Cosgarne Hall Limited known as H8rlx>ur Houslng IA (wipany limited by share capitsll Annual RerK)rt and Finandal Statements for the Year Ended 31 March 21Y23 Company Tegislration numbgr 6725642 Charity registration number.. 1131438 Cosgame Hall Limited known as Harbour Housing Contents Trustees Rgport 1to13 SL3tement of Trustees, Reswnslbililies 14 Independent Auditors, Report 151019 statement of Financral Activiti88 201021 Balance Sheet 22 statement of Cash Flows 23 Notes lo th6 Financial Statements 24to43 Cosgarne Hall Limited known as Harbour Housing Trustees Report Reference and Administrative Details Trust• Mr Mark Sl&er, Chairman Mr Gareth Bray Mr Hugh Hedderfy Mr Tlmolhy Ch8rfes s￿e5 Mr Roger Ml¢h8el Vamey IreswJned 29 October 20221 Mrs Janel Varney Mr William Horton Miss Judith Cross Mlss Bimini Love Ir&sHJned 29 October 2022} Mr Kevln Prin8100 Mrs Elaine Roberts {re8Igned 27 July 20231 Mr M3l¢olm Putko Secretsry Prlnclpal Office 81 Truro Roatl st Auslell Comwall PL25 5JQ R8glst•rod Offk? 81 Truro R0811 St Auslell Comw811 PL25 5JQ Company Raglstratlon NuM￿r 6725642 Charlty R•glstratlon Number 1131438 Bankgrs CAF Bank Limited 25 Kings H111 Avenuo Kings Hill Wgst Mallin9 ME19 4JQ Audltor PKF Fr8nd$ Clark Lowin House Tregolls Road Truro Comwall TR1 2NA Page 1 Cosgarne Hall Limited known as Harbour Housing Trustees Report The trust688 pr888nl Ih8lr report and the financial statements for the perfod from 1 Aprfl 2022 to 31 March 2023. The trusl6es, who are also directors of Cosgarne Hall Limited for the purposes of company law and who served during the period and up to the date of this Teport are set out on page 1. Structur•. govornanca and managem•nt Str.urtur C05garne Hall Lim(ted 8 comp8ny Ilmiled by guararrtee Iregislratlon numbèr 67256421 incorporated on 16 October 2008. Cosgame Hall Limited registered as 8 charity on 1 September 2009 {regislrallon number 11314381. Govèmancg Th8 charitable company is govemed by ils Memorandum and Articles of Associatlon issued on incorporation and subsequenuy revised in August 2009, October 2016 8nd August 2019. Mana9gmont Cosgame Hall Llmked ICHLI Is governed by its boBrd of trustees as sel out on page 1. The Trustees 8mploy an Operations Director supported by the Head of Housing Business Development Team, dedicatsd Finance Team, a Client SeN¢es Team and 8 Housing Management Team to provide the Housing Management and Support to our Clients. The Opgrallons Director is responsible for the Successful le8darship and management of the organisation. according to the strategic direction set by Ihg Board of Trustees, and effectively positioning the th8rity ￿￿th Current and fvjture partners trj faalitate domestic and reglonal expansion. Staff salaries are based on markot trends and can be moasur8d against olhor similar organisalions. These are incre8s&d whera p)ssibla in line with infiation and any r£*ntract rates, by the Pay and Remuneration group. Wg contlnuB to be a responsibl8 employer In re8pe¢l of our approach to employee tenefits. Tha health. safety and wellbeing of our employees are one of our primary ￿nSideratIonS in Ihe way we cary out business. Appolntmoot of.Tru$ts•8 A Iruslge may b8 8ppoSntsd at the annu81 gen8ral megllng of the company. having given the appropriate nolicg 8S $8t out in the Articles of Associab'on. The board of trustees Tnay also appoint any member of the company as a trustee lo hold office until tho next annual general meeting. Indu¢tlon and Tralnlng of Tfustees To operate effecllvety CHL musl ensuie It Is njn by a trustee body that has the necessary balance of skills and experfencg, acts in the best interests of the charty and ils ￿narie￿aries, understands its r&8ponsibililies. and has systems in pl8Ce to exercise them properfy. To do this the recrullmenl of new trustees must identify the mix of skills. kn(Mledge and experfenco necessary for the officlgnl and effective adtnlnlstration of the charity. Prior lo selection, the recruilmenl Pro￿88 wlll incIL￿8 8n Information meeting with the chalr and senior staff and the Invltalion to attend a board meeting to gel lo know the organisalion and other Iruslees. On appoinlTnent new Iruslees will be offered an induction to leam aiK>ut their dutigs, which will ineludg tour of pro￿rtIeS and practical health & Safety informatlon. Pa￿2 Cosgarne Hall Limlted known as Harbour Housing Trustees Report Background Cosgame Hall Limltsd was formed to lake over an exisling Supported Accommod81ion bu81n888 based at Cosgame Hall ar￿ Greenaway House in SL Auslell. Comwall. whkch had been rvnnlng as a prwate business since November 1996. Cosgarne Hall knmilad tcxjk over the management of Cosgarne Hall an¢J Greenaway House in January 2009. A third property at Bodmin Road. St Avslell was purchas&l in March 2010, Inlllally with the aid of a business loan, and formally mortgaged with th& Charity Bank Ltd in May 2012. We now rent properbes in NewqL$8y, one with the resldenl support provided by 8 third party. and In our portfollo we have six pro￿rNeS in St Au$l811 (Cosgame Hall, 22 Btmlmin Road. Green8w8y House. 26 Truro Road, 79 Truro Road 8nd Chy Ruthvelenl, Properties in Ll8k68rd. ￿ in B(xYmin, in St Blazey, one in Bugle, and one in Cambome. A centre of excellence In Tr8lning. Adminlstration, Outreach, 8rhd Housing Management is operated in Sn offices leasod to us by Imerys, whilst we look 8t possible options lo elther purchase or bulld our own regional offSce in the South West. Our team provldes WBCtical support and advice at any given time to over 303 rg8ldent beneficiaries of which 189 are resident Sn wr own propertles and up to 110 non-resident floating and transllional support dients. We help vulnerable peotAe to stay in thelr homes with OUTSelves arKI within tha communlty. Helping people wf(h ￿MpleX needs andlor vulnerable persons to stay in their own horne could mean helping thgm to maintain relationships. find a job lor 8 better jobl. whlch Increases thelr income. We also support people lo manage Ihebr subs18n¢e use and mentsl health problems. by acting 3s thelr Bdvocates and slgnposfjng them lo the correct 8ervl¢os, at a pace that they can malntsln. Often people come to its 8fter perwjds of rough sleeping or Ilme In hostds. where th&￿ve had some of their needs addressed but still t)eed some ongolng support. We have a dear purpose. but are flexlble in our approach lo halping people. Our stsnce is that we try lo meet the needs of the cltent and build trust. and wlth trust will come de8Sre to change or work within the issu&s they face to maintsin their tenancie5 be (( wlh ourselves or wllh the private and social sector. Publ1¢ Bènafft The trustees planned ond Ca￿led out Ihgir tharitable actMtbs for the finanrAal perfod, keetAng in mind the Chadty Commission's guidan(£ on public bengfil. Property L•asos Cosgame Hall Ltd holds 5￿year 1988es on iwo propertles In St Austell. Cosgame Hall and Greenaway House and in order lo facilitate fijture Investment In these properties, and hold a five-year Igase on the offiLW at Hlgh Street. Sl AtJstsII. Pag8 3 Cosgarne Hall Llmlted known as Harbour Housing Trustees Report Rlsk Management The ¢h8rMy trustees acknowledge their re8pon8ibllity to und6rstsnd Iho major g0veman￿, operation￿, financial. and external and compliance risks to which the ch8Tity Is exposed. Risk8 hav& been monitored and managed OT new risks to be evaluated identified IhroLuh the regular reporting procoduras to Board and as such th8Sg are re¢or(led in the me8ling minutss. Trustees also ackno￿8￿ge Tisk management is not a on￿ff event but a process that require8 monltoring ar￿ assessment, and this is embedded into the culluro of the d)arlty and requires an understanding of individual responsibilities for both staff and trustees. Changes lo Local Houslng AIIow8nL* which regulates how mL￿h benefit C8n be clalmed the private rented $8clor - h8Vg Partly drfven ilslng homelessn8ss by making T•nts less afford8b18 for moro hovseholds. As councils spend more on ltsmporary a¢xofnmodatlon, It Is recognised that In Comwall there is shortage of 8ffordabl8 rantad properties that wth the easing of lod(4lown restrictions and the switch of the private rental sector lo the shorteT-temi tourist market. that these pressures ¢J)uld lead to a higher nurnber of p8r8on¥ seeklng emergency 8ccommtxlallon. It is recognised that Cornwall now had the highest residentlal hou888 prfces for sèveral y&ars, whlch had placed signrfi¢8nt limits on the av8i18bility of accommodation for persons who have been homeless. With that in mind we have to look al the demand on Supwrted Houslng. We undeTStand that these issues will not aK¥ays be popular with the local community. bul they do exi8t, and we 8Te one of very few providers working to house the people who experfenco them. Wé believe we have made a signiflcant contribution lo th18 reducllon In rough sleopers by incrgeslng tha accomnv)dalion whllst extending our rangg of services. Over this period. we have worked c10881y wllh Cornw811 Counryl to develop and deliver schemes such