OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-05-accounts

The Simon Gibson Charitable Trust

Annual Report and Accounts

5 April 2024

Charity Registration Number 269501

Contents

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 8
Accounts
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the accounts 19

The Simon Gibson Charitable Trust

Reference and administrative information

Trustees Mrs Deborah Louise Connor
Miss Alicia Gibson
Mr George David Gibson
Mr John George Richards Homfray
Mrs Virginia Lort
Principal office PO Box 609
Welwyn Garden City
AL7 9QQ
Telephone 07369269519
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 2024

The trustees present their statutory report together with the accounts of The Simon Gibson Charitable Trust for the year ended 5 April 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 18 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

Following the settlor’s death in May 2021 new trustees are required to 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 Mr George David Gibson Mr John George Richards Homfray Mrs Virginia Lort

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 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:

The Simon Gibson Charitable Trust

2

Trustees' report 5 April 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Statement of trustees’ responsibilities (continued)

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 to 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.

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 £3,308 (2023 - £nil).

The Simon Gibson Charitable Trust 3

Trustees' report 5 April 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

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 charity’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 charity’s income is derived principally from its investments and interest earned together with any donations received by the charity. During the year investments and cash totalling £71,374,417 were transferred to the charity, with a claim of £614,714 for Gift Aid being accrued from the estate of the settlor. The charity’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 2024, the trustees made grants totalling £1,106,536 (2023 – £1,006,699). 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 13.

The trustees feel their objectives have been adequately met during the year.

Grant making policy and public bene

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.

The Simon Gibson Charitable Trust 4

Trustees' report 5 April 2024

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Grant making policy and public benefit (continued)

Local charities applying are restricted to East Anglia, South Wales and Hertfordshire. Grants have varied in the year from £750 to £28,400 but most grants fall in the range £3,000 to £5,000. Applicants should visit the charity’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 charity’s control

The trustees are aware that there are external factors which could affect the achievement of their objectives as the charity’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 charity’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.

The charity retains shares in GlaxoSmithKline plc which was part of the original settlement. At 5 April 2024 this was valued at £5.54million representing 6.1% of the charity’s listed investment holding (2023 – £1.19 million; 5.3%).

Investment performance

The charity’s investments achieved, on average, an income yield of 3.08% (2023 – 3.55%). The capital value increased by 28.2% (2023 – increased by 9.7%) due to the impact of a large donation of investments from the settlor. The investment managers continued to invest in accordance with the trustees’ investment policy set out above. At the end of the year, the charity’s portfolio of listed investments comprised 54.6% (2023 – 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.

The Simon Gibson Charitable Trust 5

Trustees' report 5 April 2024

FINANCIAL REVIEW

Results for the year

A summary of the year’s results can be found on page 13 of the accounts.

During the year ended 5 April 2024, total income amounted to £2,516,194 (2023 – £947,676), being income arising from the charity’s investments and cash deposits. During the year assets of £71,989,131 were transferred into the trust from the estate of the settlor.

The trustees made grants to institutions totaling £1,106,536 (2023 – £1,006,699). After grant and general administration costs of £212,140 (2023 – £69,699) and governance costs of £10,100 (2023 – £6,660), the total expenditure for the year was £1,328,776 (2023 – £1,082,889).

Total investment profits during the year were £5,806,821 (2023 – losses of £1,770,999). This resulted in a positive net movement in funds for the year of £78,701,004 (2023 – negative movement £1,905,849).

The net assets of the charity at 5 April 2024 totalled £102,101,491 (2023 – £23,400,488).

Reserves policy

The trustees are aware of the Charity Commission’s paper concerning reserves policies. It is not their policy to build up substantial unrestricted reserves but to distribute virtually the whole of the investment 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 charity at 5 April 2024 was £2,349,785 (2023 – £955,643). 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.

