COMPANY REGISTRATION NUMBER: 03483852 CHARITY REGISTRATION NUMBER: 1087444 OSBORNE PARTNERSHIP Company Limited by Guarantee Financial Statements 31 March 2024 BRINDLEY GOLDSTEIN LIMITED Chartered accountants & statutory auditor 103 High Slreet Waltham Cross Herts EN8 7AN
OSBORNE PARTNERSHIP Company Limlted by Guarantee Flnancial Statements Year ènded 31 March 2024 Page Trustees, annual report {incorporating the directorfs report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) Statemenl of financial position 12 13 Statement of cash flows 14 Notes lo the financial statements 15
OSBORNE PARTNERSHIP Company Limltsd by Guarantee Trustees, Annual Report (Incorporating the Directovs Report) Year ended 31 March 2024 The trust88s, who are also the directors for the puq)oses of company law, present their report and the financial statements of the charity for the year 8nded 31 March 2024. Roference and administrntlve detalls Registered charlty name OSBORNE PARTNERSHIP Charlty reglstratlon number 1087444 Company roglstratlon number 03483852 Prlnclpal offl¢e and reglstered The Osbome Centre offlco Osborne Square Dagenham Essex RM9 5BE The tru8tee8 Mrs. S. Apps Mrs. J. A. Downs Mr. J. Heley Mr. T. Wade Mrs.J. Handley Mrs.K. Day Mrs.S. Wade Company secretary S. Delaney Audltor Brindley Gold51ein Limited Chartered accountsnts & slatutory audrtor 103 High Street Waltham Cross Herts EN8 7AN Banko LLoyds TSB The Green Stanford-Le-Hope Essex SS17 OER Solicltors Mullis & Peake Marshalls Chambers Romfoid Essex RM1 1QS
OSBORNE PARTNERSHIP Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (¢ontlnu¢dJ Year ended 31 March 2024 Stru¢tur8. gov8rnance and management Introduction Osborne Partnership is 8 company limited by guarantee and charity based in the heart of the London Borough of Barking & Dagenham and viorking with adults with learning disabilities (we call them our Partners) in a progressive and exciting day support and learning centre al Osborne Square. Dagenham. Osborne Partnership principally draws its Partners from Barking & Dagenham but also supports people from the London Boroughs of Havenng. Redbridge, and Newham we can also support peopte from the London Borough of Waltham Forest. We support our Partners by working wrth them in a modern-day centre setting and acro88 a number of different service ar8as. Our services have been designed wilh Partners to support them to gain invaluable life skills, develop new skills, encourage independence and empowermenl. and build self-confidence and selfosteem. Our main aims are to support people with learning disabilities to.. Galn externally accredited qualifications. non-accr8dited in-house certificates, and work experience. Gain new Social and life skills to fulfil personal development goals. Encourage progress along a pathway which fulfils èach Partner's potential. Raise the proflle of and highlight the contribution Ihal people with learning disabilrties make to Iheir local community Engender community cohesion In an area of high deprivation and disadvantage. We work with a range of external stakeholders to support our Partner progression pathways Into volunteering andlor paid employment routes Organisations Include Local 8uthorit$ Voluntary seclor organisations Pnvate buslnesses Legal Structure Osbome Partnership is a charilable company havino gained registered charitable status on the 10th July 2001 (Charity No 1087444)and following on from our incorporation on 19th December 1997 as Gompany limited by guarantee (Company No. 3483852) Mlsslon Statement Osborne Partnership aims to provide meaningful activities whh develop sustainable skblls, encourage independence, build self-oonfidence and self-esteem thereby empowering ils Partn•rs to lead fijllilled lives. Our Vislon To be recognised as one of the leading providers of accredited and non.accredrted vocational training and support for people with learning disabilities or other related disadvanlaged groups To develop, in consultation with Partners. a comprehensive and varied rarKJe of sustainable programmes whh provide meaningful activities Strap Line . "Making a positive difference to people's lives"
