REGISTERED CHARITY NO. 294156 THE TREVOR OSBORNE CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE TREVOR OSBORNE CHARITABLE TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 CONTENTS Page TNstees' Report ststement of Financial Activ08 8alance Sheet Notes to the Finan¢ial Statements Independent Examiners Report 10
THE TREVOR OSBORNE CHARITABLE TRUST REPORT TO THE BOARD OF TRUSTEES FOR THE YEAR ENDED 5APRIL 2021 Trustees Trevor Osborne Derek Parkes Sarah 05bome Daniel Allen Elizabeth Mackenzie {dec'd 04.06.21) Principal Address Rectory Lodge Combe Hay BATH BA2 7EG Rggistration Detalls Registered Charity No. 294156 The Trustees present thelr annual report and the unaudited financlal statements for the year ended 5 Aprll 2021. The Truste8s have adoptod tho provlsions of the Statement of Recommended Practice (SORP}'A¢counting and Reporting by Charities" (FRS102) in preparing the annual report and finanryal statements oftho Trust. The financial Stslements have been pare(s In accordan wth the aOUntIng polirAes set out in note 1 to the accounts and comply wlh the charity's trust deed, the Charities Act 2011 and Accounting and Rewrting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wlh the Financial Reporting Slandard applicable in the UK and Republic of Ireland published on 16 July 2014. structure. Govefnanco and Management The Charllable Trust is govemed by a Declaration of Trust dated 7 Aprll 1986. Tha power of appointing new or addltional TNstee5 is vested Sn Trevor Osbomo during his life. and thereafter by r68olulion of the Tru8t688. Objoctlves and Activltles for the publ1¢ bèngfit The object ol th8 Charrtable Trusl is to pay or pIY the income and, in some ¢ir¢umstances, the capital of the Trust to registered charities or for exclusivety charitable purposes according to the law ofEngland and Wales, al the discretion of the Trustees. Donations received by thg Gharitable Trust are utilised lo achieve Ihe above obSeclive$. During the year the TNst received as a dOnatn the fomier lrfeboat house. which it harl prgviousty leased. The Trust continues to let this as The Lifeboat Art Studio, and is made available lo artists and studentsfrom universities, local ond national community groups and othèrs as an arts resourcelo teach, learn. painl and create other art an¢J exhibit. The accomm(thtion is made available for these purposes and whilst some groups are allowed th& space free of charge some charges are applied to individuals in ord8r to recover thè running eosts of the property. Tho Intention is to encourage arts and culture for all aga groups and through this the Porthleven community. The actlviti¢s were impactsd by COVID restrlcttons and the Tnjst was able to clalm COVID grants from the Iwal council, there wero no restr¢ctions on the use of these grants. The Trust also received as 8 donation Hardwick Hall In Buxton. The Trust has changed its name lo Hardwi¢k Studio to reflect the fad that the building is used by Bridgehead hJts Ltd as the Green Man Gallery which provides exhibition space and rooms used for artistic engagement and creativty. The Trust has leased Nel Loft. Porthleven, the lease ceased 19 March 2021. The TNBI had let this to six artists lo use and promote charitsble and 8rtislic purposes with the intention lo advance ¢ommunity activitS by the residents of Porthleven. The Trustees confirm that they have referred lo the Charty Commlsslon's general guld8nce on publlc benefit when revlewing the Charitable Trusys alms and ctsleGlives. in planning fulure activities and setting the grant making pollcy for the year.
