REGISTERED CHARITY NO. 294156 THE TREVOR OSBORNE CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023
THE TREVOR OSBORNE CHARITABLE TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 CONTENTS Pago Trustees. Rert Statement of Flnanclal Advllies Balance Sheet Notes lo the Financial Statements Indep8ndent Examiners Report 10
THE TREVOR OSBORNE CHARJTA8LE TRUST REPORT TO THE BOARD OF TRUSTEES FOR THE YEAR ENDED S APRIL 2023 Tru8teg8 Trevor Osborne Dergk Parkes Sarah Osborne Daniel Aln PrlnGlp•l Addro8S Rectory Lodge Combe Hay BATH BA2 7EG Règlstratlon Detalls Registered Charity No. 294156 The Trustees present their annual report and the financial statements for the year ended 5 April 2023. Stwcture. Gov•man¢o and MaMg•m•nt The Charitable Trust 65 govemed by a Declaration of Tnjsl datsd 7 Aprll 1986. The power of appointing new or additional Trustees is vested in TVOr Osbome during hls 16fe. and thereafter by re501ulion of the Twstè8s. Oblectlv8s and Actlvltl•8 for the publlc bgngfit The oblecl of the Charitable TrL1 15 to pay or apply the income and. In som8 drcumstances. the capitsl of the Twsl lo registered charilles orfor exclusively Charitable purposes according to the law of England and Wales, al the disGrelton of the Tru8tee8. Donallons received by the Charitable Trust are utllised to achieve the atove objectives. The Trusl owns the Old Lrfeboat House In Porthl8ven and continues to let this as The Lrfebo8tArt Studlo which is made available to artists and students from univBrsilles. local and natlonal commLÉnity groups and others as an arts resource to teach. learn, painl and create other art and #xhlbit. The a0mModatIO)n Is made available for these purposes and whilst some groups are allowed the space free of charge some charges are applied lo individu818 in order to recover the running c0515 of the property. The intention is to encourage arts and culture for 011 age groups and through this the Porthleven communty. Thg Trust owns Hardwck Hall in Buxton which has changed its name lo Hardwick Sludio to reflect the fact that the building is used by Bridgehead Arts Ltd a5 the Green Man Gallerywhich provides exhibition spa and rooms used for artisllc engagement and CTealivty- The Trustees conflm) that th&y have referred to the Charfty Commission's general guidance on public ben&fil when reviewing the Charitablè Trust's aims and objectives, in planning future acUvW88 and setting the grant making policy for the year. Achbevement8 and Perforniance D¢lails of expenses pald for ¢har¢table ev8nts and charitable donations made to further the Charttable Trust's purposes for the public benefrt are given in notes 3 and 4 to the fanCIal ststements.
THE TREVOR OSBORNE CHARITABLE TRUST REPORT TO THE BOARD OF TRUSTEES {coKr'D) FOR THE YEAR ENDED 5APRIL 2023 Fln•n¢lal Revlew The Trustees aim to maintain positlve reserves In unrestrithd funds by managing the level of dOnaon$ and grants awarded lo ensure that resources exnded do not exceed incoming resources. all surplus lunds belno applied in fvrtherance of the Charitable TNst's objectives. Approved by the Trustees on ...... Z•Z>..and signed on their behalf by Trev bome
THE TREVOR OSBORNE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivfTES FOR THE YEAR ENDED 5APRIL 2023 Note 2023 2022 INCOME Donations and Le cies Donations receivable Gift aid receivab 55.500 45,750 Charitable Activilies 0ratiOn of The Lif8boat Art Studio 9,275 4.650 Other Local councll COVID grant Income 2.667 Total Income 64.775 53.067 EXPENDuRE Charitable Aclivilies.. Expenses paid in support of charitable ftJndrai$ing events Donations and grants Op8r81ion of Thè Lifeboat Arl Sludio Operalk)n of Hardwick Hall- Insurance 9,536 55,328 11,032 1,190 21,132 47.672 6.853 Govemanc8 ¢0sts Accountancy Sundry 2.556 175 2.472 1.504 Total •xp•ndlture {79,8171 179.S731 Nèt Intomd(èxpondlture) (15.0421 126,506) Gains and losses on revaluation of fixed assets for the Charit¥s own use 270,000 Fund balanc¢s brought forward 662,279 418,785 Fund b•l•ne•$ ¢arri•d fonvard 647.237 662.279
THE TREVOR OSBORNE CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2023 Nole 2023 2022 Flxed assets Inve$bnenl prcyerty 650,000 650,( Curront a$89ts Debtors Cash at bank 19.859 24,056 3.551 19,859 27,607 GrlIorS ATnounls falling due within (Th year {22,622) 115,3281 Net current a8setsllllabllltles) {2,763) 12,279 Not a81•ts1(liabilitio8) 647.237 662,279 Funds Unrestricted funds 377.237 392,279 Revaluation reserv6 270,000 270,000 647,237 662,279 The noles al pages 5 to 9 form part of th&se accounts. Approved by the Trustees on and stgned on thelr behalf by.. Trevor Osborne
