## Edith Bessie Gibson Trust
## REPORT AND FINANCIAL STATEMENTS
Year ended 5 April 2021
Registered Charity No. 233277
CONTENTS 5 April 2021
## Edith Bessie Gibson Trust
||Page|
|---|---|
|Legal and administrative information|1|
|Trustees' report|2 to 6|
|Independent Examiner’s Report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the accounts|10 to 16|
Edith Bessie Gibson Trust LEGAL AND ADMINISTRATIVE INFORMATION 5 April 2021
|REGISTERED CHARITY NUMBER|233277|
|---|---|
|GOVERNING DOCUMENT|Trust Deed|
|TRUSTEES|S.E. Banks|
||T.M. Keswick|
||P.A. Martin|
|PRINCIPAL ADDRESS|Carmelite Monastery|
||Quidenham|
||Norfolk|
||NR16 2PH|
|BANKERS|HSBC|
||8 Cork Street|
||London|
||W1S 3LJ|
|INVESTMENT ADVISERS|Smith & Williamson Investment Management LLP|
||25 Moorgate|
||London|
||EC2R 6AY|
|INDEPENDENT EXAMINER|DJ Franklin BA FCA|
||Franklins|
||Chartered Accountants|
||Burcott|
||School Lane|
||Forward Green|
||Suffolk|
||IP14 5EL|
|SOLICITORS|Stone King LLP|
||Third Floor|
||Bateman House|
||82-88 Hills Road|
||Cambridge|
||CB2 1LQ|
|SURVEYORS|Sarson & Co Limited|
||The Limes|
||Market Street|
||East Harling|
||Norwich|
||NR16 2AD|
1
Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2021
The trustees present their annual report and financial statements of the charity for the year ended 5[th] April 2021. The financial statements have been prepared in accordance with the accounting policies set out in the notes on the accounts at pages 10 and 11 and comply with the charity’s trust deed, the Charities Act 2011 and 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 published on 16 July 2014.
## **AIM AND PURPOSES**
The Edith Bessie Gibson Trust was settled on 18 March 1947 by Edith Bessie Gibson (Sister Elizabeth of the Trinity) for the purpose of the general advancement of the Roman Catholic religion. On 9 March 1949 the Trust acquired the estate at Quidenham, and on 15 January 1965 the Settlor added a memorandum to the effect that ‘the funds shall first be used for the upkeep of the monastery at Quidenham and the needs of the community there and secondly have special regard to the Carmelite Order.’ The Carmelite Order, to which the community at Quidenham belongs, is recognised by the Roman Catholic Church as making a valuable contribution to the life and work of the wider Church through its witness and apostolate. The income of the Trust is applied for the maintenance and improvement of the Quidenham Estate, including the public chapel, and to meet other needs within the Carmelite Order and the Church as a whole.
## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT**
The Trustees are committed to using the funds settled by Edith Bessie Gibson as effectively as possible in the service of the local community in and around Quidenham, the Carmelite Order, the universal Church, and people of any religion or none with whom the sisters at Quidenham may come into contact either directly or indirectly. The sisters live a life of simplicity, silence, work, and prayer, in the conviction that such a life has a profound effect on the world; this conviction is shared by many who have experienced its benefits. The sisters also engage in various forms of outreach.
When planning the Trust’s expenditure and the community’s activities, the Trustees and council sisters have considered the Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. They have tried to bring the support and consolation of faith to as many people as possible through:
Worship and prayer Provision of facilities and pastoral care Hospitality Outreach work Grants
## **ACHIEVEMENTS AND PERFORMANCE**
## _**Worship and prayer**_
The covid-19 pandemic continues to place restrictions upon the below mentioned activities. However, all will be fully re-instated once government guidelines permit it.
The sisters gather eight times a day in the public chapel, for the celebration of Mass and the Divine Office. By this means they are united with the universal prayer of the Church, bearing witness to the primacy of God and drawing all who participate into a deeper relationship with Him.
