Company No: 05947391 Charity No: 1119426 Osbaldeston Trust IA Registered Charity and Company Limited by Guarantee) Report and Financial Statements For The Year Ended 31 December 2020 mha MOORE & SMALLEY
OSBALDESTON TRUST CONTENTS Page Charity details Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the accounts
OSBALDESTON TRUST CHARITY DETAILS Trustees: R Atkinson R G Gates C F Marsden Rev M Sawle K Williamson Secretary.. Rev M Sawle Registered office: Richard House 9 Winckley Square Preston PR1 3HP Charity number: 1119426 Independont examiner: Nicola Mason FCA, DChA MHA Moore and Smalley Chartered Accountants Richard House 9 Winckley Square Preston PR1 3HP
OSBALDESTON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present their report and financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI 'Accounling and Reporting by Charities. IFRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordan with the accounting policies set out in notes to the accounts and comply with the charity s goveming document, the Charities Act 2011 and Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Structure, Govemance and Management Governing document The charity originated from the will of John Osbaldeston dated 26 November 1665, in which a bequest of £500 was made which was required lo be invested for the yearly relief and maintenance of the poor of the township of Leyland. The company was incorporated on 26 September 2006 and is governed by a Memorandum and Articles of Association. Recruitment and appointment of new trustees Training and instruction is provided for new trustees by means of meetings with the current trustees and discussions with regard to responsibilities and produre$. After the resignation of any sole d1clOr appointed for incotporation purposes only. the nLJmber of directors musl not be less than three, but lunless otherwise determined by ordinary resolulionl are not subject to any maximum. The charity may only appoint new directors by ordinary resolution. At the first annual general meeting all the directors had to tIre and be re-elected, and al subsequent annual meetings one-third of the directors must reti and are eligible for reappointment. Objects, Activities and Public Benefit Objgcts The objects of the charity are.. To relieve either generally or individually persons resident in Leyland and the surrounding area who are in conditions of need, hardship or distress by the provision of housing, accommodation, and related benefits calculated lo reduce the need, hardship or distress of such persons. Activities The charity owns 12 12019". 121 almshouses and is a member of the Almshouse Association. The trustees have had due gard lo guidance published by the Charity Commission on public benefit. Achievements andperformance All properties continue to be fvlly occupied exp1 ft)r periods of transition. The Trust will endeavour to keep all properties fully occupied. The Trust will continue to rebuild a healthy level of reserves for any future refurbishment work which may be quired.
OSBALDESTON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Financial Review and Future Plans The statement of financial activities is on page 5. Out of the £1,213,775 12019.. £1,192,255) unreslricled funds, there is a surplus of £166,275 12019. £144,755) on free reserves. Free reserves excludes the fixed assets and bank loan to fund the enhancements lo the propety. The trustees wish lo hold enough reserves to cover 12 months running costs which equates lo approximately £30,000. The surplus funds will be used to build a healthy reserve for any future refurbishment work. vid1 The Trustees remain mindful of possible financial pressures on the Trust as a result of the Covid 19 crisis and have concluded that there is no significant going COnM risk. This report was approved by the trustees and authorised for issue on 28 May 2021 and signed on their behalf by.. K Williamson - Trustee
OSBALDESTON TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OSBALDESTON TRUST I report to the charity trustees on My examination of the accounts of the charitable company for the year ended 31 December 2020 which are set out on pages 5 10 12. Responslbllltles and basls of report As the charity trustees of the charitable company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the accounts of the Charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for Independent examination, I report in respect of my examination of your charitable company's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confimi that no mallers have come lo my allenlion in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act., or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. 2410612021 Dale.. Nicola Mason FCA. DChA MHA Moore and Smalley Chartered Accounlanls Richard House Winckley Square Preston PR13HP
OSBALDESTON TRUST STATEMENT OF FINANCIAL ACTIVITIES IINCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted general funds Total funds 2020 Total funds 2019 Incomo from: Note Charitable activities Investments- bank interest 47.749 1,015 47,749 1,015 46,407 400 Total income 48.764 48.764 46,807 Expendlture on: Charitable a¢tivilie5 Other- loss on sale of fixed asset 27,244 27,244 34,434 11,688 Total expenditure 27,244 27,244 46,122 Net income 21.520 21.520 685 Other recognised losses Loss on revalution of fixed assets 149,7861 Net movement in funds 21.520 21,520 149,1011 Reconciliation of funds: Total funds brought forward al 1 January 2020 1 192,255 1 192 255 1241 356 Total funds carried forward at 31 December 2020 1,213,775 1,213,775 1, 192,255 All of the above amounts relate lo continuing activities.
OSBALDESTON TRUST BALANCE SHEET 2020 2019 Note Fixed assets Tangible assets 1.047.500 1,047,500 Current assets Cash at bank and in hand Debtors 165,859 2,050 143,522 2,855 Credltors: amounts falllng due wlthln one year 11,6341 1,622 Net current assets 166,275 144,755 Net assets 1.213.775 1,192,255 Represented by.. Unreslricled general funds 1.213.775 1,192,255 Total funds 1213 775 1 192,255 AS AT 31 DECEMBER 2020 For the year ending 31 December 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Trustees. responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476,. and the Iruslees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts were approved and aulhorised for issue by the trustees on 28 May 2021 and are signed on th.eir beh.alf by.. K Williamson - Trustee Company Number: 05947391 The notes on pages 7 10 12 form part of these financial stalemenls.
OSBALDESTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies The trust Is a registered charity, established under the last will of John Osbaldeston dated 26 November 1665. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are on page 1. The charity conslilutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of loland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Aceounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial ststemenls are set out below. These policies have been consislenlly applied to all years presented unless othemise stsled. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. The Trustees remain mindful of possible financial pressures on the Trust as a result of the Covid- 19 crisis and have concluded that there is no significant going concern risk. The budgeted income and expenditure is sufficient with the level of reserves for the charity lo be able to continue as a going COnM. Incomlng resources All incoming reSoUrS are included in the Statement of Financial Activities when the charity is legally enlilled lo the income and the amount can be quantified with reasonable accuracy. Grants reslricled by the terms of the grantor are shown under reslricled funds. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Irrecoverable VAT is included with the net costs. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consistent with use of the resources. Tangible fixed assets and depreciation Tangible fixed assets costing more than £1,000 are capilalised and Included al cost including any incidental expenses of acquisition. Depreciation has not been charged on freehold buildings as the trustees consider the estimated residual value of the propety lo be a significant proportion of the book value, SLJch that the depreciation would be immaterial. The estimated residual value is expected to be high due lo the charity's policy of maintaining the property such that physical deteriorab'on does not occur and the cost5 of such maintenance are charged in the year of incidence. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged lo the Statement of Financial Acb'vities.
OSBALDESTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies {continugd) Tangible fixed assets and depreciation Properties whose fair value can be measured reliably are held under the revaluation model and are carried al a revalued amount, being their fair value at the dale of valuation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. The fair value of the land and buildings is usually considered to be their market value. In accordance with the requirements of FRS 102, revaluations are carried out with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determine using fair value at the end of the reporting period. Revaluation gains and losses are recognised in the Statement of Financial Activities. Impairment of assets At each reporting period end date, the charity reviews the carying amounts of its tangible and assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted lo their present value using a pre-tax discount rale that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than ils carrying amount, the carying amount of the asset is dUCed to ils recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Activities Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted fvnds that have been sel aside by the Iruslees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Financial instruments Financial instruments Sre classified and accounted for, according to the Substan of the contoclual arongement, as either financial assets or financial liabilities. Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the Iruslees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the vIsion affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
OSBALDESTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Judgements and key sources of estlmatlon uncertalnty {contlnued) Key sources of estimation uncertainty The eslimales and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Valuation of property As described in note 6 to the financial statements, investment properties are ststed at fair value based on the valuation perfomied by a Chartered Surveryor and RICS Registered Valuer dated 1 November 2019. This has been calculated by his knowledge and experience in property vlues in the Lancashire and North Wesl area. Income resources from charitable activities Unrestricted general funds Total funds 2020 Total funds 2019 maintenan income 47,749 47.749 46.407 Prior year charitsble activities income is in relation lo unrestricted general funds.
OSBALDESTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Expenditure Unrestricted general funds Total funds 2020 Total funds 2019 Administration Legal & Professional fees Telephone Council Tax Insurance Gas and electricity Independent examination Other accountancy fees Book keeping fees Sundry Donations paid Loan interest payable Mileage Lifeline maintenance and monitoring Repairs and maintenan Loss on sale of property 290 290 70 1,854 180 84 3,878 266 942 143 800 245 180 180 3.326 3.326 990 468 1.000 90 1.000 990 468 1.000 90 1.000 419 120 2,021 23,412 11,688 46,122 100 1.952 17.848 100 1,952 17,848 27.244 27.244 Re-valuation of properties 49,786 27,244 27,244 95,908 Prior year charitsble activities expenditure is in relation to unrestricted general funds. Operatlng proflt 2020 2019 Net income is slated after charging". Independent examinab.on fee (exclusive of VATI Other accountancy fees (exclusive of VATI Loss on sale of tangible fixed assets 825 785 119 11,688 -10-
OSBALDESTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Tangible fixed assets- used by Charty Freehold land and buildings Total Cost Al 1 January 2020 Additions Disposals Revaluation 1.047.500 1.047.500 At 31 December 2020 1.047.500 1.047.500 Depreciation Al 1 January 2020 Charge for the year Eliminated on disposals Eliminated on revaluation At 31 December 2020 Net book value At 31 December 2020 1,047,500 1,047,500 Al 31 Dember2Ol9 1,047,500 1,047,500 There were no disposals of almhouses during the year. There were no revaluations during the year. Revaluations will take place on all Almhouses once every 5 years. Debtors 2020 2019 Prepayments and accrued income 2,050 2,855 2,050 2,855
OSBALDESTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Creditors: amounts falling due within one year 2020 2019 Accrued charges Sundry creditors 990 680 1,634 1,622 Trustees remuneration and expenses No remuneration or expenses have been paid to the board of Iruslees. 10 Related party transactions There were no related party transactions in the current or previous year. 11 Fund reconciliation and anatysis of net assets between funds All funds in 2020 and 2019 relate lo general ull slricted funds. -12-