REGISTERED COMPANY NUMBER." 03328555 (England and Wales) REGISTERED CHARITY NUMBER: 1061338 Report of the Trustees and Unavdlted Flnon¢lal Slatements for the Year Ended 31 December 2023 for The Cobbe Collection Trust Hadands Accountants INewquoyl Limited Unit 4, South View House St Austell Business Park st Auslell Cornwall PL25 4EJ
The Cobbe Collectlon Trust Content5 of the Flnanclol Statements for Ihe Year Ended 31 December 2023 Page Report of the Trustees Independent Examlner's Report statement of Flnancial Actlvilies Balance Sheel Notes to Ihe Financlal Stalements 8 to 15
The Cobbe Collecllon Trust Report of the Trustees for the Year Ended 31 December 2023 The tru51ees who ore also directors of the charity for Ihe purposes of the Companies Acl 2006, present their report with the financiol stolements of the chorily for the year ended 31 December 2023. The trustees hove adopted the provisions of Accounting and Reporting by Chorilies.. Slatement of Recommended Proclice opplicoble to charitie5 preparing Iheir accounts in accordance wifh Ihe Financial Reporting Stondord applicable in Ihe UK and Republic ol Ireland IFRS 1021 leffective l January 20191. The finonciol statements hove been prepored in accordance with the special provisions of Part 15 of Ihe Companies Act 2006 relating to small choritoble componies. Details of Truslees, Registered Office. Bonkers, Independent Exominer. Company Registered Number and Charity Registered Number may be found on poge$ 3 and 4. The Charity is a limited Company. limited by guarantee, and is governed by its Memorandum and Articles of Association. The Trustees confirm that they have had regard to the Charity Commission's public benefil guidance. New Iruslees ore selected to bring lo the board such skills os the existing Trustees believe lo be nece55ary for a bolanced boord. A programme of fomiliarisolion with the workings ol the Charity is being introduced. The election or re-61ection ol Trustees tokes ploce at a meèting of the Board or by a resolution in writing signed by all the Trustees. Al the meeling where such o resolulion is presented, a mojorily ol three quarters ol the Trustees present and entitled to vote musl poss the resolution lor the new Iruslee lo be appointed. Trustee meetings are held ol least twice a year. Third porty indemnity irnsurance for the benefit of Trustees wos in force during the year. OBJECTIVES AND ACTIVITIES Objectives and actlvttles for the publlc benefbt The principal octivily ol the Charity in the year continued lo be the promotion of public knowledge ond appreciolion ol the orl ol keyboard music, ond it is onlicipaled that this will continue for the foreseeable future. This has been done by acquiring keyboard instrumernts, The Colleclion and by educoting Ihe public and performers in the history, preservation, mointenonce, renovation and performance of keyboard inslrumen*s, through the organising or facilitating ol any performance which includes the playing of any keyboard inslrumenl. This hos also been done by promoting the mainlenance ond enhancement of buildings of architecturol or historic interest ond the contents thereof including the appropriolè furniture, pointings and "The Collection referred to obov8. The presenlolion of these ossels ond the educotion ol the public in the history ond performonce of keyboard instruments are considered lo be lor the benefit ol the pvblic. Achlevements and performance RevSew of the year's ocllvilies The Collection continues lo lulfil an imporlonl role in educating young musicion5 05 wéll increasing numbers of members ol the generol public who ollend tours of The Collection ond premises al Halchlands Pork. Finonclal revlew Revenue generoled by concerts and regular donolion5 is not sufficient to cover the annuol running cost5 of Ihe Charity. The Trustee5 aim to supplement the established erndowmenl fund when funds allow wilh the ullimate intention Ihat this fund will produce unrestricted income lo cover the annual running cost5 of the Charify in future years. Given the level of avoiloble cosh reserve5 and Short term inveglments as 0131 December 2023. the Trustee5 consider thol the going concem basis of accounting continues lo be appropriate. The Trustees continue to moke efforts to secure new donors to further strengthen the financial position. Poge I
