￿[ornIanc￿ as discussed klow. ReserVeS￿licY Totsl funds at the year end were £13.814,487 {2024.. £13.869,781). As detailed in note 12 to these financial statements the Foundation h&s desig[￿ted fjjnds equivalent to the value of taDgibk fixed &ss¢ts and investments to creafr reserve funds to provide a basis for the provision of those assets, and generation of inv¢sÉment income to further its cl)aritsble objectiv￿. In so doing the trustees recognise that the level of the Designated Capitsl Fund reserv¢ may fluctu somewha( especially due to tll8Tket factors as discuS￿d below. but that these fluctuations are reasonable in the citrwnstance4 and are Ik¢ty to k miti8at&l in the longer tern]. L¢vels of annual irwm¢ a￿1 ex￿a￿ti￿e recent years have E*en such additional funds have been added to total reserv&s, princitHIty in the forni of 8ddition81 invesknents. Some of these fvnds were utilised to fimd the building of th¢ n¢w ¢onm)unity nx)m and offic£, the John East Centr< in 2017, and more recently the new conservatory and win(k)ws a￿] dooT5 at the Newmwket Day C¢ntre. Consequendy fillllls PT¢viousIy desi￿at£%1 within the I)esignated Capital utilisryl for this purrK)se, have now become a part of th¢ Designated Charitable Fixed A55et Full(L It is the Foundation's wlicy to aini to cover eacb yearfs totsl expendith from income genera*4 which has not b#n achieved this year. In the CUTrent year an illCE¢ase in proixrty wsts associated with the periodic refijrbishment and maint¢nanc¢ of bungalows compared to the previous year. has ¢4)nth1}ut￿ to a deficit of £35.572. Illhilst r¢sults can vary from year to year, it is anticipated that broadly similar levels of nomial income and expendityre to those of rw£nt yeats will result in Frt)sitive or near br¢akeven a[￿Ual results before investment gains and lo&￿ in firture yeats. There are no restricted fiu)ds held by the F￿10 Inveslmentpolicy ffldperfornwjn The trustees have the power to invest in such ass¢ts as they see fit. The Foundation holds a large portfolio of investtn¢nts that have continual to produce the majority of its income from divid¢nds and interest. Investment income from these sources was £369,442 (2024: £429.754) in th¢ y¢ar. A freehold investment prowty is also let to provide additional investment rental income of £11,400 (2024: £11,400). This has i*en re-valuaj at the yegr-end by the trustees using a housirjg price Ma￿et index at £254200. an in¢r¢ase of £4,200 on last yw's value which was based OD the valuation of Morris Annitage Estat¢ Agents. The trnstee& through an investment manager (EFG HaTris Alldayl manag¢ strKk mat*¢t inv¢stments on an nconstrained ￿anaged Discretxonary- basis on a higher risk appnmch aimed at achieving balanced relurns. The￿ have been a number of ¢banges in investments during the year as the Intstees seek to maximise investhlent income whiL8t maintaining value. GEORGE GtBSOF4 ALMSHOUSES FOiJNDATION TRUST Report of the Iruslees for the year ended 31 Mar¢b 2025 (CO￿1n￿e￿I FinanciA revieTV (continued) InVeslmentpolicyap￿PerformQnce (conlinued) The fall in interest rates during T¢¢¢nt years h&$ led to a significant rnjuction in the incom¢ from this soutre and the trustees b&v¢ invested fimds pwiously held on dewsit into the st(*k market where a return is anticipat& The main forni of finallcial risk fa￿1 by the charity is that of volatility in equtty markets and inveslment m￿kets du¢ to wider economic conditions. the attitude of investors to investtnent risL and ch8nges in sentiment eoncerning equities and within partic￿ar sectors or sub sectOTS. The Foundation manages these risks by retaining eXFtrt advisoTS and in c4)nsuhatAoD with them opernting a policy that provides a higb degrec of diversfftfication of holdings within investment c]￿eS that are quoted on recogttised st￿k exchang¢s. Consequentty. there is a very low risk to liquidity. The Foundation prtn¢ipalty holds tLs investment tM)rtfolio with a view to maintaining a balanced re￿rn and as such would expect short terni volatility will be Corrected in the longer tern). The stock m8d(et investm¢nt wrtfolio 8ave rise to inv¢5tment lo&ses of £23.922 (2024". £431.137 gains) during th¢ year, which is indicatlve of this p)licy and general makn factors at th¢ year end. This w&8 in the context of market reactioThg to the ongoing c￿nOMic uncerthintiffj in pHrt due to geow)litical tensions. Grani Making￿lICY The trustx8 make grdnts to third partles In ￿4￿dancE with the cbaritsble objectives of the Foundation. No grants were ll￿1e aside from those to the Newrnrt￿ Day Centre and Exning Court as detailed in this reporL The truste¢s actively review the major risks which the Founthon faces on a regular basis and believe that such reviews of the Foundation's activtties and fin8ncial together with the eslablished systems in place, are sufficient to mitigate significant risks. In particular. the In]stees monttOT all aspects of health and s3fety. and risks generally appropriate to their charitable activities. The provision of the Almshouses to eldeAy b¢neficiaries 8iv¢s rise to particular risks that th¢ ttw#ees seek tt> addre&8 through the: provision of an Oll•Site Manager. th¢ Medequip MonitOTing and Response System that gives each resident an emergency peadanL and the ongoing maint¢nollce of all bungalows