Charity registration number 1081657
Company registration number 03147853 (England and Wales)
OUSEBURN TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
OUSEBURN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr M Giesen
Mr D Cross
Mr G Kell
Mr J D Bolland
Mrs S Bright
Mr A Slack
Mr P Murphy
(Appointed 4 October 2022)
Charity number
1081657
Company number
03147853
Registered office
53 Lime Street
Ouseburn Valley
Newcastle upon Tyne
Tyne and Wear
NE1 2PQ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Bankers
Unity Trust Bank
The Unity Trust Bank
Nine Brindley Place
Birmingham
B1 2HB
OUSEBURN TRUST
CONTENTS
Page
Trustees' report
1 - 8
Independent auditor's report
9 - 11
Statement of financial activities
12
Balance sheet
13
Notes to the financial statements
14 - 27
OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

As set out in our objects in the articles of association (updated 7th July 2011) as follows:

 

The promotion for the public benefit of urban or rural regeneration in areas of social or economic deprivation (and in particular the Lower Ouseburn Valley, bounded by the River Tyne to the south, Warwick St to the north, Newington Rd, Elizabeth St, Metro line and disused railway line to the east and Crawhall Rd and Stoddart St to the west) by all or any of the following means:

 

i. the preservation of buildings and sites of historic or architectural importance

ii. the creation of training and employment opportunities by the provision of workspace, buildings, and/or land for use on favourable terms

iii. the maintenance, improvement or provision of public amenities

iv. the protection and conservation of the environment

v. the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience

vi. the provision of housing for those who are in conditions of need and the improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving any local authorities or other statutory bodies of a statutory duty to provide or improve housing

vii. the provision of recreation facilities for the public at large or those who by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances, have need of such facilities

viii. the promotion of public safety and the prevention of crime

ix. the relief of poverty

x. the relief of unemployment

xi. for such other charitable purposes as the Trustees in their absolute discretion see fit from time to time

 

Values:

It aims to undertake a wide range of activities that deliver these objects based on strong organisational values:

- Inclusive

- Transparent

- Creative

- Sustainable

- Excellence

- Continuity

- Positive

- Responsive

 

Focus of our work:

The Trust works closely with an extensive range of stakeholders, including Newcastle City Council, to regenerate this historic part of central Newcastle with the intention of creating a diverse and economically successful 'urban village that has a strong emphasis on the arts and creative industry sectors. The Trust has a comprehensive property portfolio of its own that generates income for the Trust, in addition it undertakes a number of community facing activities that support increased community engagement and participation.

 

 

OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

Public benefit:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

 

Public benefit is achieved by undertaking a wide range of activities. During the last year the Trust has been involved in:

 

- Delivering a heritage programme, drawing on the Trust's assets such as archive materials, oral histories, volunteering, Victoria Tunnel tours, publications, heritage walks & talks.

 

- Maximising the Ouseburn Trust's intellectual and physical assets in order to create a viable and sustainable organisation. Encouraging enterprise and supporting entrepreneurial behaviour internally and externally to improve the business and arts cluster that is emerging within the Ouseburn Valley.

 

- Increasing the amount of community participation and influencing the local regeneration process through more active volunteering and better quality participation in the local governance process. The purpose being to increase the amount of social and economic capital generated in the Ouseburn Valley.

 

- Providing information and resources for the local community.

 

- Acting as a trusted intermediary and source of advice for people wanting to find out more about the area and working with others to increase the number of visitors and services to those who want to visit the valley.

 

- Simultaneously it has worked to maintain effective internal governance and internal efficiencies through a process of continuous improvement.

Significant activities

The Ouseburn Trust focuses on the unique built and social heritage of Newcastle’s Lower Ouseburn Valley, and more recently has extended that focus to the natural heritage of the place. This is a designated conservation area with a long and varied history and is particularly noted as being integral to the story of Tyneside’s industrial past.

 

Our activity is a mix of income generating activity from our tenancies and public facing activity, and our role as shaper and influencer of the sensitive regeneration of the place we seek to protect and celebrate.