FUTURE PLANS

During the year investments and cash totaling £71,374,417 were transferred to the charity from the estate of Mr. Simon Gibson, with a claim of £614,714 for Gift Aid being accrued. There is still a small unknown amount to be received from the Estate. The trustees have decided that the grant making activities will continue as at present, however if a major project presents itself, it will be considered. It is their intention to continue monitoring the investment performance so that, if at all possible, it achieves the criteria set by them to meet their grant giving policies.

The Simon Gibson Charitable Trust 6

Trusteos. report 5 &0ri12024 FUNDRAISING The charity did not active￿ frJrMJra￿ in 2023r2024. Income received arose solely from the charity's investment portfolK). In adtlitK)n during the year assets of £71,989,131 were Iransferred into the trust from the estate of the setUcK. Signed on tehalf of Ihe trustees". Mrs Deborah Louise Connor Trustee Approved on.. The Simon Gibson Charitable Trust

Independent auditor’s report 5 April 2024

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 2024 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:

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 2024

Other information (continued)

The other information comprises the information included in the annual report, including the trustees’ report other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the accounts themselves. 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 2, 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 2024

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

The Simon Gibson Charitable Trust 10

Independent auditor’s report 5 April 2024

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:

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.

The Simon Gibson Charitable Trust 11

Independent auditor’s report 5 April 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 EC2V 6DL

Date 05 November 2024

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Simon Gibson Charitable Trust 12

Statement of financial activities Year to 5 April 2024

Notes
Expendable
endowment
fund
£		 Unrestricted
general
fund
£		 Total
2024
£		 Total
2023
£
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) for the year / net
movement in funds
Balances brought forward
at 6 April 2023
Balances carried forward
at 5 April 2024
—
71,989,131		 2,516,194
—		 2,516,194
71,989,131		 947,676
—
71,989,131 2,516,194 74,505,325 947,676

206,724		 1,122,052 1,328,776 1,082,882
206,724 1,122,052 1,328,776 1,082,882
71,782,407

5,524,455		 1,394,142
—		 73,176,549
5,524,455		 (135,206)
(1,770,644)
77,306,862
22,444,844		 1,394,142
955,643		 78,701,004
23,400,487		 (1,905,850)
25,306,337
99,751,706 2,349,785 102,101,491 23,400,487

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 13

Balance sheet 5 April 2024 2024 20rJ 20rd Investments 1Q1,444t79 23,354,707 Cunpnt a55ets Cash al bank 10.706 28,4( 23,774 52,180 668￿12 cred1k0￿.. an￿Unts tslknr¥J within one year Net cun¥nt ass•ts (lo￿1} 16,4001 658.312 45.780 Total assets 102,101A91 23,400,487 Repyesented by: Funds and reserves 99.751.706 2.349,785 102.101N91 22.444,844 955,643 23.4￿,487 Unre5trict&l 9enefal fiJThJ Approved by the trustees and ￿gned on their behaly by: E /L L Ce)Lts Mrs Deborah Louise Connor Trustee Approved on: ChaTity Number.. 269501 The Simon Gibson Charitable Tru51 14

Statement of cash flows Year to 5 April 2024

Notes
2024
£		 2023
£
Cash flows from operating activities:
Net cash provided by (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 (used in) provided by investing activities

Change in cash and cash equivalents in the year
Cash and cash equivalents at 6 April 2023
B
Cash and cash equivalents at 5 April 2024
B
70,030,122		 (1,094,515)


2,103,304
412,890
19,898,493
**(83,386,865) **		 939,534
8,142
470,886
(419,377)
**(60,972,178) ** 999,185

9,057,944


953,515
 (95,330)
1,048,845
10,011,459 953,515

Notes to the statement of cash flows for the year to 5 April 2024.

