2024-03-31-accounts - The Gibbs Charitable Trusts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE GIBBS CHARITABLE TRUST FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[st] MARCH 2024

Charity Number 207997

FINANCIAL STATEMENTS YEAR ENDED 31[st] MARCH 202

THE GIBBS CHARITABLE TRUST

4
CONTENTS	PAGE
Reference and Administrative Information	3
Trustees Annual Report	4 - 7
Independent Examiner’s Report	8
Statement of Financial Activities	9
Balance Sheet	10
Notes to the Financial Statements	11 - 16

REFERENCE AND ADMINISTRATIVE INFROMATION YEAR ENDED 31[st] MARCH 2024

Status

The Gibbs Charitable Trust is an unincorporated charity and has been registered with the Charity Commission on 22 September 1962 (registration number 207997).

Trustees

John N Gibbs (Chair) James M Gibbs (Secretary) Andrew Gibbs (Treasurer) Celia Gibbs

THE GIBBS CHARITABLE TRUST

Elizabeth Gibbs Jessica Gibbs James D Gibbs John E Gibbs Juliet R Gibbs Patience Gibbs Rebecca Gibbs Timothy Gibbs William Gibbs

Registered Address

8 Victoria Square Bristol BS8 4ET

Bankers

Lloyds Bank 58 Queens Road Clifton Bristol BS8 1RQ

Independent Examiner

Joshua Kingston BSc, ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

THE GIBBS CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] MARCH 2024

The trustees present their report and the unaudited financial statements for the year ended 31 March 2024.

Structure, Governance and Management

The Gibbs Charitable Trust is an unincorporated charity registered with the Charity Commission on 22 September 2022 and governed by its trust deed dated 21[st] October 1946, amended 12[th] May 1961.

Objectives

The Trust Deeds provide for officers as indicated above and for the Trustees to co-opt others to join them.

Public benefit

In shaping the objectives for the year and planning activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. They 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.

Activities, achievements and performance

The Trust’s net assets, which stood at £3,639,772 on 31 March 2024, 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 2023-2024 financial year, income of £103,987 was received. The Gibbs Trust met three times and gave away a total of £201,500 as grants. Of this, £6,500 went to Methodist Churches involved in refurbishment or redevelopment schemes (2023 £8,500); £19,000 went to other Methodist Church projects (2023 £3,000). This included £10,000 to Yorkshire West Methodist District in connection with an exhibition of art on New Testament themes. £5,000 went to other Christian causes (2023 £10,000). £29,500 was given to applicants involved with Art, Drama and Music projects (2023 £25,000). Initiatives in Wales that were supported in this category included Brecon Baroque (£5,000), Brecon Festival Ballet (£5,000) and the Welsh National Opera (£6,000). In the category designated ‘Social

Concern, Educational and Environmental, eleven grants were made totalling £19,000 (2023 £25,500). These were all for between £1,000 and £3,000. Most were in Wales. In the international area grants totalling £122,500 were made (2023 £92,000). Major recipients

THE GIBBS CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] MARCH 2024

were Christian Aid (£15,000), Médecins Sans Frontières (£30,000), Friends of Nixon Memorial Hospital (£6,000) and Tree Aid (£16,000).

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 2023-2024 administrative costs amounted to £3,116 (2022-23: £2,243). This figure included accountancy services £2,100, subscription to the Association of Charitable Foundations £518, and website services £378. This sum included monthly sums paid to Aline Digital Co by trustee James D Gibbs who was then reimbursed by the Trust.

Policies

On 19 September 2015, the trustees agreed the following policies and these remain 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 £1,000.

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

THE GIBBS CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] MARCH 2024

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.

Financial review

At 31[st] March 2024, the Charity’s total funds amounted to £3,639,772 (2023: £3,418,945). The value of the Trust’s investments stood at £3,593,327 (2023: £3,271,871).

The Trustees normally aim to hold at least £1,000 in their Lloyds current account to cover any day-today expenses, and £50,000 in their COIF Charities Income reserve to cover any dips in the market. Any excess monies will be spent on grants or added to their investments Capital Reserve.

