REGISTERED COMPANY NUMBER: 09666472 (England and Wales) REGISTERED CHARITY NUMBER: 1167215 COBER HILL CHARrrABLE TRUST (A COMPANY LIMrrED BY GUAIL4NTEE) GROiJP REPORT AIYD CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Fort$ Limited Busine55 Advisors and Accountants 5&6 Manor Court Manor Garth ScaOrnugh North Yorkshire YOI13TU
COBER HILL CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Page Report of the Trustees I to3 Report of the Independent Exarnincrs CoD501idated Statement of Financial Activities Consolidated and entity only Balance Sheet Consolidatcd and entity only Statement of Cash Flows Notes to the Consolidated Financial Statements 8t018
COBER HILL CtL4RITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. preseni their report with the financial statements of the charity for the year ended 30 April 2024. The Inistees have adopted the provisions of Accowiting a[ Reporting by Charities: Ststement of Recommended Practice applicable to charities prepating their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Thc Group consists of the paren¢ Cober Hill Charitable Trusl which is a charitable trust and its l 00% subsidiary, Cobcr Hill Limited, which operates as a conference centre pimarily for voluntary charitsble and religio organisations, to enable the charity to fijlfill its objcctives. OBJECTIVES AND ACTIVITIES Objectives aims The objects of the charity are.. (a) To provide or assist in the provision of facilities in thc interests of social welfare for recreation or oiher leisure time occupation of individuals who havc need of such facilities by rcason of their youth, age, infinnity or disability, financial hardship OT social circumstances with the objecl of improving their conditions of life. (b) To advance education and health for the publi¢ benefit especially among those who have n¢¢d by reason of their youtlL age. inf1rn1ity or disability. poverty or social or economic circumstances by the provision of funds to provide new OT improved facilities fr>r leaming andlor healthy recreation at Cober Hill Conference Centre in Cloughton SCaOrough or such $¢hools, colleges. universities, or other recognised pla of learning or training or place5 which provide facilities for healthy recreation, Publlc benefit The group has made grants for the provision of accomodation and facilities, and financial support, to enable ¢haritable, volunlary, relIouS and school groups to visit Cober Hill for learning and healthy recreation. The trustees have had regard to the ChaTity Cotnmission guidance on public benefit. ACHIEVEMENT AND PERFORMANCE The Charity, through the use of Cober Hill Limited, has fulfilled its charitable objectives. Cober Hill Limited bad another difficult financial year. Desplte reduced costs there have also been reduced visitor nunibers resulting in a loss for the year. Future plan8 Emphasis is being placed to restore Cober Hill Limited to a sustainable financial position through marketing to Core groups which visit Cober and close Gonlrol of expenditure. FINANCIAL REVIEW Financial position Nct cxpenditure for the yeaT was £53,354 (2023: £163,451). tncome has fallen but at the same time costs have been better rnanagcd nalling a srnallcr loss has been made. The trustees are continuously working to improve the situation. Reserves policy The group Currently has no frcc reserves. The group held total fiujds at 30 April 2024 of £1.483,244 (2023: £1,536,598) which includes freehold property held in Cober Hill Limitd valued at £1,750,000. STRUCTURE GOVERNAN Governing document The charity is controlled by its governing documenL a deed of ¢rust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, Trustee5 Trustees consist of individuals with a close knowledge of Cober Hill Limitd. New trustees are appointed by the existing tTuslees based on their knowledge of the individuals interes¢ An Cober Hill Limited, 3 of the trustees are either a ent or past Director of the Company. A support system, including irnining when felt appropriate, is put in place for new trustees together with a tour of Cober Hill. Page I E AND MANAGEME
