Coventry Building Society Charitable Foundation (a company limited by guarantee) Trustees, Annual Report & Financial Statements 31 December 2023 Registered number 03662832 Registered Charity number1072244
Coventy Building Society Charitable Foundation Trustees, Annual Report and Financi Slalemenls for the year ended 31 December 2023 CONTENTS TRUST INFORMATION TRUSTEES, ANNUAL REPORT RESPONSIBILITIES OF TRUSTEES INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF COVENTRY BUILDING SOCIETY CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES 11 BALANCE SHEET 12 STATEMENT OF CASH FLOWS 13 NOTES TO THE FINANCIAL STATEMENTS 14
Coventry Building Society Charitable Foundation Truslees, Annual Report and Finanual Stalemenls for the year ended 310ecember 2023 TRUST INFORMATION Company number 03662832 Charity number 1072244 Trustees Mallhew Mannings Tina Jones Kevin Purvey Secretary Gurdeep Boparai (app)inled 29 June 2023) Laura Keogh (resigned 29 June 20231 Registered offico Covenlry House Harry Wesion Road Binley Covenlry CV3 2TQ Independent audltors PrWaterhOUseCcrf)pers LLP 1 Hardman Square Manchester M3 3EB Bankers Coventry Building Society Coventry House Hariy Weston Road Binley Coventy CV3 2TQ
Coventry Building Society Charitable Foundation TTuslees' Annijal Repoil and Financial Slalements for ihe year ended 31 Dember 2023 TRUSTEES, ANNUAL REPORT The Trustees, who act as Direclors for the purposes of (x)mpany law, have pleasure in presenting the Trustees, Annual Report together with the audited finanrial slatemenis for the year ended 31 December 2023. The financial slalemenls have been prepared in accordance wilh Ihe accounting policies sel oul in note 1 to the financial slalemenls and comply with the Charily's Irusl deed, Ihe Chaiilies Acl 2011 and Accounting and Reporting by Chaiilies.. Statement of Recommendeil Practice applicable lo charities preparing their financial slalemenls in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trustees do not propose lo prepare a separate strategic rewt as the Charity is exempl from this requirement under s414B of the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS The principal address and regislered office of Coventry Building Socllely Charitable Foundation (the 'Charily') is Covenlry House, Harry Weston Road, Binley, Coventry, CV3 2TQ. Ils registration number is1072244. The Charity Trustees, who act as Direclors for the purposes of company law, are detailed on page 3. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was incorporated in November 1998 as a charitable company. limited by guarantee and has no share C8pilal.11 Is governed by ils memorandum and artides of a&8orialion. The Truslees have given due consideration lo the Charity Commission published guidan on Ihe operation of ihe public benefil requirement. The Tiuslees have the power lo invest money in shares. slocks. funds, secuiilies, land, buildings and or other investments or property, as seen apwopriale. However. no such inveslm8nls have been made in either the cuirenl or prior yeaf. There are no empbyees of the Charity. The expenses of the Charity are bome by Coventry Building Society {Ihe 'Sociely'l and the Trustees do not receive remuneration for their servrces (2022.. £nil). The Charily receives funding for onward dislribulion from three main sourtts. Fiistiy, direcuy from the &)ciely there is an annual donation, and, new in 2023, fLFnding from affinity savings actounts. Secondly, there are dorsats'ons on behalf of Society employees in Ihe form of Pennies from Heaven, where monthly payroll amounts are rounded down, with the pennies paid direclly to the Charity. Finally, there is olher funding from the Society's savings members in Ihe form of dormant accounts. The Sociely's annual donats'on and Pennies from Heaven are dislribuled onwards by the Heart of England Community Foundalion, with the funding from affinily accounts and dormant accounts donations distributed directly by the Charily. In addition lo the annual donation from the &tiely, Ihe adminislrakn've expenses of the Charity are tsjme by the Society. The SocAely also piovides secretarial and adminislralive support, use of facilities and lime of ils employees lo assist the Trustees for which no charge is made. Trustees Matthew Mannings and Kevin Purvey are current employees of the TrelY. TRUSTEES APPOINTMENT Nominations for appointment as a Truslee are made based on suitability by eilher the Society or the current Tiuslees. Following appoinlmenl, training is given on the objeclives, aclivilies and governan of the Charily. Trustees are appointed to hold office for no more th seven years in agjregale. COMPOSITION OF THE TRUSTEES There have been no Changes lo the composilion of the Trustees duTing the year to 31 Dember 2023 through to the dale of signing the finan statements.
