**APPROVAL** **Charity registration number 1141906 Company registration number 07206488 (England and Wales)** ## **COGGES HERITAGE TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** **APPROVAL COGGES HERITAGE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|J Niner|(Resigned 10 February 2022)| |---|---|---| ||J Bradshaw|| ||G Merifield|| ||J Bugeja|| ||J Harwood|| ||J Holberry|(Resigned 3 February 2022)| ||P Evans|| ||S Rodway|| ||A Blythe-Smith|| ||A Nickson|| ||G Dow|(Appointed 25 November 2021)| ||P Harkness|(Appointed 25 November 2021)| ||S Williams|(Appointed 25 November 2021)| ||K Butler|(Appointed 3 February 2022| |||and resigned 30 September| |||2022)| ||R Harber|(Appointed 3 February 2022)| ||E Spencer|| |**Charity number**|1141906|| |**Company number**|07206488|| |**Principal address**|Cogges Manor Farm|| ||Church Lane|| ||Witney|| ||Oxfordshire|| ||OX28 3LA|| |**Registered office**|Cogges Manor Farm|| ||Church Lane|| ||Witney|| ||Oxfordshire|| ||OX28 3LA|| |**Independent examiner**|Whitley Stimpson Limited|| ||13-15 High Street|| ||Witney|| ||Oxfordshire|| ||OX28 6HW|| **APPROVAL COGGES HERITAGE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5| |Balance sheet|6 - 7| |Statement of cash flows|8| |Notes to the financial statements|9 - 23| **APPROVAL COGGES HERITAGE TRUST** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021** The trustees present their annual report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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) (effective 1 January 2019)". ## **Objectives and activities** The objectives of the Trust are to preserve, protect, develop and improve the archaeological, historical, architectural and environmental heritage of the site of Cogges Manor Farm and associated land for the benefit of the people of Oxfordshire and the members of the wider public such as visitors to the county; and to advance the education of the public in an understanding of rural heritage and contemporary and future farming and food production. The Trust, with the continued support of its volunteers and paid staff, continues to be a strong attraction to the local community as well as those from further afield and Trustees are always mindful of the need to review the offer to the public on a regular basis to ensure their continued support. Following the easing of Government restrictions due to the coronavirus pandemic, Cogges Manor Farm started a phased reopening at the end of March 2021. This initially involved pre-booked admission only so as to regulate numbers on site with the café operating on a takeaway basis only. Visitor numbers from the local area were strong, but we also received visitors from further afield including larger conurbations where people were seeking the space and tranquillity that Cogges has to offer. As the months progressed the rest of the site gradually reopened including the Manor House, outdoor children’s play area, indoor cafe seating and was done in line with the prevailing Government guidelines at the time. Cogges Heritage Enterprises were also able to resume weddings although on a limited basis. Most of our traditional events were again postponed, however we were able to stage a highly successful Halloween and Christmas offer which included a light trail for the first time. As part of the grant awarded by the National Lottery Heritage Fund (NLHF) significant investment in improved visitor and volunteer facilities was undertaken in 2021. This included improved heating, lighting and interpretation in the Manor House, an introductory video, dedicated disabled car park and new toilet facilities. Adult learning courses were also initiated together with an improved offer for schools including children with Special Educational Needs and a program aimed at young people Not in Education, Employment or Training (NEET). The final stage of the investment includes the building of a replica Saxon House close to the entrance and car park with work scheduled to commence in 2022. The construction of a pathway from the main car park, involving the bridging of a culvert and a path across a field was also completed and funded by the Trust from grants received to support the Next Steps project which involves developments over and above the NLHF project. As part of our agreement with Oxfordshire County Council in acquiring the freehold of the site, work on renovating the Barley barn roof was almost completed by the end of the year and work on the Wheat barn started in the Autumn. An event was held in July to celebrate the 10 year anniversary of Cogges Heritage Trust being formed. This also coincided with the reopening of the Manor House and other NLHF / Next Steps funded projects. - 1 - **APPROVAL COGGES HERITAGE TRUST** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **Financial review** For 2021 the Trust achieved a surplus after depreciation, in respect of unrestricted activities of £174,405 (2020 - £326,534). The 2020 surplus, however, included £333,333 of unrestricted funds received from Oxfordshire