COBER HILL CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 Management Tb¢ trustees and directors of Cober Hill Limtted are responsible for strategy. oversight of assets, deternlination of key policies and major financial decisions. Day to day management of Cober Hill Limited is delegated to the General Manager, Paula Coknan and Deputy Manager. David SO[s. Risks The principle risk faced by the Trust is the fiancial position of its subsidiary Cober Hill Limited. The risk is tllanaged by close oversight of the Company. two of the Tjuslees arc Dircctors of the Company. REFERENCE AND ADMINISTRATIVE DETAILS ReElSt¢red Company number 09666472 (England and Wales) ReEiStered Charity number 1167215 Registered Olre Cober Hill Cloughton Scarborough North Yorkshire Y013 OAR REFERENCE AND ADMINISTRA TIVE DETAILS Prin¢lpal addre5S Cober Hill Limited Cober Hill Cloughton Scarknrough North Yorkshire Y013 OAR Trustees directors J N Naish {resigned May 2023) E Rhod (appointed May 2023) K M Bailey J C Dennis J Martin M W Sturge Independent Examine Frances Howard FCA Fortus Limited Business Advisors and Accountants 5&6 Manor Court Manor Garth Scarborough North Yorkshire YOI13TU Page 2
COBER HILL CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 APRIL 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The trn5tees (who are &lso the directors of Cober Hill Charitable Tn]st frir the purposes of company law) are responsible for preparing the Report of the Trustees and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice). Company law requires the tnte¢S to prepare financial statements for each financial year which give a tn]e fair view of the state of affairs of the charitable company and the group and of the in¢oming Tesources and application of TesouTces. including the income and expenditure, of the charitable group foi that period. In preparing those financial statementy the lrnstees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SOR (FRS 102). make judgements and estimates that are reasonable and prndent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare th¢ financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in blneSS. The InteeS are responsible foT keeping prOr a¢¢ovnting re¢or(ts which dis¢lose NNith Teasonable accwacy at any time the financial position of the Charitable company and to enable them to ensure that the financial statements comply WAth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other itr¢gularities. The tsvstees ar¢ responsible for the maintenance and inteIty of the corporate artd financial Inf£tiOn included on th¢ charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. INDEPENDENT EXAMINE The Independent Exatniner Frances Howard at Fortus Limiled will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to Sn11 companies. Approvd by order of the board of trustees on 22 January 2025 and sigmed on its behalf by.. 04aa( M W Sturge - Trustee Page 3
INDEPENDEINT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2024 COBER HILL CHARIT ABLE TRUST I rert to the chuity trustees on my examination of th¢ consolidated accounts of the Group comprising Cober Hill Charitable Trust ('the Charity,) and it's subsidiary undertaking for the year ended 30 April 2024. RespOnbIlItieS and b&$ls ofreport As the charity trnstees of the company (and also its directors for the puTposes of ci)mpany law) you aTe responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,) and you hav¢ chosen to prepare consolidated a¢¢ounts for the group. You are satisfied that the accounts of both the Charity and the group not required by charity law to be audited and have chosen instead to have an independent examination. I report in respect of tlly examination of the consolidated accounts. I have carried out my examination under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)0)) of the 2011 Act. independent examination does not involve gathering all the eviden¢¢ that would be required in an audit and Consequently does not cover all