Prayer is the sisters’ principal apostolate. Members of the public can and do make requests for prayers, either in person or by letter, telephone, e-mail, or through our website. No payment is asked or expected and we receive many expressions of gratitude for our support and thanksgiving for answers to prayer. Besides responding to specific requests, the community brings all the needs of the world before God, praying particularly for peace and for those in any kind of affliction or distress.
The sisters also provide accommodation and support for two hermits called to a solitary life of prayer.
2
Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2021
All are welcome to attend the services in the chapel, and a regular worshipping community is established around the monastery, with 40 to 50 people attending Sunday Mass and more at Christmas and Easter. Members of the congregation are actively involved as readers, Eucharistic ministers, altar servers and so on. The congregation includes quite a number of children, for whom catechesis and other activities are provided. A free monthly magazine called ‘The New Mustard Seed’ is produced, containing information about services and events, articles on spiritual matters, news and humorous items.
Sometimes groups attending a nearby summer camp or retreat centre join the sisters for Vespers. On occasion, groups of pilgrims stop by to share the Mass and liturgy of the community.
## _**Provision of facilities and pastoral care**_
The Trust makes a parish hall available to the wider worshipping community at a nominal rent. It is used for refreshments after Mass on Sundays, and many other events take place there throughout the year.
Due to the withdrawal of local authority funding in the wake of the covid-19 pandemic, the planned takeover of the former hospice building by the charity _Little Bridge Care_ proved to be untenable. Further suggestions from prospective tenants also proved unworkable. Hence, the buildings are to be re-marketed. It is planned to utilise a small part of the buildings for residential letting purposes, thus helping to alleviate a shortage of accommodation in the area and bring in an additional income source for the Trust.
To the extent that government imposed covid-19 restrictions allow, the chapel is available for baptisms, confirmations, marriages and funerals. It is also open to any member of the public throughout the day for quiet contemplation.
The chapel contains stained glass windows by Margaret Rope, which the Trust is responsible for maintaining. Margaret Rope (Sister Margaret of the Mother of God) ended her life as a member of the Quidenham community, and her work at Quidenham and elsewhere is highly regarded and serves as an inspiration for meditation.
The Trust meets the costs of providing a full-time resident priest, currently Father Stephen Blair. He makes the sacraments available to the sisters and the wider community, and may be called upon by anyone in need of guidance or support. He visits the sick, and he or one of the Eucharistic ministers takes Communion to members of the congregation who are unable to attend Mass.
Mass was said daily in the Monastery’s chapel even while public access was prohibited by covid-19 restrictions. Although no outside congregation was permitted to attend, many people asked that their intentions be remembered at the community’s Mass. Thus, pastoral care continued to be offered by this means.
## _**Hospitality**_
The Carmelite community offers hospitality to guests. Two cottages are available, and many people avail themselves of these facilities, taking advantage of the tranquil atmosphere and the daily round of prayer for a time of retreat or spiritual refreshment. Guests may ask to speak to the chaplain or one of the sisters if they wish. The sisters do not charge a set rate for accommodation, but invite guests to leave a donation for the community according to their means; sometimes this may be waived altogether. Regrettably, the guest accommodation was closed for much of 2020, due to the pandemic, but it re-opened in April 2021 and is functioning in accordance with government guidelines.
## _**Outreach work**_
The sisters engage in various forms of outreach.
One of the sisters currently serves as President of the Association of Carmels of Great Britain. The President works to promote the charism and to help other monasteries in any kind of need.
The Sisters provide accommodation and refreshments for days of recollection for Christian groups of any denomination, and also for quiet days for individuals. The parlours are made freely available for various other uses such as catechesis, spiritual direction, the sacrament of reconciliation, or the diocesan marriage tribunal. The sisters promote prayer, the study of scripture, and Carmelite spirituality by hosting many different kinds of groups and
3
Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2021
giving talks. A group of Secular Carmelites based at Quidenham was founded in 2012 and in the years before the covid-19 pandemic they would meet monthly at the monastery. In addition, regional meetings for the Secular Carmelites have been held at Quidenham in former years. Once covid-19 restrictions are lifted it is anticipated that these meetings will re-commence.
