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2022-04-05-accounts

Edith Bessie Gibson Trust

REPORT AND FINANCIAL STATEMENTS

Year ended 5 April 2022

Registered Charity No. 233277

CONTENTS 5 April 2022

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 2022

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 Evelyn Partners
45 Gresham Street
London
EC2V 7BG
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 2022

The trustees present their annual report and financial statements of the charity for the year ended 5[th] April 2022. 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 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.

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

2

Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2022

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 occasionally, containing information about services and events, articles on spiritual matters, news and humorous items.

Provision of facilities and pastoral care

The Trust makes a parish hall available to the wider worshipping community. It is used for refreshments after Mass on Sundays, and many other events take place there throughout the year. During 2022, a programme of structural repairs is being undertaken to ensure the ongoing availability of the hall for the community.

The Trust is seeking a tenant Swift House (former hospice buildings) and queries are managed by a professional property agent. During 2021, a small part of the buildings was completely renovated and adapted for residential letting purposes. This was quickly occupied, thus helping to alleviate a shortage of residential accommodation in the locality and generating an income stream for the Trust.

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.

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.

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. A second sister of the community is coordinator of an annual course for sisters in initial formation, both from monasteries of our own Association and from other English-speaking Carmels.

On Easter Sunday, 2021, one of the sisters was a guest on the BBC radio programme “Private Passions”, where she explained her reasons for joining the community at Quidenham. The programme was repeated on Palm Sunday, 2022.

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 giving talks.

After the interruption of the covid-19 pandemic restrictions, the group of Secular Carmelites based at Quidenham resumed their monthly meetings in January, 2022. In addition, regional meetings for the Secular Carmelites are held at Quidenham twice a year.

3

Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2022

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. A Way of the Cross booklet of meditations, based on the stations in the church carved by Rosemary Fletcher, is available for purchase by visitors to the church. In addition, a brochure, celebrating the centenary since the foundation of the precursor communities that led to the formation of the community at Quidenham, was produced last 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.. 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.

FUTURE PLANS

With the lifting of covid-19 restrictions faith groups are once again 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 value of 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.

4

Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2022

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. A new barn has been built on site for the storage of woodchip.

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 £56,425 (2021: £96,195) in legacies and donations in the year, besides its regular income from rents and financial investments, giving a total income of £216,448 (2021: £230,132), compared with expenditure of £254,264 (2021: £267,942).

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 3.05% (2021: 2.34%) during the year.

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 2022 the undesignated, unrestricted reserves amounted to £590,350 (2021: £559,916); 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.

5

Edith Bessie Gibson Trust TRUSTEES’ REPORT 5 April 2022

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:

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 20 July 2022

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 2022, 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:

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:

have not been met; or

David Franklin BA FCA

ON BEHALF OF Franklins Chartered Accountants Burcott, School Lane Forward Green, Suffolk IP14 5EL 20 July 2022

7

Edith Bessie Gibson Trust STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5 April 2022

Note Endowment Unrestricted Total Total
funds fund 2022 2021
£ £ £ £
INCOME AND ENDOWMENTS
Donations and legacies 1 - 56,425 56,425 96,195
Charitable activities 2 - 52,371 52,371 44,771
Investment income 3 - 71,723 71,723 51,697
Other income - 35,929 35,929 37,469
TOTAL INCOME - 216,448 216,448 230,132
EXPENDITURE
Cost of generating funds 4 17,191 - 17,191 15,809
Charitable activities: 5
Grants and public chapel - 66,212 66,212 55,008
Property costs 18,464 152,397 170,861 197,125
TOTAL EXPENDITURE 35,655 218,609 254,264 267,942
NET INCOME (EXPENDITURE)
BEFORE (LOSSES)/GAINS ON
INVESTMENTS (35,655) (2,161) (37,816) (37,810)
Transfer between funds 12 (18,464) 18,464 - -
Net gains on investment assets 9 170,541 (14,964) 155,577 415,675
NET MOVEMENT IN FUNDS 116,422 1,339 117,761 377,865
FUNDS BROUGHT FORWARD 2,729,395 836,323 3,565,718 3,187,853
FUNDS CARRIED FORWARD 12 2,845,817 837,662 3,683,479 3,565,718

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 2022

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		 £
33,283
152,995
186,278
(12,581)		 2021
2020
£
£
£
1,157,078
1,068,096
2,352,704
2,213,095
3,509,782
3,281,191
33,353
264,904
298,257
(13,730)
173,697
284,527
3,683,479
3,565,718
837,662
836,323
2,845,817
2,729,395
3,683,479
3,565,718

Approved and authorised for issue by the trustees on 20 July 2022

Shelagh Banks Teresa Keswick Penelope Martin

Trustee Trustee Trustee

9

Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2022

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 2022

ACCOUNTING POLICIES (continued)

Pension costs

The charity contributes to the personal pension plans of one 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
Legacies

2
CHARITABLE ACTIVITIES
Rental income
3
INVESTMENT INCOME
Listed investments
Bank interest
4 COST OF GENERATING FUNDS

Investment management charges		 2022
£
50,200
6,225

56,425
2022
£
52,371
2022
£
71,723

-
71,723
2022
£
17,191		 2021
£
56,122
40,073
96,195
2021
£
44,771
2021
£
51,681
16
51,697
2021
£
15,809


