THE GIBSON FLEMING SCHOLARSHIP TRUST
FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 MARCH 2025
THE GIBSON FLEMING SCHOLARSHIP TRUST
CONTENTS
| Page | |
|---|---|
| Trustees and advisors | 1 |
| Trustees' report | 2-3 |
| Independent examiner's report | 4 |
| Receipts and payments account | 5 |
| Statement of assets and liabilities | 6 |
| Notes to the Accounts | 7 |
THE GIBSON FLEMING SCHOLARSHIP TRUST
TRUSTEES AND ADVISORS
FOR THE PERIOD FROM 1 APRIL 2024 TO 31 MARCH 2025
| From | To | Notes | |||
|---|---|---|---|---|---|
| Trustees | Peter Sean Trueman Girard | ongoing | Chairman | ||
| Russell Clark | ongoing | ||||
| Richard James | ongoing | ||||
| Andrew Warren | ongoing | ||||
| Investment Managers | Dowgate Capital Limited | Aug-25 | Funds being | ||
| 15 Fetter Lane | transferred | ||||
| London | to Casenove | ||||
| EC4A 1BW | |||||
| Independent Examiner | James Legge | ||||
| Les Allees des Arquets | |||||
| Les Arquets | |||||
| St Peters | |||||
| GY7 9HE | |||||
| Registered Charity | |||||
| Number | 313896 | ||||
| Charity's Principal | |||||
| Address | Mrs DA Williams | ||||
| Administrator - Gibson Fleming | Trust | ||||
| La Cachette | |||||
| Rue de la Saline | |||||
| Castel | |||||
| GY5 7UZ |
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THE GIBSON FLEMING SCHOLARSHIP TRUST
TRUSTEES ANNUAL REPORT
FOR THE PERIOD FROM 1 APRIL 2024 TO 31 MARCH 2025
The Trustees present their annual report on the affairs of the Charity, together with the financial statements and independent examiner's report for the period ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charity's Trust Deed and the Charities Act 2011 as amended by the Charities Act 2022 (the Act).
Structure, Governance and Management
The Charity was formed as a Trust under a Trust deed dated 12 June 1959.
The Trustees during the year and at the date of this report are shown on page 1.
The Trustees have the power to appoint new or additional Trustees of the Trust. New Trustees would be supported by the experienced Trustees and, on induction, would be provided with a copy of the previous year's accounts and other relevant information.
The Trustees have appointed an Administrator to manage the day to day administration of the Trust. The Trust aims to achieve its objectives by ensuring that the investments of the fund are effectively managed to generate sufficient income to fund the scholarships and bursaries payable.
The Trustees meet at least annually to discuss the performance of the investments of the Fund, to agree the awarding of scholarships and awards and other matters as required.
The Trustees have reviewed the major risks to which the Charity is exposed, particularly those related to the operation and finances of the Trust. The Trustees have given consideration to the appropriate policies, procedures and systems to mitigate the Charity's exposure to the major risks.
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing accounts in accordance with the Trust Deed and the obligations of the Charities Act 2011 as amended. They have opted to prepare a receipts and payments account under the provisions of Section 133 of the Act.
The Trustees are responsible for keeping proper books and records which disclose with reasonable accuracy the financial position of the Trust.
The Trustees are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examination
The Trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 as amended), but the Trustees have appointed an honorary examiner, James Legge ACA, to undertake an independent examination of these accounts on their behalf.
Objects and Aims of the Trust
The Primary objects of the Trust are to provide scholarships and bursaries for boys and girls at Elizabeth College, Guernsey and grants for student's further education thereafter. There are further detailed trusts and provisions set out in the trust deed, as amended by the Charity Commission for England and Wales Scheme dated January 2004.
Grant Making Policy
Scholarships and bursaries are awarded to students of Elizabeth College, Guernsey, and grants are made for their further education at the discretion of the Trustees and in accordance with the guidance set out in the Trust Deed.
Cont..
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THE GIBSON FLEMING SCHOLARSHIP TRUST
TRUSTEES ANNUAL REPORT (CONTINUED)
FOR THE PERIOD FROM 1 APRIL 2024 TO 31 MARCH 2025
Achievements and Performance
- During this period, the investment portfolio and bank deposits provided income of £34,975 (2024: £36,945).The investment performance objective is to maximise long term total return and the Trustees are satisfied that investment performance is in line with the achievement of this goal. The Trust’s investment managers take national and international financial and other developments into account as part of their responsibilities in working to maximise long term total return.