as Short-Term Accotnmodallon and Resettlement ISTARI, Accommodation for Ex-offenders {AFEO) and The Homoless Out of Hospital Care Model IHOHCM). Compllmenlary to our othor inilatives of Adult Social Care Empowerlng IndepeFMJen( Accommod8t1on and Outreach contracts and the Empowered, Valu￿, Aware (EVA) proje¢ specifieally aimed al accommodating those escaping domesti¢ 8buse, these newer services have enabled us lo make 8 slgnifi¢anl imp8Ct in tha local houslng sector for vulnerable p8Wn8 for another year whilst also reduclng pressure on the NHS. We have re￿Ived praise from key infiuential professionals induding the Chalr of Comwall Council. The Cornmissloning Manager for Resilient Comwall Nelghbourhoods Dlrector8tg, Homeless Link and KSngs College London Senior Research Fellow for OUT proact￿&, Inclvslvo attllude towards rn￿￿ng need and managing risk as well as our conllnued 8bilty to mobilise projects successfully wthin short time frames. Embraclng the right opportunllFes wlth a dedlcaled and dynamic worlrforca has b8en fundamental to the delivery of our strat￿1¢ Plan and s&th'ng our course for the fvture. P￿4 Cosgarne Hall Llmlted known as Harbour Housing Trustees Report ObJoctlv•s and activitlvJ Charliabl• objocdv The charitable oblecuves of Cosgame Hall Limited are lo rèlieve need. hardshlp and distress of vulnerable hom818ss people in England and Wales, in particular but not exclusively by providing or asslsting in the Provision of 8¢commodatw)n, support and guidance, Ir8lnlng and such othor aCtIv￿o$ as the Director8 may from time lo time detèrmine. Our aims and objectives have not changod and as a charfty our primary goal wlll ￿ntInUe. lo house homeless people in a variety of accommodallon settlngs. Howevgr, we also continue to look al other avenu8s and revenue streams to help communities 8nd our dients, this maybè through education, trBining to get back Into WOTk. social inclusion. The past year has been focused on outreach support and the success of the Empowering Independenc8 Contract which is a mulll-faceted contract with accommodation and SUPPDrt servi￿5 85 wèll as Outreach senrt¢es In the Mid Corrmll area. Our approach to provttntlng modom sla￿ry and human trafficklng The M(Klem Slavery Act 2015 wvlT8S all publlc b(xlles and th8ir partners lo adopt policies and praclices that proactively ts¢￿0 modem slavery and human trafficking. Cosgarne Hall Ltd committed lo ensuring that th18 Is monltored throughout ￿T organisation and our suppliers, and we ext*¢t all our suptAy chain prO￿de￿ and Ihwr subcontractors lo appty such practices. We also expoct 811 our staff to act ethlc811y and wlh inlegrlty in 811 our business relationships and to implgment and enforce effeclivo systems and controls lo ensure such practice8 are understood. idenlrfied, reported and tackled effect￿ly. Ensurlng our work d•llvors our alms E8ch year we review our aims. oblectives and a¢Uv￿as, what has been achievod 8nd tha outcome5 of our work In the provlous Iwelve months. Thls review ensures the tharity remains foojsed arHJ infom8 the planning of our future activit￿8. The focu8 of ¢)ur work Co8g8rne Hall Ltd operate5 8 8upport8d accommodation 8nd outreach s8rvices charity inltlally based throughout mid Cornwall. providing accommodation for up to 98 single homeloss people. wthout discrimin8ling *Jainsl those with histories of d¥ug and alcohol l￿e. offending, mental health conditions and leaming drfficulties. We 8rè one of the few supported 8c¢ommodalion servi￿8 in this part of the country to opernle 8n alcohovdnjg-tderartrt regime. We nèither condone rK>r approve the consumption of alo)hol nor the possession. use or supply of illiat drugs. We 8e8k to work with clients to promote their wellbeing and rgduc£ hami. In order to do this. we offer a Servlce that is accesslble and wlll seek to avoid excluding drug andlor alcohol-using clients wharg rx)ssible as the first step Is to gel them off the streets into slable accommodatlon, where they can. with our supw)rt, begin lo address Ihelr addictions. Pago 5 Cosgarne Hall Limited known as Harbour Housing Trustees Report al.u￿of Koluntoorlng.2022123. The value of the hourly rale of volunteer hours was 8dlu8led In Ilne ￿th the Ilvlng wage to General.. £10.13, Skilled.. £15.19, Professional.. £20.25. Th& total number of volunteer hours donated was 4.410 which equates lo savings of £77,132. Whilst thks was an increase of £2.517 saved. there was a sllght reducllon of 368 houTS In volunteer hours donated. Annual totals donated were Gerteral.. 514 hours. Skilled= 1.379 hours. and Professional.. 2,517 hours. We have LX)nlinued lo incre88e the amount of communlty projects Involvlng volunteers. Volunteers are crucial to tha running of schemes and projects nol only for our beneficiaries but also the wlder community. One of th88e actlvSlles that is sJll gr￿ng Is HarbouT Flresafe, a prolect that was set up to Initially manage the sprinkler syElems in our own properties. However. the opportunities in this sector enablod US to train residents and staff not only to Service our own systems bul also lo install new S￿leMS to pr￿ate wmpanlos. Thls programm8 wlll create a wkle range of employment and Irainlng opportunities, anhancing th8 impact of thè investment that th& board undertook when providing this training. The succes8 of thls has led to Hartour Facllloes Management und8rt8klng mlnor bulldlng and fa(alrty Management works using staff and benefiaaries along with other prime partners, filling a gap in the market and as such generating an additional inwme lo the charity. Harbour Housing Icosgarne Hall Limited) will fijrther develop internal expertise to embed best practice, id8ntfy market opportunities. and develop innovative products and services. Service models and working prdclices will be revltrwed across 811 supported services to ensure b88t prBcti¢e mode18 are 8h8red 8nd Consistent engagemenl and service delivery models are adopted. How our activitios deliver publle bendlt W6 continue to receive a very high lev81 of support from our local communlty, who rery)gnlse that rf our clients were not under our rfy)f they woul¢J be Ilvlng on their slr89ts inste8d. Comw811 CouncAI. the police, the Probation Servi￿. NHS and We Are With You, all tell us that Wg make a significant contribution towards the reduction of crime and disordgr and ro-offonding, thu8 keeping antiso¢ial behaviour off the streets. Athough our first con￿rn is for the homeless people. whom we are privileged to be able to help. we also recA)gnise the importance of ￿nt￿L￿ting to the local community and the public purse whlch funds most of our a¢tlvlli8s. Local homelessness agenues and local authorbtles re(x)gnl8e the importance of pl￿ like OU￿ In reducing the number of rough sleepers In Comwall. Sadly however. homelessness remains a serious problem and whilst the latest Surve￿ show that hom8Sessness in Cornwall has reduced by a third through the work of places such as &)sgame Hall, il is also re(x)gnisgd th81 the number of hidden homeless increasing. Page 6 Cosgame Hall Limited known as Harbour Housing Trustees Report Rough 8te&per figures for Comwall as at November 2022 equated to 47, a 67% incre8se from the previous ye8T. Whilst this survey shows an increase in rough sleeping, so many rough sleepers are simply not known to thè aulhorilies, so agencies are worried that there could be 8 further "explosion. of people sleeping in Cornish W￿ds. b8ms. on beachos and in shop dwrways. should there be a reduction in local services. Procuring additional accommodation Is more important now than evfyr. to enable all agencies to provide supported livlng with a succ8ssftJl. person centred, trauma infornied approach to support 8nd movo on to Independent livlrya. In a￿d￿lon to the rough sleepers there is still a18rge community of sofa surfers OLrt Ih8re. They aro not street home1￿, bul they are homeless none the le&8, because homelessnass isn't just 8bDUt r￿1 having a roof over your head. 11 is aboul not havlng a pla￿ to call your own. where 5f)u can feel secure. Al Cosg8me Hall th8¥s what we try lo give our residents, humble though it may be, unfjl, with our help, thèy can find somewhe￿ better, ￿ere they can build a new, indgpendenl lrfe. We have an establishe¢J record over the last 5 ye8l$ of ￿cOgnItion from respected bodl8s lor the work that we do, 5u¢h as Winners of the South West Charity of thè Year 2020, The Charity Bank award for Innovation, an inclusion in the KPMG Westem Moming News So top busine55es In Devon and Comwall, and awarded finalists in the Inside HousiThJ Inspirdlional Leaders of the Year. The Tru8lees would like to extend Iheir thanks to th8 8taff and volunteers uwn whose hard work in a ch8118nging envlronment this ￿MpanY depends for its success. The Trusteès have had due regard to the Charfty Commission's guldance on public b8nefrt when sethng the actniilies arKI alm8 for the year. Who U¥￿and b•nefitodffiour •ery1￿$?.1Se6 Tablo$ 1,2 and 31 Our siralegy to be an alcohd and drug tolerant service was developed in consultslSon with national guidelines, Police, Probation Se￿¢8, Cornwall Councll and Cornwall Hèalth Services. In practice this means we are not barring homeless people from our services for presenting with the very issues that caused thelr homelessness. It also means that our residents are often the most crmnplex who have few other accommodation options op&n to them. Page 7 Cosgarne Hall Limited known as Harbour Housing Trustees Report Durfng tho 2022123 perlod.. Table 1 Owned accommodation 577 people1320/0 female) were referred lo us lor an assessment. 