Coventry Building Society Charitable Foundation (a company limited by guarantee) Trustees, Annual Report & Financial Statements 31 December 2024 Registered number 03662832 Registered Charity number1072244 Coventry Building &)ciety Charitable Foundation Trustees, Annual Report and Financial Statements r the year ended 31 December 2024 CONTENTS TRUST INFORMATlCh TRUSTEES, ANNUAL REPORT TRUSTEES, RESPONSIBILITIES STATEMENT INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY BUILDING s(￿fETy CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES 10 BALANCE SHEET 11 STATEMENT OF CASH FLOWS 12 NOTES TO THE FINANCIAL STATEMENTS 13 Covenlry Building Society Charitable Foundation Trustees, Annual Report and Financial Slalements for Ihe year ended 31 December 2024 TRUST INFORMATION Company number 03662832 Charlty numbèr 1072244 Trustees Mallhew Mannings Tina Jones Kevin Purvey Se¢retary Gurdeep Boparai Registered office Coventy House Harry Weston Ro￿1 Binley Coventy CV3 2TQ Independent audltori Pricewalerhtyjsecoopets LLP One Chamterfain Square Biminghan 83 3AX Bankers Covenlry Building s￿'elY Coventry House Harry Weslon Road Binley Covenlry CV3 2TQ Coventry Building Soctely Charitable Foundal&)n Trustees, Annua Report and Financial Statements for the year ended 31 December 2024 TRUSTEES, ANNUAL REPORT The Trustees, who act as Direclors lor the purposes ol ￿mPanY law, have pleasure in presenting Ihe Truslees, Annual Report together wlh the audited financial statements for Ihe year ended 31 De￿mber 2024. The financial slalements have been prepared in a￿rdance vAth the accounting pcsliues sel oul in nole110 the financial slalemenls and comply ￿th the Charity's Irusl deed, Ihe Charities Acl 2022 and Accounting and Reporting by Chariiies.. Statement of ReLx)mmend&Y Practi￿ applicable lo charibes preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS1021. The Trustees do not proplxe lo prepate a syale strategic repotl as the Chaiity is exempl from this requirement under $4148 of the Cwpanies Act 2(Kl6. REFERENCE AND ADMINISTRATIVE DETAILS The principal •Jdress and registered office of Covenlry Building Society Charitth Foundation (the'charily'l is Coventry House, Harry Weslon Ro&J. Binley, Coventry. Wesl Midlands. CV3 2TQ. Its regisiralion number i8 1072244. The Charily Tiuslees, who ad as Directors for the purposes of company law. are detailed on page 2, STRUCTURE, GOVERNANCE AND MANAGEMENT The Charily was incorwraled in November1998 as a charitable t>)mpany, linmled by guarantee and has no share capital.11 is ￿Vemed by its me￿r￿(*JM and art￿￿S ol association. The Truslees have given due consideralKJn to Charily Commission published guidano on Ihe OF*ration ol the public benelil requirement. The Tiuslees have the p0￿Er lo invest money in ways deemed approwiale and in the best interests ol the Charity. However. no such investments have been male in either th8 ¢)Jrrent or prior year, There are no employees of the Charity. The expenses of the Charity are IK)me by Coventry Building Sociely Ilhe 'Society'l and the Trustees do not receNe remuneratM)n for their Se￿iceS (2023.. £nill. The Charity receives lunding onward disIn'tr￿kn'O￿ from three m?An sources. Firstly, directly from the Society there is an annual donation as ￿￿11 as funding frorn affinity savings accounls. Secondly, there are donations on behalf ol Society employees in the form ol Pennies from Heaven, where monthly payroll amounts are rounded down, with the pennies paid directly lo the Charity. Finally, there is other funding from the So¢iely's savings members in the form ol dormant accounts. The Society's annual donation and Pennies Irom Heaven are dislribuled onwards by the Heart of England Communily Foundaiion. Ihe funding from affinity a¢￿￿niS and domant accounts donations distrilyjled directly by th8 Charity. In addition to the annual dOnat￿n Irom the Soaety, the adminislralive expenses of Ihe Charity are borne by the Society. The Sociely also prowdes secretarial and adminislralive SUPFK)rt. use of fa¢ililies and lime of ils employees lo assist the Trustees lor which no charge is made. Trustees Matthew Mannings and Kevin Purvey are current employees of the Society. TRUSTEES APPOINTMENT Nominations f¢y appointment as a Trustee are made based on suitability by either the Smty or the current Trusiees. Followng appoinlmenL training is given on the o14eGtives, a￿l¥ltieS and govemance of Ihe Charity. Trustees are appointed lo hold office for no mote Ihan seven years in aggregate. COMPOSITION OF THE TRUSTEES There have been no changes to the ccffiposilion of the Trustees during the year to 31 De￿mber 2024 through to the dale of signing the financial staternenls. Covenlry Budding Society Charitable Foundalion Trustees. Annua Report