REGISTERED CHAIUTY NUMBER: 207020 Report of ihe Tru5tee5 and Fin4n¢i41 Siatemenls lor tbe Year Eftded 31$t Mirch 2024 for The College of Cobham Beak Kemmenoe Chanered Accountants 1-3 Manor Road Chaiham Keni E4 6AE
The Nem" College of Cobh*m Contents of the Financial Statements For the Year Ended 315t Mar£b 2024 Page R¢f¢rence and Administraiion fktsils Report of the Trustees 2to4 Independent Auditorfs Report 5108 Siaiemenl of Financial A¢tlVllies Statement of Financial Position 10 Noles to the Financial Statements
Tht Llem. College of Cobham Reference and Administration Details For the Year Ended 31st %larcb 2024 Trvstee$: D Butler- Vice President R G Cooper- President P Filmer J A Ogden DL R Dymond DL M Jackson Clerk to the College: C Stanton Prlnclpal Office Addre59: Cobhambury Road Cobham Grai'esend Kcnl DA12 3BG Registered Ch)Irlty Number: 207020 Independent Audlior5: B¢ak Kemmenoc Chan¢rcd Accountants and Re¥isiered Auditors 1- 3 Manor Road Chatham Kent ME4 6AE Bankers: National W¢siminster Bank 40 High Str¢el Rochester Keni MEI ILR Page I
The.NeM" College of Cobham Report of the Trustees For the Tr'ear Ended 315t l¥larrh 2024 Structure. Goi'ernance and 1#geMent The New College of Cobham is a regist¢r¢d Almshouse Charity goi'emed by Act of Parliament 011597 and by the Charities Act 2011. The Chariry is administered by a board of six truslees. The President and Vice President are ihe setving Senior and Junior Wardens of the Rochesier Bndgc Tnt. One Inree is nominated by the Rochester Bridge Trust to Serve for a period of liv¢ yfdf5. The remaining three tALe¢S are cOpIed local trusiees who are elected for periods of fil'e years. The Charity has adopted and ¢omplied with the National Housing Federntion Code of Governan¢¢ 2015. Objectlves and A¢tlvStles The Charity proN'ides sheltered accomm(Klaiion for pensioners from Ih¢ ancient parishes of Chalk, Cliffe. Cobham. Coolin8. Cu.xton. GrdVLsend, Hallin& Hi¥ham. Hoo. Hoo Si Mary. Shorne and Strood. who are members of the Church of England. ThL Chariry is & publiL benefii eniiry and the Trusiees have had regard to ihe 8uidan¢e issued by the Charity Commission on public bencfii. ThL Lharily administers thirry five flats in Iwo complexes. includin8 a guesi flal and one tlat is sd aside for th¢ arden. ThL fir%t complLX is th¢ College Itself. M'hich w'as originally built as a Chantry College in ihc year 136? 11 'as rc.Idified as an Almshou5c on 29ih September 1598. The interior was again refurbished in 1980 Conerting it into twelle modern self contained Ilais. one guest flai. an office and a large meeting hall. The complex is Grade One lisied and open to the publi¢. The s¢¢ond complex is known as Stonehouse Yard and is situated al)oui ttN'enty yard5 from the Coll¢g¢ and Comprises of Iw¢niy two modern self contain¢d flats. Thc first Ph of sixtttn flats was completed in 1993. with an ¢xi¢nsion of a further six flats cotnplcled ID 2012. The Charity aims prolde value for money for its tenants by deliv¢ring high quality accommodation whilst ke¢pinK a control on cosis. The Charity has complied with The Governance and Financial Viability Standard. Achlei'ements. Performance #nd FiDaDcial Reiie Thc Almshouses are currently all occupied. There were no ¢hang¢s of tenancy during the reporting period so no void months. Extensive works were carri¢d out on the roolof ihe colleg¢ building costing £217,836. which has caused a significant deficit for the year aThJ reduced Ihe Chariry's a¢¢umulated reserves. Th¢ TTUStees continue to ¢onsidcr ihat the Charity's financial SlI10 15 secure with iniestments valu¢d at £128,495 and bank balan¢¢s totalling £163.342. Page 2
