THE THOIIAS GIBBINS CHARITY TRUSTEES, REPORT AND FINANCEAL STATEMENTS for the year ended 31 Decemljer 2024 Registered Charlty number: 246451
ThE THOMAS GIBBINS CHARITY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Pages Administrative Information Trustees. report including slalemenl of Trustees, responsibilities Independent examiners, report Slalemenl ol financial activities (including Summary of Inccme & expenditure account) Balan¢e sheet Notes to the financi81 statements 9-13
THE ADMI Trustees.. Registered office". Bankeis". Accountants.. Investment managers.. Registered Charity numbef.. Enquiries
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THE THOMAS GIBBINS CHARITY TRUSTEES, REPORT (CONT5NUEDI FINANCIAL REVIEW The results fo¥ the year and financial position of the Charity are shown in the Stalernenl of Financial Activities on page 7 and Balance Sheet on page 8. The gross income ol the Chaiity lor the year ended 31 December 2024 amounted lo £9B.38412023'. £56,467). Dire¢l Chafitable expenditure in the form of donatyons. grants and other benefits paid tr>talled £66.806 12023." £53,877) and administrative and management expenses net tolalled £88,44612023.' £40,026). This resulted in a bal8nce of net expendilule of £56,868 12023.. £37,436) deducted from reserves available for future distribution. 2024 saw an increase in the total cost of grants as the 9 additional people added in the prior year received their first full year of grant p3yment. 11 was wilPT greal sadness ihat we were inlorrned ol Ihe death of two gonl recipients while an addilitsnal recipient was succèssfully approved in the final qualler. Following the Trustees successfulty seGur¥ng tenants for part of the propety they felt able lo egain pay a winter fuel grant of £300 10 oach of the 34 recipients INVESTMENTS The Trustees Monitor Investments through the appointment of an investment advisor and the returns achieved on those investments against the agreed strategy The Trustees are aware of the conb.nued economic uncertainty both in the UK. Europe and Worldwide. A new UK government was voted ir¥ during the spring of 2024 but having inherited a difficult economic okntlook and having promised 4ot to increase personal taxès they have struggled with a mix of company 13xation, spending and borrowing lo make a positive economic impact. Continued weaker growth and higher interest rates will inevitably continue to put pressure on the need to balance government borrowing. The re-election of Donald Trump and the threatened imposition of tsriffs has appeared lo have increased the volalilily in the market as some investors look to lake gains made as previously salid sbiares look vulnerable to falling dividend yields on the back of potential falling sales as tariffs increase sales prices of 9ood5. The stock market again finished the year stronger than had bèen anb"cipale¢J and this has resvlled in a continued recovery In value of the inveslmeftl portfolio experie?¢e in 2022. During the year under Teview, the investment portfolio saw nel realised and unrealised gains on investments totslling £87,149 12023. £62,809) DONATIONS BENEFIT POLICY All employees who, al Ile point ol ils liquidalion. had served a minimum ol two years for T G Stamping and Machining Limited or ils predecessors. ean have perio¢Js of employment with related companies included in their qualifying calculatson ol their giant benefit. Page 3
THE THOMAS GIBBINS CHARITY TRUSTEES. REPORT ICONTINUEDI RESERVES POLICY At 31 December 2024 the Charity he reserves. les5 Investment assets and fixed assets. of £80,273 12023 £74.3201. Both Investrnenl assets and fixed assels are invested lo provide a future income for ¥he TrLisl and are therefore not Considered lo be distributable assels. The reslii¢ted funds. which are all Invested. form the Pemianenl Fund, which is not available for distribution under the terms ol the Twsl Deed. The annual expenditure fDr the year for the on-going activities wa5 £123,98612023' £118,1631 including the exceptional hardship payments made in the yesr. The cash reserves thereforè represent approximately 7 monlhs12023.' 8 months) ol annual expenditure. Reserves are necessary fjecause". A substantial part of the income is derived from the distribution of dividends from InveslFrEnts in the snares and funds held These dislribulions are variable and dependent upon the economic climate. Additionally, dislrsbutions are not received in equal or ne$s2ri1Y regular amounts, resulting in periods of lime when no income is beir,g received but expenditure is still incurTed. The inveslmenl propety held requires, from b.me to time, significant expendrture to maintain its intrinsic value. The investment propety has periods when il is vacant, and the Trust has to fully bear thè costs relating to such propety including council tsx, security and utilities