THE THOMAS GIBBINS CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2023 Registered Charity number.. 246451
THE THOMAS GIBBINS CHARITY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Pages Adminislralive information Ttuslees, report including slalemenl of Trustees, responsibilities Independent examiners. report Slalemenl of financial activities linduding summary of income & expenditure account) Balance sheet Notes lo the financial slalemenls 9-13
THE THOMAS G18BINS CHARITY ADMINISTRATIVE INFORMATION Trustees.. D S Jackson J A Lomer J Hipkiss Registered office-. Kingsnorth House Blenheim Way Birmingham B44 8LS 88nkers-. Virgin Money 136 - 138 New Street Birmingham B2 4QJ Accountants.. Malcolm Piper & Company Limited Kingsnorth House Blenheim Way Birmingham B44 8LS Investment managers". Brewin Dolphin 12 Smilhfield Street London EC1A 98D Registered Charity number: 246451 Enquiries Mr D S Jackson Clo Malcolm Piper & Company Limited Kingsnorlh House Blenheim Way Birmingham B44 8LS Page 1
THE THOMAS GIBBINS CHARITY TRUSTEES, REPORT The Trustees present their report and the unaudited financial slalemenls for the year ended 31 December 2023 The Trustees have adopted the provisions of the Slalemenl of Recommended Pracliee ISORPI"A¢counling and Reporting by Charities. IFRS 1021 in preparing the annual report and financial statements of the Charity. NATURE OF THE GOVERNING INSTRUMENT The Trust Fund is registered as a Charity (registered Charity number 2464511 and was eslablished under the provision contained in the codicil of the Will of Mr Thomas Gibbins. The Will was dated 9 March 1906 and the codicil 5 July 1907. This was incorF)oraled into 2 Trust Deed dated 10 February 1910 and amended by a Deed of Variation dated 21 April 1970 and further amended by a revised Trust Deed dated 27 August 2008. TRUSTEES The Trustees who held office during the year were as follows.. D S Jackson J A Lorner J Hipkiss As the Charity becomes aware of individuals with an interest in the Charity's activities. or where il is perceived that a Trustee can cornplemenl the skills held by current Trustees, they pul In place 2 plan lo train them. PRINCIPAL ACTIVITY The object of the Tnjsl Fund is lo apply the income of the Charity in furthering the following objects.. la) Providing pensions, grants and other benefits lo employees on Iheir retiring from the service of the Company, or ils successor businesses, or on their becoming unable lo work., {b} Provision of nursing care or other medical assistan lo employees suffering from ill health.. and (cl Provisions of pensions, grants and other benefits for the assistance of the widows, children and other dependents of deceased employees. Funds held in the Permanent Fund are not available fof the payment of benefits. Income from a8sels in the Permanent Fund is held for the general purposes of the Charity and is therefore unrestricted. PUBLIC BENEFIT The Trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and selling the grant making policy for the year. Page 2
THE THOMAS GIBBINS CHARITY TRUSTEES. REPORT ICONTINUEDI FINANCIAL REVIEW The results for the year and financial position of the Charity are shown in the Slalement of Financial Activities on page 7 and Balance Sheet on page 8. The gross income of the Charity for the year ended 31 December 2023 amounted lo £56,467 {2022.. £92,220). Direct Charitable expenditure in the form of donations, grants and other benefits paid tolalled £53.877 12022.. £64.8181 and adminislralive and management expenses nel lolalled £40,02612022.. £61,834). This resulted in a balance of nel expenditure of £37,436 12022.. £34,432} deducled from reserves availeble for future dislribulion. The unfortunate entry into adminislralion of our lenanl, T G Stamping and Machinery Limited on 22 March 2023 was a Significant event both for the Charity and the many workers who lost their jobs. All former employees were assessed by the Charty for eligibility for additional assistance. This resulted in 9 additional recurring quarterly grants and one hardship payment being approved. Additionally, the Charity has incurred significant addition81 expen(Jilure due lo Iheir investment properly becoming vacant in the form of security costs. insurance. council lax and utility costs for the property in addition to the lost rent and bad debt incurred on the rent unpaid al the point the company went into liquidation. INVESTMENTS The Trustees monitor investments through the appointment of an inveslmenl advisor and the returns achieved on those investments against the agreed strategy. The Trustees are aware of the continued economic uncertainty both in the UK, Europe and Worldwide. The UK slipped into recession during the second half of 2023 and although this did not result in signrficanl unemployment, il demonslraled the weakness of the e¢onorny. Continued high inflation during 2023, was particularly acute in the UK and resulted in the continued higher than expected interest rates as the Treasury looked lo reduce inflalion back lo ils 20kn target. The stock market finished the yesr stronger than had been anlicipaled and this has resulted in a degree of recovery from the falls in value of the investment portfolio experience in the prior year. During the year under review, the investment portfolio saw nel realised and unrealised gains on investments lolalling £62,80912022'. losses lolalling £160,737). DONATIONS BENEFIT POLICY All employees who, al the point of ils liquidation, had served a minimum of two years for T G Stamping and Machining Limited or ils predecessors, can have periods of employment with related companies included in their qualifying calculation of their grant benefit. Page 3