The New" College of Cobh*m Report of the Trustees For tbe Trear Ended 31st March 2024 Achievements, P¢rform4nce and Financial Review- continued The Charity plans lo run at a small surplus in the coming Yea to ensure the reseTh'es are resiored to a level exceeding £1.300.0. This will ensure ihai the Charity can continue to provide quality housing by Carrying out Tepairs when ihey are required. and ils tenanls continue to receive value for money. Statement ofTrustees' Respon$lbllitlts The Trustees are responsible for prepanng the Rewrt of the TTUSlttS and ihe Financial Staiements in a¢cordance with the Hgusing SORP 7018. Uniied Kingdom Generally A¢¢ept¢d Accounting Practic¢ (United Kingdom A¢¢ounling Standards and applicable lawl. including FRS 102 'The Financial Reporting Standard applilable in th¢ UK and Republic of Ireland, A¢¢ountin¥ Direction !019, the Charities Aci 2011 and all other applicable law. The law applicable to chariii¢s in England and Wales rcquircs the Trusiees to prepare Financial Siatcm¢nts for cach financial year which gil'e a rruc and fair I'iew of the statc of affairs of the Chariry and of the incoming resource5 and application of resources, including the income and expendiwre. of ihe Charity for that period. In Preparing those Financial Statements ihc Trustccs arc required to.. select suitabl¢ accounting policies and apply them consistently: - obscrvc th¢ m¢ihods and principles in the Housing SORP 2018: mak¢ Judgements and eslimates that are reasonable and prudeni- and prepare the Financial Statements on a going ¢onc¢m basis unless il is inappropriale io presume that the Charily will continue in business. The Trustees are responsible for keeping prop¢r accounting records which disclose, with reasonable ac¢ura¢y at any time. the linancial position of the Charil>' and lo enable Ihem io ensure thai Ihe Finan¢i¥l Stalements Comply with the Charities Act 2011 and irust d¢cd provisions. They are also responsible for safeguarding the asseis of the Charity and hen¢c for thkn.ng reasonable sieps for the prevention and d¢t¢Clion of fraud and other irregularities. Statement as to Disclosure of Information to Auditor5 So lar as the Trustees are aware, Ihere is no relevant audit infornation of which th¢ Charity s auditors are unaware, and each Trnst¢¢ ha5 taken all the steps thai they ought io hav¢ taken 05 a Trnstcc in order to make th¢ms¢lv¢s awar¢ of any rele%'ant audii inforniaiion and to estsblish that the Charity's auditors are aware of Ihat infom)aiion. Page 3
The New College of Cobham Report of the Trustees For the I'eAr Ended 31st Nlllr¢h 2074 The Trust¢es have appro.ed the report above for the ear ended 31 March 20?4 and have authorised me io sign 1¢ on their behalf. R Cooper- Presideni Dat¢ of Approial.. Pagc 4
IndependeDt Auditor's Report ¢0 the Trustees of The New. College of Cobham We hae audited the Financial Statements of The New College of Cobham for th¢ ycar ended 31si March 2024 comprise the Stat¢m¢nt of Financial Acti%'iti¢s. Statcmcnt of Financial Position and Notes to the Financial Siatemenis. including A swnmary of significanl accounting policies. The financial reportin framework thai has b¢en applied in th¢ir pr¢paration i% applicablc la and Uniied Kingdom Accounting Siandard5. including Financial Reponing Siandard 102 The Financial Reporting Sianiknd appliLable in the UK and Republic of Ireland, Iuniied Kingdom Generally Accepted AccouniÈng Pra¢tice}. Opinion on Fin*ncial Statements In our opinion Ihe Financial STaiemenis'. give a rrue and fair view of ihe stste of the Chariri s affairs &% ot 3 Isl March 20?4 and of lis incoming resources and application of resources, including its in¢om¢ and expcndilure, for the year then cndLd: have been properly prepared in accordqnce with Umted ngdO[n Generally Accepted Accounting Practice. and have be¢n prepared in accordance with the requiremenls of the scheme sei up under th¢ Charities {The New Collcge of Cobhaml Order 1978. Ihc Chariics Aci ?01 l. the Aci of Parliameni of ¢h¢ year 1597 and amended by Section 14 of the Rochesler Bridge Aci 1908. Ba$ls for oplnlon W¢ conducted