2021-12-31-accounts

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THE E J W GIBB MEMORIAL TRUST

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Report and Accounts

31 December 2021 i

REPORT AND ACCOUNTS Year ended 31 December 2021

Reportofthe trustees			2to5
Examiner’s report to thetrustees			6
Statement offinancial activities			7
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Statement ofcash flows			8
Balance sheet			9
Accounting policies			10
Notes to the accounts
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Investments Analysisofnetassetsbetweenfunds Stockandwork inprogress Remuneration ofTrustees	funds		11 11 it 11
Scheduleswhich are notpart oftheformalaccounts
			12
Investments Stockmovements			13

The E J W Gibb Memorial Trust

Pagel

"Printed 29/09/22

REPORT OF THE TRUSTEES Year ended 31 December 2021

TRUSTEES , The trustees who served during 2021 are listed below. Professor R Gleave - (retired as Chairman for two years to May 202] Professor C Hillenbrand Dr A Niyazioglu-Djagalov (retired 28 May | 2021) Dr A D Marsham Professor A C § Peacock Oye rae Markiewicz (appointed 28 May Pr ; ofessor H Kennedy Professor Jaako Hameen-Anttila (appointed Professor A V Williams 28 May 2021) Dr Dominic Brookshaw (appointed 28 May 2021) . Dr Helen has expressed enthusiasm for joining us in 2022

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Prospective new trustees are proposed and elected at the annual meeting of the Trustees. They are proposed primarily for their knowledge of the objectives of the trust and are directed to the Charity commission guidance ‘CC3 - The Essential Trustee: what you need to know, what you need to do,' The trustees are incorporated under the name The Trustees of the Charity in Memory of E J W Gibb.

OBJECTIVES AND PUBLIC BENEFIT

The income of the trust has under its constitution to be applied to promote and advance the study of the language, literature and history of the Turks, the Arabs and the Persians. This is achieved by publishing works, including research for doctorates and accompanying manuscripts, which would mostly not be viable on a commercial basis, and arranging for their distribution and sale.

The Trustees also offer two annual scholarships for postgraduate students, who are studying in a British, university, The first is for students who are at an advanced stage of their doctoral research in any area of Middle Eastern Studies from the 7® century to 1918. The second is in memory of Alexander (Sandy) Morton for doctoral research in the area of classical Persian Studies. This was generously funded by members of his family.

The Trustees have had regard to the Charity Commission’s guidance on public benefit.

ORGANISATION AND POLICIES

The affairs of the trust are conducted by the Secretary to the Trustees, who charges fees based on his time incurred. Books published by the trust are held by specialist distributors and sold by Oxbow Books Ltd. and Casemate Academic, who also arrange book production and retain a share of the net proceeds of sales. The trustees make publishing decisions with advice from Oxbow Books Ltd. ’

The trustees meet annually to review progress with publishing projects, consider proposals for new or reprinted publications, approve proposed scholarship awards and consider the annual report and financial statements.

The policy for reserves is to contain costs so.as to leave a surplus from recurring income. This surplus is then applied in furthering the objectives at a level that will enable charitable support to be provided for those publishing projects that are judged to be worthwhile. The unrestricted reserve has built to be over £303,000 over the 119 year life of the charity; this is substantial but the trust relies on the income earned on its investment in Charity Authorised Investment Funds. Grants for scholarship are awarded , annually, assuming applications of sufficient merit are received.

The E

J W Gibb Memorial Trust

Page 2

Printed 29-Sep-22

REPORT OF THE TRUSTEES ‘ Year ended 31 December 2021 The investment policy of the Trustees is to invest in a spread of unit trusts, being usually Charity . Authorised Investment Funds for charity investment, with the objective of earning an increasing income ‘ while maintaining the value of investments in real terms, after adjusting for inflation. The trustees identify and review major risks to which the charity might be exposed and endeavour to manage the risks.

RESULT FOR THE YEAR

The total investment income for the year was £13614 (2020 - £12,194, 2019 £14, 497). Although this is an 11.6% improvement on the previous year it is still below the pre-pandemic level. The proceeds of book sales increased by £2,823 to £11,350 (2020 - £8,527; 2019 - £9,790) net of commission. Electronic book sales income saw an increase of £417 to £2,018 (2020 - £1,601,.2019 - £1,670) net of commission; _ Both the printed, as well as the Electronic book sales showed increases of 15.9% and 24.9% respectively on pre-pandemic sales. The trust awards annual scholarships. There were two Centenary Scholarship of £2,000 each and one A H Morton Scholarship of £3,000. The first instalment of £1,000 each for the Centenary and the £1,500 for the Morton Scholarship was paid in the year.