18-24 year olds made up 14.92Yo of referrals, 25-40 year olds m8de up 41.760 41-55 year olds made up 33.100/0 and those 56+ made up 9.53010. The demographics of the clients and th8ir associated residency and support issues is something that is regularly revièwed to ensure we are providing the right service for the client group. We also had 4 under 18 year old referrals with a percentage of 0.690/0 51.81 /0 of referrals identified themselves as White BrTtish. 0.860/0 a Black. Asian or Mixed Ethnicity and 45.92¥0 did not disclose their elhnicily. 1.410/0 Identified as Whit8.' Other Over the year the total intake was 210 with 63130 % I being female. We were unable to accommodate 367 applicants of which 121 133.140/0) were female 130 people left the service over the year of which 71 (54.61 % ) moved from being homeless to living in other accommodation. Relocation to private landlords increased from 15 10 25 over the year. It has been observed that there were more successful available properties via other explored options with the help of the Rough Sleeper Accommodation Access team. Vvhilst the high number of referrals meant a signific8nl amount of administration, over the year. the Lotlings, Navigator and Finance Team strov8 to ensure that a robust void procedure was maintained, working hand in hand with the Facilities Management Team and Client Services to carry out the necessary work in the shortest possible timè to keep ihe wailing list lo a minimum, Page 8 Cosgame Hall Limited known as Harbour Housing Trustees Report Table 2 External support provision 506 people {20.55 % female) were referred to U5 for an assessment. 18-24 year 05ds made up 12.45 % ofieferrals, 25-40 year olds made up 45.05Wo, 41-55 ￿ear olds made u 30.430/0 and those 56+ made 12.05%. 44.07010 of referrals identified themselves as White British, 0.980/0 a Black, Asian or Mixed Ethnicity and 53.56% did not disclose their elhnicily. 1.380/0 Identified as While Other Over the year the total supported was 348 wilh 67119.25% ) being female. We were unable to support 158 applicants of which 34 (21.510/0) were female For a variety of reasons 188 people left the service over the year. Table 3 Summary for the year A total of 1083 people (26.59% female) were referred to us for an assessmenl. 18-24 year olds made up 13.780/0 of referrals, 25-40 year olds made up 43.32 /0, 41-55 year olds made up 31.830/0 and those 56+ made up 10.71010. Under 18 made up 0.36% of referrals Over the year the lolal intake was 558 with 130123%) being female. Over the year we were unable to accommodate 525 wilh 155 (29.52Yo) female Desplte signMc8nt major renovat#)n work on our rasident accommodation. our occupancy rate of our commissloned beds still showed an average of 106% for the year, this is due to re-allocatlon of bed spaces io other propertes that were 8cquired Ihat year. This enabled us to gxcoed our contractual values. but more importantly tsklng more persons Into out accomodation. The past yBar has b88n focused on18ying the foundatlons for our ambhious dgvgtopment programme and ensuring we continue to deliver servlces as efficiently as tKJ&sible. whilst making surè our PrO￿rti@9 are more than frt for purpose. Pag8 9 Cosgame Hall Llmlted known as Harbour Housing Trustees Report Flnanclal r9vIow The charity conllnues lo grow and we have focused on outreach contracts as being our growth target 8ro8 this yaar. The contracts froTn an adminislralion perspective was very dom8nding as not only did we have the short lenn contract for support p￿slOn bul also had the budget responsibility in holding the benefici8rte$ person81 budgets. Th8 introduction of a paper free record and document admlnislratlon SyBtem that we operate has increased securfty, improved efficiency and reduced the amount of space requlred for the storage of current and archived documents and made u8 more GOPR compliant. Flnanclal p•rfgrfnaD&& Cosgarn9 Hall Limited has generated a surplus of £616,22412022: £812,154) for the year ende(131 March 2023. 11 should be noted that of that surplus. 6% of our ci1r8 income is Set asido fDr desSgn8ted malntenance funds in improving existing properbes and acquiring new propertl08 8$ Part of sustsined 8nd ¢%uli¢)us business dèvelopment strategy. Whilst the primary source of fvnding for the charity remains room rentsls, m8inly received through Housing Benefit. Sin￿ 2017118 the focus on our development has moved from the provision of additional direct aco)mmodallon to the provSslon of support for those already In aco)mm¢JJ8tlon In Comwall. Ro8orv•s Resorves Poll¢y The reserves aTe held lo fund future shortf811s In Incom9 that may arise, and towards the future development of thè company. An_alys_ls of totsl.r9&0r￿fj Our net assets sland at £3,732,087 {2022'. £3,115.8631 however this figure includes OL¢r capltal a35ets as well as our cash reserves. When our liquid assets {currenl reserves less current liabilities) are considered the adual funds available are reduced to £895,247. This figurg however also includes slrate9i¢ reseNo Id8tailed below) lotslling £145,000 which we are requSr8d to mainlain by the Charfty Commlssion. reducing core activity reserves to £750,247 {befoTe long term liabl1￿e$l. After deducting the remaining desSgnal8d r88erves lotalling £255,000 and the Gu￿ent r88trIcted reserves lotalling £80.160. unre8lrict8d ngt current assets total £415.087. G•naral roserves Our gen8r81 reserves amount lo £3,106,204 at 31 March 2023 and have been built up over the period since CHL commenced trading. It is our intention lo continue to bulld over forthcoming periods lo en8￿2 ftrture prop8ty Improvements and acquisitions to occur. Retalnad r•serve IStratsgl¢ rosorval In 2012, the Board sel a policy that th8 slral8gl¢ reserve should provide sufficient fund5 for three months actwitie5 should clrcumstancas require it. The retained 8tratsgic reseNe has rem8inod at £145,000 lo reffttrct the development of our charity since 2012. Pag810 Cosgarne Hall Llmited known as Harbour Housing Trustees Report Dg5ignatod rnserv•s Designated reserves are a portion of unreslrictsd reserves that have been e8mi8rked for specmc Purposes. Three designated funds are held and include redevelopment whlch amounts lo £124,000 and are sel aside for the syJnificant improvement or expanslon of our properties, cydiral operations which totsl £86,000 and are fvnds set asidg for fvture signfficanl propety maintenance, and the iestnjcturing fund amounting to £45.000 which are funds 581 aside for eTry fulLire restructurlng of the charity. R95trl¢tsd rasarrfes Restricted reseryes arp fijnds Ihat can only be use(1 for 8￿Ciffic purposes. Reslrf¢ted reserves provide reassurance to our donors that their contributions are used in a manner they have chosen. Restricted re8erv88 10181 £225.883. They are combination of unspent funds (£80,160) generously donated to us for specific projects lo be Spent In the future as wèll as the net value of a%8818 1£145,7231 purchased wlth fvnds provided by these grants. PrlD¢lpo_l_Fundlng Sourc•% Our princip81 In¢om8 is from accommodation rental, which due to our re￿dents, C1￿uMstanceS is Housing B8nafit paid by Ihe local authority. Resid9nts also pay a small seNlce charge for ineligible costs. Qualrfy'ng benefits received by our ￿Sidents encompass Ihg spedrum frorn Job Seekèrs AIIow8nce IJSAI to Employment Support MIow8n¢g {ESA). along vrith Universal Credit IUCI arKt those who are employ8d, but low waged, mako a contribui•Jn towards their rent. The disadvantage of 8 slngle Source of Income is its potential vulnerabilty to slruclural or pollcy changes. However, Housing Bengfrt is not a grant, commissioned service or conlr8cL it is payTnent of the individuals benefjt entitlement. Investment Pollcy In the 2022123 period our Investment Policy was simply to accumulate fvnds saf8ly into easy access savings accounts held at CAF Bank Ltd and The Charity Bank Ltd with limits covered by the Finana81 Services Compgnsalion Scheme IFSCSI as reserves for our propety projects that 8r8 part of our propety improvement programme. We apprecl8te our responsibility to prodvco the best financx relum ￿thIn an acceptable level of risk and Ihereforo 8n Investment Policy was 8iloptÈd in the 2013114 poriod which reflects Ihls. FundralglD9 Fundraising is onty carrled out by our own staff 811her Ihrough appllcalk)ns to grant Provlding organisations. though our own website, or other appropriate fundraising websites. Cosgame Hall does not