OSBALDESTON TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Company registration number 05947391 (England and Wales) Charity registration number 1119426 (England and Wales)
OSBALDESTON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Gates Mr CF Marsden Mr M Sawle Mr K Williamson Secretary Mr M Savle Charlty number (England and Wales) 1119426 Company number 05947391 Reglstered offlce 7-9 Station Road Hesketh Bank Preston Lancashlre PR4 6SN Independent examlnor Champion TLL Limited 7-9 Station Road Heskelh Bank Preston Lancashire PR4 6SN
OSBALDESTON TRUST CONTENTS Page Trustees report Independent examiner's report Statement of financial activities Balance sheet Notes lo the financial statements 6-13
OSBALDESTON TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set oul in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Objectlves and actlvltles 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, accommodalion. and related benefits calculated to reduce the need, hardship or distress of such persons. The charity owns 13 (2023: 13) almshouses and is a member of the Almshouse Associatlon. The Irustees have had due regard to guidance published by the Charity Commission on public benefit. Publlc benefit The trustees have paid due regard to guidance Issued by the Charily Commission in deciding what actlvlties the charity should undertake. Achlevements and performance Significant aclivilies and achievemenls against objectives All properties continue to be fully occupied except for periods of transition. The Trust will endeavour to keep all properties fully occupled. The Trust will contlnue to rebuild a healthy level of reserves for any future refurbishment work 1¢h may be required. Flnanclal revlew The statement of financial activitles is on page 5. Out of the £1.481,803 (2023.. £1.282.585) unrestricted funds, there is a surplus of £111.303 (2023.. £96,347) of free reSee5. Free reserves excludes the fixed assets. The trustees wish to hold enough reserves to cover 12 months running costs which equates lo approximately £45,000. The surplus funds will be used to build a healhy reserve for any future refurbishment work or to purchase further properties. Reserves policy Rlsk Management The trustees have a duty to identify risks and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees actively review the major risks which the charily faces on a regular basis through regular meetlngs of the trustees which cover operational and financial reviews. The trustees also examine other operational and business risks which the trust face and confirm thal they have established systems to mitigate the significant risks. Inveslmenl policy Investment pollcy The trustees keep in review the funds of the charity and will ensure that investments are made which are in the best interests of the charity. structure, governance and management The charily originated from the will of John Osbaldeston dated 26 November 1665, in which a bequest of £500 was made which was required to 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.
OSBALDESTON TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also the directors for the purpose of company law, and who senfed during the year and up to the date of signature of the financial statements were= Mr RAlkinson (Resigned 9 May 2024) Mr R Gates Mr CF Marsden Mr M Sawle Mr K Williamson MrA W Atkinson (Resigned 9 May 2024) Recruitment and appointment of Irustees Training and instruction is provided for new trustees by means of meetings with the current trustees and discussions with regard to responsibiSities and procedures. After the resignalion of any sole director appointed for incorporation purposes only, the number of directors must not be less than three, bul (unless otherwise determined by ordinary resolution) are not subjecl to any maximum. The charity may only appoint new directors by ordinary resolution. At the first annual general meeting all the directors had to retire and be re-elected, and at subsequent annual meetings one-third of the directors must retire and are eligible for reappointment. The trustees report was approved by the Board of Trustees. Mr K Williamson Trustee
OSBALDESTON TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OSBALDESTON TRUST I report to the trustees on my examinalion of the financial statements of Osbaldeston Trust (the charity) for the year ended 31 December 2024. Responslbllltles and basls of report As the trustees of the charily (and also its directors for the purposes of company law), you are responsible for Ihe preparation of the financial statements in accordance with the requirements of the Companies Acl 2006. Having satisfied myself that the financial slatements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of Ihe charity's financial statements carried out under seclion 145 of the Charities Act 2011. In carrying out my examinalion I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. Independent examlner's statement I have completed my examinalion. I confirm that no matters have come to my attentlon in connection with the examinalion giving me cause to believe that in any material respect- accounting records were nol kept in respect of the charity as required by section 388 of the Companies Act 2006. the financial statements do not accord with those records., or the financial statements do not comply wilh the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financlal statements give a true and fair view, whlch is ncl a matter considered as part of an independent examination., or the financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Champlon TLL Llmlted P Bell ACCA 7-9 station Road Hesketh Bank Preston Lancashire PR4 6SN Date.. Oi
