**The Simon Gibson Charitable Trust** ## **Annual Report and Accounts** 5 April 2023 Charity Registration Number 269501 **Contents** **DRAFT** ## **Reports** |Reference and administrative information|1| |---|---| |Trustees’ report|2| |Independent auditor’s report|8| |**Accounts**|| |Statement of financial activities|12| |Balance sheet|13| |Statement of cash flows|14| |Principal accounting policies|15| |Notes to the accounts|18| The Simon Gibson Charitable Trust ## **Reference and administrative information** |**Trustees**|Mrs Deborah Louise Connor| |---|---| ||Miss Alicia Gibson (appointed May 2022)| ||Mr George David Gibson| ||Mr John George Richards Homfray| ||Mrs Virginia Lort (appointed May 2022)| |**Principal office**|PO Box 609| ||Welwyn Garden City| ||AL7 9QQ| |**Telephone**|07798515812| |**Email**|info@sgctrust.org.uk| |**Website**|www.sgctrust.org.uk| |**Charity registration number**|269501| |**Auditor**|Buzzacott LLP| ||130 Wood Street| ||London| ||EC2V 6DL| |**Investment managers**|EFG Harris Allday| ||Leconfield House| ||Curzon Street| ||London| ||W1J 5JB| |**Bankers**|National Westminster Bank plc| ||Canton Cardiff Branch| ||277 Cowbridge Road East| ||Cardiff| ||CF5 1WX| The Simon Gibson Charitable Trust **1** **Trustees' report** 5 April 2023 The trustees present their statutory report together with the accounts of The Simon Gibson Charitable Trust for the year ended 5 April 2023. The accounts have been prepared in accordance with the accounting policies set out on pages 15 to 17 of the attached accounts and comply with the charity’s trust deed, applicable laws and the requirements of 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 United Kingdom and Republic of Ireland (FRS 102). ## **GOVERNANCE, STRUCTURE AND MANAGEMENT** ## **Governance** The Simon Gibson Charitable Trust was set up by a settlement dated 14 April 1975 by Mr George Simon Cecil Gibson of Exning, near Newmarket, Suffolk. ## **The Trustees** Following the settlor’s death in May 2021 new trustees will be appointed by the existing trustees under a Deed of Appointment. Trustees who served during the year and up to the date of this report, unless otherwise stated, were: ## **Trustees** Mrs Deborah Louise Connor Miss Alicia Gibson (appointed May 2022) Mr George David Gibson Mr John George Richards Homfray Mrs Virginia Lort (appointed May 2022) On agreeing to become a trustee of the charity, new trustees are briefed by the existing trustees on the history of the Trust, the day-to-day management, the responsibilities of the trustees, the current objectives and future plans. The trustees may attend any courses which they feel are relevant to the development of their role, and keep up-to-date on any changes in legislation. ## **Statement of trustees’ responsibilities** The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Simon Gibson Charitable Trust **2** **Trustees' report** 5 April 2023 ## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) ## **Statement of trustees’ responsibilities** (continued) The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and application of resources of the charity for that period. In preparing these accounts, the trustees are required to: -  select suitable accounting policies and then apply them consistently; -  observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); -  make judgements and estimates that are reasonable and prudent; -  state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and -  prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions. ## **Structure and management reporting** The trustees are ultimately responsible for the policies, activities and assets of the charity. The trustees meet once a year to review the developments with regard to the charity, its grant giving activities and to make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including investment managers, bankers and auditors. The day-to-day management of the charity’s activities and implementation of policies is delegated Deborah Connor, a trustee. She ensures that grant applications are processed and presented to the trustees as appropriate; she also administers payments and keeps the books and records of the charity. The Simon Gibson Charitable Trust **3** **Trustees' report** 5 April 2023 ## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) ## **Key management personnel** The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. The total remuneration of the key management personnel for the year, for services to the charity, was £nil (2022 - £nil). ## **Risk management** The trustees have assessed the major risks to which the charity is exposed, in particular those relating to its investments and its finances. The charity’s assets comprise listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The