dI￿￿Y approath mernbers of the public nor does it employ thir<1 party fijnd raisers. Whilst we are not bound by any voluntary scheme for regulating fund ralslng, Cosgarne Hall recognl888 the n8od to protect vulnèrable peO￿e and other memb&rs of the public frorn certaln b$haviour during such fundralsing activitie3, and no C￿MplaIntS about OUT fundralslng acti￿￿e$ have been received over the past ￿e1ve months. Paoe11 Cosgarne Hall Llmlted known as Harbour Housing Trustees Report Responsibilty for fund ralslng has now beèn brought into Business Development and Compliarsce. a nw Central Sèrvices team. Working closely with the senior management team their role is to monitor and. when the opportunity arlses. lo bid for new works, contracts and developments. With growth brings addluonal challenges In ftjnd raislng 8$ our core business Is accommodalon and the surpluses raised from that elernent are reinvested into the building5 to maintsin our homes to a decent standard. This can sometimes make obtaining potential fundlng tricky to access as il appears that we have a h8althy b818nce. The Finance Director and the board have developed an application statement that clearfy idenlrfies these perce￿ed surplus I88ue8 80 8 more Inforyned declsbn can be made by fijnders. Plans for tha future Sln¢e the pandemic we have re¢xonised the 8Xtemal thallengas that Ile ahead so we are working to strengthen our resilience to these challenges and the Un￿rtaInty of th8 economic clSmate. Co8gam8 Hall has adapted Ils ways of Working to become more fiexible. locxling our semces to drfferenl a￿aS lo better meet the needs of our b8neficiaries antj taking on new pro1￿ts, all of whid) makes us very excltsd 8boul our fvture and what it holds for us. Our 2018-22 Development Plan was an excellent blueprint for the fubJTe, and the Trustees and the Senior Management Team arg working on the 2022-26 Development Plan which wlll highlight how we 8re to develop our core areas of operatlon through gr￿h 8nd Improvlng quallty. In OLsr housing services we are implemènting not only a Tenants Charter. but also a Trustee Charter. staff Charter, and Development Charter. These charters will enable more Informed strategic dedslon m8king in the fijture with the loryterrn alm of provldlng more accessible units for our beneficiaries. The work we have done to support people move Into Inde￿ndent Ilvlng Is exemplary and we are seeking to reach more people in thg fvture. W8 are awaTe of the positive iFnpacl having secure accommodation. albeit temporary, can h8ve on a person's mental and physical wellb&lng. As part of our aim lo deliver high￿￿alIty support services for dients whh complex needs, we are proLKJ to have 8PtK>inted a new Head of Supported Uvlng to develop this aspact of our charitable aims. However, Ihe financi81 challenges of Govemment reviews and Ioc81 avlhorily redU￿d expenditure not only In Adult Social Care and hou81ng In Comwall, whld) has been fijelled by fears of a long-temi re(wslon. combined wlh a huge shortage of affordablo housing. could have a significant impact on our benefsciaries being abl8 to mov8 to ind&pendent living. Paga 12 Cosgame Hall Limited known as Harbour Housing Trustees Report Whilst our improved effiC￿nCY has r8dv￿d the effect of Ihèse financial challenges, our plans for future growth and In¢roasing sustainability mu51 be at a pace that maintained in a depleted labour market, a house price war with second homeowners. and a future recesslon. Cosgame Hall 18 based in Cornw811, which is on8 of the most deprfved are8s in the th6refore we need to take action to pr8pare ourselves ft)r this possibltr downturn. nol only financially but also for the sociwcL)noml¢ fallout thi5 downtum will have on (￿r communities. Consequently, the div8rsification of our income. combined with constant innov8tion and engagement wth cmjr Trustses and SenKJr Management, is very important rf we aro lo ensure that the setvices we provide lo our beneficiaries continue to meet their needs. Accordlngly. over th8 past sear. we have further Comentsd our links wlh other agencies and the National H$allh Service wth v8dou$ other contr8cts either awarded or exlendod. Using the skill sets developed in Setting up our svbsSdiary company Harbour Housing SeNlce8 Limited, it seems like a natural progression where k make8 economlc sen86, lo broaden our subsidiaries to provide setvices to Cosgarne Hall Lim￿8(1. Improve the services delivered lo our beneficiarbs, as well as looking to obtain works for other clEnts to genor8ts surpluses that can be fed back Into the Charity. Thls raport has been prepared in accoTd8nce wlh the specAal p￿s1OnS for small companles under Part 15 ofthe Companies Act 2006. Dls¢lo$urn of inforniatlon to auditor Each trustee has taken steps that they ought to have taken a8 a trustea In order to make Ihomselves aware of any relevant audit Information and to establish that the ch8rity's auditor is aware of that infomiatlon. The tNslees conflmi that there Is no relevant information that they know ol and of whith they know the auditor Is unaware. The 8nnual ￿pOrt was 8pproved by the tnJsl8es of Ihe charlty onE:! 0-15 and slgned on Its behalf by.. Mr ark Steer, Trustee Chairman Page13 Cosgarne Hall Limited known as Harbour Housing Statement of Trustees, Responsibiliti8S The trvsle&8 (who are also the directors of C05game Hall Limitwj for th8 purpos8s of comp8ny18w) are responsible for preparing the trustees, raport and tho finanaal statements in accordance Tmth ap￿ICable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standartl 8ppllcable In the UK 8nd Republic of Ireland.. Company law requires the trustees to prep8re financial stBlements for each financlal year. Under c(xnpany law the trustees must 8pprove the financial statements unles8 they are s8llsfied that they give a true and fair vlew of the state of affairs of the charitable company and of the incoming rosourcgs and application of resources, including Its Income and expenditure. of the charitable company for that period. In preparing these fin8n¢ial statements, the trustees are Tequlred to.. select suitable accounting pollcies 8nd 8PKAy them consislenUy.' observe the rnethod8 and princlples in the Charities SORP., make judgernenls and estimates that are reasonable and prudent., stste whether appllcable accounting standards, wmprising FRS 102 have been followod, subject 10 8ny material departures disdosed 8nd èxplained in the financial Statements., and prepa￿ the financial statements on the going concern basis unless it Is Inappropriate to prgsume that the charitable company will continue in bUs1r￿S. The trustees arts responsible for keeping proper accounllng records that can disclose with reasonable accLtracy al any 1Sme the financial posf(ion of thé charitable company and enable them to ensure th81 the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding thè assets of the charitsbl8 company aNI henr￿ for taking wsonable st8ps for the prevention and detection of fraud and other IrYegu18riti9s. The Iruslees ale responsible for the maintenance and integrity of the corporate and finanaal information Induded on the charftsble company's website. Legislation govemlng the preparation and dl888mlnalion of financial statements may differfrom I￿151allOn in oth@rjurisdictions. Approved by the tnJste8s of the charity on7c.￿. .Ib.. and S19n￿ on tts behalf by.. Mr Trustee eT. rman P&ae 14 Cosgarne Hall Limited known as Harbour Housing Independent Auditors, Report to the Members of Cosgame Hall Limited Oplnlon We have 8vdhed the financial statements of Cosgame Hall Limited Ilhe 'charfl8ble company) for the year ended 31 March 2023 which comprfse the statement of financlal acllvllies. balance sheol and notes to the financlal statements, indudlng 8 summary of signiflc8nt accounting policies. The financial reportlng framework that has b88n applied in their preparation is 8pplicable law and United Kingdo Accounting Stsndards. induding Financ581 Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republlc of Ireland {Unlled Kingdom Generally Acceptsd Aocountir Practlce). In our oplnlon the financial slatsments: ' give a true and f8lr vl8w of the stale of thè charitable comp8nls 8ff8irs as at 31 March 2022, and of ils incoming resources and aptAl¢8tlon of resources, Including its income arvj expendllure. for the year then &nded- . have been proporiy prepargd in accordance with United Kingdom Genaraily Accepted A￿UntIr￿a Pra¢tice: and . h8ve been prepared In accordance wlth the requirements ofthe Companies Act 2006. Basi$ for oplnlon Wa (x)nducted our audk in accord8n¢e with Inlem8tkJnal Standards on Audrting (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are fvjrther descrSbed in the Audltor'8 responsibillti85 for the audtt of the fln8nclal statements secllon of our report. We are independent of the charttable ￿MpanY in accordance vlth the ethical requirements th81 are relevant to our audit of thg financial stalenenls in th& UK, induding the FRC'S Ethical Standard. and wts h8ve