THE TREVOR OSBORNE CHARITABLE TRUST REPORT TO THE BOARD OF TRUSTEES (CONTD FOR THE YEAR ENDED SAPRIL 2021 Achiev•ments and Performance Details of expenses paid for charitable events and charitable donations made lo further the Charitable Trust's purposes for the publÉc benefrt are given in notes 3 and 4 to the financial stataments. Flnan¢lal R•view The Trustees aim lo mainlaln poslllve reserves In unrestricted funds by managlng the level of donaticffls and grants awarded to ensure that resources expfrnded do not exoeed incomiThJ resources. all surphjs funds being applied in furtherance of the Charltable Trust's obleclives. Approved by th8 Trustees on ....-... s. M&<(LZ4lZ .and signed on thgir behalf by Trevor orne
THE TREVOR OSBORNE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivrfES FOR THE YEAR ENDED 5 APRIL 2021 Not• 2021 2020 INCOME Don8tlons and Le cies Donations r8c8ivable- cash Donations receivable- property Gift aid receivable 18.300 380,000 71.000 5,250 Charitable Activitles Operation of The Lifeboat Art Stutlio OPeran of Nel Loft 1.490 5.380 8,010 8,185 other Interest received on Glft Aid Local council GOVID gr8nl incnm 132 19,431 Total Incom• 424,733 92,445 EXPENDITURE Charitable Aclivilies.. Expenses paid in support of charilablg fundraising events Donations and gr8nts Operation of The Lifeboat Art Studio Operation of Nel Loft 6.863 27,777 2.160 4.657 1,786 73,786 4,811 Govemance cosls Accountancy Trustee expanses Sundry 2,160 2,310 265 95 Total expgnditure 43.712 187,334) Net Incom•lexpendltur• 381,021 5.111 Gains and knsses on revaluation of fixed assets for the Charitys use Fund balances brought forward 37.764 32.653 Fund balances tarried fOard 418.785 37,764
THE TREVOR OSBORNE CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2021 Note 2021 2020 Fix•d assets Investment property 380,000 Current a55ets Debtors Cash at bank 14,084 34,538 42.551 15,553 48,622 58.104 Credltors Amounts falling due wrthin one year 19.837) {20,340} Net curr•nt assetsllllabllltiesl 38.785 37,764 Ntt as8•ts1{Ilabllltles 418.785 37,764 Fund¥ Unrestrlcted funds 10 418.785 37,764 The notes al pages 5 10 9 fomi part of these accounts. y the T stees on 2£ 2nd signed on thair behalf by: Approve Trevor ome
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 A¢¢ounting pollcles Basls of prnparatlon and a$$essm•nt of gong ¢on¢•rn The financial stslemgnts have been prgpared under the historical cost conventlon with Items rgcognised al cost or transaction value unless othermse state¢J in the relevant notes lo these accounts. The finanual statements have been prepared in accordanco with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) Issued on 16 July 2014 and the Charittes Act 2011. The charity constitutes a public benefil enllty as defined by FRS 102. The trustees consider that there ore rK> material uncertainties about the Trust's ability to continue as a going concem. Tho $i1r1CanI accounting polici8s applled in Ihe preparation of these financlal stalgments are set out below. These pollclos have been consistenlly applled to all years prosented values unless othèrwlse stated. The financlal statements are prepared in ¥terllng. which is the function81 currency of ihe Trust. Monetary amounts in these fancIal stat8ment5 are rounlted to the nearest £. Fund accountlng poll¢y Unreslrscled income funds are general funds that ale available for use al the trustees, discretion in furtherance of the objectives of the ¢harily. The trustees aim to maintsin positive reserves in unreslricled fund$ by managing the level of donations and grants awarded lo ensure that resources expended do not exceed incoming resources. Details of th8 fund is disclosed in note 10. In¢omlng r6cognltlon All incom8 is recognised once the charity has entitlament to Ihe income, il is probable that the Income wll b8 received, 8nd th8 amount of tho income can be measured reliably. All donations are recognised when the Gharity has been notrfied