A Reconciliation of net movement in funds to net cash used in operating activities

2024
£		 2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
(Gains) losses on investments
Investment income
Interest income
(Increase) in debtors
Increase (decrease) in creditors
Net cash used in operating activities		 78,701,004
(5,524,455)
(2,103,304)
(412,890)
(634,033)
3,800		 (1,905,849)
1,770,644
(939,534)
(8,142)
(6,834)
(4,800)
70,030,122 (1,094,515)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2024
£		 2023
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 10,706
10,000,753		 28,406
925,109
10,011,459 953,515

The charity had no debt at 5 April 2024 (2023 – none).

The Simon Gibson Charitable Trust 15

Principal accounting policies 5 April 2024

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 2024.

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 2025, 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 16

Principal accounting policies 5 April 2024

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 17

Principal accounting policies 5 April 2024

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 18

Notes to the accounts 5 April 2024

1 Investment income

Investment income
2024
£		 2023
£
Income from listed investments
. Equities
. Fixed interest
Interest receivable
. Bank interest
. Cash held by investment managers		 1,945,948
157,356		 874,099
65,435
2,103,304 939,534
1,148
411,742		 514
7,628
412,890 8,142
2,516,194 947,676

2 Promoting and enhancing charitable work

Promoting and enhancing charitable work
Total
2024
£		 Total
2023
£
Grants payable (note 3)
Support costs:
. Administration expenses
. Governance costs (note 4)		 1,106,536
212,140
10,100		 1,006,669
69,553
6,660
1,328,776 1,082,882

Administration expenses include £206,724 of investment manager costs, allocated to the expendable endowment fund (2023 £69,699). 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.

One Trustee received £3,308 for their administrative services in the year (2023 - none). Four trustees (2023 - two) were reimbursed £568 in respect of travel, subsistence and IT expenses (2023 - £97).

The Simon Gibson Charitable Trust 19

Notes to the accounts 5 April 2024

3 Grants payable

A reconciliation of the grants payable and grants commitments figures shown in these accounts is as follows:

Recipients
2024
£
ACE Action in Caerau and Ely
3,000
Action For Conservation
5,000
Adfam National
5,000
AFAN Arts
—
Age UK Hertfordshire
5,000
Air Training Corp (104 City of Cambridge)
—
Alzheimer's Research UK
5,000
Amelia Farm Trust
3,000
Amy Elgar Trust
3,000
Army Benevolent Fund
—
Arthur Rank Hospice Charity
10,000
Arts and Minds Foundation
—
Atlantic school for young leaders
—
Back Up
3,000
Barnardo's Cowbridge
10,000
Barry YMCA
3,000
Beat (formerly Eating Disorder Association)
10,000
Beaufort Cottage Educational Trust
—
Bill Tutte Memorial Fund
5,000
Bishops Stortford Youth Project
—
Blesma
—
Blue Marine Foundation
5,000
Bobath Children's Therapy Centre Wales
—
Bovey Tracey Swimming Pool
5,000
Bowel Cancer UK
10,000
Brain Tumour Research
3,000
Brave Futures (formerly Fresh Start New Beginnings)
5,000
Breast Cancer Now (formerly BC care Cymru)
5,000
Brecon Mountain Rescue
—
British Disabled Angling Society
—
British Forces Foundation
—
British Hedgehog Preservation Society
5,000
British Liver Trust
5,000
British Warships Association
—
Brown Sisters CIC (Dora Brown)
7,309
Buglife
5,000
Bumblebee Conservation Trust
5,000
Burwell & District Day Centre
5,000
Bury Drop in
5,000
Cambridge Children’s cancer hospitals
20,000
Cambridge Junction
3,000
Cambridge Science Centre
10,000
Cambridgeshire Cafe repair network
—
Cancer Campaign in Suffolk
5,000
Cardiff Bach Choir
3,000		 2023
£
—
5,000
—
3,000
5,000
3,000
5,000
3,000
3,000
5,000
—
3,000
5,000
—
10,000
3,000
—
1,911
—
3,000
5,000
—
3,000
—
5,000
3,000
—
5,000
3,000
3,000
2,000
5,000
3,000
3,000
—
5,000
5,000
5,000
—
5,000
—
—
5,000
—
3,000