OSBORNE PARTNERSHIP Company Llmltod by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2024 Chair of the Board of Trustees Mrs Janet Handley was duly elected as the Chair of the Board of Trustees on the 19th December 2022. Company Secretary Mr Steven Delaney, Chief Executive. was duly appointed as Company Secretary on the 19th December 2022 with no voting rights. Senlor Manag6m•nt Team The following positions make up the lotalty of the senior management team. Chief Executive Finance & HR Manager Operations Manager {Qu81ity & lrnprovement) Operations Manager (Partner Welfare & Support) The SMT is currentty led by Mr. Steven Delaney. Chief Executive. Informatlon, Advlcg & Guldance IIAG IAG is absolutely at the heart of, and core to our service provision across the board. As our core objectives are to support and progress our Partners personal, social, independent living and practical skills, it is imperative that we work with Partners within our services lo ensure that we are providing the best possible IAG that enables them to progress their skills attainment and work towards reaching their stated goals at Osborne Partnership. That is why we believe it's so important to ensure that Ihe IAG we offer is accredited by MATRIX. They are a national accreditation kitemark for IAG and measure against a number of standards of delivery. Osborne Partnership was successfully reaccredited by the Matrix Standard in December 2023 and Ihis runs until October 2026.
OSBORNE PARTNERSHIP Company Limited by Guarantee Trust86s' Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2024 ObJecllves and activ1e$ lil Relief of hardship for people in the local communrty who have a learning disability. physical disabilty. mental health problem or other related disadvantaged groups Illl The advancernenl of education for the same gfOUPS of people detailed in "object li)" 8bove. (iii) The development of the capacty and skills of socially andl or economic8lly disadvantaged m8mb8rs of the local communty In Barking & Dagenham and neighbouring boroughs in such a way that they are better able to identty. and help meet. their needs and to participate more fully in society.
OSBORNE PARTNERSHIP Company Llmlted by Guarantee Trust888' Annual Report Ilncorporating the Directo¢s Report> fcontlnuéd) Year ended 31 March 2024 Achlovements and pèrformance Key Headllne8 & Achlevement8 {Aprll 2023 - end Pllarch 2024) The following represents some of the key achievements for Ihe year. Deliv8r8d 172 placements weekly lo end March 2024. Delivered services to a total of 60 Partners. Mainlained existing 5 key Service areas, namely.. o Horticulture Service o TOP Tea-Room Service o Arts, Crafts & Performing Arts Service o TOP Sludio Service o TOP Recycling Service & Shop Completed preparation work for the introduction of 8 new ICT SeNice. Continued to maintain Infection controls post COVID. Maintained staffing levels with 8 total staffing complement of 24 combining Full Time & Part Time workers. Staffing to Partner ratio continues as 1..3 on 3 days per week and 1..4 Iwo days per week. 3 Partners left Osborne Partnership in year and 5 Partners were new joiners. 11 Partners attended average of 2 excutsions weekly (cycling, swimming, sports arena, etc). Held 4 Partner Council meetings over the period 2023 . 24. Textiles Collection service - 46 weekly collections over the course of 2023 - 24. Held 4 'themed' parties lor Partners over the year. Maint81ned 5 Volunteers over the period but two others left in 2023 - 24. staff completed suite of training courses (33 specialist areas) ranging from Mentsl Capacity Act. Safeguarding Vulnerable Adulls, Managing Behaviours that Change, Person Centred Care, and Food Hygiene loo name but a few. Selected staff (one from each Service) enrolled onto a new teaching course IL3) to raise standards in service delivery. Held the organisations first dedicated Staff Development Day for training and quality purposes. Implemented a new organisational database (Storii) across all serrfices. Successfully secured and implemented new Partner contracts. Successfully gained reaccreditation lo the Matrix Standard. Produced and delivered over 1.000 hot meals to disadvantaged adults as part of the London Borough of Barking & Dagenham (LBBD) approach to the cost-of-living crisis. Successfully held two fundraising events. For a more comprehensive report on outcomes and achievements then pl8asa see our Annu81 Impact Report 2023 - 24. Copies can be obtained on demand al info@osbomepartnership.org
OSBORNE PARTNERSHIP Company Limited by Guarantee Trustses, Annual Report (Incorporating the Director's Report) (¢onllnu8dl Year 8ndad 31 March 2024 Flnanclal revlew Income and expenditure is reviewed at each trustee meeling. SeNice increases and staff salary increases ar8 discussed annualy The charity has seen an increase in lunds in the year for the period 0110412023 - 3110312024 with a small sutplus of £1.205 . Investment Pollcy The Osborne Partnership retains a prudent amount in reserves each year and the majority of the harrty's funds are spént in the short tem The board of trustees have reviewed investment options available lo them and have approved a plan to expand Its seNices and site footprint by acquiring new premises and ulilising an agreed level of financial SerVeS to facilitate thi5 process. To date no firm proposal on a new site has been formalised Reserves Pollcy The Truslees