The Cobbe Collection Trust Report ol the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Rlsk management Trustees have idenlified and considered major risks to which the Charity is exposed, and hove reviewed controls in ploce to minimise loss or damoge from such risks. The Charity will endeovour to keep in ploce appropriate securily measures, fire protection, and policies of insurance. Use of the instrument5, ond the environment in which Ihey are ploced will ieflecl the need to safeguard their condition. A progromme is operated of maintenonce and re51oralion of in51ruments in the Collection. Policies of insurance are lo be maintained to cover public liability. employer liobility, ond third party risks. Trvslees have charged the monogement leam lor1151ic direclor, concert orgoniser, financiol conlrollerl with responsibility lor day-to-day assessment and monogemenl ol risk. A sub committee comprising al lea51 one Trustee, and at lea51 one member of the monogemenl teom, will meet annually lo review risk exposure and make suitable recommendotior15 to the full boord of Trustees. Inveslment pollcy Following Truslee's decision in October 2016, investments held in Sarosin's Alpa CIF Endowment fund were sold in February 2017 and placed under monagemenl by Elston Consulting, o compony owned by Henry Cobbe. Investmen15 hove subsequently been mode and continue to be held ot Coulls & Co. The Trustees consider inveslmenl performonce and risk profile ol leosl bionnuolly ond, on the bosi5 01 this and external advicè wh8r8 oppropriole. would seek to rebalonce the portfolio should it no longer meet their investment objecliv6S. Reserves pollcy This policy, together with the investment policy, hos continued lo be supported by the Trustees. The goals lor resetves can be oullin8d Ihu5- To fund operolionol expenditure should other sources ol revenue temporarily be suspended by holding unrestricted reserves equivalenl to opproximolely six month's operational expenditure, excluding concert related expenditure and the effect ol ony income not yel due bul which is required lo be included in the accounts in accordonce with occounling slondords. One year's operotional expenditure is currently expected to be in the region of £130,000. 2 To provide immediate access lo funding should opporlunilies arise lor addilionol items lor the Collection that ore not immediately funded by third partie5. In the absence ol I I l or121, to act os a multi-year endowment to provide recurring income lo support the Chorily in perpelvity. PLANS FOR FUTURE PERIODS The Chorily aims.. l . To maintain, conserve and develop the existing Colleclion.. 2. To give live concerts ond make recordings ol our unique historic ond composer owned colleclion,. 3. To encourage scholarship studie5 and young musicians lo experience ploying historic instruments ond to access our archives and documen15 to further their studies. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docvmenl The charity is controlled by its governing document, a deed of trust, and constilules o limited company, limited by guarantee, as defined by the Companie5 Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03328555 (Englond ond Wolesl Registered Charlty number 1061338 Page 2
The Cobbe Colleclion Trvst Report ol the Trustees for the Year Ended 31 December 2023 Reglslered office Hotchlands Pork Halchlands Eost Clandon Svrrey GU4 7RT Trvstees The Lady Egremont (Chairman) Geoff Richords Sir Hugh Roberts GCVO FSA David Campbell Independent Examlner Horlands Accountan15 (Newquayl Limited Unil 4, South View House Sl Auslell Business Park Sl Auslell Cornwoll PL25 4EJ Bankers Coutts & Co 440 Strand London WC2R OQS Approved by order ol the board of Iruslees on ...Ii.. kn-,J L¥.4..... and signed on its behalf by: The Lady Egremont- Trustee Page 3
