```
REGISTERED COMPANY NUMBER: 03328555 (England and Wales)
REGISTERED CHARITY NUMBER: 1061338
```
```
Report of the Trustees and
```
```
Unaudited Financial Statements for the Year Ended 31 December 2022
```
```
for
```
```
The Cobbe Collection Trust
```
```
Harlands Accountants (Newquay) Limited
35 High Cross Street
```
```
St Austell
Cornwall
PL25 4AN
```
```
The Cobbe Collection Trust
```
```
Contents of the Financial Statements
for the Year Ended 31 December 2022
```
|||**`Page`**||
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`3`|
|**`Independent Examiner's Report`**||`4`||
|**`Statement of Financial Activities`**||`5`||
|**`Balance Sheet`**|`6`|`to`|`7`|
|**`Notes to the Financial Statements`**|`8`|`to`|`15`|
```
The Cobbe Collection Trust
```
## **`Report of the Trustees`**
## **`for the Year Ended 31 December 2022`**
```
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31December2022.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
```
```
ThefinancialstatementshavebeenpreparedinaccordancewiththespecialprovisionsofPart15of the
Companies Act 2006 relating to small charitable companies.
```
```
DetailsofTrustees,RegisteredOffice,Bankers,IndependentExaminer,CompanyRegisteredNumber and
Charity Registered Number may be found on pages 3 and 4.
```
```
TheCharityisalimitedCompany,limitedbyguarantee,andisgovernedbyitsMemorandumandArticles of
Association.TheTrusteesconfirmthattheyhavehadregardtotheCharityCommission'spublic benefit
guidance.
```
```
NewtrusteesareselectedtobringtotheboardsuchskillsastheexistingTrusteesbelievetobenecessaryfor a
balanced board. A programme of familiarisation with the workings of the Charity is being introduced.
```
```
Theelectionorre-electionofTrusteestakesplaceat a meetingoftheBoardorby a resolutioninwriting signed
byalltheTrustees.Atthemeetingwheresucharesolutionispresented,amajorityofthreequartersof the
Trusteespresentandentitledtovotemustpasstheresolutionforthenewtrusteetobeappointed. Trustee
meetings are held at least twice a year.
```
```
Third party indemnity insurance for the benefit of Trustees was in force during the year.
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and activities for the public benefit`**
```
TheprincipalactivityoftheCharityintheyearcontinuedtobethepromotionofpublicknowledge and
appreciationoftheartofkeyboardmusic,anditisanticipatedthatthiswillcontinueforthe foreseeable
future.Thishasbeendonebyacquiringkeyboardinstruments,"TheCollection",andbyeducatingthe public
andperformersinthehistory,preservation,maintenance,renovationandperformanceof keyboard
instruments,throughtheorganisingorfacilitatingofanyperformancewhichincludestheplayingof any
keyboardinstrument.Thishasalsobeendonebypromotingthemaintenanceandenhancementof buildings
ofarchitecturalorhistoricinterestandthecontentsthereofincludingtheappropriatefurniture,paintings and
"TheCollection"referredtoabove.Thepresentationoftheseassetsandtheeducationofthepublicin the
history and performance of keyboard instruments are considered to be for the benefit of the public.
```
## **`Achievements and performance`**
## **`Review of the year's activities`**
```
TheCollectioncontinuestofulfilanimportantroleineducatingyoungmusiciansaswellincreasingnumbers of
members of the general public who attend tours of The Collection and premises at Hatchlands Park.
```
## **`Financial review`**
```
Revenuegeneratedbyconcertsandregulardonationsisnotsufficienttocovertheannualrunningcosts of
theCharity.TheTrusteesaimtosupplementtheestablishedendowmentfundwhenfundsallowwith the
ultimateintentionthatthisfundwillproduceunrestrictedincometocovertheannualrunningcostsof the
Charityinfutureyears.Giventhelevelofavailablecashreservesandshortterminvestmentsasat 31
December2022,theTrusteesconsiderthatthegoingconcernbasisofaccountingcontinuesto be
appropriate.TheTrusteescontinuetomakeeffortstosecurenewdonorstofurtherstrengthenthe financial
position.