and grounds to a very high Sts￿dar￿ and in a¢￿[dance with all appropriate standards and regulations. Financial risks are coverol by appropri8ts Insu￿ and th¢ emploJ7n¢nt of prvfessiorfal advisors &$ appropriat¢. The most significant financial Tisk surrounds investments which are covered as detailed above. tn connection with this the Foundation ￿lieVeS that their use of exw*nceA professional adVi￿[S is the most apprnpriate way to limit ally Potential IMp￿t i)n iovestment income. Whilst th¢ Foundation Ordinarily relÉes u￿n its investmfflt income to fimd its activities year on y¢8r, it does hold SI￿lficallt reserves should these to assist in maitilaining ongoing activities. The Portfolio is Teviewed at eath meding with the stLKkbroker. GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Report ofthe trustees fibr the yexr ended 31 March 2025 (Conlin#ed) Finaneial review {￿nti￿ued) Going concern The trustees have not identified ally material uncertainties that may ¢&st Si8nificant doubt aix)ut the ability of the charity to continue as a going coneern. The trustees ￿)￿ider that the Foundation bas more than adequate resoutces to fi￿d its activities into the fimtre. Plans for futsre peri(Mls The Foundation aims to continue its of all existiDg projects into the fubjre given the nat1￿¢ of its objectives. These wuite long-terni prnvision and colltinued investment in the assets to provide these. The Foundation will also continue to consider ar¢&s of suptM)rt appropriate to its objectives. The Foundation will alg) continue with its usual pattern of maintenance and ￿fi￿bishMent of George Gibson Almshouses ixmgalows as circumstances dictate. StKcifically all shtyJ4 door stq)s and gates are to be varnished this yedr. while internal rsJeL4)ration will not be undotsken in th¢ current year other than when required &5 a CO￿qUence of bungalow refithislunenL Further work will be undertaken in relation to liftsng 8nd relaying the p&tiO 8re& in front of Exning House and the replanting of lth together with the insfallation of new Ii)w level lightsng ft)r safety and swity The trustees will continue to support the use ofthe John FAst Centre with all ongoing programme of events for sidents. The trnstees will also continue to consider the feasbi ility of building some one IKdroom properties as th¢r¢ are an increasing number of applications from singl¢ pe4)ple for bungalows at G￿)rge Gibson C108e. Th¢ Foundation being mindfijl of the financial circult￿￿ttee8 of the FoundatÉon have decided that service charges should be increas￿1 gradualty over the comTng yeaTS and have increased these with effect from l AprAI 2025. and intend that appropriate illcrea￿ atE annually to b¢4t¢r Tefie£t the costs of servicing the bungalows going forward. The trusiees will akn continue to siipp)rt the Newmth Day Centre and Exuing Court as appTh)priat¢ WI￿1 suitable ne￿IS arise. GEORGE GIBSON ALMSHOUSES FOtJNDATION TRUST Report of the trllst￿ for the year ended 31 March 2025 (GI￿1n￿ed) Ststement of respollsibilithj of the T￿￿t Th¢ trust￿$ are resp)0￿￿1¢ for preparwg the TTUSt¢es' Annual Report and the fuwicial statements in accordance with applicable law and United Kingdom Accounting Standards (Unit￿ Kingdom Generally Accept￿ Accounting PractiLZ). The law applithlc to charities io Engla￿1 aNI Wales rquires the tnjstees to P￿pare f￿anCIal statem¢nts for each fu￿1¢1a] year which give a true and kn view of the sfate of affairs of the charity atid of the incoming resources and application of resour￿£ of the charity for that period. In preparing these fmancial statements. s¢iect suitabk accounttng policies ￿)d then apply them consista)tly' obseTV¢ the metho(ts and Fffinciples in the Charities SORP. stats whether applithle accounting standards have followed subjext to any depart￿ disclosed 8nd explained in the flllancial statemenL% and prepare the financial ststements on the g05ng concAn Imsis unless it is iiiapixorriat to presume that the charity will continue in busin￿. The tr￿ste¢S are wnsible for keeping prow alxounting records which disclos¢ with rewnable accuracy at any time the financial yjsttion of the charity al￿ enable them to ensure that the financial statements comply with the Charities Act 2011. th¢ Chattty (Accounts and Rep)rts) Regulations 2008 and the provisions of th¢ trust dee¢L They are aLso responsible for safeguarding the &85ets of the charity and h¢nce for tsking reasonable steps forthe pwentioD and d¢tection of fraud aJ)d other itre8ularities. This ￿ w&s appmved by the t￿￿CeS and on their t￿half on RE May MJ Drake 10 GEORGE GtBSON ALMSHOUSES FOUNDATION TRUST Independent auditor's report to the trugte¢s ofGeorge Almsbouses Foundation TTh￿t OpiDioD We have audited the fuwicial statements of the George Gibson Alrnshouse5 Foundation Trust (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Fin8ncial Activitie4 the Balance SheeL the Stst¢m¢nt of Cash Flows and notes to the financial statements, including sAgnifi¢ant accounting policies. Th¢ fmancial rep)rting framework that h&% been applied in their Pre￿ration is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Re￿rtIng st￿dard applicable yn the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a trne and fair view of the stat¢ of the charity's affairs as at 31 March 2025 and of its incoming