**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 2022**
## **COGGES HERITAGE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** J Niner (Resigned 10 February 2022) J Bradshaw G Merifield J Bugeja (Resigned 24 November 2022) J Harwood (Resigned 24 November 2022) J Holberry (Resigned 3 February 2022) P Evans S Rodway A Blythe-Smith A Nickson G Dow P Harkness S Williams K Butler (Appointed 3 February 2022 and resigned 30 September 2022) R Harber (Appointed 3 February 2022) E Spencer L Bowman (Appointed 17 April 2023) **Secretary 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
## **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 - 22|
## **COGGES HERITAGE TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022**
The trustees present their annual report and financial statements for the year ended 31 December 2022.
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.
As consistent with other similar sized heritage visitor attractions we experienced a downturn in visitor numbers as compared to the previous year. Anecdotal evidence from within the sector now points to 2021 as being something of an anomaly as there was a surge in visitors following the ending of Coronavirus restrictions earlier that year. It would seem that people wanted to enjoy being in the country and celebrate being able to travel.
School visits increased during the year which included children with Special Educational Needs and our NEET programme also continued which provides support for young people who are Not in Education, Employment or Training. Our adult education programme was popular with courses ranging from photography to flower arranging.
We reintroduced some of our traditional events during the first half of the year although these were on a slightly lower scale than prior to the pandemic. Our Halloween and Christmas offer was extremely well received by the public and the intention is to significantly increase our overall event programme for 2023.
Cogges Heritage Enterprises performed well with café and retail sales holding up however there was a reduction in income from weddings as compared to 2021. This will be a focus in 2023 and beyond.
There was a significant increase in costs during the year particularly relating to energy. These were monitored monthly, and steps taken whenever possible to limit expenditure. Cost pressure is expected to continue and will be kept under close scrutiny by Trustees and management.
Following discussions with the National Lottery Heritage Fund (NLHF) it was agreed that the building of a replica Saxon House be suspended and that the remaining funds be reallocated towards alternative projects which would be more appropriate based on current and future needs. These will be finalised and completed in 2023.
In June we received the wonderful news that volunteers at Cogges Manor Farm had been awarded the Queen's Award for Voluntary Service (QAVS). This was a fantastic accolade for the team and a reward for their contribution and hard work since the Trust was formed and Cogges reopened to the public in 2011.
In September, Cogges was featured on the BBC Countryfile programme which helped raise our profile with a new audience.
- 1 -
## **COGGES HERITAGE TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Financial review**
For 2022 the Trust incurred a deficit after depreciation, in respect of unrestricted activities of £206,459 (2021 - £174,405 surplus). The details of the financial performance are shown in the following statements of account for the period ended 31 December 2022. As mentioned in the Trustees report, 2021 proved to be an unusual year for many charities with visitor numbers increasing significantly after the pandemic. Grants also continued to be received to support the charity. This situation did not continue for 2022 and the Trustees are already addressing this change in visitor attitudes with a revitalised programme of events for 2023.
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 free reserves of the charity as at 31 December 2022 were £300,418 (2021 - £432,222).
The Trust has determined that it will maintain a cash reserve of £90,000 equivalent to 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.
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. Trustees and management are mindful of this risk and take every opportunity to identify new sources of income and explore developments to the site in order to attract a wider range of visitors.
- 2 -
## **COGGES HERITAGE TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
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 (Resigned 24 November 2022) J Harwood (Resigned 24 November 2022) J Holberry (Resigned 3 February 2022) P Evans S Rodway A Blythe-Smith A Nickson G Dow P Harkness S Williams K Butler (Appointed 3 February 2022 and resigned 30 September 2022) R Harber (Appointed 3 February 2022) E Spencer L Bowman (Appointed 17 April 2023)
## **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.
The trustees' report was approved by the Board of Trustees.
