REGISTERED CHARITY NO. 294156 THE TREVOR OS80RNE CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
THE TREVOR OSBORNE CHARITABLE TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2022 CONTENTS Po90 Tru$te8s' Rep)rt Statement of Financial AGlivilies Balance Sheet Notes to the Financial Slalements Independgnl Examiners Report 10
THE TREVOR OSBORNE CHARITABLE TRUST REPORT TO THE BOARD OF TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022 Tmstgas Trevor Osbome Derek Parkas Sarah Osbome Daniel Allen Prln¢ipal Addre Rectory Lodge Combe Hay BATH BA2 7EG R8gistrallon Dgtalls Registered Chaisiy No. 294156 The Trustees present their annual raport and Ihfj unaudited financial statements for the year ended S April 2022. The Trustees have adopted the provisions of the Statemonl of Recommended Practi¢è (SORP)"Accounts'ng and Reporung by Charities. IFRS102) in weparing the annual report a1 financial statements of the Trust. The financial statements have been prepared in accordance with the accounting Fdici8$ set out in note 110 the accounts and comply with the charil¥s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accoréance with the Financial R8POrting SIAndard applicable in the UK and Republic of Ireland published on 16 July 2014. Stru¢tur•, Governance and Management The Charitabl8 Trust Is govemed by a Declaration of Trust dated 7 April 1986. The power of appointing new or additional Trustees 18 vested Sn Trevor Osborne dwng his lifg, and there8ftar by reSdutic of the Tru3le8$. Obj•ctive$ and A¢tlvltles for the publle neflt The object of th& Charitable Trust is to pay or apply the income and. in some circUmsCes, Ihg Gapltsl of the Trust to registered ch8rities orfor exclusively charitable purposes aCCc1n9 to the lawof England and Wales. al the dps¢retion of the Twstees. Donaltons receivad by the Charftsble Trust are ullSed to achleve th& above oblectives. The Trustowns the Old Lrfeboat House in Porthloven and contlnu88 to let this as Th8 LrfeboatArt Studio which is made available to artists and students from universities, local and national commurbity groups and others as an arts resource to teach, Jeam, painl and cale other art and exhitrmt. The accommodatron is made available for these purposes and whilst scfne groups arfr allowed the space free of charge some charge$ are 8ppIEd lo individuals in order to recover the running sts of the property. The intention 1$ lo encourage arts and Cultu for all age groups and through this the Porthl8ven communty. The acliwties were impacted by COVID restrictions and the Trust was able lo daim COVID gMts from the local council, there were no strICtl0nS on the use of these grants. The Trust owns Hardwick Ho11 in Buxton which has Changed its name lo Hardwlck Studio to refiect the fact that the building is used by Bridgehead Arts Ltd as the Green Man Ga1lerywhh provide8 exhibition Space and rooms used for Brtl8tic engagement and creativity. The Trustees confirm that they have r8farr8d to the Charlly Commlssion's general guklance on publ¢ benefil when reviewng the Charitable Trust's aims and objectives, In pL2nning future athities and $9ttSng the grant making policy for the year.
THE TREVOR OSBORNE CHARITABLE TRUST REPORT TO THE BOARD OF TRUSTEES (CONTD FOR THE YEAR ENDED 5APRIL 2022 Achlov•ments and Perfomwnce Details of expenses paid for charitsble events and charitable dtMalions made to further the Charitable Trust's purpose5 for the public benefit are given in notes 3 and 4 to the financlal slalements. Finan¢lal Revimy The Trustees aim lo maintain positive reserves in unrestrocled funds by managing the level of donations and grants awarded to ensure that resources expended do not exceed incoming resources, all surplus funds being applied in furtherance of the Charitable Twsl's oblectiV8S. Approved by the Trustees on ...... ,... nd signod their behalf by Trevor Osborne
THE TREVOR OSBORNE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTNITES FOR THE YEAR ENDED 5APRIL 2022 Not• 2022 2021 INCOME Donations 8nd Le cies Donations receivable- cash Donations receivable- prop8ty Glft aid receivable 45,750 18,300 380,000 Charitable Actrvities Operation of The Lifeboat Art Studio Operation of Nel Loft 4,650 1,490 5.380 Other Interest received on Glft Aid Local council COVID grant income 132 19.431 2.667 Total Income 53,067 424.733 EXPENDITURE Charitable Aclivilies.. Expenses pald in support of charitabJ8 fundralsing events Donations and grants Operation of The Lrfeboal Art Sludlo Operation of N81 Loft 21.132 47.672 6.853 6,863 27,777 2.160 4.657 Governance costs Accountancy Sundry 2.412 2,160 T¢)tal expondlture {79.573) 143,712} Net Inc¢)m•l(•xpondlturn) 126,5061 381,021 Gains ar)d losses on revaluation of fixed assets for the Charity$ own use 270.000 Fund balances brought forward 418,785 37.764 Fund balanc•s carrled forward 662,279 418.785
