The Gibbs Charitable Trust
Registered Charity Number 207997
Annual Report and Accounts
Year ending 31 March 2022
Gibbs Trust documents for the Charity Commission
Registered Charity Number: 207997
To the Charity Commission Annual Report and Accounts 2021-2022
Report on The Gibbs Charitable Trust 2021-22 approved at a meeting of
Trustees held on 17 September 2022
Charity Number 207997
Secretary’s address: 8 Victoria Square, Bristol BS8 4ET.
Trustees 2021/22: John N Gibbs (Chair), James Gibbs (Secretary), Andrew Gibbs
(Treasurer), Celia Gibbs, Elizabeth Gibbs, Jessica Gibbs, James Daniel Gibbs, John Edward Gibbs, Juliet Gibbs, Patience Gibbs, Rebecca Gibbs, Timothy Gibbs, William Gibbs.
Independent Examiner: John Price, 18 Archer Road, Penarth, CF64 3HW.
The Trust Deeds provide for officers as indicated above and for the Trustees to coopt others to join them.
The Trustees are aware of the Charity Commission’s guidance on public benefit and regard the aims of the Trust as being to support three main areas of work all of which confer public benefit. These are innovative undertakings by Methodist churches and organisations, other Christian Causes, and a wider category in the fields of the creative arts, education, social and international concern. The pattern is for the Trustees to meet three times during the financial year: around Easter, in late summer, and after Christmas.
The Trust’s net assets, which stood at £3,655,054 on 31 March 2022, are principally in COIF Charities Ethical Investment Fund Income Shares held by the CCLA. The Trustees are able to expend capital and disperse more than the dividend and bank interest income. During the 20212022 financial year income of £100,001 was received, and grants totalling £219,000 were made. £10,500 was given to Methodist Churches undertaking development / refurbishment / other schemes, sometimes in circuits with which Trustees were familiar. This included a grant of £5,000 to Trinity Methodist Church, Penarth. Other Methodist Initiatives received £2,500, and ‘Other Christian bodies and initiatives’ £6,300 A total of £36,000 was distributed to applicants in a category described as ‘Social, Educational and Medical Need’ including £5,000 to the Bristol University Hub and £5,000 to The Wallich, a Welsh charity for the homeless and for rough sleepers. The Trust gave a total of £41,000 to applicants in the field of ‘Arts, Drama and Music’, including £6,000 to the Welsh
National Opera and £5,000 to the Brecon Baroque Festival. Grants totalling
£122,700 were made to international causes. This figure included £41,000 to Christian Aid, £16,000 to Medécins sans Frontières, £16,000 to Oxfam and £16,000 to Practical Action.
At the end of the 2021/22 financial year, the value of the Trust’s investments stood at £3,443,562.
The Trustees only occasionally claim expenses for work carried out or for journeys made in connection with the Trust, but they recognise that contributions towards these costs, and towards the costs involved in conducting correspondence, etc., may be made. In 2021-2022 administrative costs amounted to £1,021. This figure included accountancy services (£402), subscription to the Association of Charitable Foundations (£175), and website services (£314).
On 19 September 2015, the trustees agreed the following reserves policy and this remains in place:
The ‘endowment’ is invested with the intention of broadly achieving a balance between long term growth in its capital value and maintaining a reasonable level of regular grant making. At times of moderate to high inflation, the capital value may well fall in real terms, and such loss of value may not be recuperated even in sustained periods of low inflation.
Periodically, for example after a period of strong market appreciation, the Trustees may decide to realise a portion of the capital.
The Trustees’ general policy is to regard the Trust capital as largely, but not rigorously, permanent, and this has led to small scale disposals on a number of occasions in the past. There have been no recent additions. In the event of gifts to the Trust, the gift may be added to either income or capital depending on the donor’s intention.
Income Reserve
The Charity benefits from a regular and reasonably assured income from its ‘endowment’. Its operating expenses are very low and carefully managed. There are no paid employees, office premises or other on-going liabilities. There is accordingly little need for an income reserve other than to ensure that grants made at the Trustee’s periodic meetings can be honoured without undue delay. This is normally achieved by allowing the income balance at the bank to accumulate between meetings. Under no circumstance should the balance of the account at Lloyds drop below £1000.
Should the income balance exceed £50,000 for a continuous period of more than six months, the Trustees would take steps to reduce it, either by increasing the grants made or by adding it to the Capital Reserve (in line with the intention of preserving a balance between growth in capital value and a reasonable level of grant making).
The Trust has gone over to on-line application with a process that is described on the Trust’s website. The Trust makes grants only to UK registered charities and does not consider applications from individuals. Since 2020, the Trust has made use of Zoom or hybrid meetings.
