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 Activ￿08
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 a￿OUntIng 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 dOnat￿n 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
activit￿S 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
OPera￿n 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 fO￿ard
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 $i￿1r1CanI accounting polici8s applled in Ihe preparation of these financlal stalgments are set
out below. These pollclos have been consistenlly applled to all years prosented values unless
othèrwlse stated.
The financlal statements are prepared in ¥terllng. which is the function81 currency of ihe Trust.
Monetary amounts in these f￿ancIal stat8ment5 are rounlted to the nearest £.
Fund accountlng poll¢y
Unreslrscled income funds are general funds that ale available for use al the trustees, discretion in
furtherance of the objectives of the ¢harily. The trustees aim to maintsin positive reserves in
unreslricled fund$ 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
Unfu￿111ed 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 èxp￿1ed 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 T￿e1Vable
The Lifeboat Art Studio rent
Net Loft rent
PrePa￿ents
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 POrth￿V￿n 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 Va￿6. 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 a￿O￿nts 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