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← Methodist Central Hall, Coventry

2023-08-31-accounts

Charity registration number 1138425

COVENTRY CENTRAL HALL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

COVENTRY CENTRAL HALL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs D Hawthorne Mr A Pinks Mr J Bennett Miss S Manhungira Mrs J Moreton Mrs P Reid Mrs J Wilkins Mrs E Davenport Mr T Mukorombindo Mr D Moyo Rev A S Willey Mrs J Mudzamiri K Brooks N Y Chiimba-Rusike S Dawson K Dodo F Mafico Miss E Mapfumo Mrs B J Newland Ms S Ibrahim Ms P Sakuringwa J Patterson Mr J Miles C Ashby Mr O Mhandu (Appointed 21 May 2023) C Mafico (Appointed 21 May 2023) T Moyo (Appointed 4 February 2023) J Miles (Appointed 14 September 2023) M Matamba (Appointed 4 September 2023) G B Garbari Charity number 1138425 Principal address Warwick Lane Coventry CV1 2HA Independent examiner Azets Audit Services 3Mc Middlemarch Business Park Siskin Drive Coventry CV3 4FJ

COVENTRY CENTRAL HALL

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5 - 6
Balance sheet 7
Notes to the financial statements 8 - 17

COVENTRY CENTRAL HALL

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Governing Documents (i.e. The Deed of Union (1932) and the Methodist Church Act (1976)), the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The purposes of the Methodist Church are and shall be deemed to have been since the date of union the advancement of -

(a) the Christian faith in accordance with the doctrinal standards and the discipline of the Methodist Church; (b) any charitable purpose for the time being of any Connexional, district, circuit, local or other organisation of the Methodist Church;

(c) any charitable purpose for the time being of any society or institution subsidiary or ancillary to the Methodist Church;

(d) any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church.

(e) working to fulfil our local mission statement: Nurturing and celebrating faith hope and love .

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The provision of regular public acts of worship open to members of the church and non-members alike. The teaching of Christianity through sermons, Bible Studies, etc, pastoral work, including visiting the sick and bereaved. Providing a safe place to worship and to be in fellowship in the City Centre. Promotion of Christianity through the staging of events and services. Promoting Discipleship as the mission of the church through activities generally and for other specific groups.

Although Worship, promotion of the Christian faith, and Discipleship are our reason for being, this leads us to more Charitable Activities:

The provision of regular public acts of worship open to members of the church and non-members alike. The teaching of Christianity through sermons etc, pastoral work, including visiting the sick and bereaved. Providing a place to be in the City Centre. Promotion of Christianity through the staging of events and services. Promoting Discipleship as the mission of the church through activities generally and for other specific groups.

The trustees, on behalf of the charity, would like to thank all staff, volunteers and supporters, without whose efforts the work of the charity would not be possible.

COVENTRY CENTRAL HALL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance

Recovery from the Coronavirus pandemic was slow but people have been returning to Sunday worship and other events and lettings have increased particularly in the latter part of the year.

We were pleased to receive funding from the Birmingham Methodist District for the employment of a childrens’ lay worker for a period of three years.

In addition to our normal activities, as part of the Coventry City of Culture funded legacy project, we organised “Cosy Creative”. This provided a programme of workshops and activities in January and February attracting hundreds of visitors. The success of this event led to several other grant funded projects including one to provide training for new arrivals in the city to develop their skills and enhance employment opportunities.

The trustees, on behalf of the charity, would like to thank all staff, volunteers and supporters, without whose efforts the work of the charity would not be possible.

Financial review

The results for the year are shown in the Statement of Financial Activities. The principal sources of funding are offerings, grants and lettings income.

In addition, the trustees are grateful for the financial support received from the Coventry & Nuneaton Methodist Circuit, the Birmingham Methodist District and Coventry City Council.

The year end position is shown in the balance sheet. This shows total funds of £475,201 (2022 - £400,641) which includes £102,284 (2022 - £33,913) relating to restricted funds. Excluding fixed assets, the unrestricted fund balances are £109,469 (2002 - £103,280).

The charity has a reserves policy to maintain reserves to a level where adequate working capital is available, but not to allow excessive reserves being maintained or for funds to go into deficit.

The principal sources of funding are offerings and lettings income

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is controlled by its governing document, a Deed of Union (1932) and the Methodist Church Act (1976).