Coventry Building Society Charitable Foundalion Truslees, Annual Repoil and Finan(xal Stalements for the year ended 31 December 2023 TRUSTEES, ANNUAL REPORT (CONTINUED) OBJECTIVES AND ACTIVITIES The objeclive of the Charity is to provKle a vehide through which the Society can promole and support community and charitable puiposes Ihroughoul the Covenlry & Warwickshire area. Heart ofEngland Community Foundation Heart of England Community Foundation is a registered charity that provides independent grants in the Wesl Midlands and Wan¥ickshiTe. The funds ouuined below feceived by the Charily are given to the Heart of England Community Foundation for onward dislribulion. As al 31 December 2023, £9,17012022.. £1701 of funds have been awarded lo, bul iemain undistribuled by the Hearl ol England Communily Foundatson. This will be dislribuled in 2024. Covenlfy Building Society makes a donalion of £70.000 per annum to the Charity. The Charity reiVeS donations from Coventry Building Souetls Penntes from Heaven sc*eme. The scheme allows the monlhly salary of all Society employees, who have not opted out, lo be rounded down to the nearest pound, with the remainder being donated lo the Charity lo suprmxl the Society's social purposes projects. In 2023 Ihese donations total £12,757 {2022'. £11,892}. Olher Sociely-linked donalions In 2023, a review of the Society's affinily savings woducts has been completed and the simplified product offering has been linked lo the Charily, with the Society making a donation equivalent lo 1% 01 lolal average balances. This "Beller Together. savings produd has generated receipts of £216.463 {2022'. £nil} for the Chaiity in 2023, which has been distributed lo Cenlrepoinl's Coventry Hub, the chosen charily. Cenifep)inl was announced in 2023 as the Society's new corporate chaiily and is the UK'S leading youth homelessness charity. Receipts are also reiVed by the Charity from Ihe Society's savings members through the Society's dormant accounts scheme. Whilst there weie no dormant accounl donaiions received in the cuirenl year12022.' £511,193), this scheme is ongoing and further donations are expecled in future years. These donation routes and dislribulion channels are expected lo continue into Ihe fulure, wilh no plans from the Sociely lo slop any of this funding. This is reflected within the Charily's Framework Agreement with Ihe Society lo ensure appiopriale goveinance and controls remain in pla and operate effectively. All awards are identified as Charity funding when granted. The Charily is iesponsible for using these funds lo provide grants lo support the social purpose work in line with ils objectives. Priority is given lo groups or aclivilies aimed al improving the quality of lile and opportunity among those who are disadvantaged by disability or other factors and al crealing and supporting social and communily developmenl. As such, Ihe monies received have been used to fund projects for a number of strategic community parlneis wilh the intention of the Charity supporling longer-lerm partnerships. This enables the Charily lo have a greater impact, rather than providing one-off funding. The donalions will be dislribuled directly by the Chafily with oversight and approval fof dislribulions carried oul by the Trustees in accordance with due diligence and moniloring prsSeS. As al 31 Dernber 2023, a lolal of £72,77512022: £204,997) remains undislribjled by Ihe Charity. These monies are considefed by the Charity lo be a wholly charitable donalion with no recourse. Monies reiVed in the year bul undislribuled are recognised as donation income in Ihe finanaal statements for the year ended 31 December 2023. The Trustees have examined Ihe main slralegic, business and operalional risks the Challly fas. The main iisks are,. the risk of insufficient fvnds being available lor dislribulion,. Ihe operational risk of the misappropriation of funds,, and the repulalional risk ol inapproptiale donalions being made or donations being made lo a charity that does not meet the crileiia. The Trustees are satssfied that systems are in pla(8 lo mib'gale any exposure lo any such risks. The adminislralive expenses of the Chafity, including the administration fees and annual management fee charged by the Heart of England Community Foundation of £8,189 {2022: £7,OIKI}, are rne by the SoetY. ACHIEVEMENTS & PERFORMANCE The main achievements of the Charity are lo provide donations lo the Hearl of England Community Foundalion for distribution and the issue of direct chaiitable distributions.