OSBALDESTON TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Unrestrlcted funds funds general deslgnated 2024 2024 Total Unrestrlcted Unrestrlcted funds funds general deslgnated 2023 2023 Total 2024 2023 Notes Income from.. Charitable activities Investments 57.822 2.617 57,822 2,617 49.326 2,016 49,326 2,016 Total Income 60,439 60,439 51,342 51,342 Expendltur8 on: Charitable activities 45,483 45,483 34.221 34,221 Total expendlture 45,483 45,483 34,221 34,221 Net gainsl(Ioss8s) on Investments 184,262 184.262 Net Income 14.956 184,262 199.218 17,121 17,121 Transfers between funds (138,738) 138.738 Net movement In funds 14,956 184.282 199,218 (121,617) 138,738 17,121 Reconclllatlon of funds: Fund balances at 1 January 2024 96.347 1,186,238 1.282.585 217,964 1,047,500 1,265.464 Fund balances at 31 December 2024 111,303 1,370,500 1,481,803 96,347 1,186,238 1,282,585 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
OSBALDESTON TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes FIx8d assets Tangible assets 11 1,370,500 1,186,238 Current assets Debtors Cash at bank and in hand 12 2,413 112,743 2,245 96,744 115.156 98.989 Credltors: amounts falllng due wlthln one year 13 (3.853) {2,642) Net current assets 111,303 96,347 Total assets less current Ilabllltles 1,481,803 1.282.585 Income funds Designated funds General unrestricted fund8 16 1.370,500 111.303 1,186,238 96,347 1.481,803 1,282,585 1,481,803 1,282.585 The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 December 2024. The dlrectors acknowledge their responsibilities for complying with the requlrements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not requlred the company to obtain an audit of its financial statements for the year in question In accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to Ihe small companies regime. The financial statements were approved by the Trustees on . Mr K Williamson Trustee Company reglstratlon number 05947391
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charlty Informatlon Osbaldeston Trust is a prlvate company limited by guarantee incorporated in England and Wales. The registered office is 7-9 Station Road. Hesketh Bank. Preston. Lancashire, PR4 6SN. 1.1 Accountlng convenllon The financial statements have been prepared in accordance with Ihe charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ("FRS 102°) and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charily. Monetary amounls in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historlcal cost convention. modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out b810w. 1.2 Golng concern At the lime of approving the financial stalements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trLLqtees continue to adopt the going concern basis of accounting in preparing the financlal statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the tTUStees in furtherance of their charitable objectives. Designated funds are general funds which have been set aside by the trustees for specific purposes. These can be designated and undesignated as required. Restricted funds are subject to specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restricted funds are set oul in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othepwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset.
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies (Contlnued 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in setllemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by aclivity. The costs of each activity are made up of the total of dir&t costs and shared costs, including support costs involved in undertaking each activity. Direcl costs attributable to a single activity are allocated directly to that activity. Shared costs which conlribule to more than one activity and support costs which are not atlribulable to a single aclivily are apportioned between those activities on a basis consistenl wilh the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble fSxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Freehold land and assets in the course of construction are not depreciated. The gain or loss arising on the disposal of an asset is determined as Ihe difference belween the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of flxed assets At each reporting end dale, the charity reviews the carrying amounts of ils tangible assets to determine whether there is any indication Ihal those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order to determine the extent of the Impairmenl loss (if any). 1.8 Cash and cash equlvalenls Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid Investments with original maturilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabililies. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Flnancial Instruments Issues, of FRS 102 to all of its financial instruments. Flnancial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial statements, when there is a legally enforceable right to sel off Ihe recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assels classified as receivable within one year are not amortised.