our audit in accordance with International Siandards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitlLS under ihose $iandards are furth¢r de8crib¢d in thc Audiiors, rcspon5ibilitie5 for the audit of the financial $iat¢m¢nis s¢ciion of our report. We are independent of th¢ Chariiy in g¢cordan¢e with the thhical requirements that are relevant to our aLidii of the financial siatemenis in rh¢ LIK. including Ihe FRC'S Eihical Standard. and the pro&'isions al'ailablc for small eniiiies. in the ¢ir¢umstances sei oul in note thirteen lo the financial statemenis. and we hav¢ fuifill¢d our other ethiLal r¢spunsibiliti¢s in accordance with ihese requirement%. 11 e belieKe that the audit efvidenLe we hal'e obtained is sufficient and appropriaie to pro%'ide a basis for our opinion. Con¢lu$long rel¥tlng to golng eontern In auditing ihe financial s¢alcmcnt5. wc have concluded ihai the Tru.sitts' us¢ of th¢ going ¢onc¢m basis of a¢couniin8 in th¢ preparation of the financial statements is appropriate. Bascd on the 'ork we hai'e perfonned. we haie noi identified any material un¢¢rLiinii¢s r¢l)ting to ¢entS or conditions that. individually or ¢olle¢iiv¢ly. may ¢ast 5ignifi¢ant doubt on the Cliarity's ability to continue as a going concern for a peri(xl of ai l¢a31 tweli'e months from when the financial stp¢ement5 are authorised for issue. Our responsibilities and the r¢spon$ibiliiies of ihe TnLStees with re5pe¢t w going concem are described in the relevant sections of this report. Other information The Trustee5 ar¢ r¢sponsible for the other infomiaiion. The other inforniation comprises the infomation in the Report of the Tn]st¢¢s. but doc5 not includc thc financial statements and our Repon of the Audiiors ther¢on. Our opinion on the fn¢la1 stat¢m¢nts does noi cover the other infornution and, except io the extent oihetwise expltciIIy 5tat¢d in our report. w'e do not express any forn) of assurance conclusion thereon. Page S
Independent Auditor's Report to the Trustees or The le. College ofcobbam Other information (continued) In connection w'ith our audil of the financial statcments. our responsibility is lo read ihe other infom)ation and, in doing so, ¢onsid¢r whether the other information is rnalerially inconsistent wilh the financial staiemenis or our know.ledge obiained in th¢ audit or othenvise appears to be materiall>' missraied. If we identify such matcrial inconsisiencies or appareni material misstaiemenrs. we are required to d¢t¢rmin¢ whether this gil'es rise lo a maierial misstatemeni in ihe financial siaiements themsele8. If. based on the work we have perfornied. we conclude ihai there is a material misstatement of ¢his other infornmtion, we are required to rewrt ihat fact. We hai'e noikn'ng to report in ihis regard. latters on which we are required to report bi ex¢eptlon In (hL lighi of ihe knowlLdgL and und¢rsiandinK of th¢ Chari¢y and lis environmeni obtained in the course of the audit. we have noi ideniified materittl misslat¢tnenls in the RewTrrt of the Trustees. Re$pon$lbllltles of the Trn$tee$ As explaincd more fully in thi Statement of Tntees, Responsibiliiies s¢1 oui on page tw'o. th¢ Trustees are responsible for the preparation of the financial siaiemenis and for being saiisfied Ihat ihey giv¢ a true and fair view, and for such iniLrnal control as the Trusiees deiermine necessary to ¢nabl¢ the preparation of financial statemenls that are free from material missiaiement. w'heiher du¢ io fraud or error. In preparing the financial statements. the Trustees ar¢ r¢s1b1¢ for assessing the Charity's ability ¢0 continue as a going concern. d110S1n8. as applicable. man¢rs r¢lated 10 80in8 ¢onc¢rn and using the ¥oing Concern basis of ac¢ounlin8 unless th¢ Trustees eiiher intend to liquidaie ihe Charity or to cease operations. or have no realisti¢ ali¢rnatii'e bui io do so. Audltor's responsibllltle$ for the *udl¢ of Ihe