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2023 Accountlng poll¢k$ Genornl Inforni•tlon The Trevor Osbome Charltable Trust is an unincorp)rated charfty, roglslered in Ihe Ur)iled 'ngdom urKler the Charities Act 2011. The financial statements are prepared in sterling, whlch is the funth'onal Currency of the Trust. Monetary amoun15 in these financial statements 8r8 rounded to the nearest £. Basls of prnparatlon and assessmènt of gong concem The fmanclal statements have been prepared in accordance with Accounting and Reporting by Charitles.. Ststement of Recommended Pradice appltcable to charities preparing their a¢UnIS in accofdance wrth the Financial Reporbng Standard applicable In Ihe UK and Republic of Ireland IFRS 1021 (effective 1 January 2019)- ICharltie$ SORP IFRS 102} thctive 1 January 2019) and the Charities Act 2011. The financlal statements have been prepared to gNe us a true arvj fair view and have departed from the Chariti8s {A¢counts and Report51 Regulations 2008 only to the extent required lo provide true and fair view. This departure ha5 involved following Accounting and Reporting by Charities preparing their 8ccounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ir8land IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Chaiili¢s'. Stst&m8nt of Recommended Practice effective from Awil 2005 which has since been Mthdrawn. The charity eonstitutes a public beneffl entlly as defined by FRS 102. Assets and liabili118s are inltially recognlsed al historical Gosl or transaction value unlass stated in the relevant a¢eounting pc41Gy notes, The trustees consider that Ihare are no material uncertaintles aboul the Trust's ablllty to conlinue as a going concern. Fund accountlng pollcy Unrestricted income funds are general funds that are availat48 for use at the Iruslees, discretion In furtheran of the objectives of the charty. The trustee5 aim lo maintain positive reserves In unreslri¢ted funds by managing the level of donations and grants awarded to ¥nsure that resources expgnded do not exceed incoming rosources. Detaib of the fund is disclosed in note g. Incomlng recognition Al income is recognised once the charity has entiUemenl lo the income. il Is probable that the Income wlll be received. and the amount of the inwme can be measured ielSably. All donatSons are recognised when the charity has been notlfied In vmting of both the amount and the settlement date. In the event that a donation is subject lo conditions that require a level of perfomance before the charity is enlllled lo funds. the income is deferred and not reGognised until elther those eondltions are mel, or the fulfllment of t)Se conditions is wholly wthin the control of the charty. Incomwo resources from tax reclalms are recognised at the same time as the donation to which rl relates. Income from th8 owration of the Lrfeboat Art Studio 1$ recognised In the period to which it relates. Government COVID grant income is recorded when the grant has been received.
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6APRIL 2023 Expendlturn rneognltlon All eXnditUre is accounted for on an accrua15 basls Inclusive of irrecoverable VAT. AII expenditure including governance costs are all81d to the applicablo &xpenditure headings. Liabilities are recognised as expenditure as soon as there is a legal or constmctive obligation committing the chartty to th8t expenditUTe. it is piobat4e that the settlement wlll be required. and the amount of the obllgation can be measurèd reliably. Donatlons payable are payments made lo third parties In the furtherance of the charftable oblects of the Trust. In the case of an uncondition81 donation this 15 accrued once th6 recipient has been notified of the grant award. The notfficallon gives reclpient a reasonable expectation that Ih&y will re1ve the donatlon. Donations aw8rde(J that are subj8¢t to th8 r8cipienl fulfilling perfomian conditions are only aGcrued when the recipient has been noliNed ofthe donation and any remaining unfulfilled condltions hava been met. Gov8man¢e ¢08ts GoVe[nan cos15 comprlse all costs involving the public accountabilty of lh8 charity and Its compliance with regulation and good pracllce. Inve$lment property Investment property is initially measured al transaction prlce, and is subsequently measured atfair value at each reporting dale. Changes in fair value are iecoyni$¢d in net in¢omellexpditUTe} for the year. Oebtors and crgdltors rncolvablelpayablg wlthln on• year Oebtors and creditors receivable or payable within one year ar8 recorded al transadion pri¢e. Subsequenvy. they ar8 m8asured at the cash or other consideiation expected to be received or paid. Trusts•8' rnmuneratlon and 0Xn6•S No Trustee or connected person thereof ha5 recelv8d any remuneratiorb the year. Expgns•s paid In support of charltable fvndralslng gvonts 2023 Expenses incurred In ielatlon lo the Pcwthefven Arts Festival 9.536 9,536