School groups from Ipswich and Thetford have visited in recent years. There has been an opportunity to meet some of the sisters and to attend a service in the church. The students have appreciated these visits as a way of broadening their knowledge and religious experience.
Some members of the community write books and articles and do translation work. One of the sisters has worked as a translator for the Institute of Carmelite Studies in Washington D.C. The sisters promote the sale of Christian books in the church porch and through a small book service. Several sisters are engaged in writing articles for a regional newspaper, a national journal and a journal of Carmelite spirituality, linking their reflections upon the life of faith to the reader’s everyday context. The _Way of the Cross_ booklet of meditations, based on the stations in the church carved by Rosemary Fletcher, proved popular with those unable to attend services in Church during first lockdown period.
A new booklet, celebrating the centenary since the foundation of the precursor communities that led to the formation of the community at Quidenham in future years, has been produced this year.
They produce prayer cards, religious and secular greetings cards for Christmas, Easter and other occasions, notecards for everyday use and guided meditation and prayer leaflets. All of these are widely sold by mail order and via the internet, as well as in the church porch. Even the secular cards are not without spiritual significance, since many are designed to inspire contemplation of the beauty of creation. The cards with religious themes promote knowledge of Christianity and provide texts suitable for meditation. The cards are used in schools, prisons, hospitals and retreat centres as well as being sold direct to the public. In addition, the sisters have designed cards with religious texts which are widely used by hospital chaplains to commemorate the blessing of unbaptised infants in cases of stillbirth or neonatal death. These cards provide comfort for bereaved parents, and feedback from hospital chaplains has indicated that these are the only such cards that are available. Many customers confined to their home during the covid-19 lockdown have said that they have been helped by the cards.
The sisters also produce ikons as devotional objects, and make vestments, altar frontals, rosaries and other articles. Soaps and hand balm, scented with herbs and flowers from the monastery garden, can be purchased, as can honey from the monastery bees when available.
The community’s website (www.quidenhamcarmel.org.uk) promotes knowledge of the Carmelite way of life and the value of prayer and contemplation; it is also a means of advertising the availability of guest accommodation and the other goods and services provided. It is regularly updated and a Facebook page is maintained as well, offering information on activities, along with pictures, articles, and meditations.
The community hosts occasional ecumenical events, including a combined Advent Carol Service each year with a neighbouring Anglican community, and meetings for local groups. A crucifix in the public grounds forms a way station for the Christian pilgrimage route, the Via Beata.
## _**Grants**_
Cash grants for individuals and institutions have been made in the course of the year to support theological and pastoral training and to meet particular needs within the Carmelite Order and the wider Church. The Trust has a tradition of supporting the local diocese, and continues to respond to the refugee crisis and other humanitarian crises tackled by the Church. Charities that focus on supporting young people in their faith, such as _Ten Ten Theatre_ and summer camps for those from deprived inner city parishes, have received funding from the Trust over several years. In the current covid-19 situation, the trustees are taking care to be responsive to requests from struggling parishes that are hard hit by the loss of their regular church collections. Details of grants are given in note 16 on page 16. The Trustees receive encouraging feedback concerning the use of the grants and the value of the enterprises supported.
4
Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2021
## **FUTURE PLANS**
Whilst the covid-19 restrictions continue to affect the Trust’s plans, it is hoped that faith groups will once again be able to visit the Monastery and church for various needs: liturgical services, pilgrimages, talks, spiritual direction, personal retreats, meetings and hospitality.
Ongoing maintenance and repairs to the estate properties continues in order to uphold the Trust’s valuable assets. Effective land management remains in place to safe-guard the woodland, fields and gardens so highly valued by estate tenants, workers and the local worshipping community.