Administration and governance costs increased by £557 to £4,979 (2020 - £4,422, 2019 — 5,388). However, it was still less than the costs in 2019 due to the pandemic, when no physical meetings were possible. The result was a surplus for the year of £7,114 (2020 - £7,355, 2019 £6,614) in the unrestricted income and expenditure account and a surplus of £1,804 in the restricted scholarship fund (2020 - £2,447, 2019 - £418) as shown by the Statement of Financial Activities.

INVESTMENTS

The market value of investments held throughout the year increasedby £41,531 (2019 — a decrease of £20,190) as the majority of the funds are invested in UK equities and are focused on providing regular. income. UK Equities appreciated by 18.7% in 2021, whilst Global Equities appreciated by 19.63%. This was a significant improvement for UK Equities compared to 2020 when they declined by 11.8% whereas Global Equities appreciated by 12.7%. The Charities Property Fund investment saw an increase of 3.1% in the year (declined by 1% in 2020). The total portfolio as at 31° December 2021 was worth approximately £427,000 (2020 - £386,000, 2019 - £406,00), invested wholly in units in equity trusts designed for charity investment. This was an increase of 5% on pre-pandemic levels.

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |The income|on|investments|for the year was:|;||| |,|2021|2020| |Dividends|:|£13,614|_|£12,169| |(Decrease)|or Increase|on previous|year|£1,341|(£2,273)| |Return|on year end valuation|a|3.2%|3.2%| |Despite|the|increase|in the|Dividend|income|on previous|year,|the Return on|year end|valuation|is|the| |same|as|a result of the|significant increase|in the market value of|investments|at the end of|the year.|The| |investments|are|shown|in|detail|in note|5|on page|12. The|investments|are held in the|incorporated name| |of The|Trustees|of the|Charity|in Memory|of E|J|W|Gibb.|

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STOCK OF BOOKS

The method of valuation of the books, held as stock for sale, assumes that quantities of books (produced several years ago) that exceed the sales for the last three years of the particular book, may not be sold and should have no value in the accounts. Stocks are held by the trust's distributors both in England and in the USA. ;

FUNDS AVAILABLE ; The E J W Gibb Memoria! Trust Page 3 , Printed 29-Sep-22

REPORT OF THE TRUSTEES Year ended 31 December 2021 —

The income fund at 31 December 2021 stood at £303,000 (2020 - £270,000, 2019 — 283,000) including the unrealised surplus on its investments of £107,000 (notes 1 and 5), which could be spent on the purposes of the trust. However, if the whole of this were to be spent on publications and scholarships the investment backing of the trust would only be £46,000, being the balance on the endowment fund. The scholarship fund in memory of Alexander (Sandy) Morton is held in a restricted fund worth £130,000 at the year end.

BOOK PRODUCTION COSTS

BOOK PRODUCTIONPRODUCTION COSTS	:
The costs ofbooks orworkthereon,	included inthe chargeof		of£8,793 inthe	the statement offinancial			—
activities accountonpage 7 and aswork inprogress, were:						;
			Cumulative £		2021 ff		2020 £
Fada’il-iBalkh os a : The Portrait ofAbul Qasim al-Baghdadi				8,485 6,971	6,971	7,005
Printondemandreprints ISBNs					1,604 218		867 369
Ebook Conversions					of		-
Total bookproduction costs in year					8,793	8,241
		.
BOOKSTOCKMOVEMENTS			so

The movements fortheyear2021 are shownonpages 13 and 14,which arenotpartoftheformal accounts. The followingtotals arenoteworthy; numbers are forvolumes ratherthan forsets ofvolumes:
		2017	2018	2019	2020		2021
Books produced	_.
Reprints Newproductions			354 290	422 2160	381 -	170 200
Sales ‘
TheMathnawiofJalal’uddinRumi		:
Englishtranslation (3 volumes)		477	272	256	106		54
Averroes -ontheHarmony		107	33	60	39		106
Averroes - Tahafut Al-Tahafut		102	80	65	120		121
Othervolumes	=	4600859		610	416	«56
		1,146	1,094	991	791		797
Disposals
Scrappedanddamaged		eet:	950	64	69		7
Stocksremainingat31December		5,360	3,900	3,420	3,206		3,324

The E J W Gibb Memorial Trust _ .

