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2022-03-31-accounts
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Page |
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| Reportofthe Trustees |
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to |
4 |
| ReportoftheIndependentAuditor |
5 |
to |
7 |
| StatementofFinancialActivities |
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8 |
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| StatementofFinancialPosition |
|
9 |
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| StatementofCashFlows |
|
10 |
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| Notes tothe StatementofCashFlows |
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11 |
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| Notes totheFinancial Statements |
12 |
to |
19 |
| Detailed StatementofFinancialActivities |
|
20 |
|
Statement of Financial Activities
for the Year Ended 31 March 2022 |
|
|
|
|
|
31.3.22 |
31.3.21 |
|
|
Unrestricted |
Total |
|
|
fund |
funds |
|
Notes |
£ |
£ |
| INCOME AND ENDOWMENTS FROM |
|
|
|
| Investment income |
2 |
582,995 |
481,096 |
| EXPENDITURE ON |
|
|
|
| Raising funds |
3 |
53,326 |
45,916 |
| Charitable activities |
4 |
|
|
| Charitable Donations |
|
563,881 |
691,608 |
| Total |
|
617,207 |
737,524 |
| Net gains on investments |
|
968,006 |
2,084,821 |
| NET INCOME |
|
933,794 |
1,828,393 |
| RECONCILIATION OF FUNDS |
|
|
|
| Total funds brought forward |
|
16,364,069 |
14,535,676 |
| TOTAL FUNDS CARRIED FORWARD |
|
17,297,863 |
16,364,069 |
Statement of Financial Position
31 March 2022 |
|
|
|
|
|
|
|
31.3.22 |
31.3.21 |
|
|
|
Unrestricted |
Total |
|
|
|
fund |
funds |
|
Notes |
|
£ |
£ |
| FIXED ASSETS |
|
|
|
|
| Investments |
|
|
|
|
| Investments |
9 |
|
15,665,306 |
14,078,218 |
| Investmentproperty |
10 |
|
445,490 |
455,881 |
|
|
|
16,110,796 |
14,534,099 |
| CURRENT ASSETS |
|
|
|
|
| Debtors |
11 |
|
76,412 |
18,750 |
| Cash at bank |
|
|
1,130,158 |
1,856,970 |
|
|
|
1,206,570 |
1,875,720 |
| CREDITORS |
|
|
|
|
| Amountsfallingduewithinoneyear |
12 |
|
(19,503) |
(45,750) |
| NET CURRENT ASSETS |
|
|
1,187,067 |
1,829,970 |
|
|
.... |
|
|
| TOTAL ASSETS LESS CURRENT |
|
|
|
|
| LIABILITIES |
|
|
17,297,863 |
16,364,069 |
| NET ASSETS |
|
|
17,297,863 |
16,364,069 |
| FUNDS |
13 |
|
|
|
| Unrestrictedfunds |
|
|
17,297,863 |
16,364,069 |
| TOTALFUNDS |
|
|
17,297,863 |
16,364,069 |
THE G C GIBSON CHARITABLE TRUST
Statement of Cash Flows
for the Year Ended 31 March 2022 |
|
|
|
31.3.22 |
31.3.21 |
| Notes |
£ |
£ |
| Cash flows from operating activities |
|
|
| Cashgeneratedfromoperations |
(674,462) |
(608,043) |
| Interestpaid |
(96) |
(49) |
| Netcashusedinoperatingactivities |
(674,558) |
(608,092) |
| Cash flows from investing activities |
|
|
| Purchaseoffixedasset investments |
(2,031,810) |
(2,340,516) |
| Saleoffixedasset investments |
1,320,686 |
2,457,189 |
| Interestreceived |
67,491 |
45,500 |
| Dividendsreceived |
489,504 |
413,096 |
| Netcash(used in)/provided byinvestingactivities |
(154,129) |
575,269 |
| Cash flows from financing activities |
|
|
| New loans in year |
(20,000) |
(56,250) |
| Loanrepayments in year |
121,875 |
100,000 |
| Loanconvertedto equity |
|
450,000 |
| Netcash providedbyfinancingactivities |
101,875 |
493,750 |
| Change in cash and cash equivalents in |
|
|
| the reporting period |
(726,812) |
460,927 |
| Cash and cash equivalents at the |
|
|
| beginning of the reporting period |
1,856,970 |
1,396,043 |
| Cash and cash equivalents at the end of |
|
|