investment managers’ performance and that of the portfolio are monitored through regular consultations with the investment managers. The investment strategy is assessed regularly to ensure it remains appropriate to the charity’s needs – both now and in the future. The trustees believe that by monitoring reserve levels and by ensuring controls exist over key financial systems, they have established effective systems to mitigate those risks. ## **ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES** ## **Charitable objectives** The Trust’s funds and income are to be applied towards the benefit of such charitable purposes, institutions or foundations as the trustees in their absolute and uncontrolled discretion determine. ## **Activities** The Trust’s income is derived principally from its investments and interest earned together with any donations received by the Trust. The Trust’s income is applied in making grants to the full range of charitable causes, including religious and educational causes. During the year ended 5 April 2023, the trustees made grants totalling £1,006,699 (2022 – £735,000). A list of the grant recipients is included in note 3 of the attached accounts. The trustees have presented the statement of the financial activities with a split between an expendable endowment fund, to which donations and gains or losses on capital transactions are accrued, and an ‘income fund’ which represents the income balance. The movement in funds for the year is shown in the statement of financial activities on page 12. The trustees feel their objectives have been adequately met during the year. The Simon Gibson Charitable Trust **4** **Trustees' report** 5 April 2023 ## **ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES** (continued) ## **Grant making policy and public benefit** The trustees meet annually, usually in April or May, to decide on the distribution of the income that arose in the year to the previous 5 April. The Trust is a general grant-making charity and therefore makes grants to the full range of charitable causes, including religious and educational causes. It never makes grants to individuals. Local charities applying are restricted to East Anglia, South Wales and Hertfordshire. Grants have varied in the year from £1,000 to £20,000 but most grants fall in the range £3,000 to £5,000. Applicants should visit the Trust’s website www.sgctrust.org.uk to see the guidelines and application form. The trustees have complied with their duty to have due regard to the guidance of public benefit published by the Charities Commission. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Factors outside the Trust’s control** The trustees are aware that there are external factors which could affect the achievement of their objectives as the Trust’s assets are made up of investments and cash, the performance of which is dependent on the general market conditions in the UK. The trustees have therefore set prudent investment policies and place reliance on the investment managers to monitor and advise on the necessary investment changes and suitable asset allocation. ## **Investment policy** The Trust Deed provides full and unrestricted powers of investment to the trustees. At the year end, the whole of the Trust’s investments are in UK and overseas equities, commodities, fixed interest stock and cash held for reinvestment. The trustees are investing for the long term and therefore primarily invest in blue chip companies and prime corporate bonds. The portfolio is not actively tracked, but any changes are made as necessary following regular consultations with the investment managers. EFG Harris Allday began to manage the portfolio from 6 June 2019, with the transfer of assets from W.H. Ireland completed by 29 August 2019. The Trust retains shares in GlaxoSmithKline plc which was part of the original settlement. At 5 April 2023 this was valued at £1.2 million, representing 5.3% of the Trust’s listed investment holding (2022 – £1.7 million; 6.8%). The Simon Gibson Charitable Trust **5** **Trustees' report** 5 April 2023 ## **ACHIEVEMENTS AND PERFORMANCE** (continued) ## **Investment performance** The charity’s investments achieved, on average, an income yield of 4.06% (2022 – 4.27%). The capital value decreased by 6.58% (2022 – increased by 9.7%). The investment managers continued to invest in accordance with the trustees’ investment policy set out above. At the end of the year, the Trust’s portfolio of listed investments comprised 71.18% (2022 – 74.28%) UK equities with the balance being held in commodities, UK fixed interest stock and overseas equities. The trustees are satisfied with the performance of the investments and remain satisfied that their investment objectives are being