James Gibbs, Secretary
The Gibbs Charitable Trust Aceounts 31 March 2022 Chmrity numkr 207997
The Gibbs Charitable Trust Independent F.xaminer's Repnrt tn the Trn$tees af The Cllihhx C.haritxhlÈ Tru*t I report on the accounts of the Trust for the year ended 31 March 2022. which are sei out on pages 2 to7. Re$pe£tive responsibilities of trustees and exAmRDer As the charit) s trllsiees, you are responsible for (he prtparation of the accounts: you consider that the audit requ1ment of section 144(2) vf the Charit1¢5 Act 2011 {the 2011 Act) does noi apply and that an indep¢iident examinatlon 15 needed. It is Iny responsibility to examine the accounts lundcr section 145 of the 2011 Act} follow the procedures specified in the General Directions given bythe Charitycommissioners under section 14515Kbl of the 2011 A¢t, and state whether particular matters have come to my attention. Bayis of independent examiner's report My examination was carried out in a¢¢ordance with the General Directions gtven by the Charity Commissioners. An exaTnination includes a review of the accounting record% kepi by the charity and a comparison of the accounts presenied with those records. It also includes conslderation of any llnllsual iiems or disclosures in Ihe accounis, and secking explanaiions from you as truse9 ¢on¢erning any Such Inatters. The procedures undertaken do not provide all the evidence that would be required in an audii. and cons¢quently I do not express an audit opinion as to whcther the accounis present a tyw¢ and fair view and the report LS limited to those matters Set out in the statemertt b¢low ldependent examiner 5 Statement In ¢onne¢¢ion with my exthtninotion. no motter ha5 come to my attention- which gives me reasonabl¢ ¢ause io believe that in any material r¢5pect the requirements to keep accounting records in a¢cordan¢e with sectitsn 130 of the 2011 Act; and • to prepare accounts which accord with the accounting re¢ords and to comply with the accounting requirements of the 2011 Act have not ken met 2. to which. in my opinion, attention should be drawn in order to enable a proper understanding of the ae¢ounts to be reached. Price Fellow of the Institut¢ of Chartered Accountants in England and Wales 18. Archer Road Penarth South Glatnor8an CF 3HW 17 September 2022
The Gibbs Charitable Trust Statemeni of Financial Activities for the year ended 31 March 2022 Noles In¢ome Fund Capital Fund Total 2022 Income Fund Capital Fund Total 2021 Illeome Expellditur¢ Ill¢om¢ Investrnent inctsme Dividends Charilies deposii and bank inteTrst 99.982 19 99,982 19 100,831 l(kO.831 Total incom¢ 100,001 100.001 100.849 l(M),849 Expenditure Direct chaTitsble expenditure.. Grants Otlier expenditure.. administration 3 219,000 1,021 219,000 1,021 93,500 1.336 93,500 1,336 Total ¢xndIture 220,021 220,021 94,836 94,836 nditure Ntt Ineorne LfOr the year before ggRns 8nd losse5 {120,0201 1120,020) 6.013 6,013 Gain ott investment assets 282,582 289.582 593,043 593,043 Nèt Intorng (IA>ss) for the yeAr {120,0201 289,582 169,562 6.013 593.043 599,056 Fund balances brought foti¥ard 20,854 3,464,638 3,485,492 14.841 2.871,595 2,886,436 Transfer beiween funds 105.000 (105,0001 Fund balances carried forward 5.834 3,&19,220 3.655,054 20,854 3,464.638 3,485,492
The Gibbs Charitable Trust BalaJ)ce Sheet at 31 March 2022 Nole 2022 2021 Fixed ats Investments 3,443.562 3.353,980 Current assets COIF Charities Deposit Account Cash at bank and in hand 66.132 146,153 127.130 5,345 212.285 132,475 Current liabilities Accrued charges 793 963 Net ¢llrrtnt assets 211.492 131,592 Net assets 3.655.054 3,485.492 Represented by Capital fund Income fund 3.649.220 5.834 3.364.638 20,854 3.655,054 3,485.492 Approved by the Trustees on 17 SepteTnber 2022 and signed on their behalf by
The Gibbs Charitable Trust Notes to the accounts for the year ended 31 March 2022 l. Accounting policies Atcounting convention The accounts have been prepared under the historical cost convention, tnodifJ¢d bN' restating fixed asset investments at market value, and in accordance with Accounting and Rewrting by Charities.. Statement of Recommended Practice appli¢able io ¢hariti¢s preparing iheir accounts in accordance with the Financial Reporting Standard applicable the UK and Republic of Ireland (FRS 1021 (effective l January 20151 and the Charities Act 2011 and applicable regulations. Th¢ ¢harity constitut¢s a publi¢ benefit entity as defined by FRS 102 Income Dividends from fjxed asset investments are recognised when received. Interesr is ac¢ounted for on an accTuals basis. Fixed asset investments Fixed asset investtnents are siaied ai mid-market price. Any gain or loss on revaluation or disposal is taken to the gtaternent of Financial Activiries. Re#li5ed EaiDS aDd 105ses All gains and losses are taken to the 8tatement of Financial Activities as they arise. Realised gains and losses on inve5ttnent5 are calculated as the difference between sales PreedS and their opening canying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differcnce beNeen the fair value a¢ the year end and their Carrying value. Realised and unrealised Investment gains and losses are combin in ihe Ststement of Financial Activities. GrADts Grants payable are charged in the year when the offer is conveyed to the recipient. Going ¢on¢¢rn There are no m*¢rial uncertainties coficeTnin8 the Trust's ability to contxnue as a going ¢on¢ern 2. Taxation The Trust is a registered charity and a¢cordingly is exempt from t&xation on its income and gains where the5, are applied for Charitable purposes.