THE THOMAS GIBBINS CHARITY TRUSTEES, REPORT (CONTINUED) RESERVES POLICY Al 31 December 2023 the Charity held reserves, less investment assets and fixed assets, of £74.320 {2022.. £85,545). Both Investment assets and fixed assets are invested lo provide a future income for the Trust and are therefore not considered lo be dislribulable assets. The reslricled funds, which are all invested, form the Permanent Fund, which is not available for distribution under the terms of the Trust Deed. The annual expenditure for the year for the on-going activities was £118,16312022.' £87,990) including the exceptional hardship paymenls made in the year. The cash reserves therefore represent approximately 8 monlhs12022' 12 months) of annual expenditure. Reserves are necessary because.. A subslanlial part of the income is derived from the distribution of dividends from investments in the shares and funds held These dislribulions are variable and dependent upon the economic climate. Addilionally, dislribulions are not received in equal or necessarily regular amounts, resulting in periods of lime when no income is being received bul expenditure is still incurred. The investment property held requires, from lime lo lime, significant expenditure lo maintain ils nlrinsi¢ value. The investment property has periods when it is vacant, and the Trust has lo fully bear the costs relating lo such property including council lax, security and utilities during these periods. PLANS FOR FUTURE PERIODS The Trustees intend lo continue with the provision of donations, grants and other benefits lo retired employees. They intend lo review Ihese on an annual basis and re-consider the returns achieved from investments. The key uncertainty facing the Charity is the cost of maintaining the investment property without a Tenant lo provide any income. The Trustees, have engaged professional advisors lo guide them on Ihe vaTlOUS options available lo them including.. lelling all or part of the properly. retaining the property unoccupied, selling the property demolishing the properly. To assist a riew slarl-up business. which has been formed by some of the former employees, Ihe Trustees have allowed them lo use part of the premises on an initial short-lerm renl-free basis. Page 4
THE THOMAS GIBBINS CHARITY TRUSTEES, REPORT {CONTINUED) TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and financial statements in accordance with applicable law and United Kingdorn accounting standards Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo Charities in England and Wales law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of the resources of the Charity for that year. In preparing these financial ststemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenly,. observe the methods and principles in the Charities SORP IFRS 1021 tnake judgements and estimates that are reasonable and prudent., act in accordance with the rules of the Charity. the Charity Commission and the Trust Deed., slate whether applicable accounting standards have been followed, subject lo any material departures discussed and explained in the financial stalemenls., prepare financial slalemenls on the going concern basis unless il is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial slalemenls comply Kith the Charities Act 2011, the Charib'es (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and herKe for taking reasonable sleps for the prevention arKI detection of fraud and other irregularities. STATEMENT OF DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER We, the Trustees of the Charity who held office at the dale of approval of these financial slalemenls, as sel out above, each confirm so far as we are aware, that." there is no relevant information of which the Charity's Independent Examiner is unaware., and we have taken 811 the steps that we ought to have taken as Trustees in order lo make ourselves aware of any relevant information and lo establish that the Charity's Independent Examiner is aware of that Informaln. Approved by the Trustees on 24 August 2024 and signed on ils behalf by:_ D S Jackson Trustee Page 5
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE THOMAS GIBBINS CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE THOMAS GIBBINS CHARITY I report lo the Charity Trustees on my exarninalion of the accounts of the Charity for the year ended 31 December 2023, which are sel out on pages 7 10 13. RESPONSIBILITIES AND BASIS OF THE REPORT As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of Ihe Charities Act 2011 I'lhe Acl'}. I report in respect of my examination of the Charity's accounts carrie(f 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 14515llbl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no material mallers have come to my allenlion in connection with the examinalion giving me cause lo 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 12) the accounts do not accord with these records., or {3} the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts sel out In the Charities (Accounts and Reports) Regulations 2008 olher than any requirement that the accounts give a 'lrue and fair view, which is not a maller considered as part of an Independent examination. I have no concerns and have come across no mallers in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. ter Whitehead FCA Malcolm Piper & Company Limited Chartered Accountants Kingsnorth House Blanheim Way Birmingham B44 8LS Date: 24 August 2024 Page 6