Ilnlnclal statemenls Our objeLliv¢¥ are io obtain reawnable assuranLc aboui 'h¢theT the financial statements as a whole are free from mJi¢rial mi&%ialemcnl. whcihcr duc to frnud or error. and to issue a Repon of the Auditors that inLludes our opinion. Reasonable assurance Is a high lei'el of assurnncc. but is nol a guarantee thai an audii conduLi¢d in accordance 'Ith ISA5 IUKI will always delect a maierial misstaiemeni w.hen il exisis. Misstatem¢nt% cJn arisc from fraud or error and are considered material if. indiKidually or in the aggregate. Ihey could rLasonably bc expected io Influence the economic decisions of users tsken on the basis of ihese finan¢ial slalements. Th¢ ¢xtent to which our predureS ar¢ Capable of d¢iec¢ing irregularities. including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non4omplian¢c M'ith laws and r¢gulaiions. th'as as follows. The engagement partner ensured that the engagement team colleciivel). had the appropriate competence. capabiliii¢s and skills to identify or recognik non<ompliance with applicable law's and regulations. We identified the laws and regulations applicable to the Chariiy through discussions with Ttustees and oth¢r tnanagcmcnt, and from our commercial knowledge and experience of the business sector; We focused on Splf1¢ laws and regulations which we considered may hai'e a direct material effeLi on the finaTLcial st&t¢m¢nlS or the opcrations of ihe Charily. including taxation legislaiion and data protection. anli-bribcry, cmployment and health and safery legislation: We assesscd the extent of compliance with the laws and regulatio identified above through making enquiries of Tnanagement: and Pa8e 6
llldependent Auditor's Report to the Trustees of The le. College of Cobham Auditors, responsibilitie5 lor the audit of the financial 5talement$ {coDtinued) IdLniified law's and regulations 'ere communicaicd '1th1n le audit tcam regularly and th¢ team remained alert io instances of non-compliance ihroughoui ihe audit. Wc assc5sed th¢ sus¢eptibiliiy of the Chariry's financial statements io maierial misslatement. including obtaithing an understanding of how fratsd might occur. by-. Making enquine5 of managernent as to where they considered there was susceptibility io frdud, their knowledge of actual, su5pe¢ted and Jlleged fraud: and Considering the internal controls in place to miligaie risks of fraud and non-compliance with laws and regulations. To address ihe risk of fraud ihrough managemeni bias and o%erride of conlTols, we: Perfomed analyiical procedures to id¢niify any unusual or unexpected relationship5- -Tested Journal enlries io iden¢ify unusual transactions: A5scssed whether judgements and assumpiions made in detemiining lh¢ a¢couniing estimates were indicati&'e of potenlial bias: and Invesliguied the rationale behind significant or unusual transaclion5. In rebponse io th¢ risk of irre8ulariiies and non-compliance with laws and regulaiions, we designed proLedures whiLh inLluded. bui were noi limiied to.. - Agreeing financial statem¢ni disclosures to underlying supporting documentation. and Enquiring of mana¥emeni to actual and poieniial litigation and claims: A further descriplion of our responsibililies for ihe audii of the financial siai¢menis is located on the Financial Rcporting Cguncil's website at wWw.fr¢.org.U&vd1tOrsrcsp0n$1bIlitI¢s. This description fornis pan of our Report of the Audiiors. Page 7
Independent Auditor's Report to the Trustees of Tbe Nem College of Cobbam Use of our report This report is made solely to the Charily's Trustees. as a body. Our audit work has been undertaken so that w¢ might slate io ihe Chariiy's Trustees those matteT5 we are rcquired to stale to th¢m in a Report of the Auditors and for no other purpose. To the fullest extenl pennittcd by law. we do noi accept or assutne responsibility to anyone oiher ihan ihe Charity and the ChariW5 Trustees as a Erf)dy. for our audit work, for this report. or for the opinions we have fomled. Natalie Harrison FCA FCCA CTA TEP (Senior Sthiuiory Auditor) for and on behalf of Beak Kemmenoe Chartered Accountants & Statutory Auditors 1-3 Manor Road Chatham Keni ME4 6AE Dale: 9 April 2025 Page 8
