Charlty registration number 1a81657 Company rogistration number 031478531England ind Walesl OUSEBURN TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OUSEBURN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees DT M Giesen Mf D Cross Mr J O Bolland Mr5 S Brighl Mr A Slad( Mr P Murphy Mr D Knight Ms A M Graham Ms K Parkins {Appointed 13 July 2023 (Appointed 13 July 2023 {Appointed 13 July 2023 Charity number 1081657 Company numbér 03147853 Reglstered office 51 Lime Street Ouseburn Valley Newcastle upon Tyne Tyne aThJ Wear NE12PQ Audltor Robson ￿￿'dIer Acc(m￿lantS Limrted Femwoc#J H￿se Femwood Ro• Jesmond NewGaslle UP￿ Tyne Tyne and Wear England NE2 1TJ 8anker8 Ulvty Trust Bank The Unity Trust Bank Nine Brindley Pk2ce Birmingham B12HB OUSEBURN TRUST CONTENTS Page Trustees, rep(vt Independent auditor's report 8-10 Statement of financ4al aaivltles 11 Balance sheet 12 Notes lo the fw)ancial statements 13_28 OUSEBURN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees pro$ent the￿ annual report and financial statements for the year ended 31 Marth 2024. The trustees who are also directors of the chanty for Ihe purposes of the Companies Acl 20C6, present their report wilh the financial slalemenls of ihe charity for the year ended 31 March 2022. The financial sialements have been preparèd in a¢cordanr£ with the accounting polices Set out in note 1 10 the financial statements and comply wtth ihe chanty's arttcles of association. Ilie Companies Act 2006 and "Accounting and Reporting by Charilies.. Statement of Recommended Practi￿ applicable lo charIt￿S preparing their ￿COunt$ in accordance with Ihe Financ￿1 Reporting Slandard applicable in the UK and Republ￿ of Ireland (FRS 102)" {effedive 1 January 2019}. Oblectives and activltles As sel OLFt in our objects in Ihe artide5 of assouation (updated 7th July 2011) as foll¢￿S. The promolion for the public benefft of urban or njral regeneration in areas of soch41 or economic deprivation (and in particular the Lower Ousebum Valley. bounded by the River Tyne lo the soulh. WaphTick Sl lo the north, Newinglon Rd. Elizabeth Sl. Metro line and disused raihvay to Ihe east and CrawhaN Rd and Sloddart St to the wesl) by all or any of the tollowing means. the preservation of buildings and siles of historic or architectural importance ii. (he Creation of trair)ing and empbyment opportunities by the pro¥i5i¢)n ol workspa￿. buildings. andlor land for use on favourable lemis iii. the mainlenance. improvement or provision of wblic amenities iv. the protection and conservation of the envir¢)nmenl v. the advancement of education. training or relrainng. particularfy amorvJ unempk)yed people. and providing unemployed people with work expenence vi. the provision of housing fof those who ae in conditions of need and the improvemenl of housing in the publlc sector or in chaiitable ownership prowded Ihal such power shall not extend to relieving any local auihoritie5 or othef &lalutory bodies of a statutory duly lo provide Of improve housing vii. the provision of recreati(￿ faulilies for the public al large or those by reason of their youth. age, infirmity o( d15ablement: poverty or socral and economic circumstances, have need of such facilities viii. the promotion of public salety and the prevention of crime ix. the relief of poverty x. the reliel of unemployment xi. for such other charrtable purpose¥ as the Trustees in Iheii absdule discretion see fit from tsme to time Values: 11 aims to undertake a wide range ol activities that daver these objects based on strovvj organisational va￿es.. Inclusive - Transparent Creative Sustainable Excellence Continuity Positive - Responsive Focus of our work: The TruE4t works closety with an extensive ran9e of stakehoklers, including Newcaslle Cty Counul, to regenerate Ihi5 hi51oric part of central Newca511e with the inlenlion of Cfeating a diverse and economically successful 'urban village that has a strong emphasis on the arts and creative industry sectOTS. The Trust has a comprehensive property portfolio of its own Ihal generates intome for Ihe Trusl, in addrtion rt undertakes a number ol community facing acliwlies Ihat support increased communily engagement and partiupalion. OUSEBURN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Public benefit.. The trustees have paid duo regard to gU￿ance issued by Ihe Chanty Cc4nmissFon in deciding whal activities the charily shoukl undertake. Public benefit is achieved by urmlertaking a w￿e range of aclivilies. During the last year the Trust has been involved in-. Delivering a hefltage programme, drawing on Ihe Trust's assets suth as archive materials. oral histories. volunleering, Vicloria Tunnel tours. pulAications. heritage walks & talks. Maximising the Ousebum Tntsfs intellectual and phY￿Cal assets in ￿der to crealfj a viable and sustainable ¢yganisalion. Encouraging enterprise and supKx)rting entrepreneurial beha%ryour internally and externally lo ifflprove the business and arts duster that is emer￿￿4 wilhin Ihe Ou5ebum Valley. Increasing the amounl of community participabon and influenang the k)cal re9eneralion process through more active volunteering and better quality participalion in the local governance process. The purpose being to in￿eaSe the amount of sooal and economic capital geneialed in the Ouseburn Valley. - Providing information and resources for the local comrnunty. - Acting as a Irusled intemiediary and source of advts for people wanting lo find out more about the a￿a and working with others to increase the number of visitors and seNices to those who want to visit the valley. - Simultaneously it has worked to fftaintal) effective internal 9overnance and internal effKiencies 1hrc￿gh a proc8SS of continuous improvement. Achlevements and pgrformance Significant aclivities The Ouseburn Trust focuses on the unique bual and social heritage of Newcast￿'S LL)wer Ouseburn Valley, and more recenlty has extended that f￿uS lo the natural heritage of the place, This is a designated conseryation area wtth a long and varied history and