and Financial Slalements for Ihe year ended 31 December 2024 TRUSTEES, ANNUAL REPORT (CONTINUED) OBJECTIVES AND ACTIVITIES The objective ol Ihe Charity is to provide a ¥ehide through wthich the &taely can womote and support ccffimunity and charitable wrposes Ihrnugh￿I the Coventry & Warvthhire area. Heart of England Communfy Foundat￿n Heart of England Communiiy Foundation is a registered chafity that provides independent grants in the West Midlands and Watwickshife. Tho funds ouuined below recÉived by the Charity are given lo the Hearl of England Cornmunity Foundation for onward dislribulion. As al 31 December 2024, £28,853 {2023- £9,170) of funds have been awarded to, bul remain undislribuled by the Heart of England Cofflmunity Foundation. This wll be distributed in 2025. Coventry Building Sociely makès a donati¢M of£70,IK)O per annum to the Charity. The Charity also receNes donations from Coventy Building Socievs Pennies from Heaven scheme. The scheme allows the monthly salary ol all Soriely employees. who have not opted out, lo te Tounded down lo the nea￿$1 pound, with the remainder being donated lo the Charity lo suppjrt Ihe Society's social purposes wojects. In 2024 these donations lolal £13.064 {2023- £12,757). Olher so￿&ty-11nked don8tins The Soaely has an aifinily product offering linked lo the Charity, with the ￿(3ety mak￿9 a donation equivalenl lo 1% ol total average balances. This'Better Together savings product has generated receipts of £274,18112023'. £216,463) for the Charity in 2024, thich has tEen distributed lo Centrewinl's Coventry Hub, the chosen charity. Cenlrepoint was announced in 2023 as the Society's corporate charily and is the UK'S leading youth homelessness charity ReGeipls are also received by the Charity from the knietls saving5 members Ihrough Ihe &Jaety's dormant acLDunls scheme. A lolal of£121,982 was received in resFeci of this scheme during ihe year {2023.. £nill. These donatlon routes distribution thannels are exwted to continue inio the future, no plans from the Society lo slop any ol this funding. This is rellecled within the Charity's Framewth Agreement with the Soc4ely lo ensure appropriate governance and controis remain in Fla￿ and operale eflectively. All awards are identified as Charity funthng %then 9ranld. The Charity is fesponsible for using these funds to provide grants lo support the social purwse work in line with ils objeclives. Priority is given lo groups or adiviliès aimed at improving the quality ol life and opportunity among those who are disadvantaged by disabilily or olher fa¢lors and al creating and supporting social and cornmunily development. As such, the monies receNed have been used lo fund pro5ecls for a number of strategic community partners with the intention of the Charity supporting longer-term partnerships. This enables the Charity lo have a grealer impact, rather than providing one-off funding. The donations 11 be distributed directly by the Charily with oversight and approval for dislributs'ons carried out by Ihe Trustees in accordance wilh due diligence and monitoring Pr￿sses. As al 31 December 2024, a totsl 01 £18,146 (2023.. £72,775) remains undislrlouled by Ihe Charity. These monies are considered by the Charity lo be a wholly charilable donation wilh no recourse. Monies r&ceived in the year bul undislribuled are reLxxJnised as donation iKotre in the fmancial slalements lor the year ended 31 D￿ember 2024. The Trustees have examined the mail strategic, ￿sInesS and operational risks Charity faces. The Fyin￿PIe r(sks and uncertainli8s are.. Ihe risk ol insuff￿lent funds being availaLle lor dislribubon,. the operational risk ol th8 misappropriation ol funds. and the reputational risk of inappropriate donalK)ns being made or donabons being Made lo a charity Ihal does nol meet the criteria The Trustees are satisfied Ihal systems are in pla￿ to mitigate any exposure lo any such risks. The adminislralive expenses of the ChaTly, including the a(kninistr*ion fees and annual managemenl fee Charged by Ihe Heart of England Community Foundaiton 01 £8,61712023= £8,189), are borne by the Society. ACHIEVEMENTS & PERFORMANCE The main achievemenls of Ihe Charity are lo provide donal(ons to the He￿1 of England Community Foundation lor distribution and the issue of direct chariLible distributsons. Coventy Buikling kniety Chwitable Foundation Tnjslees. Annua Report and Financial Slalements for the year ended 31 December 2024 TRUSTEES, ANNUAL REPORT (CONTINUED) ACHIEVEMENTS & PERFORMANCE (CONTINUED The Charrty rnakes regular donations frc4n its funds lo a number of sdecaed I(￿al charities and communily groups, induding Ihe Cenlrepoinl Coventy hub. with an emFthasis on Slfppottng: y(MJng people, partiGularty those are disadvant&Jed,' vulnerable