The ev* College of Cobham Statement of Financial Actii'ities For the Year Ended 31st March 2024 20?4 2023 Noi¢s INCONIE AND EYDOMTrIENTS FRONI: Charitable actil'ilies Investments 231.855 3.208 221.161 1.420 Total 235.063 222.581 EXPENDITURE Oi%: Charitable a¢iiN'ities 401,467 204,713 Total 401.467 204,713 OPERATING SURPLLSI(DEFICIT) 166.4041 17.868 NET GAIN'S AD LOSSES O INN'ESTIIEYTS: Gain&'lloss¢s) on invesimeni assets 11.8041 TOTAL COIIPREHEINSIVE IYCOIIE AND NET lOvE1]EN'T IN FLNDS 152.495) 16,064 RECON'CILIATIOY OF FUliDS: Total funds broughi (orward 1.383.228 1,367.164 TOTAL FUYDS CARRIED FORWARD .230.733 1.383.228 COYTIYUIliG OPERATIONS All income and expenditure have arisen from continuin8 actii'ities. RESTRICTED FUNDS No restrictions have been placed on any of ihe Charity's incoming re50ur¢eq in the year and a¢¢umulared funds brought forward. Funds are used in accordance with the charitable obJ¢¢iii'es at the di5¢r¢tion of the Trustees. Page 9
The iNeiTr College of Cobharn Sta¢ement of Financial Position At 315t l¥larch 20?4 20?4 ?02) Notcs FLD ASSETS Houiing properiies Other propert). tnkesiments 10 10 922.669 37,200 128.495 940,441 114,i86 1,088.364 1.09• 117 CL'RREIST A.S.%ETS Stocks Dcbtors Cash ar bank and in hand 4,S94 1,076 163 14? 4,)94 7,688 30i.06! 13 169.012 317,34) CREDITORS Amounr lJlling diie ii'iihin orte )'ear 14 126,6431 126,3441 LYET CL RRt.NI' ASSET5 14? 369 291,001 TOTAL.4SSETS LESS CURRENT LIABILITIES 1230.733 1,383 ??8 PET.4SSETS 1.230,7i3 1.393 ??8 Unresinct¢d bjnds 1.210,733 1.383 ?28 TOT.4L FLINDS 1 ?30.733 The Financial Srat¥menis iver¢ approied by rhe Board of Trusie¢s on behalf by.. IW/ZS Jnd '¢re signed on 115 R Coop¢r- Presid¢nL R DN'mond DL- Tnlstee Paee 10
The Ne. College of Cobham Notes to the Financial Siatements For the Yegr Ended 315t hlarch 2024 STATUTORY INFOR,IIATIO The Ncw College of Cobham is a registered Almshouse Chariry goi'erned by Act of Parliament of 1597 and by th¢ Chariiies Act 201 l. The Chariry's registered number and prin¢ipal office add5$ can b¢ found on page l. ACCOUNTING POLICIES Basls of preparing ihe Financial Sttem¢nts Th¢ financial siatem¢niN of the ChariN' ar¢ prepared in accordance wilh UK Generally A¢¢epted A¢¢ouniing Practic¢ ILK GAAPI including The Chariiies SORP Financial Reporting Standard l Q2 'Th¢ Financial Reporting Siandard applicablc in the Uniied Kingdom and Republic of Ir¢lond' IFRS 1021 and ihc Housing SORP ?018.. Siaremeni of Re¢ommendcd Practice for Registered Social Housing Providers and compl). wilh the Accounlin¥ Dir¢¢iion for PTivate R¢gisiered Providcrs of Social Hou.sing 2019. excepi thai Certain freehold PTOP¢Tty is shown al ialuaiion whi¢h is explaincd in more detail in Note 9. The finan¢ial sthtements have been prepared und¢r the historical cosi convenlion. The Charity is a public benefii entity. The provisions of Seclion IA 'Small Entities" of Financial R¢poning Standard 102 "The Financial Reponing Sianddrd applicable in the UK and Republic of Ireland" and the Chority SORP do not require a small entity lo pruduce a cash flow siaiement. The Charity has taken ad%'yniage of this exemption. The functionul and preseniaiion curr¢ncies of ihe financial statements are Pound Sierlin81£1. Golng ¢on¢ern The Tru5t¢cs have reviewed future budgets and cash flow projeciions in conjunction with the current economic climat¢. in order to express an opinion on thc adequacy of workn'ng capiial and thc ability for ihc Charity io continue as a goin8 concern for thc foresccable futur¢. The Trustec5 continul to forecasi that the Charity will operate