is particularty noted as bw'ng integral lo story of Tyneside's industnal past. Our aclivity is a mix of incorne generats'ng activity from ow tenancies and public facing acliNity, and our role as shaper and influencer of the 8ensrtive regeneration of the place we seek to protert and celebrale. Through engagemenl wrth people who hve, work and spend Ihoir leisure time in the Ouseburn we seek lo shape Ihe future through the following themes= Planning and Development. IhÈ Natural Environment, Transport and Herilage. Positive enhancernenls to the afea in lerms of Ihe influence on new developments. slreelscape improvemenls, and pathways and green space are sNJnifiGanl arKI our repulal*Jn as a ￿edible force o19ood loi the Valley has gTown, resuliin9 in sIr￿ger relationships with Stake￿IderS. V¥* remain (*iven by a clear desire that heritage activities in Ihe area sh￿Id be used as part of an over-arching strategy to maintain whal has become a thriving Genlre lor cuRufal activity in Newcaslle upon Tyne. Our heTitage-focused activities indude bringing al-risk historie buildings back inlo long-term community and commercial use through carefully considered redevelopmenl V￿th clear commuNty benefit. This ensures thal the historic aesthet￿ of the conserrfatw area is rnaintamed. Ythilst prevenlirvJ inappropriate changès to its inimitable almosphere and characler. Key aspects of our S(￿la1 heritage resource are our incTedibfy rth photographic and oral history archives. These comprise a collecfion of 60.011) images taken by Davey Pearson, ten albums of images taken by Richard Blosse, 3.000 images taken by the Trusl and over frfty hours of interview recordings. We endeavour to mainlain. expand and interpret these valuable assets, largely through the efforts of our heritage volunleers and associated heritage research volunteers, and we have begun to deh'ver Ihemed exfv"IxlK)ns fft local venues to promote our work. OUSEBURN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 8ack to nonnal 2023124 represents our first ful year free from the constraints of restriGtions arising from the pandemic or our recovery from them. ConfKlence had already returned by the beginning of the finanaal year. and we can Pfoudly report on a successful year of engagement in wr offers and our impact in the C￿MM￿nrty. As a result we were efflpowered ￿ our arnbition around the conversion of 51 Lime Street but also projects suth as the Ousebum Festival_ the adoption of a CRM system and toward the end of the year a new website and rebrand, aided in more ways than one by grant lunding support to onhance our delivery capaaly. Engagement with our hentage offer even exceeded our expectab.ons dunng the year, Ihanks in part lo further diversification of our Tunnel offer and exWalion$ afound an emerging Ballast Hils project. Despite challenging weather conditions during the festival. we slill succeeded in buikling on the already successful 2022 event wilh visitors and traders alike prov#ding realy pO￿t￿e feedbath wilh some h8lpful suggestions on h we might enhance it this year loo_ Our summer walks were once again wel rec*¥ed with a more dNerse oftering of subject matter. The accounts shoN how the Trust has perfomied in economic terms during the last year. txrt Ihey do not tell the whole story. As a socially responsible organisation_ wilh a strong commitment to its values. whal follows are some examples of how the organisalion has successfully delivered its objectives durin9 the last 12 months. Projects.. Having retumed lo full strength we embarked on projects that durin9 ihe pandemic had been out on hokl. S1 Llme Street April 2023 Saw the early work undertsken in respect of ow conversion Of 51 Lime Street with works progressing throughout the summer. Difficulties with suppliefs and matenals though created some delays and il rumbled on into the autumn and in turn the New Yeaf. The Trust 15 now housed in the new space and plans lo house a variety of artivity over the summer and into the autum with popups, events and fixed1co-w0rk￿9 tenants. Herltago The Trust works with a dedicaled group of volunteers lo develop physical and digital aiehives of heritage material that we aim lo make more pubb'* alxessible through the int￿ne1 and a ffit-for-purpose vi5rtor resource facilrty. This includes oral history re￿rding$ and Ihe phologTaphic archive that jointly help lo create a strong sense of place and value abolrt the arpa. Induded in these resourcès are a colseclion from local photographer Richard Blosse. who recordèd the buildirKJ of the Bykef Wall and the physical changes that impacted local ￿mmUnitieS as a result. Some prints of Richard's photographs are thsplayed 01 the Byker Community Trust offi￿S and a launch exhibition will be isplayed in our new space over the summer. Our photo archThf volunteers work hard digilising and cataloguin9 the photo collection lo help unlock ils full wtential. The Victoria Tunnel remained the number one visrtor attraction in NewGa5tle on Trip Advisor again. Visitor numbers remained high throughout the year from tradrtional tours and creative evenls such as Tipple in the Tunnel and Sounds of the Underground. There Temains a modest charge lo knisitors to C£+ver wnning cosls and repairs of the tunnel, bul it receives no other pthlic subsidy. OUSEBURN TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Envlronment Ouf first full year without reslnctions has seen recfyd numbers engaging Wrth our green spaces, through volunteering. projed delivery and partnership wc¥king wilh olher organisations cornmrtted lo the same goals. Wfj continue lo develop plans for developirvJ and caring lor the green in-between spaces in Ouseburn and seeking partners with whom to undertake that work. drawin9 on SE￿ialISm5 where they add value and Seeking funding to secure this work and buy in experb"$e where we need IL Wild Intrigue have Ihrough their Dawn Chorus walks and Bat Safari's been really well received in Ouseburn and Id Roots have developed an amazing resouro ￿ thwr Community Garden behind ￿)rthern Piinl. We have partnered with The Re￿ Foundation and support Iheir vision for The Ou5ebum Wdy. have worked with Northumberfand Wldlife Trust, North Easl Community Forest, Urban Gteen. Tyne Rivers Trust. and local business in respect ol partnership woiksng on small plots ol land across Ihe Valley. The Cty Council conlinue to support us in this work and are assisting us in reaching an agreement on how we might formalise the arrangemenl so Ihal we increase our capacty lo secure grant support for these inilialives. Property. Business & Enterprlse: Foll(Ming our fortune during the Pandeffl￿ of relaining our tenanls durtng dilf￿11 tsmes. we have seen some leave, and made our own move which has provided an opportunity to recruit Some new lenanls. with The Find moving in to 59 Lime Street earfy in the year. to Flaufa Rose toward the end of the finanaal yeai moving into 53. Follo￿ng our move lo 51 in full over the summer. we will see another new lenanl take on 55 Lime Slreet loo resulling in a fully animated street wrth a vibfanl retail offef and the creation of qUFte a desb"natK)n for independent shopping, each shop providing a really exciling and wmplimentary experience for visilor3. We have continued lo manage commercial and community lenanls in-house. identifying opportunitses foi improvements to the properties and investment in secunty, fire safety. and ongow m&ntenan¢e. Part of the riverside walkway is owned by the Tru51 and is used exlensivety by visitors and residents. It provide5 a haven for wildlile, an opportunity lo study Ihe area from a different perspective and a traffiG-free roule leading from the heart of the valley towards the River Tyne. The car paTk wilh it5 contactless paymenl facylty had recovered, retuming to pr&pandemic levels of income for Ihe organi5alion lo support olher areas of activity. bul the installation ol the on-5tTeel City Council parking meter nexl lo our car park has caused a signifieant loss of 1￿Me. Thi5 will be addressed over the $umffler with renewed signage in line with Our new branding designed to overcome Ihe unlortunate losses. Increaslng thg amount of community engagement and participation: The Trust continues lo womde support lo Slepney Bank Slables by charging a retkned rent. which is designed to SUPPOrt their Commitn￿nI lo delivering social value through their work. The tru51 retain5 a rever5ionary inlerest in the first and second floors of the Sleenberg's propety, this is ocxupied by two Registered Socsal Landlords, Home Housing and Tyne Housing Association. who are only charged a peppercorn rent for the 22 flats they occupy. Our website and social media channels have been remsed together with our rebrand which has been very w811 ceived across the board, albwing us lo remain aclive and prominenl in the communily and to communicate our evolving offers and projects. generate income. and effectively reach arKI target new more diverse audiences. OUSEBURN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AGling as i $ourGo for quality inforniati¢)n and adviGe: Moving our office and tunnel tour base to a rmre public faciro Premises has enabled the Trust lo perform more éffecltvely as a location fof provith.ng loeal informalion and resources. and the adoplionlcreation of sub-groups wrth a kJcu5 on Planning and Development and Tran5PQrt in particijlaf. operate a forum within whKh oui community of interest can engage ￿ key topics and inffuence p￿icY. We have used the websyte to raise money lor erowdfunding sdiemes, for adding value lo cortsuhalions we conduct in person. working wilh local attTadions lo help shape it into a resource for driwng traffic lo Ihe ri9hl place lor visitors so they can acquire the ￿lO[MatiOn Ihey require more easily. Our Ousebum Valley e-News publution ¢onts"nues lo ad as an #nportant %)Ur￿ of infomiation about whal is happening in and aT￿nd the Ousobum Vaffjey. We could not do whal we do ￿thOut the dedicated help and 5UPPOrt of our volunteers. fot whom we are extremely grateful. Achlevement and perfomiance The finanGi41 po3rt1¢)n for the year shows a surplus for the year of £122.365 {2023'. Deficit £12.2951 including income and expenditure in fespect of reStr￿ted lunds. The Trustees consider the financial POSit￿n lo be satisfactory. The Trust retained full occupancy of ils properties Ihroughoul the year. We have performed well enough lo increase staff resource while wmtAtaneou3ty wnproving our financial posrtion through a commitment lo investment in new Initiatives while dosely monilonng spend across the organsialion. Through Ihe merger and the decision lo engage once again in activilies wrth a greater communty fctus we have successfully raised ovr profile as a guafdian for the Valley. The Board iemains vigilant and closely monitors f￿anCIal performance and q)eralional activity on a regular basis Ihrough 6 bi monthly Board meetings and 4 FinanR Group meetings. FininGial rgviow Princlpal fundlng sources How finarKe has helped lo delwer Ihe charilable objects The Trust relies on a mix of income to dehvef rts obj'ectives. This ￿rneS from Pfoperty it owns. projects it manages. and grant funding support. The Trust is proud to no longer be feh'anl on grant funding but makes ap￿icatIonS lo launch new initiats.ves or add value to exi5ts-w work. Reserves policy The charity held at the end of the period £l,S68.Ck80 (2023.. £1.445.695) in reserves of which £7,505 (2023.. £32,127) was in respect of restricted lunds and £1,560,555 (2023: £1.413.568) in respect of unreslficled funds. Unrestricted lunds include the buildings and property the tharily owns in Ihe Ousebum area. Al the year-end, the propertie5 were walued al £1.812.95012023. £1,288.315), exduding depreuation. F￿e reserves, exduding reserves used for fixed assets. designated or restricted wrposes amounted to £57,￿8 {2023 '. £99,305) al the ènd ol Ihe year. Golng concern As al 31st March 21J24 the charity has a sU￿￿S of assets of £1.565.IAO. Based upon this fador, the trustees consKler it appropriate to prepare the accounts on the