## **Annual Report - Little Parc Owles Trust – year ending 31/08/23**
Little Parc Owles Trust was set up and registered as a charity in 2002 by Sir Geoffrey and Lady Carol Holland. Its original purpose was to help ‘educate the public in the history and practice of the Fine and Applied Arts in Cornwall’.
## Now the Trust’s mission is to: **support projects and events that engage audiences of all ages and backgrounds with the Fine and Applied Arts in Cornwall.**
## **What do we mean by the Fine and Applied Arts in Cornwall?**
Cornwall has a rich and engaging history of art and artists and is a creative hub for art, design and artistic practice today. We support projects and events that explore art, artists and design that have links to this heritage and current practices in Cornwall.
## **What sort of projects will the trust be interested in supporting?**
We welcome proposals that encourage creativity and explore art and artistic practices and promote a wider public understanding and exploration of the Fine and Applied Arts in Cornwall.
We welcome proposals that engage with our mission through diverse art forms: from art history to visual arts, performance and music; digital and online activity to sculpture and poetry. We also welcome applications that include multiple art forms.
## **Who can apply for grants?**
In order to maximize the value of their limited resources, the trustees have decided to fund education projects or events rather than individuals. Participants or beneficiaries can be of any age and we welcome projects that encourage diversity, access and inclusion for the wider community. We welcome proposals from organisations engaging in arts education projects, workshops or events in Cornwall and have a particular interest in those in the west of the county. We regret that we are unable to accept applications from outside Cornwall.
Projects will normally be within one calendar year of the start date but can be negotiated.
We accept applications from schools, but the project must involve the wider community and align with the Trust’s mission. We cannot fund activity which is the core remit of the school and which should be funded through educational budgets.
## **Our Future**
We became a CIO in 2021 but still had limited funds available for grants. After this year, thanks to a generous inheritance from our founders, the Trust will be able to expand and develop its activities, but always remaining in Cornwall.
Jan Bright, Chair, LPO Trust ( for the Trustees)
Company registration number: CE022715 Charity registration number: 1190650
## Little Parc Owles Trust
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2023
D.J. Reynolds & Co. 15 Alverton Street Penzance Cornwall TR18 2QP
## **Little Parc Owles Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Accountants' Report|2|
|Statement of Financial Activities|3|
|Balance Sheet|4|
|Notes to the Financial Statements|5 to 12|
## **Little Parc Owles Trust**
## **Reference and Administrative Details**
**Charity Registration Number** 1190650 **Company Registration Number** CE022715 **Registered Office** c/o CVC Solicitors Questmap Business Park Piniou Way Long Rock Cornwall TR20 8AS **Accountants** D.J. Reynolds & Co. 15 Alverton Street Penzance Cornwall TR18 2QP
The charity is incorporated in England and Wales.
Page 1
## **Chartered Accountants' Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of Little Parc Owles Trust for the Year Ended 31 August 2023**
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Little Parc Owles Trust for the year ended 31 August 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Little Parc Owles Trust, as a body, in accordance with the terms of our engagement letter dated 21 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Little Parc Owles Trust and state those matters that we have agreed to state to the board of directors of Little Parc Owles Trust, as a body, in this report, in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Little Parc Owles Trust and its board of directors as a body for our work or for this report.
It is your duty to ensure that Little Parc Owles Trust has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and of Little Parc Owles Trust. You consider that Little Parc Owles Trust is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Little Parc Owles Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
D.J. Reynolds & Co. 15 Alverton Street Penzance Cornwall TR18 2QP Date:.............................
Page 2
## **Little Parc Owles Trust**
## **Statement of Financial Activities for the Year Ended 31 August 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Investment income
4
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
10|**Unrestricted**
**funds**
**£**
432
820
100
1,352
(5,569)
(27)
(5,596)
(4,244)
(4,244)
36,118
31,874|**Total**
**2023**
**£**
432
820
100|
|---|---|---|
|||1,352|
|||(5,569)
(27)|
|||(5,596)|
|||(4,244)|
|||(4,244)
36,118|
|||31,874|
The notes on pages 5 to 12 form an integral part of these financial statements. Page 3
## **Little Parc Owles Trust**
## **(Registration number: CE022715) Balance Sheet as at 31 August 2023**
|**Note**
**Fixed assets**
Investments
7
**Current assets**
Cash at bank and in hand
8
**Creditors: Amounts falling due within one year**
9
**Net current assets**
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
10|**2023**
**£**
23,026
9,628
(780)|
|---|---|
||8,848|
||31,874|
||31,874|
||31,874|
The financial statements on pages 3 to 12 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
.........................................