within its financial constraints for a period of at leas1 12 months trom rhe approval of the financial slatements. There are no material uncertainti¢s aboui the Charity's ability io continue. Income All income is recognised in rhe SOFA oncc the Charity is entitled io the funds. it is probable that the in¢ome will be Teceii'ed and Ihe amount can be measured reliably. Grants and donations are only included in the SOFA when ihe Charity has unconditional ¢ntitlemenl to th¢ r¢solces. Gain&'llossesl on inve5tm¢nt assets includes any gain or loss on the sale of investments and any gain or loss rcsuliing from revaluing investtnens io markct value ai the end of the year. Eipendlture Liabilities are recognised as expenditure as soon as there is a legal or constructiv¢ obligation commilting the Charity to that expenditure. it is probable Ihai a Iransf¢r of economic benefits will be requir in setilemeni and thc amouni olthe obligation can be mcasurcd reliably. Page 11
The i%eM College of Cobhm Yote5 to the Fin#ntial Statemenls- continued For the Year Ended 31st March 2024 ACCOLi%TING POLICIES 40ntinued Charltable Activities This compiise5 all the resources expended by the ¢hariry in undertaking its work to m¢¢1 its charitsble objectie$. It includes both the direcl costs of charitable aciiN'ities iogether lth the support costs incurred that ¢nabl¢ these acrivities io be undenaken. The Charity docs not spend r¢sour¢es raising donation% and l¢ga¢i¢s. all expendinwe has been ¢aiegorised as charitable expenditure. Repairs and renewals Major building Improvemenis are capitslised. the costs of mainiaining the buildings are written off as incurred. The toial expenditure on works io exisling prop¢rti¢s during the reporting period amounied ¢0 £263.05912023.. £82.155). all of which has IKen charged io ihe SOFA. T4xatloTr The ¢ntity is a registered charity and as such lis income falling within Seciion 5?4 of ITA 2007 arc exempi from Corporation Tax to the extent thai they are appliLd to its charitabl¢ purpose. Fund a¢¢t)unt$ UnrLStriLtcd funds can b¢ used in accordance with th¢ charitable objectiTr'es ai ihe dis¢r¢tion of the trustees. There are no funds wilh additional re51riciions. Tgn8ible fixed Issets The Chari¢y's buildings are classified as properry. plani and equipmeni as ihey are used in achieving the Charity's objeclii'es rather ihan held for investment PUTpose5. Th¢ CollegL buildings are maintsin¢d to a high stale of repair so it is considLred that thc residual valu¢ Temains above cosi. accordingly no depreciaiion is charged. A historic valuaiion is used in place of initial ¢osi. The freehold land is hcld at a historic valuation in place of cost and is noi depreciated. The Trustees have depre¢iai¢d the Stonehouse Ywd buildings over fifty ye4r5 representing their estimatcd useful life. Investment Investments are lisied equity investmenis inilially measured ai fair value 1th any subs¢quent fair value gains or losses rccognis¢d tn the SOFA. Fa value Is d¢ierniined by the quoted market pri¢¢. Listed investments are categ0ri5ed as fixed assets as the Charity plans to use its bank assets to fund ils chariiable expenditurc and .111 only consider selling the inv¢sth)ents once these have been d¢pl¢t¢d. Cash held iti interest bearing bank accounts is categorised as c&sh at bank. Stock5 Sto¢ks are valued at the lower of cost and net realisable value, after making due allowance for obsole1¢ and slow moving items. Flnanclal instruments Financial assels and fillancial liabili(i¢s are recognised .hen the ChariN becomes a party to the cOntracal provisions of thc instrum¢ni. Financial liabiliii¢5 aDd equity ins(ruments arc classified according io the substance of ihe contra¢tual arrdngements entcred into. Pa8e 12