have ost8blished a pollcy whereby the UnreStrted funds not committed or invested in tangible fixed assets ('the free reserves,) held by the charity should be managed carefully and pwdenlly To this end. Truslees have approved a Financial Reserve Slralegy Allocations process that allocates lunds to legal obligations and investment headings and detailed as. Staff and welfare Costs- 6 to 9 months provision (350/0) Other costs - infrastructure. rent. utililies. elc (15%) Growth Investments - potential new site {15%1 Contingency - unforeseen co8t8 in relation to the above - 10% Unallocated funds - 259/0 Plans for future perlods See investment policy above Trustee$, Trspon81bllltles statement The Irustees. who are also directors for the purposes of company law, are responsible lor preparing the trustees. report and Ihe financial staleff*nts in accordance with applicable law and United Kingdom Accounting Standard8 {Unrted Kingdom Generally Accepted Accounting Praclice). Company law requires the charrty trustees to prepare financial statements lor éach year which give a true and fair view of the slate of affairs of the charitable company and Ihe incoming resources and application of resources. including the income and expenditure, for that period
OSBORNE PARTNERSHIP Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Directorfs Report) (continued) Year énded 31 March 2024 In preparing these financial statements, the truslees are required to- select suitable accounting policies and then apply them consistently: obsepie the methods and principles in the applicable Charities SORP- make judgments and accounling estimat88 that ar8 reasonable and prudent. prepare the financial st£lernents on the going concern basls unless rt Is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and axplain the charily's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensu that the financial statements comply with the Compantes Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking rep50n8ble steps for the prevention and detection of fraud and other irregularities. Audltor Each of the persons who is a trustee at the dale of approval of this report confirms that: so far as they a aware. there is no relevant audit information of which the charity's auditor is un8ware', and they have taken all steps that they ought10 have taken as a trustee to mak8 thamselves aware of any relevant audit infomalron and lo esiablish that the charity's auditor is aware of that information. The auditor 1$ deemed to have been re-appointed in accordance with section 487 of Ihe Companies Act 2006. Small company provl8ions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 8 October 2024 and signed on behalf of the board of trustees by.. Mrs.J. Handley Trustee
OSBORNE PARTNERSHIP Company Llmlted by Guarante8 Independent Audltorfs Report to tho Members of OSBORNE PARTNERSHIP Year ended 31 March 2024 Oplnlon We have audited the financial statements of OSBORNE PARTNERSHIP {the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and 8xpenditure account), statement of financial position. statement of cash flows and the related notes. Including a summary of signilicanl accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). lft our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resour$ and application of resources. including its Income and expenditure, for Ihe year then ended: h8ve been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice: have been prepared In accordance with the requirements of the Companie8 Act 2006. Basls for opinion We Gonducted our audit in accordanc8 with Intern8tional Standards on Auditing {UK) (ISAS (UK)) and applicable 18w Our responsibilities under those standards are lurther described in the audrtor's responsibilrties for the audit of the financial statemenls section of our report. We aT8 independent of the charity in accordance with the elhical req uirem8nts that are relevant lo our audit of the financial statements in the UK, including Ihe FRC'8 Elhlcal Standard, and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audit evidence we have ¢Jbtained is sufficient and 8ppropriale lo provide a basis for our opinion. Conclus5ons relatlng to golng concern In auditing the financial statements, we have concluded that the truste8s' use of the going concem basis of accounting in the preparation of the financlal statemenis is appropriate. Based on the Vrk we have perfomied, we have not identrfied any material uncertainties relaling to events or condi1n5 that, indwidually or collectively, may cast significant doubt on the charity's abilty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue Our responsibilities and the responsibilities of the trustees wilh r8sp8cI to going concern are described In the relevant seclions of this report.