going cM¢em basis. Structure. governance and management The company was incorporaled on 18 January 1 ￿, it is limited by guarantee and is govemed by rts memorandum and articles of association. which were revised on 7 July 2011. The company is a Registered Charity - number 1081657. It oblained chantable slatUS ¢)n 20 ju￿ 2CQO. The Trust ron¢luded its independenl review of tts govemance which was ralified al the AGM in July. 2022, adopting new articles which introduced a maximum term of office for trustees of 9 years.. This might then explain lo some degree the followin9 list cAJnlaining quile a few resignations. OUSEBURN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees. %vho are also thé direclors for Ihe purpose of company law. and who Served during the year and up to Ihe dale of signature of lh¢ financ￿1 51alemen15 were- Or M Giesen Mr D Cross Mr G Kell Mr J D Bolland Mrs S Brighl Mr A Slack Mr P Murphy Mr D Knight Ms A M Graham Ms K Parkins {Rosigned 13 July 2023} (Appoinled 13 JLtly 2023) (Appointed 13 July 2023) IAppo¥iled 13 July 2023) Recruitment and appolntmènt of new tru8te98 Directors are appoinfed al Ihe Annual General Mèeling. ￿"[ectOrS may also be cty￿1ed by the Board in whth Gase they are requiied to stand lor election al the next Annual Gerberal Meeting. Organisational slrncturè The chatity is managed by a CLimmittee of up 10 12 trustees drawn from wlhin the Tnjsl's membership. DireGlors retire by rotation a thre&year ba&s. The Board is responsible for overall slTalegy and policy, Ofganisational health and rnanagemenl ol ri6k.11 ffleels bi-monthty and assesses aclual perf¢)m)ance a9ainsl forecasl. Since the convergence wtlh Ousebum Futures in 2017. the govemance siructure has been altered lo operate in addition to the Board ihrough Su￿gI0UPs Wlth thematic fowses such as Planning and Development. Environmenl and Tfan5POrt and Henlage. Membership of the sub-groups ts open to any Board member, resident. employee of the Valley or anyone wilh an Interest in the place. Those with specific interests are encouraged lo participate. These gTOUPS provide an opportunity for people wrth specialist skdls of experience to join ihe Trust. lfiductlon and training of new Iru$tees New TTUStees undertake a formal induction when they ale aFwinted. They are provided with a role description. Charities Commission disdaimer and registration documenls. a copy of Ihe lalesl accounls and the up lo dale financial position of Ihe Trust, the laiesl annual report, the risk register, details of the history of the Trus1 and a list of the property owned by Ihe Twst. They are also shown a map of the area. a meelings schedule. and also one lo one meetings are held with the Trusl manager. Chair and head of eath internal sub group. A pack is given containing Trust policies and prccedures a￿j a loThiard business plan. Two way questions are encouraged. OUSEBURN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees. responslbllities The Iruslees. who are al80 the diieclois of Ousebum Tntst for the purpose of company law, are re3pon5ible lor preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generalfy A¢tepled Accounling Practice>. Company Law requires the Iruslees to wepare finanL?al slalements for eath financial year whith give a Irue and fair view of the slate of affairs of the charily and of the incoming resources and app&"calion of resourr£s. including the income and expendilure. of the charitable t￿MpanY for thal year. In preparing these Ilnancial staternenls. the trustees are required lo: - seleGt Suitab￿ aCC￿ntIng polKies and then • them cOn￿SIenIty. - observe the methods and prinGiples in the charl￿ SORP.. - make judgemenls and estimates that are reasonable and prudent.. slate whether applicable UK A￿)Unti￿ SlaThJards have been followed, sufy'e¢t lo any malerial departures disclosed and explained in the financial slaternents", and - prepare th8 financial statements on the going c<￿￿ basis unless it is inappropriate to presume that the Charlty will conlinue in operation. The trustees are responsible for keeping adequate accounliry records that disdose with feasonable accuracy at any lime the finanoal posth'on of the charily and enable them lo ensure Ihal the financial slalements comply wilh the Companie5 Act 2006. are also resFA)nsible for saleguarding the asset5 of the tharity and hence for laking reasonable sleps for the prevention and delection of fra￿1 and other irregularities. Audltor In Bccordance wilh tho company's articles. a resolution woposing Ihat Rob$￿ LaKller Accountsnl8 Lirniled be reappoinled as auditor of the company will be put at a Genwal Meeting. Dlsclosure of infomiation to audltor Each of the trustee5 has ￿nfin￿ed that there is no irrforrnation Of which they are aware which is relevant to the audit, bul of which the auditor is unaware. They have further confvmed that they have laken appmpn'ale sleps to identify such relevant inforMat￿n and lo establish that the audrtor i% awafe ol such information. The truslees. report was approved by the Board of Trustees. MSA M Graham Trustee Dale.. OUSEBURN TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUSEBURN TRUST Oplnlon We have audited the finanual statements of Ousebum Trust {the 'charity'} for Ihe year en(Jed 31 March 2024 which comprise the statement of financial aclivilies. Ihe balance sheel and notes to the financial stalemenls, including significant accounliiig polic*s. The financial reporting framework that has been applied in their PTeparats"on is apptscable law and United K￿gdOM Accounling Standards. induding Finanual Reporting Standard 102 The Finc?ncial Reporting Staiidard E7pplicable in the UK and RepU￿1C ol I￿land (United lQngdom Generally Accepted Accounling Practice>. In our opinron. the financial statements.. give a true and fair view of the slate of t1￿ ¢tharitable C￿7panY'S affars a5 at 31 March 2024 and of ils incoming resources and appliCat￿n of fesources. induding ils income and expenditure, for the year then ended. have been properly wepared in acc(Ydance wrth United Kingdom Generatly Attepted A¢￿U￿tIng Practice. and have been prepared in aCCordar￿ with the reqwremenls of the Companies Act 21]06. Basis lor opinlon We conducled our audit in accoldance with Intemalional Stsndards on Auditir¥J {UK) (ISAS {UK)) and applicable law. Our responsibilities under those standatds are furthei described in the Audilorfs ￿.