The Nem. College of Cobha Notes to the Financial Siatements- continued For the Year EDded 31st illartb 2024 ACCOU'liTIYG POLICIES 40ntinued Finaneial Instruments Icontlnuedl All linancial assets and ligbiliti¢s are intiially measured at transaction pri¢e (including transaction ¢osts}. except for those financial J%sets classified at fair ialue through profit or loss. w.hich ar¢ initially mea5ur¢d ai fair i'aluL I.h1¢h is nornially the trnnsaction price ¢x¢luding Iransaction costs). unless the arran8¢m¢nt consiitules a financing rransaclion. If an arrangetnenl consiitutes a financin8 transaction, the financial asset or finanLial liabiliry is measured ai ihe present value of the future payments discoun¢ed ai a markei rdte of inieresi for a similar debi insirumenl. Financial assets and liabilities are only offset In ihe balance shcet .hen. and only when there exist5 a legally enforceable right to set off Ihe recognis¢d amounts and th¢ Chan'iy iniends either to sertle on a nei basis, or io realise thc assei and s¢llle ihe liabilily simulianeously. Debt instTumentg ihai comply with all of ihe condition of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instrnments thai do noi meel the condilions of FRS 102.11.9. the Charity considers whether the debt insirument is consist¢ni with ihe principle in pardgraph I1.9A of FRS 102 in order io d¢terniinL whether it ¢an be classifi¢d as basic. InstNmcni% ¢lassified 'basi¢' financial instrumLnts ar¢ measurcd subs¢qu¢ntly at amortised ¢osi using thc effective inEercsi meihod. Debt instruments ihat have no stated inlere%i rote land do not constiwi¢ financin8 transa¢iionl and are classified as payable or r¢c¢ivable N'iihin one year are initially measured at an undiscounted amounl of the c45h or oiher consideraiion expecled io be paid or received. nei of impaimieni. Wilh the excepiion of some hedging insirumenls. other debt instTumenis noi meetin8 conditiuns of being 'basic' financial instrumenis are measured at fair value ihrough profit or loss. Financial &%sets are derecognised wh¢n and Only when al Ihe contractual rights to the cash flows fvom the financial ass¢1 expire or ure settl¢d, bl rhe Charity transfers lo another pany substantially all of the ri5k5 and r¢'ardS of ownL Tship of the financial ass¢t. or ¢1 Ihe Chthrily, despite having rctained some, bui not all. signiflcani risks and rewards of ownership. ha5 transferred conlrol of ihe asset io another party. Financial li8biliiies are dercco8nis¢d only whcn ihe obligalion spe¢ifi¢d in the contract is discharged. cancelled or expires. Critlcal Accountlng Judgements and ke>. source5 of eslim#tlon uncertainly In the application of Ihc Chariiy s accountiiig policies. the Trustc¢s are required to make judgement5. estimates and assumptions about the carylng amounts of assets and liabilities that are nol readily appaT¢nt from oiher sources. The esiimate5 and sOCIal¢d assumptions are based on historical experience and other facfors thai are conSid¢d to be relevant. Actual results Tnuy differ from these estimat¢s. The esiimales and underlying assumptions are re%'iewed on an ongoing basis. Revisions to accounting estimates are recognised in ihe period in H.hich the e%thmaie is revised if the reIS1On affects only thai period. or in the peTiod of the rci'ision and future penods if the revision aff¢¢ts both current and funjre periods. Thc Trustees have concluded that the crittcal judgement in preparing the financial statements is the valuation. useful life. and d¢pr¢¢iation policy of th¢ Chariry s buildings. The Trustees hav¢ concluded that th¢ College building5 are mainiained io a high siaie of repair and it is considered thai the residual valuc rcmains aboN'e cost, accordingly no depT¢ciation is charged. The Trustees haN'c Concluded that the Stonehouse Yard buildings should be depreciated over fify ycat5 representing thcir estimated Useful life. Pa8¢ 13