Independenl Examlner's Report to the Trustees ot The Cobbe Collectlon Trust Independent examlner's report lo the Irustees of The Cobbe Collecllon Trvsl {'the Company,) I report lo the charity Iruslees on my examination ol the accounts ol the Compony for the year ended 31 December 2023. Responslbllllles and basis of report As Ihe chorily's Iruslees of Ihe Company lond olso its directors for the purposes of company lowl you are responsible for the preparolion of the accovnts in occordance with the requirements of the Companies Act 20061.the 2006 Act'i. Having satisfied myself Ihol the accounts of the Comporny ore nol required to be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my examination ol your chority's account5 a5 carried out under Section 145 of the Chorities Act 2011 I'lhe 2011 Acl'l. In carrying out my exominolion I have followed the Directions given by the Chority Commi55ion under Section 145151 Ibl of the 2011 Act. Independent examlner's statement I have completed my exominalion. I confirm that no matters hove come to my otlention in connection with the exomirlalion giving me cause lo believe.. accounting records were nol kepl in respect ol the Company os required by Seclion 386 of the 2006 Act., or the accounts do not occord with Ihose records,. or the accounts do not comply with Ihe accounting requirements of Section 396 01 the 2006 Act other thon any requirement Ihol the occounls give a true and lair view which is not a maller considered os part of on independent examinolion-, or the accounts have not been prepored in accordance with the methods and principles ol the Statement of Recommended Proclice for accounting and reporting by chorilies lopplicable lo charities preporing their accounts in occordonce with Ihe Financial Reporting Slandord opplicable in the UK and Republic of Ireland l FRS 10211. I have no concerns and hove come across no other mallers in connection with the excminalion lo which attention should be drawn in this report in order to enoble a proper understanding ol the occounls to be reached. Deborah Edwards BA (Honsl FCA Harlonds Accounlonts INewquayl Limited Unil 4. Soulh View House st Au51ell Busine55 Park st Au51ell Cornwall PL25 4EJ Date: ...........................0711112024.................. Page 4
The Cobbe Collection Trvsl statement of Financial Activilies for the Year Ended 31 December 2023 31.12.23 Tolal tunds 31.12.22 Total fund5 Unrestricted fund Reslricted funds Endowment fund Noles INCOME AND ENDOWMENTS FROM Donotions and legocies 42,096 42,096 136,678 Investment income 18,813 18,813 38,514 Totol 42,096 18,813 60,909 175,192 EXPENDITURE ON Raising funds 4.654 4.654 Charllable activllles Charitable 130.840 807 131.647 188,858 Total 135,494 807 136,301 188,858 Ne* goins on investments 8.346 8,346 NET INCOME/(EXPENDITURE) Transfers between funds (93.398) 73,566 26.352 73,566) {67,046) 113,6661 Net movement In fvnds (19,832) (47,214) (67.046) 113.6661 RECONCILIATION OF FUNDS Tolol funds brought lorword 104,228 1,548,655 488,586 2,141,469 2.155,135 TOTAL FUNDS CARRIED FORWARD 84,396 1,548,155 441,372 2,074.423 2.141,469 The noles form part of these finonciol slotements Page 5
The Cobbe Collection Trust Balance Sheel 31 December 2023 31.12.23 Tolol funds 31.12.22 Total funds Unrestricted fund Restricted funds Endowment fund Notes FIXED ASSETS Heritage assets Inveslmen15 73.707 1.548.655 7.622,362 441.372 1,624,510 488,586 441.372 73,707 1,548,655 441,372 2,063,734 2,113,096 CURRENT ASSETS Debtors Cash al bank and in hand 10 12,585 20.866 12,585 20,866 3,150 66,534 33,451 33,451 69,684 CREDITORS Amounts lolling due within one yeor (22,762) (22.762) 141,3111 NET CURRENT ASSETS 10,689 10.689 28,373 TOTAL ASSETS LESS CURRENT LIABILITIES 84,396 1.548,655 441.372 2,074,423 2,141,469 NET ASSETS 84,396 1,548,655 441.372 2.074,423 2,141,469 FUNDS Unrestricted funds Restricted funds Endowment fund5 84.396 1,548.655 441.372 104,228 1,548,655 488,586 TOTAL FUNDS 2,074,423 2,141,469 The choriloble compony is entitled lo exemption from oudil under Section 477 01 the Companies Act 2006 for the year ended 31 December 2023. Thè members hove not required Ihe company lo obtain on audit of its linonciol slolements for the yeor ended 31 December 2023 in accordance with Section 476 of the Companies Act 2W6. The trustees ocknowledge their regponsibilities for ensuring Ihol the chcrilable company keeps occounting record5 Ihol comply with Seclions 386 and 387 ol the Companies Act 2Q06 ond preparing finonciol 5tatement5 which give a true and lair view ol the slate of affairs of the charitable compony as at the end of each financial year and ol its surplus or deficit lor eoch finonciol yeor in accordonce with the requirements ol Sections 394 and 395 and which otherwise comply with Ihe requirements ol the Companies Act 2006 relating lo linonciol slolemenls, so lar os opplicable lo the charitable company. Ibl The noles form part of these financial statemenls Fage 6 conlinued...