met. ## **FINANCIAL REVIEW** ## **Results for the year** A summary of the year’s results can be found on page 12 of the accounts. During the year ended 5 April 2023, total income amounted to £947,676 (2022 – £1,066,955), being income arising from the charity’s investments and cash deposits. The trustees made grants to institutions totaling £1,006,699 (2022 – £735,000). After grant and general administration costs of £69,699 (2022 – £72,748) and governance costs of £6,660 (2022 – £5,600), the total expenditure for the year was £1,082,882 (2022 – £813,348). Total investment losses during the year were £1,770,644 (2022 – investment gains of £1,821,261). This resulted in a negative net movement in funds for the year of £1,905,850 (2022 – positive movement of £2,074,908). The net assets of the charity at 5 April 2023 totalled £23,400,487 (2022 – £25,306,337). ## **Reserves policy** The trustees are aware of the Charity Commission’s paper concerning reserves policies. It is not their policy to build up substantial reserves but to distribute virtually the whole of the income on the unrestricted funds for each year shortly after that year’s end. Whilst they have the power to make grants out of the capital of the fund, they do not intend to do so save in exceptional circumstances. The level of free reserves of the Trust at 5 April 2023 was £955,644 (2022 – £1,021,150). The trustees consider that this level of free reserves matches the parameters set out in the charity’s reserves policy above and they, therefore, consider free reserves to be adequate but not excessive. The Simon Gibson Charitable Trust **6** Tru$tees' report 5 April 2023 FUTURE PLANS Following the death of thè settlor, Mr. Simon Gibson, in May 2021 the Iruslees have been made aware that the trusl is lo receive a significant, but as yel unknown. amount Irom his 8state. Probate has been granted and the trust is the iésiduary. sin￿ the year end investments of £60 million have been transferred lo the Irusl, however tt)ere is still a further unknown amount to be receNed Irom the Estate. Once the trusl receNes the final donalton the trustees w11 meet to review if there wll be an impact on its operations. and rf so. whalthal will be.11 is their inlenlDn lo ¢ontinue moniioring the inveslrnenl performance so that, il at all possible, il achieves the criieria Set by them to mèet their grant gNing pOI￿leS. FUNDRAISING The charity did not actively fundraise in 202212023. Income rec8ivad arose solely from the charrty's inve$trHent portfolio. Signed on behalf of the trustees: Trustee Detx)rah L Connor Approved on.. IS 2011+ The Simon Gibson Charitable Trust **Independent auditor’s report** 5 April 2023 ## **Independent auditor’s report to the trustees of The Simon Gibson Charitable Trust** ## **Opinion** We have audited the accounts of The Simon Gibson Charitable Trust (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, the balance sheet, the statements of cash flows, principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the accounts: -  give a true and fair view of the state of the charity’s affairs as at 5 April 2023 and of its income and expenditure for the year then ended; -  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -  have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. The Simon Gibson Charitable Trust **8** **Independent auditor’s report** 5 April 2023 ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: -  the information given in the trustees’ annual report is inconsistent in any material respect with the accounts; or -  sufficient accounting records have not been kept; or -  the accounts are not in agreement with the accounting records and returns; or -  we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. The Simon Gibson Charitable Trust **9** **Independent auditor’s report** 5 April 2023 ## **Auditor’s responsibilities for the audit of the accounts** Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework and those that relate to data protection; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -  making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and -  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: -  performed analytical procedures to identify any unusual or unexpected relationships; -  tested journal entries to identify unusual transactions; -  tested authorisation controls on expenditure items to check that all expenditure was approved in line with the charity’s financial procedures. The Simon Gibson Charitable Trust **10** **Independent auditor’s report** 5 April 2023 ## **Auditor’s responsibilities for the audit of the accounts** (continued) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -  agreeing financial statement disclosures to underlying supporting documentation; -  reading the minutes of meetings of those charged with governance; and -  enquiring of management as to actual and potential litigation and claims. As a result of our procedures, we did not identify any key audit matters relating to irregularities. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Buzzacott LLP Statutory Auditor 130 Wood Street London 24 January 2024 EC2V 6DL Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 The Simon Gibson Charitable Trust **11** ## **Statement of financial activities** Year to 5 April 2023 |Notes|
Expendable
