COVENTRY CENTRAL HALL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 AUGUST 2024
Charity registration number 1138425
Warwick Road, Coventry, CV1 2HA
ryES}..|
Report of the Trustees for the Year Ended 31 August 2024
The trustees present their report with the financial statements of the charity for the year ended 31 August 2024.
The trustees have adopted the provisions of 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).
Figure 1. Overall Organisational Diagram of the Coventry Central Hall.
(This diagram provides a simplified, diagrammatic representation using Venn diagrams to illustrate the different aspects of Coventry Central Hall—namely the Church, Community & Art, and Commercial activities—and the intersections between them. It highlights the integrated nature of Central Hall).
Objectives and Activities
The year 2023/24 has been pivotal in continuing to rebuild our capacity and activities following the challenges of the COVID-19 pandemic. We remain focused on advancing our mission and objectives, ensuring that our activities align with our mission statement and Mission Action Plan.
Our Mission
Our mission statement is “Nurturing and Celebrating Faith, Hope, and Love” in the communities we serve. This vision continues to guide every aspect of our work, helping us create meaningful connections and make a lasting impact.
Our Mission Action Plan (available upon request) serves as a working document, outlining our approach across three core areas: Church, Community, and Commercial activities . These areas are designed to work together, with each aspect of our organizational life informing and supporting the others. In this way, we ensure that our mission is lived out holistically, with a deep commitment to building sustainable, relational connections within our
1
church, community, and commercial spaces. This integrated approach allows us to create a vibrant and sustainable future for all those we serve.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Building Relationships - 2023/24 Year Overview
The year 2023/24 has been a transformative period for Coventry Central Hall . We have actively sought to build and strengthen relationships with our community partners, friends, and other key stakeholders. This year has marked a shift towards a more relational business model, where collaboration and sustainability are at the forefront of our mission.
Faith Rooted Community Organising
One of the key milestones in our journey has been our participation in the Faith Rooted Community Organising Birmingham District Pilot . This initiative involved two of our team members, Ben Rose and Johnson Ade , undertaking a 6-day community organizing training with Citizens UK . The insights gained from this experience have profoundly influenced our approach, reinforcing the importance of creating deep and lasting relationships that benefit our organization and the wider community.
Strengthening Community Connections
Inspired by the training and the relationships we’ve fostered; we have increasingly focused on building sustainable connections across various sectors. Our efforts have led to stronger ties with businesses, charities, local councils, and universities, including University of Warwick and Coventry University . These connections have allowed us to explore innovative approaches to sustainability, with an emphasis on community-driven solutions.
2
Friends of Coventry Central Hall (FOCCH) Programme
A significant development from our relational approach has been the launch of the Friends of Coventry Central Hall (FOCCH) programme. This initiative is at the heart of our mission to nurture hope, faith, and love. Through FOCCH, we have deepened our connections with a diverse range of individuals, groups, and organizations that use our space, including faith groups , creative organizations , and public sector bodies such as the City Council , NHS , and universities.
The FOCCH programme has also helped ensure that Coventry Central Hall remains a dynamic, inclusive space that is open to everyone, supporting a wide variety of activities that contribute to the vibrancy of our city.
Local Engagement
Our commitment to building relationships has also expanded locally. We have strengthened our ties with grassroots groups and local organizations such as Coventry Urban Eden , Underground Lights , and many others. Our active participation in community events and projects, including the Cosy Creatives in January, Coventry Motofest in June, the Family Concert in February, Black History Month in October, and the £1 Pantomime in December, has increased our visibility and engagement. Additionally, the Summer Youth Programme allowed us to connect with the next generation of leaders and community members.
Regional Engagement
Regionally, we have made significant strides. Our involvement in the Stakeholder Meetup organized by the Methodist Circuit on June 11th allowed us to discuss the future of the centre with our friends and partners. Our youth also attended the Amplify Festival , facilitated by the Circuit , further strengthening our ties within the region. Furthermore, our representation at the Birmingham Synod and participation in the West Midlands District Merger Steering Group and District Policy Committee has helped us establish a stronger regional presence.
These improved relationships, activities and communications have directly contributed to the success of our DAF grant applications . The first grant enabled us to explore a sustainable business model with the help of a business consultant, while the second grant allowed us to build on our findings with a grant for a designated developmental role as we take this long journey of sustainability.
National Engagement
Nationally, our profile and engagement have seen considerable growth. In December, our Development Manager , Ade Johnson , represented us in a Health Inequalities Project at the British Medical Journal (BMJ) , in partnership with the University of Warwick Medical School . Additionally, through the CLARITY+ Project , which aims to address health inequalities, we had the opportunity to participate in various workshops in Sheffield , attracting further funding.
The highlight of the year came when Ade Johnson represented Coventry Central Hall at the Methodist Conference in Leeds in June. At the conference, we presented ourselves as a
3
communities. We also highlighted our work in line with the God for All strategy for evangelism and growth, which aligns closely with our own strategy for engagement and outreach.
Looking Ahead
The relationships we have cultivated over the past year are fundamental to our ongoing mission. Whether locally, regionally, or nationally, we continue to deepen our ties with those who share our vision for a vibrant, just, and sustainable future. These partnerships, including the Friends of Coventry Central Hall programme, position us well for further growth and continued impact in the years ahead.
Property Works
Throughout the year, we have continued to invest in improving our 1930s building to better serve our community. These improvements have included enhancing our ability to livestream, as well as upgrading a key area with a boardroom and breakout room, making it more versatile for various activities and events. Looking ahead, we are planning more major property developments aimed at ensuring the accessibility, sustainability, and heritage of our building.