## **J Bradshaw**
Trustee Dated: 30 October 2023
- 3 -
## **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 2022.
## **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: 30 October 2023
- 4 -
## **COGGES HERITAGE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
2,340
119,593
Charitable activities
**4**
267,259
-
Other income
**5**
79,844
-
**Total income**
349,443
119,593
**Expenditure on:**
Raising funds
**6**
39,342
-
Charitable activities
**7**
510,200
374,876
Other
**10**
6,360
-
**Total expenditure**
555,902
374,876
Gross transfers between
funds
-
-
**Net expenditure for the year/**
**Net movement in funds**
(206,459)
(255,283)
Fund balances at 1 January
2022
854,106
299,655
**Fund balances at 31**
**December 2022**
647,647
44,372|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
121,933
59,067
450,334
267,259
250,404
-
79,844
94,318
-
469,036
403,789
450,334
39,342
30,003
-
885,076
467,518
648,883
6,360
-
-
930,778
497,521
648,883
-
268,137
(268,137)
(461,742)
174,405
(466,686)
1,153,761
679,701
766,341
692,019
854,106
299,655|**Total**
**2021**
**£**
509,401
250,404
94,318
854,123
30,003
1,116,401
-
1,146,404
-
(292,281)
1,446,042
1,153,761|
|---|---|---|
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 -
## **COGGES HERITAGE TRUST**
## **BALANCE SHEET AS AT 31 DECEMBER 2022**
|**Notes**
**Fixed assets**
Tangible assets
**11**
Investments
**12**
**Current assets**
Debtors
**13**
Investments
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds - general
**17**
Unrestricted funds|**2022**
**£**
**£**
337,232
10,000
347,232
83,045
247,609
117,014
447,668
(102,881)
344,787
692,019
44,372
647,647
692,019|**2021**
**£**
**£**
411,884
10,000
421,884
96,515
590,772
136,066
823,353
(91,476)
731,877
1,153,761
299,655
854,106
1,153,761|**2021**
**£**
**£**
411,884
10,000
421,884
96,515
590,772
136,066
823,353
(91,476)
731,877
1,153,761
299,655
854,106
1,153,761|
|---|---|---|---|
||||421,884
731,877|
||||1,153,761|
||||299,655
854,106|
||||1,153,761|
- 6 -
## **COGGES HERITAGE TRUST**
## **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022**
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 2022.
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 30 October 2023
J Bradshaw
## **Trustee**
## **Company Registration No. 07206488**
- 7 -
## **COGGES HERITAGE TRUST**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Notes**
**Cash flows from operating activities**
Cash absorbed by operations
**22**
**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 investing**
**activities**
**Financing activities**
Repayment of bank loans
**Net cash used in financing activities**
**Net decrease in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**2021**
**£**
**£**
**£**
**£**
(361,547)
(258,642)
(668)
(328,652)
-
701
343,163
452,671
-
8,166
342,495
132,886
-
(50,000)
-
(50,000)
(19,052)
(175,756)
136,066
311,822
117,014
136,066|
|---|---|
- 8 -
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **COGGES HERITAGE TRUST**
## **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 charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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% - 25% 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 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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.
## **1.12 Group accounts exemption**
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
## **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 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2022**
**2022**
**£**
**£**
Donations and gifts
1,590
-
Grants received
750
119,593
2,340
119,593
**Donations and gifts**
Other
1,590
-
1,590
-
**Grants receivable for**
**core activities**
Coronavirus job retention
scheme
-
-
National Lottery Heritage
Funding (NLHF)
-
-
NLHF Emergency fund
-
119,593
West Oxfordshire District
Council
750
-
Active Travel
-
-
750
119,593
**4**
**Charitable activities**
**Learning**
**events**
**Admission**
**2022**
**2022**
**£**
**£**
Sales within charitable
activities
116,073
151,186|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2022**
**2021**
**2021**
**£**
**£**
**£**
1,590
6,633
13,250
120,343
52,434
437,084
121,933
59,067
450,334
1,590
6,633
13,250
1,590
6,633
13,250
-
3,709
-
-
-
434,594
119,593
-
-
750
48,725
-
-
-
2,490
120,343
52,434
437,084
**Total**
**2022**
**Learning**
**events**
**Admission**
**2021**
**2021**
**£**
**£**
**£**
267,259
63,056
187,348|**Total**
**2021**
**£**
19,883
489,518|
|---|---|---|
|||509,401|
|||19,883|
|||19,883|
|||3,709
434,594
-
48,725
2,490|
|||489,518|
|||**Total**
**2021**
**£**
250,404|
All income in the current and previous year is from unrestricted funds.