```
```
Page 1
```
```
The Cobbe Collection Trust
```
## **`Report of the Trustees for the Year Ended 31 December 2022`**
## **`FINANCIAL REVIEW`**
## **`Risk management`**
```
TrusteeshaveidentifiedandconsideredmajorriskstowhichtheCharityisexposed,andhave reviewed
controls in place to minimise loss or damage from such risks.
```
```
TheCharitywillendeavourtokeepinplaceappropriatesecuritymeasures,fireprotection,andpolicies of
insurance.Useoftheinstruments,andtheenvironmentinwhichtheyareplacedwillreflecttheneed to
safeguardtheircondition.Aprogrammeisoperatedofmaintenanceandrestorationofinstrumentsin the
Collection.Policiesofinsurancearetobemaintainedtocoverpublicliability,employerliability,and third
party risks.
```
```
Trusteeshavechargedthemanagementteam(artisticdirector,concertorganiser,financialcontroller) with
responsibilityforday-to-dayassessmentandmanagementofrisk.Asubcommitteecomprisingatleast one
Trustee,andatleastonememberofthemanagementteam,willmeetannuallytoreviewriskexposure and
make suitable recommendations to the full board of Trustees.
```
## **`Investment policy`**
```
FollowingTrustee'sdecisioninOctober2016,investmentsheldinSarasin'sAlpa CIFEndowmentfundwere sold
inFebruary2017andplacedundermanagementbyElstonConsulting,acompanyownedbyHenry Cobbe.
Investments have subsequently been made and continue to be held at Coutts & Co.
```
```
TheTrusteesconsiderinvestmentperformanceandriskprofileatleastbiannuallyand,onthebasisofthis and
externaladvicewhereappropriate,wouldseektorebalancetheportfolioshoulditnolongermeet their
investment objectives.
```
## **`Reserves policy`**
```
This policy, together with the investment policy, has continued to be supported by the Trustees.
```
```
The goals for reserves can be outlined thus:
```
- `1 To fund operational expenditure should other sources of revenue temporarily be suspended by holding unrestricted reserves equivalent to approximately six month's operational expenditure, excluding concert related expenditure and the effect of any income not yet due but which is required to be included in the accounts in accordance with accounting standards. One year's operational expenditure is currently expected to be in the region of £130,000.`
- `2 To provide immediate access to funding should opportunities arise for additional items for the Collection that are not immediately funded by third parties.`
- `3 In the absence of (1) or (2), to act as a multi-year endowment to provide recurring income to support the Charity in perpetuity.`
## **`PLANS FOR FUTURE PERIODS`**
```
The Charity aims:
```
`1. To maintain, conserve and develop the existing Collection;`
`2. To give live concerts and make recordings of our unique historic and composer owned collection;`
`3. To encourage scholarship studies and young musicians to experience playing historic instruments and to access our archives and documents to further their studies.`
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
Thecharityiscontrolledby itsgoverningdocument,a deedoftrust,and constitutesa limitedcompany, limited
by guarantee, as defined by the Companies Act 2006.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Registered Company number`**
```
03328555 (England and Wales)
```
## **`Registered Charity number`**
```
1061338
```
```
Page 2
```
```
The Cobbe Collection Trust
```
## **`Report of the Trustees`**
## **`for the Year Ended 31 December 2022`**
## **`Registered office`**
```
Hatchlands Park
Hatchlands
East Clandon
Surrey
GU4 7RT
```
## **`Trustees`**
```
The Lady Egremont (Chairman)
Geoff Richards
Sir Hugh Roberts GCVO FSA
David Campbell
```
## **`Independent Examiner`**
```
Harlands Accountants (Newquay) Limited
35 High Cross Street
St Austell
Cornwall
PL25 4AN
```
## **`Bankers`**
```
Coutts & Co
440 Strand
London
WC2R 0QS
```
```
Approved by order of the board of trustees on 22 August 2023 and signed on its behalf by:
```
```
The Lady Egremont - Trustee
```
```
Page 3
```
```
Independent Examiner's Report to the Trustees of
The Cobbe Collection Trust
```
## **`Independent examiner's report to the trustees of The Cobbe Collection Trust ('the Company')`**
```
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 December 2022.