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED SAPRIL 2023 Donatlons and grants 2023 Name of Instilvtlon Salvation Amy Bath Spa Univ8rsIIy Combè Hay Church Iword Arts Dive Prolect Cornwall CIC Derbyshire Heritag8 Trust Holbume Museum Peak District Artisans -young Emerging Artlsl Award Bath Fesllva American Museum & Gardens- Americana Fest B8lh Mozartf&st Bilelugs Lut- Sponsorshlp Special Music Scholarship at Wdls Cathedral School Pebbles PfoSe¢t Duke of Edinburgh Living Legacy Fund New English 8rt Club- Drawing Schod Annual Scholarshlp Friends of Buxton- International Festival Cystic FYorosi8 Bachfest Bath Abbey Music Trust 150 years Friends of IMS 100 10,000 600 5,000 5.000 100 3.000 1,000 2,500 2.500 5,000 4,458 100 5.000 2.500 2,650 600 5.000 200 20 55,328 Opgration of the Llfgboat Art Studlo 2023 2022 Rent. rates and insurance crf studio Heat and light of Studio Cleaning, repalrs and maintengnca Websit8 hostSng Adv¢rtising Telephone Administration Fee 2,082 970 3,633 122 1,162 778 1,427 103 137 548 2,7¢XI 531 3,600 11,032 6,853
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Inv•stm•nl Propgrty 2023 Falr Value At 6 April 2022 Additions R8valuatson$ 650.000 Al 5 Aprll 2023 650,(A)O The fair value of the inv8Stmenl tffOP8rties has been determined by Mr T Ostxjrne RICS. who 1$ also a Trustee, at 5 April 2023 on an open market basis wllh consideration for the nature and condition of the Ffoperties. Dèbtors 2023 2022 Due within on• year.. The Lrfeboat Art Studio rent Prepayments Mr T Osbome Trevor Osborne Limiled Original Theatre Co Bath Festivals 3.200 1,456 203 1,830 6,573 203 450 5,000 10,000 5,000 10,000 19,859 24.056 8. Creditors- amounts falling due withln one year 2023 2022 Bank overdraft Creditors and Accruals 7.047 15.575 15.328 22,622 15,328
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2023 9. Unre5trlcted fvnds The fund balance is as a resull of activities in furtherance of the Charitable Trust's obJedves. The fund is held to enable the trust to further Its obleclivès. Balance Net incomlng r950urces for Ihg yejr Balance at 0&04.2023 06.04.2022 Unrestrlcted fund 392.279 115,042) 377,237 ID. Relatod party transactlons During the year there were folk)wing Iransactlons with relgtad partles.. Incomel{expen88) 2023 2022 Trevor Ost()mg Liméted Donations received Debtor 55,500 45.0 450 Mr T OstLime Donations received Debtor 203 203 Bath Mozartlest Donations paid 15.000) 15,000) Saracen House Estates Llmlled Donation$ re¢8iV8d 750 Polhlev8n Holday Cottages Limited Adminlytralion fee 13.600) I2.7) Pc*thleven Art Community Intsrest Company Donation paid 11,017} Tievor Osborne 5s also a Trustee of the Bath Mozartfesl. Donations made were towaids the Bath zartlesl Bachfest Fund. Trevor Osborne Llmlled, Saracen House Estates Limit8d and Porthleven Holiday Cottages are companies under the contrd of Trevor Osbome. Trevor Osborne is a director of Portleven Art Comrnunity Interest Company which has been 8stsblished to encourage participation and appreciation c< art in Porthieven.
10 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TREVOR OSBORNE CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2023 I report lo the trustees on my examination of the accounts of the Trevor 03boume Charitable Trust for the year ended 5 April 2023 which are sel t on pages 3 10 9. Responslbllltles and basls of report As the charity trustees you are responsible for the preparation of the accounts in accordance With the requirements of the Charities Act 2011. I report in respect of my examination of the Trust's accounts ¢arried out under $8ction 145 of the 2011 Act and in Cary1 oul my examination I have followed all the applicable dlrecllons glven by the Ch8rhy Commission under section 145151(b) of the Act. Indopgnd9nt wrnlner's st•temgnt I have CLynpleteil my examination. I conlSrm that no material matters have come to my attention In connection wilh the examinatw)n giving me eauge lo belleve that in any material respect.. acujunting records were not kept in respect of the Trust as r8quir8d by s8clion 130 of the 2. the accounts do not accord wtth those records.. or 3. the accounts do not o)mp]y with the applicable requirements aor¢m1rj Ihg fom and conlenl of aunIS set out in the Charities (AoUnts and Reports) Regulations 2008 other than any r8quir8m8nts that the accounts give a 'lruè and fairf view which Ss not a matter conswjered as part of an independenl examination I have no Con[5 and have come 8cross rto other matters in connection wlth the examinatlon lo whlch attention should be drawn in this report in (der lo enable 8 proper underslandlng of the accounts to be r8ach8d. KLSmithBAF CA Howard Tax Ac¢ountsnls Limited Riverside Chambers Full Street DERBY DE13AF Dated 25 August 2023