The Trustees intend to continue all the activities of the Trust.
## **PROPERTY**
The Trustees have continued to maintain the property at Quidenham, Norfolk. They employ a manager and a maintenance man, and plan repairs according to an ongoing schedule
The biomass district heating system, installed in the barn in 2010, and subsequently upgraded to take advantage of improved technology, has eliminated the use of oil entirely for the church, main building and certain other buildings on the estate. The photovoltaic panel systems continue to function efficiently and contribute to lowering the Trust’s ‘carbon footprint’.
Following the removal of East Anglia’s Children’s Hospices to a site near Norwich, the trustees ensured that an extensive renovation and repairs programme for the former hospice buildings was undertaken. This has ensured that the property is in excellent condition, thus protecting the Trust’s valuable property assets and maximising the probability of attracting a suitable tenant in due course.
## **ORGANISATION**
The Trust is a registered charity (no. 233277); further administrative information about the Trust may be found on page 1. The Trust Deed stipulates that the Trustees must be members of the Carmelite community at Quidenham. They are appointed by the monastery council, and presently comprise one of the council sisters and two other sisters with experience in matters relating to the Trust. Their names are given on page 1.
The Trustees have overall responsibility for policy and management. New Trustees and council sisters are provided with background knowledge of the activities of the Trust and the responsibilities of Trustees, and have access to professional advice where necessary.
The Trustees meet whenever necessary to consider grant applications and other matters arising. They also hold quarterly meetings with the monastery council to discuss the charity’s costs, strategies and any other relevant issues.
## **FINANCIAL REVIEW AND INVESTMENT POLICY**
The Trust received £96,195 (2020: £76,000) in legacies and donations in the year, besides its regular income from rents and financial investments, giving a total income of £230,132 (2020: £258,944), compared with expenditure of £267,942 (2020: £232,519).
There are no restrictions on the charity’s power to invest. The Trustees set the investment strategy and investments are subject to ethical screening. The Trustees consider the income requirements, the risk profile, and the investment manager’s view of the market prospects in the medium term. The overall objective is to maintain the endowment fund approximately at its real value, while generating sufficient income to meet the needs of the Trust. This strategy is set within an overall policy which states that the endowment fund is to be invested in low and medium risk investments with a view to ensuring capital appreciation. The strategy is reviewed with the investment managers on a regular basis. Fees paid to the investment advisers are shown in the accounts. The portfolio has provided a total return of 2.30% (2020: 3.85%) during the year.
5
Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2021
## **RESERVES POLICY**
In addition to the charitable grants made, the Trust has a continuing commitment to maintain the extensive property owned by the Trust, including the public chapel. It seeks to meet all these commitments from its unrestricted funds, and therefore needs to maintain a reasonable level of reserves. At 5 April 2021 the undesignated, unrestricted reserves amounted to £555,991 (2020: £426,474); see note 12 at page 15.
## **RISK MANAGEMENT**
The Trustees have examined the major strategic, business, and operation risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Risks associated with the property are kept under continual review in conjunction with the Trust’s manager and surveyors.
In addition to systems already in place, NFU Mutual Risk Management Services carried out a renewal of the full health and safety audit in September 2020, including a general risk assessment, a fire risk assessment, and a COSHH (Control of Substances Hazardous to Health) assessment. A comprehensive Health and Safety Policy Statement was produced, and regular reviews are being undertaken.
## **TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**
Law applicable to charities in England and 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’s financial activities during the year and of its financial position at the end of the year.
In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently
- make reasonable and prudent judgements and estimates
- state whether accounting standards and statement of recommended practice have been followed, and to disclose and explain any departures therefrom
- prepare the accounts on a 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 and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
Approved by the Trustees on 27 August 2021
**Shelagh Banks Teresa Keswick Penelope Martin**
Trustee Trustee Trustee
Carmelite Monastery Quidenham Norwich NR16 2PH
6
## INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF EDITH BESSIE GIBSON TRUST
I report on the accounts of the Edith Bessie Gibson Trust for the year ended 5 April 2021, which are set out on pages 8 to 16.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out below.