resour¢es and application of resources forthe year then ended. have been properly PTWaTY41 in accordance with United Kingdom Generalty AC￿pt￿l AccountiJJg Practice" and hav¢ been prepared in accordance with the reqlliran￿ts of the ChaTiti¢s Act 2011. B&sis for opinion We have been appointed as audttOTS under section 144 of the Ch8rities Act 20118nd report in accordance with regulations made under section 154 of that AOL We conducted our audit in accordan(% WTth International Stsndards on Auditing (UK) (ISA5 IUK)) and applicable law. Our responsibilities under those stalldar(ts ate furtber described in the Auditor's reswnsibilities for the audit of th¢ fin8n¢ial slatements section of our re￿￿ We are indq)endent of the ch￿lty in accordance with the ¢thi¢al requirements that are Televant to our audit of the financial statements in the UK including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilÈties in accordance with these requ1￿ments. W¢ believe that the audil evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statsment4 we have concluded that the trustees. llqe of the going con¢ern basis of accounting in the preparation of the fJnaDcial statements is appropriate. Based on the work we have wfornied. we have not identified any material uncertaintie5 relating to event5 or onditions thal itkdividually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a ￿Tiod of at least twelve tnondLS from when the fllwicial statements are authorised for issue. Our r¢sponsibiliti¢s and the tEswnsibilities of the trustees with res￿ to going concern are described in the relevant sections of this r¢E Other inforniation The other infotination comprises the information included in the Rqy)rt and Financial Statements other than the fu￿1claI statem¢nts and our auditor's tep)rt thereon. The trustees are resw>nsible for the other irkforniation contained within th¢ Report and Finaocial Staements. Our oplnion on the lllwlctal ststements does not cover the other infonnation an￿ we do not ¢xpr¢ss any fonn of assurance conclusion thereon. Our responsibility is to read th¢ other inforniatiOD in doing so, consider whether the other inforniation is materially inconsistent with the financial ststements or our knowledge obtained in the ¢ours¢ of the audit or othenvise appears to be materially misststed. If we identify such material inconsistencies or appaT¢nt material misstatcmellts. we are Twuired trj detennine whether this gives ris¢ to a material misststement in the financial statements themselves. If. on the w(xk we have perforn)e4£ w¢ conclude that th¢re is a material mtsstatement of this other infonnatioo we are wuired to that fa¢L We have nothing to r¢port irs this regar GEORGE GIRSON AIMSHOUSFS FOUNDATION TRUST Independent audi¢or's report to th¢ trustees of George Gibson Almshou8e8 Foundation Trust fconlinued) Matters OD iyhich we are requirnl to re￿rt by excepti(bn We have nothing to report in reSP￿t of th¢ following mattu5 where tb¢ Charities Act 2011 requires us to report to you if, in our opinion: the tnfomiation given in the fin￿la1 ststements is Trnconsist¢nt in any material Tespe¢t with the Trustees, ReporL or sufficient accounting r¢o)rds have not been kep4 0 the fllwlcial statements are not in agreement with th¢ ￿u￿tIng records aad return4 or we IMv¢ not received all the iDforn)ation and explanations we require for our audit Responsibilities of trustees As explained more fulty in the ststern￿t of Tn￿e¢s. resw)nsibilities set out on page 8. the trnstees are responsible for the prepardtion of th¢ fu￿claI statements and for being satisfied that they give a trne and fair view, and for such internal control &8 the tnths deterniine is ne¢¢ssary to enable the prq>ardtion of financial statements that are free from material misslatemenL whether due to fraud or error. In prnparing the financial statementy the tnLStees are JW￿D$I￿*Ic for &wssing the ch￿lty'S abilAty to continu¢ as a going concern, disclosing. &8 applicabl¢, matter5 related ￿ going conc&ll and using the going concern basis of accounting unless the trustees either intend to liquidats the clwity or to cease operatio1￿ or have no realistic alternative but to do so. Auditor's resp)nsibilities for the audit of the finaBei41 statements Our objectives are to obtain re&wnabl¢ assurance about wh¢ther the f￿anCIal statements as a whol¢ are free from Tnaterial misstat¢m¢nL whether due to fraud or error, and to issue an auditor'5 report that tncludes our opinion. Reasonable assuranc¢ is a high level of ￿U￿1t¢ but is not a guarantee that an audit conducted ID accordanL with ISAS (UK) will always detect a matsriai rnisstatem¢nt wben it exists. Misstatements can arise from fraud or ern)r and are ¢onsidered matsrial if. individually or in the aggregat4 they could reasonably Et exp¢ct¢d to influence the economic decistons of users taken on the basis of these finan¢ial slatement& The extellt to which the audit was considered capable ofdeteeting irreglllaritie8. indwdiDg Irr¢gularitie5 are instances of non-complianee with laws and wlations. Th¢ objectives of our audit are to obtain suificient appropriate audit evidence ￿gardlllg cnmpliance with laws and regulations that have a direct effect on the detennination of material atDounts and disclosures the fmancial statement& to perform audit