OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Cosgarne Hall Ltd

2024-03-31-accounts

Cosgarne Hall Limited known as Harbour Housing

Annual Report and Financial Statements Year Ended 31 March 2024 Company registration number: 6725642 Charity registration number: 1131438

Cosgarne Hall Limited

known as Harbour Housing

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 19
Independent Auditors' Report 20 to 24
Consolidated Statement of Financial Activities 25
Consolidated Balance Sheet 26
Balance Sheet 27
Consolidated Statement of Cash Flows 28
Statement of Cash Flows 29
NotestotheFinancialStatements 30 to58

Cosgarne Hall Limited

known as Harbour Housing

Reference and Administrative Details

Chairman Mr Mark Steer
Trustees Mr Mark Steer
Mr Gareth Bray
Mr Hugh Hedderly
Mr Timothy Charles Styles
Mrs Janet Varney
Mr William Horton
Miss Judith Cross
Mr Kevin Prinsloo
Mrs Elaine Roberts (Resigned 27 July 2023)
Secretary Mr Malcolm Putko
Charity Registration Number 1131438
Company Registration Number 6725642
The charity is incorporated in England & Wales.
Registered Office 81 Truro Road
St Austell
Cornwall
PL25 5JQ
Principal Office Tehidy Offices
Burngullow Lane
St Austell
Cornwall
PL26 7TQ
Auditor PKF Francis Clark
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
ME194JQ

Page 1

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable group for the year ended 31 March 2024.

Structure, governance and management

Organisational structure

Cosgarne Hall Limited is a company limited by guarantee (registration number 6725642) incorporated on 16 October 2008. Cosgarne Hall Limited registered as a charity on 1 September 2009 (registration number 1131438).

Cosgarne Hall Limited (CHL) is governed by its board of trustees as set out on page 1. The Trustees have appointed an operations Director who is bolstered by the Senior Management team, a focused Finance Team, Client Services Team, and Housing Management Team delivering specialised housing management and support to our Clients.

The Operations Director bears the responsibility for the successful leadership and management of the organisation, in accordance with the strategic direction established by the Board of Trustees. This role encompasses the effective positioning of the charity with current and prospective partners to facilitate both domestic and regional expansion. Moreover, the Operations Director ensures that all operational facets of Cosgarne Hall Limited are managed with utmost efficiency and efficacy, thereby aligning with the charity's mission and objectives.

The Operations Director collaborates closely with the Senior Management Team which consists of Heads of Departments & Managers from People Services, ensuring that innovative housing solutions are both explored and implemented to address the evolving needs of our clients. Additionally, the Director oversees the Finance Team, guaranteeing robust financial management and strict adherence to all regulatory requirements.

Furthermore, the Heads of Departments are charged with delivering high-quality housing, maintenance and support services to our clients, thereby fostering a supportive and empowering environment. The Housing Management Team is entrusted with the day-to-day management of the properties, ensuring that all housing facilities are maintained to the highest standard and comply with all health and safety regulations. The management ethos and structures ensure Cosgarne Hall Limited (Harbour Housing) continues to provide exceptional support and housing services to those in need.

Employee salaries are aligned with market trends and can be benchmarked against comparable organisations. The Pay and Remuneration group adjusts these wages where feasible, considering inflation and contractual conditions. The Group ensure that all staff are paid more than the national living wage, ensuring fair and competitive compensation for everyone.

We remain committed to being a responsible employer regarding employee benefits. Ensuring the health, safety, and well-being of our employees is a key priority in our business practices.

Nature of governing document

The charitable company is governed by its Articles of Association issued on incorporation and subsequently revised in August 2019.

Page 2

Cosgarne Hall Limited

known as Harbour Housing

Trustees’ Report

Recruitment and appointment of trustees

A trustee can be appointed at the company's annual general meeting, provided proper notice is given according to the Articles of Association. Additionally, the board of trustees may appoint any company member as a trustee to serve until the following annual general meeting.

Induction and training of trustees

To operate effectively, Cosgarne Hall Limited must ensure it is governed by a board of trustees that possesses the requisite balance of skills and experience. The board must act in the best interests of the charity and its beneficiaries, fully understand its responsibilities, and have systems in place to exercise those responsibilities proficiently. To achieve this, the recruitment of new trustees must identify the blend of skills, knowledge, and experience necessary for the efficient and effective administration of the charity.

The recruitment process shall commence with a comprehensive review of the current board's competencies to identify any gaps that need to be filled. Prospective trustees will then undergo a rigorous selection process that includes an informational meeting with the chair and senior staff, during which the charity's mission, values, and strategic objectives are discussed in detail.

Additionally, candidates will be invited to attend at least one board meeting to familiarise themselves with the organisation's operations and to interact with existing trustees.

Upon appointment, new trustees will be provided with an induction program designed to equip them with a thorough understanding of their roles and responsibilities. This induction will encompass a detailed tour of the charity's properties, highlighting operational processes and key areas of focus. Essential information on health and safety will also be imparted to ensure compliance with relevant regulations and to promote a safe working environment for all stakeholders. These are highlighted by in-depth reports quarterly not only of financial issues but also operational reports covering all schemes and business opportunities.

Furthermore, the induction program will offer advice by training sessions on governance best practices, financial management, regulatory compliance, and strategic planning. These sessions will be facilitated by experienced professionals and will be tailored to address the specific needs of the charity. By ensuring that new trustees are well-prepared and fully informed, Cosgarne Hall Limited aims to foster effective governance and to maintain the high standards that are essential for the continued success and growth of the organisation.

Page 3

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Background

Cosgarne Hall Limited was formed to take over an existing Supported Accommodation business based at Cosgarne Hall and Greenaway House in St. Austell, Cornwall, which had been running as a private business since November 1996. Cosgarne Hall Limited took over the management of Cosgarne Hall and Greenaway House in January 2009.

A third property at Bodmin Road, St Austell was purchased in March 2010, initially with the aid of a business loan, and formally mortgaged with the Charity Bank Ltd in May 2012.

In the past 5 years, we've significantly grown our property portfolio to better support and house individuals. We now rent two properties in Newquay, one with the resident one which has housing management provided by a third, and in our portfolio, we have six properties in St Austell, five properties in Liskeard, two in Bodmin, two in St Blazey, one in Bugle, one in Redruth, and one in Camborne.

Besides our established properties, we lease two in Newquay, with one managed bya third party with us providing Support Facility management and Security.

We have planning permission to expand one property into a flagship unit for assisting those who are homeless or at risk of being homeless with mobility issues.

This growth helps us support more vulnerable people across a broader area by providing stable housing and essential services. We operate centres of excellence in training, accounting and administration, Outreach, and Housing Management in two offices leased to us by Imerys, whilst we look at possible options to either purchase or build our own regional office in the Southwest. Our team provides practical support and advice to a significant number of our charity's beneficiaries, both within our properties and through non-resident floating and transitional support. We help vulnerable people to stay in their homes, whether with us or within the community.

This support includes assisting individuals with complex needs to maintain relationships, find employment, and increase their income. Additionally, we help people manage their substance use and mental health issues by acting as their advocates and connecting them with the appropriate services at a pace they can manage. Often people come to us after periods of rough sleeping, time in hostels, temporary accommodation or hospital, where they've had some of their needs addressed but still need some ongoing support. We have a clear purpose, but we are flexible in our approach to helping people.

Our stance is that we try to meet the needs of the client and build trust, and with trust will come a desire to change or work within the issues they face to maintain their tenancies be it with ourselves or with the private and social sector.

Cosgarne Hall Limited was established with the mission of taking over an existing Supported Accommodation business at Cosgarne Hall and Greenaway House in St. Austell, Cornwall. Our growth and unwavering commitment to providing comprehensive support underscore our dedication to creating a safe and supportive environment for those in need. By continuously expanding our services and properties, our charities aim is to offer a stable foundation for vulnerable individuals to rebuild their lives and achieve lasting stability.

Page 4

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Harbour Care, operated through the subsidiary company Harbour Housing Services Limited, has now become registered with the Care Quality Commission (CQC) to provide the regulated activity of ‘Personal Care’ to individuals with complex needs that we provide housing related support to through our Housing Services, as well as individuals in the community within the Restormel area of Cornwall.