%ponSibIlities for the audil of Ihe lilia1￿1￿1 Staton￿nts section of Ouf report. We are independent of the charity in accordan￿ with the elh•Gal requirement5 that are relevant lo our audit of the financFal statemenls in Ihe UK. induding the FRC'S Ethical Slandard. and we have fulfilled Ouf other ethical responsibilrties in acc(vdance wilh these requifemenls. We belie Ihal Ihe audrt eV￿ence we have obtained is sUiT￿￿nt and appropriate lo provide a basis for our opinion. Conclusions relatfng to going concern In auditing Ihe financ￿1 sialemenis, we have ¢￿￿￿kd that Ihe Iruslees, use of the going concern basis of accounting in the preparatK)n of the finan¢A"al stalemenl$ is apwopriate. Based on Ihe work have performed, havè nol ￿entified any mater￿1 unCertaint￿S relating to events or conditions that. individually or colleclively, may cast significant doubt on the chanty's ability 10 continue as a going concern for a peiiod ol al least twelve months from when the finanoal slalemenls are authorised for issue. Our responsibilities and the resp)nsibilities of Ihe Iruslees ￿th respect to going con(%m are described in Ihe relevanl Sections of this report. Other inforniation The olhei information comprises Ihe nformalion ￿duded in Ihe annual rewrt other than the financial statemen15 and our audilorfs report Ihereon. The truslees are res￿￿51b1e for the other information contained wilhin the annual report. Our opinion on financial slalements does not covef the other informalion and, excepl to the extent othetwise explicitly slated in our report. we do nol expres5 any form of assurance condusion Ihereon. Our responsibility is lo read the other infOrMat￿n and, fft doing so, con$id8r whether the other information 15 materially inconsislenl with Ihe financial 5tatemenls or our kntxvledge obtained in the tourse of the audit. or otherwise appears lo be materially misstated. If we idenlify such malerial inconsistencies or apparent material mi5slatements. we are required lo delermine whether this gives nse to a matenal misstatemenl in the financial statements themselves. 11, based on the work we have perfofflied. we conGlude that there is a matenal misslalemenl of Ihis other information, we are required to report thal fact. We have nothing to report in this regard. Oplnlon¥ on other matterg prèscribed by the Companles Act 2006 In our opinion, based on the work undertaken in the ￿urse of our audit.. the infom)alion given In Ihe trustees, report for the financial year for which Ihe financial ststemenls are p￿pared, which indudes the directors, rewrt prepared lor Ihe purposes of company law. is Consistent wilh the rinancial statements". and Ihe direclors. report included wthin the trustees. report has been prepared in accordance with applicable legal requirements. OUSEBURN TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUSEBURN TRUST Matters on which we are requlred to report by exception In the light of the knowledge and undefslanding ol the charity and its environmenl obtained in the course of Ihe audit, we have not identilied material mi5slalementS ll the direclofs. report induded within the trustees. report. We have T￿thing lo report in respecl of the folowing matters in relation to whith the Companies Act 2006 requires us lo report lo you rf, in our opinion". adequate accounting re￿)rdS have not been kep( or retums adequate for our audrt have not been received from branches not vi51ted by us.. c the financial statements are not In agreement with the accounting records and ¥elums- or certain disdosures of trustees. remuneration specrfied by law are not made". or we have nol received all the mfofmation and expLanaiK)ns we reqiwre for our audit.. or the truslees were not enlilled lo prepafe the fi'ftancial statemenls in accordan￿ with the small companies regime and lake advantage ot the small comp8nwJ' exemptions ￿ weparing the trttstees. feport and from the requirement lo ptepare a strategic report. Responsibilities of trusteès As explained more fully in the sialemenl of Iruslees. responsibilities, the Iruslees. WIK) are also Ihe directors of the charity for the Purpose of company law, afe responsible for the prepaf21ion of the financial Statements and for be￿9 satisfied Ihal they give a true and fair view, and lor such inlernal control as Ihe irustees delermine is necessary lo enable the preparation of finanoal statements tt)at are free from malerial rnisslalemenl. whether due lo fraud Of errol. In preparing ihe financial slalements, the Iruslees are responsible for assessing the charily's ability to continue as a going concern. disclosing. as applicable. matters relaled lo going concem and usin9 the going concern basis of aGGounling unless Ihe trustees either inlend to liqU￿ale the charitable company or lo cease operalions, or have no reah'slic allemative bul to do $0. Auditorfs re5ponslbllltles for the audit of the financial statemènts Our objeclives are lo obiain reasonable assurance about whetheF the financial slalemenls as a whote are free from material misslatemenl. wheihef due to fraud or ertor. and lo issue an auditor's report Ihat includes Quf opinion. Reasonable asSUrar￿ is a high level of assurance but is not a guarantee that an audit conducled in accordance wtih ISAS (UKI w￿1 aKTriays deled a material misstalemenl when il exists. Misstatemenls can arise from fraud or error and are considered malefial if. individually or in Ihe aggfegate. they could reasonably be expected to influence Ihe economic decistyjns of users laken on Ihe basis of these finanual statements. I￿egularItieS. including fraud. are instances of rnn-con)pliance with laws and regulations. We design procedures in line with our