The Cobbe Collection Trust Balance Sheet- Contlnued 31 December 2023 These finoncial slatemenls have been prepared in occordonce with the provisions applicoble to charitoble companies subject to the small companies regime. The financial stolemenls were opproved by the Boord of Trustees and outhorised for issue on and were signed on its beholf by.. The Lady Egremonl- Tru51ee The notes form part of these financiol statements Page 7
The Cobbe Collection Trust Noles to the Flnanciol Stotements for the Year Ended 31 December 2023 GENERAL INFORMATION The Charity is a Limited Company. limited by guorontee with company number 3328555. the registered office is Hatchlands Park, Hatchlands. Wesl Clondon, Surrey, GU4 7RT. ACCOUNTING POLICIES asls of preparing the financlal statemenls The linonciol statemen15 01 the charitable compony. which 15 a public benefit entity under FRS 102. hove been prepored in occordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Chorities.. stotement ol Recommended Practice opplicoble to chorilie5 preparing their accounts in accordance with the Finoncial Reporting Standard applicable in the UK ond Republic of Ireland IFRS 1021 lellective I Jonuory 20191,, Finonciol Reporting Stondord 102 'The Financial Reporting Standard applicable in the UK ond Republic of Irelond, ond the Companies Act 2006. The linoncial stotements have been prepared under the historical cost convention, with the exception of investments which are included al market value, os modified by the revalualion ol certain assets. Revenue generated by concerts and regular donations is nol sulficienl to cover the onnual running costs ol the Chorily. The Trustees aim to supplement the established endowment fund when funds allow with the ullimole intention Ihol this fund will produce unrestricted income to cover the annual running costs of the Charity in future yeors. Given the level ol available cosh reserves and short term investments as af 31 December 2018, the Trustees consider Ihol the going concern basis ol accounting conlinues lo be appropriate. The Trustee5 conlinue to make ellorls to secure new donors lo further strengthen the financiol position. Income All income is recognised in the Statement of Finonciol Activities once the charity has enlillement lo the lunds, il is proboble that the income will be received ond the amount can be measured reliobly. Expendlture Liabilitie5 are recognised os expenditure os 500n os there is a legol or conslruclive obligation committing the charity to that expenditure, il is probable Ihol a Iransler ol econornic benelils will be required in selllemenl and the amount of the obligolion con be meosured reliably. Expenditure 15 accounted for on on accruols bosis and h05 been classified under heodings that oggregale oll cost related lo the category. Where c0515 connot be directly ollribufed lo porticular heodings they hove been ollocated lo octivilies on a bosis consislenl with the use ol resource5, Allocatlon ol governance costs Governance costs comprise Ihe costs ol preparing the accounts and independent exominalion are all allocated lo charitable oclivities. Irrecoverable VAT Irrecoveroble V A T is charged against the expenditure heading for which il was incurred. Realised galns and losses All goins ond1055es are taken to the Statement of financial activities os they orise. Reolised goins and 1055es on investments ore colculoted os the difference between soles proceeds ornd their opening carrying value or their purchose value if acquired subsequenl lo Ihe first day ol the financial yeor. Unreolised gains ond losses are calculated os the difference between the fail value at the year end and their carrying volue. Reali5ed ond unrealised inveslmenl gains and105ses are combined in the Stotemenl of Finoncial Activities. Tanglble fixed assels Expenditure on fixed ossets in exce55 of £300 is capitalised al originol cosl. Depreciation is provided al the following annual roles in order to write off each asset over its estimated useful life. Off ice equipment - 25% slroight line Composer prints ond furnishings - 210 Straight line Page 8 continued...