the rnatters that an auditor wnsiders in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the consolidaled accounts present a 'true and fair. view and my report is limited to those specific matters set out in the independeni examiner's statement. Independent ex#miner'$ statement Since the Charitys gross in¢otne exceeded £250,000 your examiner rnust be a member of a body listed in section 145 of the 2011 Act. I confirn) that I am qualified lo undertake ihe examination because l am a member of the tnstitute of Chartered Ac¢ountaDts in England and Wales which is one of the listed bodies. I have completed my examination. I confirn] that no mat¢ers have come to my attention in Connection with the examination giving me cause to believe that in any material speCt. accounting records, with respect to the Charity and its subsidary, were not kept &% required by section 386 of the 2006 2. the accounts do not accord with those recoTds' or 3. the a¢¢ounts do not comply with the accounting requirements of sectlon 396 of the 2006 Act other than any requirement that the arxounts give a ,tn and fair view. which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared ill accordance with the methods and prin¢iples of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their account5 in a¢¢ordance with the Financial ReEx)rting Standard applicable in the UK and Republic of Treland (FRS 102). I confirni that theTe are no other matters to which your attention thouid be drawn to enable a proper understanding of the accou to be reached. s Howard FCA Fortus Limited Busin&ss Advisors and Accountanls 5&6 Manor Court Manor Garth Scarborough North Yorkshire YOI13TU 22 January 2025 Page 4
COBER HILL CHARITABLE TRUST CONSOLIDATED STA TEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND ExPENDURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2024 2024 Totsl Fund5 2023 Total Funds Unrestricted Endowrnent Fund Fund Notes INCOME AND ENDOWMENT FROM Donalions and legacies 1,077 1,077 1,300 Charitible a¢tlvltles Hotel booking fees 958.932 958.932 1,013,230 Investment tncome 2,979 2,979 5,822 Total Income 962,988 962.988 1,020,352 EXPENDITURE ON Raising funds MaDagement costs 1,043 1,043 217 Chxritsble 2ctAvities Activities Costs Support Costs Governance Cost 936,704 71,457 11,160 936,704 71,457 11,160 1,081,640 61,023 20,837 Other 79 79 63 Total Expenditure 1.020,443 1.020,443 1.163,780 Remeasurement gain in defined benefit pension scheme 6.087 6,087 6.006 Net (losses) on investments 1.986 11986) 26.029) NET (EXPENDrfuRE)FOR THE YEAR NET MOVEMENT IN FUNDS (53,354) (53,354) (163,451) RECONCILIATIOIY OF FUNDS Total funds brought forTrYard 1,536,598 1,536,598 1,700,049 TOTAL FUNDS CARRIED FORWARD 1.483,244 1,483.244 1.536,598 The Statement of financial activities includes all wains and losses recognised in th¢ year. All Income and expenditure derive from continuing activities Page 5
COBER HILL CHARITABLE TRUST CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 30 APRIL 2024 Group 2024 Group 2023 Parent 2024 Parent 2023 Note FIXED ASSETS Tangible assets Investments Total io 1,750,000 1.750,000 149,066 1,899.066 1.750,000 1,750,000 1.899,066 1,899.066 1,750.000 CURRENT ASSETS Stocks Debto Cash at bank and in hand Total 9,641 19.288 152,020 180.949 13,561 23,313 78,421 115,295 12 219.105 12,523 231,628 72.121 9,492 81.613 CREDrroiis Amounts falling due within one year 13 431,042 467.252 NET CURRENT ASSETSI(LIABJLITIES) 250,093 {351.957 231,628 81.613 TOTAL ASSETS LESS CURRENf LIABILITIES 1,499,907 1,547,109 1,981.628 1,980,679 CREDITORS Amounts falling due after more than one year l4 (12,236) PENSION LIABILITY (4.427) (10,511) NET ASSETS 1,483.244 1,536.598 1,981,628 1,980.679 FUNDS Unreslricted funds Endowment fiu)ds'. Fair Value filnds 1,483,244 1.536,598 231,628 230,679 1,750.000 1,750,000 TOTAL FUNDS 15 1,483244 1,536.598 1,981,628 1,980,679 For the year ending 30 April 2024 the ¢ompany was entitled to exemption from audit under section 477 of the Compalnes Act 2006 relating to smaller companies. Dir¢ctors'responsibilities: The members have not required the company tr) obtain aTJ audit of its a¢¢ount8 for the year in question in accordance with section 476. The directors acknowledge tbeir responsibilities for complying with th¢ requirements of the Ath *th respect to accowiling records and the preparation of accounts. The fmancial ststeinents were approved by the Board of Trustees on 22 January 2025 and were signed on its behalf by: rL4iabrfl M W Sturge -Trnstee Page 6