OSBORNE PARTNERSHIP Company Llmlted by Guarantee Independent Audotor's Raport to the Members of OSBORNE PARTNERSHIP fcontinu Year ended 31 March 2024 Other Information The other informalion comprises the infonnation included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomiation. Our opinion on th8 financial statements does not cover the other infomiation and, except to the extent otheie explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connaction with our audrt of the financial statement8, our responsibility is to read the other information and. in doing so. consid8r whether the other information is materially inconsislenl with the financial statements or our knowledg8 obtain8d in the audit or otherwise appears to be materially misstaled. If w8 identify such material inconsistencies or apparenl material misstatements, we are required to determine whether there is a material misstatement in the financial statements or malerial misslatement of the other information. If, based on the work we have performed. we conclude that th8re is a m8ierial misstatemanl of this other information, we are required to report Ihat fact. We have nothing to report in this regard. Oplnlons on othar matt•rs prescrlbod by tha Companles Act 2006 In our opinion, based on Ihe work undertaken in the course of lh& audit.. the infomation given in the trustees, report for the financial year for which the financial 8talemenls are prepared is consistent wilh the financial slalements: and the trust8e8' reF)Ort has been prepared in accordance with applicable legal requlrements. Matters on whlch we are requlred to report by ox¢eptlon In the light of the knowledge and understandino of the charity and Its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 quireS us to report to you rf, in our opinion: 8dequ8t8 8ccounting records have nol been kept, or returns adequate for our audii have not b88n received from branches not visited by us,. or the financl81 stateménts are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law a not made: or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic feport.
OSBORNE PARTNERSHIP Company Limitèd by Guarantee Independent Auditorfs Report to the Membars of OSBORNE PARTNERSHIP {conllnuod) Year ended 31 March 2024 Re$ponslbllltles of trustOO8 As exained more fully in the Irusteos, responsibilities Statement. the trustees (vh)o are also the directors for the purposes of company law) are responsible for the preparation of the financpl slatemenls and for being satl8fied that they give a true and fair view, and for such Inleinal control as the trustees detemiine is necessary to enable the preparation of financ•al statements Ihat are free from material mlsstatement, whether due to fraud or error. In preparing the financbal slatements, the trustees are responsible for 8SS8ssing th8 charty's ability to continue as a going Concern, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the truslees etther intend to hquKlate the charrty or lo cease operatlons, or have no realistic alternative but to do so Audltorfs responslbllltles for the audll of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are Iree from material misstatement, whether due to fraud or error. and to issue an auditor's report that ludes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wrth ISAS (UK) will always detect a material misstatement when il exists Misstat8m8nts can arise from fraud or error and are considered material if. Individually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements Irregularities. including fraud, are Inslan$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detecl material misstatements in respect of irregularities, including fraud The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. Idèntifying and testing journal entries and the overall accounting records. particularly those that were significant and unusual. Reviewing the financial statement disclosures and detemiining ether accounting policies h8V8 been appropriately applied. Assessing the extent of compliance, or lack of, with relevant laws and regulations Testing key revenue lines, for evidence of management bias Verification of key a55ets. Obtaining third.party confirmation of material balances. Docum8nling and verifying all significant related party balances and transactions, Reviewing documentation such as the company board minutes. correspondence with solicitors. for discussions of Irregularities including fraud As part of an audrt in accordance with ISAS (UK>. we exercise professional judgment and maintain professional scepticism throughout the audil. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those nsks. and obtain audit evidence thal Is sufficient and appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud Is higher Ihan for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of inteinal control. Obtain an understanding of internal control relevant to the audrt In order lo design audit procedures that are appropriate In the circumstances. but not for Ihe purpose of axpressing an opinion on the effectiveness of the intemal control 10
OSBORNE PARTNERSHIP Company Llmlted by Guarantee Independent Auditorfs Report to the Members of OSBORNE PARTNERSHIP fconllnuedj Year ended 31 March 2024 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the Iruslees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signifan1 doubt on the chariiy's ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorf8 report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evalu8te the overall presentation, structure and content of the financial st8lements, including the disclosures. and whether the financial statements represent th8 underlying transaclions and events in a manner that achieves fair presenlation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audil findings. including any significant deficiencies in internal control thai we identify during our audit. Use of our rnport Thi5 report is made solely to the charity's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has been undertaken so that we might state to the charity's membeTS those matters we are raquired 10 State to them in an auditorfs report and foi no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilf(y to enyone other than the charity and the charity's members as a body, for our audil work, for this report. or for the opinions we have formed. CHARLES GOLDSTEIN FCA (Senior Statutory Auditor) For and on behalf of Brindley Goldstein Limited Chart8red accountants & statutory auditor 103 High Street Waltham Cross Herts EN8 7AN 8 October 2024 11
OSBORNE PARTNERSHIP Company Limited by Guarantee statement of Financial Actlvltles (includlng Income and expendlture account> Year endèd 31 March 2024 2024 Llnrestricted funds Total funds T¢Xal funds 2023 Not• Income and endowments Donations and legacies Charitable aclivities Other trading activitles Investment income 2,389 33.206 780.940 15,245 831,780 2,389 33,206 780,940 15.245 8,427 18.670 713,110 4,575 Total Income 831,780 744.782 Expendlture Expendrture on charitable adlvitles Total expendltur• 9,10 830,575 830,576 830,675 738,214 830,575 738.214 Net Income and net movement in funds 1,205 1,205 6.568 Reconclllatlon of funds Total funds brought lOard Total fund8 carrled forward 971,885 971,885 965.317 973,090 973,090 971,885 The statement of financlal activities includes all galns and losses recognised In the year. All income and expenditura dèrive frc*n continuing activities. The notes on pago8 16 tr1 22 frjmi part of the80 flnancial slatements, 12
OSBORNE PARTNERSHIP Company Limited by Guarantee Statement of Financlal Posltion 31 March 2024 2024 2023 Nots Flxed assgts Tangible fixed assets 17 49,377 62,948 Current assets Debtors Cash at bank and In hand 18 122,534 897,673 1,020,107 72.704 981,040 1.053.744 Creditors: amounts falllng due wlthln one year Net currenl assets 19 80,389 121.426 939,718 932,318 Total a88ets less current liabllltles 989.095 995,268 Credltorn: amounts falllng due after mor• than one year 16,005 973,090 23,381 971,885 Net assets Funds of the charlty Unrestricted funds 973,090 973,090 971.885 Total charity funds 23 971,885 These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies. regime These financial statements were approved by the board of trustees and authorised for Issue on 8 October 2024, and are signed on behalf of the board by, Mrs.J. Handley Trustee The notes on pages 15 to 22 forn) part of Iheso financlal 8tst•ments. 13