Covenlry Building Sociely Charitable Foundation TTuslees' Annual Report and Financial Sialemenls for the year ended 31 Dember 2023 TRUSTEES, ANNUAL REPORT {CONTINUED) The Chaiily makes regular donations from ils funds to a number of selecled local charities and community groups, including the CenlrepNJinl Coventry hub, Yth an emphasis on supporling: Young people, particularly those who are disadvantaged., Vulnerable groups such as Ihe frail elderfy, people with physical disabililies, learning difficJJllies and those who ale living with a mental heallh issue., and Small neightry)uihood groups in areas %vthere Ihey are experien(#ng Ihe grealesl disadvanlage. Please refer lo Ihe Objectives and Aclivilies section for furlher infomialion. GOING CONCERN The Charily is funded by donalions frcrfn the Society. ils members (Ihrough (k)rmanl savings )unIs1 and Society employees. The Charity itself does not require funding as the Sociely provides. and will continue lo provide, facilities and lime of personnel. Therefore, there are no material uncerlainlies ab1 the Charity's ability lo continue as a going COn1n for the foreseeable future. FINANCIAL REVIEW In line with the Charity's objectives, the Charily has reived tolal incomeof£303,862 {2022: £595.6431. After donations and expenses, the nel expenditure for the year amounted to £170,9g3 (2022.. nel income of £232,143}. The 8c¢umul8led funds available for fulure distribution are £76,55512022.. £247,548) as al 31 December 2023. All funds al Ihe end of the reporting period are unreslricled. The Trustees have Ihe power lo Invest money in shp4es, slod(s, funds, securities, land, buildings and or other Investments or properly, as they think fil. However, no such investments have been made in either the currenl or prior year. Funds awaiting dislribulion are held on short lemi deposit. It is nol Ihe intention of the Twstees, In the bng term, lo create and hold undistributed reserves. PLANS FOR FUTURE PERIODS The Charity plans lo continue lo operate wilh its current aims and obie¢b'ves In future periods, and fund ils ¢harilable donations through ongoing funding slreams. FUNDS HELD AS CUSTODIAN FOR FUTURE PERIODS Neither the Charity nor Ihe Tiuslees on ils behalf holds any assets for another tharity. INFORMATION FOR AUDITORS The Trustees who held office al the dale of approval of this Ttuslees, Reporl confimi Ihal, so far as each of them is aware, there is no relevant audit infomialion of whith the Charity's audilors is unaware, and each Trustee has taken all Ihe sleps Ihal they ought lo have taken as Trustees lo make Ihemselves aware of any ielevanl infrnatIon and to establish Ihal the Charily's auditors are aware of that information. INDEPENDENT AUDITORS Pricewaterhousecoopers LLP has indicated ils llingneSS to remain in office. Therefore, a resolution for Ihe re- appointment of Pricewalerhousecoopeis LLP as auditors of Ihe Charity will be pioposed al the forthcoming Annual Trustees, Meeting. Signed on behalf of the Truste Matthe Trustee 20 June 2024 annings
Coventy Building Sociely Charitable Foundation Trustees, Annual Reporl and Financial Sialemenls for the year ended 31 December 2023 RESPONSIBILITIES OF TRUSTEES The trustees (who are also direclors of Coventry Building Soc4ely ChaTilable Foundaiion for Ihe purposes of company law) are responsiLle for preparing the Twslees, Annual Report and the financial statements in COrdanCe with applicable law and regulation. Company law requires the trustees lo prepare financial slalements for eath finanaal year. Under that Saw the Iruslees have prepared the financial slalemenls in ac%ordance with Uniled Kingdom Accounting Slandards, comprising FRS102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland. and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees musl nol approve Ihe financial slalemenls unless they are satisfied Ihal they give a true and lair view of the slate ol the affairs of the charitable company and of ihe incoming resour$ and application of resources, induding Ihe income and expenditure, of the charÈlable company for Ihal pericKI. In preparing these finanual statements, the Iruslees ale required lo.. select suitable wxounling policies and Ihen apply them L)Jnsislenlly', observe the methods and principles in the Statement of Recommended Practs.: Ani1n9 and Reporting by Charilies120191; make judgments and eslimales that are reasonable and prudent., slate whether applicable UK Accounts'ng Standards, comprising FRS 102, have been followed, subject lo any material departures disdosed and explained in the financial slalements,. and prepare the financial sialements on Ihe going (nrn basis unless il is inappropriate lo presume Ihal the charitable company wll conlinue in bjsiness. The Iruslees are responsible for keeping aJequ8te accounting records Ihal ar8 sufficient lo show and explain the harilable company's transactions and di%h)se wilh reasonable accuracy al any lime Ihe financial position of the charitable company and enable them lo ensure Ihal Ihe financaal slalements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of ihe tharilable company and hen lor taking reasonable steps for the prevention and detection of fraud and oiher irregularities. Legislation in the United Kingdom govwning Ihe pieparalion and disseminalion of financial stalemenls may differ ffom legislalion in olhei jurisdictions.