## **Independent examiner’s statements**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **David Franklin BA FCA**
ON BEHALF OF Franklins Chartered Accountants Burcott, School Lane Forward Green, Suffolk IP14 5EL **27 August 2021**
7
## Edith Bessie Gibson Trust STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5 April 2021
||_Note_|**Endowment**|**Unrestricted**|**Total**|Total|
|---|---|---|---|---|---|
|||**funds**|**fund**|**2021**|2020|
|||**£**|**£**|**£**|£|
|INCOME AND ENDOWMENTS||||||
|Donations and legacies|_1_|**-**|**96,195**|**96,195**|76,000|
|Charitable activities|_2_|**-**|**44,771**|**44,771**|73,897|
|Investment income|_3_|**-**|**51,697**|**51,697**|69,924|
|Other income||**-**|**37,469**|**37,469**|39,123|
|TOTAL INCOME||**-**|**230,132**|**230,132**|258,944|
|EXPENDITURE||||||
|Cost of generating funds|_4_|**15,809**|**-**|**15,809**|16,256|
|Charitable activities:|_5_|||||
|Grants and public chapel||**-**|**55,008**|**55,008**|59,975|
|Property costs||**91,014**|**106,111**|**197,125**|156,288|
|TOTAL EXPENDITURE||**106,823**|**161,119**|**267,942**|232,519|
|NET INCOME (EXPENDITURE)||||||
|BEFORE (LOSSES)/GAINS ON||||||
|INVESTMENTS||**(106,823)**|**69,013**|**(37,810)**|26,425|
|Transfer between funds|_12_|**(20,079)**|**20,079**|**-**|-|
|Net gains/(losses) on investment||||||
|assets|_9_|**400,420**|**15,255**|**415,675**|(341,627)|
|NET MOVEMENT IN FUNDS||**273,518**|**104,347**|**377,865**|(315,202)|
|FUNDS BROUGHT FORWARD||**2,455,877**|**731,976**|**3,187,853**|3,503,055|
|FUNDS CARRIED FORWARD|_12_|**2,729,395**|**836,323**|**3,565,718**|3,187,853|
The statement of financial activities contains all the recognised gains and losses of the year.
All incoming resources and resources expended derive from continuing activities.
8
Edith Bessie Gibson Trust BALANCE SHEET As at 5 April 2021
|_Note_
FIXED ASSETS
Tangible assets
_8_
Investments
_9_
CURRENT ASSETS
Debtors
_10_
Cash at bank
CREDITORS
Amounts falling due within one year
_11_
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted
_12_
Endowment
_12_
TOTAL FUNDS|**£**
**33,353**
**264,904**
**298,257**
**(13,730)**|**2021**
2020
**£**
£
£
**1,068,096**
1,090,507
**2,213,095**
1,812,716
**3,281,191**
2,903,223
24,024
279,588
303,612
(18,982)
**284,527**
284,630
**3,565,718**
3,187,853
**836,323**
731,976
**2,729,395**
2,455,877
**3,565,718**
3,187,853|
|---|---|---|
Approved and authorised for issue by the trustees on 27 August 2021
**Shelagh Banks Teresa Keswick Penelope Martin**
Trustee Trustee Trustee
9
Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2021
## **ACCOUNTING POLICIES**
## _**Basis of preparation and assessment of going concern**_
The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value, with the exception of investments which are stated at market value.
The financial statements have been prepared 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 (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and the UK Generally Accepted Practice as it applies from 1 January 2015.
The trust constitutes a public benefit entity as defined by FRS102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
## _**Tangible fixed assets**_
Tangible assets are included at cost. Individual fixed assets costing £500 or more are capitalised at cost.