The Charity’s free reserves at 31[st] March 2024 are £46,445 (2023: £41,416) which meets the desired level of reserves.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;

THE GIBBS CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] MARCH 2024

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

31 August 2024 Signed on

behalf of the board on …………… ……………. …..

…………………………….

John N Gibbs

Chair

THE GIBBS CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT

YEAR ENDED 31[st] MARCH 2024

Independent examiner’s report to the trustees of The Gibbs Charitable Trust.

I report to the trustees on my examination of the accounts of The Gibbs Charitable Trust (the Charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Joshua Kingston BSc, ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

THE GIBBS CHARITABLE TRUST Date.. .31 August 2024

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024

THE GIBBS CHARITABLE TRUST

Income from: Investments Total income Expenditure on: Charitable activities Total expenditure Unrestricted Funds Note £ The charity 103,987 Endowment Funds £ - - - - 321,456 321,456 (105,000) Total Funds 2024 £ 103,987 103,987 204,616 204,616 321,456 220,827 - Total Funds 2023 £ 101,825 101,825 166,243 166,243 (171,691) (236,109) - 2 has no 3 7 5 103,987 204,616 204,616 - (100,629) 105,000 Net gains / (losses) on investments Net income / (expenditure) Net movement in funds Total funds at start of year Total funds at end of year above. 4,371 All of 41,416 10 the 45,787 10 216,456 3,377,529 3,593,985 220,827 3,418,945 3,639,772 (236,109) 3,655,054 3,418,945 Transfers between funds 10 recognised gains or loss es other than the results for the yea r~~as set out~~ activities of the charity are classed as continuing.	Endowment Funds £ - - - - 321,456 321,456 (105,000) Total Funds 2024 £ 103,987 103,987 204,616 204,616 321,456 220,827 - 216,456 3,377,529 3,593,985 220,827 3,418,945 3,639,772 s other than the results for the yea r	Total Funds 2023 £ 101,825 101,825 166,243 166,243 (171,691) (236,109) - (236,109) 3,655,054 3,418,945 ~~as set out~~

See note 6 for fund-accounting comparative figures. The notes on pages 11 to 16 form part of these financial statements.

BALANCE SHEET

1 0

THE GIBBS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 AS AT 31 MARCH 2024

0 THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 AS AT 31 MARCH 2024
Fixed assets Note Investments 7 Current assets Debtors 8 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 9 Net current assets Net assets Funds Endowment funds Unrestricted funds 11 General funds 11	2024 £ 3,593,327 3,593,327 400 65,643 66,043 (19,598) 46,445 3,639,772 3,593,985 45,787 3,639,772	2023 £ 3,271,871
		3,271,871 385 148,669
		149,054 (1,980)
		147,074
		3,418,945
		3,377,529 41,416 3,418,945

These financial statements were approved by the trustees on …................................ and are signed on their behalf[by:] 31 August 2024

….............................................. John Gibbs - Trustee

THE GIBBS CHARITABLE TRUST

The notes on pages 11 to 16 form part of these financial statements.

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity is a public benefit entity as defined under FRS102.

The Trustees have considered the financial position of the organisation and believe that it is currently a going concern.

Income

Income from donations is included income when these are receivable, except as follows:

I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods; II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-condition have been met.

Legacies are included on a receivable basis where the charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material. Investment income is accounted for as received. The trustees are satisfied that this is not materially different from accounting for investment income on an accruals basis.

Expenditure

Grants awarded are allocated to charitable activities.

Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.

Expenditure is recognised on an accruals basis in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

Fixed asset investments

Fixed asset investments in quoted shares, traded bonds, investment properties are shown at their market value at the balance sheet date at the end of the financial period. The Statement of Financial Activities includes net gains and losses arising on revaluations and disposals throughout the year.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors Creditors and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable of a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Creditors are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted and the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.

Expendable Endowment funds can be distinguishable from income funds in that there is no actual requirement to spend or apply the capital. The trustees exercise the power to spend or apply the capital of an expendable endowment. Income generated from endowment funds held for investment are spent on furthering the charitable objects of the charity.