The Cobbe Collecllon Trvst Notes to the Flnonclal Statements - contlnued for the Year Ended 31 December 2023 ACCOUNllNG POLICIES - continued Tanglble fixed ossels Keyboords ale not deprecioted becouse it is the policy of the Charify lo maintain them lo a hi9h standord ond any depreciation would not be material. The keyboord5, composer prin15 and furni5hing5 held by Ihe Charily are classified a5 heritage asse15 under SORP 2005. These osset5 are held in the furtherance of the choritoble objective of the development, promotion ond mointenonce of its keyboard collection. Keyboard inslruments, classified 05 heritage 055els, purchased by or donated to the Charity are copilolised ol a voluolion. Olher heritage ossels, purchased by the Charity are capitolised at their hisloricol cost lo the Chority. Other heriloge ossels donoted lo the Charily are not recogrnised in the finoncial statements in occordance with the policy lor donoled ossets as sel out below. Heritage ossels are deprecioled in accordonce with the depreciation policy Sel out above. Donoted Instruments Various keyboards hove been gifted by Alec Cobbe, the Iliffe Family Tru51 and Dr Vernon Horrison. Donated keyboard instruments ore included in the finonciol slolements ol a valuolion 05 0 relioble valuolion is availoble. However, ony other ossels have not been capilalised in the financial statements since they are unique and ony valuation would not be reliable. Taxallon The chorily is exempl from corporolion tax on its charitcble activitiès. Fund aecL)vnlSng Unreslricled funds ccn be used in accordance with the charitoble objectives ol the discretion of the trustees. Reslricled funds con only be used for porliculor reslricled purposes within Ihe objecls ol the chorily. Reslriclions orise when specified by the donor or when fund5 ure raised for particular reslricled purpose5. Further explanation of the nature and purpose of each fund 15 included in the notes lo the linonciol slalements. Investment$ Investments ore stated al morket volue al the bolonce sheet dale. Thè SOFA includes gain5 and losses orising on disposal and on revaluations. INVESTMENT INCOME 31.12.23 31.12.22 Investment income 18,813 38,514 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor lor the year ended 31 December 2022. Trustees, expenses There were no trustees, expenses poid for the yeor ended 31 December 2023 nor for the year ended 31 December 2022. Page 9 continued...
The Cobbe Collectlon Trust Notes to the Flnonclal Statements - contlnued for the Year Ended 31 December 2023 STAFF COSTS 2023 2022 Gross solaries linc redundoncyl The averoge monthly number of employees during the year w05 05 follows.. 31.12.23 31.12.22 Monagement and administrolion No employee5 received emoluments in exce55 of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Reslricted funds Endowment fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 136,678 136,678 Investment income 38,515 38,514 Total 136,677 38,515 175,192 EXPENDITURE ON Charllable actlvllles Charitable 112,710 76,148 188,858 NE[ INCOME/(EXPENDITURE) Transfers befvieen Ivnds 23.967 30,000 137.6331 30.0001 113,6661 Net movement In funds 53,967 167,6331 113,6661 RECONCILIATION OF FUNDS Tolol funds brought forward 50,261 1,548,655 556,219 2,155,135 TOTAL FUNDS CARRIED FORWARD 104,228 1 .548,655 488,586 2,141,469 TANGIBLE FIXED ASSETS Computer equipment COST At l Jonuory 2023 and 31 December 2023 17.100 DEPRECIATION Al l Jonuory 2023 ond 31 December 2023 17.100 NET BOOK VALUE Al 31 December 2023 At 31 December 2022 Page 10 continued...