The Gibbs Charitable Trust 3. Grnnts Income fund Methodist Churebes, Circuits and Districts Triniiy Methodist Chur¢h, Penarth Emmanuel Methodist Chur¢h, Eastb(¥urne Upton Methodist Church Wesley Memorial Methodist Chur¢h , Oxford 5.000 2.000 2,000 1,500 10.500 Other Metbodist Initiatives Brastol Methodsst Centre The New Rnnm 1,500 2,5(10 Other Christian Llangynidr Church Leaders of WoTship and Preachers Trust SCM. Pea¢¢ Project 3,000 2.000 I,Joo 6.300 So¢i41, edu¢4tioll4l and m¢di¢#l n¢ed Brtstol University Hub The Wallich Citizcns Cymru Bryncynon Community Strategy Wye and Usk Foundation Amgueddfa Cymnj, National Museum of Wal¢s Cl*rence hall, Cri¢khowell Prisoners Educational Trust Sixty-one Te¢hniquest Carers Trust Keys projeci One2) Ospreys Wh¢¢l¢hair Rugby St David'5 H05pice Care Southmead Proje¢1 5,000 i.000 4,000 3,000 3,000 2,000 2,000 2.000 2,000 2,000 1,000 1,000 1,000 1,000 1,000 1.000 36.000
The Gibbs Charitable Trust Noles (c(pnlinued) Gr9nts (cnnlEnued) Arts, Drnrna Musie Welsh National Opera Bre¢on Baroque Festival ArtUK 6,000 5.000 4.000 4,000 3.000 3,000 3.000 2,000 2,000 2.000 2.000 1.500 1,500 1.000 1,000 SI GwT¥L'S Mid-Wal¢s Music Trusi Mid-wales Opera No Fit State Cir¥us Acla Cominunity Theatre GrntT¢g Publishing SheTtnan Theatre Trinity Methodist Church, Penarth. art re%tarAti()n Aloud Charity For8et Me Not Chorus Diverse Artists Neiwork St Johns Waterloo tnurals 41.000 Internation•1 Christian Aid Medecins san5 Frontière5 Oxfam Practical Action Tree Aid Friend5 of Nixon Memorial Hospital. Sierra Leone Unicef Med8ir World Bi¢y¢le Relief UK Friend5 of Matthew Ru5ike Legs4Africa Tear Fund Salifu Dargarti Foundation Wornankind 41.000 16,000 16.000 16,000 8.000 6,000 5.000 3.000 3,000 2.500 2.000 2.000 1.200 1.000 122,700 Total - income fund 219,000
The Gibbs Charitable Trust Not¢s (¢oniinM¢d) 4. AdThinistrAtive expeths 21122 2021 Accountancy services Independent examination Other Subscriptions SrLr¢tsrial ¢xp¢nb¢s Website .75 337 175 120 314 75 .433 250 120 458 1.021 1.336 N(> expense were paid ta trutee% diiring the year nr the previniis year None of the trustees received any remuneration during the year or the previous year 5. Fixed asset inv¢stmeJ)ts These compris¢ 1,160,074 units in the COIF Charities Ethical InvestmeTit Fund. {2021.. 187,097 Ilncome units in the COIF Charitie5 Investm¢nt Fund. Their historic Cost was £989,95212021: £l,U47,8581. The movements during the year were as follows.. 2022 2021 MaTk¢t value ai l April 2021 Di5POSELIs Gain on revaluation 3.353,980 2,860,937 1200.0001 { I00,000} 289.582 593.043 Market value at 31 March 2022 3,443.562 3.353.980 The value of the investtnents at 31 Au£usr 2022 was. £3,392.05512021.. £3,789.023) 6. CAPital fund There are no restrictions on the distribution of the capital fund.