in writing of both the amount and the settlement date. In the event that a donation 1$ Subject lo conditions that require a level of performance before the charity Is enlilled to funds. the income Is dgferred and not racognise(l until either those conditions are met, or the fulfilment of those conditions is wholly within the control of the ¢harily. Incomlng resources from lax reclaims are racognised at the same time a$ the donation lo which it rèlate8. InGome from the operation of the Lrfeboat Art Studio and Nel Loft is recognised in the perw)d lo which it relate$. Govemment COVID grant income has been clalmed in tho year and recorded when the grant has been rec8ivod. Expenditurn r•cognltlon Liabilities are recognised as expendllure as soon as Ih8re Is a Iggal or constructive obligation committing the charlty to that expandllure. 11 1$ probable that the setuement wlll be required, and the amount of the oblPJalion can be measured reliably. l expenditure is account8d for on an accruals basis inclusive of irrecoverable VAT. AII expenditure including governance costs are alk)c8ted lo the applicable expenditiJre headings. Donations payable are payments made to third parties in the furtherance of th8 Charitab objects of the TTUSI. In the case of an unconditional donation this is accrued onth the recipient has been notrfied of the grant award. The notrf1¢81ion gives the recipient a reasonable expectation that they
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 Vdill recèive Ihe dorkilion. Donatlons awarded that are subject to the recipientfumlllng parformance condrtions are only accrued when the recipient has been nolifi9d of the donallon and any remalning Unfu111ed wndlfjons have been mel. Govgmance costs Govemance costs comprise all costs v)voknng tha public accountability of the Charity and its Complian wth regulation and good pmtice. Invastment proporty Investment property is in((ially measured at transaction price, and is subsequently measvred al fair value at each reporting date. Changes in fair value are recognised in net incomellexpendilurel lor the year. D•btors and ¢r•dltors receivablèlpayable wlthln on• year Dèbtors and creditors receivable or payable wilhin on8 year are recorded at tr8nsa¢lion price. Sub8equ8ntly. they ar8 measured at the cash or other consideration èxp1ed to be r8c8lved paid. Trustees. r•muDeralion and èxp•nses No Trustee or connected person Ihoreof has receivod any remuneration Ihe year. Exp•nse5 pald In support of charltablo fundralslng evants Buxlon Spa Prize- overh¢ad$ H Johnson- Cwrdinating and management of the eslablishmenl of Portleven Art Community Interest Company and Portigven Art Festival Porthleven Arts Community- Website costs 3,000 3,363 500 6.863 4. Donatlons and grant8 Nam• of instltutlon Safvalion Amiy Combe Hay Parish Council Quartet Community Foundalion Porthleven Arts Communty Interest Company Holbumè Museum Minach Theatre Bath Festivals Iirord Art Bath Mozartfesl- Bath Ba¢hfest 811glugs Lut- Sponsorship Special Music Stholarship al Wells Cathedral School 500 600 3.800 5.000 1,000 20 2.500 5.000 5.000 4.357 27,777
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 S. Operatlon of the Lifeboat Art studio 2021 2020 Rent, rates and insuranc8 of studio Heat and light of studio Cleaning, repairs and maintenance Websile hosting Advertising Telephone Administrati Feg 466 498 10 60 106 420 600 2.163 1.073 480 240 107 291 2,160 6. Operation of Not Loft 2021 2020 Rent. rates and insurance of studio Heat and light Repairs and maintenance 4,293 364 4.362 365 84 4,657 4.811 7. Investment Property 2021 Fair Valu• Additions Revaluations 380.000 Al 5 April 2021 380.000 The investment properties were donated lo the Trust during the yew at market value. The fair value of Ihe investment propèrtles has been determined by Mr T Osbornè RICS. who is also a Trustee. al 5 April 2021 on on open market basis with consideration for the nature end condition of the properties.