 

Through engagement with people who live, work and spend their leisure time in the Ouseburn area we seek to shape the future through the following themes: Planning and Development, the Natural Environment, Transport and Heritage. Positive enhancements to the area in terms of the influence on new developments, streetscape improvements, and pathways and green space are significant and our reputation as a credible force of good for the Valley has grown, resulting in stronger relationships with stakeholders.

 

We remain driven by a clear desire that heritage activities in the area should be used as part of an over-arching strategy to maintain what has become a thriving centre for cultural activity in Newcastle upon Tyne.

Our heritage-focused activities include bringing at-risk historic buildings back into long-term community and commercial use through carefully considered redevelopment with clear community benefit. This ensures that the historic aesthetic of the conservation area is maintained, whilst preventing inappropriate changes to its inimitable atmosphere and character.

Key aspects of our social heritage resource are our incredibly rich photographic and oral history archives. These comprise a collection of 60,000 images taken by Davey Pearson, ten albums of images taken by Richard Blosse, 3,000 images taken by the Trust and over fifty hours of interview recordings. We endeavour to maintain, expand and interpret these valuable assets, largely through the efforts of our heritage volunteers and associated heritage research volunteers, and we have begun to deliver themed exhibitions in local venues to promote our work.

 

 

OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Achievements and performance

Emerging from the pandemic

Despite the lifting of restrictions, anxiety remained at the outset of 2022/23 amongst our visitors, staff and volunteers, so we cautiously grew our offer again, ensuring first and foremost the safety of those at risk.

We were cautious too in our financial projections, in particular for the first two quarters of the financial year, yet despite hosting smaller groups and maintaining some of the restrictions for longer than required, we exceeded our financial forecast for customer facing activity, and returned to pre-pandemic levels of engagement by the autumn.

The public were keen to take part in in-person events once more so while maintaining our virtual offer, it became less and less well attended. It remains part of our offer should it be required by visitors for whom a physical visit is either not possible or undesirable but does not form part of our regular timetable.

The Brewery tours launched in the autumn of 2021 have remained popular since their launch and expanded to include additional venues/breweries, generating some excellent feedback most often related to the storytelling and knowledge of the brewers.

The Ouseburn Festival re-launched as an Ouseburn Trust event to great acclaim, with an estimated 10,000 people attending throughout the day, with plans to grow it this year to cover the whole weekend.

Summer walks remained as popular as ever, and the Hadrian’s Wall Beacon event hosted at the Cumberland Arms with fire dancing, and light projections was well received despite the inclement weather on the day.

Pleasingly, grant funding was no longer required to merely make ends meet this year but instead sought, and secured to add value to our work, and to assist in the delivery of new pieced of work, such as the workspace study.

 

The accounts show how the Trust has performed in economic terms during the last year, but they do not tell the whole story. As a socially responsible organisation, with a strong commitment to its values, what follows are some examples of how the organisation has successfully delivered its objectives during a challenging 12 months.

 

Projects:

 

Our property development plans became less important in the face of the pandemic but this year we sought to develop our plans for 51 Lime Street.

 

 

51 Lime Street

 

Using the recently granted planning permission we worked with xsite architects to develop a tender brief to secure a contractor to undertake the works to convert 51 from a warehouse to a managed office/visitor space.

 

In tandem with this we sought loan finance to fund the conversion works from a social lender.

 

By autumn of 2022 we were successful in securing the loan finance, and in appointing a contractor to undertake the works, which began just before the financial year end in March 2023. They are scheduled to conclude in summer 2023, when the Trust will move from 53 to 51 Lime Street, and expand its offer.

 

 

OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

Heritage

 

The Trust works with a dedicated group of volunteers to develop physical and digital archives of heritage material that we aim to make more publicly accessible through the internet and a fit-for-purpose visitor resource facility.

 

This includes oral history recordings and the photographic archive that jointly help to create a strong sense of place and value about the area. Included in these resources are a collection from local photographer Richard Blosse, who recorded the building of the Byker Wall and the physical changes that impacted local communities as a result. Some prints of Richard’s photographs are displayed in the Byker Community Trust offices. Our photo archive volunteers work hard digitising and cataloguing the photo collection to help unlock its full potential.

