REGISTERED CHARITY NO. 294156 THE TREVOR OSBORNE CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE TREVOR OSBORNE CHARITABLE TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRJL 2024 CONTENTS Pag• Trustees, Report ststement of Financial Activities Balance Sheet Notes lo the Financial Statements Independent Examingrs Report 10
THE TREVOR OSBORNE CHARITABLE TRUST REPORT TO THE BOARD OF TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 TN$tO0S Trevor Osbome Derek Parkes Sarah Osbome Daniel Allen Principal Address The Old Stables Combè H8y 8alh BA2 7EG Reglstratlon Detalls Registered Charity No. 294156 The Trustees present their annual report and the financial ststements for the year ended 5 April 2024. StruCre, Governance and Managèmènt Tha Charitable Trusl is governed by a Dgclaratlon of Twst dated 7 Aprfl 1986. The power of appctrinling naw or addltFonal Trust888 Is vested in Trevor Osborne during his life, 8nd thereafter by resolution of the Tvuslees. ObJ¢¢tlves and Artlvltlgs for the publlc ben5¢ The object of the Charilable Trust is lo pay or apply the income and, in rne circUmstans, the capital of the Tnjstto registered charities or for exclusively charitable purposes according to the law of England and Wa, at the discretion of the Trustees. Donalkjns recelved by the Charitable Trust are ulilised to 8chi&ve the above (i)jectNes. The Trustownsthe Old LWel)oal Hou88 In POrthVen and eonllnues to let thls as The LrfeboatArt studio which is made available lo artists and students from universities, local and national community groups and others as an arts resource to teach. learn, paint and create other art and exhibit. The accommodation is made availablg for those purposes and whilst some groups are alknwed the space free of charge some charrJ8s are applied to indiwduals in order lo cover the running cos15 of the property. Tho intention is to encourage arts and culture for 811 age groups and through this the Porthleven community. The Trust owns Hardck Hall in Buxton whith has changed its name to Hardwck Studio to refle¢t the fact thatthe building is used by Bridgehead Arts Ltd as the Green Man Gallery which provldes exhlbltfon space and rooms usod for artistic engagement and creativity. The Trustees conflmi that they have referred lo the Chafity Commission's general guidance on public benofil when reviewng the Charitable Trust's aim5 and objectives. in pknning future aGtivities and setting the grant rnaking policy for the year. Achievernents and Performance 08ts11s of expenses pald for charStable events and charitsble don8tlons made to further the Charitable Trust's purposes for the publlc benefi't are given in Th)te$ 3 and 4 to the financial stat&mgnts.
THE TREVOR OSBORNE CHARITABLE TRUST REPORT TO THE BOARD OF TRUSTEES {CONT'D) FOR THE YEAR ENDED 5 APRIL 2024 Flnan¢lal Revlew The Trustees aim lo maintain posittve wservès In unrestricted ftjnds by marbaging the l&vel of donations and 9ranl8 awarded to ensure that resources expended do not exceed incoming resourcès, 811 surplus funds b8ing applied in fvrtherance of ihe Charil8ble Trust's obie¢livo$. *• Approved by the Trustees on .... Trevor Osbome
THE TREVOR OSBORNE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 5APRIL 2024 Note 2024 2023 INCOME DonalKJns and Le cies Donations receivable Gift aml receivable 75,650 55.500 charitab ActNiti8s Operation of Th8 Lifeboat Art Studio 8,375 9,275 Total In¢omo 84,025 64.775 EXPENDrruRE Charitable Activrties.. Expèns8$ paid in support of charitable fundraising events Donations and grants Opgralion of Tho Lifeboat AJt Sludlo Operallon of Hardwick H1 6,798 ,958 10,135 232 9.536 55,328 11,032 1.190 Governance costs Accountancy Sundry Bank charge$ and interest 2.640 202 67 2,556 175 Totsl expendlturo (71,0321 {79.8171 Net in¢omellexpenditur•) 12,993 {15,0421 G8ins and bsses on revaluation of fLxed assets for the Charty's own use Fund balan¢o$ brought forward 647,237 662.279 Fund balances carried forward 660,230 647,237
THE TREVOR OSBORNE CHARITABLE TRUST BALANCE SHEET AS AT 5APRIL 2024 Note 2024 2023 Fixed assets Investment property 650,000 650,000 UOnt assets Debtors Cash al bank 13,853 11,269 19.859 25,122 19.859 Creditors Amounts falling due wilhln one year 114.892} 122,622} Not curren¢ a$$otsllliabilltles} 10,230 2,763) Nel ass•tsllliabllltlos) 660.230 647.237 Funds Unrestricted fund5 390.230 377.237 Revaluaticffl reserve 270.000 270.000 660,230 647,237 The noles al pages S lo 9 form part of these accounts. roved by tho Trustees on TrevY)r Osbom¢