Page 4

Printed 29-Sep-22

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REPORT OF THE TRUSTEES Year ended 31 December 2021

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ADVISERS AND SERVICE PROVIDERS. .
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Publishing Advisers and book distributors . Oxbow Books Ltd Casemate Publishers and Book Distributors, L.L.C. trading as Casemate UK trading as Casemate Academic The Old Music Hall 1950: Lawrence Road, 106 Cowley Road Havertown, PA 19083 Oxford OX4 1JE ' USA Independent Examiner . Bankers Stuart Berriman FCCA FCA CAF Bank Ltd 7 Quy Court, King's Hill Colliers Lane, West Malling Stow-cum-Quy, Kent ME19 4TA CB25 9AU

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Web site address

http:/Awww. gibbtrust.org

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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The trustees are re>?quired to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its results for that period. In preparing those financial statements the trustees are required to:

e select suitable accounting policies and apply them consistently; e make judgements and estimates that are reasonable and prudent; e 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 proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity. 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. . 79 Fairview Crescent , ' Rayners Lane - Z Hassan , Harrow

. 79 Fairview Crescent , ' Rayners Lane , Harrow Middlesex oo: HA2 9UB oS : Principal office - 25° September 2022

Secretary to the Trustees

The EJ W Gibb Memorial Trust

Page 5

Printed 29-Sep-22

Independent Examiner's Report to the Trustees of the EJW Gibb Memorial Trust

[report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 7 to 11.

Responsibilities and basis of report

As the charity’s trustees 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 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 3. 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.

Name: Stuart Berriman FCA FCCA

Independent Examiner

Chater Allan LLP

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Beech House

4A Newmarket Road Cambridge, CB5 8DT

11° October 2022

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Page 6
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The E J W Gibb Memorial Trust

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NOTES TO THE ACCOUNTS

Year ended 31 December 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |STATEMENT OF|CASH FLOWS| |Year|ended|31|December 2021| |-|Note||Total|Total| |2021|2020| |£|£| |RECONCILIATION OF NET INCOME| |TO NET|CASH FLOW FROM OPERATING ACTIVITIES| |Net income|50,398|(10,389)| |Adjustments|for:|.| |Losses|(Gains) on investment|assets|(41,531)|20,190| |Dividends and|interest from investments|13,614)|(12,194)| |(increase)|Decrease|in stocks|(1,448)|(4,722)| |~|(1,178)|(583)| |(Increase)|Decrease|in|debtors| |(Decrease) or Increase|in creditors|4,471|(1,744)| |.|.|(2,901)|(9,442)| |Net cash (used|in)|provided by|operating|activities| |STATEMENT|OF CASH FLOWS|a| |Net cash (used in)|provided by operating|activities,|as above|oo,|(2,901)|(9,442)| |Cash|flows|from|investing|activities:| |Dividends|and|interest from|investments|13,614|12,194| |Sale|or|(Purchase)|of investments|-|-| ||| |‘| |a|10,713|2,752| |Bank and deposit balances|at|start|of|year|Se|,|27,541|24,790| |Bank and deposit balances|at end of|year||38,254|27,542| |The E E|J W W|Gibb|Memorial|Trust|Page|8|Printed 29-Sep-22”|

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The E E J W W Gibb Memorial Trust

NOTES TO THE ACCOUNTS :

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. Year ended 31 December 2021

BALANCE SHEET


			31 December2021
					Note						2021				2020
						.		£			£				£ £
			INVESTMENTS												.
			Capital fund .			if		45,828							41,260
			Morton Scholarshipfund			¥.			128,057			a				117,835
			incomefund			I		253,867						*-	227,126
						S			;			427,752				386,221
			CURRENTASSETS
					.			_
			Stockofbooks		.	3		17,398							15,855
			Bank balance			2		26,754							16,041	.
			COIFCharityFundsdeposit			2		11,500				‘			11,500		:
			Debtors					5,686							4,508
			Prepayments and accrued income					101							96
								61438							48,100
			LessCURRENT LIABLITIES							,
			fallingduewithinoneyear
			Creditors Accruals .				-	4,741 3,858	.¢ —						115 4,013
							“3,599				+				4128
			NETCURRENTASSETS	.							$2,839				43,972
		NETASSETS					-				430,591				430,193

			Capitalfund-Endowment					;			46,069				41,501
			MortonScholarshipfund -Restricted								130,009				117,983
			Incomefund-Unrestricted	.				:		-	304,514		.		270,710
.
										480,591 Bn					430,193 —ooa—
			ApprovedbytheBoardof Trusteesone		*sep2022		2022								-
		-	andsigned.onitsbehalfbya ACS Ves mele					Trustee
	.		Legalstatus

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The E J W Gibb Memorial Trust

Page 9

Printed 29-Sep-22

NOTES TO THE ACCOUNTS Year ended 31 December 2021

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The EJW Gibb Memorial Trust was established in 1902 by Indenture and is registered with the Charity Commission under reference 228040 ACL and with the Inland Revenue under reference EW37208.

Public benefit and basis of preparation

The EJW Gibb Memorial Trust meets the definition of a public benefit entity under FRS 1020.

