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 Decem Practi= finap.ti NATU under t March ' 1910 3 Deeo d TRUST DSJac JALO J Hipki As the perceiv4 train th PRINCI The ob lal Pi Co Ibl Pr Ic} Pr Funds Income 1lere.lo PU8LI( The TIL genÈral future a 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 a￿aIlabLe 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 appIl￿ble 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 p0s￿On 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 0fwh￿h 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 prOfess￿n81 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 disc￿li0n 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