County Council relating to the transfer of the freehold of Cogges to the Trust. But for this, the Trust would have incurred a deficit of £6,799. The details of the financial performance are shown in the following statements of account for the period ended 31 December 2021. The Trust continues to charge Cogges Heritage Enterprises for use of Trust resources including staffing, based upon apportioning those costs which relate to the daily operation of both organisations on the basis of the percentage of total income generated by the respective organisations, excluding certain income such as grants and gift aid. This basis of apportionment will be kept under review. Any profit the trading company makes after these charges may be donated to the Trust. The Trust has determined that it will maintain a cash reserve of £90,000 equivalent to a three year cash deficit of £30,000 or approximately three months operating costs. This will be kept under review. The Trust’s current policy concerning the payment of trade creditors is to follow the CBI’s Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU). ## **Structure, governance and management** The Trustees have established four committees reporting directly to the Trust Board: Finance and Property Committee, People and Legal Committee, Business Development Group, and Development Committee. The appointment of new Trustees is by resolution of the existing Trustees. The Trust’s constitution provides for a minimum of 5 Trustees (unless otherwise determined by ordinary resolution) but there is no maximum number of Trustees. Two Trustees must be resident in Witney or one of the surrounding parishes. In November 2021 Judy Niner stood down as CHT Chairman after 11 years in post. Paul Evans was elected by the Board in her place. None of the Trustees has any beneficial interest in the Trust or Company. All of the Trustees are members of the Company and guarantee to contribute £1 in the event of a winding up. The Trustees have developed a risk management strategy which comprises (i) an annual review of the risks faced by the charity, and (ii) the establishment of systems and procedures designed to manage those risks identified. The primary risk faced by the Trust is that it is unable to identify and secure sufficient funding to keep the site open to the public. Work continues to identify new sources of funding and to explore the developments which need to be made to the site to attract a wider range of visitors in the future. - 2 - **APPROVAL COGGES HERITAGE TRUST** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: J Niner (Resigned 10 February 2022) J Bradshaw G Merifield J Bugeja J Harwood J Holberry (Resigned 3 February 2022) P Evans S Rodway A Blythe-Smith A Nickson G Dow (Appointed 25 November 2021) P Harkness (Appointed 25 November 2021) S Williams (Appointed 25 November 2021) K Butler (Appointed 3 February 2022 and resigned 30 September 2022) R Harber (Appointed 3 February 2022) E Spencer ## **Public benefit** The Trustees are aware of their public benefit duties and confirm that they have paid due regard to the guidance on public benefit in deciding what activities the Trust should undertake. ## **Economic outlook and future plans** As is the case with many visitor attractions, 2022 is seeing a downturn in visitor numbers and the Trust is already engaged in minimising any financial effects in 2022 and engaged in planning its offer for 2023 onwards. As a local attraction the Trust has not been as affected by this downturn as other more nationally based attractions. In addition cost pressures, especially in respect of energy, have had a significant effect on the Trust, and this is being taken into account in planning for 2023. The trustees' report was approved by the Board of Trustees. .............................. ## **J Bradshaw** Trustee Dated: ......................... - 3 - **APPROVAL COGGES HERITAGE TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COGGES HERITAGE TRUST** I report to the trustees on my examination of the financial statements of Cogges Heritage Trust (the charity) for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Laura Adkins BSc (Hons) FCA Member of the Institute of Chartered Accountants in England and Wales Whitley Stimpson Limited 13-15 High Street Witney Oxfordshire OX28 6HW Dated: ......................... - 4 - **APPROVAL COGGES HERITAGE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
59,067
450,334
Charitable activities
**4**
250,404
-
Other income
**5**
94,318
-
**Total income**
403,789
450,334
**Expenditure on:**
Raising funds
**6**
30,003
-
Charitable activities
**7**
467,518
648,883
Other
**10**
-
-
**Total expenditure**
497,521
648,883
Net gains/(losses) on
investments
**11**
-
-
**Net (outgoing)/incoming**
**resources before transfers**
(93,732)
(198,549)
Gross transfers between
funds
268,137
(268,137)
**Net movement in funds**
174,405
(466,686)
Fund balances at 1 January
2021
679,701
766,341
**Fund balances at 31**
**December 2021**
854,106
299,655|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