procedures to help id¢ntify instances of nonkneompliance with other laws and ￿gUlatIonS that may have a material effect on the f￿anCIal statements. and to resFK)nd 8ppn)priately to identified or susp¢thl non-wmpiiance with laws and regulations identifi¢d during the audit. In relation to fraud, the objectives of our audil arc to identify and assess the risk of material misstatement of the fman¢ial stst¢m¢nts due to frauQ to obtain sufficient appropriate audit evidence regarding the assessed risks of at¢rial misstatement due to frdud through des1￿1ng and implemenling appropriats responses and to respond approprAat¢ly to frdud or SUSP￿ fraud id¢ntified during the audit. However, it is the priw responsibillty of mallMgemenL with the ovetsight of those charged with gov¢rn8J)ce, to ¢nsur¢ that the entitys operations 2Te conducted ill accordance with th¢ provisions of laws and regulations and for th¢ prevention and detection of fraud. In identifying and &sse&sing risks of material misstatement in ffspect of iTregulariti¢s, including frau￿ the audit engagement team: 12 GEORGE GIWNIY ALMSHOUSES FOUNDATION TRusr Independent auditor's repirt to the trustees of Georye Gib50n Almshousts Foundation Trust (Continued) obtained an understanding of the nature of the se£tor, including the legal and regulatory fr8meworL that the charity operatss in and how the charity is comptying with the legal and regulatory framework. inquired of managemenL and those charged governance. about their own identification and &ssessment of the risks of i￿egularltle￿ including any known actual, suspected or alleged instsnces of fraud: discussed tnatters aiM)Ut non-compliance with laws and regulations and how fraud might owur including &sse&gment of how and where the finallcial statements may wswtibl¢ to fiauli As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 101 Charitie5 SORP (FRS 102). Clwities Act 2011 and th¢ charity's gov¢rning document. We perfolln¢d audit pr(Kedures to detect non-compliances which may have a matsrial impact on the financial statements which included ftviewing the financial statements including the Trustees. Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents. The audit engagement team idenlified the risk of management OVUTide of controls as the area where the fmancial statetnents were most susceptible to ttLaterial mi5Statexnent due to fraud. Audit procedures ￿rfo￿￿ed included but were not limited to testing any llkanual journal entrie5 and other adjustmen￿ and evaluating the business r&tional¢ in relation to any signifi¢aDL unusual transactions and transactions entered into outside th¢ nonnal ¢ours¢ of business. A further description of our Tesp)Dsibilities for the audit of the financial ststements is provided on the Financial Re￿rtIng Council's website at http:Ilwww.frc.org.uklaudttorsresponsibilities. This description fornis part of our auditor's rew)rt. Use ofour rew)rt This report is made solety to the cbarity's ts1￿CeS as a iM)dy. ill accordance with the ch￿ltieS Act 2011. Our audÉt work has been undertaken so that we might stats to the charity's trustees those matters we are twul￿d to state to them in an auditor's report and for no other purrrt)se. To the fullest extent rKnnitted by law. we do not accept or assume responsibility to anyone other thall the chaTity and th¢ Charity's I￿Ste¢S as a body. for our audit work. for this retK)rL or for the opinions we have fornied. Chater Allan LLP Naomi Hedger Chartered Accountants 7 Quy Court Colliers Road StOW-cum-Quy Cambridge CB25 9AU Date Chater Allan LLP is eligible to a¢t as an auditor ij) ternis of section 1212 of the Companies Act 2006. 13 GKORGE GIBSON ALMSHOUSES FOUNDATION TRUST Ststement of finanelal activiti￿ for tbe year ended 31 Ma￿kn 2025 Utsrestrlrt￿ and total nds 2025 Unrestricted and t￿81 2024 Income from: Investmnts - Equity holdings - Bank deposit tnterest Rents receivable Charliable aclivihes - Service charges Other - waYleav￿ and car ¢harger income receivable 423.177 6.577 11,4(K) 2￿72 11,4( 86.405 425 Totsl iDeom¢ 437J80 527.984 Expendithre oll: Raivingfunds Investment management C4)sts- W]ncent Close -Equtty holdings .646 67.070 73.414 68.716 Charilable activiliu Activities undertaken directly: - George Gibson C103e-Almshouses . Newmarket Day Centre - Exning Court 382.713 15 1,441 388.639 28.398 1.049 4￿,038 418.086 Totsl expellditu 473A52 486,802 Net (lossosygains on investinents (19,722) 422.437 Net mov¢mellt ill funds (55294) 463,619 Reconciliation of funds: Total fi￿dS brought forward 13069,78l 13.406,162 Total funds carried forvArd 12 13814887 13.869,781 The Foundation h18 no re£o8nised gains or los￿ other than those shovm above in either 2024 or 2025. All amowits relate to continuing activiti&s. The notes on pages 15 to 24 forni part of these financi21 slatements. 