OSBORNE PARTNERSHIP Company Limlted by Guarantee Statement of Cash Flows Yèar ended 31 March 2024 2024 2023 Cash flow8 from operating actlvltles Net income 1,205 6,588 Adjustments lor.. Deprecotion of tangible fixed assets Other interest receivable and similar Income Interest payable and similar charges Accrued 8xpensesllincome) Other operating cash flow adjustmenl 17,285 (15.245) 90 1,866 13.690 {4.5751 32 (15.060) 28,842 Changas in." Trade and other debtors Trade and other creditors (49,830) (42,9021 (87,532) (20.083) 76,238 Cash generated from oper811ons 85,652 Interesl paid Interest received (90) 15,245 132) 4.575 Net cash (used in)Ifrom operating activrties {72,377) 90,195 Cash flows from Investing aclivltles Purchase of tangible assets Net cash uséd in investing activiti88 (3,714) (3,714) 160,492) (60,492) Cash flows from flnanclng activities Payments of finance lease liabililies Nel Cash (used inyfrom financing aclivities (7,376) 17,376) 30,758 30,758 N•t (de¢reaselllncrease In cash and cash aqulvalents Cash and cash equivalents at beglnnlng of year Cash and cash equivalènts al end of year 183,467) 981,040 897,573 60,461 920.579 981,040 The notes on pages 15 to 22 fomi part of th88e flnanclal statements. 14
OSBORNE PARTNERSHIP Company Llmlted by Guarantee Not8s to the Financial Statements Year ended 31 March 2024 General Infomiatlon The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Osbome Centre, Osborne Square. Dagenham, Essex. RM9 58E. Statement of compliance These financial stat8ment$ have been prepared in compliance with FRS 102, Yhe Financial Reporting Slandard applicable in the UK and the Republic of Iland,, the Statement of Racommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland (FRS 102) {Charities SORP (FRS 102)) and the Companie8 Act 2006. Accountlng pollcles 8a818 of preparatlon The financial si8iements h8ve been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value Ihrough income or expendilure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgoments and k•y sources of estlmatlon uncertalnty There are no judgements and estimates. Fund accountlng Unrestricted funds arè available for use at the discretion of the truslees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes. restncted income funds or endowment funds.
OSBORNE PARTNERSHIP Company Limited by Guarantee Notes to the Flnancial Staternents {¢ontthu•d) Year ended 31 March 2024 Accountlng poli¢i•8 (contlnu•(l) Incomlng resources All incoming resources are included in the statem8nt of financial activities when entitlement has passed to the charity. it is probable that the economic benefits aSlated with the transaction will flow to the charity and the amount can be reliably m8asured The following specific policies are applied to particular catègories of income: income from donations or grants Is recognised when there is evidence of entitlement to Ihe gift, feceipt is probable and its amount can be measured reliably. legacy income Is recognised when receipt is probable and entitlement is established. Inc(me from donated g¢>Jds Is measured at the fair value of the goods unless this is Impractical lo measure reliably, in whlch case the value is derived from the cost to the donor or Ihe estimated resale value. Donated facilities and services are recognised In the a¢counts when recelved if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services Is recognised with the delivery of thé contracled service. This is classified as unreslricied funds unless there Is a contraclual requirement for it to be spent on a particular purpose and returned If unspent, in which case it may be regarded as restricled. Resources expended Expendrture is recognised on an aGGruals basis as a liabilrty is incurred Expendrture includes any VAT which cannot be fully recovered, and is classifwj under headings of Ihe statement of finanual aclivrties to which il relates: expenditure on raising funds includes the cosls ol all fundraising activities. events. non-ch8ritable trading aclivities, and the sale of donated goods. expenditure on charitable activities includes all