 

The Victoria Tunnel remained the number one visitor attraction in Newcastle on Trip Advisor once more. Visitor numbers retuned to pre-pandemic levels once more in the autumn, and the number of tours during the year exceeded the number we ran throughout the year in 2019, our last full year prior to the pandemic. There remains a modest charge to visitors to cover running costs and repairs of the tunnel, but it receives no other public subsidy. While 2020 saw a reduction in the number of visitors for the first time in 10 years, the end of 2022-23 saw numbers return to 2019 levels, with the relaunch of ‘tipple in the tunnel’, ‘sounds of the underground’ and food tour visits all adding value to our traditional tunnel tours, and each diversifying our audiences.

 

Environment

 

While some activity continued to take place during the pandemic, run by volunteers who live and work locally, much of our coordinated work could not take place as it presented too great a risk. It was refreshing to see many volunteers return to support our work maintaining the green spaces in the Valley as soon as we were able to host groups again. This year has seen a record number of corporate groups supporting our plans too as part of their company’s commitment to volunteering days for staff.

 

We continue to develop plans for developing and caring for the green and in-between spaces in Ouseburn and seeking partners with whom to undertake that work, drawing on specialisms where they add value and seeking funding to secure this work and buy in expertise where we need it.

 

The LEP funded project which helped raise the profile of the work we do, has been instrumental in helping us identify and develop new partnerships and build a case for Ouseburn Trust as the body responsible for managing the green spaces in the Lower Ouseburn Valley.

 

The City Council have supported this work with further investment in the green spaces with pathways to connect important through routes and to complement our work. This has extended to heritage signage to compliment the orientation signage highlighting historic features in the Valley.

 

Property, Business & Enterprise:

 

We were fortunate throughout the pandemic that we retained our tenants and their rent reducing the burden on the Trust to secure grant funding support. Two tenants swapped premises to meet their changing demands, and one has since left, providing us with an opportunity to grow ourselves. Further changes are possible as organisations review their working practices now restrictions of the pandemic have been lifted but we continue to receive regular enquiries from business looking to establish or relocate in the Ouseburn, so demand remains high.

 

We have continued to manage commercial and community tenants in-house, identifying opportunities for improvements to the properties and investment in security, fire safety, and ongoing maintenance.

 

Part of the riverside walkway is owned by the Trust and is used extensively by visitors and residents. It provides a haven for wildlife, an opportunity to study the area from a different perspective and a traffic-free route leading from the heart of the valley towards the River Tyne. The site next to the area containing the Liddel and Henzel glass kilns is being redeveloped and the developer has agreed to enhance the interpretation of the kilns as part of their works which will showcase better another facet of the Valley’s important history.

 

The car park with its contactless payment facility has also recovered, returning pre-pandemic levels of income for the organisation to support other areas of activity. Customers can choose to pay in the office if they prefer to use cash, but usually only one or two daily take up this offer.

OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

Increasing the amount of community engagement and participation:

 

The Trust continues to provide support to Stepney Bank Stables by charging a reduced rent, which is designed to support their commitment to delivering social value through their work. The trust retains a reversionary interest in the first and second floors of the Steenberg’s property, this is occupied by two Registered Social Landlords, Home Housing and Tyne Housing Association, who are only charged a peppercorn rent for the 22 flats they occupy.

 

Our website and social media channels have performed an outstanding role for us over the last two years, allowing us to remain active and prominent in the community and to communicate our evolving offers and projects, generate income, and effectively reach and target new more diverse audiences. In addition, they've also provided a platform to share heritage content.

 

Acting as a source for quality information and advice:

 

Moving our office and tunnel tour base to a more public facing premises has enabled the Trust to perform more effectively as a location for providing local information and resources, and the adoption/creation of sub-groups with a focus on Planning and Development and Transport in particular, operate a forum within which our community of interest can engage in key topics and influence policy.

 

We have used the website to raise money for crowdfunding schemes such as the defibrillators for the lower Ouseburn, and for adding value to consultations we conduct in person, working with local attractions to help shape it into a resource for driving traffic to the right place for visitors so they can acquire the information they require more easily.

 

Our Ouseburn Valley e-News publication continues to act as an important source of information about what is happening in and around the Ouseburn Valley. We could not do what we do without the dedicated help and support of our volunteers, for whom we are extremely grateful.