```
## **`Responsibilities and basis of report`**
```
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
```
```
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16of the
2006Act andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyour charity's
accountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').Incarryingout my
examinationIhavefollowedtheDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
2011 Act.
```
## **`Independent examiner's statement`**
```
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnection with
the examination giving me cause to believe:
```
`1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or`
`2. the accounts do not accord with those records; or`
`3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or`
`4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).`
```
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
```
```
Deborah Edwards BA (Hons) FCA
```
```
Harlands Accountants (Newquay) Limited
35 High Cross Street
St Austell
Cornwall
PL25 4AN
```
```
22 August 2023
```
```
Page 4
```
```
The Cobbe Collection Trust
```
## **`Statement of Financial Activities for the Year Ended 31 December 2022`**
|`Notes`
**`INCOME AND ENDOWMENTS`**
**`FROM`**
`Donations and legacies`
`Investment income`
`3`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
**`Charitable activities`**
`Charitable`
**`Total`**
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
`12`
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED`**
**`FORWARD`**|`Unrestricted`
`fund`
`£`
**`136,677`**
**`-`**
**`136,677`**
**`-`**
**`112,710`**
**`112,710`**
**`23,967`**
**`30,000`**
**`53,967`**
**`50,261`**
**`104,228`**|`Restricted`
`funds`
`£`
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`1,548,655`**
**`1,548,655`**|`Endowment`
`fund`
`£`
**`-`**
**`38,515`**
**`38,515`**
**`-`**
**`76,148`**
**`76,148`**
**`(37,633)`**
**`(30,000)`**
**`(67,633)`**
**`556,219`**
**`488,586`**|**`31.12.22`**
`31.12.21`
**`Total`**
`Total`
**`funds`**
`funds`
**`£`**
`£`
**`136,677`**
`70,507`
**`38,515`**
`13,924`
**`175,192`**
`84,431`
**`-`**
`1,096`
**`188,858`**
`47,322`
**`188,858`**
`48,418`
**`(13,666)`**
`36,013`
**`-`**
`-`
**`(13,666)`**
`36,013`
**`2,155,135`**
`2,119,122`
**`2,141,469`**
`2,155,135`|
|---|---|---|---|---|
```
The notes form part of these financial statements
```
```
Page 5
```
```
The Cobbe Collection Trust
```
## **`Balance Sheet`**
## **`31 December 2022`**
|`Notes`
**`FIXED ASSETS`**
`Heritage assets`
`8`
`Investments`
`9`
**`CURRENT ASSETS`**
`Debtors`
`10`
`Cash at bank and in hand`
**`CREDITORS`**
`Amounts falling due within`
`one year`
`11`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT`**
**`LIABILITIES`**
**`NET ASSETS`**
**`FUNDS`**
`12`
`Unrestricted funds`
`Restricted funds`
`Endowment funds`
**`TOTAL FUNDS`**|`Unrestricted`
`fund`
`£`
**`75,855`**
**`-`**
**`75,855`**
**`3,150`**
**`66,534`**
**`69,684`**
**`(41,311)`**
**`28,373`**
**`104,228`**
**`104,228`**|`Restricted`
`funds`
`£`
**`1,548,655`**
**`-`**
**`1,548,655`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`1,548,655`**
**`1,548,655`**|`Endowment`
`fund`
`£`
**`-`**
**`488,586`**
**`488,586`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`488,586`**
**`488,586`**|**`31.12.22`**
**`Total`**
**`funds`**
**`£`**
**`1,624,510`**
**`488,586`**
**`2,113,096`**
**`3,150`**
**`66,534`**
**`69,684`**
**`(41,311)`**
**`28,373`**
**`2,141,469`**
**`2,141,469`**
**`104,228`**
**`1,548,655`**
**`488,586`**
**`2,141,469`**|`31.12.21`
`Total`
`funds`
`£`
`1,626,658`
`556,219`
`2,182,877`
`5,225`
`11,336`
`16,561`
`(44,303)`
`(27,742)`
`2,155,135`
`2,155,135`
`50,261`
`1,548,655`
`556,219`
`2,155,135`|
|---|---|---|---|---|---|
```
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006 for
the year ended 31 December 2022.