THE TREVOR OSBORNE CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2022 Note 2022 2021 Fixod a$sots Investment prwrty 650,CQO 380.000 Currgnt as56ts Debtors Cash at bank 24,056 3,551 14,084 34,538 27,607 48.622 Credttors Amounts falling due within one year 115,3281 (9,837} Net current assèt#llll4bllities} 12,279 38,785 Net a$s•tsllliabililies} 662,279 418,785 Funds Unrestricted funds 10 392,279 418,785 Revaluation reserve 270,000 662.279 418.785 The notes at pages 5 to 9 form part of th6se accounts. Approved by the Trustees on I l and signed on their behalf by: Trevor Osbom
THE TrEVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Countlng pollclos Basls of preparation and assessment of gong concein The financial slalemenls have been prepared under the hlstorlcal cost convention items recognised at cost or transaction value unless otherwise slated in the relevant notes to these accounts. The financial ststements have been prepared in accordance with Statement of Recommènded Pracllca.. A¢countSng and Reporbng by Charities preparing their a0Unts In accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 iu9d on 16 July 2014 and the Charftles A¢1 2011. The chrtY constitutes a public benefit entity as d8fined by FRS 102. The Irustees ¢onsider tt)at there are no material uncertainties about the Trust's ability to conllNe 8$ 8 going concern. The signfflcant acwunting policies applred In the prepar9n of thgse finanaal slalements are set out below. These pollcies have been consistendy applled to all years pro$enle(I v8ths unl8SS otherwise stated. The financial statements are prepared in sterling. which is the functional currency of the Trnst. Mcetary amounts in these financial statements are rounded lo the nearest £. Fund a¢countlng poll¢y Unreslrictsd Income funds are general funds that are available for use al the trustee$, disctetion in furtherance ol the obje¢lives of the chartty. The trustee5 aim lo maintain positiv8 reserve5 in nreslricted funds by managing the level ofdonalions and grants awarded to ensure that resources exp8nded do not exceed Sncoming rosources. Detsils of Ihe fund is disclosed in nole 10. In¢oming TeCO9nlllon AJI income is recognised once the char((y has entitlement to the incom8, it is Probab that th8 Income 11 be received, and the amount ol the income can be measured reliably. All donations are recognised when the charity has been notified in writlng of both the amount and the settlement dale. In the evenl that a donation 1$ subject lo conditions thal require a lovel of performance before the charity is entitled to funds, the income is deferred and not recognised until either those condilions ar8 m?1, or the fuifilmonl of Ise wndilions is wholly wlhin the control of the ch8rily. Incoming resour¢4s from tax wlalms are reccgnisod al the samg time as the donallon lo whlch11 reL8tes. Income from the operation of the Lrfeboat Art Sludlo Is mcognised in the period to whth it relates. Governmonl COVID grant income has been Clmed in the year and rgcorded n the gyanl has b88n received. Expendlturè racognltlon Liabilities are recognised as expenditure as soon a5 there Is a legal or conslrnctive oblig8tk)n comrnitting the charity ID that expenditure. it is probabl¢ that the 5ettbmenl will be required, and the amount of the obligatK)n can be measured reliably. 1 èxpenditure is accounted for on an accruals b8sis inclusive of Irrecoverable VAT. AI expendffture Including govemance costs are alkxaled to thè applicable expenditure he8dings. DonatKS payable are payments made lo third parties In the furtheranoe of the charitable objects of the Trust. In the case of an unconditional donation this is accrued once the recipiont has been notified of the grant awafd. The notification Lives the reci)ienl a reasonable expeclalion that they
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2022 will roceivg the donallon. Donations awarded that are subject to the recipientfvlfilling performance conditions are only accrued when the reoiplenl has been notlfied of the donation and any remaining unfuwilled conditions have b88n mel. Governancè co$t$ Governance costs comprise all costs invofving the publr¢ accountability of the charity and Its compliance %wth rggulation and go¢)d practice. Investment property Investment property is Initially measured at transaction price, and15 subsequently measured atfalr value al each reporting dale. Changes in fair value are recognised in net incomellexpendiluTel for the year. Debtor8 and ed5¢Or$ rec•ivabl•lp•yabl• wl¢hln on• yoar Debtors and creditors recelvable or payable wthin year arè recorded at transaction tCe. Subsequently. they are meaSud at the cash or other considerab'on expected lo be recelved or TTust8es' romuneratlon •nd expenses No Trust80 or connected person thereof has reVed any remun8ration th8 y8ar. Expenses pald In support of ¢harit*bh fundraising ¢vMts 2022 Expenses incurred in relation to th6 Porthelven Arts Festival Buxlon Spa Art Prize & overheads 16.132 5,000 21,132