509,401
431,639
1,076,302
250,404
115,359
-
94,318
20,928
-
854,123
567,926
1,076,302
30,003
14,831
-
1,116,401
238,094
360,159
-
417
-
1,146,404
253,342
360,159
-
6,353
-
(292,281)
320,937
716,143
-
5,597
(5,597)
(292,281)
326,534
710,546
1,446,042
353,167
55,795
1,153,761
679,701
766,341|**Total**
**2020**
**£**
1,507,941
115,359
20,928| |---|---|---| |||1,644,228| |||14,831| |||598,253| |||417| |||613,501| |||6,353| |||1,037,080
-| |||1,037,080
408,962| |||1,446,042| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 5 - **APPROVAL COGGES HERITAGE TRUST** ## **BALANCE SHEET AS AT 31 DECEMBER 2021** |**Notes**
**Fixed assets**
Tangible assets
**12**
Investments
**13**
**Current assets**
Debtors
**14**
Investments
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**18**
**Net assets**
**Income funds**
Restricted funds - general
**20**
Unrestricted funds|**2021**
**£**
**£**
411,884
10,000
421,884
96,515
590,772
136,066
823,353
(91,476)
731,877
1,153,761
-
1,153,761
299,655
854,106
1,153,761|**2020**
**£**
**£**
153,089
10,000
163,089
44,704
1,043,443
311,822
1,399,969
(72,849)
1,327,120
1,490,209
(44,167)
1,446,042
766,341
679,701
1,446,042| |---|---|---| - 6 - **APPROVAL COGGES HERITAGE TRUST** ## **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021** The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ......................... .............................. J Bradshaw **Trustee** ## **Company Registration No. 07206488** - 7 - **APPROVAL COGGES HERITAGE TRUST** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021** |**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**25**
**Investing activities**
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Proceeds from disposal of investments
Investment income received
**Net cash generated from/(used in)**
**investing activities**
**Financing activities**
Proceeds from new bank loans
Repayment of bank loans
**Net cash (used in)/generated from**
**financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2021**
**£**
**£**
(258,642)
(328,652)
701
452,671
8,166
132,886
-
(50,000)
(50,000)
(175,756)
311,822
136,066|**2020**
**£**
**£**
1,103,978
(25,975)
1
(927,494)
409
(953,059)
50,000
-
50,000
200,919
110,903
311,822| |---|---|---| - 8 - **APPROVAL COGGES HERITAGE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1 Accounting policies** ## **Charity information** Cogges Heritage Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Cogges Manor Farm, Church Lane, Witney, Oxfordshire, OX28 3LA. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Companies Act 2006 and “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)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.3 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The charge made by the Trust to it's subsidiary company, Cogges Heritage Enterprises Limited, for use of its resources, including staffing, is based upon apportioning those costs which relate to the daily operation of both organisations on the percentage of total income generated by the respective organisations, excluding certain income, such as grants and gift aid. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income from grants is recognised where there is entitlement and all conditions for receipt have been met. Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract. - 9 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1 Accounting policies** **(Continued)** ## **1.4 Resources expended** Expenditure is recognised on an accruals basis as the liability is incurred. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services to beneficiaries. It includes both the costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiner's fees linked to the strategic management of the charity. ## **1.5 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Tangible fixed assets donated to the charity are initially measured at fair value of the donation. They are subsequently shown net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold property improvements 10% straight line Fixtures, fittings and equipment 20% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Statement Of Financial Activities. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. - 10 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1 Accounting policies** ## **(Continued)** ## **1.9 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## **Basic financial liabilities** Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. ## **1.10 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. ## **1.11 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. - 11 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **3 Donations and legacies** ||**Unrestricted**|**Restricted**|**Total Unrestricted**|**Total Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**||**funds**|**funds**|| |||**general**|||**general**|| ||**2021**|**2021**|**2021**|**2020**|**2020**|**2020**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Donations and gifts|6,633|13,250|19,883|340,569|669,670|1,010,239| |Grants received|52,434|437,084|489,518|91,070|406,632|497,702| ||59,067|450,334|509,401|431,639|1,076,302|1,507,941| |**Donations and gifts**||||||| |Consideration for||||||| |cancelling lease from||||||| |OCC|-|-|-|333,333|666,667|1,000,000| |Other|6,633|13,250|19,883|7,236|3,003|10,239| ||6,633|13,250|19,883|340,569|669,670|1,010,239| |The amounts from Oxfordshire County Council (OCC)|||pertaining to the lease and||freehold land|were one-off| |amounts in 2020.