```
```
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 December 2022 in accordance with Section 476 of the Companies Act 2006.
```
```
The trustees acknowledge their responsibilities for
```
- `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and`
- `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.`
```
The notes form part of these financial statements
```
```
continued...
```
```
Page 6
```
```
The Cobbe Collection Trust
```
## **`Balance Sheet - continued`**
## **`31 December 2022`**
```
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
```
```
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon22August 2023
and were signed on its behalf by:
```
```
The Lady Egremont - Trustee
```
```
The notes form part of these financial statements
```
```
Page 7
```
```
The Cobbe Collection Trust
```
```
Notes to the Financial Statements
for the Year Ended 31 December 2022
```
## **`1. GENERAL INFORMATION`**
```
TheCharityisaLimitedCompany,limitedbyguaranteewithcompanynumber3328555,the registered
office is Hatchlands Park, Hatchlands, West Clandon, Surrey, GU4 7RT.
```
## **`2. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestmentswhich are
included at market value, as modified by the revaluation of certain assets.
```
```
Revenuegeneratedbyconcertsandregulardonationsisnotsufficienttocovertheannual running
costsoftheCharity.TheTrusteesaimtosupplementtheestablishedendowmentfundwhenfunds allow
withtheultimateintentionthatthisfundwillproduceunrestrictedincometocovertheannual running
costsoftheCharityinfutureyears.Giventhelevelofavailablecashreservesandshort term
investmentsasat31December2018,theTrusteesconsiderthatthegoingconcernbasisof accounting
continuestobeappropriate.TheTrusteescontinuetomakeeffortstosecurenewdonorsto further
strengthen the financial position.
```
## **`Income`**
```
All incomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
```
## **`Allocation of governance costs`**
```
Governancecostscomprisethecostsofpreparingtheaccountsandindependentexaminationare all
allocated to charitable activities.
```
## **`Irrecoverable VAT`**
```
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
```
## **`Realised gains and losses`**
```
AllgainsandlossesaretakentotheStatementoffinancialactivitiesastheyarise.Realisedgains and
lossesoninvestmentsarecalculatedasthedifferencebetweensalesproceedsandtheir opening
carryingvalueortheirpurchasevalueifacquiredsubsequenttothefirstdayofthefinancial year.
Unrealisedgainsandlossesarecalculatedasthedifferencebetweenthefairvalueattheyear end
andtheircarryingvalue.Realisedandunrealisedinvestmentgainsandlossesarecombinedin the
Statement of Financial Activities.
```
## **`Tangible fixed assets`**
```
Expenditure on fixed assets in excess of £300 is capitalised at original cost.
```
```
Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life.
```
```
Office equipment - 25% straight line
Composer prints and furnishings - 2% straight line
```
```
continued...
```
```
Page 8
```
```
The Cobbe Collection Trust
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
```
## **`2. ACCOUNTING POLICIES - continued`**
## **`Tangible fixed assets`**
```
KeyboardsarenotdepreciatedbecauseitisthepolicyoftheCharitytomaintainthemtoa high
standard and any depreciation would not be material.
```
```
Thekeyboards,composerprintsandfurnishingsheldbytheCharityareclassifiedasheritage assets
underSORP2005.Theseassetsareheldinthefurtheranceofthecharitableobjectiveof the
development, promotion and maintenance of its keyboard collection.