The Simon Gibson Charitable Trust 20

Notes to the accounts 5 April 2024

3 Grants payable (continued)

Recipients 2024
£		 2023
£
Cardiff City FC Community Foundation
Carers Trust Wales
Carers Trust Wales
Cefn forest Miners Welfare Hall
Cerebral Palsy Cymru
Chapter (Cardiff) Ltd
Charlie's Gift
Child Brain Injury Trust
Childhood first
CHIPS
Cleanup UK
CLINK
Colchester and Ipswich Hospitals Charity
Coleg Elidyr
Combat Stress
Community Impact Initiative
Cool Earth
Cowbridge and District Museum
Cowbridge Male Voice Choir
Cowbridge Music Festival
Cowbridge Physic Garden
Crackerjacks Children's Charity
Crohn's and Colitis UK
Cruse Bereavement Support
Cystic Fibrosis Trust
Deafblind UK
DEC Ukraine
Defibrillators in Public Places
Dementia UK
Dennis O'Neill Foundation
Diabetes U.K.
DPJ foundation
Duke of Edinburgh Award
Dyspraxia Foundation
East Anglia Children's Hospices
Edens Project
Elstree School
Ely Cathedral Appeal Fund
Ely cathedral girls choir
Embracing Arts
Envirofest International
Essex and Herts Air Ambulance
Essex Wildlife Trust
Eye Nepal
Eye Opportunity Group
Fareshare		 3,000
5,000
10,000
5,000
4,000
4,500
5,000
—
5,000
—
10,000
—
—
10,000
—
—
—
3,450
2,000
3,000
5,000
750
5,000
5,000
—
3,000
—
5,000
10,000
—
5,000
—
—
—
5,000
4,878
6,000
5,000
—
—
—
5,000
5,000
7,500
6,950
—		 3,000
5,000
—
—
4,000
—
—
3,000
—
3,000
—
5,000
3,000
3,000
3,000
3,000
5,000
—
—
3,000
3,000
—
5,000
—
3,000
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

The Simon Gibson Charitable Trust 21

Notes to the accounts 5 April 2024

3 Grants payable (continued)

Recipients 2024
£		 2023
£
Farmers on Crutches
Farms for City Children
Fauna & Flora
Feed up warm up
Fields in Trust
Fresh Start Charity
Friends of St Giles Codicote
Frozen Light
Garden House Hospice
Ghost Fishing
Go Beyond (formerly CHICKS)
Go Kids Go
goods for Good Global
Gorilla Organisation
Grove Cottage
Gurkha Welfare Trust
Haverhill Scouts and Guides
Hearts for Herts CIO
Herts School Outreach
Herts Vision Loss
Herts Young Homeless
Highfield Park Trust
Hijinx
Holt Youth Project
Holy Cross Church
Home Start Cambridgeshire
Home Start Norfolk
Home Start Suffolk
Hope rescue
Horatio's Garden
Horizon Voices
Hub Community Project
In Kind Direct
Insole Court trust
Inspire
InterAct Stroke Support
Isabel Hospice
Joss Searchlight
Juliet Garmoyle Fund
Jumbulance
Juvenile diabetes research Foundation
Keech Hospice Care
Kids Cancer Charity
Kids Inspire
Kingfishers Bridge Wetland Creation Trust
Kingshott School
Kinship (Grandparents Plus)		 2,950
—
5,000
5,000
5,000
5,000
—
—
5,000
5,000
5,000
—
5,000
5,000
—
—
—
5,000
5,000
—
5,000
1,920
20,000
—
5,000
2,000
2,000
2,000
—
5,000
5,000
5,000
5,000
2,000
—
3,000
5,000
—
5,000
5,000
—
2,000
5,000
5,000
3,000
10,000
—		 —
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
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

