Charlty reglstratlon nUffl￿r 1081657 (England and Wales) Company rnglstrntlon number 03147853 OUSEBURN TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 OUSEBURN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru8t•o• Mr J D Bdland MrA Slack Mr P Mufphy Mr D Kni9hl Ms A M Graham Ms K Parkins Mr S M Dexler Mr C C Danc8r (Appointed 18 July 2024) (Appolnted 18 Juty 2024) Charlty number (England and Wal•s) 1081657 Company numbor 03147853 Reglster•d offi 51 Lime Street Ouseburn Vdley Newcastle upon Tyne arKI Wear NE12PQ Auditor Robson Laidler Acuxmtsnts knmrted Femwocmj Htxjse Fern4￿0d Road Jesmond N￿lcas￿e upon Ty T￿8 and Wear Er¥Jland NE2 1TJ Bankgrs UW Trust Bank The Unty Trust Bank Nine Brindley Place 8irmiTrJham 812HB OUSEBURN TRUST CONTENTS Page Tnstees, report IndeperKlent a￿lIOr'S reFKYl 8-10 ststement of financial aclivilies Balance sheel 13 Noles to the fin&cial statements 14-27 OUSEBURN TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees pr&8enl theK annual rewt and financial slatements lor year ended 31 March 2025. The truslees who are also directors of the charity for the purposes ol the Companies AGI 2006. pr￿ent Iheir report with the financial slalements of the chanty for t1￿ year onded 31 March 2025. Tha ffinancial slalements have been prepa￿d in accordance with the accounting polici88 set I￿1 in note 1 to the financial stalements comply wilh Ihe ch8rily'S articles of association, the Companies Act 21x16 and 'Accounting and Repotts'ng by Charilles: Slalement of Reccmmended Practice applicable to chariknes preparing thwr ac(￿nts in aCC￿rdanCe with Ihe Financial Reporting Standard applicable in the UK arffl Republic of IrelarKI {FRS 1021" (eff8cliv8 1 January 2019I- Objeclives and activiti•s As sel out in our obj'ects in the artides of 83sociation (updated 7th J￿Y 2011) as fofk)ws'. Th6 promotim for Ihe publ￿ benefit of urt)an or rural regefteral￿n in areas of s(thl or economic deprivation {8nd In particular Ihe Lower Ousebum Vauey, tKxmded by the River Tyne to soulh. w&r4￿Ck St to the north, Newinglon Rd, Elizabeth St, Metro line ar¥J disused railway line to the east and Crawhall Rd and Stoddart si to Ihe wesl) by all or any of the following means". i. the preseNation of bjildings and sites of histor￿ or arthllect￿al imF#Jtsnce li. the creation of tralning and employrnenl opp￿nitieS by the w0visi￿ of workspace, Lmjildings. andlor land for use on favourable temis iii. Ihe maintenance, improvem8nt or provksion of public anieni iv. the protection and conservation of Ihe environment v, the advancemenl of education. training or relraining, pafftulaty among unenWoye(I peopkn. and providing unernployed people with work experience vi. the provtsion of housing for those who are in C(Y￿￿.0nS of r*ed and the improvement ol housiThJ in tho public sector or in charitable ownership provtded tr￿t such power not exterKJ lo relieving any local authorities or olher statutory bodies of a stslutory duty ￿ provide or im[￿0Ve housing vii. the PFovision of reCreat￿n facilities for the public at large or lkne by ￿asOn ol th8ir youth, age, infimiity or disablement. p)vety or social and ecorn)mic circumslances. have need of suth facilities viii. thè promotion ol wblic safety and Ihe prevenllon ol cTlme ix_ the relief of poverty x. the reliet of unemploymenl xi. for s￿h other charitable purrM)ses as t1￿ Twslees in their absolutB dis￿lI0n see fit from tirne lo time Values: 118lm51o undertske a wide range of 8ctivrt*s that delv¥er these objects based M strr>ng organisational values: Collaborative AcGounlable Innovative Bold Resprectful Focus of our work.. The Trust works closely with an extensive range of stakeholders. including Newcastle City Coundl, to regenerat@ this historic pari of eenlral Newcastle wilh the inlention of creating a dlveise aThl economically successful 'urban village thal has a strong emphasis on the arts and creativ8 industry sectors. The Trust has a comprehenslve propety portfolio of ils own that generates income for the Trusl, in additi￿ it underlakes a number of community facing actsvitie5 ihat SUPPOrt increased convnunty engagement al￿ participalion. OUSEBURN TRUST TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Publlc bonofft: The Iruslees have paid due regard to wdance issued ty the Charity CommissM)n in deciding wh21 activities the chatity should undertake. Public benefit is achieved by undert8kiTrJ 8 wide f8nge of adivit*8. During the18St year ￿ Tru81 has been involved in: 061iv8rlng 8 ￿￿189& progr8mme. drawiTYJ ￿ Ihe Trusl's assets such as archive materials, oral lrystories, votunteerirrfJ, Victoria Tunnel Iwrs. pubkations, heritage walks & tslks. Maximising the I￿sebUrn Trusfs inlelthlLFal and physical assets in or(ler lo create a viable and suslainable organisatson. Encourdgin9 enterprise and SupwY￿"n9 