```
```
Keyboardinstruments,classifiedasheritageassets,purchasedbyordonatedtotheCharity are
capitalisedatavaluation.Otherheritageassets,purchasedbytheCharityarecapitalisedat their
historicalcosttotheCharity.OtherheritageassetsdonatedtotheCharityarenotrecognisedin the
financial statements in accordance with the policy for donated assets as set out below.
```
```
Heritage assets are depreciated in accordance with the depreciation policy set out above.
```
## **`Donated instruments`**
```
VariouskeyboardshavebeengiftedbyAlecCobbe,theIliffeFamilyTrustandDrVernon Harrison.
Donatedkeyboardinstrumentsareincludedinthefinancialstatementsatavaluationasa reliable
valuationisavailable.However,anyotherassetshavenotbeencapitalisedinthefinancial statements
since they are unique and any valuation would not be reliable.
```
## **`Taxation`**
```
The charity is exempt from corporation tax on its charitable activities.
```
## **`Fund accounting`**
```
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
```
```
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
```
```
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
```
## **`Investments`**
```
Investmentsarestatedatmarketvalueatthebalancesheetdate.TheSOFA includesgainsand losses
arising on disposal and on revaluations.
```
## **`3. INVESTMENT INCOME`**
|**`INVESTMENT INCOME`**|||
|---|---|---|
||**`31.12.22`**|`31.12.21`|
||**`£`**|`£`|
|`Investment income`|**`38,515`**|`13,924`|
## **`4. TRUSTEES' REMUNERATION AND BENEFITS`**
```
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2022nor for
the year ended 31 December 2021.
```
## **`Trustees' expenses`**
```
Therewerenotrustees'expensespaidfortheyearended31December2022norfortheyear ended
31 December 2021.
```
```
continued...
```
```
Page 9
```
```
The Cobbe Collection Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`**
## **`5. STAFF COSTS`**
||**`2022`**|`2021`|
|---|---|---|
|`Gross salaries (inc redundancy)`|**`8,560`**|`11,318`|
||**`8,560`**|`11,318`|
|`The average monthly number of employees during the year was as follows:`
**`31.12.22`**
`31.12.21`
`Management and administration`
**`2`**
`2`
`No employees received emoluments in excess of £60,000.`|||
|**`6.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`fund`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`70,507`
`Investment income`
`-`
**`Total`**
`70,507`
**`EXPENDITURE ON`**
`Raising funds`
`1,096`
**`Charitable activities`**
`Charitable`
`101,860`
**`Total`**
`102,956`
**`NET INCOME/(EXPENDITURE)`**
`(32,449)`
**`Transfers between funds`**
`38,000`
**`Net movement in funds`**
`5,551`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`44,710`
**`TOTAL FUNDS CARRIED FORWARD`**
`50,261`|`Restricted`
`funds`
`£`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`1,548,655`
`1,548,655`|`Endowment`
`fund`
`£`
`-`
`13,924`
`13,924`
`-`
`(54,538)`
`(54,538)`
`68,462`
`(38,000)`
`30,462`
`525,757`
`556,219`|`Total`
`funds`
`£`
`70,507`
`13,924`|
|---|---|---|---|
||||`84,431`|
||||`1,096`
`47,322`|
||||`48,418`|
||||`36,013`
`-`|
||||`36,013`
`2,119,122`|
||||`2,155,135`|
```
continued...
```
```
Page 10
```
```
The Cobbe Collection Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`**
## **`7. TANGIBLE FIXED ASSETS`**
|**`COST`**
`At 1 January 2022 and`
`31 December 2022`
**`DEPRECIATION`**
`At 1 January 2022 and`
`31 December 2022`
**`NET BOOK VALUE`**
`At 31 December 2022`
`At 31 December 2021`
**`HERITAGE ASSETS`**
**`MARKET VALUE`**
`At 1 January 2022 and`
`31 December 2022`
**`PROVISIONS`**
`At 1 January 2022`
`Charge for year`
`At 31 December 2022`
**`NET BOOK VALUE`**
`At 31 December 2022`
`At 31 December 2021`|`Computer`
`equipment`
`£`
**`17,100`**
**`17,100`**
**`-`**
`-`
`Total`
`£`
**`1,672,585`**
**`45,927`**
**`2,148`**
**`48,075`**
**`1,624,510`**
`1,626,658`|
|---|---|
## **`8. HERITAGE ASSETS`**
```
Thehistoricalcostoftheheritageassetsaboveexcludingdonatedassetswas£397,116 (2021:
£397,116).