Harbour Care is now running a small domiciliary care service which is designed to complement the housing related support that Harbour Housing provides, as well as the recently developed counselling and mental health support provision from the Wellbeing Navigator team.

Harbour Care is now focusing on building up care and support provision in the community, which has meant we have taken on and continue to take on outreach care and support packages under the council's “Supportive Lifestyles” contracts, as well as Home Care (shorter visits less than 3 hours in length).

Current Situation

This year, Harbour Care (Harbour Housing Services Limited) has experienced significant growth thanks to our team of dedicated Care Workers. Our Care team now actively engages within the community, delivering care and support. Moreover, they collaborate within Harbour Housing’s established housing schemes and new clients within the community, attending to individuals with identified personal care needs. They play a crucial role in supporting the holistic approach carried out by our housing-related support colleagues and the health and wellbeing Navigator teams.

We are now engaging in a regulated activity under the supervision of the Care Quality Commission. This enhancement will enable us to significantly expand the level of support we offer, both within Harbour Housing schemes and throughout the community.

In the future, we plan to incorporate additional teams like the Buildings Team and Housing Management into this company. This will allow the company to expand its service offerings to other providers on a commercial scale.

Page 5

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Risk management

The charity trustees acknowledge their responsibility to understand the major governance, operational, financial, and external and compliance risks to which the charity is exposed. Risks have been monitored and managed or new risks to be evaluated identified through the regular reporting procedures to Board and as such these are recorded in the meeting minutes. Trustees also recognise that risk management is an ongoing process that necessitates continuous monitoring and evaluation. It is ingrained in the charity's culture and requires a clear understanding of individual responsibilities among both staff and trustees.

Changes to Local Housing Allowance - which regulates how much benefit can be claimed in the private rented sector - have partly driven rising homelessness by making rents less affordable for more households.

As councils spend more on temporary accommodation, it is recognised that in Cornwall there is a shortage of affordable rented properties and that with the switch of the private rental sector to the shorter-term tourist market, these pressures could lead to a higher number of persons seeking emergency accommodation.

Local authorities are finding it increasingly difficult to fully reclaim rental entitlements from central government, unlike Registered Social providers who can recoup 100%. This financial burden is then passed down to charities as councils try to avoid significant subsidy losses.

We are collaborating with Local Authorities and lobbying the government through groups like Homeless Link and The National Housing Federation to find an amicable solution. We hope that the SHROA Supported Housing (Regulation and Oversight Act) will acknowledge the value of charities in the Supported Housing Sector and recommend no subsidy loss to charities or local authorities.

The SHROA Act is designed to regulate supported exempt accommodation and provide local authorities with oversight and enforcement powers related to the provision of such accommodation. This act aims to ensure that supported accommodation providers have robust systems in place to monitor and comply with regulations, such as the Tenants Charter. The National Housing Federation emphasises the crucial role of supported and older person’s housing services in providing a safe and secure home for people to live independently.

The SHROA Act is currently being reviewed by the UK Parliament and out for consultation and is recognised as both an opportunity and a potential risk to our charity.

Cornwall experienced the highest residential house prices seen in many years, significantly restricting accommodation options for those who are homeless or at risk of homelessness. Recent statistics indicate that Cornwall is among the UK's top regions for homelessness, underscoring the critical necessity for more affordable housing and support services. Consequently, it is essential that we expanded our Supported Housing provision and Supported Housing Outreach Services.

According to the rough sleeping snapshot in England for autumn 2023, the number of people estimated to be sleeping rough on a single night in autumn was 3,898, which has risen for the second year in a row. Snapshot figures from the Department for Levelling Up, Housing & Communities, showed 43 people were sleeping rough in Cornwall on a given night in autumn 2023. This was a 16.22% increase on the previous year.

Page 6

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Below is a table illustrating the rise in the number of people sleeping rough from 2021 to 2024, both across the nation and specifically in Cornwall:

2021 2,688 28
2022 3,069 25
2023 3,898 43
2024 4266 47

Our significant initiatives have addressed the increasing homelessness issue in Cornwall. By enhancing accommodation facilities and broadening services, we averted a potentially more severe situation. Without our actions, the figures would have been considerably higher.

Domestic
Violence Safe
Accommodation		 EVA Significant
Impact		 Safer
Partnerships		 Another
Year		 __ This service
aimstohelp
survivors regain
stabilityand
rebuild their
_ lives.
AdultSocial
Care		 Empowering
Independence
Accommodation
HOHCM		 Significant
impact		 NHS
AdultSocial
Care
Local housing		 Another
—-year		 Reducing
pressureonthe
NHSAs well as
other statutory
Hospital services.
Discharge
project.
Accommodation Empowered, Significant Local housing Another Reducing
and Outreach
contracts
Cornwall
Council
Housing RSAP
Cornwall
Council		 Valued, Aware
(EVA)
Short-Term
Accommodation
and
Resettlement
(STAR)
Accommodation
forEx-Offenders
(AFEO).		 impact
Significant
impact
Significant
Impact		 Rough
Sleeper
Services
Rough
Sleeper
Services
Ministry of
Justice
Safer		 year
Another
year
Another
year		 pressureonthe
NHS
— Reduction of
rough sleeping
andmove
towards
independent
living
_
Partnerships andsupporttheir
reintegration into
society _
__
Cornwall
CouncilRough
Sleeper
Services		 ColdWeather
Provision		 Significant
impact		 Housing Another
Year		 The projectaims
to providesafe
accommodation
forindividuals
during thewinter
monthswhen
temperatures
dropsiqnificantly

Page 7

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Objectives and activities

Objects and aims

The charitable objectives of Cosgarne Hall Limited are to relieve need, hardship and distress of vulnerable homeless people in England and Wales, in particular but not exclusively by providing or assisting in the provision of accommodation, support and guidance, training and such other activities as the Directors may from time to time determine.

Our aims and objectives have not changed and as a charity our primary goal will continue to house homeless people in a variety of accommodation settings.

Additionally, we explore various other methods and revenue sources to support communities and our clients, such as education, job training, and promoting social inclusion.

Our approach to preventing modern slavery and human trafficking

The Modern Slavery Act 2015 requires all public bodies and their partners to adopt policies and practices that proactively tackle modern slavery and human trafficking.

Cosgarne Hall is committed to ensure this is monitored throughout our organisation and our suppliers, and we expect all our supply chain providers and their subcontractors to apply such practices.

We expect our staff to uphold ethical standards, act with integrity, and enforce systems that ensure such practices are understood, identified, reported, and addressed.

Ensuring our work delivers our aims

Each year we review our aims, objectives and activities, what has been achieved and the outcomes of our work in the previous twelve months. This review ensures the charity remains focused and informs the planning of our future activities.

Objectives, strategies and activities

Cosgarne Hall Ltd (Harbour Housing) is a charity that provides supported accommodation and outreach services primarily in Cornwall. This initiative offers housing for single homeless individuals, including those with histories of drug and alcohol misuse, criminal records, mental health challenges, and learning difficulties without discrimination. We are among the few supported accommodation providers in this region that implement an alcohol/drug-tolerant policy. Though we do not endorse or approve the use or possession of alcohol or illegal drugs, our aim is to work collaboratively with clients to enhance their well-being and minimize harm.

To accomplish this, our service remains accessible and strives to prevent the exclusion of clients who use drugs and/or alcohol. The initial step involves moving them from the streets into stable housing, where they can commence addressing their addictions with our support.

Page 8

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Value of volunteering 2023/24

The value of the hourly rate of volunteer hours was adjusted in line with the living wage to General: £10.42, Skilled: £15.63, Professional: £20.84. The total number of volunteer hours donated was 5,100 which equates to savings of £87,050.

This is an increase of £12,475 or 690 hours in volunteer hours donated. Annual totals donated were General: 951 hours, Skilled: 1,782 hours, and Professional: 2,367 hours.

We've been steadily ramping up the number of community projects that engage volunteers. These volunteers are fundamental to driving initiatives and programs that benefit not just our recipients, but the larger community as well.

Harbour Housing (Cosgarne Hall Limited) is set to enhance its internal knowledge base to incorporate best practices, discover new market avenues, and craft innovative products and services. We'll be re-evaluating our service models and working methods throughout all supported services to ensure best practice examples are shared, and consistent engagement and service delivery approaches are implemented.

