Registered number: 06668015 Charity number: 1125788 De Brito Trust {Formerly known as The Osberton Trust) (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees. Report Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Financial Statements 9-17
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Matthew Hale The Hon. Ralph Foljambe Dr Rebecca Foljambe Company registered number 06668015 Charity registered number 1125788 Registered office Scofton Famihouse Scofton Worksop Nottinghamshire S81 OUE Accountants Streets LLP Chartered Accountants Tower House Lucy Tower Street Lincoln LN1 1XW Page 1
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of De Brito Trust, the charity is also known as De Brito Trust (Fomierly known as The Osberton Trust), for the year from 1 April 2023 to 31 March 2024. The Annual Report setves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statLrtory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Activities undertsken to achieve objectives The main activity of the charity in the year was to award grants to a wde range of other charitable organisations. The charity has issued grants throughout the year to the value of £31.881. the largest individual grant being to The Centre Place of £8,831. b. Main activities undertaken to further the charity's purposes for the public benefit The charity provides grants to a range a charitable organisations. These organisations in tum all fulfil the requirement to provide public benefit, therefore the charity's activities benefit the public through their support of these organisations. c. Policies and Objectives The Objects for which the charity is established are such pUoseS as shall be exclusively charitable and for the public benefit as the Trustees in their discretion from time to time think fit. The Trustees have paid due regard to the Charity Commission Public Benefit guidance and have complied with the Charities Act 2011. Achievements and perfonnance a. Main achievements of the charity The results for the year and the charity's financial position at the end of the year are Shown in the attached financial statements. The main sources of the charity's funding comes from Investments and donations of which £38,571 has been received in the year. Totsl expenditure in the year amounted to £53,733 of which 59 % of this expenditure related to grant making activities. The Trustees monitor the performance of the charity's investment advisors who have discretionary management powers in respect of the portfolio. Page 2
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review . Going concern After making appropriate enquiries, the Tnjstees have a reasonable expectstion that the charity has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Trustees are mindful for the need of the charity to maintsin an appropriate level of free reseNes. As the harity has annual running costs in the region of just £4,000, and all costs in excess of this are the grant making activities of the charity. a large level of unrestncted funds is not required. The minimum level of free reserves is considered to be £10,000 and the charity has reserves in excess of this. The charity holds unrestricted funds of £79,877 at the year end (2023: £85,369). The charity also holds endowment funds of £1,981,537 (2023.. £1,879.0601 which are largely held within the investment fund and generate unrestricted income for expenditure on grants. Structure, govemance and management a. Constitution De Brito Trust {Fomierly known as The Osberton Trust) is registered as a charitable company limited by guarantee and was set up by an Articles of Association. b. Methods of appointment or election of Trustees The management of the charity is the responsibility of the Trustees vtho are appointed under the terms of the Articles of Association. c. Policies adopted for the induction and training of Trustees The Trustees currently comprise of 3 Trustees. The power of appointing new or additional Trustees vests in the Trustees under the terms of the Articles of Association. d. Financial risk management The Trustees have assessed the major risks to vthich the charity is exposed, in particular those related to the operations and finances of the charity. and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for future periods There are no planned changes to the objects of the charity and the way in which the charity delivers its objects. The Trustees, policy is to revert to making donations to charities of as much as possible of the net income in any one year, and keep the balance of such funds carried forward as low as possible, but sufficient to cover the low level of governance and other operating expenses. Page 3
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP (FRS 102).. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial sL*ements- prepare the financial statements on the going concem basis unless it 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 explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wth the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their beha by: The Hon. Ralph Foljambe Date.. 1610812024 Page 4
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of De Brito Trust {Fornierly known as The Osberton Trusti I'the charity.) I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the charity 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 the charity's accounts carried out under section 145 of the Charities Act 2011 (Ihe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe= accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act- or the accounts do not accord th those records.. or the accounts do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fai¢ 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 lapplicable to charities preparing Iheir accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the chanty's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my Vrk or for this report. I£LY Dated.. 1610812024 Linda Lord Bsc FCA BFP TEP Tower House, Lucy Tower Street. Lincoln. LN1 1XW Page 5
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments- Other investments 38,571 38,571 36, 665 Total income and endowments 38.571 38.571 36, 665 Expenditure on: Raising funds Charitable activities 8.890 8,890 44,843 9,375 36, 068 44,843 Total expenditure 8,890 44,843 53,733 45,443 Net expenditure before net gainslllosses) on investments Net gainsl{losses) on investments (8.890) 112,147 (6,272) (15,162 112,147 (8, 778) (99, 155) Net movement in funds 103.257 (6,272) 96,985 (107, 933) Reconciliation of funds: Total funds brought fOard Net movement in funds 1,878,280 103.257 86,149 (6,272 1,964,429 96.985 2,072, 362 (IOT, 933) Totsl funds carried forward 1,981,537 79,877 2,061,414 1.964,429 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 17 form part of these financial statements. Page 6
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) REGISTERED NUMBER: 06668015 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 1,965,509 1.863, 823 1,965,510 1,863, 824 Current assets Cash at bank and in hand 98,844 104, 685 98,844 104, 685 Creditors.. amounts falling due wthin one year 12,940) (4, 080) Net current assets 95,904 100, 605 Total assets less current liabilities 2,061,414 1,964,429 Net assets excluding pension asset 2,061,414 1,964,429 Total net assets 2.061.414 1,964,429 Page 7
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) REGISTERED NUMBER: 06668015 BALANCE SHEET ICONTINUED) AS AT 31 MARCH 2024 2024 2023 Note Charity funds Endowment funds 1,981,537 1,878,280 Restricted funds Unrestricted funds 79,877 86, 149 Total funds 2.061,414 1,964,429 The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees aCknOedge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance viith the provisions applicable to entities 5ubjed to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. on The Hon. Ralph Foljambe The notes on pages 9 to 17 form part of these financial statements. Page 8
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) (second edition- October 2019) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. De Brito Trust (Fomierly known as The Osberton Trust) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheN4ise stated in the relevant accounting policy. 1.2 Income All income is recognised once the charity has entitlement to the income. It is probable that the income will be received and the amount of income re1vable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. It is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned belween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds indudes all expenditure incurred by the charity to raise funds for its haritsble purposes and indudes costs of all fvndraising activities events and non-charitable trading. Expenditure on charitsble activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.4 Tangible fixed assets and depreciation Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 9
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.4 Tangible fixed assets and depreciation Icontinued) Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. 1.5 Inveslments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balan Sheet date, unless the value cannot be measured reliably in lch case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Statement of Financial Activities. 1.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event. It is probable that a transfer of economic benefit wll be required in settlement and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 1.8 Fund accounting General fvnds are unrestricted fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the chanty and which have not been designated for other purposes. Investment income. gains and losses are all0&ed to the appropriate fvjnd. Page 10
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other Investrnent Income Investment income- Brewin Dolphin Investment income- St James Pla 10 24,930 13.631 10 24,930 13,631 10 24,567 12,088 Total 2024 38,571 38,571 36, 665 Total 2023 36, 665 36, 665 Investment management costs Endowment funds 2024 Total funds 2024 Total funds 2023 Investment management fees 8.890 8,890 9,375 Totsl 2024 8,890 8,890 9,375 Total 2023 9,375 9,3T5 Page11
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable Activities 31.881 12,962 44,843 36, 068 Total 2024 31,881 12,962 44,843 36, 068 Total 2023 28.500 7, 568 36,068 Analysis of direct costs Charitable Activities 2024 Total funds 2024 Total funds 2023 Charitable Donations 31.881 31,881 28, 500 Total 2024 31.881 31,881 28, 500 Total 2023 28, 500 28, 500 Analysis of support costs Total funds 2024 Total funds 2023 Legal and Professional Fees Bank Charges Accountancy Fees 9,510 92 3,360 4, 140 98 3,330 Total 2024 12,962 7, 568 Page 12
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024. no Trustee expenses have been incurred (2023 - £NIL). Tangible fixed assets Freehold property Cost or valuation At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Fixed asset investments Brewin Dolphin St James's Place Total Cost or valuation At 1 April 2023 Additions 967.612 131,082 (141,515) 39.339 896,211 1,863,823 131,082 (141,515) 112,119 Disposals Revaluations 72,780 At 31 March 2024 996,518 968,991 1,965,509 Net book value At 31 March 2024 996,518 968,991 1,965,509 At 31 March 2023 967,612 896,211 1, 863, 823 Page 13
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments (continued) Fixed asset investments are induded at market value as indicated by valuations provided by Brewin Dolphin and St James's Place. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 2,940 4, 080 Page 14
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses} Income Expenditure Unrestricted funds General Funds 86,149 38,571 {44,843 79,877 Endowment funds Endowment Funds 1,878,280 (8,890) 112,147 1,981,537 Total of funds 1,964,429 38,571 {53,733) 112,147 2.061,414 Page 15
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Statement of funds Icontinued Statement of funds - prior year Balance at 3t March 2023 Balance at 1 Apnl 2022 Gains/ (Losses) Income Expenditu Unrestricted funds General Funds 85,552 36,665 (36,068) 86, 149 Endowment funds Endowment funds 1,986,810 (9,375) (99, 155) 1,878,280 Total of funds 2,072,362 36, 665 (45,443) (99, 155) 1,964,429 General Funds constitute income generated largely from investments which is held for general use in line with the objects of the charity- Endowment Funds constitute the value of assets held as investments, less portofolio management fees expensed, and also incorporating realised and unrealised gains on the investments. 10. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses Income Expenditure General funds Endowment funds 86,149 1,878,280 38,571 {44,843) 18,890) 79,877 1,981,537 112,147 1,964,429 38,571 {53,733) 112,147 2,061,414 Page 16
DE BRITO TRUST {FORMERLY KNOWN AS THE OSBERTON TRUST) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Summary of funds (continued) Summary of funds - prior year Balance at 3t March 2023 Balance at 1 Apnl 2022 Gains/ (Losses) Income Expenditu General funds Endowment funds 85,552 1,986,810 36,665 (36,068) (9,375) 86, 149 1,878,280 (99, 155) 2,072,362 36, 665 (45,443) (99, 155) 1,964,429 11. Analysis of net assets between funds Analysis of net assets betWn funds - current period Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 1.965.509 16,028 1,965,509 98,844 (2,940) Current assets Creditors due within one year 82,816 (2,940} Total 1,981,537 79,877 2,061,414 Analysis of net assets beten funds - prior period Endowment Unrestncted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets 1,863, 823 14,457 1, 863, 823 104, 685 (4, 080) 90, 228 (4, 080) Creditors due within one year Total 1,878,280 86, 149 1,964,429 Page 17