groups such as the frail elderfy, pewe Mlh ￿Ysica disatdlilj'es, learning diffi￿llIeS and those who are living V￿￿h a rnenlal health issue., and small neighbourh(xxl groups in areas where they are experienong the greatest disadvantage. Please refer lo the Objectives and Acim'tses secti)n further infonnation. GOING CONCERN The Charity is funded by donations from Ihe SOC￿lY, its members {Ihrough dormant savings accounts) and Society efflployees. The Charity itself does not require funding as the Society provides, and w711 continue lo provide, facilities and lime of personnel. Therefore, Ihere are no material uncertainties abjul the Charily's ability lo conlinue as a going concern for the foreseeable future. FINANCIAL REVIEW In line with the Charity's objeclives, Ihecharily has rec£ived lolal income 01£483,91912023.' £303,862}. Afterdonalions and expenses, the nel expenditure for the year amunled to £54.83212023.' £170,993). The ￿Mulated funds available for future distribution are £21.72312023: £76,555) as al 310ecember 2024. Al funds al the end ol the reports'ng period are unreslricted. The Trustees h8ve the pow8r lo invest money in shares, sl(Kks, funds, securilies, land, buildings or other nveslmenls or property, as they Ihink h'l. However, no such inveslmenls have been made in eilher the current or prior year. Funds awaiting disliibuiion are held on sh¢)rt temi deposil.11 is not Ihe inlenlion ol ihe Trustees. in ihe long term. lo create and hold undislribuled reseNes. PLANS FOR FUTURE PERIODS The Charily plans to continue lo operate wth ils current aims and objects'ves in futu￿ perths, and fund ils charitable donations through ongoing funding streatns. FUNDS HELD AS CUSTODIAN FOR FUTURE PERIODS Neither the Chaiity nor the Trustees on ils behalf ￿kIS any a5sels for an￿her charily. INFORMATION FOR AUDITORS The Trustees who held Offi￿ al the dale of approval ol Ihis Tnjstees, Report confinn Ihal, so far as each of them is aware, there is no relevant aLEdrt infomialion of which the Charity's auditors is unaware, and each Trustee has taken all the sleps Ihal Ihey oughl lo have taken as Trustees lo make theMse￿eS aware ol any relevant information and lo establish Ihal the Charity's auditors are awaie of thal inlomation. INDEPENDENT AUDITORS Pricewaterhousecoopers LLP has indicated Èis willingness to remain in offtce. Therefore, a resolut¢on for the re- appointment ol Pricewatethouseccws LLP as auditors of the Charity thill be proposed al the forthcoming Annltal Trustees. Meeling. Signed on behalf of Ihe Trustees Matthew Mannings Trustee 20 May 2025 Coventy &Jilding Society Charilatle F(HJndalion Tiuslees, Annual Report and Financial Slalemenls for the year ended 31 December 2024 TRUSTEES, RESPONSIBILITIES STATEMENT The Iruslees (who are a150 direcl(Ks ol Coventry Building Society ￿arItable Foundation for the purposes ol company lawl are responsible for pieparing the Tnjslees, Annual Report and the financial slalements in accordan￿ wlh applÉcable law and regulation. Company law requifes the ttuslees lo prepare fin￿CIal slalements for each financial yeaT. Under that law the Iruslees have prepared the financial statements in accordance wlh United lfjngdom Accounting Standards, comwising FRS102'The Finanaal Reporting Standard apph'cabie in the UK and Republic of Ireland. and applicable law (United lfjngdom Generally Accepted Accounting Practice). Under company law the truslees musl not approve the financial slalemenls unless they are Satisfi￿ Ihal they give a true and fair view of the slate ol the alfairs of ￿e charitable company and ol the incoming resources and wlicalion of resources, induding the income and expenditure, ol the charitable company for that period. In preparing these finan￿￿ slalements, the tfuslees are required lo.. select suitable accounting policies and then apply Ihem consislenlly., obseNe the methods and principles in lh6 Sialemenl ol Recommended Practice: Accounlffig and Repottng by Charilies120191- rnake judgments and estimales thal are reasonabLe and prud￿1., stale Ythelher applicable UK Accounting Standards, comprising FRS102, have been followed, subject lo any material departures disclosed and eX￿ained in the financial slalements,. and prepare the financial slaternenis on the going concern basis untess il is inappropriate lo presume that the Ghaiilable company will continue in business. The Iruslees are responsible for keeping adequale acwjnling [￿S that ale sulfiaenl lo show and explain the charitable company's transactions and disclose wlh reasonable accuracy at any lime the financial position ol the charitable company and enable them to ensure Ihal ihe financial slalements comply wlh the Companies Acl 2006. They are also responsible for saleguarding Ihe assets