Public benefit

We continue to receive a very high level of support from our local community, who recognise that if our clients were not part of our housing program, they would be living on their streets instead.

Cornwall Council, the Police, Probation Service, NHS, and We are With You acknowledge our role in reducing crime and repeat offending, thus deterring anti-social behaviour. While our primary focus is supporting homeless individuals, we also aim to positively impact the local community and the public resources funding our initiatives.

Local homelessness groups and councils know how crucial places like ours are in reducing rough sleeping in Cornwall. Sadly, homelessness remains a serious problem. Recent surveys show an increase in homelessness but also point out that without Harbour Housing's assistance, the rise would be even more alarming. Securing more housing has become critically important to allow all agencies to offer supported living effectively, using a person-centred and trauma-informed approach that fosters progress towards independent living.

Besides those sleeping rough, many people are sofa surfers—homeless without a permanent place to live. Our accommodation and preventive services provide temporary shelter and outreach support, aiding them in transitioning to independent living.

We have an established record of recognition over the last 6 years from respected bodies for the work that we do, such as Winners of the South West Charity of the Year 2020 and 2023,

The Trustees would like to extend their thanks to the staff and volunteers upon whose hard work in a challenging environment this company depends for its success.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 9

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Property leases

In order to facilitate future investment in Cosgarne Hall and Greenaway House in St Austell, Cosgarne Hall Ltd hold 50-year leases on these two properties, a five-year lease on the offices at High Street, St Austell, and a rolling lease on offices in Par.

Who used and benefited from our services? (Table 1, 2 and 3)

Our strategy to be an alcohol and drug tolerant service was developed in consultation with national guidelines, Police, Probation Service, Cornwall Council and Cornwall Health Services. In practical terms, this means we do not exclude homeless individuals from our services due to the very issues that led to their homelessness. Consequently, many of our residents are those with complex needs who have limited housing alternatives.

During the 2023/24 period:

Table 1

----- Start of picture text -----
Owned Accommodation
----- End of picture text -----

----- Start of picture text -----
925 people (32% female) were referred to us for an assessment.
18-24 year olds made up 15.24% of referrals, 25-40 year olds made up 39.02%,
41-55 year olds made up 31.08% and those 56+ made up 12.83%. The
demographics of the clients and their associated residency and support issues
is something that is regularly reviewed to ensure we are providing the right
service for the client group. We also had 17 under 18 year old referrals with a
percentage of 1.83%
+ | 42.4% of referrals identified themselves as White British, 2.4% a Black, Asian or
~ | Mixed Ethnicity and 55.2% did not disclose their ethnicity.
Over the year the total intake was 236 with 78 (33%) being female.
We were unable to accommodate 689 applicants of which 213 (31%) were
female
230 people left the service over the year of which 147 (63.9%) moved from being
homeless to living in other accommodation.
Relocation to private landlords increased from 25 to 31 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.
Whilst the high number of referrals meant a significant amount of administration,
over the year, the Lettings, Navigator and Finance Team strove to ensure that a
0 | 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 time to keep the waiting list to a minimum.
----- End of picture text -----

Page 10

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Table 2

External Support Provision

----- Start of picture text -----
686 people (17.93% female) were referred to us for an assessment.
18-24 year olds made up 13.1% of referrals, 25-40 year olds made up 45.52%,
O | 41-55 year olds made up 29.88% and those 56+ made up 10.78%. 18 and under
made up 0.72%
53.65% of referrals identified themselves as White British, 1.31% as Black,
Q | Asian or Mixed Ethnicity and 43.73% did not disclose their ethnicity. 1.31%
Identified as White Other
Over the year the total supported was 310 with 53 (17%) being female.
We were unable to support 376 applicants of which 77 (20.04%) were female
For a variety of reasons 203 people left the service over the year.
----- End of picture text -----

----- Start of picture text -----
Summary for the year
----- End of picture text -----

----- Start of picture text -----
Table 3
A total of 1611 people (25.63% female) were referred to us for an assessment.
18-24 year olds made up 14.40% of referrals, 25-40 year olds made up 41.83%,
0 | 41-55 year olds made up 30.75% and those 56+ made up 12.53%. Under 18
made up 0.49% of referrals
Over the year the total intake was 546 with 131 (24%) being female.
Over the year we were unable to accommodate 1065, with 290 (27.23%)
females
----- End of picture text -----

Despite extensive renovation of our resident accommodations, we maintained an average occupancy rate of 108% for the year which is benchmarked against our support contracts requirements. This was accomplished by housing more residents than initially planned, reflecting our dedication to meeting housing needs. Over the past year, we concentrated on establishing the groundwork for our ambitious development program and ensuring the efficient delivery of our services while ensuring that our properties remain fully functional and suitable.

Page 11

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Financial review

The charity has experienced significant growth over 2023/24, marked by our strategic focus on expanding outreach contracts. These contracts have become a key growth target, underscoring our commitment to extending our support services to a broader audience.

Administratively, managing these contracts has been quite demanding, as they involve not only short-term support provision but also the budget responsibility for holding beneficiaries' personal budgets.

Our dedication to innovation is evident in the introduction of a paper-free record and document administration system ECCO. This system not only enhances security and improves efficiency but also significantly reduces the physical space required for storing current and archived documents. Moreover, it ensures our compliance with GDPR regulations, thereby safeguarding the privacy and data of our beneficiaries. The charity's growth is also reflected in the numerous initiatives we have undertaken to improve our services and outreach. We have invested in staff training and development, ensuring that our team is well-equipped to meet the evolving needs of our beneficiaries. Additionally, we have strengthened our partnerships with local organisations and stakeholders, fostering a collaborative approach to addressing the challenges faced by our community.

In summary, our growth over 2023/24 has been driven by our strategic focus on outreach contracts, our commitment to innovation in document administration, and our investment in staff development and community partnerships. We are proud of our achievements and look forward to continuing our mission of providing exceptional support services to those in need in years to come.

Cosgarne Hall Limited has generated a surplus of £845,874 (2023: £616,224) for the year ended 31 March 2024.

It should be noted that of that surplus, 6% of our core income is set aside for designated maintenance funds in improving existing properties and acquiring new properties as part of sustained and cautious business development strategy.

Whilst the primary source of funding for the charity remains room rentals, mainly received through Housing Benefit, since 2017/18 the focus on our development has moved from the provision of additional direct accommodation to the provision of support for those already in accommodation in Cornwall (see table):

----- Start of picture text -----
Company Surplus Year Core Primary Development
Ended Income Funding Focus Since
| Allocation Source 2017/18
Cosgame £845,874 31March 6% for Room Support for
Hall 2024 maintenance rentals and those in
Limited and new | Support accommodation
TIA properties and Care _ in Cornwall
Harbour Contracts.
Housing
----- End of picture text -----

Page 12

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Policy on reserves

The reserves are held to fund future shortfalls in income that may arise, and towards the future development of the company.

Analysis of total reserves

Our net assets stand at £4,577,961 (2023: £3,732,087) however this figure includes our capital assets as well as our cash reserves.

When our liquid assets (net current assets) are considered the actual funds available are reduced to £1,052,410 (2023: £895,347).

This figure however also includes our strategic reserve (detailed below) totalling £145,000 we are required to maintain by the Charity Commission, reducing core activity reserves to £907,410 (before long term liabilities). After deduction of the remaining designated reserves, totalling £279,000, and the current restricted reserves of £11,010, unrestricted net current assets total £617,400.

General reserves

Our general reserves amount to £3,902,859 at 31 March 2024 and have been built up over the period since CHL commenced trading. It is our intention to continue to build over forthcoming periods to enable future property improvements and acquisitions to occur.

Retained reserves (Strategic reserve)

In 2012, the Board set a policy for the strategic reserve to cover three months of activities if needed. The retained strategic reserve has remained at £145,000 to reflect the development of our charity since 2012.

Designated reserves

Designated reserves are a portion of unrestricted reserves that have been earmarked for specific purposes. Three designated funds are held and include redevelopment which amounts to £136,000 and are set aside for the significant improvement or expansion of our properties, cyclical operations which total £98,000 and are funds set aside for future significant property maintenance, and the restructuring fund amounting to £45,000 which are funds set aside for any future restructuring of the charity.

Restricted reserves

Restricted reserves are funds that can only be used for specific purposes. Restricted reserves provide reassurance to our donors that their contributions are used in a manner they have chosen.