Achievement and performance

The financial position for the year shows a deficit for the year of £12,295 (2022: Surplus £86,357) including income and expenditure in respect of restricted funds. The Trustees consider the financial position to be satisfactory.

 

The Trust retained full occupancy of its properties throughout the year. We have performed well enough to increase staff resource while simultaneously improving our financial position through a commitment to investment in new initiatives while closely monitoring spend across the organsiation. Through the merger and the decision to engage once again in activities with a greater community focus we have successfully raised our profile as a guardian for the Valley.

 

The Board remains vigilant and closely monitors financial performance and operational activity on a regular basis through 6 bi monthly Board meetings and 4 Finance Group meetings.

OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
Financial review

Principal funding sources

How finance has helped to deliver the charitable objects

 

The Trust relies on a mix of income to deliver its objectives. This comes from property it owns, projects it manages, and grant funding support. The Trust is proud to no longer be reliant on grant funding but makes applications to launch new initiatives or add value to existing work.

 

Reserves policy

The charity held at the end of the period £1,445,695 (2022: £1,457,990) in reserves of which £32,127 (2022: £45,699) was in respect of restricted funds and £1,413,568 (2022: £1,412,291) in respect of unrestricted funds.

 

Unrestricted funds include the buildings and property the charity owns in the Ouseburn area. At the year-end, the properties were valued at £1,288,315 (£1,198,000), excluding depreciation.

 

Free reserves, excluding reserves used for fixed assets, designated or restricted purposes amounted to £99,305 (2022 : £174,937) at the end of the year.

 

Going concern

As at 31st March 2023 the charity has a surplus of assets of £1,445,695. Based upon this factor, the trustees consider it appropriate to prepare the accounts on the going concern basis.

Structure, governance and management

The company was incorporated on 18 January 1996, it is limited by guarantee and is governed by its memorandum and articles of association, which were revised on 7 July 2011. The company is a Registered Charity - number 1081657. It obtained charitable status on 20 July 2000.

 

The Trust concluded its independent review of its governance which was ratified at the AGM in July, 2022, adopting new articles which introduced a maximum term of office for trustees of 9 years’. This might then explain to some degree the following list containing quite a few resignations.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr RG Bland
(Resigned 24 June 2022)
Dr M Giesen
Mr D Cross
Mr G Kell
Mr J D Bolland
Mrs S Bright
Mr A Slack
Mr AM Buckley
(Resigned 19 July 2022)
Mrs E Robson
(Resigned 19 July 2022)
Miss KE Bates
(Resigned 4 February 2023)
Mr P Murphy
(Appointed 4 October 2022)
Professor SJ Scott
(Resigned 20 June 2022)
OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -

Recruitment and appointment of new trustees

Directors are appointed at the Annual General Meeting. Directors may also be co-opted by the Board in which case they are required to stand for election at the next Annual General Meeting.

 

Organisational structure

The charity is managed by a committee of up to 12 trustees drawn from within the Trust's membership. Directors retire by rotation on a three-year basis. The Board is responsible for overall strategy and policy, organisational health and management of risk. It meets bi-monthly and assesses actual performance against forecast.

 

Since the convergence with Ouseburn Futures in 2017, the governance structure has been altered to operate in addition to the Board through sub-groups with thematic focuses such as Planning and Development, Environment and Transport and Heritage.

 

Membership of the sub-groups is open to any Board member, resident, employee of the Valley or anyone with an interest in the place. Those with specific interests are encouraged to participate. These groups provide an opportunity for people with specialist skills or experience to join the Trust.

 

Induction and training of new trustees

New Trustees undertake a formal induction when they are appointed. They are provided with a role description, Charities Commission disclaimer and registration documents, a copy of the latest accounts and the up to date financial position of the Trust, the latest annual report, the risk register, details of the history of the Trust and a list of the property owned by the Trust. They are also shown a map of the area, a meetings schedule, and also one to one meetings are held with the Trust manager, Chair and head of each internal sub group. A pack is given containing Trust policies and procedures and a forward business plan. Two way questions are encouraged.