responsibilit￿s, ￿tlIned above. to deted material misstatements in respect of irregularities. including fraud. The exlenl lo which our procedures are capable of detecting irregularities. induding fraud is detailed below." The risk of material misstalemenl dtse to effor or fraud is deemed to be low wilhin the enlily as the chanty operate strong internal controls lo mrtigale any such risk. These controls are Teviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectivefy. Other subslanlive lesling is also perfomied on all material balances and therelore any instances of non" (effedive 1 January 20191. The chaiity is a Public Benefil Enliiy as defi￿d by FRS 102. The charity has Lqken advantage of the provisi¢￿S in the SORP for charrties noi io prepare a Statement of Cash Fb)ws. The financial 51atemenls are Pfepared in stef1w￿, which is the fvnclional ￿￿encY of the charily. Monetary amounts in these financia statements are rounded to the nearest £. The fina￿la1 slalemenls have been prepared wmjer the hislorical cost convention, m0drf￿￿ lo indude Ihe revaluation of freehold Properties and lo indude inveslmenl properties and certain financial instruments al fair value. The principal accwnting pokies alopted are set out l)elow. Ouseburn Trust meets the definilion of a publK benefil enty entry under FRS 102. Assets and liabilrties are initially recognised at historical cost or Iransaclion value unless otherwis8 Stated in the relevant accounting policy ThJle(sl. 1.2 Golng concorn At the time ol appioving the financial statements, Ihe trustees have a reasonable expectstion U)at the charity has a(Jequale resources to continue in operational existence for the foreseeable future. Thus the Irustees continue to adopl the gong concefn basis of accounting in preparing the financial statements. 1.3 Charitable lunds U17reslricled funds are available for use at the di5cietion of the trustees in furtherance of their charitable objectives. Reslricled funds are subject to specffic condrtions by doncrfs or grantors as 10 how they may bg used, The purposes and uses of the festricted funds are set oul in the f￿leS lo the finanoal stslements. Endowmenl funds are subject io specific thitions by donors thal the captsi must be maintained by the charity. IA Income Income is recognised when the tharity is legally entilled to il allef any performarte conditions have been met, the amounts can be measured feliably. and il is probable that income wrfl be received. Cash donatton5 are recognised on receipt. Other donations are recognised once the charity has been notified of the donalion. unless perforrna￿e conditions require defe￿al of the amount. Ineorne lax recoverable in relalion to donations received under Grft Aid or deeds of covenant is re￿gnIsed al Ihe time of the donation. Legacies are recognised on receipt or othefwise rf the chaiity has been Thjtifièd of an impending distribulion. the amount is known, and reeeipt is expecled. If the amount is not known. the legacy is Irealed as a conlingent asset. 13- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polleS08 (Contlnued) 1.5 Expenditure Liabilities are recognised as expenditure as as there is a legal or conslruciNe ot4igation commilling the harity lo that expenditure, it is probable that a Ifansfef of economic benefits will be required in settlemenl and the amounl of the obl￿allOn can be measured reliably. Expenditure is accounted foi on an accruals basis and has been clasSif￿d under headings that aggregate all Cost relaled to the category. Where Gosls cannot be directly altribuled to particular healings they have be￿ allocated to aGtivits'es on a basis consislenl with Ihe Use of resources. Allocation and apportionment of e05ts Costs allocated lo acti¥il*s comprise those ¢osts iwrred whith direclty felale to that actrvity, together with an appropriale proportion of support costs. 1.6 T8ngiblp fixed assets Tangible fixed assels are inrtialtry measured at cost and subsequently measured al cosl or valuats"on, nel ol depreciation and any impaimient losses. Depreciation is recognised so as lo write off Ihe cosl or valuation ot assets ￿$5 their residual values over Iheir useful lives on the following bases". Freehold land and buldings Fixtures and fittiws on Slraight Line 8a51S 20°A on Reducing Bakncel 33% on Straight Line The gain or loss arising on the th'sposal of an assel is determined as the drflerence between Ihe sale proceeds and the Carrying va￿e of Ihe asset. and is fecoJrHsed in the stalemenl of financial a¢tivrtie3. 1.7 Investmènt pro￿rtY Freehold investment properties are valued on an cpen market valuation ba3is assuming vacant Possession. 1.8 Impalrnient of fixed assets At each reportsng end date. the charily revwis the carrying arnounts of its tangible assets to detemiine whether Ihefe is any indication that those assets have SLtffered an impaifmenl loss. 11 any such indicalion exists, Ihe recoverablè amount of the asset is esl#maled in ¢xder to determine the exlent of the irnpairmenl loss (if any}. 1.9 Stocks Stocks, whTrch represent slocks of books relats'ry to the Ousebum Valley. are valued al the lower of cost and nel realisable value. 