Restricted reserves total £251,102. They are combination of unspent funds (£11,010) generously donated to us for specific projects to be spent in the future as well as the net value of fixed assets (£240,092) purchased with funds provided by these grants.

Page 13

Cosgarne Hall Limited

known as Harbour Housing

Trustees’ Report

Principal funding sources

In previous years, our principal income has been from accommodation rental, which due to our resident's circumstances is Housing Benefit, paid by the local authority. Residents also pay a small service charge for ineligible costs.

The disadvantage of a single source of income is its potential vulnerability to structural or policy changes. However, Housing Benefit is not a grant, commissioned service or contract, it is payment of the individuals benefit entitlement.

Over the past year, despite minimal or no financial uplift in a number of existing contracts, net margins have shown an increase as a consequence of an uplift in rents, and the development and diversification of our activities, allowing us to be successful in our bid for contracts and funding grants. Investment policy and objectives In the 2023/24 period our Investment Policy was simply to accumulate funds safely into easy access savings accounts held at CAF Bank Ltd and The Charity Bank Ltd with limits covered by the Financial Services Compensation Scheme (FSCS) as reserves for our property projects that are part of our property improvement programme. We appreciate our responsibility to produce the best financial return within an acceptable level of risk and therefore an Investment Policy was adopted in the 2013/14 period which reflects this.

Fundraising

Fund raising is only carried out by our own staff either through applications to grant providing organisations, though our own website, or other appropriate fundraising websites. Cosgarne Hall does not directly approach members of the public nor does it employ third party fund raisers.

Whilst we are not bound by any voluntary scheme for regulating fund raising, Cosgarne Hall recognises the need to protect vulnerable people and other members of the public from certain behaviour during such fundraising activities, and no complaints about our fundraising activities have been received over the past twelve months.

Responsibility for fund raising has been brought into Business Development and Compliance, a Central Services team. Working closely with the senior management team their role is to monitor and, when the opportunity arises, to bid for new works, contracts and developments.

With growth brings additional challenges in fund raising as our core business is accommodation and the surpluses raised from that element are reinvested into the buildings to maintain our homes to a decent standard. This can sometimes make obtaining potential funding tricky to access as it appears that we have a healthy balance.

The Finance Director and the Board have developed an application statement that clearly identifies these perceived surplus issues so a more informed decision can be made by funders.

Page 14

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Plans for future periods

Aims and key objectives for future periods

Since the pandemic, we have acknowledged the external challenges we continue to face and are working diligently to enhance our resilience against these obstacles and the unpredictability of the economic environment. Cosgarne Hall (Harbour Housing) has modified its operations to be more adaptable, expanding our services to various locations to better address the needs of our beneficiaries and embarking on new initiatives. This flexibility excites us greatly about the possibilities ahead.

Our 2018-22 Development Plan was a success. Now, the Trustees and Senior Management Team have finalized the 2023-28 Development Plan. This strategy enhances core operations through expansion and quality improvement.

We are introducing a Tenants Charter and rolling out Trustee, Staff, and Development Charters. These aim to empower decision-making and increase unit accessibility for those we serve.

The work we have done to support people to move into independent living is exemplary and we are seeking to reach more people in the future. We are aware of the positive impact having secure accommodation, albeit temporary, can have on a person’s mental and physical wellbeing.

Despite financial challenges from government reviews, decreased local authority spending on Adult Social Care and housing in Cornwall, recession fears, the cost-of-living crisis, and a lack of affordable housing, we expected our beneficiaries to struggle with independent living. However, due to our team's dedication and collaboration with Cornwall Council and private landlords, we've seen significant improvements in a tough market.

While we've improved efficiency to tackle financial challenges, our growth plans must adapt to a shrinking labour market, competitive housing, and potential recession. As Cornwall faces significant deprivation, we must prepare for financial and socio-economic impacts. Diversifying income, innovating, and engaging with Trustees and Senior Management are crucial to meeting beneficiary needs. Over the past year, we've strengthened connections with other agencies and the NHS, securing more contracts.

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including credit risk and liquidity risk. The group does not use derivative financial instruments.

Page 15

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Credit risk

The group's principal financial assets are bank balances and cash and trade and other receivables.

The group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of any allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance.

Important non-adjusting events after the financial period

The following subsidiary was registered on 17 July 2024 and is 100% owned by Cosgarne Hall Ltd.

The subsidiary has 100 shares in issue (nominal value per share is £1): Harbour Housing Ltd.

This report has been prepared in accordance with the special provisions for small companies under part 15 of theCompanies Act 2006.

Page 16

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Summary

The Trustees Report for Cosgarne Hall Limited (Harbour Housing) for the year 2023/24 outlines the structure, governance, management, and financial performance of the Charity, which is dedicated to providing supported accommodation and outreach services primarily in Cornwall.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Page 17

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

The annual report was approved by the trustees of the charity on ©. (SS (Pe'\and signed on its behalf by: ar rar | OM sisvees Chairman and trustee

Page 18

Cosgarne Hall Limited

known as Harbour Housing

Trustees' Report

Statement of trustees’ responsibilities

The trustees (who are also the directors of Cosgarne Hall Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on fiefs, and signed on its behalf by:

----- Start of picture text -----
Mr Mark Steer
Chairman and Trustee
----- End of picture text -----

Page 19

Cosgarne Hall Limited

known as Harbour Housing

Independent Auditor's Report to the Members of Cosgarne Hall Limited

Opinion

We have audited the financial statements of Cosgarne Hall Limited (the ‘charitable parent company’) and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 20

Cosgarne Hall Limited

known as Harbour Housing

Independent Auditor's Report to the Members of Cosgarne Hall Limited

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page 21

Cosgarne Hall Limited

known as Harbour Housing

Independent Auditor's Report to the Members of Cosgarne Hall Limited

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 19), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that iS applicable to the charity and the sector in which it operates to identify the key laws and regulations affecting the entity.

The key laws and regulations we identified were health & safety and fire regulations due to the provision of supported accommodation, safeguarding (DBS checks), compliance with funding agreements and employment law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, Charities Act 2011 and the Charities Statement of Recommended Practice (FRS102). We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsiblility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

Page 22

Cosgarne Hall Limited

known as Harbour Housing

Independent Auditor's Report to the Members of Cosgarne Hall Limited

We also evaluated the risk of fraud through management override including that arising from management's incentives. The risk was considered low as a charitable entity, with little motivation for management to influence performance for individual gain. However we did consider the risk of management override of controls through inappropriate accounting entries, inadequate disclosure of related party transactions or the potential for bias in revenue recognition such as inappropriate cut-off or deferred income.

In response to these risks, we:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its members as a body, for our audit work, for this report, or for the opinions we have formed.

Page 23

Cosgarne Hall Limited

known as Harbour Housing

Independent Auditor's Report to the Members of Cosgarne Hall Limited

" PCF Rmas4 Clork

Darren Perry BA (Hons) ACA DChA (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor Lowin House Tregolls Road Truro Cornwall TR1 2NA

Date:,,.26/ 11/2024

Page 24

Cosgarne Hall Limited

known as Harbour Housing

Consolidated Statement of Financial Activities

Year Ended 31 March 2024

(Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Unrestricted Restricted Total Total
funds funds 2024 2023
Note £ £ £ £
Income and Endowments from:
Donations and legacies 3 6,276 176,066 182,342 64,440
Charitable activities 4 4,522,122 - 4,522,122 3,912,022
Investment income 5 10,127 - 10,127 3,870
Other income 6 49,492 - 49,492 382
Total income 4,588,017 176,066 4,764,083 3,980,714
Expenditure on:
Raising funds 7 (101,363) - (101,363) (13,334)
Charitable activities 8 (3,665,921) (150,847) (3,816,768) (3,351,156)
Other expenditure 9 (78) - (78) -
Total expenditure (3,767,362) (150,847) (3,918,209) (3,364,490)
Net income 820,655 25,219 845,874 616,224
Net movement in funds 820,655 25,219 845,874 616,224
Reconciliation offunds
Total funds brought forward 3,506,204 225,883 3,732,087 3,115,863
Totalfundscarriedforward 21 4,326,859 251,102 4,577,961 3,732,087

All of the group's activities derive from continuing operations during the above two periods.

