**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 promotion of wellbeing by hosting groups such as Alcoholics Anonymous.
- Offering a safe welcoming environment and a chapel.
- Providing space for community groups to meet including a base for Street Pastors
- A community venue for concerts, training and celebration
- Our premises are open to all people all year round.
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.
- 1 -
## **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).
- 2 -
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 mukor0mrKIo
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 SepteMr 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 approv1 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 requInIS 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 beSe 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 consided 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.
- 5 -
## **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|
- 6 -
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.
- 8 -
## **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.
- 9 -
## **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.
- 10 -
## **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|
- 11 -
## **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**
- 12 -
## **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
**2023**Support 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.
- 13 -
## **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|
- 14 -
## **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).
- 15 -
## **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.
- 16 -
## **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.
- 17 -