enlrepreneurial behaviw inlemally and externally lo improve the business and arts cluster tI￿l is emerging within t1￿ Ousetyjm Valley. . Increasing the amount of communty participalbon arnj InfluencxrKJ the kK81 regen8ration proc85S through more active voljjnleering and berter quality participation in the local govemance process. The purpose belng to increase lh& amounl of social and e￿nOMiC capilal gen8raled in the Ousebum Valley. - Provlding inlom)ation and resourcAs the k)cal community. - Acting a8 a trusted intermediary WKI of advice people wantsvJ to find out more about the area and working with others l(1 incrèase the n￿bar of ¥isIt￿$ and 8eNices to those who want to visit tho valley. - Simultaneously it has worked to mainlain effecttve int8mal govemance and internal efficiencies thTr)ugh a process tjf conlinuous Improvement. Achlevements and perfofmance Significant aclivities The Ousebum Trvsl focuses on the unique built and social heritage of Newcastle's Lowor Ousebum Valley. and more recontly has extended Ihat Iws lo the natural heritage ol the place. This is a designated con5eNation area with a long and varied hislory and is particu18rly noted as being integral to Ihe story of Tyi)eside's Induslfial past. Our adivity is a mix of income generating aclivity from our tenancies and wblic facing activity. and our rde as shaper and inlluencer of the sensitsve regeneration of place we seek lo protect and celebrate. Through engagement with people who live. and SWKI their leisure lime in the Ousebum we seek to shape the future through the lollowing themes: Planning and Development. ihe Natural Environment. Transport and Heri18ge. Posilive enhancemenls to the area in terms of the influence C>n new developn*ntS, 81ree.1scq)e Wnprovements, and pathways and green space are s￿nIficant and our reWrtaIM￿ as 8 credible force of good for the V8lley has 9rown, re&￿ts'n9 in stsonger relationships wilh stakeh￿derS. W8 remain driven by a clear d8sire th81 herilage aciivities in Ihe 8r68 should bg used as part of an over-arching stralogy to maintain what has become a thnvlng eentré lor ￿ltural activity in Neweastlo Tyne. Our herilage-focused actlvilies I￿lUde bringing al-nsk historic bulldlngs back Into long-18rm ¢ommunity and commercial use Ihrough carefulty considered redevelopment wÉlh clear communily benefil. Thls ensures Ihal the historic aesthetic of the conseNation area is mainlained. vthilst preventing inappropriate changes to ils inimitable atmosphere and tharacler. Key aspects of our social heritage res(MJrce are our incredibty rich p￿tc￿Jffaphic and or81 history archlves. These comprise a collection 0160,000 images taken by Davey Pearson. ten albums ol images taken by Richard 81osse. 3.OUO images tsken by the Twst and over frfty ￿)UrS of inlerview Tecordings. We endeavour lo fftaintsin, expand and inlerprot those valuable assets. largely through the efforts of our hentsge volunteers and heritage research volunteers, and we have begun lo deliver themed exhibilims in bocal venues lo promote our wo OUSEBURN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 8ack to nomial While the hcreased cost of livirvJ of recent years has I￿￿lled off thls year, demand lor lours, w0￿Spa￿ and workshop activity has fallen short of our projectmxts during th6 winter of 202415. This nmrrored the downtum in spend experienced k)cally by the retail and hospitakty se¢lor though il has recovered considerably in Ihe Spring sugg8sling thal it could be a wider trendla delayed reaction to Ihe rising cost of f(Kxl al￿ energy in part￿lar in recent years. Despite Ihis and thanks to better weather, Ihe F8sltval was once more a success ar￿ helped raise the profde ol the Tnjst as an organisalh)n c4Jmmitted to delivering an ongawg event conwmunity. To complele the conversion of 51 Lime Stieet. we used s(Yne of our reserves to ensure the space cO￿d d81iver on our ambilion. resulling in a small loss this year. What we have in return though is a fac6111y that ha5 lh8 capaclty to diversify our income as well as deliver m￿e opportunlties for enga9ing people in our wort(. Projects: 51 Limo Str•91 We moved in to 51 Lime Street at the begirfftrr¥J of summer 2024 and laU￿hEd a val￿ty of inlerim aclivity Such 89 Pop-ups and workshops to Showcase the space. We remain kèen to attract more tenants for th8 Mezzani￿ floor and the ctsworkfft9 ground floor and booki￿S for a variely of wmmur4ty uses in the atrium. Wè have delivered 2 exhibitions this yèar which visltors have enjoyed and tOW8fd the end of the year launched our shop showcasing Ihé work of a number of local art￿ts. 8efv4oen tours. workers and st￿pPerS the place is developing a real buu. Heritago Our Heritage prograffrfne continued to $90 SUCC8SS thrcwut this year. (he key are8 has been the signrficant expansion of our volunteeriryJ team. a5 we supported a hu9e cohort of new Heritage Research volunteers to help create a knowledge library, doeument forgotten stories and help us find ways lo share Ihern ￿th the publiG. Over 70 have registered interest belween Apnl and Decemter this year. and they have explored a range ol t0￿CS, including: WWII in OusÈburn. wcfking cc￿ditIOnS for wom8n in the irKJustrial revolutK¢n, the free party and rave scene in th8 1990s, the history ol Ousebum Farm, memories from Ouseburn School. and the changing nalure of Childh(￿)d in the Valley over tsme. We also SUPFK)rted 5 slLKlenl placemenls as part of this cohort. from both Northurnbria and NewKastle University. We have also Introduc￿ a new Support role for the Victoria Tunnel, allowing us to significanlly increase our Fxwl of volunteers and provide extra assistance for guides leading tour5. Flnally, we have SUPPK)rted another new Gohort, Exhibilion Research volunle8T5, to produce our fitst exhibition, Uses and Abuses,. The Ousetjurn Rlver, in 51 Llme Streel's atrium space. The exhibilhjn was funded by the Reece Foundation as part of the Ouse Bum Way fund. we we eTrJrmou51y proud of what our volunteers have managed lo achieve. We are excited fw the opportunities to delve into dtherent sides of the area's heTilage ID future exhibilions. In addilion lo our regul￿ Vthria Tunnel Guides. B8ck io the Futuie Guides and Brewery Tour Guides. Ihis represenls hundreds of hour5 of voluntggring Ihrough¢yJt the year. We want to gNe a heartfelt thanks to all who h8ve generously donated their timo to support ihe hentage prograrnme in 2024 and 2025. Heritage Open Days look place between the 6th-151h of September. In additi￿ to our popular Victoria Tunn81 Taster Tours, this year we were successful in our aptAication to be part ol the National Twsl's New Wave scheme.. a youth engagemenl project that takes a small cohort of festival organisers through structured training focused on workirva with young adulis to develop new. innovalive Heritsge Open Days events. We received a small pot ol funding to enable us to co-prodvce an event with 18-25 year okls. and worked with a young artist named Amy Jowett to deslgn 'From Mo to You and Back Again". a stamp colleding walk inspired by imagery froTh the photography archives. We have had knvo further external￿ IwKJed this year. In September 2024. the Pilgrim Trust funded an investsgalive archeok)gical survey of the Ificloria Tunn&l lo dgtermffie whether the Ofiginal railway fixings are slbll there. The survey idenknfied parallel metallic Irends through the tunnel consistenl with whal would be expecled for exlafii rail tracks. We aro l¢)oking inlo what the next 5tep5 might be lo expose Ihe tracks ar￿ revilalise the tours - in the fvst instance. this will includo funding a lesl pil excavation sur¥ey with the pe[mirAK￿ ol Histonc England. OUSEBURN TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 In hAarch 2025, we were awarded a ScopiNJ Grant from the Nal1cM￿l Archives - Itds will see an Arthivist Visit us on site in Juty 2025 to go Ihrough CAJT t*bOtographic and oral hislory materials arKi give us practical advice as to nexl steps for slorage. accossibilily and longevity of our collection. We are pleased that the significance of the Trust's ￿)￿81 ￿"st￿Y maienals has been reco9nised in this way. The Victoria Tunn81 has conlinued to Ilourish ihanks lo the passion and dedication of our brilliant team of volunteer Victoria Tunnel Guides this year ihey have hosted and dewgned multiple laster tour days. Christmas, and Hallowoen events. We posted an open c811 out for gigs this year and were overwhèlmed with over 200 responsas: this has allowed us to massivety diversify the programming of the Sounds of the Undergfound event series, with omedy gigs. spoken word and short plays featuring this year as well as our more usual musical performances. Vlciofia Tunnel vlsiior numbers were $lgnificanlly down Ihis year when compared lo 2023-24, at 12.6 thousand. However, this is in keeping with wider trÉnds in the sector armj retlècts cost ol livirvJ incfeases in the pasl few year5. WB will be continuiry to mwwlor nunknrs into next yew, The Herltage SulhGroup has been m P￿tse this year for restructuring but be reluming in 2025 with Tnore of 3 focus on supportsng research aThJ developing links wth other heritage projects in the a￿8. We afe eurrently recnJiting a chaiT lor the group. Instead, Ihis year we have been working with a number of local Stakeholders an interest in Ballast Hills to 9alher opinions, thoughts, and objections lo the future of the site. Flnally, the Trust's rnllection of photography - c8plured by Richard Blosse and Davey Pearson - wero featU￿d in Ihe Slepney Vveslern exhibilion al Newcaslle Conlemporary Art Gallery in March 2025, alongside photographs from the