during these periods. PLANS FOR FUTURE PERIODS The Trustees Intend lo continue with the provision of donations. grants and othttr benefits lo retired employees. They intend to revi8W these on an annual b2sis and -cOnsider the returns achieved from Investments. The key uncertainty facing the Charity is the cost of maintaining the investment propety wthout a Tenant lo provide any income. The Trustees, have engaged professional advisors lo guide them on the variou5 options aaIlabLe to them in¢lLJding. letting all or part of the property, retaining the property unowup*cl, selling the propety demolishing the propety. To assist 8 new start-up business, which has been formed by some of the foimer employees, Ihe Trustees have allowed them lo use part of the piemises on an initial short-lerm rent.free basis Page 4
THE THOMAS GIBBINS CHARITY TRUSTEES, REPORT (CONTINUED) TRUSTEES, RESPONSIBILlnES The Trustees are responsible for prepanng the Trustees, Report and financial statements in accordance with appIlble law and United Kingdom accounting standards (United Kin9dom Generally Accepted Accounting Praelice). The law applicable to Charities In England and Wales law requires the Trustees to prepare financial ststements for each financial ye3r which give a true and fair view of the stale of affairs ol the Charity and of the incoming resources and application of the resources of the Charity for that year In pieparing these financial statements. the Trustees are requited to.. select suitable accounting policies and then apply them consislenlly", observe the methods and principles sn the Charities SORP IFRS 1021 make judgements and estimates that are reasonable and prudefil, act in accor¢ance wrth the ryiles of the Charity. the Charty Commission and the Trust Deed,. slate whether applicable accounting standartts have been followed, subject lo any rnalerial departures discussed and explained ill the financial slalemenls., prepare financia5 statements on the going wncern basis unless il is inappropriate lo presuma th81 the Charity will continue in operation The Trustees S responsible lor keeping proper accounting records that disdose with reasonable accura-y al any lirne the financial p0sOn of the Charity and en2ble them lo ensure that the financial statements compty with the Charities Act 2011, the Cb.arities IA¢counts and Reports) Regulalrjns 2008 and the provisions of the Trust Deed. They are 81so rospon5ible for safeguarding the assets ol the Charity and hence for taking reasonable steps for the prevention and delectKin ol fraud and othèr irreguL4ril$ STATEMENT OF DISCLOSURE OF INFORMATION TO IMUEPENDENT EXAMINER We, the Trustees ofthe Charty who held office al the date ofapproval ofthese finan¢k31 statements, as sel out above, each confirm so far 3s we are aware, that. Ihere is no rdevanl Information 0fwhh the Charity's Independent Examiner is unaware.. and we have taken a# the steps that we ought lo have taken as TTUSt8es in order to make Ciurselves aware of any rdevanl information and to establish that the Charity's In(Sependent Examiner is aware ol that information. Approved by the Truslee5 on 7 July 2025 and signed on its 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 l Teport lo the Chartty Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024, which. are set out on pages 7 to 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 the Charities Act 2011 I'lhe Act'i. I report In respect of my examination of tho Charity's accounts carried out under section 145 01 the Act and in carrying out my examination I have followed all the 8ppli¢able tlire¢tt"ons given by the Charity Cowmission under seclion 14515llbl of the Act. INDEPENDENT EKAMINER'S STATEMENT I have completed my examination. I confim that no material matters have Come lo my attention in connection with the examination gNing me Gause to believe that in any material respe¢t'. accounting records were not kept in respect of the Charity as required by section 130 of the Act". or 121 the acwunts do not accord with Ihese records". or 131 the accounts do not compty with the applicable requirements concerr,ing the lorn) and conlenl of accoun15 sel out In the Charrties (Accounts and Reptsrtsl Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which Is not a matter considered as part Df an independent examination. I have no concerns and have come across no matters in conne¢lion with the rjxamination to which attenlion.*hould be drawn in this report in order lo enable a proper unttefslanding ol the a¢¢ounls lo be reached. Peter Whitehead FCA Malcolm Piper& Company Limited Chartered Accountsnts Kingsnorth Housè Blenheim Way Birmingham 844 BLS Date- 7 July 2025 Page 6
