Charlty Registrallon No. X30473 WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2022 harbinson mulholland
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr W H C Montgomery Mr E Montgomery Mr J Witchell Charfty numb8r X30473 PrfnGlpal addrels The Estat8 Office GyabbeY Newtownards Co. Down BT22 2QA Indop•ndent •xarnlnor Harbinson Mulholland Cenlrepoint 24 Ormeau Avenue Belfast Co. Antrlm Northern Ireland BT2 8HS Bankern Ulster Bank Limited 22 Frances Street Newtownards BT23 7DP Investmont advlsors Ruffer Investment Management Llmlted 80 Vlctoria Street London SW1E 5JL S8rasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 88U Evelyn Partners The Ewart 13th Floor 3 Bedford Square Belfast BT2 7EP
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND CONTENTS Pago Trustees, report Independant ex8minerfs rèport Statement of financlal aclSvbtles st8t8ment of financ181 posS1Son Nates to Ihe fin8ncial slalements 6-10
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND TRUSTEES. REPORT FOR THE YEAR ENDED I NOVEMBER 2022 The trustses present their annual report and financial ststements for the year ended 1 November 2022. The accounts have been prepar6d in accordance with Ihe accounting policias s8t out in note 1 to the accounts and comply with the the Charities Acl (Northem Ireland) 2008 and "Accounting and Reporting by Charitses- Statement of Recommended Practice {SORPI applicable to charities preparing Ih&ir accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" Objectlves and actlvltles The princlpal objecllve of thé trust is the rellof of pov&ty by provldlng flnancial 8sslstance to poor and deseNing farmers, resident and holding f8rms in Co Anlrim and Co Down. The trust also promotes educatlon and research in areas of suslainabilily, njral development, environmental management. food and rnarkeling, renewable energy, nutrition, physical activity and public health by providing financial assislance lo education bodies in Northem Ireland. Grant nmking pollcy The trust has established Ivs grant making pollcy to achleve it's objectives for the publlc beneflt. The trust's alm Is lo provide financial a56isl8nce to poor and deserving farmers, resident and holding famis In Co Antrim and Co Down. The trustees revlew the grant making poliGy annually lo ensure that it reflects the charity's objects and therefore advances publlc benefit. The ITUSI also provides funds to student5, education and research institution5 lo assist education and research In the areas of su$tainabillty, role developmenL environmental management, food marketing, renewable energy, nutrition, physical activity and public health. The trust Invite appllc8tlon8 for grants from famieTS and Instltution8 by advertlslng on soc181 medla. Achievements and perfomiance During the year. the trust provided financial asslslance to 20 farmers and paid bursaries for students and funded a chair and sludantships in the Department of Food and Agricultufe, Queen's Universlly, Belfast. FlnanGlal revlaw The statement of financial actlvllies for Ihe year is set out on page 4. Income Is by way of diwdend and interest earned on investrnenls held. There was a loss on investments held lolalling £711,069. The net decrease in funds In the year amounted to £621,739. Reserves policy The trustees consider il essential lo ensure that there are always funds available to pay over any grants that have been committed and require funding. The Injsl's policy is to retsin a level of reseNes. lo fund investments and generate a level of investment Income sufficlent lo meet committed expenditure and the running costs of the charity. Investm8nl policy Trustee5 seek lo produce the best possible financial relum withln an acceptable 18vel of rfsk. Th8 Investment oblective is a balance between income and capital growth. Risk manag8ment The trustees have assessed Ihe major risks to whith the Trust is exposed, and are sat15fied Ihal systems are in place to mitigate exposure to the major risks.