1.10 Cash and ca8h equivalents Cash and cash equivalents include cash in hand, depostts held at call with banks. omer short-lerm liquid investmenls wrth onginal malurilies of three months or less. and bank overdrafts. Bank oveidrafts are shown within borrowings in ¢urrenl liabilitie& 14. OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies IContlnu•dl 1.11 Financial instruments The charity has elected to apply Ihe provisions of Section 11 'Basic Financial Instruments. and Seetion 12 'CXher Financial Instruments Issues. of FRS 102 lo ai of its financial instruments. Financial inslruments a￿ recognised in It* charity's balance ¥heet when the tharity becomes party to the contractual provis¥)ns of the inslrument. Finanoal assèts and liabiltlies ale offset. wrth the net amounts presented in the financial stalements, when there is a legalty enforceable righl to sel off ihe recognised amounts and there is an intention to settle on a net ba￿$ or lo realise the asset and settle the liability simullaneousty. Baslc Ilnanclal ass•ts Basic financial assels, which indude debtors and cash and bank balances. are initially measured al transaclion price induding Iran5action costs and are subsequenlty carried al amortised cosl using the effeclive interest method unless the arfangemenl constitutes a financing tran5ath'on. where Ihe transaction is measured at the present value of the luture receipts discounted at a mthel rate of interest_ Financial asset classified as reC￿Vable within one yew are nol amortised. Basic financial liabilities Basic financial liabilrties. induding credrtors and bank loans are initialty recognised al transaction price unless the arrangement constilules a financing Iransaclion. where the debt instrument is measured al the Pfesent value of the hjlure payments discounted at a market rale of interest. Finanaal liabilities classified as payable wtthin one year are not amortised. Debl instrumenls are subsequently carried at afflortised cosl. using the effective ￿[erest rate method. Trade creditors are obligations lo pay for goods or serwces that have been acquired in the ordinary course of operalion5 from suppliers, Afflounts payable are classified as currenl liabililies if payment is due wilhin one year or less. If not. Ihey are presented as noTrGurrenl liabilities. Trade creditors are recognised inilially al Iransaclion price and subsequently measured al amortised cost using the effethwe interest method. Inancial Ilabillfles Derecognition of r Finanual liabrfities are derecognised when the chanty's contractual oblwJations expire or are diseharged or cancelled. 1.12 Taxatlon As a charily, the company is exempl from tax on income and gains lo the extenl thal Ihese are applied to its charitable obJe¢ls. No lax charges have arisen in the tharty 1.13 Retirement benefits Payments lo defined c0ntn.bul￿)n retirement benefrt stherne5 are Gharged as an expense as they fall due. 1.14 Preparatlon of con801idatod financial statements The fi'nancial statements conlain infonnalion aboul Qusebum Trusl a5 an indiv￿ual company and do not ntain ronsolidated financial informal￿n as the parent of a group. The company has tsken the option under Section 402 of the Companies Acl 20C6 not to prepare consdidated financial statements as Ihe CoMpan￿S subsidiaries are conS￿ered to be immalefial. 1.15 Debtor5 Trade debtors are recognised at the settlement amount due after any trade discount offered. Prepaym8nls are valued al Ihe amouni prepaid aftei lakiry awount ot any trade discounts due. 15- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polleles (Continued) 1.16 Crgditor¥ and proviiion Cfedilois and prOvis￿n$ are fecognised where charity has a present obl'gation resulting from a past evenl that will probably result in the translef of fuTrls lo a third party and Ihe arn￿￿1 due lo sèttle Ihe obligation can be measured or eslimated reliably. Creditors and prDvi3ions are r￿rnalty recogni5ed at Iheff settlement amount after allowing for any Irade disrA)unls due. Critical accounting estimales and judgemènts In the appli¢xtion of the charity's acC(￿n¢•n9 policies. the trustees are required lo make judgements, estimates and assumptions about the caffying amwnl of assels and th'abilities Ihat are not readily apparenl from olhei sources. Tho estimates and as8o￿ated assumptions are based on histori￿1 experien(x and othw factors Ihal are considered to be ielevant. Aclual resujls may differ fr¢￿ these estimales. The esliinales and underlying assumptions a￿ reviewed on an ongoing basis. Revisions lo accounting estimales are recogni5ed in the period in which the ests.male is revised where the revision affecls only that period. or in the period ol ihe revision and future penods where the revision affects both current and lutufe periods. Donatlons and legacles Unrestricted Restricted funds funds Total UnrestTicted funds Reslrided lunds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Grants 15.765 15.765 35.668 10,981 263 12,0 11.244 12.000 35.668 15,765 35.668 51.433 10,981 12,263 23,244 Income from charftable activltles Unrestrlcted funds 2024 Unrestrlcted funds 2023 Income from Charitsble attlvitles Othei income 16- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other trddlng actlvlt108 Unrestricted Unreslrlcted funds lunds 2024 2023 Parking meter and sundry income Victoria tunnel museum Renlal iDGome 32.130 157.407 84.754 40.970 137.630 91.008 Other trading activrties 274.291 269.608 Incom• from Investments Unro8triGted Unrestricted funds funds 2024 2023 Interesl receivable 1,179 211 Raising fvnds Total Total 2024 2023 Tradin sls Support ¢osts 8,505 6.962 6.962 17- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charltable acllvltfes Conservallo Con8ervatlo nand nand Horitsgo Heritage 2024 2023 Direct costs Depreciation and impairmenl Insurance Light and heal Repairs and renewals Printing and 51ationery Pholocopier costs Direct charitable costs Sundr*s Bank charges Evenls Catering 29,366 7,562 13,670 4.882 2.585 1,672 28.294 9,148 9,737 32,266 1.327 13.841 6,873 7,120 6.191 1.739 1,908 29.394 6,971 5.862 20.649 1.688 140.