fuffilled our other ethical re5ponslbllf(ies in accordance wlth these requirements. We bellev@ that the audit evidence we have obtalned is sufficlenl and appropriate lo provlde a basB for our opinion. Concluslons rnlatlng to golng concern In auditing the finan¢ial statements, we have ¢oncluded that the trust￿ use of the going concern basls of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material unc8rtalnties relating to events or conditions that. individually or collectively. may cast significant doubt on the Iruslee's abilNy to continue as a going ¢oncem for a period of at least bvelve months from when the orfglnal flnanciol statements were authortsed for issue. Cxjr responsibilities and the responsibilities of the trustees wth respect to golng concem are described in the relevant seclH)ns of this report. Page15 Cosgame Hall Limited known as Harbour Housing Independent Auditors, Report to the Members of Cosgarne Hall Limited Other Inforniatlon The truste88 are resry)nslble for the other irrforniatlon. The 0th8r information comprises the information Included In the Report of tho Board of Tnjstees. other than the financial slatoments and our auditor's report Ihereon. Our opinion on the financial stslements dogs not cover the other infomiation and, except to the extent othe￿ISe explicitly stated in our report. we (k> not express any forrn of assurance conclusion thereon. In connection with our aud(( of the financial statements, our rgsponsibility is to read the other infomialion and, In doing so, conslder whelhtsr the other Infomiallon Is materially inconsistent whh the financial statements or our knowledge obtslnetj the audll or otherwise appears lo be materially misstsl8d. If we idenllfy svth material inconsislencies or apparent material mlsst8lemènl8, we are required lo dgleminè whether there is a material misslatemenl In the finan¢i81 statements or 8 material mi8Statemenl of the other Informallon. ￿. based on work we have performed. we conclude that there is a matsrlal mlsstatemantof this other informatK)n. we are required lo r8port that fact. We h8ve nothing to report in this regard. Oplnlon$ on other matter8 pro8crlbod by tho Companlos Aot 21N>6 In our opinion. based on the work undertaken in the C￿rse of the audit • the Information given in th8 Report of th8 Board of Trustees Ilncorporaling the directoTs' roportl for the financial year for which the financial stslement$ are prepared is ￿nSIStenI wth the financial statements.. and . the directors, report h8s b8en prepared in accordance with appI￿able lègal T8quirements. Matters on ￿kn1¢h ￿ arn rnqulred to report by exceptlon In the light of our knowledge and understsnding of the charitable company and 113 envlronment obtained in the course of the audit, we have not idenlifEd material Tnisstalemenls In the Report of the Board of Trustees. We have nothing to report In respect of the follomng matters in relation to whlch the CompBnle8 Act 2006 requires us to report to you if. in our opinlon= • 8d8quat8 accounting records havo not t*en k8pt. or ralurns adequate for our 8udit have not been received from b￿ncheS not visited by us- or . the flnanclal ststaments are not in agr8emenl ¥￿th the 8ccounting records and retLSmS; or certain disclosures of dire¢tots' remuneration specthed by law are not made. OT • wo h8ve not recelved all the InfOmw￿0n and explanalions we require for our audit. Pag8 16 Cosgame Hall Limited known as Harbour Houslng Independent Auditors, Report to the Members of Cosgarne Hall Limited Rosponslbllltles of trust•88 As gXF4ained more fully in the Iw81ees' respon8lblllties statement Set out on page 24, the trusle8S (who are also the dlr8ctors of the charftable company for the purposes of company lawl are sponsible for the prepBfalion of the flnancial ststements and for being satisfied Ih8t they 9ive a true and falr vtew, and for such intemal control 8S the trustees determine is necessary to 8n8ble the pr8paralHJn of finan¢i81 ststements that are free Irom m8t&rial misstatement, whelhgr dua to fraud or error. In prepariryJ the finar¢cial statements, the trustees are responsible for a88e8sSng the charitable companls ability to (wtinue 8$ 8 going concem, disclosing. as appIl￿ble. matters related to going concem and u81ng the g(Mng concem basis of accounting unless the trustees either intend to liquidats the charltable company or to Cèase operations, or have no realistlc all&matlve but to do so. AudIt0￿5 ro$ponslbllltieB ft*rth• audlt of the ftn•nclal statemerrtg Our objective8 are lo obtain reasonable assurance about whglher the financral statemènts as a who are free from m8terSal mLsstslemant. whether due to fraud OT error. and to issue an auditorfs report that Includes our opinion. R&asonable assurance is a high level of assurance, but is not 8 guarantee that an audit conducted in accordance wth ISAS (UK) wlll always detect a malerlal mlsststement when it exists. Misstatements can arise from Iraud or error and are ￿nSidered m8terial if, individually or In the aggregate. they could raasonabty be gxp8Ctad to inlluence the economic decisions of users taken on the basis of these financial statements. Irregularitles. including fraud. ar8 instances of non-compliance wth18ws and rggulations. We d88ign proc8dures in line with our responsibilitie5, ouJined above, lo delect m8terial misstaternents respect of irregularities, induding fraud. The extent to whlch OUT prO￿dureS are capable of d8tecliThJ Irregtjlarilies. including fraud is detailed below.. Pa￿ 17 Cosgarne Hall Limited known as Harl)our Housing Independent Auditors, Report to the Members of Cosgarne Hall Limited As part of our audit planning we obtainad an undgrslandir@ of Iha ￿gaI and regulatory framework that Is appli¢8blo to the charity and the sector in which il operates to identify the key laws and regulations affecting the entity. The key laws and tBgu181ions wè identffled w8r8 health & safety and fire regulat￿)nS du8 to th8 provision of supported accommodation, safeg¥Jarding IDBS checks), cornpliance wllh funding agreements and employmenl law. We also considered those 18ws and r8gul8tlons that have a direct impact on the pr8p8ratlon of th8 finanual s1818ments. prSmarily the Companies Acl 2006. charl￿8$ Act 20118nd the Charthes Statement of Recommended Practice IFRS102). We discussed with management how the compliance with these laws and regulallons is monfÉored and discussed policies and procedures In place. We also Sdentifled the individuals who have responsiblility ft)r ensuring that the entity complies with laws and Tegulations and deals with reporting any issues If they Brise. As part of our planning procedures. we assessed the risk of any non-compliance wth laws and regulations on the enlivs ability lo Con￿nUe operating and tho dsk of material misslalement lo the acwunls. Based on this understanding we designed our audf( PTocedures to idenlfy non-compliance whh ¥uth 18ws and regulations. Our procedures Involved the followlng.. Making enquirigs of management Tegarding their knowledge of any non-wM￿iancg Wth 18ws and regulatlons that could affect the financial slatemenls; Discussing he811h & $8fety and fire safety compliance and 8mp4oymenl procoduros I CRB checks wh8n taking on stsff., Reconciling PAYE and Nl to the payrcdl records and considoring whether the income streams of the charity fell wilhin charity tsx exemptions,. Reviewing legal and professlon81 costs lo Identify any possible non cx)mpliance or legal costs in respect of non compllance.. Reviewing board minutes to identify any ISSLW with non ¢ompli8nce. As part of our enquirles w& discussed with management whelh8r there have been any known instances, allegalh)ns or suspicions of frdud. of which there were nono. We also evaluated the risk of fraud through management override induding that 8rislng from management's incentives. The risk was considered low as a th8ritsble èntity, with little motivation for management to influence performance for individual gain. However we did consider the risk of management override of controls through inappropriate aC￿lUntIng entrigs, inadeqLtats disclosure of related party transactk>ns or th• potantial for bias in revenue recognlllon such as inappropriate cut-off or deferred incom&. In response to these risks, we.. • used data arialytlcs lo lestlournal entries for appropriatene85; reviewed any gstimates made in the acoy)unls for any indi¢Ation of bias.. viewed the nominal ledger for any Iran88¢fjons with all identified related partles., 8nd obtained a sample of involces. contracts and grant agreements ch8¢king that revenue recognition was appropriats; and ￿ a sample basis ched￿d eXp￿ditUre itsms were posted against appropriate funds. Page18 Cosgame Hall Limited known as Harbour Housing Independent Auditors, Report to the Members of Cosgarne Hall Limited Because of the Inherent limitations of an audi[ there Is a risk that we will not detect all i￿egUlarl11t$, including those leading lo 8 materSal mis8t8lement in the financlal statements. This rl8k Increases the lurthgr removed non-compliance with laws and Tegulatioiis is from the events and transactions reflected in the fin8ncial slalements as we are 18ss Ilkely lo be com$ aware of instances of non-compllanee. The risk of r￿t detecting a mat8rial misstalemenl due to fr8ud is higher than the risk of not delecling one r8sulting from grror. as fraud may Involve deliberate wncealmenl, collusion. omission or misrapresen*alion. A further desLYiplion of our res￿nSibIlItIeS for the audit of the financial slalements is located on the Financial Reporting Council's website at.. vhvw.frC.org.uklaL￿ltorSre8ponSlb1lI1les. This descrfplon foTTns part of our auditorfs report. Use ot our report Thls report is made solely to the charitablè companws members, as a tr￿y. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our 8udit work has been undertaken so that we might state lo the charitsble compaTrYs members those matters wg are r8quired to slate lo them in an auditor's report and for no other purposo. To the fullest extent p8rmitted by law, we do not accept or 8ssume responsibility to anyone other than the charitable company and the charitable ox)mpan¥s members 8S 8 boty, for our audit work, for this report, or for the opinions we have formed. fviGs QLrL DBrren Pery BA {Honsj ACA DChA (Senior Statutory Auditor) PKF Francls Clark. Statutory Auditor Lo￿n House Trego115 Road Truro Comwall TR1 2NA 7 November 2023 Pag8 19 Cosgarne Hall Limited known as Harbour Houslng Staternent of Financial Activities Year Ended 31 March 2023 (Including Income and Expenditure Account) Unr8strlct8d funds R•strl¢t•d funds Total 2023 Total 2022 Noto Income and Endowments from: Donations and legacies Charitable activities Investment income Other tradlrwJ income Total Income 5,970 3.618,728 3,870 382 58,470 293,294 64,440 3,912.022 3.870 382 207,237 3.175,975 833 281 3.628.950 351,764 3,980,714 3,384,306 Expenditure on: ising funds Charita￿e 8Ctlvilles {13.3341 2,986.191 113,334) 3,351,156 16,4641 2,565,888 364.965 Totsl Expe￿Illure Oth•r re¢¢gnlsod galn$ and losses Net movement in fvnds 2,999.525 364,965 3 364,490 2.512,152 629.425 113.2011 616.224 812,154 Reconclllatlon of fvnds Total fijnds brought forward 2.876.779 239,084 3.115.863 2,303,709 Total fijnds caTried forward 17 3,506.204 225,883 3.732,OB7 3,115,863 The notes on page5 24 to43 lorm an int8gr81 part ofth8se fin8naal statem8nts. Page 20 Cosgarne Hall Lirnited known as Harbour Houslng Statement of Financial Aclivities Year Ended 31 March 2023 {Including Income and Expenditure Account) Statement of Financial Activities for the comparative year ending 31 March 2022 Unrnstrlct8d funds Rgstrfcted funds Total 2022 Incom* and Endowments from: Donations and legacies Charltable activities Investment Income other trading Incomg 4,127 2.939.570 833 261 203,110 236,405 207.237 3.175.975 833 261 Totsl Income 2,944,791 439.515 3.384,306 EX￿ndItUre on: Raising funds Charitsble activI￿e$ (6,464) 2,226,094 {6.464) 2.565.688 339,594 Total Exp8ndltUTe 2.232.558 339.594 2,572,152 Net income Transfers betr￿n funds 712.233 45.395 99,921 45,395 812,154 Nel movement In funds 666.838 145.316 812,154 Reconelliatlon of funds Total fvnds brought forward Totsl funds carrbd forward 2.209,941 93,768 239,084 2,303,709 3,115,863 2,876.779 AJI of the charitys a￿v￿l￿S derive from conlnuing oper8tbns during the above two p8riods. The notes on paggs 24 to 43 form an Integral pgrt of these fin8ndal staiem8nts. Pggè 21 Cosgame Hall Limlted known as Harbour Houslng (R8gistration number: 6725642) Balance Sheet as at 31 March 2023 2023 2022 Nots Flxed assets Tangible assets Investments 3.269.797 100 2,592,995 100 io 3.269.897 2.593,095 Curmnt assots Debtors Cash at bank and in hand 239,567 756,680 153.490 940,405 996.247 1,093,895 CrodltOTS: Amounts falllng duo wlthln ono yvr Nèt curr¢nt a880ts 12 101,000 105.253 895,247 988.642 Total assots ¢urrènt Ilabllltl•s 4,165,144 3,581,737 Credltoys: knounts tslllng duo aftgr mof• than one year 13 433.057 465.874 3,732,087 3,115,863 Funds ol th• charlty: Restrl¢t¢d In¢om• funds Reslricled funds 225.883 239,084 Unr8strlcted Incomo funds Unrtrstricted fijnds 3,506,204 2.876,7T9 Totsl funds 17 3,732,087 3,115.863 The fjnancAal s18tem8nts on pages 20 10 43 were approved by the trustees. and authorised for issue on4£>14 o.i.%g and signed on thelr behalf by. Mr rks Company Regislratw)n Number. 6725642 Th8 notes on pages 24 to 43 fo￿ an integral part of the58 11n8nd￿ statements. Page 22 Cosgarne Hall Limited known as Harbour Housing stst8ment of Cash Flows for the Year Ended 31 March 2023 2023 2022 Noto Cash fl¢)ws from op•ratlng o¢tlvltl8S Not cash income 616.224 812,154 AdJu$tm•nts to cash flows from nonwca$h It•ffl8 Depfeciatlon Investment income 143,765 3,870 127,054 833 756.119 938.375 Worklng ¢apltal adjustments Ilnemaseydecrease In debtors Increaselldecrease} in creditors Decrease in deferred income 11 12 12 186,0771 2.291 40,217 (16,7121 s,￿2 N8t (ssh flows from operating activities Cash IIow8 from Invostlng actlvltles Interèst recewable and similar ino)me Purchase of tangible fixed assets Net cash flows from investing 8dvlties Cash ftows from flnanclng actlvStl•s Repayment of loan5 8nd borrowngs Ng1 ldecreasellincrease in cash and cash equivalents Cash and cash equivalents al 1 Aprfl Cash and cash equ1valer￿ at 31 March Rgconclllatlon of n•t caBh flow to MOV￿￿ont in not fvnds IDecreaseYinGrea8e in cosh C8sh ouffiow from repayment of loans Change in net Idebtyfunds resultin9 from c88h flows Nèt bJndsl{debtl at 1 April 2022 Net fijnds at 31 March 2023 672.333 935,978 3,870 820.567 833 381,164 {816.697} 1380,3311 12 {39.381 41,567 {183,725) 940.405 514.080 426.325 756.680 940,405 1183.7251 39,361 514.080 41.567 1144.3641 431,354 286,990 555,647 124,293 431.354 l of rash Ib)ws are derived from continuing operallons during the aLK)ve Iwo ￿0d8. Th& notes on pw 24 to 43 fom an Integral rArt ofthe5e finandal stst8ments. Page 23 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Ststements for the Year Ended 31 March 2023 1 Ac¢ountlng pollcles Summary of 5ignlfi¢ant accounting policles and key accountlng estimates The princjpal accounting policies applied in the preparation of these financial slalemenls ar8 set out below. These policies have been consistently ap￿led to 811 the years presented, unless otherwise stated. ststomont of compllanco The financial statsments hav& been prepared In aC￿rdance wllh Accounllng and Roporting by Charities.. Statement of Recommended Practice applicabl8 lo chariti8s praparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharltles SORP {FRS 10211, Ihe Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland {FRS 102} and the Companies Act 2006. Basls of preparatlon Cosgame H811 Limitsd meets Ihg definllon of 8 publlc b8nell entity undgr FRS 102. Assets 8nd liabilities are initially recognised al hlstorical cost or trar￿actiOn walue unless othe￿ISe stsled in the relevant accounting policy notes. Golng concern The trustees consider that there are no material uncert8intie5 about the charfty8 8bilNy to continue as a going (y)n￿M nor 8ny sgnSficant areas of uncertslnty that affect the carylng Val￿ of 8S8ets held by the charity. Income and endowmants Voluntsry In¢ome including donations. gifts. legacies and grants that provide core fijnding or are of a ganeral nature is recognised when the Charity has entillemenl lo the income. it is probable that the income will be received and the amount can bts maasured suffi¢ignl reliability. Donatlons and legacles Don8llons 8nd legacies are recognised on a reCeiVa￿e basis when receipt is probable and the amount can be r8llably measured. Grants re¢elv8bl• Grants are recogni88d when thè eharty has an 8ntitlement to the funds and any conditions linked lo the grants have been met. Where performance condition5 are attached lo the grant and are yet to be met, the income is recJJgnL8ed as a Ilability and Induded on the balance she81 as deferrod Income to be released. Page 24 Cosgarne Hall Limited known as Harbour Houslng Notes to the Financial Statements for the Year Ended 31 March 2023 Deferred in￿)Me rgpresents amounts recelved for future perfods and L8 released to incoming resources In the period fOr￿leh, it has been re￿ived. Such Incomè is only deferred vJh8n: - The don￿ spadfies that Ihe grant or don8t%on must only be used in future accounllno periods.. or The dorw has imposed conditions whith must be n￿1 before the ch8rlty has uncorvjillonal entidement. Expenditurè All expenditure is re￿nISed once there Is 8 legal or constructive obligation lo that QXFenditure, it 58 probable settlement is required and th8 amount can be measured reliably. Al costs are allocated to the appllcablg axpendilure heading that agg￿gate similar costs lo that category. Ralslng funds These are cost8 Sncurred in attr8cling voluntary Income. the managemont of inveslmonts and those incLbrred in Iradlng activities that ralso funds. Clmrttable a¢tlvltles Charitable expendtture comprises those costs incurred by the charty In th8 delivery