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 Accounllng poll¢lg8 General Informatlon The Trevor Osborne Charitable Trust is an unincorporat8d charity, regtstered in the Unf(ed Kingdom under the Charities Act 2011. The financi81 slalements are prepared in sterling. which is the functional currenoy of the Trust. Monetary amounts in these financial slalemenls are roun(led to th6 nearest £. Basis of prèparation and assessmont of gong concern The fmancial statements have been prepared in accordance woth the Charttles SORP IFRS102)- ACcjtIng and ReFJOrting by Charibes.. Statement of Recommended practi applicable lo charities preparing their accounts in accordan wtth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Stsndard applScable in the UK and Republic of Ireland IFRS 1021 and tho Charities Act 2011. The fmancial statements have been prepared to give us a true and fair view and have departed from Ihe Charities IAccounts and Reports) Regulations 2008 only to the extent reqUId to provide a true and fair view. This departure has involved following the Charities SORP IFRS1021 published in October 2019 ralhor than tho Accounting and Reporting by Charlties.- Stat&menl of Recommon(J8d Practicg effgctive from Aprfl 2005 whSch has slnce been wilhdrawn. The chartty constilules a public benèfit ents'ty as defined by FRS 102. As$ets and liabilities are initially cognised al historical c051 or transaction value unless stated in the r818vant accounlir policy notes. The twslees nsider that there are no matsrial uncertainties about the Trust's abilty lo continue as a going concern. Fund a¢¢ountlng poll¢y unrestn.cted incorne funds are g8neral funds that ara availabl8 for use at tha Iru519es' di$¢reti¢)n in fijrtherance of the objectives of the charity. The trustees aim to maintain positive restrrves In unrestricted funds by managing the level oftjonations and grants awarded lo ensure thatresources expended do not exceed Incomlng resources. Detsils of the fund is disclosed in note 9. In¢omlng r¢¢ognltlon l income is recognised once the charity has entillement lo the income. il is probabla that the income will be received. and the arnount of the income can be measured reliably. All donalions are recognised when the charlty has been notlffed In writing of both Ihe 8mount and the settlement dale. In the event that a donallon Is subject to conditions that rèquire a level of perfom)ance before the charity Is enlrtled to funds. the income is defèrred and not recognised until either those Conditions are mel, or the fuifilmenl of those corKlitions is wholly wthin th8 control of the ch8rity. Incoming resources from tsx reclaims are recognised al the some lime as the donation to which tt rgkates. Income from the operation of the Lrfeboat Art Studio is re¢ogni$ed in the period to which il relates.
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 Expenditure recognltion All expenditure is accounted for on an accruals basis incluslve of irrecoverable VAT. AII expgndtture including govemance costs are allocated lo the applicable expenditure headings. Liabilities are recognised as expenditure a8 soon as there is a legal or conslru¢live obligatian ccmmtming the Charity to that expenditure. it Is pr¢bable Ihal the settlement will be required, arKI the amount of the obligation can be measured reliably. Donations paylble are payments made to third parties In the furtherance of the charllablg objects of the Trust. In the Case of an uncondttlonal donation this is accrued once the recipient has bgen rlif&e of Ihe grant award. The notifltion gives the recipnt a reasonable expedation that they will receive the donation. Donations awarded that ale subjKI to the recipient fu1111ng performance conditions are only accrued when the recipient has been notified ofthe donallon and any remaining unfulfilled conditions havo been met. Govemance ¢o$ts Governance costs ¢(prISe all costs involving the public accountability of the Charity and Its compliance with regulation and good pra¢lice. Inv•$tment propèrty Investmenl property is initially measured at transaction price. and 15 subsequently measurod al fair value at each reporting date. Changes in fair value are recognis8d in nel incomellexpendilurel for the year. Debtors and Credltors rnceivablelpayablo wlthln one year Debtors and creditors receivable or payable Yllhin one year are recordgd al transaction price. Subsequendy, they are ffleasured al the cash or other consideration expected to be received or paid. Trustsgs. remunerallon and exp8n8 No Trustee or connected penson thoreof has received any remunèrallon the year. Exp8nseJ pald in support of charftablg fvndral8lng ov•ntS 2024 Expenses incurrgd in ralatlon to the Porthelven Ajts Festival 6.798 6,798