||||||| |**Grants receivable for**||||||| |**core activities**||||||| |Local government||||||| |coronavirus grants|-|-|-|25,000|-|25,000| |Coronavirus job retention||||||| |scheme|3,709|-|3,709|20,653|-|20,653| |Bounce back loan -||||||| |business interruption||||||| |payment|-|-|-|417|-|417| |Wolfson Foundation|-|-|-|45,000|-|45,000| |National Lottery Heritage||||||| |Funding (NLHF)|-|434,594|434,594|-|338,961|338,961| |NLHF Emergency fund|-|-|-|-|61,100|61,100| |West Oxfordshire District||||||| |Council|48,725|-|48,725|-|6,571|6,571| |Active Travel|-|2,490|2,490|-|-|-| ||52,434|437,084|489,518|91,070|406,632|497,702| - 12 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **4 Charitable activities** ||**Learning**|**Admission**|**Total**|**Learning**|**Admission**|**Total**| |---|---|---|---|---|---|---| ||**events**||**2021**|**events**||**2020**| ||**2021**|**2021**||**2020**|**2020**|| ||**£**|**£**|**£**|**£**|**£**|**£**| |Sales within charitable||||||| |activities|63,056|187,348|250,404|4,221|111,138|115,359| All income in the current and previous year is from unrestricted funds. ## **5 Other income** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2021**|**2020**| ||**£**|**£**| |Net gain on disposal of tangible fixed assets|-|1| |Other income|94,318|20,927| ||94,318|20,928| All income in the current and previous year is from unrestricted funds. ## **6 Raising funds** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2021**|**2020**| ||**£**|**£**| |Fundraising and publicity||| |Staging fundraising events|30,003|14,831| ||30,003|14,831| All expenditure in the current year and previous year is from unrestricted funds. - 13 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **7 Charitable activities** |Staff costs
Depreciation and impairment
Legal and professional fees
Marketing
Subsciptions and travel expenses
Premises costs
Office costs
Banking and finance costs
Sundry expenses
Repairs and maintenance
**Analysis by fund**
Unrestricted funds
Restricted funds - general
**For the year ended 31 December 2020**
Unrestricted funds
Restricted funds - general|**2021**
**£**
280,426
69,156
129,792
39,887
176
541,075
16,945
10,767
27,297
880
1,116,401
467,518
648,883
1,116,401|**2020**
**£**
173,645
27,912
167,075
14,958
276
194,104
13,473
2,694
4,116
-| |---|---|---| |||598,253| |||238,094
360,159| |||598,253| Included within legal and professional fees above, are governance costs comprising accounting and independent examiner's fees of £9,850 (2020 - £11,750). ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration during the current or prior year. None of the trustees received reimbursed expenses in the year (2020 - £nil). - 14 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **9 Employees** ## **Number of employees** The average monthly number of employees during the year was: |All employees
**Employment costs**
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was £60,000 or more.|**2021**
**Number**
12
**2021**
**£**
248,664
22,807
8,955
280,426|**2020**
**Number**
8| |---|---|---| |||**2020**
**£**
159,458
8,310
5,877| |||173,645| |||| ## **10 Other** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**£**|| ||**2021**|**2020**| |Financing costs|-|417| ||-|417| ## **11 Net gains/(losses) on investments** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2021**|**2020**| ||**£**|**£**| |Revaluation of investments|-|6,353| - 15 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **12 Tangible fixed assets** |**Freehold**
**property**
**improvements**
**Fixtures,**
**fittings and**
**equipment**
**£**
**£**
**Cost**
At 1 January 2021
257,443
49,579
Additions
235,914
92,738
Disposals
-
(876)
At 31 December 2021
493,357
141,441
**Depreciation and impairment**
At 1 January 2021
122,629
31,304
Depreciation charged in the year
45,542
23,614
Eliminated in respect of disposals
-
(175)
At 31 December 2021
168,171
54,743
**Carrying amount**
At 31 December 2021
325,186
86,698
At 31 December 2020
134,814
18,275|**Total**
**£**
307,022
328,652
(876)
634,798
153,933
69,156
(175)
222,914
411,884