 

Statement of trustees' responsibilities

The trustees, who are also the directors of Ouseburn Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the company's articles, a resolution proposing that Robson Laidler Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.

OUSEBURN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mrs S Bright
Trustee
6 July 2023
OUSEBURN TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OUSEBURN TRUST
- 9 -

Opinion

We have audited the financial statements of Ouseburn Trust (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

OUSEBURN TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OUSEBURN TRUST
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The risk of material misstatement due to error or fraud is deemed to be low within the entity as the charity operate strong internal controls to mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

OUSEBURN TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OUSEBURN TRUST
- 11 -
Michael T Moran BA FCA (Senior Statutory Auditor)
for and on behalf of Robson Laidler Accountants Limited
3 August 2023
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
OUSEBURN TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
10,981
12,263
23,244
32,646
54,810
87,456
Charitable activities
4
901
-
901
322
-
322
Other trading activities
5
269,608
-
269,608
229,151
-
229,151
Investments
6
211
-
211
23
-
23
Total income
281,701
12,263
293,964
262,142
54,810
316,952
Expenditure on:
Raising funds
7
6,962
-
6,962
6,058
-
6,058
Charitable activities
8
267,195
30,470
297,665
200,237
24,300
224,537
Other
12
1,632
-
1,632
-
-
-
Total expenditure
275,789
30,470
306,259
206,295
24,300
230,595
Net incoming/(outgoing) resources before transfers
5,912
(18,207)
(12,295)
55,847
30,510
86,357
Gross transfers between funds
(4,635)
4,635
-
1,600
(1,600)
-
Net income/(expenditure) for the year/
Net movement in funds
1,277
(13,572)
(12,295)
57,447
28,910
86,357
Fund balances at 1 April 2022
1,412,291
45,699
1,457,990
1,354,844
16,789
1,371,633
Fund balances at 31 March 2023
1,413,568
32,127
1,445,695
1,412,291
45,699
1,457,990

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
OUSEBURN TRUST
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
644,263
259,354
Investment property
15
620,000
928,000
1,264,263
1,187,354
Current assets
Stocks
16
1,935
2,516
Debtors
17
27,958
38,281
Cash at bank and in hand
218,805
244,717
248,698
285,514
Creditors: amounts falling due within one year
18
(67,266)
(14,878)
Net current assets
181,432
270,636
Total assets less current liabilities
1,445,695
1,457,990
Income funds
Restricted funds
19
32,127
45,699
Unrestricted funds
Designated funds
20
1,313,171
1,199,335
General unrestricted funds
100,397
212,956
1,413,568
1,412,291
1,445,695
1,457,990
The financial statements were approved by the Trustees on 6 July 2023
Mrs S Bright
Trustee
Company registration number 03147853
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Charity information

Ouseburn Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 53 Lime Street, Ouseburn Valley, Newcastle upon Tyne, Tyne and Wear, NE1 2PQ.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Ouseburn Trust meets the definition of a public benefit entity entry under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

 

Allocation and apportionment of costs

Costs allocated to activities comprise those costs incurred which directly relate to that activity, together with an appropriate proportion of support costs.

 

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on straight line basis
Fixtures and fittings
20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Investment property

Freehold investment properties are valued on an open market valuation basis assuming vacant possession.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks, which represent stocks of books relating to the Ouseburn Valley, are valued at the lower of cost and net realisable value.

 

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.11
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12
Taxation

As a charity, the company is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14

Preparation of consolidated financial statements

The financial statements contain information about Ouseburn Trust as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 402 of the Companies Act 2006 not to prepare consolidated financial statements as the company's subsidiaries are considered to be immaterial.