The notes on pages 30 to 58 form an integral part of these financial statements. Page 25

Cosgarne Hall Limited

known as Harbour Housing

Consolidated Balance Sheet

31 March 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 13 3,919,088 3,269,797
Investments 400 -
3,919,488 3,269,797
Current assets
Debtors 15 161,923 239,567
Cash at bank and in hand 16 1,155,553 756,680
1,317,476 996,247
Creditors: Amounts falling due within one year 17 (265,066) (100,900)
Net current assets 1,052,410 895,347
Total assets less current liabilities 4,971,898 4,165,144
Creditors: Amounts falling due aftermore than one year 18 (393,937) (433,057)
Net assets 4,577,961 3,732,087
Funds ofthe group:
Restricted income funds
Restricted funds 251,102 225,883
Unrestricted income funds
Unrestricted funds ___4,326,859 3,506,204
Total funds 1 4,577,961 3,732,087
The financialstatements on pages 25 to 58were approved
onJ/11/24andsignedontheirbehalfby:		 by the trustees, and authorised for issue

Mr Mark Steer Chairman and trustee

The notes on pages 30 to 58 form an integral part of these financial statements. Page 26

Cosgarne Hall Limited

known as Harbour Housing

Balance Sheet

31 March 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 13 3,919,088 3,269,797
Investments 500 100
3,919,588 3,269,897
Current assets
Debtors 15 167,110 239,567
Cash at bank and in hand 16 1,142,356 756,680
1,309,466 996,247
Creditors: Amounts falling due within oneyear 17 (260,717) (101,000)
Net current assets 1,048,749 895,247
Total assets less current liabilities 4,968,337 4,165,144
Creditors: Amounts falling due aftermore than one year 18 (393,937) (433,057)
Net assets 4,574,400 3,732,087
Funds ofthe charity:
Restricted income funds
Restricted funds 251,102 225,883
Unrestricted income funds
Unrestricted funds 4,323,298 3,506,204
Totalfunds 21 4,574,400 3,732,087

The financial statements on pages 25 to 58 were approved by the trustees, and authorised for issue on 7./11./24. and signed on their behalf by:

----- Start of picture text -----
a fh
Mr Mark Steer
Chairman and trustee
----- End of picture text -----

The notes on pages 30 to 58 form an integral part of these financial statements. Page 27

Cosgarne Hall Limited

known as Harbour Housing

Consolidated Statement of Cash Flows

Year Ended 31 March 2024

2024 2023
Note £ £
Cash flows from operating activities
Net cash income 845,874 616,224
Adjustments to cash flows from non-cash items
Depreciation 7,9 130,200 143,765
Investment income 5 (10,127) (3,870)
Loss on disposal of tangible fixed assets 5,130 .
Tax charge 78 -
971,155 756,119
Working capital adjustments
Decrease/(increase) in debtors 15 77,644 (86,077)
Increase in creditors 17 100,118 2,291
Increase in deferred income 18 61,271 -
Net cash flows from operating activities 1,210,188 672,333
Cash flows from investing activities
Interest receivable and similar income 5 10,127 3,870
Purchase of tangible fixed assets 13 (784,621) (820,567)
Acquisition of investments in subsidiary undertakings (400) -
Net cash flows from investing activities (774,894) (816,697)
Cash flows from financing activities
Repayment of loans and borrowings 47 (36,421) (39,361)
Net increase/(decrease) in cash and cash equivalents 398,873 (183,725)
Cash and cash equivalents at 1 April 756,680 940,405
Cashandcashequivalentsat31March 1,155,553 756,680

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 30 to 58 form an integral part of these financial statements. Page 28

Cosgarne Hall Limited

known as Harbour Housing

Statement of Cash Flows

Year Ended 31 March 2024

2024 2023
Note £ £
Cash flows from operating activities
Net cash income 842,313 616,224
Adjustments to cash flows from non-cash items
Depreciation 7,9 130,200 143,765
Investment income 5 (10,127) (3,870)
962,386 756,119
Working capital adjustments
Decrease/(increase) in debtors 15 83,254 (86,077)
Increase in creditors 17 84,950 2,291
Increase in deferred income 18 61,271 -
Net cash flows from operating activities 1,191,861 672,333
Cash flows from investing activities
Interest receivable and similar income 5 10;127 3,870
Purchase of tangible fixed assets 13 (784,621) (820,567)
Sale oftangible fixed assets 5130: F
Acquisition of investments in subsidiary undertakings (400) -
Net cash flows from investing activities (769,764) (816,697)
Cash flows from financing activities
Repayment of loans and borrowings 17 (36,421) (39,361)
Net increase/(decrease) in cash and cash equivalents 385,676 (183,725)
Cash and cash equivalents at 1 April 756,680 940,405
Cashandcashequivalentsat31March 1,142,356 756,680

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 30 to 58 form an integral part of these financial statements. Page 29

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

1 Charity status

The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is:

81 Truro Road

St Austell Cornwall PL25 5JQ

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Cosgarne Hall Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its non dormant subsidiary undertakings drawn up to 31 March 2024.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus after tax for the financial year of £842,313 (2023 - profit of £616,224).

Page 30

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.

Income and endowments

All income is recognised once the group has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Page 31

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Grants receivable

Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised asa liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when: - The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Where income or gains are not applied exclusively to charitable puporses, and are therefore subject to taxation, tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 32

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Tangible fixed assets

Fixtures, fittings and equipment costing £250 or more and short leasehold property improvements costing £1,000 or more are initially capitalised and recorded at cost.

White goods and residents furniture is treated as repairs and maintenance expense due to the high level of wear and tear.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Freehold and Long Leasehold Property Not depreciated
Short Leasehold Property Improvements Straight line over 5 or 10 years
depending on nature
Straight line over 3 or4 years.
Fixtures, fittings and equipment Shipping containers are depreciated
over25 years ona straight line basis.
Motorvehicles Straightlineover4years.

Following a review of the accounting policies freehold and long leasehold properties are no longer being depreciated, as the trustees consider any depreciation would be immaterial when taking into account the residual value of the property. Previously long leasehold properties were depreciated over 50 years, however now the properties are disclosed at cost less any historic depreciation.

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Trade debtors

Trade debtors are amounts due from tenants for accomodation or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Page 33

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group.

Designated funds are unrestricted funds which are resources set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

The group holds the following financial instruments:

All financial instruments are classified as basic.

Page 34

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Recognition and measurement

The group has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the group's obligations are discharged, expire or are cancelled.

3 Income from donations and legacies

3 Income from donations and legacies
Unrestricted Restricted Total Total
funds funds 2024 2023
£ £ £ £
Donations and legacies;
Donations
6,276		 - 6,276 5,970
Grants, including capital grants;
Grants
-		 176,066 176,066 58,470
6,276 176,066 182,342 64,440
4 Income from charitable activities
Unrestricted Total
funds 2024
£ £
Room rental income 2,338,936 2,338,936
Electricty
& phone fees		 10,539 10,539
Contract income 2,173,785 2,173,785
Harbour firesafe income 2,020 2,020
Other income §,571 5,571
4,530,851 4,530,851
Unrestricted
funds Total
(As restated) 2023
£ £
Room rental income 2,097,861 2,097,861
Electricty
& phone fees		 7,432 7,432
Contract income 1,805,509 1,805,509
Harbour firesafe income 1,220 1,220
3,912,022 3,912,022

4 Income from charitable activities

Page 35

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

In the prior year, the charitable activity "Contract Income" was shown as two separate streams, "Empowering independence" and "Outreach services". An income stream of £293,294 previously allocated as a restricted government grant has been restated as unrestricted contract income.