COVENTRY CENTRAL HALL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The Iruslees who servgd during the year and up to Ihe date of signa￿￿ of th8 financial ststements We￿.. Mrs D Hawthoma MrA Pinks Mr J Bennett Mrs V Bennett Miss S Manhungir Mrs J Moreton Mrs P Reid Mrs J Wilkin5 Mrs E Davenpgrt Mr T mukor0m￿rKIo Mr D Moyo Rev A S Willey Mrs J Mudzamiri K Brooks N Y Chiimba-Rusike S Dawson K Dodo F Mafico Miss E Mapfumo Mr5 B J Newland Ms S Ibrahim Ms P Sakuringwa J Patterson Mr J Miles C Asht*y Mr O MhandLF C Mario) T MoyoTr J Milès M Matamba G B Garbari {Rèsignèd 23 June 2023) (Apwinted 21 May 20231 IAppMNftted 21 May 20231 (Appointed 4 February 20231 (Appointed 14 Septèmber 20231 IAM)ointed 4 SepteM￿r 20231 Trustèg$ are appointed and elected in atr4xdance ￿1h the terwns set out In Ihe gDV8rning doujmont. The Gharity is headed by its trustees who are ulb"matety responsible for day to day operations. Decisi¢y)8 rnade in formal trustee meetings are communi¢atwJ to staff who perfomi direct and administrative roles and overseon by the trust8è$. New trust8es benefit from an induction arKI training to enab￿ them to acclimaiise to the way that the charity operates. This may include attending meetsTrJs wilh existing trustaes and staff and tsking part in the day to d8y operations of the charbty to facitstale a 9reater understanding of its objectrves and actwities. trustees. report was approv￿1 by the Board of Trustees. Rev A S Willey Trust•0 D8te'. Fa CJZ

COVENTRY CENTRAL HALL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COVENTRY CENTRAL HALL I report lo the trustees on my exarninab.on of thg financial statements of Coventry Central Hall Ithe charity) for the year ended 31 August 2023. Responsibilitigs and basis of report As the trustees of the charity you are responsible for the preparalion of the financlal stalernenls in 8cGordaT)ce with the requI￿￿￿nIS of the Charities Act 2011 Ilh6 2011 Acti. I report in respect of my 8xaminats.on of the charity's financi81 statements carried out under Section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Oireclions given by the Charity Commission under seclion 14515llbl of the 2011 Act. Indepèndent examin•r's Statement sin￿ the charity's gross Income exceeded £250,000 YOUT examiner must b& a Tnember of a body listed in section 145 01 the 2011 Acl. I confirm that l am qualified to undertake the examination be￿￿Se l am a member ol ICAEW, which 15 one of the listed bodies. Your attention 15 drawn to the fact that the charity has prèpared financial staternent5 in accordance with Accounting and Reporting by Charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement ol RecoTTimended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l undersland that this has been done in order for financial statements tr> provide a tnje and fair view in accordance with Generally Accepted Accounting Practice effective for reptsrting perio¢Js beginning on or after 1 Janvary 2015. I have completed my examination. l Gonfirm Ihat no tnatters have come to my atienlion in connection wth the examinalion giving me caus& to believe that in any material respe¢t'. accounting records were not kept in re5pecl ol the charity as required by section 130 of the 2011 Acl.. or the financial slalements do not accord with those records.. or the financial statement5 do not comply wth the applicable requirements conceming the forni and content of accounts set out in thg Charities IA¢count5 and Reports) Regulations 2008 other than any reouiremenl that the accounts give a true and fair view which Is not a rnatter conside￿d as part of an independent èxarnination. I have no concerns and have come across no othei rnatters in connection with the examination to which attention should be drawn in this report in o le a proper unéerstanding of the financial statements to be reached. RobèrtA on FCA Azets Audit Services 3Mc Middlemarch Business Park Siskin Drive Coventry CV3 4FJ

COVENTRY CENTRAL HALL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Current financial year
Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
43,964
178,756
Charitable activities
4
-
-
Other trading activities
5
-
-
Investments
6
175,994
84
Total income
219,958
178,840
Expenditure on:
Raising funds
7
-
-
Charitable activities
8
250,183
74,055
Total expenditure
250,183
74,055
Net (outgoing)/incoming resources before transfers
(30,225)
104,785
Gross transfers between funds
36,414
(36,414)
Net income for the year/
Net movement in funds
6,189
68,371
Fund balances at 1 September 2022
366,728
33,913
Fund balances at 31 August 2023
372,917
102,284		 Total
2023
£
222,720
-
-
176,078
398,798
-
324,238
324,238
74,560
-
74,560
400,641
475,201		 Total
2022
£
127,230
4,185
9,240
146,214
286,869
2,089
267,119
269,208
17,661
-
17,661
382,980
400,641