Ambers ide's collections. T￿S was a fantast￿ opwrtunily for Iho collecti￿S lo be viewed alorrJside regionally and nalionally important images, aThJ w8 hope lo C￿1￿K)e to d8vekJp engagement with the ￿￿lectionS into next year. Envlronment We have had a very produc11￿ and varied year In ￿Se1x￿n'S green spaees. Our fantastic grow of volunteers have consistenty wxjrted our regular Gfeen Team sessK)ns - keoping fooipalh$ ac￿SSible, rpmoving litter. Caring for planted beds armj rnanaging shfubs and woodland. We have also welcomed a large number of business groups {many repeal visilorsl who have given a significant amount of lime. as well as equipment and funds, and with whom we have been able to promote the work ol the Twst and the Vallgy as a whole. We are aiming to grow our leam of lead volunteer5 10 iT￿reaSe our capacity. and to work more with health and wellbeing serviGes this year. Environment Group u)nlinues to meel seasonalty to shwe ￿forMa￿.0D, discuss ¢ssues and ideas. and ￿an for the future. We have g&)d representalion at these sessions. from k)cal residonts. businesses and Ofganisalions. wildlile 5pecialisls ar¥J regional bodies. Our oxternally funded projects have induded.. Newcastle's Nature Nefv40rks {DEFRAs Species Survival Fund} - wo￿ng wilh a range of local and regional partneis. we have carried out interventtons to irry)rovg local grassland and wo(MJland habilats. and to monitor change over time. Community Compostmg and Brownfield Gardening (Newcasde Building SOC￿lY3 Communrty Fund) - erKJ8gin9 Wth local businesses lo tum Ioc811y produced waste inlo nutriti￿ts compost f(Y our planled beds, as well as creatirvJ new beds m collatM)ration with local resKJents. Next year we VAI continue work on woodland management. Impro￿ng the water¢rxJrse, waste management, signage & inlerprelallon and improvir4J spaces (such as Ballast Hills) for people and for 4Mldlife. The City Council are supporting us in Ihis work And are assisting us in reachiry an agreement M land management. We have established landscape manag￿Trefit C£￿traCts bolh Upper arKI Lower Steenbergs Yard. We ccH)rdinalè activiti8s wilh resmjents, which provides extra resources, strenglhens relabonships. and allows us to conS￿er himl Ihvse doorstep spaces connect inlo the wider environment. OUSEBURN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 We have built valuable relati(￿shIpS with Tyne Rivorn Trust, Natural Hlstory s￿Iety ol Northumbrla. Ouseburn Catchmenl Working Group. Northumbria Univepsity, Reece F￿ndatiOn aThl Tyne Housing, as well as rnaintainin9 many local connectK)ns. We've worked Closely wilh Wild Intngue on Wild ous0￿M proiecl. bonefitling from the growing underslandlng of nature tn the area. adaptirrfJ management practices lo rBsped thls 8nd developiry new projects to proteci and enhance Ihe incredible diverstty that we have, Wild Roots Communty Garden is going from strength lo strength, with the site wo11 eslablished, a 9rowing number of volunteers and plans for forest schocA activit￿S and a crealfrve environmenlal reoythng prq'ect. We cA)nlinug 10 act as accountable b(tyJy for Ihem as they work lowafds charitable status. Property, Busln8ss & Enterprise: Following oui move to 51 Lime Street. we have let 55 knme Street to S(xa Sludso and rn0￿ recently18unched our own shop in 51. providlng a signlficant retail destination for shoppers of independent and locally produced goods. Xsile have moved on from Arth 6 at the end of the year, and we a￿ in dis¢ussion with a new tenant looking lo move in very soon. We have continued lo manage commercial BrKI cc#nmunily tenants ¥Jentifying opportunities for improvements to the properti8s arKI investJn8nl in 86eurily, fire safety. and ongoi1￿ m8inlen8nce. Part of the rivorside walkway is owned by the Twst and 18 used extenslvely by visitors and resldents. It prcjvides 8 haven for wildlife. an opportunity to study the area from a ditferenl perspective and a traffic-free ioule le8ding from the heari of the valley towards th8 River Tyne. The car P8fk loss ol income has been adtressed throu￿ inlroduclion of new sKJnage in thne with our new brand boosting income ovemtht. Incrna¥lng tho amount of communlty engagement and pJrtkipatlon: The Trust continues to provKle support lo Stepney Bank Slables by charging a reduced rent. which is designed to support their commitment to delivering 50¢ial value through their wotk. Tho trusl retains a reversIc￿lary interest in the firsl and second flcrf)rs ol the Sl8enberg's property. this is occupied by tv￿ Registered S¢xial Landords, Home Housing and Tyne Housiro AssociatKJn. vtho are only charged a pepperc(xn rent lor the 22 flats they OCCLPY. Ow websrte and sooal media thannds have bew revised together with our rebrand which has been very well received across the board. allowing us lo remain