5 Investment income

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|2024|2023| |£|E|k.| |Interest|receivable|and|similar|income;| |Other|interest|receivable|10,127|10,127|3,870| |6|Other|income| |Unrestricted|Total|Total| |funds|2024|2023| |£|£|£| |Income|from|trading|subsidiary|48,577|48,577|-| |Fees|and|supplies|915|915|382| |49,492|49,492|382|

----- End of picture text -----

7 Expenditure on raising funds

a) Costs of trading activities

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Total| |funds|2024| |£|£| |Trading|subsidiary|costs|72,235|72,235| |72,235|72,235| |Total|Total| |Direct|costs|2024|2023| |£|&|£| |Costs|of generating|donations|and|legacies|29,128|29,128|13,334|

----- End of picture text -----

Page 36

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

8 Expenditure on charitable activities

8
Expenditure on charitable activities
Activity
undertaken
directly 2024 2023
£ £ £
Staffcosts 2,390,985 2,390,985 1,725,661
Stafftraining and welfare 14,637 14,637 -
Resident tenancy sustainment 71,195 71,195 55,939
Outreach expenditure - . 256,568
Rent 521,241 521,241 452,663
Advertising 14,927 14,927 19,312
Rates 82,128 82,128 66,433
Light & heat 103,600 103,600 77,816
Insurance 76,241 76,241 90,859
Consumables 3,344 3,344 5,668
Repairs & maintenance 96,092 96,092 132,674
Security - - 36,381
Cleaning - - 80,876
Telephone& internet 12,602 12,602 26,880
Sundry expenses 33,812 33,812 42,451
Computer software & maintenance 84,779 84,779 -
Charitable donations 3,550 3,550 -
Travel expenses 87,107 87,107 72,201
Bad debts 9,872 9,872 16,124
Loan interest 37,192 37,192 26,449
Bank charges 1,961 1,961 190
Depreciation 130,200 130,200 143,765
Accountancy 14,527 14,527 5,908
Audit fees 7,605 7,605 5,560
Legal & professional 14,041 14,041 10,778
Loss on disposal of tangible fixed asset 5,130 5,130 -
3,816,768 3,816,768 3,351,156

In the current year, Security and Cleaning costs have been analysed as Agency Staff costs and Outreach Expenditure have been analysed by nature and split amongst other charitable activity categories.

Page 37

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |9|Other|expenditure| |Unrestricted|Total| |funds|2024| |£|£| |Taxation|paid|by|trading|subsidiary|78|78| |a|eee| |10|Net|incoming/outgoing|resources| |Net|incoming|resources|for|the|year|include:| |2024|2023| |£|£| |Audit|fees|7,605|5,560| |Other|non-audit|services|14,527|5,908| |Loss|on|disposal|of|tangible|fixed|assets|5,130|.| |Depreciation|of fixed|assets|130,200|143,765|

----- End of picture text -----

11 Trustees remuneration and expenses

No trustees, have received any remuneration from the group during the year.

Expenses totalling £1,570 (2023: £648) were incurred in respect of reimbursing mileage, accomodation and training costs to 2 (2023: 2) trustees.

Expenses totalling £527 (2023: £308) were incurred in respect of refreshments for Trustee general meetings including the Annual General Meeting.

Expenses totalling £156 (2022: £Nil) were incurred in respect of postage and printing costs for 1 (2023: Nil) trustee.

Donations made by the trustees without any conditions attached totalled £2,368 for the year (2023 - ENil).

Page 38

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

12 Staff costs

The aggregate payroll costs were as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2024|2023| |£|£| |Staff costs|during|the|year|were:| |Wages|and|salaries|1,900,076|1,544,459| |Social|security|costs|172,998|130,943| |Pension|costs|71,925|56,360| |Agency|staff|costs|347,511|-| |Other|staff|costs|14,637|13230| |2,507,147|1,738,995|

----- End of picture text -----

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |No|No| |Total|number|of employees|77|63| |The|number|of|employees|whose|emoluments|fell|within|the|following|bands|was:| |2024|2023| |No|No| |£60,001|- £70,000|1|1|

----- End of picture text -----

The total employee benefits of the key management personnel of the group were £81,161 (2023 - £73,367).

Page 39

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

13 Tangible fixed assets

Group

Group
Freehold and Short
long leasehold Fixtures,
leasehold
property		 property
improvements		 fittings and
equipment		 Motor
vehicles		 Total
£ £ £ £ £
Cost
At 1 April 2023 2,801,393 938,465 308,891 119,059 4,167,808
Additions 669,718 4,357 69,777 40,769 784,621
Disposals - - - (8,795) (8,795)
At 31 March 2024 3,471,111 942,822 378,668 151,033 4,943,634
Depreciation
At 1 April 2023 15,040 637,410 176,507 69,054 898,011
Charge for the
year - 84,000 25,800 20,400 130,200
Eliminated on
disposals - - - (3,665) (3,665)
At 31 March 2024 15,040 721,410 202,307 85,789 1,024,546
Net book value
At 31 March 2024 3,456,071 221,412 176,361 65,244 3,919,088
At31March2023 2,786,353 301,055 132,384 50,005 3,269,797

Page 40

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Charity

Charity
Freehold and Short
long leasehold Fixtures,
leasehold property fittingsand Motor
property improvements equipment vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 2,801,393 938,465 308,891 119,059 4,167,808
Additions 669,718 4,357 69,777 40,769 784,621
Disposals - - - (8,795) (8,795)
At 31 March 2024 3,471,111 942,822 378,668 151,033 4,943,634
Depreciation
At 1 April 2023 15,040 637,410 176,507 69,054 898,011
Charge for the
year - 84,000 25,800 20,400 130,200
Eliminated on
disposals - - . (3,665) (3,665)
At 31 March 2024 15,040 721,410 202,307 85,789 1,024,546
Net book value
At 31 March 2024 3,456,071 221,412 176,361 65,244 3,919,088
At31March2023 _2,786,353 301,055 132,384 50,005 3,269,797

Page 41

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

14 Fixed asset investments

Charity
2024 2023
£ £
Shares in group undertakings and participating interests 500 100
Shares in group undertakings and participating interests
Subsidiary
undertakings Total
£ £
Cost
At 1 April 2023 100 100
Additions 400 400
At 31 March 2024 500 500
Net book value
At 31 March 2024 500 500
At31March2023 100 100

Page 42

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion ofvoting Proportion ofvoting Principal
Undertaking incorporation Holding rights and shares held _ activity
2024 2023
Subsidiary undertakings
Harbour Housing
Sarvicne Utd		 England :
Ordinary		 100% 100% Provision
on		 of
Harbour Housing
Supported Living Ltd		 England .
Ordinary		 100% °
0%		 Dormant
Harbour Housing
Facilities Management England Ordinary 100% 0% Dormant
Ltd
Harbour Housing
Management Ltd		 England Ordinary 100% 0% Dormant
Harbour Housing
GroupLtd		 England ;
Ordinary		 .
100%		 '
0%		 Dormant

Page 43

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Subsidiaries

The tax charge reported in the accounts relates to surpluses made by the trading subsidiary which are not gift aided to the charity. The UK corporation tax is charged at the rate of 19% (2023: 0%). No account is taken of deferred tax as the amounts involved are not material.

The profit for the financial period of Harbour Housing Services Ltd was £3,561 (2023 - £Nil) and the aggregate amount of capital and reserves at the end of the period was £3,661 (2023 - ENil).

The other subsidiaries were dormant with aggregate amount of capital and reserves at the end of the period of £100.

15 Debtors

Group Charity
2024 2023 2024 2023
£ £ £ £
Trade debtors 12,685 112,834 7,075 112,834
Due from group undertakings 7 = 10,797 =
Prepayments 30,643 18,766 30,643 18,766
Accrued income 112,907 107,967 112,907 107,967
Other debtors 5,688 - 5,688 -
161,923 239,567 167,110 239,567
16 Cash and cash equivalents
Group Charity
2024 2023 2024 2023
£ £ £ 3
Cashatbank 1,155,553 756,680 1,142,356 756,680

Page 44

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

17 Creditors: amounts falling due within one year

Group Charity
2024 2023 2024 2023
£ £ £ £
Bank loans 39,332 36,633 39,332 36,633
Trade creditors 70,816 40,455 70,796 40,455
Due to group undertakings 400 - - 100
Trading subsidiary corporation
tax payable 78 m - -
Other taxation and social
security 56,481 “ 53,454 =
Other creditors 14,941 = 14,117 -
Accruals 21,747 23,812 21,747 23,812
Deferred income 61,271 - 61,271 -
265,066 100,900 260,717 101,000

The charity has given a legal charge over properties at 22 Bodmin Road, 29 Truro Road and 28 Penwinnick Road as security in respect of bank loans due within and over one year.

Deferred income - group & charity

Resources deferred in the period

----- Start of picture text -----
2024
£
61,271
----- End of picture text -----

Deferred income at year end constitutes contract income received in advance of delivery of services.