The Cobbe Colle¢lion Trust Notes to the Flnonciol Statements - continued tor Ihe Year Ended 31 De¢ember 2023 HERITAGE ASSETS Total MARKET VALUE Al l January 2023 and 31 December 2023 1,672,585 PROVISIONS At l Januory 2023 Charge lor yeor 48,075 2,148 Al 31 December 2023 50,223 NET BOOK VALUE Al 31 December 2023 1,622,362 At 31 December 2022 1.624,510 The historical cost of the heritage assets above excluding donated assets was £397,11612022: £397.1161. The Charity's heriloge assets comprise keyboards, composer prints and furnishings which ar8 locoted at Halchlands Pork. All such ossets ar8 considered lo be heriloge assets. Of the thirty instruments held by the Charity. six were purchased by the Charity. These are included in the financial 51olemen15 al a valuation. During 1998 a subslanliol collection of keyboards was donoted by Alec Cobbe ond a 1623 English Harpsichord was donated by the Ilille Fomily Trust. During 1999 0 Ducci Piano was donated by the lole Vernon Horrison. During 2001 0 Grand Piono by Bechstein used by Li5Zt in concert. was bequeathed by Ihe late Dr. Vernon Harrison. Donated keyboard instruments ore included in the financial slalemenls at a valualion. Also during 2001, a chair owned by Liszt was donoted by Mr5 Kalrinka Wilder. No value has been placed on this item due lo ils historic noture. The Trustees. policy is lo retain, manage and preserve these heritage asse15 lor the benelil of the public ond future generotion5. The Trustee5 would consider the purchase of further heritage osset5 shovld suitablè pieces become ovoiloble and il odequole funding were in ploce. The Tru51ee5' policy is to dispose ol o heritage 055è1 only il the asset were no longer considered lo be on inlegrol port of the Collection, where a suitable buyer hod been identified ond an oppropriale price achieved. No immediote disposals ol heritage assets ore envisaged. Comprehensive records are maintained of the heritoge ossets. Registers are mainloined lor adminislrolive purposes and guides lo the Collection ore produced for public informotion. The Trustees have on oclive moinfenance and resloralion progromme for the herilage ossels. The use ol the instruments ond the environment in which they are placed will inform the need lo soleguard their condition and public acce55ibility lo the Collection. The public has access lo the keyboord colleclion, composer prints and furnishings. The Collection is available lo view as part of the Nolionol Trust lour of Halchlonds Pork or by allendonce ot one of the series ol concerts and talks orgonised by the Charity. These performonces may include the playing of any keyboard instrument from the Collection. Attendance at the concerts 15 conslrained by Ihe capacity ol the music room but the Truslee5 Strive to ensure thol the r)umber of visitors is moximised. It is not practicable to provide a heritage a55el summary for periods earlier thon 31 December 2010. No assets were purchased or ocquired by donation in the period 2011 10 2014. In the period 2015 to 2017 inclusive, the Charify purchased 9 keyboards with a tolol investmenl cost of £109.500 and in 2018. the year under review, a further 3 pieces - Clovecin Royal. Kirkman Harpsichord ond Weber piono - for the sum of £43.400. Poge 11 continued...
The Cobbe Collection Trust Notes to the Flnanclal Statements - continued for the Year Ended 31 December 2023 HERITAGE ASSETS - conlinued One 0$5etwos disposed of in 2010. The osset hod o net book value of£7,292 and the disposal oeneroted a Ioss of £3,292. The values Qt which heritage ossets have been included in the financial slatements are bosed on a voluotion reporl prepared by Sotheby's Valuation Deportment for insurance purposes in Januory 2007. The valuolion5 hove not been updated since this date as Ihey hove been reviewed by the Trustees ond ore considered lo be o foir representation of the current value of the instruments in the Collection. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al l Jonuary 2023 Disposols Revaluolions 488,586 (55.560) 8.346 At 31 Decèmber 2023 441,372 NET BOOK VALUE Al 31 December 2023 441,372 At 31 December 2022 488,586 There were no investment assets outside the UK. Cosl or valuation at 31 December 2023 is represented by.. LSsted Inveslmenls Valuotion in 2023 441,372 31.12.23 31.12.22 Coutts & Co 441372 10. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.72.23 31.12.22 VAT Prepoyments and accrued income 10,966 1,619 1,556 1,594 12,585 3.150 Page12 conlinued...
The Cobbe Collectlon Trust Notes to the Flnanclal Statements - continved for the Year Ended 31 December 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade creditors Accruals and deferred income 13.842 8.920 5,031 36,280 22.762 41,311 12. MOVEMENT IN FUNDS Net movemenl in funds Transfers befvieen funds At 31.12.23 Al 1.1.23 Unre$lricled funds Generol fund 104,228 (93,398) 73,566 84,396 Resfri¢ted fvnds Broodwood trust fund Alec Cobbe trust fund Donated instruments fund 25,000 236,355 1,287,300 25,000 236.355 1,287,300 1.548,655 1,548.655 Endowment funds Endowment Fund 488.586 26,352 (73,566) 441.372 TOTAL FUNDS 2,141,469 67.046) 2,074,423 Nel movement in funds, ncluded in the above are os follows.. Incoming resources Resources expended Gains and losse5 Movement in funds Unreslrlcted fund$ General fund 42.096 {135,494) (93,398) Endowmentfunds Endowment Fund 18,813 (807) 8.346 24.352 TOTAL FUNDS 60,909 136,301) 8,346 67.046) Page 13 conlinued...