Freehold property consists of the estate at Quidenham, Norfolk, part occupied by the Carmelite community. Certain estate land and buildings not required for the community's use are let to third parties. This part of the property is not considered to be investment property since it is an integral part of the estate. The Trustees consider that an annual valuation of the property would not be an appropriate use of the charity’s resources and, therefore, it has followed the transitional rules allowed by FRS 102, under which the book value of the property is retained without subsequent valuation.
No depreciation is charged on freehold land. Freehold buildings are not depreciated as the Trustees consider that the residual value of the property is substantially in excess of the amount included in the accounts. Consequently, any depreciation charge would be immaterial. Improvements to freehold property are depreciated at 4% per annum, calculated on cost. Plant and equipment is depreciated at between 4% and 16.5% per annum, calculated on cost. Assets are depreciated from the date of acquisition.
## _**Investments**_
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year
## _**Incoming and endowments**_
Donations and miscellaneous income are included on a receivable basis. Investment income is accounted for in the period in which the charity is entitled to receipt. Rental income is accounted for on a receivable basis.
## _**Expenditure**_
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. There are no significant support costs.
## _**Costs of generating funds**_
The costs of generating funds consist of investment management charges.
## _**Charitable activities**_
Costs of charitable activities include grants made, the running costs of the public chapel and of the property.
## _**Governance costs**_
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory examination, accountancy and legal fees.
10
Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2021
## **ACCOUNTING POLICIES (continued)**
## _**Pension costs**_
The charity contributes to the personal pension plans of two of its employees. The amount charged to the SOFA is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
## _**Foreign currencies**_
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the SOFA.
## _**Fund accounting**_
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the objectives of the charity. The permanent endowment fund represents funds that must be held permanently by the trust. The expendable endowment fund is to be expended as detailed at note 12 on page 15.
|**1**
**DONATIONS**
Donations
Gift of expendable endowment
**2**
**CHARITABLE ACTIVITIES**
Rental income
**3**
**INVESTMENT INCOME**
Listed investments
Bank interest
**4 COST OF GENERATING FUNDS**
Investment management charges|**2021**
**£**
**96,195**
**-**
**96,195**
**2021**
**£**
**44,771**
**2021**
**£**
**51,681**
**16**
**51,697**
**2021**
**£**
**15,809**|2020
£
76,000
-
76,000
2020
£
73,897
2020
£
69,271
653
69,924
2020
£
16,256|
|---|---|---|
||||
||
||
11
Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2021
|**5**
**CHARITABLE ACTIVITIES**
Grants and Public chapel
Grants (note 16)
Public chapel (including chaplain)
Governance costs
Property costs
Property expenses (including staff costs)
Depreciation
Professional charges
Miscellaneous
Governance costs
**6**
**GOVERNANCE COSTS**
Independent examination
Other accounting and taxation services
Legal fees
Other charges|
|**2021**
**£**
2020
£
**31,950**
32,350
**19,217**
21,663
**3,841**
5,962
**55,008**
59,975
**2021**
**£**
2020
£
**139,637**
91,075
**42,021**
42,021
**4,036**
8,742
**7,590**
8,487
**3,841**
5,963
**197,125**
156,288
**2021**
**£**
2020
£
**2,500**
2,500
**3,350**
3,260
**1,147**
3,876
**685**
2,289
**7,682**
11,925|
|---|---|---|
||||
Governance costs have been allocated equally to the expenditure on Grants and Public Chapel and Property Costs (see note 5 above).
|**7**
**STAFF COSTS**
Wages and salaries
Social security costs
Pension contributions
The average monthly number of employees during the year was:
Maintenance
Chaplain|**2021**
**£**
2020
£
**57,212**
58,852
**3,114**
3,831
**4,278**
4,824
**64,604**
67,507
**No.**
No.