```
```
TheCharity'sheritageassetscomprisekeyboards,composerprintsandfurnishingswhicharelocated at
Hatchlands Park. All such assets are considered to be heritage assets.
```
```
OfthethirtyinstrumentsheldbytheCharity,sixwerepurchasedbytheCharity.Theseareincluded in
thefinancialstatementsat a valuation.During1998a substantialcollectionofkeyboardswas donated
byAlecCobbeanda1623EnglishHarpsichordwasdonatedbytheIliffeFamilyTrust.During1999 a
DucciPianowasdonatedbythelateVernonHarrison.During2001aGrandPianobyBechstein used
byLisztinconcert,wasbequeathedbythelateDr.VernonHarrison.Donatedkeyboard instruments
areincludedinthefinancialstatementsatavaluation.Alsoduring2001,achairownedbyLiszt was
donated by Mrs Katrinka Wilder. No value has been placed on this item due to its historic nature.
```
```
TheTrustees'policyistoretain,manageandpreservetheseheritageassetsforthebenefitofthe public
andfuturegenerations.TheTrusteeswouldconsiderthepurchaseoffurtherheritageassets should
suitable pieces become available and if adequate funding were in place.
```
```
TheTrustees'policyistodisposeofa heritageassetonlyiftheassetwerenolongerconsideredtobe an
integralpartoftheCollection,whereasuitablebuyerhadbeenidentifiedandanappropriate price
achieved. No immediate disposals of heritage assets are envisaged.
```
```
Comprehensiverecordsaremaintainedoftheheritageassets.Registersaremaintained for
administrative purposes and guides to the Collection are produced for public information.
```
```
continued...
```
```
Page 11
```
```
The Cobbe Collection Trust
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
```
## **`8. HERITAGE ASSETS - continued`**
```
TheTrusteeshaveanactivemaintenanceandrestorationprogrammefortheheritageassets.The use
oftheinstrumentsand theenvironmentinwhichtheyareplacedwillinformtheneedto safeguard their
condition and public accessibility to the Collection.
```
```
Thepublichasaccesstothekeyboardcollection,composerprintsandfurnishings.TheCollection is
availabletoviewaspartoftheNationalTrusttourofHatchlandsParkorbyattendanceatoneof the
seriesofconcertsandtalksorganisedbytheCharity.Theseperformancesmayincludetheplaying of
any keyboard instrument from the Collection.
```
```
AttendanceattheconcertsisconstrainedbythecapacityofthemusicroombuttheTrusteesstrive to
ensure that the number of visitors is maximised.
```
```
Itisnotpracticabletoprovideaheritageassetsummaryforperiodsearlierthan31December 2010.
Noassetswerepurchasedoracquiredbydonationintheperiod2011to2014.Intheperiod2015 to
2017inclusive,theCharitypurchased9keyboardswithatotalinvestmentcostof£109,500andin 2018,
theyearunderreview,afurther3pieces-ClavecinRoyal,KirkmanHarpsichordandWeberpiano- for
the sum of £43,400.
```
```
Oneassetwasdisposedofin2010.Theassethadanetbookvalueof£7,292andthe disposal
generated a loss of £3,292.
```
```
Thevaluesatwhichheritageassetshavebeenincludedinthefinancialstatementsarebasedon a
valuationreportpreparedbySotheby'sValuationDepartmentforinsurancepurposesinJanuary 2007.
Thevaluationshavenotbeenupdatedsincethisdateas theyhavebeenreviewedby theTrustees and
are considered to be a fair representation of the current value of the instruments in the Collection.