The Simon Gibson Charitable Trust 22

Notes to the accounts 5 April 2024

3 Grants payable (continued)

Recipients 2024
£		 2023
£
Knebworth rainbows
Land Aid
LAP Research
Lennox Children's Cancer Fund
Leonard Cheshire
Letchworth Food Bank
Level Two youth project
Little Ouse Headwaters Project
Live Music Now Cymru
Livery Company. Of Wales Charitable Trust
Llamau
Lullaby Trust
M S Society
Macmillan Cancer Support
Macular Society
Maggie's
Making Music Change Lives
Making Space
Margham Abbey
Marie Curie Cancer Care
Marine Conservation Society
Medical Detection Dogs Charity
Mind
Mind In Mid Herts
Motor Neurone Disease Association
Music in Hospitals & Care
My Wish - Jubilee Court Yard at Newmarket Hospital
National Ankylosing Spondylitis Society
national horse racing museum
National Museum of Wales
Neath Port Talbot contact centre
New Meaning Foundation
Newlife The Charity for Disabled Children
Newmarket open door
No Fit State Circus
Norfolk community law service
Norfolk Hospice
Norwich Samaritans
On Course Foundation
Orangutan Foundation
Orbis UK
Ormiston Families
Ospreys Wheelchair Rugby Club
Our Special Friends		 5,000
—
—
5,200
—
5,000
—
3,000
3,000
10,000
5,000
—
—
5,000
5,000
5,000
7,986
—
5,000
10,000
5,000
3,000
5,000
—
5,000
3,000
—
5,000
—
10,000
—
—
—
5,000
—
5,000
—
—
3,000
5,000
5,000
5,000
5,000
5,000		 5,000
2,000
5,000
—
3,000
5,000
3,000
—
—
10,000
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
3,000
3,000
3,000
—
3,000
—
3,000
3,000
3,000
5,000
5,000
—
3,000
5,000

The Simon Gibson Charitable Trust 23

Notes to the accounts 5 April 2024

3 Grants payable (continued)

Recipients 2024
£		 2023
£
Oxford Hospital Charity
Pancreatic Cancer UK
Papworth Trust
Parkinson's UK
PBC Foundation
Peterborough Cathedral Development and Preservation Trust
Prison Advice and Care Trust Cymru
Prisoner Support Services
Prisoner Support Services CIC
Prisoners' Education Trust
Prostate Cancer UK
RDA Stadbrook and Diss
RDA Stevenage
Read for Good
Re-Engage
Rennie Grove Hospice Care
Revitalise respite holidays
Richard Dimbleby Cancer Fund - Cancer Care Map
River Action
RNIB
RNLI
RNLI Barry
RNLI Mumbles
RNLI Penarth
Roja Arts CIC
Ronald McDonald House Charities UK
Royal Welsh Agricultural Society Glamorgan Fund
Royal Welsh College of Music and Drama
Ruth Strauss Foundation
Salvation Army
Salvation Army WGC
Samaritans Bridgend
Sanddams
Save The Rhino
School Readers
Sebastian's action trust
Sense
Shelter Cymru
Sign School
Small Acts of Kindness Trust
Songbird Survival
Speakers for Schools
Spinal Research
St Brynach Church, Llanfrynach, Cowbridge
St David's Church in Wales Primary School
St Giles Trust		 5,000
5,000
—
5,000
—
—
—
—
3,000
—
10,000
—
5,000
—
—
—
2,079
—
5,000
—
3,000
3,000
—
3,000
—
—
25,000
15,000
5,000
—
—
3,000
5,000
5,000
5,000
4,904
5,000
5,000
4,350
—
3,403
—
3,000
4,400
20,000
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
3,000
3,000
3,000
—
—
—