Financial Review
- The Trustees are pleased to present the accounts for the period. As at 31 March 2025 the charitable fund was valued at £1,239,417 representing a net increase of £14,360 on the previous year. While showing an increase in value, investments continue to reflect turbulent market conditions due to the ongoing impacts of destabilisation of the economy by successive government fiscal policies, the 2020 pandemic, Brexit and war in Ukraine. Income at £34,975 was £1,969 lower than in the previous year, reflecting ongoing economic instabilty. The Trustees made grants totalling £11,151 (2024:14,649) to 10 individuals. This includes Gibson Fleming Awards, Music Scholars' Awards and the John Davison Award, the annual Music Scholarships were not paid during this period. The scheme was reviewed in an effort to increase the impact of the Scholarships and as a consequence award decisions were made later in the Lent term than normal. Music Scholarships totalling £1,500 were paid in April 2025. The Trustees are satisfied that the Trust assets are available and adequate to fulfil its obligations.
Investment Policy
-
There are no restrictions on the charity’s power to invest. The investment strategy is set by the Trustees and takes account of the recent demand for funds and the quality of the funding applications. The trustees consider the income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. This strategy is set within an overall policy which states that the funds be invested in low and medium risk investments with a view to ensuring that capital appreciation of the fund exceeds inflation. The unrestricted funds may be invested in any type of investment.
-
At a meeting of the Trustees on Friday 25 April 2025, the Trustees resolved that the Trusts investments shall be moved from the current UK based Investment Manager (Dowgate Capital) to a Guernsey based Investment Manager. Casenove was selected as the new Investment Manager for all Gibson Fleming Trust investments, comprising the Will Fund and Settled Fund. Dowgate Capital have been requested to transfer all investment assets in specie to Casenove, who will apply a new agreed investment policy for the assets.
Policy on Reserves
-
It is the policy of the charity to maintain unrestricted funds sufficient to cover the charity’s outgoings for the forthcoming twelve month period, which are the free reserves of the charity, at a level to provide sufficient funds to cover management, administration and support costs and, in particular, to cover scholarships and grants recommended for payment by the Trustees.
-
: It is the policy of the charity to maintain restricted funds which represents the capital of the trust. The capital cannot be used for the payment of scholarships and grants. Any surplus on the sale of investments sold within restricted funds must be re-invested in restricted funds.
-
Plans for Future Periods
The Trustees plan to continue with current grant making policies and financial strategies.
Approved by the Trustees and signed on their behalf by:
PSTa of the Trustees
Date
«3s
THE GIBSON FLEMING SCHOLARSHIP TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
FOR THE PERIOD FROM 1 APRIL 2024 TO 31 MARCH 2025
independent Examiner's Report to the Trustees of The Gibson Fleming Trust
| report to the Trustees on my examination of the accounts of the Gibson Fleming Scholarship Trust (the Trust) for the year ended 31 March 2025.
Responsibilities and Basis of Report
As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 as amended by the Charities Act 2022 (‘the Act’).
| report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act as amended and in carrying out my examination | have followed all the applicable directions given by the Charity Commission under section 145(5}(b) of the Act.
independent Examiner's Statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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Jameslegge
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Les Allees des Arquets
Les Arquets
St Peters
GY? SHE
Date
a
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||||||||
|---|---|---|---|---|---|---|
|Charity Name|No (if any)|
|GIBSON FLEMING SCHOLARSHIP TRUST|313896|
|Receipts and payments accounts|CC16a|
|Ss|For the period|Period start date|To|Period end date|
|from|01-Apr-24|31-Mar-25|
|Section A Receipts and payments|
|Unrestricted|Restricted|Endowment|
|Total funds|Last year|
|funds|funds|funds|
|to the nearest £|to the nearest £|to the nearest £|to the nearest £|to the nearest £|
|A1 Receipts|
|Bank Interest|1,704|6|-|1,710|2,129|
|Investment Income|28,944|-|-|28,944|34,816|
|Tax Reclaimed|3,071|-|-|3,071|-|
|2024 awards repaid as not utilised|1,250|-|-|1,250|-|
|Sub total|34,969|6|-|34,975|36,945|
|A2 Asset and investment sales,|
|-|272,407|272,407|93,351|
|SS|etc.|====|-|
|Total receipts|34,969|272,413|- 307,382|130,296|
|SS|
|A3 Payments|
|—|
|Charitable expenditure - Bursaries &|
|Scholarships|11,151|11,151|14,649|