18 Creditors: amounts falling due after one year

Group Charity
2024 2023 2024 2023
£ £ £ £
Bank loans 393,937 433,057 393,937 433,057

The charity has given a legal charge over properties at 22 Bodmin Road, 29 Truro Road and 28 Penwinnick Road as security in respect of bank loans due within and over one year.

Page 45

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Charity

Included in the creditors are the following amounts due after more than five years:

----- Start of picture text -----
2024 2023
E £
After more than five years by instalments 199,959 304,663
----- End of picture text -----

Bank loans and overdrafts after five years

Creditors due after more than one year relate to bank borrowings repayable by instalments with the final repayment due on 12 April 2032. Interest is charged at 3.25% above the base rate per annum.

19 Obligations under leases and hire purchase contracts

The total value of future minimum lease payments was as follows:

Group Charity
2024 2023 2024 2023
£ £ E £
Within one year 385,142 - 385,142 342,099
In two to five years 1,497,356 - 1,497,356 1,352,714
In over five years 11,136,588 - 11,136,588 10,360,871
13,019,086 - 13,019,086 12,055,684

20 Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £71,925 (2023 - £56,360).

Contributions totalling £14,941 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

Page 46

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

21 Funds

Group

Group
Balance at Balance at
1 April Incoming Resources 31 March
2023 ~=sresources expended Transfers 2024
£ £ £ £ £
Unrestricted funds
General
Unrestricted income fund 3,106,204 4,588,017 (3,767,362) (24,000) 3,902,859
Designated
Redevelopment fund 124,000 - - 12,000 136,000
Cyclical operation fund 86,000 - - 12,000 98,000
Strategic reserve fund 145,000 - - - 145,000
Restructuring fund 45,000 - - - 45,000
400,000 - - 24,000 424,000
Total unrestricted funds 3,506,204 4,588,017 (3,767,362) - 4,326,859
Restricted funds
Sport England
Nationwide Landlord		 3,388 - (3,388) -
Incentive Scheme 285 . (284) = 1
Winter Transformation
Fund 286 - (163) - 123
MHLG Covid-19
Homelessness response
fund 23,132 - (4,813) - 18,919
Domestic abuse support
fund 2,468 - (2,435) - 33
Application PPA/23/11 - 2,640 (2,640) - -
CCF van purchase and
repairs 2,408 - (1,700) . 708
Barnardos - Train the
trainer - 6,176 - - 6,176
Cosgarne accessibility
improvements 11,933 - (789) - 11,144
Little Cosgarne
improvements 97,500 : - - 97,500
Clinically Extremely
Vulnerable 35,646 - (25,492) - 10,154
Page47

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Balance at Balance at
1 April Incoming Resources 31 March
2023 resources expended Transfers 2024
£ £; £ £ £
Move on 4,350 - (3,091) . 1,259
Southwest Water funds 170 - - - 170
National Grid Electricty
Distribution 219T 10,000 (9,862) - 2,915
Department of Levelling
Up funds 40,940 157,250 (96,190) : 102,000
Total restricted funds 225,883 176,066 (150,847) . 251,102
Total funds 3,732,087 4,764,083 (3,918,209) : 4,577,961
Incoming Resources
Balance at resources expended Balance at
1 April (As (As 31 March
2022 restated) restated) Transfers 2023
£ £ £ £ £
Unrestricted funds
General
Unrestricted income fund 2,500,779 3,922,244 (3,292,819) (24,000) 3,106,204
Designated
Redevelopment fund 112,000 - - 12,000 124,000
Cyclical operation fund 74,000 . . 12,000 86,000
Strategic reserve fund 145,000 - - - 145,000
Restructuring fund 45,000 - - - 45,000
376,000 - . 24,000 400,000
Total unrestricted funds 2,876,779 3,922,244 (3,292,819) : 3,506,204
Restricted funds
Sport England - 5,260 (1,872) - 3,388
Nationwide Landlord
Incentive Scheme 595 - (310) - 285
Winter Transformation
Fund 449 - (163) - 286
MHLG Covid-19
Homelessness response
fund 28,545 - (4,813) - 23,732

Page 48

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Incoming Resources
Balance at resources expended Balance at
1 April (As (As 31 March
2022 restated) restated) Transfers 2023
e £ £ £ £
Domestic abuse support
fund 4,903 - (2,435) - 2,468
CCF van purchase and
repairs 4,108 - (1,700) - 2,408
Cosgarne accessibility
improvements 19,158 - (7,225) - 11,933
Little Cosgarne
improvements		 97,500 - . - 97,500
Clinically Extremely
Vulnerable 79,476 - (43,830) - 35,646
Move on 4,350 . - “ 4,350
Southwest Waterfunds - 1,793 (1,623) - 170
National Grid Electricty
Distribution - 10,000 (7,223) - 2,777
Department of Levelling
Up funds - 41,000 (60) - 40,940
Ocean Housing - 374 (374) - -
St Martin in the Field
funds - 43 (43) - -
Total restricted funds 239,084 58,470 (71,671) - 225,883
Totalfunds 3,115,863 3,980,714 (3,364,490) - 3,732,087

Page 49

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Charity

Charity
Balance at Balance at
1 April Incoming Resources 31 March
2023 resources expended Transfers 2024
£ £ £ £ £
Unrestricted funds
General
Unrestricted income fund 3,106,204 4,551,280 (3,734,186) (24,000) 3,899,298
Designated
Redevelopment fund 124,000 - - 12,000 136,000
Cyclical operation fund 86,000 - - 12,000 98,000
Strategic reserve fund 145,000 - - - 145,000
Restructuring fund 45,000 - - - 45,000
400,000 - - 24,000 424,000
Total unrestricted funds 3,506,204 4,551,280 (3,734,186) - 4,323,298
Restricted funds
Sport England 3,388 - (3,388) -
Nationwide Landlord
Incentive Scheme 285 i (284) x 4
Winter Transformation
Fund 286 - (163) - 123
MHLG Covid-19
Homelessness response
fund 23,732 - (4,813) . 18,919
Domestic abuse support
fund 2,468 - (2,435) - 33
Application PPA/23/11 - 2,640 (2,640) = =
CCF van purchase and
repairs 2,408 - (1,700) - 708
Barnardos - Train the
trainer - 6,176 - - 6,176
Cosgarne accessibility
improvements 11,933 - (789) - 11,144
Little Cosgarne
improvements 97,500 - - ~ 97,500
Clinically Extremely
Vulnerable 35,646 - (25,492) - 10,154
Move on 4,350 - (3,091) - 1,259
Southwest water funds 170 - - - 170
Page50

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Balance at Balance at
1 April Incoming Resources 31 March
2023 resources expended Transfers 2024
£ £ £ £ £
National Grid Electricity
Distribution 2,077 10,000 (9,862) . 2,915
Department of levelling up
funds 40,940 157,250 (96,190) - 102,000
Total restricted funds 225,883 176,066 (150,847) - 251,102
Totalfunds 3,732,087 4,727,346 (3,885,033) - 4,574,400

Page 51

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Incoming Resources
Balance at resources expended Balance at
1 April (As (As 31 March
2022 restated) restated) Transfers 2023
£ £ E £ £
Unrestricted funds
General
Unrestricted income fund 2,500,779 3,922,244 (3,292,819) (24,000) 3,106,204
Designated
Redevelopment fund 112,000 - - 12,000 124,000
Cyclical operation fund 74,000 - - 12,000 86,000
Strategic reserve fund 145,000 - - - 145,000
Restructuring fund 45,000 - - - 45,000
376,000 - - 24,000 400,000
Total unrestricted funds 2,876,779 3,922,244 (3,292,819) - 3,506,204
Restricted funds
Sport England - 5,260 (1,872) - 3,388
Nationwide Landlord
Incentive Scheme 595 - (310) - 285
Winter Transformation
Fund 449 - (163) : 286
MHLG Covid-19
Homelessness response
fund 28,545 . (4,813) - 23,732
Domestic abuse support
fund 4,903 - (2,435) - 2,468
CCF van purchase and
repairs 4,108 - (1,700) - 2,408
Cosgarne accessibility
improvements 19,158 - (7,225) - 11,933
Little Cosgarne
improvements 97,500 - - - 97,500
Clinically Extremely
Vulnerable 79,476 - (43,830) - 35,646
Move on 4,350 - - “ 4,350
Southwest water funds - 1,793 (1,623) - 170
National Grid Electricity
Distribution - 10,000 (7,223) - 2008
Department of levelling up
funds - 41,000 (60) - 40,940
Ocean Housing = 374 (374) x -
Page52

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Incoming Resources
Balance at resources expended Balance at
1 April (As (As 31 March
2022 restated) restated) Transfers 2023
E £ £ £ £
St Martin in the field funds - 43 (43) - .
Total restricted funds 239,084 58,470 (71,671) - 225,883
Totalfunds 3,115,863 3,980,714 (3,364,490) - 3,732,087

Page 53

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

The specific purposes for which the funds are to be applied are as follows:

The purpose of the general fund is to support the operations of Cosgarne Hall Limited on a day to day basis.