14 GEORGE G￿0￿ ALMSHOUSES FOUNDATION TRUST Balanee sheet at 31 March 2025 Note 2025 2024 Fiied assets: Tangible assets Jnvestments 1284.116 12J74ffj87 1237.940 12218.121 Tol￿fLy*déL1sets 13ffi58003 13,456,061 Current *wts: Debtors Cash at bank 70,179 135.702 111,957 391,072 Totol eurreni a&fets 20S881 503.029 Liabililie8: Creditors: attlounts falling within one year 10 50J97 89.309 Nel cwren¢ assets 155,684 413,720 To￿￿ne* Qfsets li 13*14A87 13,869.781 The fund8 of the eharity: Unres1ri¢ted funds - D¢signated charitable r￿ed assets fiwd - Designated capital fund - Generdl fund 12 12W116 12J74.687 1.237.940 11218,121 413.720 Toialcharityfwids 13014,487 13.869.781 The financial statements were approve4J by the t￿￿ and authoris¢d for issue on and are Si￿ed on their bel]alf by.. RE M¥v MJ Drake Trustee The notss on pa8es 15 to 24 forn) part of these fitwic1￿ statemenl 15 GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Statsment of IIow5 at 31 March 2025 Note 2025 2024 C&sh flow8 ffrom operating a¢tivits£s: Net cash (used illyprovided by operating activithes 14 (390,430) (367,076) C￿h Ilows from investing activitie8: Investm¢nt income Purch&se of fjxed assets Pmceeds of sale of investments Purchase of investments 38&611 (74263) 2 J75231 {2￿51)19) 462,576 (3.660) 2.087.953 (2243.879) Cash provided byl(&8ed in) iDv4yting activilies: 13&060 302.990 (Detrease)Ancrease In cgsh and Ix5h equivalents the year Totsl cash e*sh equivakmts at the beginning of year (255J70) (64,086) 391.072 455.158 Tolal e&sh and Cash equivalents at the end of year 135.702 391.072 Analysis of Cash and ￿sh equivslents Cash in hattd 15 135,702 391.072 The notes on pages 15 to 24 fonn part of t1￿ financial statements. 16 GEORGE GI￿)N ALMSHOUSES FOUNDATION TRUST Notey forming part ofthe financial s¢a¢ements for the year ended 31 March 2025 l Accounting polici£s (a) ofaccounling apklassessmentofgoing concern The financial statements (accounts) have been prepared und¢r the histori￿ wst convention and in accordan¢¢ with Accounting and Rewrting by Charities: Statement of R￿0MMended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS102) (effective l January 2019) - (Charities SORP (FRS102)), the Financial Reporting Sts￿d￿ applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011. The George Gibson Almshouses Foulldation Trust is a charitsble illCOryK)rated organisation domiciled and registered in Englan& which coDstitLttes a Public Benefit entity as defjned by FRS102. Asstts and liabilities are initially recognised at cost or transaction value unless otherwise stated in th¢ ￿levant accountitEg policy not¢s. The fllwicial statemalts prepared in sterling which is Ib¢ functional cur￿1¢Y of the charity. Monetary amounts in th¢ financial stht¢m¢nts are roundd to th¢ neaTe5t £. In forning th¢ir o)nclusiffl ill ￿Spect of going ¢orn the trnstees have Considered the fman¢ial Isition of the charity. tncluding the level of free resffves. the level of the invesknent portfolio and th¢ budget to 31 March 2027. The charity has net current assets of £155.684 ond filltb¢r ¢ash deposits within the investment portfolio of £85.897 at 31 March 2025. In additio￿ the investment portfolio holds significant assets that could be realis&J should additional funds k r￿ul[ed. As a consequenc4 the tnJstses beli¢v¢ th¢ charity is well pla¢ed to manage its business risks and there are no mat¢rtaJ uncertainties in relation to going concern. Thus they continue to adopt the going concern basis of accounting in preparing th¢ financiAI stat¢m¢nts. fb) Income recognilion All income is recognisd once the clwity enttdement to the inc4yne, it is probable that the income will be received and th¢ mon¢tary valu¢ b¢ measured with sufficient ￿lIabIlIty. Equty incorne is recognIs￿ once the divideThl h&s been thIaT￿ aod notification has been r¢4xiv¢d of the dividend receivable from the investment manager. Interest on fiTnds beld on deEX)Sit is included when recetvable and the atDount can be measured reliablyj this is nornlally upon notifieation of the interest payable or paid by the bank. Rents ￿CeiVable are rwognised wben receivable by reference to OCLUP8ncy of the investTnent property. Service C￿￿ge income is included when receivable and the amount can be measured rèliably by the clwity, by reference to CUTtent OCCUP2ncy l¢vels of the Almshouses (C) Expendilure recognition Liabilities are rewis¢d as expenditure as S￿ll as there is a legal or constructive obligation committing tbe charity to th¢ ¢xp¢nditure, At As probable that settlement will be requir￿1 and the atnount of tlie obligation can be measured reliabty. All expendiljwe is accounted for on an accrna]s basis. All exrKDses including support costs and governance costs are allocated OT apportioned to the applicable eXpenditi￿C headings. For more infonnation on this atribution r¢f¢r to not¢ (¢) below. 17 GEORGE GI&SON ALMSHOUSFS FOUNDATION TRUST Notr8 forming part of the financial statements for the year eMde4131 Mareh 2025 (COndn￿d) Aeconntillg polieies (Conlinued) (d) Irrecoverable VAT Irrecoverable VAT is charg￿ against the eXpendIti￿ IKadiDg for wFÈÈch it was incurred. (e) Allocthion ofswpportcosls Support costs have been all{Kat￿ between governance ￿$ts and other suptK)rt costs. Governance costs comprise all c4)sts invofving the public accountability of the clwity and its compliance with ￿gUlatiOn and good pwti¢¢. These costs includ¢ ￿sts related to statutory audiL and Iwl and professional fees together with an apFx)rtionment of overhead and support cos Support ¢05ts including governance costs relating to charitable activities have been aPT￿loned b&%ed on an estimation of staff and trnstee time s￿t on each area of charitable activity. The all￿atiOn of support and governance costs is anaty5ed in note 3. G) Costs