The Cobbe Collecllon Trust Notes to the Financlal Statemenls - conllnued for the Yeor Ended 31 December 2023 12. MOVEMENT IN FUNDS - conllnued Comporallves for movement In fund$ Net movement in funds Transfers behveen fund5 At 31.12.22 At 1.1.22 Unreslrlcted funds Generol fund 50.261 23,967 30,000 104.228 Reslricled funds Broadwood trust fund Alec Cobbe Irusl fund Donated instruments fund 25,000 236,355 1.287,300 25,000 236,355 1.287,300 1,548.655 1,548,655 Endowment funds Endowment Fund 556.219 137,6331 130,0001 488,586 TOTAL FUNDS 2,155,135 13,6661 2,141,469 Comporalive nel movement in funds, included in the above ore as follows.. Incoming resources Resources expended Movement in funds Unre51ilcled Ivnds General fund 136,677 1112.7101 23.967 Endowment lund$ Endowment Fund 38,515 176,1481 137,6331 TOTAL FUNDS 175,192 188,8581 13,6661 A current year 12 months and prior yeor 12 months combined p05ilion is os follows.. Nel movemenl in fund5 Transfers between funds At 31.12.23 All.1.22 Unreslricted fvnd$ Generol fund 50,261 169,4311 103.566 84,396 Reslrlcted fvnds Broodwood trust fund Alec Cobbe trust fund Donoted instruments fund 25,000 236.355 1.287,300 25,000 236,355 1,287.300 1,548,655 1,548,655 Endowment funds Endowment Fund 556,219 1103,5661 441,372 TOTAL FUNDS 2.155.135 80.7121 2.074.423 Page 14 continued...
The Cobbe Colleetlon Trust Notes to the Flnanclal Statements - continued lor the Year Ended 31 December 2023 12. MOVEMENT IN FUNDS - continued A current yeor 12 months and prior yeor 12 monlhs combined net movement in funds, included in fhe above are as follows.. Incoming resources Resources expended Goins and losses Movement in funds Unreslri¢led fvnds Generol fund 178,773 1248.2041 169,4311 Endowmentfunds Endowment Fund 57,328 176,9551 8,346 TOTAL FUNDS 236,101 325,1591 8,346 80,7121 Endowment Fund.. The expendable endowment fund was creoled in order lo ensure the long term future of the Charity. The intention is that once the fund ig 01 the plonned level of £4,000,QOQ the investmenl income generated will be sufficient lo cover onnual expenditure without relionce on donoled income. Broodwood Trust: The Broadwood Trvsl represents funds received lor the ocquisilion of a Grond Pianolorle by John &roodwood & Sons, London 1816. Alec Cobbe Fund: The Alec Cobbe Fund represents money donated lo the Charity by Alec Cobbe, but does not reflect the volue ol in51rumen15 which he donated. The fund was e51ablished lo give the Trustee5 an enabling fund for such improvemen15 to the Collection, bul with particular regard to its selling. as might not be considered lo be a main coll on the income provided by Donold Kahn for running the Collection. Adopt on Instrument Fund.. The Adopt an Instrum6nt Fund was $81 up in 2011 for thé purpose of funding moinlenance expenditure lor individuol instrumen15. Any balancè remaining represents vnspenl restricted donations received for this purpose. Monvment Trust Fund: The Monument Trust Fund represents funds received as a contribution lo Ihe costs of employing the concert manager. Donated Instrument Fund.. The Donated In51rumen15 Fund represents the value ol keyboard instrumen15 donated lo the Charity belween 1998 and 2001 by Alec Cobbe, the Ililfe Family Trust ond Dr Vernon Harri50n. 13. RELATED PARTY DISCLOSURES During the yeor. the trust paid £48,00012022'. £44,900) lo A Cobbe for consultancy service5 rendered.. Mr Cobbe is o member of the founding lomily thot created the Cobbe Collection of musical instruments and pieces of ort. Poge 15