- 12 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **5 Other income**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Other income|79,844|94,318|
All income in the current and previous year is from unrestricted funds.
## **6 Raising funds**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Fundraising and publicity|||
|Staging fundraising events|39,342|30,003|
||39,342|30,003|
All expenditure in the current year and previous year is from unrestricted funds.
- 13 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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 2021**
Unrestricted funds
Restricted funds - general|**2022**
**£**
242,392
68,960
127,756
27,929
1,473
374,066
22,593
6,473
13,434
-
885,076
510,200
374,876
885,076|**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|
Included within legal and professional fees above, are governance costs comprising accounting and independent examiner's fees of £12,658 (2021 - £9,850).
## **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 (2021 - £nil).
- 14 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|**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|**2022**
**Number**
11
**2022**
**£**
228,005
6,822
7,565
242,392|**2021**
**Number**
12|
|||**2021**
**£**
248,664
22,807
8,955|
|||280,426|
There were no employees whose annual remuneration was £60,000 or more.
## **10 Other**
|**Unrestricted**
**funds**
**2022**
Net loss on disposal of tangible fixed assets
6,360
6,360|**Total**
**£**
**2021**
-|
|---|---|
||-|
- 15 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **11 Tangible fixed assets**
|**Freehold**
**property**
**improvements**
**Fixtures,**
**fittings and**
**equipment**
**£**
**£**
**Cost**
At 1 January 2022
493,357
141,441
Additions
-
668
Disposals
(6,360)
-
At 31 December 2022
486,997
142,109
**Depreciation and impairment**
At 1 January 2022
168,171
54,743
Depreciation charged in the year
45,856
23,104
At 31 December 2022
214,027
77,847
**Carrying amount**
At 31 December 2022
272,970
64,262
At 31 December 2021
325,186
86,698|**Total**
**£**
634,798
668
(6,360)
629,106
222,914
68,960
291,874
337,232
411,884|
|---|---|
Freehold land and buildings with a carrying amount of £272,969 (2021 - £325,186) 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 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **12 Fixed asset investments**
|**Cost or valuation**
At 1 January 2022 & 31 December 2022
**Carrying amount**
At 31 December 2022
At 31 December 2021
Other investments comprise:
**Notes**
Investments in subsidiaries
**21**
**Fixed asset investments revalued**|**Other**
**investments**
10,000
10,000
10,000
**2022**
**2021**
**£**
**£**
10,000
10,000|**Other**
**investments**
10,000
10,000
10,000
**2022**
**2021**
**£**
**£**
10,000
10,000|
|---|---|---|
|||10,000|
|||10,000|
|||**2021**
**£**
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.
## **13 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
**14**
**Current asset investments**
Listed investments|**2022**
**£**
9,133
17,224
-
56,688
83,045
**2022**
**£**
247,609|**2021**
**£**
3,376
43,899
855
48,385|
|---|---|---|
|||96,515|
|||**2021**
**£**
590,772|
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 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