11

Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2022

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
Governance costs have been allocated equally to the expenditure on Grants and Public
(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


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 2022

8 TANGIBLE FIXED ASSETS

Cost
6 April 2021
Additions
Disposals
5 April 2022
Depreciation
6 April 2021
Charge for year
Disposals
5 April 2022
Net book value
5 April 2022
5 April 2021		 Freehold
property
£
Improvements to
freehold property
£

583,660
277,279
-
139,450
-
-
583,660
416,729
__
-
101,517
-
18,866
-
-
-
120,383
583,660
296,346
583,660
175,762		 Plant and
equipment
£
715,709
1,173
(1,470)
715,412
407,035
32,775
(1,470)
438,340
277,072
308,674		 Total
£
1,576,648
140,623
(1,470)
1,715,801
508,552
51,641
(1,470)

558,723
1,157,078
1,068,096

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 2022

9
FIXED ASSET INVESTMENTS
Market value at beginning of year
Additions at cost
Proceeds from disposals
Net gains
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		 2022
£
2021
£
2,147,452
1,748,313
72,712
332,719
(68,683)
(349,255)
155,577
415,675
2,307,058
2,147,452
45,646
65,643
2,352,704
2,213,095
1,786,046
1,804,119
817,924
857,563
919,583
741,651
300,247
306,423
109,101
98,751
160,203
143,064
45,646
65,643
2,352,704
2,213,095

At 5 April 2022 three investments each comprised in excess of 5% of the portfolio: Schroder Unit Trusts Asian (5.80%), HSBC ETFS plc (6.72%) and BNY Mellon Global Funds (6.15%). 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%)

10
DEBTORS
Due within one year:
Carmelite Monastery, Quidenham
Other debtors
Prepayments

 2022
£
2021
£
2,857
9,331
24,447
19,276
4,979
4,746
33,283
33,353

14

Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2022

11
CREDITORS:
Amounts falling due within one year
Accruals and deferred income
12
FUNDS
Permanent
endowment
£
Expendable
endowment
£
Tangible fixed assets
583,660
-
Investments
2,266,395
-
Current assets
-
-
Creditors
(4,238)
-
2,845,817
-		 2022
£
12,581
12,581
Unrestricted
fund
£
573,418
86,309
186,278
(8,343)
837,662		 2021
£
13,730
13,730
Total
£
1,157,078
2,352,704
186,278
(12,581)
3,683,479

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 (Swift House), following the departure of the East Anglia Children’s Hospice from those premises. During the year the remaining balance at 5 April 2021 of £18,464 (2021: £111,093) was spent from the fund being: £18,464 (2021: £91,014) on revenue refurbishment and £nil (2021: £20,079) of capital expenditure on improvements to the property, to provide an additional residence for letting.

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 276,407 559,916 836,323
Net movement on investments - (14,964) (14,964)
Surplus (deficit) for year (29,095) 26,934 (2,161)
Transfer from expendable endowment - 18,464
 18,464
At end of year 247,312 590,350
 837,662

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.

15

Edith Bessie Gibson Trust NOTES ON ACCOUNTS 5 April 2022

14 PENSION COMMITMENTS

The charity contributes to the personal pension plan of one employee (2021: two). The pension cost represents contributions payable by the charity and amounted to £2,460 (2021: £4,278). There were no unpaid contributions (2021: £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
2022
Number
£
The charity made the following
grants:
Institutions – more than £1,000
15
35,250
- less than £1,000
5
3,200
20
38,450
Individuals
2
900

22
39,350

For the general advancement of the Roman Catholic religion -
Margaret Beaufort Institute of Theology (charity number 1041031)
Jesuit Refugee Service (International Office)

Aid to the Church in Need (charity number 1097984)
R.C. Diocese of East Anglia (charity number 278742)
St John’s Hospice, London (charity number 235822)
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)
Rachel’s Vineyard (charity number 1191428)
HCPT – The Pilgrimage Trust (charity number 281074)
Association of British Carmels (charity number 1128780)
Alive in Faith (R.C. Diocese of East Anglia)
Prison Advice & Care Trust (charity number 219278)
Sisters of Jesus of Nazareth, Zimbabwe
Ten Ten Theatre (charity number 1128780)
Crew Trust/ Joel’s Bar (youth event) (charity number 277425)

Wymondham R.C. Food Bank
Youth for Christ (charity number 263446)

Dolgellau R.C. Church
Ashford R.C. Church

Our Lady of the Rosary, Brixton (post confirmation group)

 2021
Number
£
12
27,750
7
3,450
19
31,200
2
750
21
31,950
2022
£
2021
£
6,500
6,500
5,000
-
4,000
4,500
3,000
3,000
3,000
-
2,000
2,000
1,500
2,000
1,500
1,500
1,500
1,500
1,500
1,500
1,500
-
1,250
1,250
1,000
1,200
1,000
2,000
1,000
-
750
750
750
750
750
500
600
400
350
200
-
1,000
-
250
-
400
_____ -
38,450
31,200

16

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