COBER HILL CHARITABLE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR EIYDED 30 APRIL 2024 Group 2024 Group 2023 Parent 2024 Parent 2023 Notes Cash nows from operating actlvities Cash generated from operations (48,496) (178,126) (149,014) (78,137) Cash flows from investing activlties Purchase fixed asset investments Lossl(gain) on fixcd assel investments- Revaluation Lossl(gain) on fixed ass¢¢ investments- Disposal Interest received Dividends received Net ¢A$h provided by (used In) investing a¢tlvitie5 {73) 1,986 147.153 (73) 1,986 147.153 23,338 51.534 23,338 51,534 2.973 152,045 5.821 80,694 2.973 152,045 5,821 80.694 Cash Ilows from finanelng Activities Repayment of bank loans (Repayment)Ireceipt of other boOW]ng5 Net cash provided by (used in) financing aetfvltkes (9,950) 120.000 29.950) (9,706) 60,000 50,294 Change in cash and cash cquivalents in the reporting period 73,599 (47,138) 3,031 2,557 Cash and cash equivalents al the beginning of the reporting period 78.421 125.559 9.492 6.935 Cash and cash equivalents &t end of year 152,020 78,421 12,523 9,492 I. RECONCILIATION OF NET INcOME/(ExPENDuRE) TO NET CASH FLOW FROM OPERATING ACTIVITES Group 2024 Group 2023 Parent 2024 Parent 2023 Net Incomel(expenditure) for the reportlng period (as per the statemeDt of fjnAneial aetivldes) Depreciation (53,354) (163,451) 7,263 (53,354) {156,188) 949 (71,842) 949 (71,842) Dividends Ctived Interest received (Increase)Ide¢r¢ase in stocks On¢reos¢)Id¢crease in debtors Increasel(decrease) in creditors (2,973) (6) 3,920 4,025 (108) {5,821) (i) 3,128 22,162 (41,406) {2,973) {6) (5,821) (i} {146,984) (473) Cash generated from operAtlons 48.496 178.126 149,014 78,137 Page 7
COBER HILL CHARITABLE TRUST NOTES TO THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 I. STATUTORY INFORMATION Cober Hill Charitable Trust is a private company limited by guarantee, registered in England and Wales. The companys registration number, charity number and registered otTice address can be found on the Report of the Trustees. 2. ACCOUNTJNG POLICIES Basis of preparing the flnaneial statements The financial statemenls of the charitable group, which is a public benefit entity under FRS 102, have been prepared in accordance with the Clwities SORP (FRS 102) 'A¢¢ounting and Reporting by Charities: Statement of Rec0Mnllded Practice applicable lo charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK arld Republic of Ireland (FRS 102) {effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland, aud the Companies Act 2006. The financial statements bave been prepared under the historical cost convention with the exception of investn)ents which are included at market value, as modified by the revaluation of certain assets. Group fin¥n¢ial statements These financial statements consolidate the results of the charity and its wholly owned subsidiary Cober Hill Limited. A separate Statement of Financial Activities and Income and Expenditure account for the Charity has not been pTrsenled be¢au8e the tNst has taken the advantage of the exemption afforded by Se¢tion 408 of the Companies Act 2006. Coing Concern The financial statements have been prepared on a going concern basis as the INstees consider that no Material uncertainlies exist. The trustees have ¢tsnsAdered the level of funds held and the expected I¢1 of income and expenditure for the 12 months from authorising these stalements. The budgeted income and expenditure is sufficient with the level of reserves for the charity Éo be able to continue as a going concern. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable Ihat the incorne be received and the amount can be measured reliably. Investhjent income is earned through bolding assets for investment pUoseS such as shares. Where it is not prncticable io identify investment mhnagement Costs incurred within a scheme with reasonable ac¢uracy the investment in¢ome is ported net of these costs. It is included when the amount can be measured reliably. Dividend income is recognised as the Charity's right to Trceive payment is established. Hotel and food and beverage revem]e is recognised when the rooms are oc¢llpied and tht services are perfonned. Deferred revenue consistillg of deposits paid in advance ts ttcognised as revenu¢ when the services are perfornied. Expendlture Liabililies are recognised as expenditure as soon as there is a legal or CODStructive obligation wnllnitting ihe ¢harity to that expendilure, it As probable that a transfer of e¢onomic benefjts will be required in settlement and the amount of the obligalioll ¢an be measured reliably. Expendittwe is ac¢ounted for on an acenlS basis and has been Classified wider beadings that aggregate all cost related to the category. Grants offered subject to conditions which have not been met at the year end date are noted as a con]rnitment but not accrued as expenditure. Page 8
COBER HILL CHAIUTABLE TRUST NOTES TO THE FINANCIAL sTATEmES- continued FOR THE YEAR ENDED 30 APRIL 2024 2. ACCOUNTING POLICIES - continued TAnEible fixed assets Depreciation is provided at the ftlllowing annual rates in order to Mryite off each asset over its estimat¢d useful life. Freehold Property - not provided Plant and macbinery- 2/0 on cost Computer equipnM]t- 33 /0 on cost In the opinion of the trustees. the useful life of firehold buildings is so long that it cannot be Teliably estimated and any depreciation would be imTnatcrial. The propety has becn reviewed for impairnwit and the ITU8teees consider the value included in the financial statemenls to remain appropriate. Fixed asset additions that cost more than £5,000 per asset are ¢apita]ised and depr¢ciate(L oth¢r additions are WTitten off on a(4uisition, Stocks Stocks are valued at the lower of cost and net Tealisable value, after making due allowance for obsolete and slow moving items. Subsldlary The charity bas one wholly-owned trading subsidiary, Cober Hill Limited (company number 00165093) incorporated in England. This company is a conference celltre which specialises in visits for groups and schools, its revenu¢ is generated from the hiring out of rooms and food and beverage sales. The company is obliged under its cOnStition to apply its profits towards the promotions and cany out of the objethives of Cober Hill Cliaritable TnL8t. A SUr)Y of the trading results is sllown in note I l of these a¢counts. These financial statements consolidate the results of tbe Charitable Trnst and Cober Hill Limited. Fund aceounthig UnTestricted funds be used in accordance Mrytb the charitable objectives ai th¢ discretion of the trustees. Restrictcd funds can only be used for particular rcstrictrd purposes within Ihe objects of the charity. Restrictions arise when specified by the donor or when fiwds arc raised for particulaT restrictcd purposes. EndowmeDt fimds arc subject to spcbific conditions by donoTS that the capitsl must be maintained by the charity. Further explanation of the nature and purpose Of each fiind is included in the not(s to the financial ststernents. Investments Listd investments are valued at their njarket valu¢ at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable are recognised in profit and loss. The investment by the parent c(mipany in the shares of ihe subsidiary company has been measured at fair value. Debtors and Creditors reeelvable I payable Debtors and creditors with no stated interest rdte and receivable or payable wlthin one year are recorded at transaction price. Any losses arising from impairnient are recognised in the profit and loss account in other administrative expenses. Page 9