|**15**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**2022**
**£**
60,147
42,734
102,881|**2021**
**£**
23,467
68,009|
|---|---|---|
|||91,476|
## **16 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 £7,564 (2021 - £7,623).
- 18 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **17 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held for specific purposes:
|**Balance at**
**1 January 2021**
**r**
**£**
Next Steps project
244,409
Barn roofs project
496,943
Education fund
17
NLHF Emergency fund
24,971
Cogges Manor Farm - property fund
1
Active Travel fund
-
766,341|**Movement in funds**
**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Balance at**
**1 January 2022**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 December**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
447,844
(344,023)
(268,137)
80,093
119,593
(155,315)
44,371
-
(277,382)
-
219,561
-
(219,561)
-
-
(17)
-
-
-
-
-
-
(24,971)
-
-
-
-
-
-
-
-
1
-
-
1
2,490
(2,490)
-
-
-
-
-
450,334
(648,883)
(268,137)
299,655
119,593
(374,876)
44,372|**Movement in funds**
**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Balance at**
**1 January 2022**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 December**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
447,844
(344,023)
(268,137)
80,093
119,593
(155,315)
44,371
-
(277,382)
-
219,561
-
(219,561)
-
-
(17)
-
-
-
-
-
-
(24,971)
-
-
-
-
-
-
-
-
1
-
-
1
2,490
(2,490)
-
-
-
-
-
450,334
(648,883)
(268,137)
299,655
119,593
(374,876)
44,372|
|---|---|---|
|||44,372|
- 19 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **17 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.
In the 2021 accounting period, there was a transfer from restricted to unrestricted funds of £268,137. This related 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. There were no transfers in the 2022 accounting period.
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 2022 £219,561 was spent on the project out of the restricted fund (2021 - £277,382). A further £23,419 was spent on the project from the unrestricted fund (2021 - £nil). The restricted fund for this project is now £nil, and any future spending will be funded by unrestricted funds.
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. During the prior year this fund was reduced to £nil. No such grants were received in 2022.
The Active Travel Fund relates to a £2,490 grant received in the prior period from Oxfordshire County Council for community projects aimed at increasing active travel behaviours. The grant was spent in full in the 2021 period, and no such grants were received in 2022.
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 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
|**18**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 31
December 2022 are
represented by:
Tangible assets
337,231
1
Investments
10,000
-
Current assets/(liabilities)
300,416
44,371
647,647
44,372|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
337,232
411,883
1
10,000
10,000
-
344,787
432,223
299,654
692,019
854,106
299,655|**Total**
**2021**
**£**
411,884
10,000
731,877|
|---|---|---|
|||1,153,761|
## **19 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.
As at 31 December 2022 there are no further commitments in relation to these contracts.
## **20 Related party transactions**
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Aggregate compensation|58,778|124,479|
- 21 -
## **COGGES HERITAGE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **20 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 2022, Cogges Heritage Enterprises Limited paid management charges of £74,038 (2021 - £70,982) to Cogges Heritage Trust to cover operating costs. At the balance sheet date, the amount due from Cogges Heritage Enterprises Limited was £17,224 (2021 - £43,899).
## **21 Subsidiaries**
These financial statements are separate charity financial statements for Cogges Heritage Trust.
Details of the charity's subsidiaries at 31 December 2022 are as follows:
||**Name of undertaking**
**Registered**|**Nature of business**|**Class of**|||**% Held**|
|---|---|---|---|---|---|---|
||**office**||**shares held**||**Direct**||
||Cogges Heritage Enterprises
England and|Fundraising events and|Ordinary|100.00|||
||Limited
Wales|activities|||||
|**22**|**Cash generated from operations**|||**2022**||**2021**|
|||||**£**||**£**|
||Deficit for the year||(461,742)|||(292,281)|
||Adjustments for:||||||
||Investment income recognised in statement of financial activities|||-||(8,166)|
||Loss on disposal of tangible fixed assets|||6,360||-|
||Depreciation and impairment of tangible fixed assets|||68,960||69,156|
||Movements in working capital:||||||
||Decrease/(increase) in debtors|||13,470||(51,811)|
||Increase in creditors|||11,405||24,460|
||**Cash absorbed by operations**||(361,547)|||(258,642)|
## **23 Analysis of changes in net funds**
The charity had no debt during the year.
- 22 -