costs Incurred by a charrty in undert8king activities that further its charitable aims for the benefrt of ils beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure Includes all expenditure that is nerther related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activity are allocated directly to that aclivity Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistenl basis. Tanglble assets Tangible assets are initially recorded at cost. and subsequently stated al cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalu8d amounts are recordéd at the fair value at the date of revaluation less any subsequent accumulated depreciatlon and subsequent accumulated impairment losses. 16
OSBORNE PARTNERSHIP Company Llmlted by Guarantee Notes to the Financial Statements (contlnuèd) Year ended 31 March 2024 Accounting pollcles (contlnuedj Tang5ble assets fcontlnued) An increase in the carrying amount of an assei as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairmenl that has previously been recognised as expenditure within the ststement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain. in which case the Ioss is shown within other recognised gains and losses on the statement of financial activities. Depr•clatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less ils residual value, over the useful economic lif& of that asset as follows.. Fixture6, Fittings & Equipment Motor Vehicles Computer Equipment 25% reduclng balance 25Vo reducing balance 33% reducing balance Impalmient of flxed assets A review for indicators of impaimienl 18 carried out at each reporting date, with the recoverable amount being estimaled where such indicators exist. Where the carrying value exceeds the rewverable amount, the assel is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testlng, when It Is not possible to estimate the recoverable amount of an individual 8sset, an estimate is made of the recoverable amount of the C8sh4J8neraling unit lo which the asset belongs. The cash-gener8ting unit is the smallest identifiable group of assets that includas Ihe asset and generates cash inflows that largely independent of the cash inflows from other a88els or groups of a3sets. For impairment testing of goodwill, the goothvill acquired in a business combination is, from the acquisition dale, allocated to each of the Cashenerating units that are expected 10 benefit from the synergies of the combination, irrespective of whether other assets oi liabilitles of the charity are assigned to thos8 units. Doflned contribution plans Contributions to defined contribulion plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset lo the extent that the prepayment will lead to a reduction in future payments or a Gash refund. When contributions are not expected lo be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee The company is limited by guarantee and has no share capital. Every member of the Company undertakes to contribute to the assets of the company, in the event of a winding up. such an amount as may be required not exceeding £1. 17
OSBORNE PARTNERSHIP Company Limited by Guarantee Notes to the Flnancial Statements l¢onthued) Year endad 31 March 2024 Donatlons and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donatlons General Donations & Fundrai&ng Receipts 2,389 2,389 8.427 8,427 Charltable activitles Unrestrited Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Partnerlstaff Income Kitchen Upgrade Income Provider Holding Income Other Income Osborne celebration8 7,761 7,761 15.000 15,000 13,122 10.776 1,547 13,122 10,776 1,547 33,206 2.068 1,602 2,068 1.602 33,206 18.670 18.670 Other trading actlvltles Unrestrlcted Total Fund8 Unrestrlcted Total Funds Funds 2024 Funds 2023 Trading income 780.940 780,940 713,110 713,110 Investment Sncomo Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest recetvable 15,245 15,245 4.575 4,575 Expendlture on charftable activities by fund type Unreslncted Total Funds Unrestricted Tolal Funds Funds 2024 Funds 2023 Support costs 830,575 830,575 738,214 738.214 18