endowment
fund
£|Unrestricted
general
fund
£|**Total**
**2023**
**£**|Total
2022
£| |---|---|---|---|---| |**Income and endowments from:**
Investments
1
Donations
**Total income**
**Expenditure on:**
Charitable activities
. Promoting and enhancing charitable work
2
**Total expenditure**
**Net (expenditure) income before other**
**recognised gains and losses**
(Losses) gains on investments
6
**Net (expenditure) income for the year / net**
**movement in funds**
**Balances brought forward**
at 6 April 2022
**Balances carried forward**
at 5 April 2023|
—
—|947,676
—|**947,676**
**—**|1,066,995
—| ||—|947,676|**947,676**|1,066,995| ||
69,699|1,013,183|**1,082,882**|813,348| ||69,699|1,013,183|**1,082,882**|813,348| ||(69,699)

(1,770,644)|(65,507)
—|**(135,206)**
**(1,770,644)**|253,647
1,821,261| ||(1,840,343)
24,285,187|(65,507)
1,021,150|**(1,905,850)**
**25,306,337**|2,074,908
23,231,429| ||22,444,844|955,643|**23,400,487**|25,306,337| The charity has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented. All of the charity’s activities were derived from continuing operations during the above two financial periods. The Simon Gibson Charitable Trust **12** BalanGe sheet 5 April 2023 2023 2023 2022 2022 Not85 Flxed assets Investments 23,354.707 25,000.980 Cumnt assets Ca8h at bank Debtors 28,406 23.774 52.180 299,617 16,940 316.557 redltor8.' 8rnounts tslling du8 within one year Not current a559ts 16,4001 111.2001 45.780 305.357 Total a550t$ 23,400,487 25.306,337 Representsd by.. Funds and res¢rves Expendable endowment fund Unrestdited g8n8ral fund 22A44,844 955,643 23.400.487 24.285.187 1,021,150 25,306,337 Approved by the trustees and signed on their behalf by.. Approv9d on.. Detx)rah L Connor 204 The Simon Gibson Charitable Trust 13 **Statement of cash flows** Year to 5 April 2023 |Notes|
**2023**
**£**|2022
£| |---|---|---| |**Cash flows from operating activities:**
Net cash used in operating activities
A
**Cash flows from investing activities:**
Investment income
Interest received
Proceeds from the disposal of listed investments
Purchase of listed investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 6 April 2022**
B
**Cash and cash equivalents at 5 April 2023**
B|
**(1,094,515) **|(620,274)| ||

**939,534**
**8,142**
**470,886**
**(419,377) **|1,066,955
40
328,958
(652,620)| ||**999,185**|743,333| ||
**(95,330)**


**1,048,845**
|123,059
925,786| ||
**953,515**|1,048,845| ## **Notes to the statement of cash flows for the year to 5 April 2023.** ## **A Reconciliation of net movement in funds to net cash used in operating activities** ||**2023**
**£**|2022
£| |---|---|---| |**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Losses (gains) on investments
Investment income
Interest income
(Increase) increase in debtors
(Decrease) increase in creditors
**Net cash used in operating activities**|**(1,905,849)**
**1,770,644**
**(939,534)**
**(8,142)**
**(6,834)**
**(4,800)**|2,074,908
(1,821,261)
(1,066,955)
(40)
187,664
5,410| ||**(1,094,515)**|(620,274)| |**Analysis of cash and cash equivalents**|**2023**
**£**|2022
£| |Cash at bank and in hand
Cash held by investment managers
**Total cash and cash equivalents**|**28,406**
**925,109**|299,617
749,228| ||**953,515**|1,048,845| ## **B Analysis of cash and cash equivalents** The charity had no debt at 5 April 2023 (2022 – none). The Simon Gibson Charitable Trust **14** **Principal accounting policies** 5 April 2023 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. ## **Basis of preparation** These accounts have been prepared for the year to 5 April 2023. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. ## **Critical accounting estimates and areas of judgement** Preparation of the accounts requires the trustees to make significant judgements and estimates. The trustees do not consider that there are any sources of estimation uncertainty or any key judgements made in the preparation of the financial statements. ## **Assessment of going concern** The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. With regard to the next accounting period, the year ending 5 April 2024, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information). The Simon Gibson Charitable Trust **15** **Principal accounting policies** 5 April 2023 ## **Income recognition** Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income comprises donations and investment income. All income is accounted for on an accruals basis in accordance with the conditions of the Charities SORP FRS 102. Donations are recognised when the charity has confirmation of both the amount and settlement date. Investment income from listed investments is recognised once the income has been declared and notification has been received of the amount due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. ## **Expenditure recognition** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and includes attributable VAT which cannot be recovered. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. Expenditure on charitable activities comprise of grants payable in promoting and enhancing charitable work carried out by other charitable organisations and the cost of administering the grant programme. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the accounts. ## **Allocation of support and governance costs** Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial and governance procedures, provision of office services and equipment and a suitable working environment. Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Support costs, including governance costs, are allocated to the charity’s single charitable activity. The Simon Gibson Charitable Trust **16** **Principal accounting policies** 5 April 2023 ## **Fixed asset investments** Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value, or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. ## **Debtors** Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. ## **Cash at bank and in hand** Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. ## **Creditors and provisions** Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. ## **Fund accounting** The expendable endowment fund represents assets held as investments and any gains or losses on investment transactions. The trustees have the power of discretion to convert the fund into income. The unrestricted general fund represents monies which are freely available for application towards achieving any charitable purpose that falls within the Trust’s charitable objects. It includes income arising from the expendable endowment fund. The Simon Gibson Charitable Trust **17** **Notes to the accounts** 5 April 2023 ## **1 Investment income** ||**2023**
**£**|2022
£| |---|---|---| |Income from listed investments
. Equities
. Fixed interest
Interest receivable
. Bank interest
. Cash held by investment managers|**874,099**
**65,435**|1,004,368
62,587| ||**939,534**|1,066,955| ||**514**
**7,628**|40
—| ||**8,142**|40| ||**947,676**|1,066,995| ## **2 Promoting and enhancing charitable work** |**Promoting and enhancing charitable work**||| |---|---|---| ||**Total**
**2023**
**£**|Total
2022
£| |Grants payable (note 3)
Support costs:
. Administration expenses
. Governance costs (note 4)|**1,006,669**
**69,553**
**6,660**|735,000
72,748
5,600| ||**1,082,882**|813,348| Administration expenses include £69,699 of investment management costs allocated to the expendable endowment fund (2022 – £71,455). All other expenditure on charitable activities is unrestricted. The key management personnel of the charity in charge of running and operating the charity on a day to day basis comprise the trustees. The trustees received no remuneration for their services in the year (2022 – none). Two trustees (2022 – two) claimed £97 in respect of subsistence, stationery and postage expenses (2022 – £956). The Simon Gibson Charitable Trust **18** **Notes to the accounts** 5 April 2023 ## **3 Grants payable** - A reconciliation of the grants payable and grants commitments figures shown in these accounts is as follows: |**Recipients**
**2023**
**£**
Action for Conservation
**5,000**
AFAN Arts
**3,000**
Age UK Hertfordshire
**5,000**
Air Training Corp
**3,000**
Alzheimer’s Research Trust
**5,000**
Amelia Farm Trust
**3,000**
Amy Elgar Trust
**3,000**
Army Benevolent Fund
**5,000**
Arts and Minds Foundation
**3,000**
Atlantic School for Young Leaders
**5,000**
Baas Educational Trust UK
**—**
Barnardo's Cowbridge
**10,000**
Barry YMCA
**3,000**
Beaufort Cottage Equine Educational Trust
**1,911**
Bishops Stortford Youth Project
**3,000**
Blesma
**5,000**
Bobath Children's Therapy Centre Wales
**3,000**
Bowel Cancer UK
**5,000**
Brain Tumour Research
**3,000**
Breast Cancer Now (formerly Breast Cancer Care Cymru)
**5,000**
Brecon Mountain Rescue
**3,000**
British Disabled Angling Society
**3,000**
British Hedgehog Preservation Society
**5,000**
British Liver Trust
**3,000**
British Warships Association
**3,000**
Buglife
**5,000**
Brittenpears Arts
**—**
Bullies Out
**—**
Bumblebee Conservation Trust