THE THOMAS GIBBINS CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Including summary of income and expenditure account) AS AT 31 DECEMBER 2023 Permanent fund General fund 2023 Permanent Total fund General fund 2022 Total Income Donations Donations received 2,000 2,000 Investments Dividends and income from investments Other interest received Rental income 49,861 49,861 49,020 49,020 4,600 4,600 43,200 43,200 Total income 56,467 56,467 92,220 92,220 Expenditure on- Charitable aclivilies Donations, grants and other benefits paid 153,8771 153,8771 164,8181 164,8181 Other Investment property costs (note 31 Investment management costs Legal and other professional fees Inole 41 Bad debt recovered I (written offl Depreciation 115,0551 115,0551 {4,1341 14,1341 {3,476} 15,1851 18,6611 13,632} 15,3781 19,0101 116.5751 {16,575) 110,0281 110,0281 2,260 11,995) 2,260 11,995} 138,6621 138,662) Total expenditure 3,476 90,427 93,903 3,632 123,020 126.652 Net lexpenditurel beforg gains and losses 13,4761 133,9601 137.4361 13,6321 130,800} 134.432) Nel gains I Ilossesl on investments 7,073 55,736 62.809 146.4851 1114,2521 1160,737) Net surplusl{defi¢itl and Net movèment in funds 3,597 21,776 25,373 150,117) 1145,0521 1195,1691 Total funds brought forward at 1 January 2023 1,027,437 1,002,709 2,030,146 1,077,554 1,147,761 2,225,315 Total funds carried forward At 31 December 2023 1,031,034 1,024,485 2,055,519 1,027,437 1,002,709 2,030,146 Atl gains and losses recognised in the year are included above. These unaudited financial slalemenls have been subject to Independent Exarninalion. See report on page 6. The notes on pages g 10 13 form part of the financial slalemenls. Page 7
THE THOMAS GIBBINS CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets 32,205 Investments Listed investments Investment property Money held by brokers 1,530,680 406,074 12,240 1,530.061 406,074 8,466 1,948,994 1,944,601 TOTAL FIXED ASSETS 1,981,199 1,944,601 CURRENT ASSETS Debtors Trade debtors Prepayments 63 18,034 13,533 18,097 13,533 Cash and bank account Current account 76.472 86,189 CURRENT LIABILITIES.. Accruals and other creditors VAT 119,3411 908 112,8021 1.375 20,249 14,177 NET CURRENT ASSETS 74,319 85,545 NET ASSETS 2,055,519 2,030,146 CHARITY FUNDS General fund nel current assets Permanent fund investments at cost nel current assets 1,024,485 1,002.709 406,074 624,960 406,074 621,363 TOTAL CHARITY FUNDS 2,055,519 2,030,146 These financial slalemenls were approved and authorised for issue by the Board on 24 August 2024. Signed on beha of the tK)ard of Truslee8'. Lomer- Trustee D S Jackson- Trustee These unaudited financial slalemenls have been subject to independent ex8minalion. See report on page 6. The notes on pages g to 13 form part of the financial slalemenls. Page 8
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 ACCOUNTING POLICIES Charity status The charity is a consliluled under a Trust Deed in the United Kingdom and registered with the Charity Commission in England. The address of the principal office is given in Ihe Charity Information on page 1 of these financial slalemenls. The nature of the Charity's operation and principal activities are given on page 2. b. Basis of accounting The financial slalemenls have been prepared in accordance with the Sialemenl of Recommended Practice ISORPI, "Accounting and Reporting by Charities as applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard 102 IFRS 1021 applicable in the United Kingjom and Republic of Ireland and the Charities Act 2011. The financial slalemenls are prepared on a going concern basis under the historical cost convention, modified lo include investments and investment properties al market value. The Trust, as a small charity, is exempl from the requirements lo prepare a Stalernenl of Cash flows. The presentation currency of the financial statements Is the pound sterling (£1. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consislenlly applied lo all years presented unless otherwise slated. c. Fund accounting General funds are Jnreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objective of the Charity and which have not been designed for other purposes. Permanent ftjnds represent those assets which musl be held permanently by the Charity. principally inveslmenls. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating lo the funds are charged against the fund. d. Income recognltlon All income is included in the SOFA when the Charity is legally enlilled lo the income after any performance conditions have been met," the amount can be quantified wlh reasonable accuracy", and il is probable that the income will be received. Investment income is earned through holding assets for investment purposes such as shares, investment funds and property. 11 includes dividends, interest and rental income and Is all allocated lo General Fund in accordance with the Trust Deed. Page 9