of its activltigs and services for its beneflclarfes. It include8 both costs that can bo ollocated directly to such activities end those costs of an Indirect nature necessary to support them. T¥xatlon The charity is wn85dered to pass the tests sal out in Paragraph 1 Schedule 6 of tho Finance Act 2010 and therefore ￿ meets the dofinition of a ch8rltsble company for UK corporation lax pvrp)sgs. Accordingly, the charity is potentially exempt from taxalk>n In respect of income or capital gains received wilhbn categories covered by Chapter 3 Part 11 of the CoTpof8tion Tax Act 2010 or Secllon 256 of the T8xafjon of Chargeable Gains Act 1992, to Ihe extenl that such income or g8lns 8r8 applied exclusively lo charitable purw)8es. Tanglbla flxod assets Fixtures, fittings and equipment costing £250 or more and short leasehohd property Improvements costing £1,000 or more are intNally c8pk81ised and recorded at cost. White goods and resldents fijmiture is treated as repalrs and malntenance èxpense due to the high level ofwe8r and tear. Dopraclatlon and •mortlsatton D8pr8eiatKJn is pmided on tangible flxed assets so as to wrSte off the cost or v8luaOon, less any estimatsd residu81 value. over their expgcted useful economic life a5 follows.. Asset ¢la•8 Freehold 8nd Long Leasehold Propgty D•preclatlon m•thod and rat• Not depreciated Page 25 Cosgame Hall Limited known as Harbour Houslng Notes to the Financial Statements for the Year Ended 31 March 2023 Short Leasehold Property Improvements StTalght line over 5 or 10 years depending on natu Straight line over 3 or 4 years. Shipping contsineTS 8re depreciated over 25 years on stralghl ling ba8Is. Slralghl Ilne over 4 years Following a review of the accounfjng pollcies freehold and long leasehold properties are no lor¥J8r being depreciated. 8S the trustees consider any depreciation would be immaterial when taking into account the residual value of the property. PrevSou8Sy long le8sehold properli8s were depreciated ovèr 50 yaars. however the properties are dlsclosed at cost18ss any historic deprerAalion. Fixtures. ffttings and equipment Motor Vehlcles Busln068 comblnatlons Business combinations are accounted for under the purchase method. Where necassary, adlustmgnls aro made to the financial stslem$nts of subsidi8ries to bring the accounting policie5 Used into line with those used by the charity. Al intra-group transactions. balances. income and expenses are elimlnated on consolSdalSon. In accordance with Section 35 of FRS 102, SectSon 19 of FRS 102 has not been applied in these financiel slatoments in respect of business combln8Uons effected prior lo the date of transition. During a prevlous ￿riod the charity sel up a sub8idlary. Harbour Housing Services Limited. As th6 company Is ujrrently dormant it has been Iro8t8d as a fixed ass￿ investment. Trade debtor8 Trade debtors arn amounts dua froffl tenants for vKcommod8Uon or sgrvices performed in the ordinary course of business. Tr8de debtors are recognlsed Snilialty at the transaction price. They are subsoquenly measured at amortised cost uslng the effective interest method, less provision for impairment. A prowsion for the impairrnenl of trade debtors is established when there is obj6ctNe evidence that the Charfty will not be able lo cdlect all amounts due according to tho origin81 terms of the receivables. Cash and ¢ash •qulvalents Cash and cash èquivalents comprise cash on hand and co11 deposits. and other short-term highly liquid Investments that are readlly ￿nVe￿ble to a known amount of cash and are subject to an SnslgnificBnl risk of change In valu8. Page 26 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Ststements for the Year Ended 31 March 2023 Trado crodltors Trade crediloT5 are olligations to pay for goods or services that have been acqtjlred In Ihe ordinary course of business from suppliers. Accounts payable are da85ifi8d as current liabilities If the charity does not have an uncondltionBI right. at Ihg end of the reportlng pariod. lo defer settlement of the creditor for al18asl b¥elve months 8ft8r the Teporting date. If there is ap un(x>nditional Tight to defer settlemènt for at least ￿e1Ve months after the reportin9 dale, they are presented as non-current Trade creditors afy recognised initially al the transaction PrifA and subsequenlly measured at amortised cost uslng the effective interest method. Fund structure un￿striCted income fvnds are general funds Ihot are avallable for use at the trustees discrelk)n In fijrthera￿￿ of the objectlves of th8 charity. Designated funds are unreslricled funds which 8r8 r880UTr￿S set askle for 8pec5fic purp¢)ses at the discretion of the trustses. Restrict￿1 income fijnds are Ih05e donated for use In a p8rtlcular area or for 8peclflc purposes. the use of whlch18 raslricted to that are8 or PUTPOSe. Ponslons and other post rgtlr8m8nt obllgatlons The charity operdte8 8 defined conlribufjon pension scheme. Contributions are charged in Ihs statement of finandal activities as they become payable in accordance with the Tules of the scheme. 2 Incomè from donatlons and 1ogacle8 Unrnstrlctod funds Reytrfctod nds Total 2023 Total 2022 Donations and Legades.. Donations Gr8nts. induding capital grants.. Government grants 5.970 5,970 4.127 58.470 58,470 64,440 203,110 207,237 5.970 58,470 Page 27 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 3 Incomg from charltablg actlvltles Unr8Strlct•d funds Restrlctad funds Total 2023 Room Rental in￿rne Electricity & phone fees Ikjvernmonl grants Empowerlng inde￿ndence Outreach services Harbour Firesafe inLL)me 2,097.861 7,432 2.097.861 7,432 293,294 796,841 715,374 1.220 293.294 796.841 715,374 1,220 3,618,728 293,294 3.912.022 Unrnstrlctgd nd6 Rastrlcted funds Tot•1 2022 Room Rental income Electricity & phone foes Govemmant grants Empowering independence Outreach services Harbour Fires8fe income Insurance clalm pr￿eedS 1,T14,603 4,976 1,774,603 4.976 236,405 TT4.310 324,871 37,470 23,340 236,405 774.310 324,871 37,470 23,340 2,939,570 236,405 3,175,975 4 Investment Incom• Unr•strlct•d funds Total 2023 Total 2022 Interest receivable 8nd slmllar Income. Interest on cash deposits 3,870 3,870 833 Poge 28 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 5 Expènditure on ¢harftable actlvltles Actfvity undgrtak8n dlroclly Totsl 2023 Total 2022 Staff Costs Resident Ttrnancy Sustainment Outreach expenditure Rent Advertlslng Rates Llghl & Heat Insurance Consumables Rèpairs & Maintenance Securny Costs Cleaning Telephone & Inlemet Staff Enlert81nment other Expenditure Travel Expenses Bad Debts Loan Interest Bar*k Charges D8precialion Accountancy Audit fees Leg81 and profe&8lon81 1.725.661 55,939 256,568 452.663 19.312 66,433 77.816 90,859 5.668 132.674 36,381 80,876 26.880 1.725,661 55,939 256.568 452,663 19,312 66.433 77,816 90,859 5,668 132,674 36,381 80,876 26,880 1,096,589 28,389 161,386 378,479 21,719 48,898 46,216 64,731 3,013 147,974 191,097 57,789 28,918 7,288 52,027 54,542 10,602 18,243 42.451 72.201 16,124 26.449 190 143,765 5.908 5.560 10.778 42,451 72,201 16.124 26.449 190 143,765 5,908 5,560 10,778 127,052 6.770 3,358 10,267 2,565,688 3,351.156 3.351,156 Page 29 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Ststements for the Year Ended 31 March 2023 6 Trustws r•munoratlon and •xpons8s Expanses totalllng £64812022.. £8771 were Incurred In re8P8tX of relmbursing mlleage, accomodauon and training costs lo 212022.'1} Iruslees. Expenses totalling £308 {2022: £3081 wore Incurred In r88P8Ct of refreshments for Trustee general mgetirKJs including the Annual GgneTal M98ting. Expenses lotslllng £nll {2022: £1361 were p81d dlreclly to Ihlrd pa￿e8 In respect of accomodalion costs for nll {2022'. 21 Iru81ees. No Iruslees. nor any person5 connected wlh them. have rec￿V￿ any remuneration fftjm the charity during the year. 7 SLiff costs The aggregate payroll ￿SIS were as follows: 2023 2D22 Staff costs durlng the year were: Wages and salaries Social s8curfty c08ts Pension costs Staff training 1,544.459 130,943 56,360 7,233 1.738,995 982.652 77,428 36,644 6,328 1,103,052 The monthly average number of persons {including senior management team) employed by the charity during the year expre89ed as full tlme &qu￿alentS was as follows.. 2023 2022 No Total Number of Employee'8 63 No employee recolved emoluments of moro than £60.000 during the year. The total 8mploy8e benefits of the key m8n8gemenl porsonngl {goneral manager and trusteasl of the charity were £73,36712022- £70.302). Pag8 30 Cosgame Hall Llmlted known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 8 Taxatlon The company is a reglslared chaTity and therefore is 8ble to daim exemptlons from taxatlon. 