**5,000**
Burwell & District Day Centre
**5,000**
Bury St. Edmunds Sea Cadet Corp
**—**
Cambridge Childrens Cancer Hospitals
**5,000**
Cambridgeshire CaféRepair Network
**5,000**
Cardiff Bach Choir
**3,000**
Cardiff City FC Community Foundation
**3,000**
Carers Trust in Hertfordshire
**—**
Carers Trust Wales
**5,000**
Cerebral Palsy Cymru
**4,000**
Child Brain Injury Trust
**3,000**
CHIPS
**3,000**
CLINK
**5,000**
Colchester and Ipswich Hospitals Charity
**3,000**
Coleg Elidyr
**3,000**
Combat Stress
**3,000**|2022
£| |---|---| ||5,000
3,000

—
—
5,000
3,000
3,000
5,000
—
5,000
10,000
10,000
3,000
—
—
—
3,000
5,000
3,000
5,000
—
—
5,000
3,000
1,000
—
5,000
3,000
5,000
5,000
2,000
—
—
—
3,000
5,000
3,000
4,000
—
—
5,000
—
3,000
3,000| The Simon Gibson Charitable Trust **19** **Notes to the accounts** 5 April 2023 ## **3 Grants payable** (continued) |**Recipients**|**2023**
**£**|2022
£| |---|---|---| |Community Impact Initiative
Cool Earth
Country Trust
Cowbridge Charter Trust
Cowbridge Music Festival
Cowbridge Physic Garden
Crohn’s and Colitis UK
Cystic Fibrosis Trust
Deafblind UK
DEC Ukraine
DEDRA
Defibrillators in Public Places
Dennis O’Neill Foundation
Diabetes UK
Douglas Bader Foundation
DPJ Foundation
Duke of Edinburgh Award
Dyspraxia Foundation
East Anglia Children’s Fund
Ely Cathedral Appeal Fund
Ely Cathedral Girls Choir
Embracing Arts
Envirofest International
Essex and Herts Air Ambulance
Essex Wildlife Trust
Family Lives
Fareshare
Farms for City Children
Flora and Fauna
Feed Up Warm Up
Fields in Trust
Friends of St Giles Codicote
Frozen Light
Forget Me Not Chorus
Garden House Hospice
Ghost Fishing
Go Beyond (formerly CHICKS)
Go Kids Go
Gorilla Organisation
Grove Cottage
Gurkha Welfare Trust
Haverhill Scouts and Guides
Herts Vision loss
Herts Young Homeless
Hijinx
Holt Youth Project|**3,000**
**5,000**
**3,000**
**—**
**3,000**
**3,000**
**5,000**
**3,000**
**—**
**10,000**
**—**
**5,000**
**5,000**
**5,000**
**—**
**5,000**
**3,000**
**3,000**
**3,000**
**5,000**
**5,000**
**3,000**
**10,000**
**5,000**
**5,000**
**—**
**3,000**
**3,000**
**5,000**
**5,000**
**5,000**
**2,000**
**3,000**
**—**
**5,000**
**5,000**
**5,000**
**3,000**
**5,000**
**3,000**
**5,000**
**3,000**
**3,000**
**5,000**
**3,000**
**3,000**|—
—
3,000
2,000
3,000
3,000
5,000
—
3,000
—
3,000
5,000
5,000
5,000
3,000
5,000
3,000
—
—
5,000
—
—
—
5,000
—
5,000
—
3,000
5,000
—
5,000
—
—
4,000
5,000
—
5,000
—
5,000
—
5,000
—
—
5,000
3,000
—| The Simon Gibson Charitable Trust **20** **Notes to the accounts** 5 April 2023 ## **3 Grants payable** (continued) |**Recipients**|**2023**
**£**|2022
£| |---|---|---| |Holy Cross Church
Hope Rescue
Horatio’s Garden
In Kind Direct
Inspire
Isabel Hospice
Joss Searchlight
Juliet Garmoyle Fund
Jumbulance
Juvenile Diabetes Research Foundation
Kids Cancer Charity
Kingfishers Bridge Nature Reserve
Kingshott School
Kinship (Grandparents Plus)
Knebworth Rainbows
Land Aid
LAP Research
Leonard Cheshire
Letchworth Food Bank
Level Two Youth project
Livery Company of Wales Charitable Trust
Living Paintings
Llamau
Lullaby Trust
M S Society
Macmillan Cancer Support
Macular Society
Making Music Change Lives
Making Space
Margham Abbey
Marie Curie Cancer Care
Marine Conservation Society
Medical Detection Dogs Charity
Mid Glamorgan Scouts
Mind
Mind in Mid Herts
Motor Neurone Disease Society
My Wish–Jubilee Courtyard at Newmarket Hospital
National Ankylosing Spondylitis Society
National Horse Racing Museum
National Museum of Wales
National Youth Brass Band of Great Britain
New Meaning Foundation
Newlife The Charity for Disabled Children
No Fit State Circus
Norfolk Hospice
Norfolk Samaritans|**11,020**
**3,000**
**5,000**
**5,000**
**3,000**
**5,000**
**2,500**
**5,000**
**5,000**
**5,000**
**3,000**
**3,000**
**10,000**
**3,000**
**5,000**
**2,000**
**5,000**
**3,000**
**5,000**
**3,000**
**10,000**
**3,000**
**5,000**
**2,098**
**5,000**
**5,000**
**5,000**
**5,000**
**3,000**
**5,000**
**10,000**
**5,000**
**3,000**
**—**
**5,000**
**3,000**
**5,000**
**5,000**
**5,000**
**6,000**
**10,000**
**5,000**
**3,000**
**3,000**
**3,000**
**3,000**
**3,000**|5,000
—
5,000
5,000
—
5,000
—
—
5,000
5,000
—
5,000
5,000
—
—
—
5,000
3,000
5,000
—
10,000
3,000
5,000
—
3,000
5,000
5,000
5,000
—
—
10,000
5,000
3,000
5,000
5,000
—
5,000
—
5,000
—
10,000
5,000
—
—
—
—
—| The Simon Gibson Charitable Trust **21** **Notes to the accounts** 5 April 2023 ## **3 Grants payable** (continued) |**Recipients**|**2023**
**£**|2022
£| |---|---|---| |On Course Foundation
Orangutan Foundation
Orbis UK
Ospreys Wheelchair Rugby Club
Our Special Friends
Oxford Hospital Charity
Pancreatic Cancer UK
Papworth Trust
Parkinson’s UK
PBC Foundation UK
Peterborough Cathedral Development and Preservation Trust
Prison Advice and Care Trust Cymru
Prisoner Support Services