The financial statements have been prepared under the historical cost convention except for investments, which are included at market value, and in accordance with the Financial Reporting Standard (FRS 1020) applicable in the United Kingdom and the Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 1020 (2019).

Going concern basis

The Trustees consider that the going concern basis is appropriate as they consider the reserve levels and expected investment income to be sufficient to ensure that the Trustees can meet their financial obligations for the next 12 to 18 months and on that basis the Charity is a going concern.

Income All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is entitled to them as income or capital, it is probable the income or capital will be received and the amount can be measured reliably.

Expenditure - Expenditure is included on the accruals basis and has been classified under headings that aggregate all costs related to the SoFA category.

Income from investments ; Dividends are are included according according to the the date upon which they are upon which they are which they are they are are payable. Interest on deposits for the accounting year includes interest accrued, which was received after the year end,

_ Dividends are are included according according to the the date upon which they are upon which they are which they are they are are payable.

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Investment gains and losses

Gains or losses on sales are recognisedat the time of sale. Unrealised gains or losses on revaluation of the investments at the year-end are accounted for through the Statement of Financial Activities.

Investments

, Unit trust holdings are included in the balance sheet at their bid price. . Stocks of books . The quantity of books held is reduced to the number estimated to be realisable, after making due allowance for obsolete and slow moving items. The reduced quantities are valued at cost of production. Production costs of pending publications are carried forward as work in progress at cost, provided the publication is likely to proceed.

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Rounding

Some of the pages of these financial statements are generated by computer programs; consequently minor differences occur from rounding to whole pounds.

) The E J W Gibb Memorial Trust

Page 10

Printed 29-Sep-22

NOTES TO THE ACCOUNTS

Year ended 31 December 2021

INVESTMENTS

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|||||||| |---|---|---|---|---|---|---| |.|2021|2020| |£|£| |Movement|in|the year| |Market value|at|1* January|386,221|406,411| |Net unrealised|investment|(deficits)|or gains|41,531|(20,190)| |Market|value|at 31 December 2021|427,752|386,221| |Analysis|of holdings|at 31% December 2021| |Total|Capital|fund|Restricted|Income fund| |fand.| |£|£|£|£| |Shares|in open ended investment|companies|,| |and|unit|trusts| |At market value|427,752|45,828|128,057|253,867| |Original|cost|-|271,795|21,962|102,997|146,836| |Increase|in value of investments, unrealised|155,957|23,866|25,060|107,031|

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Page 12 contains a full list of the investments.

2. ANALYSIS OF NET ASSETS BETWEEN FUNDS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |31 December 2021|31% December|2020| |Unrestricted.|Restricted|Endowment|Unrestricted|Restricted|Endowment| |fund|fond|Fund|Fund|Fand|Fund| |£|£|£-|£|£|£| |'|InvestmentsBank balances|and Deposit|-|253,86736,061|:|128,0571,952|45,828241|227,12627,152|117,835148|41,260241| |Other current|assets|23,185|-|-|»|20,560|-|-| |313,113|130,009|46,069|274,838|117,983|41,501| |Less|current|liabilities|8,549|-|-|4,128|-|-| |304,564|130,009|46069|.|270,710|117,983|41,501| |STOCK AND WORK IN PROGRESS AND WORK IN PROGRESS WORK IN PROGRESS IN PROGRESS PROGRESS| |31|December 2021|31*|December 2020| |£|£|.| |Stock|of books|17,398|15,955| |Work|in|progress|.|-|-|

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STOCK AND WORK IN PROGRESS AND WORK IN PROGRESS WORK IN PROGRESS IN PROGRESS PROGRESS

4, REMUNERATION OF TRUSTEES .

Neither trustees nor any persons connected with them received remuneration.

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The E J W Gibb Memorial Trust

Page 11

Printed 29-Sep-22

THE E J W GIBB MEMORIAL TRUST

CONTENTS

OBJECTIVES AND PUBLIC BENEFIT

ORGANISATION AND POLICIES

The E

J W Gibb Memorial Trust

RESULT FOR THE YEAR

INVESTMENTS

STOCK OF BOOKS

REPORT OF THE TRUSTEES Year ended 31 December 2021 —

BOOK PRODUCTION COSTS

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Independent Examiner's Report to the Trustees of the EJW Gibb Memorial Trust

Responsibilities and basis of report

Independent examiner's statement

Name: Stuart Berriman FCA FCCA

Independent Examiner

. Year ended 31 December 2021

BALANCE SHEET

Public benefit and basis of preparation

Going concern basis

Investment gains and losses

Investments

Rounding

2. ANALYSIS OF NET ASSETS BETWEEN FUNDS