aclive and prominent in the comnwnity and to ￿MmunICate our evolvlng offers prc4e¢ts, generate ￿Corne. and effectively reach and target new more diverse audiences. Aetlng as a soureè for quality infomiatlon and advlco: MovirKJ our oflice and tunnel tour base to a more wbllc facing prew15es has enabled the TNsl to perlomi fftore effeclively as a Iwation for providing local infofmabon and reSoLK￿. and Ihe theMe￿rOUPs with a trus on Planning and CIBvelopmenl and Transpcyt in p8rticular. operate a forum wilhin which 0￿ community ol inler8$t C8n engdge in key topics and innuence wts'cy. We have used the website to raise money for crowdfunding schemes. and for adding value lo consultab'ons we conducl in person, working with Icral attraclbns to help shape it into a resowce for driving trafSc to the nght place for visitors so they can acquire the 1nform8ts.on they require more eaS￿y. Our Ouseburn Valley e-New5 pubficalion continues lo ad as an imF#)rtanl source of iFrformation about what is happening in and around the Ousebum Valley. We coukl nol do what we do without Ihe dodicaled help and support of our volunteers. for whom we arp fjxtremety gfateful. OUSEBURN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achlevement and perfornianc6 The financial position for the year shows a deficit the ye¥ 01 £14.970 (2024. Surplus £122,365) includlng income and expenditure in Tespect of restricted fiJfKls. The TTUStees consider the ffina￿al posrtK)n to be sati51actory. The 808n1 remains wglI￿1 and dosely MoTh￿S financial perf0m￿nCe and oper8tKJnal actsvty on a regular ba8iS through 6 bi monthly Boaid meeting5 and 4 Financ4 Group meetings. Flnanclal review Principal lundlng sourcos How fiftan￿ has helped to deliver the ¢hanlable o*'ects: The Tw$t relies on a mlx of Income lo dellver its obfrectsves. This comes from Pfopgrty rt Imis, projects it manages, and granl ftjndlng sUpr￿rt. The Trust is proud to no longer be ￿lIant on 9rant funding bul makes applications lo launth new initiatives or athj value to existw work. ReseThes policy The charily held at the end ol the peri(*X £1,553,090 (2024.. £1,568.060) in reser4*es of which £35,727 (2024.- £7.505) was in re5PeCt of restricted lunds and £l,517.363 (2024.. £1.560,555l in respect of unre5trided funds. Unreslricted funds Mdude the buildings atThl property the charty owns in the OUset￿M area. At tho year-end. thè properties were valued at £1.863,524 {2024: £1.812.950). excluding depreaation. Free reSe￿e$, excluding res6Nes used for fixed assèts, designated or restricted Pufposes amounted lo a deficit of £22.91912024 , surplus £57.908) at Ihe end of Ihe year. Golng concern As at 31st M8rch 2025 the charity has a Sufplus of assets of £1,517.363. The deficit pOS￿"0n of free reseNes at the year end was as a result of large investment cauied out. ￿lch since Ihe completion the charity is starting on re￿UpIng this deficit. Based upon these faclc¥5, the Iruslees cons#Jer it appropriate lo prepare the acGoEJnts on the going Co￿￿M basis. structure, governance arKI management The company was incorporated on 18 Janvary 1996. it is limited by guarantee and is govemed by its memorandum and articles of ass(Kialion. wtwth were revised on 7 July 2011. The oL)mpany is a Regislered Charity - number 1081657.11 oblained Charilable slalu8 on 20 Jlty 2CIXI. The Trust concluded its independent revlew of ils governan￿ whith was ratsfied al the AGM in July, 2022, adopting new art￿leS which introduced a maXin￿M lomi of office for Iwstees of 9 y8ar8'. This rn￿ht then explain to some degree the followirKJ list contain￿9 quile a fow roswwtions. The Irust89s. who are akn the dlrectors for the wrpo86 of company law. and who served durlng th& year and up to the dale of slgnature of the fin8nclal statements were.. Dr M Giesen (Restgned 18 Juty 2024) Mr D Cross (Resigned 18 July 2024> Mr J D Bolland Mrs S Bright MrA Slack Mr P Murphy Mr D Knight MSA M Graham Ms K Parkins Mr S M Dexler Mr C C Dancer (Resigned 11 Fe￿ary 2025) (Appoinled 18 July 20241 (l￿pOinted 18 July 20241 OUSEBURN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ro¢ruitmonl and appolntm•nl of now trust•ès Dlreclors are appointed at the Annual General Meeling. Directors may also bè ctropted by the Board In which case they are required to stand for election at the next Annual General Meeting. Organisational stwclur• The tharity is managed by a committee ol up 10 12 trustees drawn from wllhin the Trusf5 mernbef5hip. Dlrectors retire by rotation on a Ihree•ye8r basis. The Board ts responsible for overall stralegy and policy, organisalional health and management of fisk. It meets bi-monthly and assesses adu81 perforrnaT￿ &Jainsl forKasl. Since ￿ C￿vergenCe with Ouseburn Futures in 2017. Ihe governance structure hes been altered to operato In addition to the Board Ihrough