ol the charitable company hence lor taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Legislation in the United 5fjngdom governing the preparalton and disseminalin of financial slatsmenls may cfiffer Irom legislation in olhef jurisdid￿& )venty Building Society Charilable F¢)undation Tiuslees, Annual Report and FinancÉal Stalemenls for the yew ended 31 De(kmber 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF COVENTRY BUILDING SOCIETY CHARITABLE FOUNDATION Report on the audlt of the financial statements Opinlon In our opinion. Coventry Building &xiely Charitable Foundalion's finanaa statements (the ￿nanCIal slalemenls.).. give a true and fair vrew ol ihe stale of the charitable company's affairs as at 31 December 2024 and of ils incoming resources and applicati(￿ ol resou￿s. induding ils income and expenditure, and cash flows 1¢ the year then ended., have been properfy prepaied in accordan￿ with United lfjngdom Generally Accepted Accounting Practice (United Kingdom A¢Lounling Standards, induding FRS102"The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland., and appI￿Able lawl- and have ￿en prepared in acC￿daftce wlh the requirements of the Companies Act 2006. We have audited the linancial slalemenls, widuded wilhin the Trustees, Annual Report and Financial Slalemenls Ilhe 'Annual Report,), which c(¥nprise: the balance sheet as al 31 Oecember 2024., the stalemenl ol linancial aclivities {incorporaling an incorne and expenditure account), and the slalemenl ol cashflows lor the year then ended and Ihe notes to the financial sialements. which indude a description of significanl alxounling policies. Basis for Oplnlon We conducted our audit in accordance wlh Inlemalional Standards on Auditing {UK) flSAs {UK)'18nd applicable law. Our respollsibililies under ISAS (UK) are lurther described in the Auditors, responsibilities lor the audit of tlie linanoal slalernenls section ol our rewrt. We believe that the audit OVIden￿ ￿ have obtained is sUffic￿nI and appropriate to provide a basis for our opinion. Independ8nc8 We remained indeFendenl of the CharIta￿e company in 8cctydan￿ the ethical requirements Ihal are relevant lo our audit of the financial slaternenls in the UK, which includes the FRC'S Ethica Standard and we have fulfilled our other ethical responsibilibes in accordance wth Ihese requiTemenis. Conclusions relatlng to going concern Based on the worti we have performed, we have not identified any maerial Un￿rt￿nI1￿ relating lo events OF condilions Ihat, individually or collectively, may cast signilicanl doubl on the charilalAe company's abilily lo continue as a going concern for a period of al leasl iwelve months Ir[￿ the dalè on vthich the finanaal slalernenls are attlhorised lor issue. In auditing the financial slalernenls, we have rMduded that the Injslees. use of the going ￿nCeM basis ol accounting in the weparation of Ihe finan(ial slalements is appropriate. However, because not all future events or condilions can be predicled, Ihis condusion is nol a 9uarantee as to Ihe charitable company's ability lo i))ntinue as a goir4J o)ncem. Our responsibilities and the reswnsibilibes of the Injstees vilh respect lo gK)ing concern are (fescr¢bed n the relevant sections ol this report. Reportlng on other Informatlon The olher information comprises all ol Ihe inforrnalion in Ihe Annual RetK)rt (Aher than the finan(xal slatemenls and our auditors, report Ihereon. The Imstees a￿ responsible for the other infomialion. Cmjr opinion on the finan¢ieA slalemenls does not cover the olher inforrnalion and, &cordingly. we do not express an audit opinK)n or, except to the exlenl otherwise explicitly slated in this ￿port. any foim of assurance Ihereon. Coventry Buikling Society Charilable Fovndation Trustees, Annual Report and Financial Slalemenls for the year ended 310ecember 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF COVENTRY BUILDING SOCIETY CHARITABLE FOUNDATION (CONTINUED) In connection with our audit of the financial slatemen￿ respmsh'lity is lo read the other information ￿d, in doing so, consider whether the other inlomialion is maleiialty inconsislenl with Ihe financial statements or our knowledge oblained in the audrt, or othenyise appears lo be mat￿lalIY missialed. If we identify an apparent material inconsistency or material misslalemenl, we are required to perfom prO￿dureS lo conclude wheiher there is a rnalerial misstslemenl of the fin￿Cial slalements or a material misslatemenl of Ihe other infotmation. If, based on the work we have performed, we conclude that there is a material misstalemenl of this olher information, we are required tr) report that facL We have nothing lo report based on these responsibtlilies. With respect lo the Trusle&s' Annual Report, we 81so