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 Donations and grants 2024 Namo of instltutlon Comba Hay Church Ilfoid Arts Dive Project Cornwall CIC Porthlèven Arts Prlzo Holburna Museum Starr in the Community CIC Bath Festivals Benedgtti Foundation Bath Mozarttest Biletugs Lut- Sponsorship Special Music Scholarship 01 Wolls Cathedral School Bath Philharmonia - Schools Voice Legacy Project Frlends of Buxton International Festival 5.000 3.000 200 3,000 45 22,500 10.000 5.000 15371 500 1,650 50.958 Operatlon ol Ihe Llf¢bo•t Art Studlo 2024 2023 Rates and insurance of sludlo Haat and light of sludS0 Cleaning. repairs and maintenance Websf(e hosb'ng Adverb'sing Telephone Administration Fee 1,728 1,161 2,650 30 113 853 3,600 2,082 970 3.633 122 531 3,600 10.135 11.032
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 6. Investment prOrtY 2024 Falr Value Al 6 April 2023 Addit*)ns Rwaluatl¢)ns 650.000 At 5 April 2024 650.000 The fair value of the investment properties has been determined by Mr T osbome RICS, who 1$ also a Trustee. at 5 April 2024 on an open market basis with considerats'on lor the rbalure and coThYilion ol the wopertl88. Debtorn 2024 2023 Due wlhin one year.. The Lifeboat Art Studio Tent Prepayments MrT 05born& Onginal Theatrè Co 88th Festival$ 4,375 4,275 203 6,C(JO 3.200 1,456 203 5,000 10.000 13,853 19,859 8. Cr•ditars- amounts falling du6 wlthln ong y•ar 2024 2023 Bank overdraft Credilots and Accruols 7,047 15,575 14.892 14.892 22,622
THE TREVOR OSBORNE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 9. Unre¥lrl¢t8d funds The fund balance is as a result of activiti8s in furlheranco of the Charitable Trust's objectives. The fund is held lo enable the trust to further ils objectives. Balan¢• at 06.042023 Net Incoming rgsour¢•s for the year Balan¢• 05.04.2024 Unrestricted fund 377.237 12,993 390.230 10. R•latod party tran$aetions During the year there were the following lran8actiis wlh relatèd parties: IncomellexpeNsel 2024 2023 Trevor Osbome LSmited Donatlons received 72,650 55.500 Porthleven Harbour Dock Company Dcfflation$ reived 3,000 Mr T Osborna Donation8 racebved Debtor 203 203 Bath Mozartfest Donations paid {5,000) 15.0001 Pothleven Holiday Cotlages Limited Administration fee 13,600} 13,6001 Trevor Osbome Is also a Truste8 of the Bath Mozartf8St. Trevor Osborn8 Limited, Porthleven Harbour Dock Company and Porthl8ven Holiday Cottages are companies under the control of Trevor Osbome. Trevor Osbome is a director of Porueven Art Community Int8r8St Company whlch has been established to encourage participation and appreciation of art in Porthleven.
io INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TREVOR OSBORNE CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2024 I report to the Irttstees on my examination of tho accounts of th8 Trèvor Ostoume Charitable Trust for the year ended 5 April 2024 which are sel out on pages 3 to 9. Rosponslbllltl•s and basls of roport As the charity trustees you ar¢ responslble for Ihe preparation of the accounts in aCc(¥dan wilh the requirements of the Charities Acl 2011. I repori in respect of my examination of the Trust's accounts carried <)ut under section 145 of the 2011 Act and in carrwng out my examination I have followed all the applicabb directions given by tho Charity Commission under section 145{5}Ibl of the Act. Indop•ndont oxaminerfs statement I have wmplelefl my examination. I confirm that no material matters have cotne to my attenlhjn in connection with the examination giwng me cause lo believe that in any material respect-. accounting records were not kept in respect of the Trust as qUired by sectKJn 130 of the Act; or 2. the accounts do not accord with Ihose records,. 3. the accounts do not comply with the applicab requirements CrnIng the fomi and Gontent of accounts set out in the Charities (AunIS and Reports} Regulations 2008 other than any roquirements that the accounts glve a 'true and fairf view which is nol a rnatter considered as part of an Ind8pendent examination I have no corKerns and have come across no other matters in connecbon with the examination to which attention should be drawn in this report in order to enab a proper understanding of the accwnts to be reached. KLSmithBAF CA Howard Tax Aw)untanls Llmlted Rfverside Chambers Full Street DERBY DE13AF Dated 3 June 2024