THE THOMAS GI88INS CHARITY STATEMENT OF FINANCIAL ACTIVITIES Iln¢luding summary of Income and gxpendlture accounti AS AT 31 DECEMBER 2024 Pormandnt fvnd G¢neral fund 2024 Pemianent Total ftfrnd Gengral fund 2023 Total Income Donations Donations received 2,000 2,000 Investments Diviclends and income from investrnents Other interest received Rental income 53,384 53.384 49,861 49.861 45,000 45.000 4,600 4.600 Total Income 98,384 98.384 56.467 56,467 Expendituro on.. Chariiable activities Donations, grants and olhei benefits paid 166 8061 166,8061 153,8771 153,8771 Other Investment property Costs Inote 31 Investment management costs Legal and other prOfessn81 fees (note 41 Bad debt recovered I (written Depreciabon 166.164} {86.1641 115.0551 115,0551 13,4891 15.2171 18,706) (3.4761 <5.1851 18,6611 110,3551 110,3551 136,5751 116,S751 {3,2211 2,260 11.9951 {3,2211 2,260 11,9951 Total expendfturg 151.763 155,252 90,427 93,903 Net {expenditurel beforè galns and losses (3,4891 153.3791 156,868} 13,4761 133.9601 137.4361 Nel gains I Ilossesl on investments 1712} 87,861 87,149 7.073 55,736 62.809 Not surpluslldeficitl and Net movement In funds (4,2011 34,482 30,281 3,597 21,776 25,373 Total fund$ brought forward at l January 2024 1,031,034 1.024,485 2,055.519 1.027.437 1,002,709 2.030,146 Total funds carried forward At 31 Decembei 2024 1.026.833 1,058.967 2,085,800 1.031.034 1,024,485 2,055,519 All gains and losses recogntsed in the year are includecl above. These unaudited financial statements have been subject lo Independent Examination See report on page 6. The notes on pages 9 to 13 form part ofthe financFal statements. Page 7
THE THOMAS GIBBINS CHARITY BALANCE SHEET AS AT 31 DECEM8ER 2024 2024 2023 Note FIXED ASSETS Tangible as$ets 28,984 32,205 Investments Listed investments Investment property Money held r)y brokers 1,552,797 40e.074 17.672 1.530,680 406,074 12.240 1,976,543 1 948,994 TOTAL FIXED ASSETS 2,005,527 1,981,199 CURRENT ASSETS Debtors Trade debtors Prepaymenls 21,6DO 17,612 63 18,034 39,212 18.097 Cash and bank account Current account 71,473 76,472 CURRENT LIABILITIES= Accfuals and other creditors VAT 121,3311 9.081 (19.3411 908 30,412 NET CURRENT ASSETS 80,273 74,320 NET ASSETS 2,085 800 2 055,S19 CHARITY FUNDS General fund nel current assets Permanent fund investments al cost et current assets 1,058.967 1.024.485 406,074 620.759 406 074 624.960 TOTAL CHARITY FUNDS 2,085.800 2 055,519 These finan¢ial statements were approved and authorised for issue by the Board on 7 Juty 2025. Signed on beha of the l)oard of Trustees.. J A Lomer- Trjstee These unaudited finanaal stslemenls have been subject lo indepondenl exafflination. See report on page 6 D S Jackson- TnE5tee The notes on pages 9 to 13 form part of the finanoal statements. Page 8
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I ACCOUNTING POLICIES a. Charity ststus The charity is a constituted under a Twsl Deed in the United ngdoM and registered with the Charity Commission in England The address of the principal office is given In the Charity information on page 1 of these financial statements. The nature of the Charity's operation and principal activities are given on page 2 b. Ba8is of accountlng The financial st8lemenls have been prepared in accordance with the Statement of Recommonded Practice ISORPI. Accciun',Ing and Reporting by Charities. as applicable lo charities preparing their accounts In accordance with the Financial R@porting Standard 102 IFRS 1021 applicable in the United Kingdom and Republic of Ireland and the Charities Act 2011. The ffnancial statements 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 exempt from the requirements to Prepa 8 Slalemenl of Cash Ilows, The presentabon currency of the financial statements is the pound sterling l£l. The signiticanl aewunling policies applied in the preparation of these financial slaletnents are set out below. These policies have been consislenuy applied lo all years presenlett unles5 otherwise slated c. Fund accounting General ndS are unrestricted funds which are available for use al the discli0n of the Trustees ln furtheranca of the general objective of the Charity and which have not been designed for other purposes. Pemianenl funds represent those assets whi¢h must be held permanently by thè Charity, principally investments Inwme arising on the endowment funds can be used In accofdance with the objects of the Charity and is incltsded as up,reslricled income. Any capit31 gains or losses arising on the investments form part of the fund. Inveslinent management charges and legal advice relating to the funds are charged against the fund. d. Incom¥ recognition All income is included the SOFA when the Char1ty is legally entitled lo the Income after any performance conditions have beer¥ met,. the amount can be qu8nb.lied with reasonable ac¢uFa¢y, and il is probable that the income will be received. Investment income is earned through holding assets fov investment purposes such 8s 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.