```
## **`9. FIXED ASSET INVESTMENTS`**
|**`FIXED ASSET INVESTMENTS`**||
|---|---|
||`Listed`|
||`investments`|
||`£`|
|**`MARKET VALUE`**||
|`At 1 January 2022`|**`556,219`**|
|`Disposals`|**`(30,000)`**|
|`Revaluations`|**`(37,633)`**|
|`At 31 December 2022`|**`488,586`**|
|**`NET BOOK VALUE`**||
|`At 31 December 2022`|**`488,586`**|
|`At 31 December 2021`|`556,219`|
```
There were no investment assets outside the UK.
```
```
Cost or valuation at 31 December 2022 is represented by:
```
|**`Listed`**
**`investments`**
**`£`**
`Valuation in 2022`
**`488,586`**
**`31.12.22`**
`31.12.21`
**`£`**
`£`
`Coutts & Co`
**`488,586`**
`556,219`|**`Listed`**
**`investments`**
**`£`**
`Valuation in 2022`
**`488,586`**
**`31.12.22`**
`31.12.21`
**`£`**
`£`
`Coutts & Co`
**`488,586`**
`556,219`|
|---|---|
|**`31.12.22`**||
||**`£`**|
|||
|`Coutts & Co`|**`488,586`**|
```
continued...
```
```
Page 12
```
```
The Cobbe Collection Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`**
|**`10.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`VAT`
`Prepayments and accrued income`
**`11.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade creditors`
`Accruals and deferred income`
**`12.`**
**`MOVEMENT IN FUNDS`**
`Net`
`movement`
`At 1.1.22`
`in funds`
`£`
`£`
**`Unrestricted funds`**
`General fund`
**`50,261`**
**`23,967`**
**`Restricted funds`**
`Broadwood trust fund`
**`25,000`**
**`-`**
`Alec Cobbe trust fund`
**`236,355`**
**`-`**
`Donated instruments fund`
**`1,287,300`**
**`-`**
**`1,548,655`**
**`-`**
**`Endowment funds`**
`Endowment Fund`
**`556,219`**
**`(37,633)`**
**`TOTAL FUNDS`**
**`2,155,135`**
**`(13,666)`**
`Net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
**`136,677`**
**`Endowment funds`**
`Endowment Fund`
**`38,515`**
**`TOTAL FUNDS`**
**`175,192`**|**`31.12.22`**
**`£`**
**`1,556`**
**`1,594`**
**`3,150`**
**`31.12.22`**
**`£`**
**`5,031`**
**`36,280`**
**`41,311`**
`Transfers`
`between`
`funds`
`£`
**`30,000`**
**`-`**
**`-`**
**`-`**
**`-`**
**`(30,000)`**
**`-`**
`Resources`
`expended`
`£`
**`(112,710)`**
**`(76,148)`**
**`(188,858)`**|`31.12.21`
`£`
`1,927`
`3,298`
`5,225`
`31.12.21`
`£`
`6,535`
`37,768`
`44,303`
`At`
`31.12.22`
`£`
**`104,228`**
**`25,000`**
**`236,355`**
**`1,287,300`**
**`1,548,655`**
**`488,586`**
**`2,141,469`**
`Movement`
`in funds`
`£`
**`23,967`**
**`(37,633)`**
**`(13,666)`**|
|---|---|---|
```
continued...