1.15

Debtors

Trade debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

 

OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.16

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Total
Total
2023
2022
£
£
Donations and gifts
11,244
6,060

Grants

12,000
81,396
23,244
87,456
Grants receivable for core activities
Covid JRS
-
5,252
NCC - Covid Relief
-
5,334
NCC - VCSE Resillience Fund
-
16,000
National Heritage
-
21,500
NCC Workplace Study
-
24,910
Community Foundation
10,000
3,400
NCC Jublilee Celebrations
-
5,000
Mailings KPS
2,000
-
12,000
81,396
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
4
Charitable activities
Other income
Other income
2023
2022
£
£
Other income
901
322
5
Other trading activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Parking meter and sundry income

40,970
38,494

Victoria tunnel museum

137,630
97,102

Rental income

91,008
93,555
Other trading activities
269,608
229,151
6
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
211
23
7
Raising funds
Total
Total
2023
2022
£
£
Trading costs
Support costs
6,962
6,058
6,962
6,058
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
8
Charitable activities

Conservation and heritage

Conservation and heritage

2023
2022
£
£
Depreciation and impairment
13,841
9,489

Insurance

6,873
6,772

Light and heat

7,120
5,772

Repairs and renewals

6,191
5,380

Printing and stationery

1,739
1,803

Photocopier costs

1,906
13

Direct charitable costs

29,394
14,497

Sundries

6,971
7,030

Bank charges

5,862
4,076

Events

20,649
2,574

Catering

1,688
1,286
102,234
58,692
Share of support costs (see note 9)
174,244
147,491
Share of governance costs (see note 9)
21,187
18,354
297,665
224,537
Analysis by fund
Unrestricted funds
267,195
200,237
Restricted funds
30,470
24,300
297,665
224,537
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
9
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£
Staff costs
162,106
-
162,106
146,016
-
146,016

Rates and water

1,826
-
1,826
1,260
-
1,260

Repairs and renewals

9,026
-
9,026
4,798
-
4,798

Training and conferences

105
-
105
660
-
660

Subscriptions

979
-
979
815
-
815
Support costs heading 7
7,164
-
7,164
-
-
-
Audit fees
-
4,070
4,070
-
3,629
3,629
Legal and professional
-
17,117
17,117
-
14,725
14,725
181,206
21,187
202,393
153,549
18,354
171,903
Analysed between
Trading
6,962
-
6,962
6,058
-
6,058
Charitable activities
174,244
21,187
195,431
147,491
18,354
165,845
181,206
21,187
202,393
153,549
18,354
171,903

Governance costs includes payments to the auditors of £4,070 (2022- £3,629) for audit fees.

10
Trustees

None of the trustees (or any persons connected with them received any remuneration or benefits from the charity during the year.

 

Trustees' expenses

 

During the year ended 31st March 2022 and 31st March 2023 no expenses were reimbursed to the trustees of the charity.

 

11
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Administration
3
3
Charitable activities
3
3
Total
6
6
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Employees
(Continued)
- 21 -
Employment costs
2023
2022
£
£
Wages and salaries
144,382
131,615
Social security costs
7,867
6,219
Other pension costs
9,857
8,182
162,106
146,016

Amounts paid to key management personnel in the year totalled £58,973 (2022: £58,592)

There were no employees whose annual remuneration was more than £60,000.
12
Other
Unrestricted
Total
funds
2023
2022
£
£
Net loss on disposal of tamgible fixed assets
1,632
-
1,632
-
13
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
14
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
270,000
42,955
312,955
Additions
90,315
2,066
92,381
Disposals
-
(2,240)
(2,240)
Transfer from investment property
308,000
-
308,000
At 31 March 2023
668,315
42,781
711,096
Depreciation and impairment
At 1 April 2022
27,000
26,600
53,600
Depreciation charged in the year
10,533
3,308
13,841
Eliminated in respect of disposals
-
(608)
(608)
At 31 March 2023
37,533
29,300
66,833
Carrying amount
At 31 March 2023
630,782
13,481
644,263
At 31 March 2022
243,000
16,354
259,354

Freehold property was revalued by the trustees on an open market basis at 31 March 2017. The trustees took into account rental yields in the area in forming their valuation.

 

15
Investment property
2023
£
Fair value
At 1 April 2022
928,000
Transfers to owner-occupied property
(308,000)
At 31 March 2023
620,000

Subsequent improvement work undertaken on investment property has been included at cost.

 

The Lime Street Warehouse Flats reversionary interest has been included at a value of £1. The trust also owns a riverside walkway in the Lower Ouseburn Valley for the enjoyment of the general public. This has not been valued in the accounts given difficulties in establishing a market value, as is permitted by the SORP.