2 Income from: investments

Interest received Dividends received	Unrestricted Endowment Funds Funds £ £ 4,105 - 99,882 - 103,987 -	Total Funds 2024 £ 4,105 99,882 103,987	Total Funds 2023 £ 1,943 99,882 101,825

Income from investments was unrestricted in the prior year.

3 Expenditure on: charitable activities

xpenditure on: charitable activities
Grants (note 4) Subscriptions costs Office costs Website costs Governance costs Independent examination Accounts preparation	Unrestricted Endowment Total Funds Funds Funds 2024 £ £ £ 201,500 - 201,500 518 - 518 120 - 120 378 - 378 900 - 900 1,200 - 1,200 204,616 -	Total Funds 2023 £ 164,000 128 61 74 840 1,140 166,243

THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

204,616 Further explanation of the nature and purpose of each fund is included in not Expenditure on charitable activities was unrestricted in theprior year. 4 Analysis of grants The total grants awarded to institutions during the year was as follows: Methodist Churches, Circuits and Districts Ashbourne Methodist Church Bradley Methodist Church Grove Street Methodist Church Hall Green Community Church Mullion Methodist Church The Methodist Church, Penarth Shefford Methodist Church Other Methodist Initiatives Bristol Methodist Centre (now Turnaround) Yorkshire West Methodist District Victoria Methodist Church, Bristol The New Room, Bristol Weardale Museum West London Mission Other Christian Convivium, Brecon Cathedral Faith in Families Leaders of Worship and Preachers Trust Llangynidr Church St Illtud's Church The KEYS Project Social, educational and environmental need Abergavenny/ Homemakers Community Recycling Abergorki Community Hall Bristol Refugee Rights Carers Trust Citizens Cymru Crisis Wales Engineering Education Scheme Wales	2024 £ tatements. 1,000 3,000 - - - 1,500 1,000 6,500 2,000 10,000 4,000 - - 3,000 19,000 - 1,000 3,000 - - 1,000 5,000 1,000 3,000 2,000 - - 1,000 2,000	2023 £ - - 1,000 1,000 4,000 2,500 -



		8,500 - - - 2,000 1,000 -
		3,000 1,000 - - 1,000 8,000 -
		10,000 - - - 1,000 5,000 - -
FABRIC Foundation Friends and Neighbours Charity For Refugees KEYS Project	1,000 1,000 - -	- - 3,000 2,000

THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

One25 Prisoners Educational Trust Sixty-One Smallpiece Trust Spires Centre St David's Hospice Care Street Doctors Techniquest Unseen 4 Analysis of grants (continued) Arts, Drama and Music Acta Community Theatre Aloud Charity Art and Christianity Brecon Baroque Festival Brecon Festival Ballet Buxton International Festival Changing Tunes Crickhowell Choral Society No Fit State Circus Shakespeare Link, Willow Theatre Soap Soup South Powys Youth Music (SPYM) The Makers Guild of Wales Trinity Community Arts Welsh National Opera International Action Against Poverty (APT) Canon Collins Trust Christian Aid EMMS International 19/01* Malawi Find Your Feet Five Talents ForRefugees for Roots project in France Habitat for Humanity GB Heshima Hope and Homes Interburns InterCare ITSA Digital Trust IT Schools Africa Kids Alive International Kipawa Trust Lorna Young Foundation Malawi Pump Aid Medair		2024 £ - 2,000 2,000 - - 1,000 - 3,000 - 19,000 3,000 1,000 2,000 5,000 5,000 - - 1,000 2,000 1,500 1,000 - 2,000 - 6,000 29,500 - 5,000 15,000 2,000 2,000 2,000 - 3,000 1,000 2,000 2,000 2,000 2,000 - 2,000 2,000 2,000 2,500 2,000	2023 £ 2,000 2,500 - 2,500 1,000 1,000 2,000 1,500 2,000 25,500 - 1,000 - 5,000 2,000 2,000 1,500 1,000 - 2,000 - 2,500 - 2,000 6,000 25,000 1,500 2,000 16,000 - - 2,000 2,000 - - - - 1,000 - 2,000 - - - - 2,000

