The Dave Pearson Trust will no longer exist at the end of this month. For reasons that have been documented in detail in this blog, we're voluntarily handing the assets of the Trust - Dave Pearson's paintings - back to Dave's son Chris, in order to avoid a large tax bill. This is not taxation on our earnings (if only) but on the legally necessary 10 year-on assessment of the value of the estate that was left at Dave's death. In other words the result of all our hard work over the past 9 years has been to increase the value of Dave's paintings - and as a result there's a potentially large increase in the death duty payable on his estate. Any Trust has to be re-assessed and pay this every 10 years - or hand the estate back to the benefactor, which is what we're doing.
We met today to discuss the details. Opening a new bank account; moving standing orders; agreeing on a new lease for the studio...and so on. The new company, which will be managed by Chris Pearson, will be called The Dave Pearson Studio. It will take the place of the Trust, and start operating at the beginning of April 2018.
Margaret Mytton and I (Bob Frith) will cease to be Trustees, although I will continue to help Chris. Ella Cole will still help out too. By coincidence Ella has nearly completed cataloguing the work in the studio, and this has reached 13,314 pieces of work. Whether she continues to catalogue the few thousand additional pieces at Chris's home will have to be seen.
To reassure our friends, buyers and collectors, it needs to be said that the studio at 54 Manchester Road, Haslingden BB4 5TE will continue to house Dave's work, and it will be open to visitors as before. In fact we plan to open for special exhibitions rather more frequently than before, so on the surface anyway, things will be much the same.