 

OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
15
Investment property
(Continued)
- 23 -
2023
2022
£
£
Freehold
620,000
928,000
Long leasehold
-
-
Short leasehold
-
-
16
Stocks
2023
2022
£
£
Raw materials and consumables
1,935
2,516
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,169
18,351
Other debtors
427
4,665
Prepayments and accrued income
16,362
15,265
27,958
38,281
18
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
56,492
9,003
Other creditors
4,000
39
Accruals and deferred income
6,774
5,836
67,266
14,878
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
19
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming resources
Resources expended
Transfers
Balance at
1 April 2022
Incoming resources
Resources expended
Transfers
Balance at
31 March 2023
£
£
£
£
£
£
£
£
£
Ouseburn Futures
16,114
-
-
-
16,114
-
(9,300)
-
6,814
Mailing Fund
675
-
-
-
675
-
-
-
675
Workplace Study
-
24,910
(2,400)
-
22,510
-
-
-
22,510
National Heritage
-
21,500
(21,500)
-
-
-
-
-
-
Sound System
-
2,000
(400)
(1,600)
-
-
-
-
-
Ouseburn Festival
-
1,400
-
-
1,400
2,263
(2,979)
-
684
Jubilee Celebrations
-
5,000
-
-
5,000
10,000
(15,000)
-
-
Defibrillator Drive
-
-
-
-
-
-
(3,191)
4,635
1,444
16,789
54,810
(24,300)
(1,600)
45,699
12,263
(30,470)
4,635
32,127
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19
Restricted funds
(Continued)
- 25 -

Restricted funds of the charity are separately identified on receipt and relate to specific projects for which funding was applied. The funds can only be expended on the specific projects. A split of the restricted funds between separate projects can be seen above.

 

Ouseburn Futures

 

Newcastle City Council have agreed that the money the Trust holds for Ouseburn Futures, following the convergence of Ouseburn Trust and Ouseburn Futures will remain under the financial control of the Ouseburn Trust and remain ring fenced as a restricted fund for the same use - delivering the objectives of the Ouseburn Regeneration Plan.

 

Maling Fund

 

The Trust has secured contributions for heritage, environment and the building of the bandstand.

 

Workplace Study

 

The Trust has secured funding to explore space requirements in the Ouseburn Valley area following the pandemic and changes to hybrid working.

 

National Heritage

 

This funding was to support Heritage sites recovery following the pandemic.

 

Sound System

 

Community Foundation awarded funding towards the upgrade of the Sound System within the Victoria Tunnel.

 

Ouseburn Festival

 

Community Foundation awarded funds towards the costs of holding a summer festival in Ouseburn. This was postponed to the summer of 2022 due to the pandemic.

 

Jubilee Celebrations

 

Newcastle City Council selected the Trust to host a range of activities at its site to celebrate the Queens Platinum Jubilee in the summer of 2022.

 

Defibrillator Drive

 

Funding towards defibrillators on Lime Street.

 

OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19
Restricted funds
(Continued)
- 26 -
20
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
Movement in funds
Balance at
1 April 2021
Resources expended
Transfers
Balance at
1 April 2022
Incoming resources
Resources expended
Transfers
Balance at
31 March 2023
£
£
£
£
£
£
£
£
Capital Reserve
1,158,824
(9,489)
-
1,149,335
89,949
(13,233)
37,120
1,263,171
Development Reserve
-
-
50,000
50,000
-
-
-
50,000
1,158,824
(9,489)
50,000
1,199,335
89,949
(13,233)
37,120
1,313,171
OUSEBURN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
21
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
644,263
-
644,263
259,354
-
259,354
Investment properties
620,000
-
620,000
928,000
-
928,000
Current assets/(liabilities)
149,305
32,127
181,432
224,937
45,699
270,636
1,413,568
32,127
1,445,695
1,412,291
45,699
1,457,990
22
Capital commitments

Towards the end of the financial year the charity commenced a major refurbishment of 51 Lime Street. The total project is expected to cost approximately £400K, £89K of which was paid before the year end. In order to fund the refurbishment a maximum loan of £300K was grants by Unity Trust Bank, none of which was drawn down before the year end. The loan is secured on the properties.

23
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

24
Legal status of the trust

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

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