OSBORNE PARTNERSHIP Company Llmltod by Guarantee Not8S to the Financlal Statements {¢on¢lnued) Year 8nded 31 March 2024 10. Expenditure on ¢harftsble act5vltles by activity type Support Total funds costs 2024 Total fund 2023 Support costs Governance costs 627,064 203,511 830.575 627.064 203,511 536,985 201.229 830.576 738,214 11. Analysis of support costs Analysis of support costs activity 1 Total 2024 Total 2023 Staff costs 627,064 627.064 536,984 12. Taxatlon As a charity Osbome Partnership Is exempt from tax on income and gains falllng within section 505 of the Taxes Act 1988 to tha éxtent that these are applied to its charitable objectives. No tax charges have arisen in the year. 13. Not Incoma Net income is slated after charginty(crediting).' 2024 2023 Oepreciaiion of tangible fixed assets 17,285 13,690 14. Audltors remuneratlon 2024 2023 Fees payable for the audit of the flnancial statements 6,500 8,820 16. Staff c08ts The lotal staff costs and employee benefits for the reporting period are analysed as folbws. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 571,981 42,853 12,230 627,064 488.245 37.149 11,591 536,985 19
OSBORNE PARTNERSHIP Company Limited by Guarantea Notss to the Financial Statements (¢ontlmMd) Year ended 31 March 2024 15. Staff costs (contlnuod) The average head ¢ounl of employees dunng the year was 24 (2023.. 211. The average number of full-time equivalent employees during the year Is analysed as follows.. 2024 No. 2023 No. Nnber of staff 21 No employee recewed employee benefrts of more than £60.000 during the year {2023. Nil). 16. Trustee remuneratlon and expenses The Charity Irustees were not paid or received any other benefrts from employment wlth the charliy in the year (2023. £nil) 17. Tanglble flxad ass•ts Fixtures arKI fi'tting8 Motor vehicles Equipment Total Cost At 1 April 2023 Additions 67.941 71,491 11.485 3,714 160.917 3,714 154,631 At 31 March 2024 67.941 71,491 15,199 Depreclation At 1 April 2023 Charge for the year At 31 March 2024 39,736 7.051 40.472 7.755 7,761 2,479 10,240 87,969 17,285 105,254 48.787 48,227 Carrylng amount At 31 March 2024 21,154 23.264 4,959 3,724 49,377 62.948 Al 31 March 2023 28,205 31.019 18. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 78,687 41,943 4,924 56.204 16.500 122,534 72.704 20
OSBORNE PARTNERSHIP Company Limited by Guarantee Notes to the Flnancial Statements fcontlnu4d) Year ended 31 March 2024 19. Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Obligations under finance leas8s and hire purchase contracts Income in advance Other creditors 11,216 37,294 16,245 7,377 7,539 35,429 8,619 7,377 60.000 2,462 9.258 80,389 121,426 20. Credltors: amounts lalllng due after more than one year 2024 2023 Obligations under finance leases and hire purchase contract8 16,005 23,381 21. Flnance l•a$•8 and hlre purchas• contracts The total future minimum lease payments under finance leases and hire purchase contracts are as lollows.. 2024 2023 Not later than 1 year Later than 1 year and not18ter than S years 7.377 16,006 23,382 7,377 23,381 30,758 22. Penslons and other post retirement beneflts Deflned Contrlbutlon plan8 The amount recognised in income or expendilure 88 an expense in relation to defined contribution plans was £12.230 {2023'. £11,591) 21
OSBORNE PARTNERSHIP Company Limited by Guarantee Notes to the Financial Statements fconlinued) Year ended 31 March 2024 23, Analysls of charftabl¢ funds Unr88trlcted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Unreslficted Funds 971,885 831.780 (830.575) 973,090 At 31 March 20 23 At 1 April 2022 Income Expendltuie Unrestricted Funds 965.317 744,782 {738.214) 971,885 24. Analysis of net assets between funds Unrestricled Total Fund$ Funds 2024 Tangible fixed assets Current assets Creditors less Ihan 1 year Creditors greater than 1 year Net asse18 49,377 1,020,107 {80.389) 116.005) 973,090 49,377 1,020,107 (80,389) (16,005) 973.090 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Credrtors 9ater than 1 yeer Net assets 62,948 62,948 1.053.744 1,053,744 (121 ,428) (121,4261 (23,381> (23.381) 971,885 971,885 26. Analysls of change5 In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash al bank and in hand Debt due within one year Debt due after one year 981,040 17,377) (23,381) 950,282 (83,467) 897,573 (7,377) 116,005) 874.191 7.376 (76.091)