ofraisingfim&Y Costs of raising fi￿d5 rela1¢ to investment management costs 18sociated with the fr¢ehold investsnent pro￿rty and equity bolding4 which are held to genera* investment income. (g) Clk7ritable oclivities Costs of charitabk activities include granty the cost of activ[ti￿ undertaken dir•, and support costs including governance costs as detailed in note 2. (h) T&Yation The Foundatio￿ a5 a registffol cFwity, is not conside￿1 liable for &ss¢ssment to t&x on its charitsbl¢ incom (i) rangiblefi¥ed￿tsets and depreciation costing more than £51)0 are capitalis￿. Tangible fiX￿j &s8ets are stated at cost less depreciation. Depreciation is provideAJ on all tangl￿1¢ fixed a&sets other than f￿ehOld propety (with the exception of the John East Centre) at rates calculated to write offthe cosL kss estIM￿ r¢sidual value8. of each asset on a straigbt-line b&sis over its expthA useful lif4 as follows: Freehold prop¢rty- John Eagt Centr¢ Leasehold pro￿￿-NewMthet Day Centre Gttrden machin¢ry Office & Centre equipment . 50 y¢ars . 99 yegTS - 5 years - 5 years No dep￿latIOn charge is made tn respect of freebold propety (with the exception of the John East Centre), as in the opinion of the trustees the residual value of the properties exceeds cost. The trustees conduct 2n impairnient review annually. and have ¢on¢luded that the ¢stÉmated residual value of th¢ properties exceeds th¢ book value. 18 GEORGE G￿$0￿ ALMSHOUSES FOUNDATION TRUST Not&s forming part of tbe fina￿1￿1 statsments for the year ended 31 Mv¢b 2025 Iconlinued) Accounting policits (cO￿l￿￿d) ) Fixedassel 1P￿eSt￿￿￿S Investments excluding investmellt proF*rties and c&sh d¢wJsits. aTe a form of basic financial instrument and are initially r￿l$ed at their transaction value and subwuenily m¢asur¢d at their fair value a5 at the balance sheet dats using the c105ing quota market price. The slatement of financial activities iticludes the net gains and lo&ses aTisillg on revaluation and disposals thrOu￿o￿t th¢ year. Investment properties are inttially recognised ￿ CO￿ includiD8 any directly attn￿utab1e expenses. SubseqtL¢ntty investment prop¢rties ar¢ Carried at their fair value at each reporting date, with ¢hang¢s tn valuation accounted for through the Statement of Financial Activity. Cash deposits held as inv¢stm¢nts are stated at cost. The main form of fir￿icial risk facd by the charity is that of volatilty in equity markets and investment markets due to wider economic c4)ndition8 the attitude of investors to investment risk, and chonges in sentiment C4)ncerning equities and wtthin particular sectOTS or sub sectors. (k) Real￿edga￿￿ andknses All gain5 alld I0￿eS are taken to the Ststement of Fitwi¢iaI Activities as they arise. R¢alised gains and Ios5e5 on investmertts are calculated &s the difference between sales prcKttds and their opening Carrying valu¢ if acquiTEd 5ubsequ¢nt to th¢ fLrst day of the financial year. Unrealised gains and losses are calculated &8 the difference between the fair Val￿ at th¢ year end and their Carrying value. Realisryj alld unrealised inv¢stm¢nt gains and losses are combined in the Statsment of Financial Activities. fl) Debiors Trade and other debtOT5 are TecognTseAI and the sdtlement due after any discount offered. Prepaym¢nts arc valued at the amount prepaid net of any discounts du¢. (m) C￿h ￿ bank Cash at bank includes and short tern) highly liquid inveslments with a short maturity of th￿e months or less from the date of acquisiti￿ or Openi￿ of the deposit or similar account (n) Creditors ￿￿prOvISIonS CreditOTS and provisions are recognised vlhere the charity has a Present obligation resulting from a past event that will probabty result in th¢ transf¢r of fvnds to a third party and the 2mount due to settle the obligation can be tneasured or estim￿ reliably. Creditors and provisions ar¢ nornally recognised at their settlement amount after allowing for any trade discounts du (o) Financial instrwnenrs The charty holds fllwicial &ssets and financial liabiltknes of a kind that qualify as basic fmancial instruments. Basic fllwicial instrumeuts a￿ iDitially T￿0g￿lS￿l at transaction value and subsequently easured at their settlement value. The charitv also holds financial assets me4sured at fair va]u¢ through the Stotement of Financial Activity- see detail of these &&sets in wyint li). 19 GEORGE GIBSON ALMSHOUSES FOUNDATION TRusr Notes forniing part of ihe finaneial ststements for the year e•de4131 March 2025 (Conlinued) A¢eounting wlieits (CO￿1n￿ed) F￿dS held by the charity are: Unrestricledgeneralfupth- these are funds which can in ￿Ordance with the charitable objects at the discretion of the trustees. Designatedfimdf- these are funds set 8side by the tnjstees out of unrestricted general fi￿dS for specific ture purposes. Further explanation of the nature and purpos¢ of each fijnd is included in the notes to the financial statsments together with detsils of transfe￿ ixtween funds. Analysis of eharitable ￿pendi￿re George Newmarket Gibso￿ Day Centre ExolDg Court 2025 Totsl 2024 Total 2fAL617 tL921 Donations Depreciation and profiLqoss on disposal of ftKed assets SupFx)rt and governance costs 265338 269,116 2269 17,064 21J84 5,959 IIX)J12 3,132 27W3 27,047 IIM?88 104,859 1044 Total 3f£,713 IA41 40ffjOJ8 418.086 The Foundation undertook direct cbaritsble ￿tiVitieS through the operation of th¢ A]mshouses at Georg¢ Gibson Close. In additio￿ it provided support to the Newm&*et Day Centre for the elderly. and the Exnitkg Court sh¢lter¢d housing project in th¢ year. No ¢)ther clwitabl¢ donations w¢r¢ made in th¢ y￿. 