153,089| |---|---| Freehold land and buildings with a carrying amount of £325,186 (2020 - £134,814) have been pledged against any liabilities owed to National Heritage Memorial Fund, limited to a maximum of £815,653. On 25 March 2020, Cogges Heritage Trust acquired Cogges Manor Farm from Oxfordshire County Council. The cash consideration for this acquisition was £1. The trustees consider this to the reflect the fair value of the property, due to the number of conditions and restrictions that are attached to the freehold property. Given these restrictions, the property is reflected in the restricted fund. As a condition of the transfer of the title to the property, Oxfordshire County Council hold the option of repurchasing the property at a cost of £1 on completion of set conditions. The conditions specified are that either the Cogges Manor Farm Heritage Centre is permanently closed to members of the public, or that the Trust serves written notice to Oxfordshire County Council of it's intention to dispose of the property. This option is available to Oxfordshire County Council for 125 years from the date of the transfer of the property, being 25 March 2020. - 16 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **13 Fixed asset investments** |**Cost or valuation**
At 1 January 2021 & 31 December 2021
**Carrying amount**
At 31 December 2021
At 31 December 2020
Other investments comprise:
**Notes**
Investments in subsidiaries
**24**
**Fixed asset investments revalued**|**Other**
**investments**
10,000
10,000
10,000
**2021**
**2020**
**£**
**£**
10,000
10,000|**Other**
**investments**
10,000
10,000
10,000
**2021**
**2020**
**£**
**£**
10,000
10,000| |---|---|---| |||10,000| |||10,000| |||**2020**
**£**
10,000| |||| Investments in subsidiaries are measured at cost. ## **Financial assets for which fair value cannot be measured reliably** Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses, in line with the accounting policy. Subsidiaries are not held at fair value as there is no active market so a fair value cannot be measured reliably. ## **14 Debtors** |**Amounts falling due within one year:**
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
**15**
**Current asset investments**
Listed investments|**2021**
**£**
3,376
43,899
855
48,385
96,515
**2021**
**£**
590,772|**2020**
**£**
1,998
4,241
4,237
34,228| |---|---|---| |||44,704| |||**2020**
**£**
1,043,443| Current asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. - 17 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **16 Loans and overdrafts** |Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments|**2021**
**£**
-
-
-
-|**2020**
**£**
50,000| |---|---|---| |||5,833
44,167| |||4,167| The bank loan in the 2020 accounts comprised of a £50,000 government backed bounce back loan repayable by instalments in the six years to May 2026 incurring interest at 2.5% per annum. The charity repaid the full amount in June 2021. The outstanding balance on this loan is therefore £nil. No additional charges or obligations have arisen from this repayment. ## **17 Creditors: amounts falling due within one year** |**Notes**
Bank loans
**16**
Trade creditors
Accruals and deferred income
**18**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**16**|**2021**
**£**
-
23,467
68,009
91,476
**2021**
**£**
-|**2020**
**£**
5,833
19,483
47,533| |---|---|---| |||72,849| |||**2020**
**£**
44,167| ## **19 Retirement benefit schemes** ## **Defined contribution schemes** The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £8,955 (2020 - £5,877). - 18 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **20 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held for specific purposes: |
Next Steps project
Barn roofs project
Education
Light the Fire appeal
NLHF Emergency fund
Cogges Manor Farm - property fund
Active Travel|**Balance at**
**1 January**
**2020**
**£**
71,360
(15,613)
48
-
-
-
-
55,795|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**

**£**
**£**
**£**
347,499
(174,450)
-
666,667
(154,111)
-
-
(31)
-
1,036
-
(1,036)
61,100
(31,567)
(4,562)
-
-
1
-
-
-
1,076,302
(360,159)
(5,597)|**Balance at**
**1 January**
**2021**
**£**
244,409
496,943
17
-
24,971
1
-
766,341|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**31 December**
**2021**
**£**
**£**
**£**
**£**
447,844
(344,023)
(268,137)
80,093
-
(277,382)
-
219,561
-
(17)
-
-
-
-
-
-
-
(24,971)
-
-
-
-
-
1
2,490
(2,490)
-
-
450,334
(648,883)
(268,137)
299,655|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**31 December**
**2021**
**£**
**£**
**£**
**£**
447,844
(344,023)
(268,137)
80,093
-
(277,382)
-
219,561
-
(17)
-
-
-
-
-
-
-
(24,971)
-
-
-
-
-
1
2,490
(2,490)
-
-
450,334
(648,883)
(268,137)
299,655| |---|---|---|---|---|---| ||||||299,655| - 19 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **20 Restricted funds** **(Continued)** The Next Steps project is funded by grants from the National Lottery Heritage Fund together with other donations and grants, and relates to the ongoing development and enhancement of the visitor experience to Cogges. The transfer from restricted to unrestricted funds of £268,137 relates to tangible fixed assets funded by grants received for the Next Steps project. The conditions of the grant were met once the assets were acquired, and the charity now holds the assets for its general charitable purpose. As a result, a transfer of the value of these assets has been made from the restricted fund to unrestricted funds. The Barn Roofs project relates to the renovation of the two major barn roofs. This is funded by the receipt