**2**
2
**1**
1
**3**
3|
|---|---|
The Trustees receive no remuneration or expenses for their services to the Trust. The Trustees are members of the Carmelite community at Quidenham who occupy part of the freehold property shown in note 8 below and which is owned and maintained by the Trust.
No employee received remuneration amounting to more than £60,000 in either year. See Note 14 for details of pension contributions.
12
Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2021
## **8 TANGIBLE FIXED ASSETS**
|Cost
6 April 2020
Additions
Disposals
5 April 2021
Depreciation
6 April 2020
Charge for year
Disposals
5 April 2021
Net book value
5 April 2021
5 April 2020|Freehold
property
£
Improvements to
freehold property
£
583,660
257,200
-
20,079
-
-
583,660
277,279
________
-
90,627
-
10,890
-
-
-
101,517
**583,660**
**175,762**
583,660
166,573|Plant and
equipment
£
715,709
-
-
715,709
375,435
31,600
-
407,035
**308,674**
340,274|Total
£
1,556,569
20,079
-|
|---|---|---|---|
||||1,576,648|
||||466,062
42,490
-|
||||508,552|
||||**1,068,096**|
||||1,090,507|
The amount at which the freehold property is included in the accounts is the cost amount for which records are available. The insurance reinstatement value of the property is approximately £20 million. An informal market valuation of the property was obtained during the year ended 5 April 2008 of £3 million.
13
Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2021
|**9**
**FIXED ASSET INVESTMENTS**
Market value at beginning of year
Additions at cost
Proceeds from disposals
Net gains/(losses)
Market value at end of year
Investment cash
Total investments
Historical cost of investments (including investment cash) at end
of year
Equities:
UK quoted
Overseas quoted
Fixed interest securities:
UK quoted
Alternative strategies:
Alternatives
Multi-asset
Cash on deposit|**2021**
**£**
2020
£
**1,748,313**
1,997,831
**332,719**
251,047
**(349,255)**
(158,938)
**415,675**
(341,627)
**2,147,452**
1,748,313
**65,643**
64,403
**2,213,095**
1,812,716
**1,804,119**
1,756,707
**857,563**
746,735
**741,651**
559,043
**306,423**
255,014
**98,751**
103,278
**143,064**
84,243
**65,643**
64,403
**2,213,095**
1,812,716|
|---|---|
At 5 April 2021 four investments each comprised in excess of 5% of the portfolio: Schroder Unit Trusts Asian (6.15%), HSBC ETFS plc (5.91%), Rio Tinto (5.47%) and BNY Mellon Global Funds (5.33%). At 5 April 2020 two investments each comprised in excess of 5% of the portfolio: HSBC ETFS plc (7.04%) and Wisdomtree Metal Securities (5.70%).
|**10**
**DEBTORS**
Due within one year:
Carmelite Monastery, Quidenham
Other debtors
Prepayments
|**2021**
**£**
2020
£
**9,331**
-
**19,276**
17,385
**4,746**
6,639
**33,353**
24,024|
|---|---|
14
Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2021
|11
**CREDITORS:**
Amounts falling due within one year
Amount due to related undertaking:
Carmelite Monastery, Quidenham
Accruals and deferred income
**12**
**FUNDS**
Permanent
endowment
£
Expendable
endowment
£
Tangible fixed assets
583,660
-
Investments
2,131,908
-
Current assets
-
18,464
Creditors
(4,637)
-
2,710,931
18,464|**2021**
**£**
**-**
**13,730**
**13,730**
Unrestricted
fund
£
484,436
81,187
279,793
(9,093)
836,323|2020
£
5,963
13,019
18,982
Total
£
1,068,096
2,213,095
298,257
(13,730)
3,565,718|
|---|---|---|
Permanent Endowment Fund: This represents those assets which must be held permanently by the charity, being investments and freehold property. Investment management charges are charged to the permanent endowment fund and gains and losses on the investments form part of the fund. All other expenses are included in the unrestricted fund.