COBER HILL CHARfTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 2. ACCOUNTING POLICIES - continued Pension costs and other post-retlrement benellts The Company contributes to the Pensions Tru Growth Plan Scheme at rates set by the Scheme Actuary and as advised to the Company by the Scheme AdministtatOT. This is a multi*mployer scheme which provides benefits to some 1.300 non- associated participating employers. The scheme is a defined benefit sch¢nLe in the UK. It is not possible for the company to obtain sufficient infornll0ll to enable it to account for the s¢h¢me as a defined benefit scheme. Therefore it aCcOts for the scheme as a defmed contribution scheme. The scheme is subject to the fimding legislation outlined in the Pensions Act 2004 which carne into force on 30 December 2005. This, together with docurnents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial ReFM)rting Coun¢iE, set out the framework for fidIng defmed benefit occupational pension schemes in the U The s¢h¢me is classified as a 'last-man standing arrnngem¢nt'. Therefore the company is potentially liable for other participating employers, obligations if those employers are unable to meet their shaTe of the scbeme deficit following withdrawal fron) the s¢heme. Participating employers are legally requir to meet their share of the scheme deficit on an annuity purchase basis on Mrythdrawal from the scheme. Taxation The charity is exempt from tax on incorne and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 3. LEGAL STATUS OF THE TRUST The Trust is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, any propety which renmins after the debts and liabilities have been satisfied may not be paid to or distributed to the membe but musl b¢ given to some other institution or institutions wilh similar objects which is or are charitable. 4. COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACTIVITIES Unrestri¢ted Endowment fund Total fid$ INCOME AND ENDOWMENTS FROM Donations and legacies 1.300 1,3 Charitable #ctivltjes Hotel bkIng fees 1,013,230 1,013,230 Investrn¢nt Income 5,822 5,822 Total 1,020,352 1,020,352 Page 10
COBER HILL CIL4RIT ABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continu¢d FOR THE YEAR EIYDED 30 APRIL 2024 4. COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACTIVTTIES- contlnued Unrestricted Endownkent fimd Total funds EXPENDITURE ON Raising funds Investment management costs Charitable actlvities Activities Costs Support Costs Governance Costs Other 217 217 1.081.640 61,023 20.837 63 1.081,640 61,023 20,837 63 Totsl 1,163,780 1,163,780 Net ¥8in$lOosses) on Investments Investments Pension (26,029) 6.006 (26.029} 6,006 NET INCOMEI(EXPENDITURE) (163,451) (163,451) RECONCILIATION OF FUNDS TotaR funds brought forTrv8rd 1.700,049 1.700.049 TOTAL FUNDS CARRIED FORWARD 1.536.598 1.536,598 5. FINANCIAL PERFORMANCE OF THE CHARITY The ¢onsolidat¢d statement of finan¢Aal activities includes the results of the charitgs wholly oThmed subsidiary. 2024 The sUmnry financial perforn]ance of the charity alone is: 2023 Net (deficitysurplus 949 (71,842) 6. INVESTMENT INCOIIffj GTOU Parent 2024 2023 2024 2023 Dividends Bank Interest 2,973 5,821 2,973 5,821 2.979 5.822 2,979 5.822 7. INVESTMENT MANAGEMENT COSTS Portfolio management 1.043 217 1.043 217 1.043 217 1,043 217 Pagell
COBER HILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - eontlnued FOR THE YEAR ENDED 30 APRIL 2024 8. COBER HILL LtMtrED COSTS 2024 2023 ActAvies Costs Staff Costs Food Purchases Marketing Repairs and Renewals Gardening Housekeeping Expenses Building Utilities Course Expenses and Guest Entertainment Motor Expenses Staff Training Bank charges and other fees Licences and subscriptions Depreciation Exceptional item- Redundancy 540,663 125,406 5,234 44,713 33,681 30,536 114,640 16,155 73 90 16,200 9,313 639.958 138,812 8,501 54,252 30.057 26,460 104.084 17,307 903 7.391 11,673 7,263 28,070 1.081.640 936,704 Support Costs Bookkeeping Insurance Telephone Postage and Stationery Bank Interest Preference Dividend Sundries 14,098 17,081 10.ioo 2.240 699 473 26,766 71,457 19,863 9,665 7,145 2,697 942 473 20.238 61,023 Covernance Costs Audilors Remunerdtion Independent Examiner Remuneration Legal and Professional fees 6,002 1.750 9,410 11,160 14,835 20.837 Page 12