suwroups with thematic f(xusas ￿Ctt as PlannirKJ and Development, Environmenl and Transport and Hefilag8. Membership of the Sub-groups is c()￿ to any Board mertw. residenL anployee of the Valley or anyone wrth an nterest in place. Those with specific interests 8re encouraged lo parbW810. These groups provide an opportunity fLY people wilh spec4alist skills or experErts to INJ the TtusL Induction and tralnlng of new trustees New Trustees Under￿ke a formal indUC￿n vh)en they are apwlnted. Thèy are provid8d with a role description. Charities comm￿10n disclaimer afKI regstrab'on dfKumenls. a ¢￿*pY of Ihe lalesl accounis and the up to dale rinancial p06ition ol tho Trust. tho late31 annual repx)rt the risk regi5t8T. details of the history of the Trust and a list of the property owned by the Trusl. They are also shown a map of the area. a meetings schedule, and also one lo one meeting$ are held wilh the Trust manager, Chair and head of internal sub group. A pack is given containin9 Trust policies and procedures aThJ a fcThiard business plan. TV￿ way questK)ns are encourdged. Slatemont of trustéès. r•sponsibiliti•s The truslees. who 8re also the directors of Ousebum Trust lor the purFrf)se of company law. are responsible lor preparing the Trustees. Report and the financial statements In accordance wilh applicable law and United Kingdorn AcGounling Standards ne year Ére not amortised. Debt inslruments ￿ subse¢wenUy carried at amortised cost, using lh8 8ff8clwe interest rale method. Trade credit￿S are obligalions to pay lor goods or sep11￿8 ihal have been acquired in the ordinary course of operations from suppliers. Amounts payable are dasSif￿￿ as currenl liabili1￿S if Payment is due within one year or less. If not. they are wesented as non-CUfTent I￿bilrt￿s. Trade creditors are recognised initially al transaction price ar¥J 8ubsequentty moasured at amorti58d cosl using the 8ffectiv8 interest method. Derecognltlon ol flnanclal Ilabllltles Financial liabilities are defecognised when the dwily's conlraciua cknlwJ8tM)ns expire or are discharged or cancelled, 1.12 Taxatlon As a charity. the company is exempl from tax ￿ income a￿1 gains to the extent that these are appled to its charttable objects. No lax char9es have arison in the tharily 1.13 Retirement benèflts Payments to defined contribution retirernenl benefil schemes are charged a5 an expense as they fall due. 1.14 Prgparation of consolidated finanG•al statpmgnts The financial slatements contain information about Ousebum Trusl as an individual company and do not contain wnsolKJaled financial infomalM)n as the parent ol a group. The company has taken Ihe option under Section 402 01 the Comp8nies Acl 2006 to prep8re consolidated finanual $18lemenls as the company's substdiaries are consbdereé to be immaterial. 1.1 S Deblors Trade deblofs are recognised at the settlement amount due after any trade discounl offered. Prepaymenls are* valued at the amount prepaid after account of any traje disco￿lS due. 16- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting poli¢i•s Icontlnued 1.16 Credllors and provlslons Creditors and provisions are recognisgd where chanty has a present obligation resulting from a past evenl that will probably restht in the transfer of funds to a third party aTrJ the amount due lo settlè tho obligation c8n be measured ry esllmated reliably. Credrtors and W￿￿S1On$ a￿ ncrnlly recognised al their senlemenl amounl after albvltyng for any trade discounts due. Crltlc81 aeeountlnq estlmatos and ludgements In the application of the ch8TiVs accountirvJ policies. the truslees are required to make judgements, pslimates and assumptions about the carrylng amount of assets and liabilrties that are nol readdy appargnt from olher Sources. The estimates and associated assumptK)ns are based on historical experience and other fact(xs thal are ￿nSIdered to be relevant. Acwal We$￿tS may differ frorn tss8 e$tMnates. The estKnales and urKlertying aSsUmpt￿S are reviewed M an on￿r￿j basls. Revi$ltxs lo aC￿untIng estimates are recognised in the pencrfl in which Ihe eslimale is revised where the revision affects ￿lY thal period, or In the perKMI of the revisicx) and futwe tRrirxls *l)ere ts reWSk￿ aftects both curreiil and fulure periods. Donatlons and legacles Unrèstrfeted Restrictod funds funds Total Unrestricted lunds Restricted lunds Total 2025 2025 2025 2024 2024 2024 DonatKtyns gffts Grants 8.136 8.136 89.955 15.765 15.765 35.668 81,955 35,668 16,136 81,955 98,091 15.765 35,668 51.433 Inc(HI￿ from charltsble activllles Unreslrlcted Unrestrlcted funds funds 2025 2024 Income from Charilabl• 8¢tlvltl•s Other incc#n8 946 664 17- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from other tradlng actlvltles Unrostrictod Unrostrictod fundg fund¥ 2025 2024 Parking meter and surKJry income Sponsorshi)s