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) Basic financial liabilltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effeclive interest rate method. Trade credltors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at Iransaclion price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when Ihe charity's contractual obligations expire or are discharged or cancelled. Incomo from charltable actlvltles Malntenancemalntenance ofAlms ofAlms Houses Houses 2024 2023 Maintenance fees 57,822 49,326 Analysls by fund Unreslricled funds - general 57,822 49,326 Income from Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Interest receivable 2,617 2,016
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on charltable activltles Alms Houses 2024 Alms Houses 2023 Dlrect costs Admin expenses Telephone Insurance Book-keeping Sundry Donations paid Llfeline Repairs and renewals Professional fees 868 651 180 3,047 1,320 71 1,000 2,361 23,532 35 524 3,360 1,550 72 1,500 2,412 30,851 2,082 1,188 43,883 32,721 Share of support and governance costs (seo note S) Governance 1,600 1,500 45,483 34,221 Analysls by fund Unreslricled funds - general 45,483 34,221 Support costs allocated to actlvltles Alms Houses 2024 Total 2023 Governance 1,600 1.500 Net movement In funds 2024 2023 The net movement in funds is slated after chargingl(crediting): Fees payable for the independent examination of the charily's financial statements 1,600 1,500 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. Remuneratlon of key management personnel The remuneration of key management personnel was as follows: Galns and losses on Investments Unrestrlcted Unr8Strlcted funds fund8 deslgnated deslgnated 2024 2023 Gainsl{losses) arlslng on: Revaluation of investment properties 184,262 10 Taxatlon The charity is exempt from taxation on its activities because all ils income is applled for charitable purposes. 11 Tanglble flxed assets Freghold land and bulldlngs Cost At 1 January 2024 Revaluation 1,186,238 184,262 At 31 December 2024 1.370,500 Carrylng amount At 31 December 2024 1,370,500 At 31 December 2023 1,186,238 There were no disposals of almhouses during the year. The properties were revalued by an independent reviewer in July 2024. It is the policy of Ihe Charity that revaluations will take place on all Almhouses once every 5 years wilh Ihe next being due in 2029. 10-
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Debtors 2024 2023 Amounts falllng due wlthln one year: Other debtors Prepaymenls and accrued income 410 2,003 409 1,836 2,413 2,245 13 Credltors: amounts falllng due wlthln one year 2024 2023 other credltors Accruals and deferred income 2,253 1,600 1,142 1,500 3,853 2,642 14 Unre8trlcted funds - deslgnated Thes8 are unrestricted funds which are material to the charity's aclivilies. At 1 January 2024 Incomlng resources Transfers Galns and losses At31 December 2024 184.262 184,262 1,370,500 Designated 1.186.238 184,262 1.186.238 184,262 184,262 1,370,500 Prevlous year: At 1 January 2023 Incomlng resources Transfers Galns and losses At31 December 2023 Designated 1,047.500 138.783 1,186,283 1,047,500 138,738 1,186,238 11
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Unr8Strlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and granls which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng resources Resources expended Transfers Galns and losses At31 December 2024 Designated Unrestricted 1,186,238 96,347 184,262 1,370,500 111,303 60,439 (45,483) 1,282,585 60,439 (45,483) 184.262 1.481,803 Prevlous year: At 1 January 2023 Incomlng resources Resources expended Transfers Galns and losses At31 D8cemb8r 2023 Designated Unrestricted 1,047,500 217,964 138,738 (138,738) 1.186,238 96,347 51.342 (34,221) 1,265,464 51,342 {34,221) 1,282,585 Designated funds of £1,370,500 (2023.. £1,186,238) relate to the net book value of the fixed assets which are not liquld funds and cannot be easily realised for the day to day running of the charily. 16 Analysls of nat assels between funds Unrestrlcted Unrestrlcted funds funds general deslgnated 2024 2024 Restrlcted Endowment funds funds Total 2024 2024 2024 Fund balances at 31 December 2024 are represented by: Tangible assets Current asselsl(liabilities) 1,370.500 1,370,500 111,303 111.303 111.303 1,370.500 1,481,803 12-
OSBALDESTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Analysls of net assets between funds (Contlnuedl Unrestrlcted Unrestrlcted funds funds general deslgnated 2023 2023 Restrlcted Endowment funds funds Total 2023 2023 2023 Fund balances at 31 December 2023 are represented by: Tangible assets Current assetsl(liabililies) 1,186,238 1,186,238 96,347 96,347 96.347 1,186,238 1,282,585 17 Related party transactlons There were no disclosable related party transactions during the year (2023 - none). 13-