COBER HILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR EIYDED 30 APRIL 2024 9. STAFF COSTS AND NUMBERS Grou 2024 2023 Wages So¢ial security Pension costs Redundancy/settlement costs 495,882 35,575 9.206 557,101 38.698 7.617 64,612 668.028 540,663 Redundoncy/settlement costs in 2023 include HR advice Costs. Trustees, eenSeS There wcre no trustees, cxpenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023. Staff costs No employees received emoluments in excess of £60,000. {2023: nil) The TnLSt has no employees and tbere are no key management personnel. There were no trnstees, remuneration OT oiher benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023. Av¢rnge number of cmployees The average number of employees at Cober Hill Limited during the year was 27 (2023 - 31). 10. TANGIBLE FIXED ASSETS (CROUP) Freehold property Plani and tnachinery Computer equipment Totals COST At L May 2023 and 30 April 2024 1,750,000 36,311 1,795,415 DEPRECIATION At l May 2023 36.311 9,104 45,415 At 30 April 2024 36.311 9,104 45,415 NET BOOK VALUE At 30 April 2024 1.750,0(XI 1,750,000 At 30 April 2023 1.750,000 1.750.000 The parent company holds no tangible fixed assets. Page 13
COBER HILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 I I. FJXED ASSET INVESTMENTS Parent and Group Paftt Listed Unlisted investments investrllenls Parent Totals MARKET VALUE At l May 2023 Additions Na (lossesygains on investrnents Disposal proceeds At 30 April 2024 149,066 73 (1,986) 147,153) 1.750,000 1,899.066 73 (1,986} (147.153 1,750,000 1,750,000 NET BOOK VALUE At 30 April 2024 1.750,000 1,750.(KK) At 30 April 2023 149,066 1.750,000 1,899,066 There were no investment assets held outside of the UK. The listed investments were held in portfolios with James Sharpe & Co. and Fidelity International. The uniistrd investsnents of the parent company are shares held ID the subsidiary Cober Hill Limited. The parcnt's investmcnt at the balance sheet date in the sbare capital of Cober Hill Limited is as follows Cober Hill Limited Regislered office: United Kingdom Nature of business.. Residential Conference Centre Class of Shar¢.. Ordinary Preference holding loo loo 2024 2023 Aggregate capitsl and reserves (Loss)Iprofit for the year 1,240,349 (54,302) 1.294,651 {91.609 The investment io the shares of Cober Hill Limited is stated at fair value based on the balance sheet of Cober Hill Limited as at 30 April 2017. The trustees are of the opinlon that the fair value has not changed significantly since acquisition. Page 14
COBER HILL CIL4RITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 30 APRIL 2024 11. FIXED ASSET INVESTMENTS - continued 2024 2023 Turnover Cosl of sale5 and administrative costs Other operating income Remeasurement gain in defined benefit pension scheme Interest payable Net loss 927,817 l.(K)0,531 (1.018,622) {1,162,558) 31,115 65.354 6,087 1699 (54,302) (942 {91,609) Retained in subsidiary (54,302 (91,609) The assets and liabilities of tbe subsidiary were: Fixed &88ets Current assets CwTent liabililies Creditors: due more than one year Pension liability Totsl net assets 1.666,626 1,666,626 168.430 105,803 (446,793) {469,373) (226,861) (81,268) 14.427 10,511 1,156.975 1,2Jl,277 Aggregated share capital and reserves 1,156,975 1211277 12. DEBTORS Grou Parent 2024 2023 2024 2023 Trade debtors Other debtors Amounts due from subsidiary company Prepayments and accrued income 18,315 73 19.467 217 219,105 72,121 900 3.629 19,288 23,313 219,105 72,121 Included in amounts due from subsidiary company above are anK)unts of £219,105 (2023.. £70.000) due after nlore than one yrar for the parent company. No group debtors are due after more than oll¢ year in either year. 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grou Parent 2024 2023 2024 2023 Bank loan5 Payments on account Trade creditors Taxation and social security Other crcditOTS 10,202 293,164 27,171 51.127 49.378 32,388 269,302 37.263 55,922 72,377 431,042 467,252 Page 15