The Nationwide Landlord Incentive Scheme is a grant providing funds to pay landlord deposits and rent in advance to support residents in supported accommodation to move into private rented sector properties. The grant also included funds towards furniture and other items to support positive move-on and positive activities for current residents to increase their skills, independence and resilience prior to move-on. IT assets included in the fund have a value of £1 at year end.

The Winter Transformation fund is a grant to pay for PPE, cleaning and transport costs to allow guidelines and legislation around social distancing to be adhered to. For example, installing screens between sit up spaces in order to allow mobilisation of our severe weather emergency protocol. The fund was also used to purchase a thermal camera asset which at year end has value of £123. The MHLG Covid-19 Homeless Response fund is a grant providing funding for PPE, IT equipment and staff overtime costs incurred as a result of Covid-19. The value of assets held in the fund is £18,919. These consist of various modifications and equipment related to Covid-19 such as thermal cameras, a new door entry system, screenings and IT equipment.

The Domestic Abuse Support fund is a grant for upgraded IT equipment to allow for more sophisticated remote door entry, CCTV and communication that reduced the need for face to face contact. It was also used to ensure there were enough staff to safely monitor the Domestic Abuse project and ensure the high needs residents had increased access to support through the pandemic. The value of IT equipment held in the fund is £33.

The CCF Van Purchase and Repairs fund is a grant to purchase a vehicle that can be utilised by ourselves and other agencies in the community to bring helpful services to vulnerable people. This includes repairs, maintenance and fuel costs associated with the vehicle. The value of the vehicle held in the fund is £708.

The Barnardos restricted fund is grant awarded to fund the provision of 2 "Train the trainer" sessionsl.

The Cosgarne accessibility restricted fund is a grant awarded to fund property alterations to increase the number of accessible spaces available to those with disabilities. The value of property improvements held under this fund is £6,983.

The Little Cosgarne improvements restricted fund is a grant awarded to fund capital improvments at Little Cosgarne to provide more available spaces. The value of freehold property upgrades held under this funds is £97,500.

The Clincically Extremely Vulnerable restricted fund is a grant to fund 3 Hospital Discharge workers for a perod of 1 year ending 31 March 2022. £10,154 in freehold property upgrades (Office spaces for the Hospital Discharge wokers) are held under this fund.

Page 54

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

The Move on fund was created specifically to fund residents moving on using “unspent” funds from the Nationwide Landlord incentive scheme project.

The South West Water grant funds have been used for the Sport England Water Sports project - buying paddleboards, kayaks and wetsuits.

The National Grid grant fund has been used to provide warm packs, warm hubs and energy efficient solutions to outreach clients and members of the community in need, as well as training for staff regarding fuel poverty.

The Department of Levelling Up grant was provided to fund extending land and buildings to increase accommodation spaces. The value of property improvements held under this fund is £1,117.

The Ocean Housing funds were awarded to provide rent in advance for a resident moving out.

The St Martin in the field fund is used to fund documentation costs such as copies of Birth Certificates or I.D.

The Sports England restricted fund was for the provision of sports activities to beneficiaries to improve mental health.

The Application PPA/23/11 fund was for the provision of fishing trips and art sessions to improve mental wellbeing for residents.

The purpose of the designated redevelopment fund is to set aside reserves for future improvements to the existing and future Cosgarne Hall portfolio.

The purpose of the designated cyclical operation fund is to contribute towards cyclical maintenance costs.

The purpose of the strategic reserve is to provide financial support as part of the Cosgarne Hall continuity plan.

The purpose of the designated restructuring fund is to provide for potential restructuring costs should the charity need to make changes to its workforce in the near future.

Page 55

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

22 Analysis of net assets between funds

Group

Group
Total funds
Unrestricted funds
General
Designated		 Restricted
funds		 at 31 March
2024
£
£		 £ £
Tangible fixed assets 3,678,996
-		 240,092 3,919,088
Fixed asset investments 400
-		 - 400
Current assets 882,466
424,000		 11,010 1,317,476
Current liabilities (265,066)
-		 (265,066)
Creditors over 1 year (393,937)
-		 - (393,937)
Total net assets 3,902,859
424,000		 251,102 __ 4,577,961
Total funds
Unrestricted funds
General
Designated		 Restricted
funds		 at 31 March
2023
£
£		 3 £
Tangible fixed assets 3,124,074
-		 145,723 3,269,797
Current assets 516,087
400,000		 80,160 996,247
Current liabilities (100,900)
-		 - (100,900)
Creditors over 1 year (433,057)
-		 - (433,057)
Totalnetassets 3,106,204
400,000		 225,883 3,732,087

Page 56

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Charity

Total funds
Unrestricted funds
General
Designated		 Restricted
funds		 at 31 March
2024
£ £ £ £
Tangible fixed assets 3,678,996 - 240,092 3,919,088
Fixed asset investments 500 - - 500
Current assets 874,456 424,000 11,010 1,309,466
Current liabilities (260,717) - - (260,717)
Creditors over 1 year (393,937) - - (393,937)
Total net assets 3,899,298 424,000 251,102 4,574,400
Total funds
Unrestricted funds Restricted at 31 March
General Designated funds 2023
£ £ £ £
Tangible fixed assets 3,124,074 - 145,723 3,269,797
Fixed asset investments 100 . - 100
Current assets 516,087 400,000 80,160 996,247
Current liabilities (101,000) - ® (101,000)
Creditors over 1 year (433,057) - - (433,057)
Totalnetassets 3,106,204 400,000 225,883 3,732,087

23 Analysis of net funds

Group

Group
Acquisition
At 1 April Financing of At 31 March
2023 cash flows subsidiaries 2024
£ £ £ £
Cash atbank and in hand 756,680 399,273 (400) 1,155,553
Net debt 756,680 399,273 (400) 1,155,553
At 1 April Financing At 31 March
2022 cash flows 2023
£ £ £
Cash at bank and in hand 940,405 (183,725) 756,680
Netdebt 940,405 (183,725) 756,680

Page 57

Cosgarne Hall Limited

known as Harbour Housing

Notes to the Financial Statements

Year Ended 31 March 2024

Charity

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Acquisition| |At|1|April|Financing|of|At|31|March| |2023|cash|flows|subsidiaries|2024| |£|£|£~|£| |Cash|at|bank|and|in|hand|756,680|386,076|(400)|1,142,356| |Net debt|756,680|386,076|(400)|1,142,356| |At|1|April|Financing|At|31|March| |2022|cash|flows|2023| |£|£|£| |Cash|at bank and|in|hand|940,405|(183,725)|756,680| |Net debt|940,405|(183,725)|756,680|

----- End of picture text -----

24 Related party transactions

Charity

During the year the charity made the following related party transactions:

Close family member of a trustee

(TC Styles is a step-parent to an employee of the charity)

During the year the employee was paid remuneration plus expenses totalling £34,261 (2023 - £32,015). A total amount of ENil (2023 - ENil) was owed to the employee at the balance sheet date.

(A regular volunteer of the charity is a brother in-law to J Varney)

During the year the volunteer was reimbursed expenses totalling £1,389 (2023 - £4,570). A total amount of ENil (2023 - ENil) was owed to the volunteer at the balance sheet date.)

25 Non-adjusting events after the financial period

The following subsidiary was registered on 17 July 2024 and is 100% owned by Cosgarne Hall Ltd.

The subsidiary has 100 shares in issue (nominal value per share is £1): Harbour Housing Ltd.

Page 58