```
```
Page 13
```
```
The Cobbe Collection Trust
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
```
## **`12. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for movement in funds`**
|**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Broadwood trust fund`
`Alec Cobbe trust fund`
`Donated instruments fund`
**`Endowment funds`**
`Endowment Fund`
**`TOTAL FUNDS`**|`At 1.1.21`
`£`
`44,710`
`25,000`
`236,355`
`1,287,300`
`1,548,655`
`525,757`
`2,119,122`|`Net`
`movement`
`in funds`
`£`
`(32,449)`
`-`
`-`
`-`
`-`
`68,462`
`36,013`|`Transfers`
`between`
`funds`
`£`
`38,000`
`-`
`-`
`-`
`-`
`(38,000)`
`-`|`At`
`31.12.21`
`£`
`50,261`
`25,000`
`236,355`
`1,287,300`|
|---|---|---|---|---|
|||||`1,548,655`
`556,219`|
|||||`2,155,135`|
```
Comparative net movement in funds, included in the above are as follows:
```
||`Incoming`|`Resources`|`Movement`|
|---|---|---|---|
||`resources`|`expended`|`in funds`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`70,507`|`(102,956)`|`(32,449)`|
|**`Endowment funds`**||||
|`Endowment Fund`|`13,924`|`54,538`|`68,462`|
|**`TOTAL FUNDS`**|`84,431`|`(48,418)`|`36,013`|
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Broadwood trust fund`
`Alec Cobbe trust fund`
`Donated instruments fund`
**`Endowment funds`**
`Endowment Fund`
**`TOTAL FUNDS`**|`At 1.1.21`
`£`
`44,710`
`25,000`
`236,355`
`1,287,300`
`1,548,655`
`525,757`
`2,119,122`|`Net`
`movement`
`in funds`
`£`
`(8,482)`
`-`
`-`
`-`
`-`
`30,829`
`22,347`|`Transfers`
`between`
`funds`
`£`
`68,000`
`-`
`-`
`-`
`-`
`(68,000)`
`-`|`At`
`31.12.22`
`£`
`104,228`
`25,000`
`236,355`
`1,287,300`|
|---|---|---|---|---|
|||||`1,548,655`
`488,586`|
|||||`2,141,469`|
```
continued...
```
```
Page 14
```
```
The Cobbe Collection Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`**
## **`12. MOVEMENT IN FUNDS - continued`**
```
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedin the
above are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Endowment Fund`
**`TOTAL FUNDS`**|`Incoming`
`Resources`
`Movement`
`resources`
`expended`
`in funds`
`£`
`£`
`£`
`207,184`
`(215,666)`
`(8,482)`
`52,439`
`(21,610)`
`30,829`
`259,623`
`(237,276)`
`22,347`|
|---|---|
|`Endowment Fund:`|`The expendable endowment fund was created in order to ensure the`|
|---|---|
||`long term future of the Charity. The intention is that once the fund is at`|
||`the planned level of £4,000,000 the investment income generated will be`|
||`sufficient to cover annual expenditure without reliance on donated`|
||`income.`|
|`Broadwood Trust:`|`The Broadwood Trust represents funds received for the acquisition of a`|
||`Grand Pianoforte by John Broadwood & Sons, London 1816.`|
|`Alec Cobbe Fund:`|`The Alec Cobbe Fund represents money donated to the Charity by Alec`|
||`Cobbe, but does not reflect the value of instruments which he donated.`|
||`The fund was established to give the Trustees an enabling fund for such`|
||`improvements to the Collection, but with particular regard to its setting,`|
||`as might not be considered to be a main call on the income provided by`|
||`Donald Kahn for running the Collection.`|
|`Adopt an Instrument`|`The Adopt an Instrument Fund was set up in 2011 for the purpose of`|
|`Fund:`|`funding maintenance expenditure for individual instruments. Any`|
||`balance remaining represents unspent restricted donations received for`|
||`this purpose.`|
|`Monument Trust Fund:`|`The Monument Trust Fund represents funds received as a contribution to`|
||`the costs of employing the concert manager.`|
|`Donated Instrument Fund:`|`The Donated Instruments Fund represents the value of keyboard`|
||`instruments donated to the Charity between 1998 and 2001 by Alec`|
||`Cobbe, the Iliffe Family Trust and Dr Vernon Harrison.`|
## **`13. RELATED PARTY DISCLOSURES`**
```
Duringtheyear,thetrustpaid£44,900(2021:£30,000)toA Cobbeforconsultancyservicesrendered; Mr
CobbeisamemberofthefoundingfamilythatcreatedtheCobbeCollectionofmusical instruments
and pieces of art.
```
```
Page 15
```