THE TREVOR OSBORNE CHARITABLE TRU8T NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2022 4. Donations and grants 2022 Name of Instltutlon SalVan Army Bath Spa Universlly Combe Hay Church Winston Wish Dive Project Cornw811 CIC Par8gon Singers Holbume Museum Vl¢loria Art Gallery Bath Fests'vals Forest of Imagination Bath Moz8rtfest Bilelugs Lut- Sponsorship Special Music Scholarship at Wells Calhgclral School Peak District Artisan Priz High P8ak Theatre Trust Porthjèven Arts Community Intsresl Company- J Tlnley Book ProJect Fund Friends of Buxton - Intemalional Festlval Cystic Fybrosis Bachfest The Ch?ttsred Surveyors Charitable Trust 100 10.000 2,600 100 2.000 3.000 20 s,0 750 5,000 6.535 150 1,000 1,017 1.650 5.000 50 Namg of Individual A HemplemaTrAdam8 1fJo 47.672 S. Owration of the Llf•boal Art Studlo 2022 2021 Rent, rates and insurance of sludlo He81 and light of studio Cleaning, repairs and mainl$n8ncg Websrte hosting Advertlsing Telephone Administration Fee 1,162 778 1.427 103 137 546 2,700 466 498 10 60 106 420 600 6,853 2.160
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2022 6. Operatlon of Nol Loft 2022 2021 Rent. rates and insurance of studlo Heat and light Repairs and maintenance 4,293 364 4,657 7. Inv8stmont Property 2022 Fair Valu• At 6 April 2021 Addltions Revalualions 380.000 270,000 At 5 Aprll 2022 650.000 The fair value of the investment properti&s has been determined by Mr T Osborne RICS. who 1$ also a Trustee. al 5 April 2022 on an open mavk8t basis with consideration for the nature and condition of the properties. Debtorn 2022 2021 Due within one year.. Th& Lrfeboat Art Studio rent Prepayments Mr T Osborne Trevor Osbome Ltmited Original Theatre Co 1,830 6.573 203 450 S,(0 1.150 1.727 150 1,057 after one year.. Bath Festivals 10,000 10.000 24,056 14,084 9. Creditors- amounts falling du• wtthln one ar 2022 2021 Accruais 15,328 9,837 15,328 9.837
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 10. Unrestri¢ted funds The fund baL9nc8 ts as a result of aclNities in furtherance of Ihe Charitable TNst's objectives. The fund is held to enable the trust lo further its objectives. Balance N•1 Incoming resources for year Balancg at 0&04.2022 06.04.2021 Unrestri¢led fund 418,785 (26,5061 392,279 11. R•l•tgd party tran$actlon$ Duiing the year there were the folljwng transactions Mth related parties- Incomel(expen$•) 2022 2021 Trgvor Osbome Limlted Donallons reiVed 45.000 Debtor 450 298.300 1,057 Mr T O$bome Donations receiv6d D8btor 203 150 Porthleven Harbour & Dock Company Rent paid Donations recelved (200) 100,000 Bath Mozartfest Donations paid {5,(> {5.000> Saracen Housg Estate$ Limited Rent paid Donations received 3.484) 750 Poth18ven Hollday Cottages Llmited Administration fee 12,7001 (6001 Porthleven Art Community Interest Company Donatlon paid Charitable expenses (1,017} 15,0001 (3,863) Trevor Osbome is also a Trustee of thè 8ath Mozartfest. Donations made were towards the Bath Moz8rtfesl Bachfest Fund. Trevor Osbome Lknrted. Porthloven Harbour & Dock Company, Saracen Hou$& Eslat8s Llmitsd and Porthlgvgn Holiday C¢)ttages are companles under the control of Trevor Osbom8. Trevor Osborne is B director of Portleven Art Community Intèrest Company which has been eslabh.shed to encourage participation and 8ppreciatK)n of art in Porthleven.
io INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TREVOR OSBORNE CHARITABLE TRUST FOR THE YEAR ENDED S APRIL 2022 I report lo the tmstees on my oxamination of the aOunt5 of the Tmor Osboume Charitable Trust for the ar ended 5 April 2022 which are sel out pages 3 10 9. Rosponslbllltlo$ and basls of r•port As the ¢harily trusl88s you are responsfole for the preparation of the accounts in accordance with the requirements of the Charities Acl 2011. I report in respect of my examination of the Trust's accounts carried out under sectKJn 145 of the 2011 Act and in Carrying out my examination I have followed all the applicabl8 directions givgn bythe Charity Commisslon undoi section 1451511b} of th& Act. Indepgftdent examlnefs Statement I have completed my examination. I confirm that no material malters have come to my attention in connection with the exafflinatKJn giving me cause to beliève that in any material rospect: accountlng records were not kfrpl In respect of the Trust required by seGtion 130 of th8 Act., or 2. tha accounts do not aord wlth those records.. or 3. the accounts do not comply with the appllcable requirements concerning the fom and Content of accounts set out in the Charities {AOunts and Reports) Regulations 2008 other than any requirements that the accounts giva a Irue and fair. eW whlch is not a matter considered os part of an independent examination I have no con¢ems and have com9 acros8 no other matters In ¢onne¢lion wlh the examlnation to whlch attention should be drawn in thls report In ¢xderto enable a proper understanding of the accounts lo b actd. K L Smith 8A FCCA Howard Tax Accountants Limited Riverside Chambèrs Full Stre8t DERBY DE13AF Dèted 11 No¥ÈmbÈr 2022