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 pU￿oseS 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 AC￿pted 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 V￿rk 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 fO￿ard
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 aCknO￿edge 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 re￿1vable 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 betW￿n 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 bet￿￿en 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