The le. College of Cobham Note5 to the Financial StaieTnents - conrinued For the Y¢gr Ended 31st Marcb 2024 IYCONIE FRONI CHARITABLE Acfii"ITIES 2024 2023 Accommodation chaTges and guest flat reni Fartnland rental 229.065 2.790 218.371 2,790 231,855 291,161 INVESTNIEI%T INCONIE 2024 2023 Interest receivable 3.208 1,420 CHARIT ABLE ACTII'ITIES EXPE%DITL¥RE 2024 2023 Warden expenses Inburance Auditors, remuneration Electricity Fuel oil Waier and sewage Telephone 7.)41 6.272 3.560 43,956 14,184 S.XY6 1.359 7.046 5,374 3,410 32,436 20.365 7.052 1,023 k 11 Cleaning SubsCriPtion5 8nd donations Wages Administration costs Repair8 and maintenance Gard¢ning and paih maintenance Catering DepT¢¢iation Bank charges Interest payable 1.230 961S 18,627 72 263.059 14,330 2.440 17.772 388 113 1,560 1,125 14,980 356 82.155 8.?63 1.415 17.772 322 59 401,467 204.713 Repairs and mainienance ¢0s1S include5 £217.836 spent on repairin8 the roof of the college building in accordance with the quinquennial repoTt. ENIPLOYEES The ai'erage number of employees during the period was 112023 -11. the Clerk to the Coll¢g¢ is the only paid ¢mploJee. Page 14
The Nem. College of Cobham Notes to the Financi31 Statements- Continued For the Year Ended 31st Mar¢b 2024 GAINS ON I%I'EST%IENT ASSETS 2024 2023 GaiThllloss) on Charities Official Ini'¢siment Fund 13,909 1,804) NET DEFICIT The nel movement in resources is 8tsied after charging.. 2024 2023 Auditor4, remuneration for auditing ihe aecounts Audiiors. remun¢ra(ion for a¢¢ouniancy setN'ices Staff costs D¢preciaiion 2.?50 1.310 18.627 17.772 2.150 1,260 14,980 17.772 TRLSTEES. RENILThERATION AND BEYEFITS The Trubtees received no remuneration or r¢imbursemeni of expenses for their 5ervi¢es durin¥ the year12023 - norte}. £70 w&s payable to the Trslee5 ai lh¢ reporting dale {2023.. Nil). 10. TAYCIBLE FIXED ASSETS Sionehouse Yard buildings College buildings Fr¢¢hold lamiland Totals COST At 151 April 2023 and at 31$1 March 2024 332.121 888.623 37,200 1.257.944 DEPRECIATIONI At I st April 20?3 Charge for year 280.303 17.772 280,303 17.772 At 3 1st March 2024 298.075 298,075 I%ET BOOK I'ALUE At J 1st March 2024 332.121 590.548 37,200 959.869 At 3 1st March 2023 332.121 608.320 37.200 977,641 Page 15
The ye. College of Cobham otes to the Financial Statements - CODtinued For ihe l'ear End¢d 3151 Mar¢h 2024 TAI%GIBLE FIXED ASSETS- contlnued Grants The Losts of the properties in¢lLMled above are suied after grants received which are analysed a5 follows= Sionehouse Yard buildings College buildings Freehold farniland Toials Gross cost Grdnis received 731.J98 399.277) 1.840.196 951.5731 37.200 ?,608,794 1.350.850) ¢1 cost 332.121 888.623 37.200 1.257.944 V4luAtion The College buildings w'ere valued nominally at £50,0(Kl on 31 O¢tober 1979, subsequent improvemLnls have been included ai cost. The Freehold farmland was valued ai £37.200 on 31 March 1983. 11. FIXED ASSET INVESTNIENTS Lisied Investrneni MARKET N'ALUE Ai I 51 April 2023 R¢valuaiion 114,586 13.909 A13 1st March 2024 128,495 The original cost of the fixed assei investments is £IO.172 (2023 £10,172). 12. STOCK 2024 2023 Leaflets 4.594 4,594 P8ge 16
The Yem. COlle of Cobh* l%otes to the Financial Statement5- COntiThued For the Year Ended 31st Nlar¢b 2024 13. DEBTORS: A,%IOU)'TS FALLING DLE WITHIN ONE YEAR 2024 2023 Trade debtors Other debiors 1,076 2,790 4,898 1.076 7.688 No provision has been recognised in resprfi of the rent arrears12023'. Nil) as they are considered fully r¢covernble. 14. CREDITORS: AloLTs FALLING DLE IN'ITHIN ONE YEAR 2024 2023 Trade ¢rediloTS Social 4ecurily and other taxes OihLr crediturs and accruals 3.237 651 2,646 26.643 26.344 IS. CAPITAL CO%IMI ITNIENTS Ai 31 March 2024 ih¢re were no outstanding contrnctual commitments for capital expendiiure. 16. PRON'ISION AI'AILABLE FOR S1ALLER ENTITIES Th¢ Charity uses its auditors 10 assist with the prepardlion of lh¢ Financial St&tcments. 17. RELATED PARTY DISCLOSURE There have been no relaled parry tran$8¢iions. Page 17