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 1 ACCOUNTING POLICIES Icontlnuedl Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all Costs related lo the category. Where cosls cannot be directly attributed to particular headings they have been allocated lo activities on a basis consislenl with use of the resources. Expenditure is recognised where there is a legal or conslruclive obligation lo make payments lo third parties, it is probable that selllemenl will be required and the amount of the obligation can be measured reliably. 11 is calegorised under the following headings.. Expenditure on charitable activities includes donations, grants ané benefits paid., Investment management costs relate lo costs of professional investment managers and Other expenditure represents those items not falling into the above categories. f. Investment properties The investment property is reviewed annually by the Trustees for evidence of potential impairment having due regard for market conditions and other similar local properlies. The carrying value of the property is adjusled accordingly. The SOFA includes the nel gains and losses arising on revaluation during the year. No depreciation is provided in respect of Investment propeflies. g. Investmants Investments are slated at market value al the balance sheet date. The SOFA includes the nel gains and losses arising on revaluations and disposals throughout the year. Investment loans are advanced under an agreement which provides for a market rale of interest. They are therefore disclosed at cost and no adjuslmenl is made in respect of discounted future cash flows. h. Tangible fixed assets Tangible fixed assets are slated al cost less accumulated depreciation. Cost includes cost directly allribulable lo making the asset capable of operating as intended. Depreciation is charged on all tangible fixed assets, al rates calculated lo write off the cost, less eslimaled residual value. of each asset on a systematic basis over ils expected useful life as follows.. Plant and machinery- 1 00/0 reducing balance. Debtors and Grgditors receivablg I payable within one ygar Debtors and creditors with no slateis Interest rale and receivable Of payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. j. Tax The Charity is exempt from laxalion under section 506111 of the Taxes Act 1988 on the basis that the fund is recognised as a Charity by the Inland Revenue according lo the terms of the Trust Deed dated 10 February 1910, as amended by the Deed of Varialion dated 21 April 1970, and further amended by 8 revised Trust Deed dated 27 August 2008. Page10
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 2 TRUSTEES. REMUNERATION No remuneration has been paid or 1$ payable to the Trustees either directly or indirectly in the current or prior year. Trustee Indernnily Insurance of £3,42512022'. £3.4251 was incurred by the charity in respect of all the Trustees. Reimbursement of travel expenses, at government approvee rates, amounting to £31 12022.. £431 w2$ paid by the Charity in respect of one Truslee12022- one). 3 INVESTMENT PROPERTY COSTS 2023 2022 Council lax 9.865 2,470 1,337 1,104 280 Properly Insurance Properly security Repairs lo property 4.134 15,055 4,134 4 LEGAL AND OTHER PROFESSIONAL FEES 2023 2022 Independent examiners fee Accounting and company secretarial fees Trustee indemnity insurance Legal fees Travel, stationery and postage Bank charges paid 1,850 4.450 3,425 6,461 183 206 1,850 4.450 3,425 128 175 16,575 10,028 5 EMPLOYEES There were no full or part lime employees during the year12022.. Nill. Page 11
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 6 TANGIBLE FIXED ASSETS Plant & machinery Cost Additions 34,200 Al 31 December 2023 34,200 Depreciation Charge for the year 1,995 Al 31 December 2023 1,995 Net book value 31 December 2023 32,205 31 December 2022 7 INVESTMENT PROPERTIES Freehold investment property Cost Al 1 January 2023 and Al 31 December 2023 406,074 Net book value 31 December 2023 406,074 31 December 2022 406,074 The Trustees have considered Ihe carrying value of the FreehoSd Investment Properly al the Balance Sheet dale and consider that il is not materially different from the open market value. Page 12
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 DECEMBER 2023 8 INVESTMENT FUNDS Market value Market value clhvd. 31.12.23 Change in market value bld. 1.1.23 Additions Disposals General Fund 911,195 235,288 1293.5011 55.736 908,718 Permanent Fund 618,866 182,134 1186,1111 7,073 621,962 Total Funds 1.530,061 417,422 479.612 62.809 1,530,680 9 STATEMENT OF FUNDS At 1 January 2023 Not gain I Iloss) on Expanditure Investments At 31 December 2023 Income General fund 1.002,709 56,467 190,4271 55.736 1,024,485 Permanent fund 1.027,437 13,4761 7,073 1,031.034 Total funds 2,030,146 56,467 193,9031 62,809 2,055,519 Details of the funds are given in note 1c. 10 RELATED PARTIES J A Lorner is also a director of T G Stamping and Machining Limited. During the year, T G St8mping and Machining Lirniled rented the freehold investment property from the Charity. The rent81 for the year ended 31 December 2023 was £3,60012022'. £43,2001. This rental income rale has been determined on a commercial 'arm's length. basis. Following T G Stamping and Machining Limited entering adminislralion on 22 March 2023 and in light of there being no realistic chance of any amount being recoverable the oulslanding balance due of £3,600 was full wrillen off as a bad debt. Page 13