VIGtoria Tunnel Museum R8ntal Inc 47,752 5.900 147.982 103.522 32,130 157.407 84.754 Other Irading 8Ctiwties 305.156 274,291 Incom• from Investments Unrostrict•d Unr•Btrict•d funds funds 2025 2024 Interest receivable 1,179 Expenditure on raislng funds Unreslrlcled Unrestrletèd funds funds 2025 2024 Tradlng costs Purchases Rental property repairs Support costs 1,109 2.079 10.299 8,505 13,487 8,505 18- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expondllur• on charllabl• adlvHI•8 Consgrvatio Consèrvatlo nand nand Herltage Herftage 2025 2024 Dlrect costs Oopreciation ar￿ iThyairmpnt Insurance Light and heal Repairs and renewal8 Printing and stationery Pholocopier costs Direct charitable Gosts Sundries Bank ch8rg08 Events Caterlng Consultancy fees 24,564 8,811 6,237 3,108 6.215 1.131 24.121 14.764 9.382 32.725 1,138 26.766 29,366 7,562 13,670 4.882 2,585 1,672 28.294 9.148 9.737 32.266 1,327 158,962 140,509 Sharo of 8UPPOrt and governanc• costs {s8fj notg 9) Support Govern8nce 235.469 11.705 195,380 8.731 406,136 344,620 Analysis by fund Unrestricted funds ReslriGted fvnds 352,403 53,733 290,170 54,450 406.136 344.62Q 19- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to actlvltles 2025 2024 Staff costs Rates and water Repair 2nd renewals Training and conference Bank loan inter8St Subscription Governance costs 208.597 2.477 5.347 1.337 26,916 1.094 11,705 180.427 2,002 3,663 1,620 14,729 1.444 8.731 257,473 212,616 Analysed between: Fundraising Conservalion and Hwitage 10,299 247,174 8,505 204.111 257,473 212,616 2025 2024 Governaneo costs compr18•: Audit fees Legal and pYOfessi￿aI 4.398 7,307 4.123 4,608 11,705 8,731 10 Nat mov•ment In funds 2025 2024 The net movement in funds is ststed after thar￿￿{1%edllIng). Fees payabl8 for the audil of the tharity's fin8rKial ststements Depreciation ol owned tangible fixed asse15 Lojs on disposal of tangible fixed asse18 4,398 24.564 4,123 29,366 844 11 Trusl•8s None of the Irustees (or any pef50ns c(￿￿￿led ￿ Ihem received any remuneration or benefiis frorn the charity during the year. Trust6es' expenses Duting the year ended 31st March 2025 and 31st Marth 2024 rKb exper￿5 were reimbursed to the trustees ol the charity. OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Employoe$ The average monthty number of employees year was: 2025 Number 2024 Number Administration Charitable activit*s Total Employment costs 2025 2024 Wages and salaries Social security ¢osts Olher pension costs 184.679 11.503 12.415 157,580 9.188 13.659 208.597 180.427 Amounts paid lo key management persomel, induding enwloyers Nl and pension contrlbutlons. in the y88r tolalled £76.(K)5 (2024: £74.808} The number of employees whose arnual remuneration w8S nM)re th8n £60.000 18 ￿ fd*)w3: 2025 Number 2024 Nurnber £60,001- £70,000 £70.001- £80,000 13 Other Total Unrestrictod funds 2025 2024 Nel loss on disposal of ta￿&)1e fixed assets 844 21 OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Galns and loss•s on Investmonts Unrestricted Unrestricled funds funds 2025 2024 Galnsl(losses) arising on: Revahjation of investn*nt woperties 148.767 15 Taxatlon The chanly is exempt frcm laxalton on its acbvities because all ils income is appl￿ for charitable purposes. 16 Tongiblo fix•d a¥$et¥ Frn•lwld hnd Flxlurns and and bulldlng fittln T￿•1 Cost Al 1 April 2024 Addltlons 817.950 50.574 72,978 4.888 89),928 55.462 At 31 March 2025 868,524 77.866 946.390 Depfeclatlon and lrnpalfment Al 1 April 2024 Depreciation charged wi the year 41.125 17,370 41.910 7.194 83.035 24.564 Al 31 March 2025 58.495 49.104 107.599 Carrylng amount At 31 March 2025 810.029 28.762 838.791 At 31 March 2024 776,82S 31.069 807.894 Froehokl property Was revalued by the Iruslees on an open market basis al 31 March 2017. The Iruslees took inkj accour)t ￿ntaI yidds in the area in f(fftiing th81r valuat#)n. 17 Inveslmont property 2025 Fair valuo Al 1 AprS12024 and 31 March 2025 995,000 Subsequent improveThnl work undertaken on in¥estmenl wcoerty has been included at cost. The Lime Slreet Warehouse Flats reversM)nary interest ha5 been wKluded at a value of £1. The trust also owns a riverside walkway in the Lower Ousebum Valley for the enjoyment of the general public. This has nol been valued in the acwunts given difficullie5 in establishirvJ a market valLse, as is permittfjd by the SORP. OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Investment prowrty {Contlnuod 2025 2024 Freehold 995.000 a5,000 18 Slock$ 2025 2024 R8w malen8ls consumables 1.159 1.455 19 Debtors 2025 2024 Amount$ talllng due wlthln one year: Trade deblor$ Prepayments and accrued income 7.419 40,415 13,648 7,319 47,834 20.967 20 Loans and overdrnft¥ 2025 2024 Bank IDans 325,510 300,247 Payable wthin one year Payable after Me year 11,558 313,952 7.200 293.047 Loans am￿nting lo £293.510 (2024 '. £3LX).2471 are 8KuT8d by fflxed aThJ floats"rvJ chargas over $1, 53, 55 & 57 Lime Slreel. The is repayable over 10 yews and Int￿e$l is tharged at 3.8% per annum above the Bank of England Bank Rale. Other loans, under t￿ Growth GuaranleB Scheme, are repayable over 6 yearn. 23- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Creditors: amounts falling duo within on• y•ar 2025 2024 Notes Bank klans Olher taxation and social swity Trade creditors Accruals arKJ deferred Income 11.558 3.598 27,757 25,005 7.200 3.326 12.841 32.001 67,918 55.368 22 Creditors: amounts falllng due after n￿re than one year 2025 2024 Notes Bank loans 313,952 293,047 23 Rotlremont bonefit schemes 2025 2024 l)efined contrlbulion s¢heme5 Charge to profit or Soss in resped of derM￿d contribulim schemes 12,415 13,659 The charity operates a defined ContribulK￿ pension scheme for all qualifying employees. The as5et5 of the scheme are hdd separatpty from ttK>se of the in ￿ lndeFvwJ￿￿Y administered fijnd. -24- OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Restrlcted funds The reslrtcted funds of the charily conyrise the unexpended b81ances of (knnations aid granls held on trusl subject lo specific conditions by donors as to how they may be used. Movem•nt in funds Incoming R•x)urce• rè5011rc oxp•nd•d 31 M•rth 2025 Balanc• at l April 2024 Ousebum Festival Greener Ousebum Proifjct Defibrillator Drive Wild Roots Fund ComFKJSting Fu￿1 National TTUSt Training Programme National Trust Herit89& Progr8mm8 Rivers Exhibition FUTr Energy Effidency Fund 3,D32 2,321 392 760 31,787 (20.2271 14,592 2.321 392 1.500 3.988 4.545 4.923 (3.805) (935) (1,000) (200) {800) 126,766) 39.700 12.934 7.505 81.955 153.733) 35,727 Restricted funds of the charity ar8 Separately idenlifieij on receipt and relate to SF)ecific Pfgeds for which funding was applied. Th8 lunds can ￿lY be experthd on the speufic projects. A Wil of the resthctsd funds between separate projects can be Seen alx)ve. Ouseburn Festlval Fundlng awarded towards Ihe cosis of IK)Id1￿ a summer festival in (￿sebU￿. Grèen•r Ousébum Project Funding received towa￿5 woodland planters and ￿jkeep ol the Vthd Roots Community G8fden. Deflbrlllator Drlv Funding towards defibrillatots on Lir1￿ StreeL ild Roo1¥ Fund Thls fundiNJ w8s Io Sup￿ Wild Roots cr￿m￿nIty Gwthn. OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Restrlctod funds Icontinvgd) Compostlng Fund Funding towards a new communty compM)sting Stati1￿ and IransfomHtion of 4 brownfiekj sites in the are8 for the benefit of wildlife and the community. Natlonal Trust Tralnlng Programme Funding received towards a tralning programme to deliver a wojeci with a group of 1&25 y8ar olds as part ol the Herilage Open Days Festival. National Truit Horitage Programmo Funding iowafds a heritage open Oay. Rlvern Exhlbltlon Fund Funding towards holding the River ExhibitN)n. Enorgy Efflcl•ncy Fund Funding to undertake a feasibility st￿ to identrfy energy effKiency improvements. 25 Unr8strlclod funds The unrestricted lunds of the Cl￿ritY compw the unexper¥Jed balarKes of donations and grants whKh are not subject to specific conditions by donixs and granlors as to how Ihey may be use(l. These include d¢s￿nated funds whith have been sel a￿de oul of unrestrKted funds by the trustees spe￿riC purposes. At 1 April 2024 Incomlng Resources resource8 oxponded Transfers Galns and At 31 March 108808 2025 Capilal Reserve General Reserves 1,502,647 62.199 (24.564) 1,540,282 57,908 260.499 1341.326) (22,919> 1,560.565 322,698 1365,890) 1,517,363 Pr•vlou8 year: At l Aprll 2023 Incomlng resources Ro8ources expended Tran8f8rn Galns and At 31 March losses 2024 Capital Reserve Oevek)pmenl Reserve General Reserves 1263,171 (28.969 119,678 148,767 1.502,647 (50.(YJ)I 100.397 291.899 (270.5501 (63.8381 57,908 1.413,568 291.899 {299,5191 5,840 148,767 1.560,555 OUSEBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 26 Analy818 of n•t assets betwoon fvnds Unrestricted ftsnds 2025 Re8trf¢t•d funds 2025 Total 2025 Al 31 March 2025: Tangible assets Investment properties Current asset51{liabilities) Long tem) liabihties 836.315 995.000 2.476 838.791 995,000 33,251 (313.952) 33.251 (313,952) 1.517,363 35,727 1,553.090 Unre8trl¢tod funds 2024 Rèstrlcted funds 2024 Total 2024 At 31 March 2024: Tangibl8 assets Invostment prrjporlies Cu￿ent assplsllliabilllies) Long term liabililies 807.894 995,CK 50,708 {293,0471 807.894 995,000 58,213 (293,0471 7.505 1.560.555 7.505 1.568.060 27 Related party transactlons There were no disclosable related pty transactK)ns durlrrfj the (2024 - none). 28 Legal 5talus of lh• trust The Trust 15 a company Ilmlted by guaranlee 8nd has no share Ggpital. In the event ol the charity being wound up, the liability In resp8d of tho gu8ranlee is lirnrted to £1 per mernber of the charty. -27-