|Governance Costs (note 4)|
|4,500|4,500|4,200|
|Cost of Generating funds|
|-|4,942|4,942|2,780|
|-|-|
|Sub total|15,651|4,942|-|20,593|21,629|
|A4 Asset and investment|
|SS|purchases, etc.|-|256,651|-|256,651|186,717|
|Total payments|15,651|261,593|-|277,244|208,346|
|Net of receipts/(payments)|19,318|10,820|-|30,138|(78,050)|
|A5 Transfers between funds|
|(46,065)|46,065|-|-|
|A6 Cash funds last year end|37,897|12,930|50,827|128,878|
|Cash funds this year end|11,150|69,815|- 80,965|50,828|
|=====|
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|GIBSON{ FLEMING SCHOLARSHIP TRUST | 1313896 |
; Statement of Assets and Liabilities CC 16a |
8 f : | | |
For the period from 04-Apr-24 | To 94-Mar-25
Section B Statement of assets and liabilities at the end of the period
Unrestricted Restricted Endowment Total this Total last
funds funds funds year year
to nearest£ to nearest £ to nearest £ to nearest £ to nearest £
Bi Cash funds Settled Fund | [. 708
Will Fundseiscusrernorncenccearssera 9,358 || | 69,179we | |- 78,53772)| 23,36023,968
John Davison Award i | i] i
ee | 2,500 | | - . 2,500 3,500 |
(agree balances with receipts
and payments account(s))
Unrestricted Restricted Endowment Total this Total last
funds funds funds Year year
to nearest £ to nearest £ to nearest £ to nearest £ to nearest £
B2 Other | - {I - | | - - -
monetary 1 |
assets | | | oe
a | = | ms i = ro
Fund to which asset belongs Cost joptionalj Current value Total tat year
optional) (optional)
B3 Investment [investment portfolio funds] [Settled Fund | | - | 195,356
assets | |
| Investment portfolio funds| |Will Fund | 963,096 | 1,010,437
i
| | - | | 1,158,452 | 1,174,229
B4 Assets mn| | | Fund to which asset belongs Cost (optional)“i| see ona.. Total last year_
retained for the [oe a |
charity’s own useon |_| i
Fund to which Amount due When due Total last year
liability relates {optional foptional)
B5 Liabilities | | | | | |
Po eeTI (i- | |
Total Unrestricted Restricted Endowment Total this Total last
funds funds funds Year year
to nearest £ to nearest £ to nearest £ to nearest £ to nearest £
11,150 1,228,267 Fe 1,239,417 1,225,057
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Approved by the Trustees and signed on their behalf by:
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Pi 4 Nees a
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: ds
P §T Girard - Chairman of the Trustees
Date
-6-
THE GIBSON FLEMING SCHOLARSHIP TRUST
NOTES TO THE ACCOUNTS
FOR THE PERIOD FROM 1 APRIL 2024 TO 31 MARCH 2025
1 Accounting Policies
The financial statements are prepared on a Receipts and Payments basis in accordance with Section 133 of the Charities Act 2011 as amended by the Charities Act 2022 .
The trustees have adopted the following accounting policies:
Accounting convention
The financial statements are prepared under the historical cost convention as modified by the revaluation of investments to market value.
Fund accounting
The charity maintains various types of funds as follows:
Restricted funds
Restricted funds represent the capital of the Trust. The capital cannot be used for the payment of scholarships and grants. Any surplus on the sale of investments sold within restricted funds must be re-invested in restricted funds.
Unrestricted funds
General unrestricted funds represent unrestricted income which is expendable at the discretion of the trustees in furtherance of the objects of the charity.
Incoming resources
Income is recognised in the accounts on a receipts basis.
Expenditure
Charitable and other expenditure are recognised in the accounts on a payments basis.
Governance costs
Governance costs relate to expenditure incurred in the management of the charity’s assets, organisational administration, and compliance with constitutional and statutory requirements.
Investments
Investments listed on a recognised stock exchange are shown in the statement of assets and liabilities at their market value at 31 March 2023. The valuation was provided by Dowgate Capital Limited.
2 Taxation
The Trust is a registered Charity and does not trade for tax purposes. It is not liable to tax on its surplus derived from charitable activities.
| **3 ** | Investment Assets | 2025 | 2024 | |
|---|---|---|---|---|
| Quoted investments | £ | £ | ||
| Market value at start of year | 1,174,229 | 997,640 | ||
| Additions at cost | 256,651 | 186,717 | ||
| Disposal proceeds | (272,407) | (93,351) | ||
| Realised and unrealised gains/(losses) | (22) | 83,223 | ||
| Market value at end of year | 1,158,451 | 1,174,229 | ||
| **4 ** | Other Expenditure | |||
| Governance Costs | Unrestricted Funds Restricted Funds |
Total 2025 | Total 2024 | |
| Trustee Expenses | £ £ |
£ | £ | |
| Administrative Expenses | 4,500 | 4,500 | 4,200 | |
| 4,500 0 |
4,500 | 4,200 |
No Trustees' expenses were incurred in the year.
No Trustee or person related or connected by business to them has received any remuneration from the trust during the year.
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