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 1 NOVEMBER 2022 The main risks identffied by the trustees are in respect of investment. Risk of loss of value and investments Risk of insufflcient investment income being generated for the charity to fulfil IVS objectives. Following a fomi81 review and sèlection process hèld during the year, the Trustees ènded Rufferfs mandate and appointed Sarasln and Smith & Williamson as Investment managers and 8dvisor8. Trustees rely on income from investment and s818 of investment ta fund grant making. Trustees are vAlling lo accept a medium levèl of rfsk and recognS8e that incom8 and capitsl valu8s wtll fluctuate over Ilme. Investments will be held in a range of equities. Structure. govornan¢e and management Williarn Glbson Trust Fund for Poor Famiers Sn Ireland, known 8$ The Gibson Trust Fund, was estsblished on 17 October 1914 under the lemis sel out in the will of William Glbson. Th8 trust currenuy has 3 trustees who manage it9 affairs. The trustees who served during the y8ar and up to the date of signature of the financi81 statements were: Mr W H C Montgomery Mr E Montgomery Mr J Witchell Trustees are recruited and appointed on a needs basls. The trust is recognised by HM Revenue & Customs as a charitable body under reference X30473 and is currently in the process of applying for registratlon with the Charity Commlssion for Northem Ireland. The trustees. report was approved by the Board of Trustees. Mr E Monigoin•ry Tru8t•a 29....09..: 2•L3
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MLLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND We report on the accounts of the Trust for the year anded 1 Novemb8r 2022, which are set out on pages 4 to 10. R•spectlve responslblllties of trustè8s and examlner The trustees are responsible for the preparation of the accounts. Th8 charity's trustees conslder that an audlt is not required for this year under s8ction 6512) of the Charits'es Act (Northern Iland) 2008 and that an Independent examination is needed. It Is our responsSblllty to.. exarnine the accounts under section 65 of the Charities ActlNortharn Ireland) 2008 ', lill to follow the proredures lald down in the gener81 Direcllons glv8n by th? Charfty Commlssion for Northem Ireland under section 65{9)Ibl of the Ch8ritSes Act (Northern Ireland) 2008 lili} to stale whether particular matters have come to my attention. Basis of Independant exarnlnorfs report Our examination was carried out in accordance Wlth the general Directions glven by the Charlty Commisslon. An examinallon Includes a review of the accounting records kept by th& charity and a Gomparison of the accounts presented wlth those record8. It also indudes conslderation of any unusual items or dlsc105ures in the accountg, and seeking explanations from you 88 trustee5 conceming any such matters. The procedsjres und&rt8ken do not provide all the evldence that would be required in an audit and consequently no opinion Is given as to whether the accounts present a 'true and fair vlew, and the pOrt Is lirnited to those matters set out in the n&xt statement. Independent exarnlner's $tatament In connection wlth our examination, no matter ha5 com& to our attention: lal whlch glves us reasonable cause to belleva that In any mater181 respect the requlremenls: to keep accounting records in accordance wlth section 63 of the Charities A¢t {Northern Ireland) 2008; and {iil to prepare accounts which accord with the accounting racords and comply with the accounting requlrem8nts of the Charllles Act (Northern Ireland) 2008- h8v8 not been met or {bl to which, in our oplnlon, attents'on should be drawn In order to enable 8 propor understanding of the accounts lo be reached. H8rbinson Mulholland Chartered Accountants Ir8land Cenlrepoint 24 Ormeau Avenue Belfast Co. Antrim 8T2 8HS Northem Ireland Dated.. 2910912023
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 1 NOVEMBER 2022 2022 2021 Nots8 In¢ome from: Investrnents 210,826 218,197 ondlture on: Charitable activities 121.496 153,385 N8t incomel(expenditure) and net movement in fvnds before galns and losses on investments 89,330 64,812 Net galnsl (1088es) on inv&8tments 1711,C69) 977,143 N•t movement In fund8 1621,7391 1,041,955 Fund balances at 2 November 2021 7.270,635 6,228,680 Fund balancos at 1 November 2022 6.648,896 7,270,635 The statement of financial activities Includes all gains and losses recognlsed in the year. All Income and expenditure derlve from continuing activities. All Income and expenditure is unreslric18d.
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND STATEMENT OF FINANCIAL POSITION ASAT I NOVEMBER 2022 2022 2021 Not08 Flxed assets Investments 6,247,523 6,979.740 Currant assets Cash at bank and in hand 459,240 390,439 Crndltors: amounts falllng due wlthSn one year {57,867) 199,544} Not CUTrent assets 401,373 290,895 Total a880181o11 current Ilabllltles 6.648.896 7,270.635 Incom• funds Unre5tr¢cted funds 6,848,896 7.270,635 6,648,896 7.270,635 The flnancial $18tements were approved by the Trustees 2910 12023 'Klr E Montgomery Tru•t•• MrJ Tru itchell
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED I NOVEMBER 2022 Accountlng pollcle$ Charity Informallon The Williams Gibson Trust Fund for Poor Farmers in Ireland known as Gibson Trust Fund is an unincorporated trusL 1.1 Accountlng conventlon The accounts have bean prepared In accord8nce wlth the Charllles Act (Northem Ireland) 2008 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republlc of Ireland IFRS 1021" The Trust has taken advantage of the provislons In the SORP for Charities applylng FRS 102 Updale Bulletin 1 not to prepare 8 Statement of Cash Flow8. The financlal slalements are prepared in st?dlng, which is the lunctlonal currency of the Trust. Monetary amounts In these flnanclal ststements are rounded to th8 neare8t £. The accounts have bean prepared under the hlstorical cost conventlon, modified lo Indude the revaluallon of Investments at fair value. 1.2 Going Gonc8m Al the time of approving the financial statements, Ihe trustees have a reasonable expect8tion that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus Ihe trust888 continue to adopt the golng concem basis of accounting in preparing the financial statements. 1.3 Charltable fund• Unrestricted funds are available for u8& at the dlscretion of the truste&s in furtherance of Ihelr charftable objectives. Restricted funds are sublecl to speGlfi¢ conditions by donors as to h¢)w Ihey may be used. Thé purposes and uses of the restricted fvnds ar8 sel out in the notes lo the financial slatemenl5. Endowment funds are Subject to specific conditions by donors that the capital must be maintained by the Trust. 1.4 Income Income is recognised when the Trust is legally entitled to il after any perfomiance conditions have been m8( the amounts can be measured reliably, and il is probable that income will be received. Dividend5 and interest received on gilt edged securities are uedlied to the statement of flnanclal activities on the basis of cash reGelv8d in the y9ar. Bank interest receivable is credited to the statement of )Inancial actlvities on an 8ccrual basls.
