The trustees present their annual report and financial statements for the year ended 31 March 2026.
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 2026. 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).
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:
- Collaborative
- Accountable
- Innovative
- Bold
- Resprectful
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.
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.
Achievements and performance
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 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 heritage research volunteers, and we have begun to deliver themed exhibitions in local venues and our own space at 51 Lime Street to promote our work.
Back to normal
While the increased cost of living of recent years levelled off last year, demand for our tours, workspace and workshop activity fell short of our projections during the winter of 2024/5. We saw a return to promising levels this year but need to remain focussed on driving the engagement that results in promising income levels.
The Festival was a success once again this year and helped raise the profile of the Trust as an organisation committed to delivering an engaging free event for our community.
While we have a facility in 51 Lime Street that has the capacity to diversify our income as well as deliver more opportunities for engaging people in our work, we need to pursue a variety of options for uses. This year has seen market hires, workshops and private hires of the space bringing the vibrancy through use that we wish to see in the building.
Projects:
51 Lime Street
We moved in to 51 Lime Street at the beginning of summer 2024 and launched a variety of interim activity such as pop-ups and workshops to showcase the space. We remain keen to attract either more tenants for the mezzanine or activity through hires and shared tenancies/co-working on the ground floor plus bookings for a variety of community uses in the atrium. We ran 2 exhibitions this year which visitors have enjoyed and have invested further in the shop offer expanding support for a number of local artists/makers. Between tours, workers and shoppers the place is developing a real buzz.
Heritage
Our Heritage programme continued to see success throughout this year. Demand for roles in heritage research remains high, plus interest in supporting exhibitions. Nearly 70 have registered interest this year, and they have explored a range of topics, including: Riverside policing in Victorian period, Street traders, the history of Byker City Farm using the photo archive. We also supported 2 student placements as part of this cohort, from Northumbria and Newcastle University.
We have attracted 8 people for the Victoria Tunnel Support role we created, allowing us to significantly increase our pool of volunteers and provide extra assistance for guides leading tours, with some going on to train as guides themselves. Finally, we have supported our Exhibition Research volunteers this year to produce our anniversary celebration exhibition.
In addition to our regular Victoria Tunnel Guides, Back to the Future Guides and Brewery Tour Guides, this represents hundreds of hours of volunteering throughout the year. We want to give a heartfelt thanks to all who have generously donated their time to support the heritage programme in 2025 and 2026.
Heritage Open Days took place between the 12th-20th of September with demand for taster tours matching previous years, and showcasing the offer to new people.
We have had two further externally funded projects this year:
We received a kind donation this year from one of our volunteers which we used to fund atmospheric lighting in the tunnel to enhance the experience for those attending our well-liked programme of music events.
The Victoria Tunnel has continued to flourish thanks to the passion and dedication of our brilliant team of volunteer Victoria Tunnel Guides – this year they have hosted and designed multiple taster tour days, Christmas, and Halloween events. We have further diversified the programme of the Sounds of the Underground event series, with experimental music gigs, and spoken word as well as our usual musical performances, which have been well supported by our volunteers. Victoria Tunnel visitor numbers recovered this year to very close to our best year ever with over 14,500 visitors. We will be continuing to monitor numbers into next year and remain creative in how we promote the opportunity and diversify our offer.
Environment
We have had a very productive and varied year in Ouseburn’s green spaces.
Our fantastic group of volunteers have consistently supported our regular Green Team sessions – keeping footpaths accessible, removing litter, caring for planted beds and managing shrubs and woodland. We have also welcomed a large number of business groups (many repeat visitors) who have given a significant amount of time, as well as equipment and funds, and with whom we have been able to promote the work of the Trust and the Valley as a whole. We are aiming to grow our team of lead volunteers to increase our capacity, and to work more with health and wellbeing services this year.
Environment Group continues to meet seasonally to share information, discuss issues and ideas, and plan for the future. We have good representation at these sessions, from local residents, businesses and organisations, wildlife specialists and regional bodies.
Our externally funded projects have included:
Newcastle’s Nature Networks (DEFRA’s Species Survival Fund) – working with a range of local and regional partners, we have carried out interventions to improve local grassland and woodland habitats, and to monitor change over time.
Community Composting and Brownfield Gardening (Newcastle Building Society’s Community Fund) – engaging with local businesses to turn locally produced waste into nutritious compost for our planted beds, as well as creating new beds in collaboration with local residents.
Next year we will continue work on woodland management, improving the watercourse, waste management, signage & interpretation and improving spaces (such as Ballast Hills) for people and for wildlife. The City Council are supporting us in this work and are assisting us in reaching an agreement on land management.