| the reporting period |
1,130,158 |
1,856,970 |
|
31.3.22 |
31.3.21 |
|
£ |
£ |
| Net income for the reporting period (as per the Statement of Financial |
|
|
| Activities) |
933,794 |
1,828,393 |
| Adjustments for: |
|
|
| Gainoninvestments |
(967,448) |
(2,084,821) |
| Interestreceived |
(67,491) |
(45,500) |
| Interestpaid |
96 |
49 |
| Dividendsreceived |
(489,504) |
(413,096) |
| (Increase)/decrease indebtors |
(57,662) |
111,166 |
| Decreaseincreditors |
(26,247) |
(4,234) |
| Net cash used in operations |
(674,462) |
(608,043) |
|
At 1.4.21 |
Cashflow |
At31.3.22 |
|
£ |
£ |
£ |
| Net cash |
|
|
|
| Cashatbank |
1,856,970 |
(726,812) |
1,130,158 |
|
1,856,970 |
(726,812) |
1,130,158 |
| Total |
1,856,970 |
(726,812) |
1,130,158 |
| 2. |
INVESTMENT INCOME |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
£ |
£ |
|
Rents receivable |
26,000 |
22,500 |
|
Investment income receivable |
489,504 |
413,096 |
|
Deposit account interest |
17 |
657 |
|
Other interest received |
67,474 |
44,843 |
|
|
582,995 |
481,096 |
3. |
RAISING FUNDS |
|
|
|
Raising donations and legacies |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
£ |
£ |
|
Support costs |
8,287 |
8,027 |
|
Investment management costs |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
£ |
£ |
|
Portfolio management |
44,943 |
37,840 |
|
Interestpayable and similar charges |
96 |
49 |
|
|
45,039 |
37,889 |
|
Aggregate amounts |
53,326 |
45,916 |
| 4. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
Grant |
|
|
|
funding of |
|
|
|
activities |
|
|
|
(see note |
|
|
|
5) |
|
|
|
£ |
|
Charitable Donations |
|
563,881 |
| 5. |
GRANTS PAYABLE |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
£ |
£ |
|
Charitable Donations |
563,881 |
691,608 |
|
31.3.22 |
31.3.21 |
|
£ |
£ |
| Art, Music andEntertainment |
40,500 |
52,634 |
| HealthandMedicalResearch |
91,210 |
98,397 |
| Religion |
30,000 |
43,500 |
| NatureConservation |
49,000 |
78,000 |
| Civil Society |
224,171 |
261,567 |
| Education |
73,000 |
100,010 |
| Care |
41,000 |
42,500 |
| Hospice |
15,000 |
15,000 |
|
563,881 |
691,608 |
|
|
|
|
Governance |
|
|
|
|
Management |
costs |
Totals |
|
|
|
£ |
£ |
£ |
| Raisingdonations |
and |
legacies |
169 |
8,118 |
8,287 |
|
Unrestricted |
|
fund |
|
£ |
| INCOME AND ENDOWMENTS FROM |
|
| Investment income |
481,096 |
| EXPENDITURE ON |
|
| Raisingfunds |
45,916 |
| Charitable activities |
|
| CharitableDonations |
691,608 |
| Total |
737,524 |
| Netgains oninvestments |
2,084,821 |
|
|
|
|
Unrestricted |
|
|
|
|
fund |
|
|
|
|
£ |
|
NET INCOME |
|
|
1,828,393 |
|
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
|
|
14,535,676 |
|
TOTAL FUNDS CARRIED FORWARD |
|
|
16,364,069 |
| 9. |
FIXED ASSET INVESTMENTS |
|
|
|
|
|
|
31.3.22 |
31.3.21 |
|
|
|
£ |
£ |
|
Shares |
|
15,110,931 |
13,671,968 |
|
Loans |
|
554,375 |
406,250 |
|
|
|
15,665,306 |
14,078,218 |
|
Additional informationasfollows: |
|
|
|
|
|
Listed |
Unlisted |
|
|
|
investments |
investments |
Totals |
|
|
£ |
£ |
£ |
|
MARKET VALUE |
|
|
|
|
At 1 April2021 |
13,393,389 |
875,582 |
14,268,971 |
|
Additions |
1,810,317 |
221,493 |
2,031,810 |
|
Disposals |
(1,123,203) |
(100,000) |
(1,223,203) |
|
Reclassification/transfer |
|
(250,000) |
(250,000) |
|
At31 March2022 |
14,080,503 |
747,075 |
14,827,578 |
|
PROVISIONS |
|
|
|
|
At 1 April2021 |
507,859 |
89,144 |
597,003 |
|
Revaluationadjustments |
(908,381) |
28,025 |
(880,356) |
|
At31 March2022 |
(400,522) |
117,169 |
(283,353) |
|
NET BOOK VALUE |
|
|
|
|
At31 March2022 |
14,481,025 |
629,906 |
15,110,931 |
|
At31 March2021 |