Coventry Building Society Charitable Foundation Trustees, Annual Report and Financial Statements for ihe year ended 31 Dember 2023 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF COVENTRY BUILDING SOCIETY CHARITABLE FOUNDATION Report on the audit of the flnanclal statements Opinion In our opinion. Coventry Building Sociely Charilable Foundation's financial statements (the 'financial slalemenls'l.. give a true and fair view of Ihe slate of the charitable companls affairs as al 31 Dernber 2023 and of ils incoming resources and application of resources, including its income and expenditure, and cash flows, for Ihe year then ended., have been proFerly prepared in accordan with Uniled Kingdom Generally ACpIed Accounting Praclice {Uniled Kingdom Accounling Standards, including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable lawl- and have been prepared in accordance wilh the reqijirements of the Companies Act 2(6. We have audited the financial slalemenls, included within Ihe Trustees, Annual Report and Financial Slalemenls Ilhe "Annual Report"), which comprise.. the balan sheet as al 31 December 2023: the slalemenl ol financial activities lincorporaling an income and expendiluie account) and the slalemenl of cash flows for the year then ended. and the notes lo the financial slaiements which include a deptiOn of snIficant accounting policies. Basls for Oplnlon We Conducled our audit in accordance wlh Inlernab'onal Standards on Auditing (UK) I'ISAS (UK).) and applicable law. Our responsibilities under ISAS IUKI are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our reporl. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Independence We remained independent of the charilabEe company In accordance with the ethical requirements that are relevant lo our audit of ihe financial slatemenis in the UK, which includes the FRC'S Ethicaj Standard and we have fijlfilled our other elhical responsibilities in accordance with Ihese requirements. Conclusions relatlng to golng concern Based on the work we have performed, we have not identified any malerial uncertainties relating to events or condilions that, individually or colleclively, may cast significant doubt on ihe charitable company's ability lo continue as a going cOn[n for a peri(MJ of al least iwelve monlhs from the date on which the finanaal slalemenls are aulhorised for issue, In auditing the financial slalemenls, we have conduded that Ihe Iruslees, use of Ihe going conrn basis of accounling in the pparation of Ihe finanaal slalemenls is appropriale. However, because not all fulure events or conditions can be predted, ihis conclusion is not a guarantee as lo the charitable company's abilily lo continue as a going conrn. Our responsibilities and Ihe responsibilities of Ihe trustees with respecl lo going concern are descllbed in the relevant sections of this ieport. Reporting on other informatlon The other information comprises all of the informalion in the Annual Report olher than Ihe financial statements and our auditors, report Iheieon. The trustees are responsible foi ihe other informatson. Our opinion on the financial slalemenls does not cover the other information and, accordingly, we do nol express an audit opinion or, exp1 to the exlenl otherwise explicitly slated in this report, any form of assurance thereon.