We have established landscape management contracts for both Upper and Lower Steenbergs Yard. We co-ordinate activities with residents, which provides extra resources, strengthens relationships, and allows us to consider how these doorstep spaces connect into the wider environment.
We have built valuable relationships with Tyne Rivers Trust, Natural History Society of Northumbria, Ouseburn Catchment Working Group, Northumbria University, Reece Foundation and Tyne Housing, as well as maintaining many local connections.
We’ve worked closely with Wild Intrigue on the Wild Ouseburn project, benefitting from the growing understanding of nature in the area, adapting management practices to respect this and developing new projects to protect and enhance the incredible diversity that we have.
Wild Roots Community Garden is going from strength to strength, with the site well established, a growing number of volunteers and plans for forest school activities and a creative environmental recording project. We continue to act as accountable body for them as they work towards charitable status.
Working in partnership with Wild Roots and Tyne Housing we secured almost £20k from The Lottery’s Awards for All Fund toward the year end to work with members of the community growing pollinating plants, creating bee totems, and carved wood for placement in the public green spaces for all to enjoy.
Property, Business & Enterprise:
Our tenants in Lime Street remain happy in their spaces and our new tenant ‘Deep North’ moved into Arch 6 during the summer. Our own shop in 51 Lime Street is evolving supporting local artists and creatives, adding to the retail destination for shoppers of independent and locally produced goods that Lime Street is becoming.
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 car park income has been much more stable this year through the introduction of new signage in line with our new brand.
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 continue to reach a growing audience, 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.
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 theme-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 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.
The financial position for the year shows a surplus for the year of £48,165 (2025: deficit £14,970) including income and expenditure in respect of restricted funds. The Trustees consider the financial position to be satisfactory.
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.
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 £1,601,255 (2025: £1,553,090) in reserves of which £57,876 (2025: £35,727) was in respect of restricted funds and £1,543,379 (2025: £1,517,363) 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 £1,779,018 (2025: £1,805,029).
Free reserves, excluding reserves used for fixed assets, designated or restricted purposes amounted to a surplus of £23,142 (2025 : deficit £22,919) at the end of the year.
We recognise the importance of financial resilience and wish to state that we are aiming for £100k of unrestricted reserves within 2 years.
Going concern
As at 31st March 2026 the charity has a surplus of assets of £1,543,379. Based upon these factors, the trustees consider it appropriate to prepare the accounts on the going concern basis.
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:
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.
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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.
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.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of Ouseburn Trust (the ‘charity’) for the year ended 31 March 2026 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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:
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.
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.
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.
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.
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Ouseburn Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 51 Lime Street, Ouseburn Valley, Newcastle upon Tyne, Tyne and Wear, NE1 2PQ.
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 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).
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.
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 or grantors 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.
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.
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.
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:
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.
Freehold investment properties are valued on an open market valuation basis assuming vacant possession.
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).
Stocks, which represent stocks of books relating to the Ouseburn Valley, are valued at the lower of cost and net realisable value.
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.
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, 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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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.
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.
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.
Grants
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 2026 and 31st March 2025 no expenses were reimbursed to the trustees of the charity.
The average monthly number of employees during the year was:
Amounts paid to key management personnel, including employers Ni and pension contributions, in the year totalled £82,436 (2025: £76,505)
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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.
Freehold property disposals included above relate to retentions on property refurbishments previously capitalised no longer being due.
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.
Loans amounting to £284,901 (2025 : £293,510) are secured by fixed and floating charges over 51, 53, 55 & 57 Lime Street. The loan is repayable over 10 years and interest is charged at 3.8% per annum above the Bank of England Bank Rate.
Other loans, under the Growth Guarantee Scheme, are repayable over 6 years.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
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 Festival
Funding awarded towards the costs of holding a summer festival in Ouseburn.
Wild Roots/Greener Ouseburn Project
Funding received towards woodland planters and upkeep of the Wild Roots Community Garden.
Defibrillator Drive
Funding towards defibrillators on Lime Street.
Composting Fund
Funding towards a new community composting station and transformation of 4 brownfield sites in the area for the benefit of wildlife and the community.
National Archives
Funding for cataloguing and unlocking of archival collections
Newcastle Nature Networks
Funding towards match funded activities.
Tees Valley energy project
Funding towards community energy projects to do feasibility and development.
Energy Efficiency Fund
Funding to undertake a feasibility study to identify energy efficiency improvements.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2025 - none).
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.