9 Tanglblo flx•d aS￿ts Frn&hold and Short long leasahold 1gas•hold property proporty Improvements Flxturg$, flttlngs and equlpment Motor vehlcles Total Cost At l April 2022 Addition5 2,098.3tS 703,078 899,596 38,869 252,703 56,188 96,627 3.347.241 22.432 820,567 Al 31 March 2023 2,801,393 938,465 308.891 119,059 4,167,808 Doprnclatlon At 1 April 2022 Charge for the 15,040 $54,369 137,760 47.077 754.246 83,041 38,747 21.977 143,765 At 31 March 2023 15,040 637,410 176,507 69,054 898,011 Nat book value At 31 March 2023 2.786.353 301,055 132,384 50.005 3.269,797 At 31 MBrch 2022 2.083,275 345,227 114,943 49,550 2,592,995 P8g8 31 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 10 Flxod assot Investmonts 2020 2022 Sh8r8s in group undertakings 1(K) 100 Sharn6 In group undertaklng8 Subsldlary und•rtaklngs Total Cost At 1 April 2022 At 31 March 2023 100 100 100 Net book vaSu• At 31 March 2023 100 100 At 31 March 2022 100 100 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Stat8ments for the Year Ended 31 March 2023 D•talls of undgrtaklng$ Details of the investments in which the charity holds 20% or more of the nominal value of any dass of sh8re ¢8pSts1 are as follows.. County of In¢orporJtlon Proportlon of votlng rlghtg and shares held 2023 2022 Prlnclpal •ctlvlty Undertaklng Holdlng Suhldlary und•rtaklng$ Harbour Houslrrfj Services Limited England & Wales Ordinary £1 shares 100% 1(Kl% D(mant The profft for the finandal perioj of Harbour Housing Limited WAS £nll and the aggregate amount of catxtsl and reserves al the end of the ￿riod wa8 £100. 11 D•btors 2023 2022 Trade debtors Prepayrnents Accwed Income 112.834 18,766 107,967 41.369 23,693 88,428 Z39,567 153,490 Pag8 33 Cosgame Hall Llmited known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 12 Cr•dltors: amounts falllng du9 wlthln one yoar 2023 2022 Bank loans Trade credltors Due to group undertakings Other taxalM)n and social security Accruals 36.633 40.455 43.177 45.276 100 6,497 10.203 105.253 23.812 101.000 The company has gwen a legal charge over properties al 22 8odmin Road, 79 Truro Road and 28 Penwinnid( Road as a securfly In respect of bank loan8 due wthSn and over one year. 13 Crodltors: amounts falling du• aft•r ono y•¥r 2023 2022 Bank loans 433,L157 465,874 The ￿MpanY has given a legal charge over properties at 22 Bodmin Road. 79 TnJro Road and 28 Penwinnick Road as 8 security in respect of bank loans due wlhin and over one year, Included in creditors. Included in the creditors are the folloNwng amoLsnts due after more than five years: 2023 2022 After more than fNe years by inslalments 304.663 278,014 Page 34 Cosgarne Hall Limited known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 14 Obllgatlons undor opgratlng loa808 The lotsl valu8 of fijture minirmjm lease payments was as folk)ws: 2023 2022 Within one ye8r In Iwo to five years In ovar five years 342.099 1,352.714 10,360,871 12,055,684 305,140 1.204,399 9,458,717 10.968,256 15 P8nslon s¢h•mg Defin•d eontrlbution pèn$lon schemo The charity operates a defined contribution penslon scheme. The penskns ￿Js1 charge for the poriod represents contributions payable by the charity to the schem8 and amounted to £56,360 12022 £36.6331. There were no outstanding or prepaid contributions at olther Ihe beginning or end of the Inancial year. 16 Charlty ststus The charlty Is a charity limrt8d by guarantse and ¢xins8quently does not h8v8 share capital. Each of th8 trusteeg is liable to conffibule an amount not exceeding £1 towards the assets of the charlty In the vent of liquidalK)n. Pag8 35 Cosgame Hall Limitad known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 17 Funds Balance at 1 Aprll 2022 Balance at 31 Alarch 2023 Incomlng Resour￿& Ygsources ex￿nd9d Transfers Unrestrlctsd funds General Unrestn'cled income 2,500,779 3.628,950 12,999,525} 124,0001 3,106.204 D9slgnat8d Redevolopmenl fund Cyclical opèration fijnd Strategic reserve fijnd Restructuring fund 112,000 74.000 145.000 45,000 12.000 12.000 124,000 86,000 145,000 45,000 400,000 376,000 24,(X)O Total unrestrlct•d funds 2.876,779 3.628,950 2,999,525 3,506.204 fteBtrlctod fund¥ Sport England Nalionwde Landlord Incentive Scheme Winter TrBnsformation Fund MHLG Covid-19 Homelessness response fund Domestic 8buse support fun¢J CCF van purchase and repairs DHSC Out of Hospll81 Cosgarne aC￿SsIbl1ty improvements Little Cosgarne improvements ClSni¢ally Extremely Vulnerable Move on Soulhwesl w8ler ftjnds National Grid Electricity Distribution 5,260 11,8721 3,388 595 {3101 285 449 {1631 286 28.545 {4,8131 23,732 4.903 {2,4351 2.468 4.108 {1,7001 1293,2941 2,408 293.294 19.158 17.2251 11,933 97.500 97,500 79.476 4.350 (43.8301 35,646 4.350 170 1,793 {1,6231 10.(KJO {7.2231 2,777 Page 36 Cosgame Hall Limited known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 Balance at 1 April 2022 Balance at 31 March 2023 Incomlng Resourcos rosourcos oxponded Transfars Department of levelliro up Jnds Ocean Housing St Martin in the fteld funds 41.000 374 160) 1374) 43 40,940 Totsl r•strlcted fund$ 239.084 351.764 364.965} 225,883 Total fund• 3,115.863 3.980.714 3,364,490 3.732,087 e37 Cosgarne Hall Limited known as Harl)our Housing Notes to the Financial Statements for the Year Ended 31 March 2023 The putFQSa of tha generel fund is to support the operations of Cosgame Hall Limited on a day lo day basls. The Nationwlde Landlord Incentlve Scheme18 a grant pro￿dIng funds lo pay landlord deposits and rent in advance lo support residents in supported accommodation to move into prfv8te rented sector properties. The gr8nt also include(l fijnds towards fvrniiure and other items to SUPPOrt positive move-on and positive 8Ctivities for ¢urrgnt residents to increase their skills. independence and resilience prior to Move￿On. IT assets included in th8 ftjnd hav8 a value of £284 at ygar end. The Winter Transfonnatiorb fijnd is a grant to pay for PPE. cleaning and Iranstx)rt ¢08ts to allow guidelines and leglslalion around social distsncing to be adhered lo. For example, installing screens bètweén sit UP SPaC8s In oriler to allow mobili8alion of our severe weather emergency protLut. The fvnd was also used lo purchase a thermal camera asset which at year end has value of £286. The MHLG Covld-19 Hom81888 Response fund 18 a grant promdlng fvndlng for PPE. IT equipment and staff overtime costs incLtrred as a r8suIt of C￿d-19. The v81ue of ass&ls held In the fund is £23.732. These consist of various modrfications and equipment related lo Covkl-19 such as thermal Cameras. a new door entry syEtem, screenlngs and IT equlpment. The Domostlc Abuse Support fund is 8 grant for UForaded IT equipment to allow for mor& sophist￿C81ed remote door gntry, CCTV and communi¢xllon that reduced the need for face lo face contact. It was also used to ensure there were enough staff to safely monitor the DcMnesUc Abuse prolgct and ensurg the hlgh ngeds residents had increased acces8 to support through the pandemic. Tho valu$ of IT equipment held in the fvnd is £2,469. The CCF Van Purchase and Rèpairs fund Is a grant to purchase a vehicle that can be utillsed by Ourselves and other agencies In the (L>mmunity to bring helpful services to vulnerable people. This indudes repairs. maintenance arKI fijel costs associated with the vehicle. The value of the vehide held in the £2,408. Th8 DHSC Out of Hospital restricted fund is grant awared to fijnd accommodation. support worker8 and inlermediale personal care for vulnerable individuals discharged from Hospital. The Cosgame accessibllty rgsthcled fvnd is a grant awarded to ftjnd propety allgr8Jons to I￿reaSo the number of acCessi￿e spaces available to those with disabilities. The value of propety improvements held under thls fund 18 £7,771. The Liitle Cosgame improvements restricted fund is a grant awarded to ftjnd capital improvmènls at Lithe Cosgarne lo prowde more available spaces. The value of freehdd property upgrades held under th18 funds Ss £97.500. The Clln¢it¥lly Extremely Vulnerable restricted fund is a grant to fund 3 Hospital Discharge workers for a perod of l year ending 31 March 2022. £10.154 in freehold property upgrades Ioffice spaces for the Hospital Discharge wokersl are held ur¥Jer this fLifKI. Pago 38 Cosgame Hall Limlted known as Harbour Housing Notes to the Financial Statements for the Year Ended 31 March 2023 The Move on fund was created speafically lo fvnd Tesidants moving on uslng 'unspenl' funds from the Nationwide Landlord InCent￿e scheme project. The South West Water grant funds have been used for the Sport England Watsr Sports project - buying paddleboards, kayaks and welsults. The Nallonal Grid grant fund has begn used to provlde waTm packs. warni hLEbs and energy effidenl solutlons to outreach dients and mèmbers of the community In noed. as well as training for staff règarding povety. The Department of Levelling Up grant was provided to fLsnd extending land and bulldings to In¢r98se accomm¢)da11on spaces. The value of property improvenwnts held under this fijnd is £1,117. The Ocean Houslng fiJnd8 Wgr& awarded to prowde Tent In advance for a resident Tnovlng out. The St M8rtin in the fl8ld fvnd is used to fvnd documentstKJn costs such 8s COp￿S of Birth Certfficates or l.D. The purpose of th8 designated redevelopment fund lo set aslde Tasarves forfuiure improvements to the existing and fiJlMre Cosg8rne Hall portfolio. The PUTpose of tha de￿gnate