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 1 NOVEMBER 2022 Accountlng pollcl8s Icontinuèdl 1.5 Expondlture Expenditure is included in the Statement of Financial Actlvities on an accruals basis. exclusive of any VAT which eAn be recovered. Certain expenditure is dlrectly attributable lo specific activities and has been Included in those cost calegorles. Certain oih8r costs, which are attributable to more than one activity, are apportioned acr055 cost categories on the basls of an estimate of the proportion of tim8 spent by staff on those acuvltles. Grants pald to farmers are charged lo thé Stalement of FSn8ncial Activities as approved. 1.6 Flxed ass•t Investments Fixed asset inv8Stment5 are initlally measured at transaction pric8 excluding transacllon costs, and are subsequently measured at fair v81ue at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for th8 year. Transaction costs are expensed as incurred. 1.7 Cash and cash 8quivalent8 Cash and cash equlvalents include cash in hand, deposits held at call with bank5, Other short-lerm liquid investments with orlginal rnaturilies of three months or les5, and bank overdrafts. Bank overdrafts are shown wlthin borrowings in current liabilities. Basic flnanclal assets Basic financial assets, whlch include debtors and cash and bank balances, are inllially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the pres8nt value of the future rec&ipls discounted at a mark81 rate of interest. Financial assets dassified as receivable within one year Bra not amortised. Dfrracognltlon of flnanclal assots Financlal assets are derecognis8d only when the contractual rfghts to the c8sh flows from Ihe asset explr8 or are settled, or when the Trust transfers the financial asset and substantially all the risks and r8wards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset ha5 transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Boslc flnan¢ial Ilabilitlos 88sic financial liabilities, Includlng creditors and bank loans are Initlally rectsgnised al transactlon price unlè$$ the arrangement constitutes a financing transaction, where the d8bt instrument is measured at the present value of tre future payment5 dlscounled at a market rate of Inte9t. Flnanclal Ilabilitl86 classifled as payable wllhin one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operation5 frDm suppliers. Amounts payabl8 are classified a5 current liabilitigs if paymant is due within one year or les8. If not, they are presented as non-current Ilabilities. Trade creditors are recognised initially at tr8nsaclion price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial Ilabllities Financial liabilities are derecognised when the Trust's contractual obligation5 expire or are discharged or canlled.
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 1 NOVEMBER 2022 Investments Unrestrlcled Unrestrlcted funds funds 2022 2021 Income from Ilsled investrn&nts Fixed investrnents income Inlere5t receivable 198,217 12,253 356 205,717 12,061 419 210.826 218,197 Charltoble actlvlties 2022 2021 Grenls to farmers In Co Antrlm Grants to farmers in Co Down Grants to Queen's Unlversity, Belfast 15,200) 17.979 82,950 10,276 37,385 79,540 95,729 127,201 Shore of support costs (see note 5) Share of governance costs (see note 5) 23,967 1.800 24,384 1.800 121,496 153.385 Trustees None of thé trustees (or any pérsons ¢onnecl8d wlth them) rec8lv8d any remuneralon during the year. but one of them was reimbursed a lolal of £1,800 for administralion and travelling expenses12021- £1.8001.
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED I NOVEMBER 2022 Support costs Support Gov•rnan¢e costs costs 2022 2021 Trustees expenses Stockbroking fees Agenvs fees Sundry expenses Accountancy 1,800 1,800 14.056 7,790 13,5991 5,720 1,800 13.530 7,020 594 3,240 14,056 7,790 13,5991 5,720 23,967 1,800 25,767 26,184 Analy58d between Charitsble activllles 23,967 1,800 25,767 26,184 Employees Th8 average monthly nurnber of amployees durlng the year was.. 2022 Number 2021 Number Total There were no 8rnploy88s whose annu81 mmuneration w88 more than £60,ODO. Not galnsl(loss••l on Investments Unrnstrlcted funds Total 2022 2021 Gainl(lossl on Investments 1711,0691 977,143
WILLIAM GIBSON TRUST FUND FOR POOR FARMERS IN IRELAND KNOWN AS THE GIBSON TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED I NOVEMBER 2022 Flxed asset investments Ll8tod Investments Cosl or valuatlon At 2 November 2021 Addltions & transfers Valuation changes Dlsposals & transfers 6.979,740 148,858 {711.0691 (170.006) At 1 November 2022 6,247,523 Carrylng amount At 01 November 2022 6,247.523 At 01 November 2021 6,979.740 Credltor8: afflounts tslllng dua wlthln one y•ar 2022 2021 other creditors Accruals and deferred income 49,489 8.398 94,210 5.334 57,867 99,544 10-