The Simon Gibson Charitable Trust 24

Notes to the accounts 5 April 2024

3 Grants payable (continued)

Recipients 2024
£		 2023
£
St John Ambulance Cymru
St John the Evangelist Penllyn
St Martin's Church, Exning
St Mary's Burwell ( Burwell PCC)
St Mungo’s
St Theodores Church
St. Cadoc's Church Llancarfan
St. John Ambulance Suffolk
STAMMA
Stand By Me
Storybook Dads
Stroke Association
Suffolk Family Carers
Suffolk Wildlife Trust
Sunny Days Children Fund
Surfability
Swansea St Mary's Choral Trust
Techniquest
Teenage Cancer Trust
Tenovus
The Able Stables
The Aloud Charity
The Anne Robson Trust
The Art Station
The Baca Charity
The Big C
The Brain Tumour Charity
The Breck Foundation
The Bumblebee Children's Charity
The Children's Trust
The Country Trust
The Greenpeace Trust
The Hamlet Centre Trust
The Hospice of St Francis
The Jubilee Sailing Trust
The Kinetic Science Foundation
The Living Paintings Trust
The National Youth Brass Band of Great Britain
The Open University
The Papillon Project
The Pepper Foundation
The Prince's Trust Cymru
The Quay Theatre at Sudbury
The Royal Agricultural Benevolent Institution
The Seafarers Charity		 —
28,400
5,000
2,000
—
5,000
5,000
—
—
5,000
3,000
—
—
3,722
5,000
—
5,000
4,200
5,000
5,000
3,000
—
3,000
—
3,180
6,000
—
4,238
3,000
—
4,606
5,000
5,000
3,000
—
—
—
—
5,000
5,000
—
5,000
—
5,000
—		 5,000
—
5,000
2,000
1,000
5,000
5,000
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
—
—
3,000
3,000
5,000
—
—
3,000
3,000
3,000
5,000
—
—
3,000
5,000
3,000
—
3,000

The Simon Gibson Charitable Trust 25

Notes to the accounts 5 April 2024

3 Grants payable (continued)

Recipients 2024
£		 2023
£
the silver lining
The Wavertree Trust
The Wildlife Trust
Tilehouse Counselling
Tinplate Workers' Charitable Trust
Together for Short Lives
Tomorrow's Generation School
Traffic International
Trees for Life
TUSK
Ty Hafen Hospice
University of Birmingham
University of Manchester Poverty access programme
Vale of Glamorgan agricultural society
Versus Arthritis
Volunteering Matters
Wales Millennium Centre
WaterAid
Watford Sheltered Workshop Ltd
Wellspring Family Centre
Welsh Guards Lt. Colonel's Fund
Welsh National Opera
Welwyn Hatfield Women's Refuge
Whizz Kidz
Wild Aid
Wild Cru
Wildlife Trust
Wings for Warriors
Wintercomfort for the Homeless
Womens Aid Federation of England
Wooden Spoon Society
YFC Suffolk
YMCA Trinity
Young enterprise
Young Lives vs Cancer (formerly CLIC Sargent)
Ysgol Y Deri		 —
—
—
—
5,000
5,000
10,000
—
5,000
—
10,000
5,000
—
5,000
5,000
—
15,000
5,000
—
4,556
5,000
10,000
4,105
4,000
—
5,000
10,000
3,000
5,000
10,000
5,000
—
5,000
3,000
5,000
5,000		 5,000
6,000
5,000
3,000
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
1,106,536 1,006,669
2024
£		 2024
£		 2023
£		 2023
£
Grant commitments at 6 April 2023
Commitments made in the year
Grants payable for the year
Grants paid during the year
Grant commitments at 5 April 2024		 —
1,106,536		 1,106,536
(1,106,536)		 —
1,006,669		 1,006,669
(1,006,669)
— —

The Simon Gibson Charitable Trust 26

Notes to the accounts 5 April 2024

4 Governance costs

Governance costs
2024
£		 2023
£
Auditor’s remuneration:
. Statutory audit fees		 10,100 6,660
10,100 6,660