Coventy Building Sociely Charitable Foundation Trustees, Annual Reporl and Financial Slalemenis for Ihe year ended 31 December 2023 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF COVENTRY BUILDING SOCIETY CHARITABLE FOUNDATION {continued) In connection with our audit of the financial statements. responsibilily is to rej the other infotmalion and, in doing so, consider whether the other informalion is materially inconsislent with Ihe financial statements or our knowledge obtained in the audit, or otherwise appears lo be malerially misslaled. If we identify an apparent material inconsistency or material misslalemenl, we are required lo perfomi procedures lo conclude whelher there is a material misslalemenl of the financial statements or a material misslalement of the other information. If, based on the work we have performed, we conclude Ihal there is a malerial missialemenl of this other informalion, we are required to repDrl that fact. We have nothing lo report based on these iesp)nsikn'lilies. With respect lo the Trustees, Annual Repoil, we aL80 considered whether the disclosures required by the UK Companies Act 20[ and Chaiilies Acl 2011 have been induded. Based on our work undertaken in the course of the audit, the Companies Acl 2006 requires us also to reporl certain opinions and mallers as described below. TSlee$, Annu81 Report In our opinion, based on the work undeilaken In the course of the audil the information given in the Trustees, Annual Repoil for the period ended 31 December 2023 is consislenl with Ihe finanaal slalemenls and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the charilable company and its environment obtained in the course of the audit, we did nol identify any malerial missialemenls in the Trustees, Annual Report. Responslbllltles for the flnanclal statements and the audSt Responsibilities of the trustees for the finan81 slalem&nls As explained mole fully in the Truslees, Responsibilities Slalemenl, the Iruslees (who are also the directors of the d)aritable company for the purposes of company law} are resnSIble for the preparation of the financial slalemenls in accordan with the applicable framework and for being salisfied thal they give a true and fair view. The trustees are also responsible for such internal control as they detefmine is necessary lo enable the pfeparalion of financial slalemenls Ihal are flee from material misslalemenl, wheiher due lo fraud or error. In preparing the financial slalemenls, the Iruslees are resp)nsible for assessing the charitable company's abilily lo continue as a going concern, disclosing, as applicable. matters related lo going concem and using the going concem basis of accounting unless Ihe trustees either intend to liquidale the charilatde company or lo cease operations, or have no realistic allernalive bul to do so. Auditors, responsibilities forlhe 8udil of Ihe financial sl8lements Our objectives are to obtain reasonable assuran aboul whether Ihe finanaal slalements as a whole are free from maleTial misslalemenl, whelher due lo fraud or error, and to issue an auditors, repoil Ihal includes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee Ihal an audil conducted in accordance with ISAS IUKI will always delecl a maleiial misstalemenl when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the gregate, they could reasonably be expecled lo influence the economic decisions of users iaken on Ihe basis of these financial slalemenls. Irregulaiilies, including fraud, are inStanS of non-complian with laws and Tegulath'ons. We design procedures in line with our responsibilities, oullined above. to delect malerial misslalemenls in iespecl of irregularilies, including ffaud. The exlenl lo which our ProdureS are capable of delecling irregularilies. including fraud, is detailed below. Based on our understanding of the charity and its industylenvironmenl, we idenlified that Ihe principal risks of non- Complian wilh laws and regulaiions relaled to the Charities Act 2011, and we considered the extent lo which non- Complian might have a material effect on the financial statemenls. We also considered those laws and regulations Ihat have a direct impact on the financial slatements such as Ihe Companies Act 2006, and Regulation 8 of The Charities (Accoijnls and Reports) Regulations 2008. We evaluated management's IntIveS and OPPOTtunilies for fraudulent manipulation of the financAal slalements {induding the risk of override of controls), and determined that the principal risks were related lo the posting of inappropn'ate manual joumals. Audit predureS performed by the engagement team included..