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

COVENTRY CENTRAL HALL

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Prior financial year
Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
46,910
80,320
Charitable activities
4
-
4,185
Other trading activities
5
9,240
-
Investments
6
146,214
-
Total income
202,364
84,505
Expenditure on:
Raising funds
7
2,089
-
Charitable activities
8
187,447
79,672
Total expenditure
189,536
79,672
Net (outgoing)/incoming resources before transfers
12,828
4,833
Gross transfers between funds
12,500
(12,500)
Net income for the year/
Net movement in funds
25,328
(7,667)
Fund balances at 1 September 2021
341,400
41,580
Fund balances at 31 August 2022
366,728
33,913		 Total
2022
£
127,230
4,185
9,240
146,214
286,869
2,089
267,119
269,208
17,661
-
17,661
382,980
400,641

COVENTRY CENTRAL HALL BALANCE SHEET ASAT31 AUGUST2023 2023 2022 Fixed ass•ts Tangible assats 13 263.448 263,448 Current assets Debtors Cash at bank and in hand 15 21.127 203.835 25.934 117,955 224.962 143,889 Credltors: amounts falllng due wlthln one year 113.2091 16.6961 Nèt current ass6ts 211.753 137,193 Total assets loss current Ilabiliti 475.201 400,641 Income funds Reslrided funds Unrestricted fun Designated fvnds General unrestricted funds 18 102,284 33.913 19 98.181 268,547 372.917 372.917 366,728 475.201 400,641 The finandal statements w8re appmved by Ihe Trustees on ......................... Rev A S Willey Truste•

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or a reasonable value on receipt. Where cost is not available, the Church Council may provide a reasonable estimate of cost or the building's current value to the Church. An estimate based on insurance values that will take account of the fact that cover will be based on demolition and re-instating the current building and not the original cost less depreciation. Provision is made for depreciation where appropriate.

Freehold land and buildings are shown at cost. No depreciation is provided thereon, as in the opinion of the trustees, the building is kept in a good state of repair and therefore has an indeterminate useful economic life. Any depreciation would therefore be immaterial.

Cornerstone church is not currently included in the accounting records of Trustees for Methodist Purposes (TMCP) and furthermore have never been included as an asset in the respective churches. The trustees have decided to continue with this policy on the grounds of consistency and difficulties that would be encountered in obtaining an appropriate valuation. Central Hall's property at Warwick Lane is not included in the TMCP either but has been historically been included at cost of £263,448 in Central Hall's accounts.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
43,964
472
Grants received
-
178,284
43,964
178,756		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
44,436
46,910
320
178,284
-
80,000
222,720
46,910
80,320		 Total
2022
£
47,230
80,000
127,230

The charity received grant income of £82,500 (2022 - £80,000) from the Coventry and Nuneaton Methodist Circuit. Of this £82,500 (2022 - £60,000) was to support the Coventry City of Culture Project, the remaining £0 (2022 - £20,000) was in relation to the proposed redevelopment of the main Warwick Lane property.

Grants of £66,250 (2022 - £0) were received from Coventry City of Culture Trust to support the Coventry City of Culture Project, £9,600 from the National Lottery Community Fund for Cosy Creatives 2, £12,000 from Birmingham Methodist District to support the employment of a children's lay worker and £5,050 from Coventry City Council for a Family Learning English Programme.

4 Charitable activities

Sales within charitable activities

2022 £ 4,185

5 Other trading activities

**Total ** Unrestricted
funds
2023 2022
£ £
Trading activity income: other - 9,240

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

6 Investments

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Rental income
172,349
-
Interest receivable
3,645
84
175,994
84
Raising funds
Fundraising and publicity
Other fundraising costs		 Total Unrestricted
funds
2023
2022
£
£
172,349
146,039
3,729
175
176,078
146,214
Total Unrestricted
funds
2023
2022
£
£
-
2,089
-
2,089		 Total Unrestricted
funds
2023
2022
£
£
172,349
146,039
3,729
175
176,078
146,214
Total Unrestricted
funds
2023
2022
£
£
-
2,089
-
2,089
2,089

7 Raising funds

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

8 Charitable activities

Staff costs
Insurance and utilities
Circuit assessment
Repairs and maintenance
Other costs
Coventry City of Culture project expenses
Redevelopment project expenditure
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds
Restricted funds
9
Support costs
Support
costs
Governance
costs
£
£
Accountancy
-
2,250
-
2,250
Analysed between
Charitable activities
-
2,250		 2023
£
88,060
41,826
43,044
59,532
27,092
58,525
3,909
321,988
2,250
324,238
250,183
74,055
324,238
2023Support costs Governance
costs
£
£
£
2,250
-
2,150
2,250
-
2,150
2,250
-
2,150		 2022
£
46,549
40,518
50,869
31,827
21,224
52,101
21,881
264,969
2,150
267,119
187,447
79,672
267,119
2022
£
2,150
2,150
2,150

Governance costs includes payments of £2,250 (2022- £2,150) for the preparation of the charity accounts and independent examination.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
6
2023
£
80,738
5,972
1,350
88,060		 2022
Number
5
2022
£
43,588
2,363
598
46,549

Wages costs include restricted fund costs of £4,533 (2022 - £5,425) that relate to Coventry City of Culture projects and £5,283 (2022 - nil) that relate to the Childrens Ministry project.