Expendable Endowment Fund: This has been established by gifts in prior years. The trustees have the power to spend the capital on the refurbishment of the Hospice Building, following the departure of the East Anglia Children’s Hospice from those premises. During the year a total of £111,093 (2020: £8,102) was spent from the fund being: £91,014 (2020: £8,102) on revenue refurbishment and £20,079 of capital expenditure on improvements to the property (note 8), to provide an additional residence for letting. This sum of £20,079 was transferred to the unrestricted fund.
Unrestricted Fund: This comprises those funds which the Trustees are free to use in accordance with the charitable objectives.
.
||Designated|Undesignated|Unrestricted|
|---|---|---|---|
||fund|fund|Total|
|||£|£|
|At beginning of year|305,502|426,474|731,976|
|Net gain on investments|-|15,255|15,255|
|Surplus (deficit) for year|(29,095)|98,108|69,013|
|Transfer from expendable endowment|-|20,079
|20,079|
|At end of year|276,407|559,916
|836,323|
The designated fund represents funds used to finance the biomass heating system. The deficit for the year represents the depreciation charge on the system for the year of £29,095.
## **13 RELATED PARTIES**
Details are given in note 7 of the relationship between the Trustees and the Carmelite community at Quidenham. The amount owed by the community is shown in note 10 (2020: to the community, note 11).
15
Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2021
## **14 PENSION COMMITMENTS**
The charity contributes to the personal pension plan of two employees (2020: two). The pension cost represents contributions payable by the charity and amounted to £4,278 (2019: £4,824). There were no unpaid contributions (2020: £nil) at the year end.
## **15 TAXATION**
As a charity, Edith Bessie Gibson Trust is exempt from tax on income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the Trust.
|**16**
**GRANTS**
**2021**
**Number**
**£**
The charity made the following
grants:
Individuals
**2**
**750**
Institutions - more than £1,000
**12**
**27,750**
- less than £1,000
**8**
**3,450**
**22**
**31,950**
Grants made to institutions comprised:
For the general advancement of the Roman Catholic religion -
Margaret Beaufort Institute of Theology (charity number 1041031)
Aid to the Church in Need (charity number 1097984)
R.C. Diocese of East Anglia (charity number 278742)
Faith Alive (R.C. Diocese of East Anglia)
Catholic Trust for England & Wales (charity number 1097482)
CAFOD (charity number 285776)
Community of Our Lady of Walsingham
Mission SPA [‘Missio’] (charity number 1056651)
Apostleship of the Sea (charity number 1069833)
HCPT – The Pilgrimage Trust (charity number 281074)
Association of British Carmels (charity number 1128780)
Dolgellau R.C. Church
Sisters of Jesus of Nazareth, Zimbabwe
Ten Ten Theatre (charity number 1128780)
Crew Trust/ Joel’s Bar (youth event) (charity number 277425)
Our Lady of the Rosary, Brixton (post confirmation group)
Wymondham R.C. Food Bank
Ashford R.C. Church
Youth for Christ (charity number 263446)
Jesuit Refugee Service (International Office)
Carmelite Priory Boars Hill
SPRED (charity number SCO14869)
Prison Advice & Care Trust (charity number 219278)
Reddish RC. Parish (prayer garden)
|2020
Number
£
4
3,250
15
25,250
6
3,850
25
32,350
**2021**
**£**
2020
£
**6,500**
1,500
**4,500**
2,500
**3,000**
3,000
**2,000**
2,000
**2,000**
2,000
**2,000**
1,500
**1,500**
1,500
**1,500**
1,500
**1,500**
1,500
**1,250**
1,250
**1,200**
1,000
**1,000**
-
**750**
750
**750**
750
**500**
500
**400**
750
**400**
-
**250**
-
**200**
300
**-**2,000
**-**
2,000
**-**
1,000
**-**
1,000
**-**
800
**31,200**
29,100|
|---|---|
## **16**
16