$09 102.234 Share ol support and govemance costs {sae nots 91 Support Governance 195,380 8.731 174.244 21,187 344.63J 297,665 Anatysis by lund Unreslrided funds Restricted funds 2SMI,170 54,450 267,195 30,470 344.620 297,665 18- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support cost8 allocaled lo aellvltles 2024 2023 Staff costs Rates atKJ Water Repair and Renewals Training and Conference Bank Loan Intefesi Subscripiit)n rr Costs Governance costs 180.427 2.IXI2 3.663 1.62Q 14.729 162.106 1,826 9.026 105 979 7.164 21.187 8,731 212.616 202,393 Analysed between: Fundraising Conser4alion Heritage 8,505 204.111 6,962 195,431 212,618 202.393 2024 Z023 Governance costs comprlsé: Audit fees Legal and professional 4,123 4,608 4.070 17.117 8.731 21,187 10 Net movomont In funds 2024 2023 The net movement in funds is stated after chargingl(credib'ng): Fee5 payable for the audil of the tharivs financial State￿￿nIS Depreciation of cAvned tangible fixed assets Loss on disposal of tangible fixed assets 4.123 29.366 844 4,070 13.841 1,632 11 Trustees None of the Iruslees {or any persons Comected wilh them ￿￿[Ve￿ any remvneration or benefits from the charity during the year. Trustees, expenses During the year ended 31st Marth 2024 and 31st March 2023 no expenses were reimbursed to the Irustees of Ihe Charity, 19- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Employ•e8 The average monthty nurnber of employees durrng Ihe year vrns.. 2024 Number 2023 Numbtsr Administrati¢Jn Charitable activrties Total Employment eosts 2024 2023 Wage5 arKI salaries Social security costs Other pensi¢)n cosls 157.580 9.188 13,659 144.382 7.867 9,857 180,427 162,106 Amounts paid to key managemenl personnel in the year lotslled £67.48512023.' £58.973) The number of em￿oYeeS whose ann￿1 remuneration was more than £60.000 is as follows. 2024 Number 2023 Number £60.OOD - £70.(M]O 13 Othor Unrestricted Unrestrfctod funds lunds 2024 2023 Net los$ on th'sp05al ol tsryible r￿ed assets 844 1,632 1,632 OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Gains and losses on Inveslments Unrestricted Unrestricted funds funds 2024 2023 Gainsl(kisses) arising on: Revaluation ol investsnent propert*s 148,767 15 Taxation The charity is exempt from taxation on its aclivth.es because al its incoffE is appbed for charitable purposes. 16 Tangible fixed assets Fr•ohold land Flxtur•s and and buildings fittin95 Total Co$t Al 1 April 2023 Additions Disp058ls Transfer to investment property 668,315 388.635 42.781 31.439 (1.241) 711.096 420,074 (1.2411 (239,0001 {239,0ts)1 Al 31 March 2024 817.950 72.979 890.929 Depreciation and impairw*nt At l April 2023 Oepreciation c*afged in the year Eliminaled in respect of disposals Transfer to inveslmenl property 37,533 16.359 29,300 13.007 (3971 66.833 29.366 (3971 (12,767) (12,767) Al 31 March 2024 41.725 41,910 83.035 Carrylng amount At 31 March 2024 776.825 31.069 807,894 Al 31 March 2023 630.782 13,481 644,263 Freehold property Was fevalued by Ihe trustees on an open markel basis at 31 March 2017, The tTUStee$ took inlo acxount rental Y￿d5 in the area in forniing thew valuati￿. -21- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Inve¥lmpnt property 2024 Falr vilu• Al 1 Aprd 2023 Transfers frcffi owner-ocCu￿.ed property Nel gains OT losses through faw ¥alue adjuTAments 620,t)00 226,233 148.767 Al 31 March 2024 995.000 Subsequent i￿￿rOvement work undertaken on inveslmenl property has been induded al cost. The Lime Slreel Warehouse Flats reVe￿l0nary interest has been included al a value of £1. The trusl also owns a riversmje wallThvay in the Lower Ouseburn Valley for the enjoyment of the general public. This has not been valued in the accounls gwen difficutties ￿ eslablishing a market value, as is peimitled by the SORP. 2024 2023 Freehold 995.000 620.000 11 Stocks 2024 2023 Raw materials and a￿sU￿able5 1.455 1.935 19 Debtor• 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepaymènts and acewed incon 13.648 11,169 427 16,362 7.319 20.967 27,958 -22- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 20 Loans and overdrafts 2024 2023 Bank loans 300.247 Payable within one year Payable after one year 7,2 T33.047 The I0￿-lerrn loans are secured ty f￿ed aKI 1k)alM￿ charges over 51, 53. 55 & 57 Lime Street The loan is repayable over 10 years interest is rjwged at 3.8% per annum above the Bank of England Bank Rate. 21 Creditors: amounts falling due within onè year 2024 2023 Notes Bank bans Other taxalion and swal security Trade creditors Other creditOTS Aecruals and deferred income 20 7,200 3.326 12.841 56,492 4,000 6,774 32,001 55.368 67.268 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 20 293.047 23 Retirement benefit schemes 2024 2023 Defined Gontributlon scheTh8 Chargè lo profrt or loss in respect of defined conlrilxrtion schemes 13,859 9.857 The charity opefates a defined conlributs'on pension Scheme for all quali￿.ng ern￿oYeeS. The assels of the sch6me are held separalely from Ik#>se of the charrty in an independenlly administered fund. -23- oty*tu) InpOOO ￿￿00 L OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Unrèstrlcted fund¥ The unfestricted funds of the charity comprise the unexpended balances of donalions and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aside out of unrestricted fund5 by the trustees lor specific purposes. At 1 ApTII 2023 Incoming resources Resources axpended Transfers Galns and At 31 March losses 2024 Capital Reserve Development Reserve General Reserves 1263.171 (28,969) 119,678 148.767 1,502.647 {50.0(X)) 100.397 291.899 (270.5YJ) {63.838) 57,908 1.413.568 291.899 (299.519) 5.840 148,767 1,560,555 Prevloug year: At 1 Aprll 2022 Incoming Resourc•g resources oxpended Trnnsfer5 Galns and At 31 March losses 2023 Capital Reserve Development Reserve General funds 1,149.335 89.949 {13.233) 37.1211 1.263,171 50.OCM) 212.956 50,000 100,397 191,752 (262.556) {41.755) 1.412.291 281.701 {275,789) {4.635) 1.413.568 Analysis of n•t assots between lunds Unrestrlcted funds 2024 Rpstricted fund8 2024 Totsl 2024 At 31 March 2024: Tangible assets Investmenl properties Current asse1￿(lIabIlitle5) Long lertn liabilit￿S 807,894 995.000 50,708 (293.047) 807,894 995.000 58,213 (293,047) 7.505 1.$60.555 7.505 1,568,060 -27- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 26 Anatysis of net as80ts between funds (Contlnugd) Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Investment propertles Currenl asset51(liats'lits'es) 644.263 620,(XX) 149,305 644.263 620.000 181,432 32,127 1.413,568 32.127 1.445.695 Related paty transa¢llons There were no disclosable related paty transadx)ns thr¥¥g the year (2023- none). 28 Legal status of the trust The Tru51 is a company limited by guaranlee and has no share capital. In the everTI of the cknarily being wound up. the Itabilrty in respecl of the guarantee is limited lo £1 per member ol the Ghaflty. -28-