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from tax on income 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.

13 Tangible fixed assets

Tangible fixed assets
Freehold land and
Cost
At 1 September 2022
At 31 August 2023
Carrying amount
At 31 August 2023
At 31 August 2022
The carrying value of land included in land and buildings comprises:
2023
£
Freehold
263,448		 buildings
£
263,448
263,448
263,448
263,448
2022
£
263,448

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

13
Tangible fixed assets
The following insurance values are also given in respect of the properties concerned:
Central Hall cost £263,448 - insured value £10,715,722
Cornerstone cost £256,000 - insured value £4,270,632
14
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 (Continued)
2023
2022
£
£
21,127
25,934
9,921
4,906
2023
2022
£
£
15,242
25,934
5,885
-
21,127
25,934
2023
2022
£
£
3,288
1,790
6,671
2,326
1,000
430
2,250
2,150
13,209
6,696		 (Continued)
2023
2022
£
£
21,127
25,934
9,921
4,906
2023
2022
£
£
15,242
25,934
5,885
-
21,127
25,934
2023
2022
£
£
3,288
1,790
6,671
2,326
1,000
430
2,250
2,150
13,209
6,696
4,906
2022
£
25,934
-
25,934
2022
£
1,790
2,326
430
2,150
6,696

17 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £1,350 (2022 - £598).

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 September
2021
r
£
Childrens Ministry
9,111
Prayer Shawl Ministry
163
Bookstall
753
Barnacle Retreat
9,721
Winter Night Shelter
255
Peter Gloin Memorial Fund
2,811
Benevolence Fund
215
Dignity & Worth
831
Coventry City of Culture staffing
-
Coventry City of Culture Events
9,153
Redevelopment Project
8,567
Cosy Creative 2
-
Clubhouse
-
Live Streaming System
-
-
41,580		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
(265)
-
-
-
-
-
-
-
-
-
-
-
-
320
-
5,000
-
59,185
(57,526)
20,000
(21,881)
-
-
-
-
-
-
84,505
(79,672)		 Transfers
Balance at
1 September
2022

£
£
-
8,846
-
163
-
753
-
9,721
-
255
-
2,811
-
215
-
1,151
(5,000)
-
(7,500)
3,312
-
6,686
-
-
-
-
-
-
-
(12,500)
33,913		 Movement in funds
Incoming
resources
Resources
expended
£
£
12,000
(5,778)
-
-
-
-
-
-
-
-
84
-
-
(14)
260
(1,152)
-
-
149,634
(63,058)
212
(3,910)
9,600
-
5,050
(143)
2,000
-
178,840
(74,055)		 Transfers
Balance at
31 August
2023
£
£
-
15,068
-
163
-
753
-
9,721
-
255
-
2,895
-
201
-
259
-
-
(36,414)
53,474
-
2,988
-
9,600
-
4,907
-
2,000
-
(36,414)
102,284

Where grants include for the provision of Central Hall resources, e.g. room use and staff support, transfers are made as required from restricted funds to general funds.

COVENTRY CENTRAL HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds
Balance at
1 September
2021
Incoming
resources
Resources
expended
Balance at
1 September
2022
£
£
£
£
Singing the Faith
85,696
9,240
(2,089)
92,847
Worship Development
5,646
-
(312)
5,646
91,342
9,240
(2,401)
98,493		 Transfers
Balance at
31 August
2023
£
£
(92,847)
-
(5,646)
-
(98,493)
-		 Transfers
Balance at
31 August
2023
£
£
(92,847)
-
(5,646)
-
(98,493)
-
-

The trustees have reviewed the designated fund balances and have decided to undesignate these funds and accordingly they have been transferred back into the charity's general unrestricted funds.

20 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
August 2023 are
represented by:
Tangible assets
263,448
-
Current assets/(liabilities)
109,469
102,284
372,917
102,284		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
263,448
263,448
-
211,753
103,280
33,913
475,201
366,728
33,913		 Total
2022
£
263,448
137,193
400,641

21 Related party transactions

During the year transactions took place with Coventry and Nuneaton Methodist Circuit, which is considered to be a related party due to it having common trustees.

Payments made to the Circuit during the year relating to Church Assessment were £43,044 (2022: £50,869)

The Circuit made grants of £82,500 (2022: £80,000) during the year.

As in previous years many of the trustees have made donations to the charity in the form of offerings. All of these such offerings had no conditions attached as to how the money should be spent by the charity.