COBER HILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR EIWED 30 APRIL 2024 14. CREDITORS: AMoiiNfs FALLING DUE AFTER MORE THAN OIW4E YEAR Grou Parent 2024 2023 2024 2023 Bank loans 12236 12,236 The bank loan is a HSBC bounce back loan which is repayable by instalm¢nt5 over a maximum of 5 y¢ars. 15. MOVEMENT IN FUNDS Net movement in funds At 1.5.23 At 30.4.24 Unrestricted funds General nd 1,536,598 (53,354) 1,483,244 Endowment funds Trust Endowment TOTAL FUNDS 1,536,598 (53,354) 1.483,244 Net movement in fund8, included in the abov¢ are as follows: Gains and losses Movement in fidS Income Expenditure Unrestricted funds Genernl fund 962,988 1,020,443 4,101 (53,354) Endowmcnl funds Tnt Endowment TOTAL Fi]NDS 962,988 1,020,443 4,101 (53,354) The Charity's endownent is the trading subsidiary (cob Hill Limited) Mthich cannot be disposed of without the pemiission of the Joseph Rowntree Charitable Trust and the Joseph RoNM]tre¢ Foundation. Cober Hill Limited cannot dispose of the property without the perniission of the Joseph RoHntre¢ Charitable Tnt and the Joseph Rowntree Foundation. Page 16
COBER HILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 30 APRIL 2024 15. MOVEMENT IN FUNDS - eonthiued Comparatives for movement in funds Net movement At 1.5.22 At 30.4.23 Unrestrleted fund5 General fimd 1.700,049 (163,451) 1.536,598 Endoivment funds Trusi Endowment TOTAL FUF4DS 1,700.049 (163,451) 1,536,598 Comparative net movement in funds, included in the above are as follows: Gains and losses Movement in fimds Incorne Expenditure Unrestrieted funds General fund 1,020,352 1,163,780 (20,023) (163,451) Endowmeut funds Trust Endowment TOTAL FUNDS 1,020,352 1,163,780 20,0231 (163,451) 16. PENSION COMMITMENTS The subsidiary contributes to the Pcnsions Trust Growth Plan Scheme at rates set by the Scheme Actuary and as advised to the subsidiary by the Scheme Administrntor. The scheme is a multi-employer pension scheme and il is not possible to identify Ihe assets and liabilities of the scheme which are attributable to the subsidiary. The pension liability on the balance shect IS the net preSLt value of the scheme deficit reduction contributioLs that the subsidiary has agreed to pay over several years. Th¢ cost of funding Guent service pensions is recognised in the subsidiary profit and loss account within administrative expenses. 17. FINANCIAL JNSTRUMENTS Group Parent 2024 2023 2024 2023 Financial a55ets that are debt instruments measured at amortised cost: Cash and bank Debiors 0te I l) Financial liabilitics measured at gmortised cost: Creditors: due within one yeaT (Nofr 12) 152.020 19288 78,421 23,313 12.523 219,105 9,492 72,L21 446.793 467,252 Page 17
COBER HILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 I& ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balance ai 30 April 2024 are represented by: Unrestricted EndoHrynent funds funds Total 2024 Grnup Fixed assets cent assets Creditors: amounts falling due in less than one year Pcnsion liability 1,750,000 180,949 {443.278) (4,427) 1.750,000 180,949 (443,278) (4.427) Total net assets 1,483,244 1.483,244 Charity Fixed assets Current assets Credito. amounts falling due in less than one year 1,750,0(XI 1,750.000 231.628 231,628 Totsl net assets 231,628 1,750,000 ,981,628 Fund balance at 30 April 2023 a represented by.. Unrestricted Endowment fimds funds Total 2023 Croup Fixed asseis Current assets Creditors: avnounts falling due in less than one year Pension liability 1,899,066 115,295 (467,252) {10.511) 1,899,066 115295 (467,252) (10.511) Total nct assets 1.536,598 1,536.598 Charity Fixed assets Current assets Creditors: amounts falling due ill less than one year 149,066 81.613 1.750,000 1,899.066 81,613 Total net assets 230,679 1,750.000 1.980,679 19. RELATED PAR TY TRANSACTIONS Included in other creditors is £40k (2023: £60k) in loans due to trus¢es. These are interest free and repayable on demand. Page 18