20 GEORGE GIBSON ALMSHOUSES FOiINDATION TRusr Notes forniing part of tbe frnatieial statements for the ye4r eRded 31 March 2025 (Conlinued) l AllO￿tiON of Support ¢(￿ts Other SuP￿rt GoverngD¢e Total Costs Allotated 2025 Total Allocated 2024 Support cost Staff costs PPS, IT. telephone, subscriptions & office costs Depreciation of office equipment and profitlloss on disposal of fixed assets Audit and accoulltancy - audit 54271 1&090 72J61 67.358 3J98 1,132 3.382 61 12.(KK) 9045 4835 482 12,600 9.375 11,137 525 12,1)00 9WS 4,435 973 Legal and professional fees TTUStee meeting & sundry costs 57W2 104J88 104.859 Other supwt costs are all¢Jcated on the basis of an estimate of staff time consistent with the use of resources. Totsl support costs ar¢ then all(￿ted to charitable activities baseAI on an estinmfr of time spent on each charitable activity as follows: 2025 2024 The George Gibson Almshouses 96Yo {2024: 96%) Newmarket Day Centre 3Yo (2024: 3Yo) Exnlog Court l /0 {2024: 10/0 l(N)212 3.132 100.664 3,146 1,049 Total allocated 104J88 104.859 Employment C08ts 2025 2024 Wages and salaries s￿la1 security costs Other pension costs Other staff costs 62.039 7?06 58,744 6,852 1,762 1,155 72J61 67.358 The Foundation had one (2024: one) employee. with all employee time involved in providing either support to Ch￿1t&ble activities or the governance of the Foundatio￿ The Foundation considers that its key management personnel comprise the tn]stees And the manager, who deals with the day to day management of the FoundatiotL Total employment benefits paid to th¢ manager in the year amounted to £72,361 {2024.' £67.358). Auditor's remuneration The auditor's remun¢ration constithted an audit fe¢ of £10,000 (2024:£10,000) excluding VAT. 21 GEORGE GIBSON AIMSHOUSES FOUNDATION TRUST Notrs fornifiDg p*rt of the financial ststements for the year ended 31 Marcb 2025 (Conlinued) Related party transacifioms and trusttts. and remllneratKtyn During th¢ year professional fees of £4,050 (2024: £8.687) were paid to Edmondson Hall SolicitOTS. of which MJ Drake was a consultant and Mrs D Hargeaves a partsier. At the y¢ar end £Nil {2024: £Nil) was outstanding. There were no other related party tra1￿CtiOnS with any trustees in either year. No other tn received any remuneration or had any ¢xpenses reimburs&t in eÉthery¢ar. Tattgible tsed gs8ets Frtebold IA8*hold G¥rd Offitt property property m•¢hintTy & Centre equipment Tot*1 C05t At l April 21724 Addition5 i.I¢YJ.4fA) 34A650 74263 25.465 2A507 I J08.082 74.263 At 31 March 2025 J,109A 421)913 26&7 lJ82,345 Deprecwfto At l April 2¢f24 Charge forthe year 133.802 1&384 164 5.959 23.512 20.fO4 2,335 270,142 28,087 At31 Marth 21ns IS186 2V21 2L9Y9 298229 Net bookvulye At31 Mar¢h 21)2S 957274 322.Ml At 31 M&ch 2024 975.658 254,486 1.953 5.843 1.237,940 Flxed a￿tt invatments Freeho UK listed eqlltty 2024 Totsj prO￿rty TotAI Mfirketvslue At l April 2024 Additions 2S).(KKI 11.96&121 11218,121 1551.519 2531.519 375.231} {2375.231) 11.639,758 2243.879 {2,087.9531 R¢valu&tion1n￿ inV¢S¢m*YLt Ilo&%esygaitLS {23.922) (19.7221 412.437 At JI MaTck 2025 2542( Ill2￿￿87 12J74W7 11218.l2l C05t at31 Marth 21n5 158.178 ]￿J94,[￿￿ 9.805.07Q UK listed equty inv¢stm¢nts included listeAI investments at a fair value of £12.034.590 (2024: £1 I,IY)1.797) with a cost of £9.949.994 (2024: £8.770.568A and cash or c&sh quivalents of £85.897 (2024: £876,324). GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Note8 fonllillg part of the fiDancFal statements for the year ended 31 March 2025 (Continued) Fixed a98et finv&¥tments (Co￿￿￿￿ed) The freehold inv¢s¢ment propety in Vincent Clos4 Na￿a￿¢t been re-valued by th¢ trustees by reference to movements in the UK Housing Price Index it having been re-valued by Morris Arn]itage Estate Agents at the pjrvious year end at £250,(KiO. The tsvstees believe that this is a ￿sOnable estimate of the fair value for the freehold investment pro￿ at 31 Ma￿h 2025. All listed investments are Carri￿ at their fair value. InVestM￿ts tn ¢quiti¢s ar¢ all traded in quoted public markets, primarily the tA)ndon Stock Exchange. The basis for fair value for quoted investments is equivalent to market valu¢. using the bid price. Asset sales and purchases atr recognised at the date of trade at cost (that is their market value). Th¢ significance of fitwicial instruments on the ongoing financial s￿tal￿111ty of the Foundation is considered in the fllwi¢ial review and investment policy and perfortnance sections of the trustees, annual report. The main risk to the Foundation from flnanciai Instruments lies in a combination of unc¢rtatn markets and volatility of equty income. The Foundation manages these risks by Tetsining expert advisors ay)d opernting a wlicy that pmvides a high degree of diversification of holdings within investtn￿ft class¢s that are quoted on recognised stock exchanges. Consequently, there is a very low risk kn liquidity. The Foundation also principally holds its investment portfolio with a view to maintaining a balanced return and as