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
2024
£		 2023
£
Listed investments
Market value at 6 April 2024
Additions at cost
Disposals (proceeds £19,898,493; realised losses £282,366)
Net unrealised investment gains (losses)
Market value at 5 April 2024
Cash held by investment manager
Total investments as at 5 April 2024
Historical cost of listed investments
At 5 April 2024		 22,429,599
83,386,865
(20,180,859)
5,806,821		 24,251,752
419,377
(470,531)
(1,770,999)
91,442,426
10,000,753		 22,429,599
925,108
101,443,179 23,354,707
80,512,663 16,770,017

Included in the cost of listed investments are investments donated to the charity with a nil cost. These have been included at market value at the date of death of the donor of £50,912,844. Listed investments held at 5 April 2024 comprised the following:

2024
£		 2023
£
UK equities
Overseas equities
UK fixed interest
Commodities		 49,912,890
31,807,750
5,821,001
3,900,785		 15,967,240
4,773,923
1,206,257
482,180
91,442,426 22,429,600

Investments representing a material proportion of the portfolio investment were :

5 April
2024
Market
value
£		 % of
portfolio		 5 April
2023
Market
value
£		 % of
portfolio

5.3%

4.1%

2.8%
GlaxoSmithKline plc – Ordinary 25 pence shares
BHP Group
Shellplc		 5,540,300
5,529,179
6,534,056
6.1%

6.0%

7.1%		 1,189,760

928,813

623,832

The Simon Gibson Charitable Trust 27

Notes to the accounts 5 April 2024

7 Debtors

Debtors
2024
£
—
43,092
614,714
657,806		 2023
£
2,850
20,924
—
23,774
Accrued return of capital
Accrued income
Gift Aid accrual

8 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Accruals
. Audit fees		 10,200 6,400
10,200 6,400

9 Analysis of net assets between funds

Analysis of net assets between funds
Expendable
endowment
fund
£		 Unrestricted
general
fund
£		 Total
funds
2024
£
Investments
Cash at bank
Debtors
Creditors falling due within one year		 101,443,179
—
—
—		 —
10,706
657,806
(10,200)		 101,443,179
10,706
657,806
(10,200)
101,443,179 658,312 102,101,491
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

The total unrealised gains as at 5 April 2024 constitute movements on revaluation and are as follows:

2024
£		 2023
£
Unrealised gains included above:
On investments
Total unrealised gains at 5 April 2024
Reconciliation of movements in unrealised gains
Unrealised gains at 6 April 2023
In respect to disposals in the year
Net gains (losses) arising on revaluation arising in the year
Total unrealisedgains at 5 April 2024		 10,929,764 5,659,582
10,929,764 5,659,582
5,659,582
(536,639)		 7,438,775
(8,194)
5,122,943
5,806,821		 7,430,581
(1,770,999)
10,929,764 5,659,582

The Simon Gibson Charitable Trust 28

Notes to the accounts 5 April 2024

10 Related party transactions

During the year, the charity made a grant of £25,000 (2023 – £20,000) to The Royal Welsh Agricultural Society of which John Homfray was President-elect for 2024. It also made a grant of £5,000 (2023 – £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 (2023 – £10,000) to Kingshott School with which Deborah Connor was in paid employment up until the 22 of March 2024.

11 Comparative statement of financial activities – Year ended 5 April 2023

Notes Expendable
endowment
fund
£		 Unrestricted
general
fund
£		 Total
2023
£
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 2022
Balances carried forward
at 5 April 2023		 —
—		 947,676
—		 947,676
—
— 947,676 947,676
69,699 1,013,183 1,082,882
69,699 1,013,183 1,082,882
(69,699)
(1,770,644)		 (65,507)
—		 (135,206)
(1,770,644)
(1,840,343)
24,285,187		 (65,507)
1,021,150		 (1,905,850)
25,306,337
22,444,844 955,643 23,400,487

The Simon Gibson Charitable Trust 29