Prisoners’Education Trust
Prostate Cancer UK
Racing Welfare
RDA Stadbrook and Diss
RDA Stevenage
Read for Good
Rectoral Benefice of Cowbridge–St Mary’s Church
Re-Engage
Rennie Grove Hospice Care
Richard Dimbleby Cancer Fund–Cancer Care Map
Riding for the Disabled
Ridley Hall
RNIB
RNLI
RNLI Barry
RNLI Mumbles
RNLI Penarth
Roja Arts CLC
Ronald McDonald House Charities UK
Royal Welsh Agricultural Society Glamorgan Fund
Royal Welsh College of Music and Drama
Rural Coffee Caravan
Ruth Strauss Foundation
Salvation Army
Salvation Army WGC
Samaritans Bridgend
Sanddams
Save The Rhino
School Readers
Sense
Shelter Cymru|**3,000**
**5,000**
**5,000**
**3,000**
**5,000**
**5,000**
**5,000**
**3,000**
**5,000**
**3,000**
**3,000**
**3,000**
**3,000**
**3,000**
**10,000**
**—**
**3,000**
**5,000**
**3,000**
**—**
**3,000**
**3,000**
**3,000**
**—**
**—**
**3,000**
**3,000**
**3,000**
**3,000**
**3,000**
**3,000**
**3,000**
**20,000**
**15,000**
**—**
**5,000**
**5,000**
**5,000**
**3,000**
**5,000**
**5,000**
**3,000**
**5,000**
**5,000**|—
5,000
5,000
—
3,000
5,000
5,000
—
5,000
—
—
—
—
—
10,000
5,000
—
—
—
3,000
5,000
—
—
5,000
5,000
—
—
9,000
—
—
—
—
20,000
15,000
3,000
—
5,000
—
—
—
5,000
3,000
5,000
5,000| The Simon Gibson Charitable Trust **22** **Notes to the accounts** 5 April 2023 ## **3 Grants payable** (continued) |**Recipients**|**2023**
**£**|2022
£| |---|---|---| |Small Acts of Kindness Trust
Smalls for All
Songbird Survival
Speakers for Schools
Spinal Research
St Cadoc's Church Llancarfan
St John Ambulance Cymru
St John Ambulance Suffolk
St Martin's Church, Exning
St Mary’s Burwell
St Mungos
St Theodore’s Church
STAMMA
Stand By Me
Storybook Dads
Stroke Association
Suffolk Family Carers
Suffolk Philharmonic Orchestra
Surfability
Techniquest
Teenage Cancer Trust
Tenovus
The Able Stables
The Aloud Charity
The Art Station
The Brain Tumour Charity
The British Forces Foundation
The Children’s Trust
The Dollywood Foundation
The Greenpeace Trust
The Jubilee Sailing Trust
The Kinetic Science Foundation
The Listening Place
The Little Princess Charity Trust
The Mudlarks Community
The Pear Tree Fund
The Pepper Foundation
The Prince’s Trust Cymru
The Quay Theatre at Sudbury
The Royal Society for Blind Children
The Seafarers Charity
The Silver Lining
The Wavertree Trust
The Wildlife Trust
Tilehouse Counselling|**5,000**
**—**
**3,000**
**3,000**
**3,000**
**5,000**
**5,000**
**5,000**
**5,000**
**2,000**
**1,000**
**5,000**
**2,000**
**5,000**
**3,000**
**5,000**
**3,140**
**—**
**5,000**
**4,000**
**5,000**
**5,000**
**3,000**
**3,000**
**3,000**
**3,000**
**2,000**
**3,000**
**—**
**5,000**
**3,000**
**3,000**
**3,000**
**3,000**
**—**
**—**
**3,000**
**5,000**
**3,000**
**—**
**3,000**
**5,000**
**6,000**
**5,000**
**3,000**|5,000
3,000
3,000
—
3,000
5,000
5,000
5,000
—
2,000
—
3,000
—
5,000
3,000
5,000
—
3,000
—
4,000
5,000
5,000
3,000
—
—
—
—
—
4,000
5,000
—
—
3,000
3,000
5,000
3,000
—
—
—
5,000
3,000
—
—
—
—| The Simon Gibson Charitable Trust **23** **Notes to the accounts** 5 April 2023 ## **3 Grants payable** (continued) |**Recipients**|**2023**
**£**|2022
£| |---|---|---| |Tinplate Workers' Charitable Trust
Tomorrow's Generation School
Traffic International
Trees for Life
TUSK
Ty Hafen Hospice
University of Birmingham
University of Manchester Poverty Access Programme
UWC Atlantic College Scholarship
Valeways
Vale of Glamorgan Agricultural Society
Versus Arthritis
Volunteering Matters
Wales Millennium Centre
WaterAid
Watford Sheltered Workshop Ltd
Welsh Guards Lt. Colonel's Fund
Welsh National Opera
Whizz Kidz
Wild Aid
Wild Cru
Wings for Warriors
Wintercomfort for the Homeless
Wooden Spoon Society
Yana
YFC Glamorgan
YFC Suffolk
Young Lives vs Cancer (formerly CLIC Sergeant)
Ysgol Y Deri|**5,000**
**10,000**
**5,000**
**5,000**
**3,000**
**10,000**
**5,000**
**5,000**
**—**
**—**
**5,000**
**5,000**
**3,000**
**15,000**
**5,000**
**3,000**
**5,000**
**10,000**
**3,000**
**5,000**
**5,000**
**3,000**
**3,000**
**5,000**
**—**
**—**
**3,000**
**5,000**
**5,000**|5,000
10,000
5,000
5,000
3,000
10,000
5,000
5,000
5,000
3,000
—
5,000
—
15,000
5,000
—
5,000
10,000
3,000
5,000
5,000
—
—
5,000
3,000
3,000
3,000
5,000
5,000| ||**1,006,669**|735,000| The Simon Gibson Charitable Trust **24** **Notes to the accounts** 5 April 2023 |**3**|**Grants payable**(continued)|**2023**
**£**|**2023**
**£**|2022
£|2022
£| |---|---|---|---|---|---| ||Grant commitments at 6 April 2022
Commitments made in the year
Grants payable for the year
Grants paid during the year
Grant commitments at 5 April 2023|**—**
**1,006,669**|**1,006,669**
**(1,006,669)**|—
735,000|735,000
(735,000)| ||||||| ||||**—**||—| **4 Governance costs** ||**2023**
**£**|2022
£| |---|---|---| |Auditor’s remuneration:
. Statutory audit fees|**6,660**|5,660| ||**6,660**|5,660| ## **5 Taxation** The Simon Gibson Charitable Trust is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. ## **6 Investments** |**Investments**||| |---|---|---| ||**2023**
**£**|2022
£| |**Listed investments**
Market value at 6 April 2023
Additions at cost
Disposals (proceeds £470,886; realised losses £355)
Net unrealised investment (losses) gains
Market value at 5 April 2023
**Cash held by investment manager**
**Total investments as at 5 April 2023**
**Historical cost of listed investments**
At 5 April 2023|**24,251,752**
**419,377**
**(470,531)**
**(1,770,999)**|22,106,829
652,620
(463,825)
1,956,128| ||**22,429,599**
**925,108**|24,251,752
749,228| ||**23,354,707**|25,000,980| ||**16,770,017**|16,812,978| Listed investments held at 5 April 2023 comprised the following: ||**2023**
**£**|2022
£| |---|---|---| |UK equities
Overseas equities
UK fixed interest
Commodities|**15,967,240**
**4,773,923**
**1,206,257**
**482,180**|18,013,561
4,748,459
1,051,235
438,497| ||**22,429,599**|24,251,752| The Simon Gibson Charitable Trust **25** **Notes to the accounts** 5 April 2023 ## **6 Investments** (continued) Investments representing a material proportion of the portfolio investment were **:** ||**5 April**
**202**
**Market**
**value**
**£**|**% of**
**portfolio**|5 April
2022
Market
value
£|% of
portfolio| |---|---|---|---|---| |GlaxoSmithKlineplc – Ordinary25pence shares|**1,189,760**|**5.3**|1,703,800|6.8| |**7**|**Debtors**|**2023**
**£**|2022
£| |---|---|---|---| ||Accrued return of capital
Accrued income|**2,850**
**20,924**|—
16,940| |||**23,774**|16,940| ## **8 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2023**
**£**|2022
£| |Accruals
. Audit fees
. Trustee expenses|**6,400**
**—**|11,200
—| ||**6,400**|11,200| ## **9 Analysis of net assets between funds** |**Analysis of net assets between funds**|||| |---|---|---|---| ||Expendable
endowment
fund
£|Unrestricted
general
fund
£|**Total**
**funds**
**2023**
**£**| |Investments
Cash at bank
Debtors
Creditors falling due within one year|22,444,844
—
—
—|909,863
28,406
23,774
(6,400)|**23,354,707**
**28,406**
**23,774**
**(6,400)**| ||22,444,844|955,643|**23,400,487**| ||_Expendable_
_endowment_
_fund_
_£_|_Unrestricted_
_general_
_fund_
_£_|_Total_
_funds_
_2022_
_£_| |_Investments_
_Cash at bank_
_Debtors_
_Creditors falling due within one year_|_24,285,187_
_—_
_—_
_—_|_715,793_
_299,617_
_16,940_
_(11,200)_|_25,000,980_
_299,617_
_16,940_
_(11,200)_| ||_24,285,187_|_1,021,150_|_25,306,337_| The Simon Gibson Charitable Trust **26** **Notes to the accounts** 5 April 2023 ## **9 Analysis of net assets between funds** (continued) The total unrealised gains as at 5 April 2023 constitute movements on revaluation and are as follows: ||**2023**
**£**|2022
£| |---|---|---| |**Unrealised gains included above:**
On investments
**Total unrealised gains at 5 April 2023**
**Reconciliation of movements in unrealised gains**
Unrealised gains at 6 April 2022
In respect to disposals in the year
Net (losses) gains arising on revaluation arising in the year
**Total unrealisedgains at 5 April 2023**|**5,659,582**|7,438,774| ||**5,659,582**|7,438,774| ||**7,438,775**
**(8,194)**|5,714,327
(231,681)| ||**7,430,581**
**(1,770,999)**|5,482,646
1,956,128| ||**5,659,583**|7,438,774| ## **10 Related party transactions** During the year, the charity made a grant of £20,000 (2022 – £20,000) to The Royal Welsh Agricultural Society of which John Homfray was President-elect for 2023. It also made a grant of £3,000 (2022 – £3,000) to Cowbridge Physic Garden of which John Homfray’s spouse is a trustee. During the year the Trust made a grant of £10,000 (2022 – £5,000) to Kingshott School with which Deborah Connor was in paid employment. The Simon Gibson Charitable Trust **27** **Notes to the accounts** 5 April 2023 ## **11 Comparative statement of financial activities – Year ended 5 April 2022** |Notes|Expendable
endowment
fund
£|Unrestricted
general
fund
£|**Total**
**2022**
**£**| |---|---|---|---| |**Income and endowments from:**
Investments
1
Donations
**Total income**
**Expenditure on:**
Charitable activities
. Promoting and enhancing charitable work
2
**Total expenditure**
**Net income (expenditure) before other**
**recognised gains and losses**
Gains (losses) on investments
6
**Net income (expenditure) / net movement in**
**funds**
**Balances brought forward**
at 6 April 2021
**Balances carried forward**
at 5 April 2022|—
—|1,066,995

—|**1,066,995**

**—**| ||—|1,066,995|**1,066,995**| ||71,454|
741,894|



**813,348**| ||71,454|
741,894|
**813,348**| ||(71,454)
1,821,261|325,101

—|

**253,647**

**1,821,261**| ||1,749,807
22,535,380|325,101

696,049|
**2,074,908**


**23,231,429**| ||24,285,187|1,021,150|

**25,306,337**| The Simon Gibson Charitable Trust **28**