Coventry Building S(Kiely Charitable Foundation Ttuslees, Annual Report and Financial Slalemenls for the year end 31 December 2023 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF COVENTRY BUILDING SOCIETY CHARITABLE FOUNDATION {continued) jdenti'ng and lesting a sample of manual journal enlries,. and Incorporation of an element of unpredictability in our lesting through altering the nature, timing andlor exlenl of work performed. There are inherent limitations in the audit procedures described alve. We are less likdy lo beme aware of instanS of non.compliance with laws and regLFlalions ihal are nol dosely related lo events and Iransaclions reflecled in financial slalemenls. Also, Ihe risk of not delecling a material misslalement due lo fraud is higher than the risk of not delecling one resulling Ifom error, as fraud may involve deliberate concealment by, for example, forgery or inlenlional misrepreseniallcS or Ihrough collusion. A further description of our responsibilities for the audit of the finanaal stalemenls is located on the FRC'S website al., www.frc.org.uklaudilorsresponsibilities. This description forms pail of oui auditors, report. Use of Ihis report This report, including the opinions, has been prepared for and only for Ihe chaiilable companls members as a body in accoidance with Chapter 3 of Parl16 of Ihe Companies Act 2006 and for no other purpose. We do nol, in giving these opinions, awepl or assume resp)nsibility for any other purpose or to any other person lo whom this repoil is shown or into whose hands it may come save where expressly reed by our prior consent in Wfiling. Other required reportlng Companles Act 2006 exception reportlng Under th8 Companies Act 2006 we are required to report lo you if, in opinion: we have not obtsined all Ihe infomialion and explanations we require for our audit,. or adequate ac¢ounling records have nol been kept or relums adequate for our audil have not been received from branches not visiled by us- or certain disclosures of Iruslees, remuneratson speafied by law are nol m&Je; or Ihe financial statements are not in agreement with Ihe accounling records and returns. We have no exceptions to reKth arising from this responsibility. Entltlement to exemptions Under the Companies Act 2006 we are required lo reporl lo you if, in our opinion. the Iruslees were nol enlilled to prepare financial slalemenls in accordance wilh the small companies, regime and lake advantage of the small companies exemption from preparing a Stralegic Report. We have no exceplions lo reporl arising from this responsibility. David Ashworlh {Senior Slalulory Audilof} for and on behalf of Pricewalerhousecoopers LLP Charleied Accountants and Sialuloiy Auditors Manchester 20 June 2024 10
Coventry Buildin9 Sociely Charitable Foundalion Trustees, Annual Rew)rl and Financial Stalemenls foi Ihe year ended 31 December 2023 STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 UnrestrScted Funds 2023 2022 Noles Income from.. Inveslmenls Donations Total income 4,642 299,220 303,862 2,558 593,085 595,643 Expendlture on: Chariiable activities Total 8xpendlture 1474,8551 (363,5001 1474,8551 {363,5001 Net lexpendlturel I Income 1170,993) 232,143 Reconclllatlon of funds: Total funds brought forward Total fund5 carrled forward 247,548 76,555 15,405 247,548 There are no recognised gains or losses during the ojrrenl year other Ihan the results for the year slated ab)ve (2022.. £nill. All funds are unreslricled. The results are wholly derlved from the continuing operatK)ns of the Chaiily. The accounting policies and notes on pages 1410 16 fomi part of Ihese financial slalemenls. 11
Coventry Buikling Society Charitable Foundation Trustees, Annual Report and Financial Statements for the year ended 31 December 2023 BALANCE SHEET AS AT 31 DECEMBER 2023 REGISTRATION NUMBER: 03662832 2023 2022 Notes Current assets Investments Deblors Total current assets Total net assets 72,775 3,780 76,555 76,555 204,997 42,551 247,548 247.548 The funds ofthe charty: Unreslricled funds Total charity funds 76,555 76,555 247,548 247,548 These financial slalemenls have been prepared in accordance with the provisions applicable lo companies subject to the small companies iegime, in accordance wilh FRS 102 and the Companies Act 2006 Sectson 414. The accounling pjlicies and notes to the financial sialemenls on pages 14 to 16 form part of Ihese financial stslemenls. Approved by the Trustees on 20 June 2024 Matthew Mannings Trustee 12
Coventry Building Society Charitable Foundation Trustees, Annual Report and Financial Slalemenls for the year ended 31 December 2023 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activitie5 Nel lexpensel I CoMe for the year Adiusled for.. Interest from investments Decrease I lincrea5e) in other deblors Net cash flows from operatlng actlvitles (170,993) 232,143 {4,642) 40,000 1135,6351 12,558} {40,000} 189,585 Cash flows from investing activltie8 Inleresl from investments Net cash flows from Investing actlvStles 3,413 3,413 69 69 Change in cash and cash equlvalents In the year Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December {132,2221 204,997 72,775 189,654 15,343 204,997 The accounting policies and noles to the financial slalemenls on pajes 1410 16 fomi parl of these financial slalemenls. 13