THE THOMAS GI8BINS CHARITY NOTES TO THE FINANCIAL STATEMENTS (¢ontinuedl FOR THE YEAR ENDED 34 DECEMBER 2024 I ACCOUNTING POLICIES (Continued> e. Expendlture recognltlon l expenditure is accounted for on an accruals basis and has been classified undei headings that aggregate all c051s related lo the category. Where costs cannot be directly allribuled to particular headings they have been allocated lo aclivikn'es on a basis ¢onsistenl with use of the resources Expenditure Is reeognised where there is a legal or conslruclive obligal<on lo make payrnenls lo third p8rties. il Is prot)3ble that settlement w111 be required and the amount ol the obligation can be measured reliably. It ss categorised unde¥ the following headings.. Expenditure on charitable activities includes donatsons, grants and benefits paid, Investment m3n3gemenl costs relate lo costs ol professional Investment managers and Other expenditUTe represents lttose Items Dol falling into the above categories. f. Investment properties The inveslmenl property is ieviewed annually by the Trustees for evidenTr of polenlial irnpaimenl having due regard for niarket conditions and other similar local properties. The carrying value of Ihe property, is adjusted accordingly The SOFA includes the nel gains ayd losses ansing on revaluation during Ihe year. No depTr¢ialion is provided in fespect ol Investment properties. g. Investments Investments are slated at market value al the balance sheet date. The SOFA includes the nel gains and tosses arising on revaluations and disposals tFTroughoul the year. Investment loans are advanced under an agreernentwhh piovides for a market rate ofinlere51. They are therefore disctosed at cost and no adjustment is made In respect of discounted future sh flows. h. Tangible fixed assets Tangible fixed assets are slated al wsl less accumulated depreciation Cost includes cost directly attributable lo making the a5sel Capabla of operattng as intended. Depreciation is ehaiged on all langible fixed assets, al rates calculated to write off the cost, less estimated residual value. of each asset on a systematic basis over its expected u*ful Ille as follows.. Plant and machinery - 10Yo reducing balance. Debtors and credltt)rs receivablg I payable withln one year Debtors and creditois with no stated Interest rale and receivable or payable within one year are recorded 21 transaction pre. Any losses arislng from 1mpairment are recognised in expenditure. j. Tax The Charity is exempl from laxalion under section 50611) of ihe Taxes Act 1988 on the basis that the fund is recognised as a Charity by the Inland Revenue according to the terms of the Trust Deed dated 10 February 1910, as amended by the Deed ofvarialion dated 21 April 1970, and futhe,, arnended by a revised Ttusl Deèd dated 27 August 2008. Page 10
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS Icontinued FOR THE YEAR ENDED 31 DECEMBER 2024 2 TRUSTEES, REMUNERATION Nts remuneration has been paid or is payable lo the Trustses either directly or indire¢lly in the current or prior ye3f Trustee Indemnity Insurance of£3.429 {2023". £3.4251 was incurred by the charity in respect of all the Trustees. Reimbursemenl of Ira¥el expenses. al government approved rates. amounting 10 £17312023.. £311 was paid by the Charity In respe¢l of one Tfiislee12023- one) 3 INVESTMENT PROPERTY COSTS 2024 2023 Council tax 51,374 6,690 2,135 1.557 3,758 850 9,865 2.470 1,337 1,104 Propety insurance Property security Propety professional fees Repairs to propety 280 66,164 15,055 4 LEGAL AND OTHER PROFESSIONAL FEES 2024 2023 Independent examiners fee Accounting and Company secretarial lees Trustee indernnity Insurance Legal fees Travel, 5talionery and postage Bank charges paid 1,950 4,450 3.429 1,850 4,450 3,425 6,461 183 206 368 158 10,355 16,575 S EMPLOYEES Theie were no full or part lime employees ouring the year12023. Nil). Page 11
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 6 TANGIBLE FIXED ASSETS Plant & machlnery Cost Balan brought forward Additions 34,200 Al 31 December 2024 34,200 Depreciation Balance brought forward Charge for the year 1,995 3.221 At 31 December 2024 5.216 Not book value 31 December 2024 28,984 31 Oecember 2023 32.205 7 INVESTMENT PROPERTIES Freehold Investment propèrty Cost Al 1 January 2024 and Al 31 December 2024 406.074 Net book value 31 December 2024 406,074 31 December 2023 406 074 The Trustees have considered the carrying value ol the Freehold Investment Propety al the Balance Sheet dale and -onsider that It Is not materially different from the open market value. P8ge 12
THE THOMAS GIBBINS CHARITY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 8 INVESTMENT FUNDS Markgt value blfvid. 1.1.24 Market value clfwd. 31.12.24 Change In market walutr Addltion8 Disposal General Fund 908,718 226.344 1284.9511 87.861 937,972 Permanent Fund 621,962 71.871 178.2961 17121 614,825 Total Funds 1 530.680 298.215 363,2471 1,552,797 9 STATEMENT OF FUNDS At 1 January 2024 Net gain I {los$l on Expenditure Inv¥stments At 31 De¢ember 2024 Income General fur*d 1.024,485 98,384 1151.7631 87,861 1,058,967 Permanent fund 1,031,034 13,4891 17121 1,026,833 Total funds 2,055,519 98,384 1155,2521 87,149 2.085.800 Details ol the funds are given in notè Ic. Page 13