12,885,530 |
786,438 |
13,671,968 |
|
|
|
|
Other |
|
|
|
|
loans |
|
|
|
|
£ |
|
At 1 April2021 |
|
|
406,250 |
|
Newin year |
|
|
20,000 |
|
Repayments in year |
|
|
(121,875) |
|
Reclassifiedfromequity |
|
|
250,000 |
|
At31 March2022 |
|
|
554,375 |
| INVESTMENT PROPERTY |
|
|
£ |
| FAIR VALUE |
|
| At 1 April2021 |
455,881 |
| Impairments |
(10,391) |
| At31 March2022 |
445,490 |
| NET BOOK VALUE |
|
| At31 March2022 |
445,490 |
| At31 March2021 |
455,881 |
|
31.3.22 |
31.3.21 |
|
£ |
£ |
| Otherdebtors |
76,412 |
18,750 |
|
|
|
|
31.3.22 |
31.3.21 |
|
|
|
|
£ |
£ |
|
Other creditors |
|
|
19,503 |
45,750 |
| 13. |
MOVEMENT IN FUNDS |
|
|
|
|
|
|
|
|
Net |
|
|
|
|
|
movement |
At |
|
|
|
At 1.4.21 |
in funds |
31.3.22 |
|
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
|
General fund |
|
16,364,069 |
933,794 |
17,297,863 |
|
TOTAL FUNDS |
|
16,364,069 |
933,794 |
17,297,863 |
|
Net movement in funds, included in the above are as follows: |
|
|
|
|
|
|
Incoming |
Resources |
Gains and |
Movement |
|
|
resources |
expended |
losses |
in funds |
|
|
£ |
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
|
General fund |
582,995 |
(617,207) |
968,006 |
933,794 |
|
TOTAL FUNDS |
582,995 |
(617,207) |
968,006 |
933,794 |
| Comparatives for movement in funds |
|
|
|
|
|
Net |
|
|
|
movement |
At |
|
At 1.4.20 |
in funds |
31.3.21 |
|
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
| General fund |
14,535,676 |
1,828,393 |
16,364,069 |
| TOTAL FUNDS |
14,535,676 |
1,828,393 |
16,364,069 |
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
in funds |
|
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
| General fund |
481,096 |
(737,524) |
2,084,821 |
1,828,393 |
| TOTAL FUNDS |
481,096 |
(737,524) |
2,084,821 |
1,828,393 |
|
|
Net |
|
|
|
movement |
At |
|
At 1.4.20 |
infunds |
31.3.22 |
|
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
| Generalfund |
14,535,676 |
2,762,187 |
17,297,863 |
| TOTAL FUNDS |
14,535,676 |
2,762,187 |
17,297,863 |
A current year 12 months and prio
asfollows: |
r year 12 months combined |
net movement in |
funds, included |
in the above |
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
infunds |
|
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
| Generalfund |
1,064,091 |
(1,354,731) |
3,052,827 |
2,762,187 |
| TOTAL FUNDS |
1,064,091 |
(1,354,731) |
3,052,827 |
2,762,187 |
THE G C GIBSON CHARITABLE TRUST
Detailed Statement of Financial Activities
for the Year Ended 31 March 2022 |
|
|
|
31.3.22 |
31.3.21 |
|
£ |
£ |
| INCOME AND ENDOWMENTS |
|
|
| Investment income |
|
|
| Rents receivable |
26,000 |
22,500 |
| Investment income receivable |
489,504 |
413,096 |
| Deposit account interest |
17 |
657 |
| Other interestreceived |
67,474 |
44,843 |
|
582,995 |
481,096 |
| Total incoming resources |
582,995 |
481,096 |
| EXPENDITURE |
|
|
| Investment management costs |
|
|
| Portfolio management |
44,943 |
37,840 |
| Bank interest |
96 |
49 |
|
45,039 |
37,889 |
| Charitable activities |
|
|
| Grants to institutions |
563,881 |
691,608 |
| Support costs |
|
|
| Management |
|
|
| Travel costs |
169 |
|
| Governance costs |
|
|
| Auditors' remuneration |
5,044 |
4,775 |
| Sundries |
194 |
372 |
| Accountancy and professional |
2,880 |
2,880 |
|
8,118 |
8,027 |
| Total resources expended |
617,207 |
737,524 |
| Net expenditure before gains and losses |
(34,212) |
(256,428) |
| Realised recognised gains and losses |
|
|
| Realised gains/(losses) on fixed asset investments |
97,483 |
187,117 |
| Net income/(expenditure) |
63,271 |
(69,311 ) |