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 Dgbtors 2021 2020 Due wlhin one year.. Gift aid Te1Vable The Lifeboat Art Studio rent Net Loft rent PrePaents Mr T Osbome Trevcf Osbome Limited 28.000 1.950 125 2.076 400 1,150 1,727 150 1.057 Due aft?r one year.. Bath FeslivaL8 10.000 10.OIX) 14.084 42.551 g. Crgdltors- amounts falling du• wllhin on• year 2021 2020 Accruals 9,837 20,340 9,837 20.340 10. Unr•strl¢ted funds Th8 fvnd balance is 88 a result of activities in furthorancè of the Charitable Trusfs objothes. The fiJnd Is h&ld lo enable the trust to further Its oblectlves. Balance Net In¢omlng r¢sour¢e$ foT the year Balance 06.04.2020 05.04.2021 Unrestricted fund 37,764 381.021 418.785 11. Commitments und•r oporating leas•s At 5 April 2021. the trust had aggregate annual commrtments und8r nonancellablo operatiro leases as sel out bebw: 2021 2020 Operating leases 1¢h expire within one year-. 4.800
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 12. Related party transactlon$ During the year there were the followlng transactions wth related porti8s= Incomoll•xpense) 2021 2020 Trevor Osborne Limited Donal'ons received 298.300 Debtor 1,057 50,000 Mr T Osbome Donallons received Dobtor 21,000 400 150 Porthleven Harbour & Dock Company Rent paid Donations received 100.000 12001 (1,6801 Bath Mozartfest Donations pald {5.0001 (10.0001 Saracen House Estsles Llmited Rant paid 13.4841 (3.6001 Polhleven Holhlay Cottages Limited Administration fee 161JOI Porthleven Art Community Interest Company Donation paid Charitable expenses 15.0001 13,8631 Trevor Osborne is also a Trustee of the Bath Mozartfest. t)onatlons madè were towards the 8alh Mozartlest Bachfesl Fund. Tr8vor Ostome Limited, Porthleven Harbour & Dock Company, Saracen House Estates Llmited and Porthleven Holiday Cottages are rompanies under the control of Trevor Osborne. Tr8vor Osbome is a éirector of Portleven AJI Communty Interest Company which has been established 10 oncouragè participation and appreciation ol art in Porthleven. Thg charity has mada a donation in the year in addf(ion lo contributing to the establishment costs. The Lifgboat Art Studio was owned by POrthVn Harbour & Dock Company before being donaled lo the Trust on 20 May 2L720. It vras let to the trust at £1,200 per annum which has been assessed by T Osbome, th8 s&ttlor. a Chartered Surveyor. to be at open market value. Net Loft Is owned by Saracen House Eststos Ltd and was lel to the trust al £3,600 per annum which has been assessed by T Osbome. the settlor. a Chartered Surveyor. to be at open market Va6. The letting of the property ceased 19 March 2021. The lease agreements are wthin th8 course of th8 (x>mpanies' normal busingss, and the terms of all leases are not considered lo b8 detrimental to the trust.
10 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TREVOR OSBORNE CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2021 I report to the trustees on my examinallon of the accounts of Ihe Trevor Osboume Charitable Trust for tho year ended 5 April 2021 which are set out on pages 3 to 9. Re$ponslblliti•s and ba$1$ of raport ' As the charity Iruslees you are responsibla for the preparation of Ihg aOnts in a¢cordanc8 the requirements of the Charkies Act 2011. I report in resp8ct of my examinatK)n of the Trusfs accounts carrfed out under section 145 of the 2011 Act and in carrwng out my examination I have followed all the applicable directions given by the Charity Commission under section 145151{bl of the Acl. Independent examinorfs $tst•ment I have completed my examination. I confirni that no material matters have come lo my attenlK>n in connection wlh the èxaminatr)n giving me cause to believe that in any malartal respect- accounting records were not kept in rgsp8Ct of the Trust 88 required by sedbn 130 of the Act.. or 2. the accounts do not accord with those records,. 01 3. th8 accounts do not comply wrth the applicablg requkemenls conceming th8 fom and cknntenl of accounts set out In the Charilies (Accounts and Reports) Regulatlons 2008 other than any requirem8nts that the accounts give a tru8 arKI fairf view which is not a matter consldered as part of an independent 8xamination I have no concerns and have com& across no other matters in Qonneclion with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. K L Smlth BA FCCA Howatd Tax Accounlants Limited Riverside Chambers Full Slroal DERBY DE13AF Dated 31 March 2022