Coventry Building ScKiely Charitable Foundation Truslees. Annual Report and Financial Sialemenls for the year ended 31 December 2023 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES BASIS OF PREPARATION The financial slalemenls have been prepared in accordance with the Slalement of Recommended P1acli. Accounting and Reporting by Charities Preparing Iheir financial sialemenls in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland {FRS 1021 and the Charities Acl 2011. The financial slalemenls have been prepared in accordance with the Companies Acl 2006. The financial slalemenls have been prepared on an historical cost basis under the aal$ concept other than as slated below. As slaied in the Trustees, Repoil, the directors consider that il is appropriate lo ntInue to adopt the going concern basis in pieparing the financial slalemenls. DONATION AND GIFTS Donations and gifts are accounted for as Ihey ale received. Any related tax rAedits are )unted for on an acciuals basis. ACCRUALS AND INCOME AND EXPENDITURE Income and Expendilure aclivilies are accounled for in Ihe year in which they take pl, not simply when cash payments are made or received. Where income and expendilure has been rewJnised bul cash has nol been received or paid, a deblor or credilor for the relevant amounl is recorded in the balance sheeL 2. INVESTMENT INCOME 2023 2022 Short term deposil account 4,642 2,558 The investment income is reiVed from an account held wilh the Sely. 3. DONATIONS 2023 2022 Donations from Coventry Building S(Kiety Donations fiom Pennies from Heaven scheme 286,463 12,757 299,220 581.193 11,892 593,085 14
Coventry Building Society Charitable Foundation Ttuslees, Annual Report and Financial Slalemenls for the year ended 31 December 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 4. CHARITABLE ACTIVITIES 2023 2022 Charitable donations made during Ihe year 474,855 363,500 As at 31 December 2023, £9,17012022'. £1701 of funds have been awarded lo. bul remains undislribuled by the Heart ol England Community Foundation and £72,77512022.' £204,997) of donalions from Ihe Society, affinity products and Pennies from Heaven Scheme remain undislribuled by Ihe Foundation. 5, INVESTMENTS 2023 2022 Funds held on deposit with Covenliy Building Society 72,775 204,997 6. DEBTORS 2023 2022 Prepayments and accrued income Other debtors 3,780 2.551 40,000 42,551 3,780 7, RELATED PARTY TRANSACTIONS There are no employees of the Charity. The expenses of the Charity are borne by the Society. The Trustees do not receive remuneralion12022.. £nil}. The audit fee of £20,00012022- £15,000) is bome by Ihe Society. No non-audit services were provided by the Charity's auditors during Ihe year. The Charity deposits donations reived, and wilhdraws donations m&Je, from an account held with the Society. The Charily Teceived £4,64212022.' £2,558) investment income on this K£ounl. Coventry Building Sociely is considered to be a related party. The adminislrab've ext*nses of the Foundation including the adminislratson fees and annual management fee charged by the Heart of England Community Foundation of £8,189 (2022- £7,OCrt)l are borne by the &)ciely. There were no olhef IransactK)ns or balances with any related parties. 15
Covenlry Building &)ciety Charitable Foundation TTuslees' Annual Report and Financial Slalemenls for Ihe year ended 31 December 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 8. CHARITABLE EXPENDITURE Grants were awarded lo the following Charitab foundaiions.. 2023 2022 Indirect charitable expenditure Heart of England Community Foundation Total indirect charitable expenditure 81,892 81,892 70,000 70,000 Dlrect charitable expendlture Covenlry Citizens Advice Positsve Youlh Foundation Grapevine Sl Francis Employability Central England Law Centre Age UK The 8elgrade Theatre Tiusl Cenlrepoinl Total dlrect charltable expenditure 50,000 65,000 61,500 10,000 53,500 50,000 35,000 40,000 65,000 40,000 216,463 392,963 293,500 Total charitable expendlture 474,855 363,500 In the prior year, the scope of Ihe Charily increased as il became the recipient of large-scale ongolng funding from the Society's doimanl accounls project and Pennies fiom Heaven scheme. The Hearl of England Community Foundation retain their role in relalion lo the lunds Ihal come direct from the Slxiely's direcl donation, the Charity administers and disiiibules additional funds from ils other funding slteams. From January 2023, donatnS from Ihe Affinily Products scheme have also been added lo the funds whic* Ihe Chaiily adminisleis and disliibules directly. 16