such would expect short t¢rn] volatility Mll be cO￿ted ID the longer tern]. Debtors 2025 2024 (Kber debtors PTepayments and acrnied incom¢ 17,912 52267 19,818 92.139 70,179 111.957 Crediton: amounts falling due withi> one ye 2025 2024 Trnde creditots Other taxes and social securtty A¢crnals and deferred income 4rt16 247 45534 52.459 247 36.603 50,197 89,309 GEORGE GIBSON ALMSHOUSES FOUNDATION TRusr Notes forniing part of Ibe finallti￿ statsments for the yearended 31 Mareh 2025 fConlinHed) Analysi4 ofnet a&gets between fun Current yeAr Degigtiated charitable rixed Deslgnated nd capital fund Total Funds 2025 General fund TaDgible ass¢ts Investments Net current a￿ts 1284,116 12W116 12J74,687 15&684 12J74687 155,684 1284J16 12?74ffi87 155,684 13014887 Prior year Designated charttable fixed assets Designated General fund capital fimd fund Total Funds 2024 TAngible assets Inv¢sth)¢nts Net cunEnt assets 1237.940 1237.940 12,218.121 413.720 12218.121 413.720 1237,940 11218.121 413.720 13.869.781 10 Unrestricted funds Current year Designated eharit*ble ed &wt Designated nd (*dpitsI fund General nd Total 2025 Balance at l April 2024 Net movement in funds TransfeTS ￿tween fjjnds 1237.940 1221&121 413,720 (55294) 1202.742) 13069,781 (55394) 4Q176 B*l&nce at 31 March 2025 1284,116 12?7W7 155.684 13814,487 24 GEORGE GIBSON ALMSHOUSES FOUNDATION TRUST Not&$ forming part of the financi￿ statements for the ye4r ended 31 Mareh 2025 (Conlinued) l Ullrestricted funds (Conlinued) Prior year ¢haritable General fund Total 2024 fund capitsl fjmd Balance at l April 2023 Net movement in funds Transfers between fimds 1.261.809 11.639.758 504.595 463,619 (554.494) 13.406.162 463,619 (23.869) 578,363 Balance at 31 Match 2024 1237.940 11218.121 413.720 13,869,781 The Foundation has two desi￿￿ funds as follows: Designated charitable fJx¢d assds fijnd to represent the net b(M)k value of tangible fixed assets. In each year an amount is transferred to or from the repr¢senting the movement in n¢t book value of tangible fixed &ssets in the year. Designated capital filnd to ffpresent the value of investments held by the Foundation to provid¢ investm¢nt income to fund its charitable objectives. In each year an amount is transferred to or from the fund representing the movement in valu¢ of investments in the year. l Finatteial knstrnments Th¢ ￿Ing amounts of the Charxty's financial instrurnents at 31 March were: 2(Y25 2024 Financial assets: Instruments m¢asur¢d at fair value through the SOFA 12,03WO 11,091.797 11 Reeoneiliation of Det movtment Ill fund8 to D¢t flow from operntioo8 2025 2024 Net movement in ftmds Depreciation charges (Gainsy10&8es on investments tnvestment income (tncreas¢yd¢creas¢ in debtors Increase/(d￿re0s¢) in ￿editOrS (55294) 28.087 19.722 (380,842) 37.009 (39,112) 463,619 27.529 (422,437) (441,154) (37,590) 42,957 Net cash (used inyprovided by operating activit (390,430) (367,076) GEORGE G￿0￿ ALMSHOUSES FOIJNDATIOP4 TRUST Y4otes forniing part of the finaDeial ststements for the year ended 31 Matth 2025 (Conlinued) 12 Amglysis of changes ID net 21)24 Cash Flow 2025 C&8h at bank and in hand 391.072 (255,370) 135,702 13 CApitsl commitments CapAtsI expendittwe authorised and contrncted for but not provided in these financial statements. in relation to the Teplacetnent of the windows and d(x)rs at the Newmarf(et Day Centre and associated work4 amounts to £Nil (2024: £73278). 26 GEORGE G￿80N ALMSHOUSES FOUNDATION TRUST Ibe pages that follow are forthe use ofthe ?7 GEORGE GI￿)￿ ALMSHOUSES FOUNDATION TRu&r S¢hedule5 to the statement offiaancial activitsu for th¢ year ended 31 March 2025 2025 2024 George Glbwn Ci¢)se- AlmshowL8 Medequip monitoring & r¢sp005e service GaTde￿ w¢KKtlands and ￿￿￿ntenance Council taX¢S Water cb2rges Irtsurall¢¢ Street lighting TV li¢¢nce fees PEoperty Costs . G¢ll￿al repaTts .Rede¢oration costs (iDt¢rnal & externaD .Gutters & f&8Ci&S Teplacellmt .RenovalioD.' number 6 -Renovatiorn numttr 14 .Renovation.' number 20 (Kitchen) -RenovatiOD: 26 John East C¢ntre costs Depreciation. Garden Machincry Depreciation. J(kni East Centre 11544 $1,072 1,755 7.731 15J37 11.591 57,932 36,229 7.022 22,433 1252 67 43.120 9.666 33,490 53 24J30 22217 32,744 35.005 30.867 13.657 32,344 13,276 1.409 14,512 1.410 18,384 I￿501 IIKI212 287.975 100.664 Alloctition of suppcrt costs 381713 388,639 Newmarket Dsy Centre Ground Tent 916 1872 3,030 7.200 9,864 540 4,613 Donation for Toofrepairs Donatioll forkitchen electric￿ wo￿5 Fire iDsurdnc¢ valuation Amortisation of l¢as¢hold prowty S.959 12,752 3,132 25252 3,146 Allocation of SUPFX)rt Costs 15,884 28J98 ExDing Court Donation for &)Ach hire Allo￿tIOn of sUtq)ort costs 397 1.049 1,441 1,049 28 GEORGE GtBSON ALMSHOUSES FoifNDATION TRUST Schedule5 to the statement of a¢¢ivities for ¢he year ended 31 Marcb 2025 (continued) 2025 2024 Support Costs Managtr's salary AXA Private H￿th Covtr PPS,IT, ielepbone, Subscripts￿ and office costs Depreciatiotvlosslprofft) on distxmts of office wipnjent Audit fees Accoulltancy fees IKgal attdprofessirnal fees - Ethnondwn Hall . Suffolk County Cowicii planning advi¢¢ - Land Registy f￿8 . Doyen land re A]m5hou5¢8 fwe v8luatt( TnLStee meeting and sundry costs 71,2115 1,155 4A30 244 12.000 9W5 050 385 67J58 3382 482 12.600 9.375 8.687 iio 2J40 525 104J88 104.859 29