of £1 million from Oxfordshire County Council of which two thirds must be spent on this project. A total of £15,613 was spent during 2018 and 2019 in anticipation of the £1 million receipt. In 2021 £277,382 was spent on the project (2020 - £154,111). The Light the Fire appeal relates to the restoration of the range. In 2020, £1,036 was raised in donations towards the restoration costs. The restoration was completed in the 2020 year and excess costs over amounts raised were funded from unrestricted reserves. The NLHF Emergency Fund relates to a £61,100 grant received from the National Lottery Heritage Fund intended to cover costs incurred during the ongoing coronavirus pandemic, primarily staff, professional and equipment costs. The Cogges Manor Farm property fund relates to the transfer of the property from Oxfordshire County Council (OCC) that arose on the disposal of the lease and immediate acquisition of the freehold for £1 consideration from OCC. There are ongoing restrictions on its use and the charity cannot sell it without prior consent of the council. - 20 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** |**21**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 31
December 2021 are
represented by:
Tangible assets
411,883
1
Investments
10,000
-
Current assets/(liabilities)
432,223
299,654
Long term liabilities
-
-
854,106
299,655|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
411,884
153,088
1
10,000
10,000
-
731,877
560,780
766,340
-
(44,167)
-
1,153,761
679,701
766,341|**Total**
**2020**
**£**
153,089
10,000
1,327,120
(44,167)| |---|---|---| |||1,446,042| ## **22 Financial commitments, guarantees and contingent liabilities** A contract was entered into on 24 September 2020 in relation to the re-roofing and structural repairs of a barn at Cogges Manor Farm. The work in relation to these repairs commenced on 1 November 2021, with no work being completed prior to this date. The sum agreed as being payable for this contract amounted to £228,038. The contract was completed in the spring of the 2022 accounting period. Another contract was entered into, also on 24 September 2020, for £311,816 in relation to the re-roofing and structural repairs of a separate barn at Cogges Manor Farm. The work in relation to these repairs commenced on 5 October 2020. The contract was completed in the winter of the 2021 accounting period. The amounts incurred in the current financial year have been included in both premises costs and land and building additions. As at 31 December 2021 there are no further commitments in relation to these contracts. ## **23 Related party transactions** ## **Remuneration of key management personnel** The remuneration of key management personnel is as follows. ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Aggregate compensation|124,479|84,433| - 21 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **23 Related party transactions** ## **(Continued)** ## **Transactions with related parties** During the year, the charity entered into the following transactions with related parties: Cogges Heritage Trust owns 100% of the shares in Cogges Heritage Enterprises Limited. During the year ended 31 December 2021, Cogges Heritage Enterprises Limited paid management charges of £40,237 (2020 - £11,972) to Cogges Heritage Trust to cover operating costs. At the balance sheet date, the amount due from Cogges Heritage Enterprises Limited was £43,899 (2020 - £4,241). ## **24 Subsidiaries** These financial statements are separate charity financial statements for Cogges Heritage Trust. Details of the charity's subsidiaries at 31 December 2021 are as follows: ||**Name of undertaking**
**Registered**|**Nature of business**|**Class of**|||**% Held**|**% Held**| |---|---|---|---|---|---|---|---| ||**office**||**shares held**||**Direct**||| ||Cogges Heritage Enterprises
England and|Fundraising events and|Ordinary|100.00|||| ||Limited
Wales|activities|||||| |**25**|**Cash generated from operations**|||**2021**|||**2020**| |||||**£**|||**£**| ||(Deficit)/surpus for the year||(292,281)|||1,037,080|| ||Adjustments for:||||||| ||Investment income recognised in statement of financial activities|||(8,166)|||(409)| ||Gain on disposal of tangible fixed assets|||-|||(1)| ||Fair value gains and losses on investments|||-|||(6,353)| ||Depreciation and impairment of tangible fixed assets|||69,156|||27,912| ||Movements in working capital:||||||| ||(Increase)/decrease in debtors||(51,811)||||5,476| ||Increase in creditors|||24,460|||40,273| ||**Cash (absorbed by)/generated from operations**||(258,642)|||1,103,978|| - 22 - **APPROVAL COGGES HERITAGE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** |**26**|**Analysis of changes in net funds**|||| |---|---|---|---|---| |||**At 1 January**|**Cash flows At**|**31 December**| |||**2021**||**2021**| |||**£**|**£**|**£**| ||Cash at bank and in hand|311,822|(175,756)|136,066| ||Loans falling due within one year|(5,833)|5,833|-| ||Loans falling due after more than one year|(44,167)|44,167|-| |||261,822|(125,756)|136,066| - 23 -