Jan Elizabeth Bright Trustee
......................................... Michael Edward Gaca Trustee
The notes on pages 5 to 12 form an integral part of these financial statements. Page 4
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: c/o CVC Solicitors Questmap Business Park Piniou Way Long Rock Cornwall TR20 8AS
Authorised for issue date
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Little Parc Owles 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 otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
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 the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 5
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 6
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Foreign exchange**
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 7
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 8
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## _**Debt instruments**_
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
## _**Investments**_
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 9
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## _**Derivative financial instruments**_
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Gift aid reclaimed
**Total for 2023**
**4**
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits
Other investment income
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
420
12
432
**Unrestricted**
**funds**
**General**
**£**
282
538
820|**Total**
**funds**
**£**
420
12|
|---|---|---|
|||432|
|||**Total**
**funds**
**£**
282
538|
|||820|
Page 10
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **5 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
## **6 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **7 Fixed asset investments**
|**7**
**Fixed asset investments**||
|---|---|
||**2023**|
||**£**|
|Other investments|23,026|
## **Other investments**
|**Other investments**||||
|---|---|---|---|
|**Cost or Valuation**
At 1 September 2022
Revaluation
At 31 August 2023
**Net book value**
At 31 August 2023
At 31 August 2022
**8**
**Cash and cash equivalents**
Cash at bank
**9**
**Creditors: amounts falling due within one year**
Accruals|**Unlisted**
**investments**
**£**
22,880
146||**Total**
**£**
22,880
146
23,026
23,026
22,880
**2023**
**£**
9,628|
||23,026|||
||23,026|||
||22,880|||
|||||
||||**2023**
**£**
780|
Page 11
## **Little Parc Owles Trust**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **10 Funds**
|**Unrestricted funds**
General|**Balance at 1**
**September**
**2022**
**£**
36,118|**Incoming**
**resources**
**£**
1,352|**Resources**
**expended**
**£**
(5,596)|**Balance at 31**
**August 2023**
**£**
31,874|
|---|---|---|---|---|
## **11 Analysis of net assets between funds**
|**11 Analysis of net assets between funds**|||
|---|---|---|
|Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
23,026
9,628
(780)
31,874|**Total funds at**
**31 August**
**2023**
**£**
23,026
9,628
(780)|
|||31,874|
Page 12
## **Little Parc Owles Trust**
## **Statement of Financial Activities by fund for the Year Ended 31 August 2023**
## **Unrestricted Funds**
|**Income and Endowments from:**
Donations and legacies
Investment income
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Unrestricted**
**Funds**
**2023**
**£**
432
820
100
1,352
(5,569)
(27)
(5,596)
(4,244)
(4,244)
36,118
31,874|**Total**
**Unrestricted**
**Funds**
**2022**
**£**
-
-
-|
|---|---|---|
|||-|
|||-
-|
|||-|
|||-|
|||-
-|
|||-|
Page 13
## **Little Parc Owles Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 August 2023**
|**_Donations and legacies_**
Donations
Gift Aid tax reclaimed
**_Investment income_**
Interest on cash deposits
Income from investments
**_Other income_**
Other income - compensation
**_Raising funds_**
Secretarial services
Accountancy fees
Legal and professional fees
Bank charges
(Increase)/decrease in value of investments
**_Charitable activities_**
Cost of trustee meetings|**Total**
**2023**
**£**
420
12
432
282
538
820
100
100
(360)
(795)
(4,500)
(60)
146
(5,569)
(27)
(27)|**Total**
**2022**
**£**
-
-|
|---|---|---|
|||-|
|||-
-|
|||-|
|||-|
|||-|
|||-
-
-
-
-|
|||-|
|||-|
|||-|
Page 14