NOTES TO THE FINANCIAL STATEMENTS

THE GIBBS CHARITABLE TRUST

YEAR ENDED 31 MARCH 2024

Médecins Sans Frontières Friends of Nixon Memorial Hospital On Call Africa Oxfam Practical Action Pryga Pump Aid Sand Dams World Wide Tea Leaf Trust Tehila Trust TfSR Tools for Self Reliance Tiyeni Tree Aid WasteAid World Bicycle Relief UK WWF Total grants 5 Net income/ expenditure for the year Independent examiner's fee - Accounts preparation - Independent examination - Other services Reimbursement of 2 Trustees' expenses (2023: 1)		2024 £ 30,000 6,000 3,000 2,000 8,000 - - - 1,000 2,000 - - 16,000 3,000 3,000 -		2023 £ 28,000 6,000 - - 8,000 2,000 1,500 2,000 - - 4,000 1,000 8,000 - - 3,000 92,000
		122,500
		201,500		164,000
		960 900 240 498		900 840 240 277

Income from: Investment income Total income Expenditure on: Charitable activities Total expenditure Unrestricted Funds £ 101,825 101,825 166,243	Endowment Funds £ - Total Funds 2023 £ 101,825 101,825 166,243 166,243

THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

166,243 - (64,418) 100,000 35,582 5,834 Net gains / (losses) on investments Net income / (expenditure) Transfers between funds Net movement in funds Total funds at start of year Total funds at end of year 41,416 7 Fixed asset investments 2024 2023 At 1 April 2023 Net gain / (loss) on revaluation At 31 March 2024 8 Debtors 2024 2023 Prepayments and accrued income 9 Creditors Grant Commitments 17,000 - Accruals 2,598 1,980	2024 £ - - - (171,691) (171,691) (100,000) (271,691) 3,649,220 3,377,529 £ 3,271,871 321,456 3,593,327 £ 400 400 2024 £	2023 £ (171,691) (236,109) - (236,109) 3,655,054 3,418,945 £ 3,443,562 (171,691) 3,271,871
		£ 385 385
		2023 £

THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

2024 £ 19,598		2023 £ 1,980

6 Prior year fund comparatives for the Statement of Financial Activities

THE GIBBS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

Endowment funds Capital fund Unrestricted funds General funds Total funds Prior year comparative Endowment funds Capital fund Unrestricted funds General funds Total funds At 1 April 2023 £ 3,377,529 41,416 3,418,945 At 1 April 2022 £ 3,649,220 5,834 3,655,054 10 Movement between funds Capital fund 11 Analysis of net assets between funds Fixed asset investments Other net current assets Prior year comparative Fixed asset investments Other net current assets	At 1 April 2023 £ 3,377,529 41,416 3,418,945 At 1 April 2022 £ 3,649,220 5,834 3,655,054	Income £ - 103,987 103,987 Income £ - 101,825 101,825	Expenditure Gains & losses £ £ - 321,456 (204,616) - (204,616) 321,456 Expenditure Gains & losses £ £ - (171,691) (166,243) - (166,243) (171,691)	Expenditure Gains & losses £ £ - 321,456 (204,616) - (204,616) 321,456 Expenditure Gains & losses £ £ - (171,691) (166,243) - (166,243) (171,691)		Transfers £ (105,000) 105,000 - Transfers £ (100,000) 100,000 -		At 31 March 2024 £ 3,593,985 45,787 3,639,772 At 31 March 2023 £ 3,377,529 41,416 3,418,945

				Unrestricted Funds £ - 45,787 45,787 Unrestricted Funds £ - 41,416 41,416		Endowment Funds £ 3,593,327 658 3,593,985 Endowment Funds £ 3,271,871 105,658 3,377,529		Total Funds 2024 £ 3,593,327 46,445 3,639,772 Total Funds 2023 £ 3,271,871 147,074 3,418,945

Capital fund is an expendable endowment fund which is mainly represented by the value of investments held by the charity as at the end of the financial year as well as some cash funds. Income generated from the investments is utilised to further the charity's charitable objective.

THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

12 Related party transactions

There are no related party transactions in the year (2023: £nil) apart from those already disclosed throughout the report.

THE GIBBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024