These developments will unfold over several years, focusing on improving the entire building’s accessibility, sustainability, and its role as a place of welcome and safety for the city. Key plans include the creation of a new accessible front entrance, additional accessible toilets, and the installation of a lift to provide access to the back areas of the building that are currently inaccessible to people with mobility challenges. We also aim to make our building more
4
sustainable, with eco-friendly improvements, including a new heating system and the development of green energy options.
We see these property works as crucial to supporting the growing community that uses our space, especially through our Friends of Central Hall programme. By investing in these upgrades, we are ensuring that the building remains a welcoming, safe, and sustainable hub for all those who gather here.
Church Life
Church - https://coventrycentralhall.co.uk/who-we-are/
Our mission is not only reflected in the improvements we make to our physical space but also in how we nurture and grow our church life. We continue to focus on living out our mission through six key elements, each of which is supported by a dedicated lay minister and team. To date, we have made significant strides in supporting the areas of Nurturing Faith , Celebrating Faith , and Celebrating Hope .
As we develop our church life, we are seeing a growing and diverse congregation, with an increasing number of younger members joining us. This has led to a vibrant and energetic music group, further enhancing our worship experience. Our main act of worship, which is live streamed each Sunday, continues to be a central part of our church life, allowing us to reach a wider community both in person and online. We also continue to offer life groups, bible studies and opportunities for prayer as well as marking religious festivals.
5
This year, our Church Leadership Team and Church Council have met regularly to review our progress and refine our mission. The Leadership Team, which includes Church Minister, our Treasurer, Church Council Secretary, two Church Stewards, Property Secretary, and the lay ministers, works collaboratively to ensure that our church life remains dynamic, inclusive, and aligned with our overarching mission.
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 £411,005 (2023 - £475,201) which includes £61,120 (2023 - £102,284) relating to restricted funds. Excluding fixed assets, the unrestricted fund balances are £86,437 (2003 - £109,469). 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, grants 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).
The trustees who served during the year and up to the date of signature of the financial statements were:
D Hawthorne A Pinks J Bennett S Manhungira J Moreton P Reid J Wilkins E Davenport T Mukorombindo D Moyo Rev A S Willey (Chair) J Mudzamiri K Brooks N Y Chiimba-Rusike S Dawson (Resigned 31[st] August 2004) K Dodo
6
F Mafico E Mapfumo B J Newland S Ibrahim P Sakuringwa J Patterson J Miles C Ashby O Mhandu C Mafico T Moyo J Miles M Matamba G B Garbari (Resigned 20. June 2024) (Appointed 14 September 2023) (Appointed 4 September 2023) Trustees are appointed and elected in accordance with the terms set out in the governing document. The charity is headed by its trustees who are ultimately responsible for day to day operations. Decisions made in formal trustee meetings are communicated to staff who perform direct and administrative roles and overseen by the trustees. New trustees benefit from an induction and training period to enable them to acclimatise to the way that the charity operates. This may include attending meetings with existing trustees and staff and taking part in the day to day operations of the charity to facilitate a greater understanding of its objectives and activities. The trustees, report was approved by the Board of Trustees, Rev A S Willey Trustee Date..
COVENTRY CENTRAL HALL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COVENTRY CENTRAL HALL I wort to the trustees on my examinatlon of the financial ststements of Coventry Central Hall (the charity) for the year ended 31 August 2024. Responslbllltles and bas18 of report As the trust8es of the charlty you are responsible ft)r the preparatlon of the flnanGlal statements Sn accordance )Mth the requlrernents of the Charities Act 2011 (the 2011 Act}. I report In respect of my examlnatlon of the charity's ffinanclal statements carded out under section 145 of the 2011 Act. In carying out my examlnation I have followed all the applicable Dlrections glven by the Charity Commlssion under s8Ctlon 145{5){b) of th8 2011 Act. Indopfrndent examlnefs statement Since th8 charlty's gross income exceeded £250,000 your examlner must be a memb8r of a body Ilst8d In section 145 of the 2011 Act. I conflmi that l am quallfied to undertake the examlnation b8cause l am a member of ICAEW, whlch Is one of th8 Ilstad bodles. Your attentlon Is drawn to tho fact that the charfty has prepar8d financlal statements In accordanc6 with Accountlng and Reporting by Charlties preparing thelr accounts in accordance with the Financlal Reporting Standard appllcable In the UK and Republ1¢ of Ireland (FRS 102) In pr8ference to the ACCOUnng and Reportlng by Charlties.. Statem8nt of Recommend8d Practice186ued on 1 April 2005 whlch Is referred to In the extant regulatlons but has now been wlthdrawn. l understand that this has been done In order for financial statements to provide a true and fair view In accordanc8 wlth Generally Accepted Accountlng Practtce effectlv8 for reportlng p8rlods beglnning on or after 1 January 2015. I have Completed my examinatlon. I conflnn that no matters have come to my attention In connectlon wlth the examlnation glvlng me cause to bell8ve that In any mat8rlal respect: accounllng records were not kept In respect of th8 charlty as requlred by sectlon 130 of the 2011 Act; or the flnanclal statements do not accord wlth those records: or the financlal stateménts do not comply vAth the applicable requirements con¢emlng the form and content of accounts set out In the Charltl8s (Accounts and Reports) Regulatlons 2008 other than any requlrem8nt that the accounts glve a true and falr view whlch is not a matt8r consldered as part of an Independent examination. I have no concerns and have come acros should be drawn In r8POrt IDrder r matters in connection with the examinatlon to which attention 8 a proper understandlng of the flnancial statements to be reached. bert Anderso Az•ts Audlt Servlces 3Mc Mlddlemarch Business Park Siskln Drive Coventy CV3 4FJ
COVENTRY CENTRAL HALL
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 45,251 34,316 Charitable activities 4 26,400 - Investments 5 210,321 151 Total income 281,972 34,467 Expenditure on: Charitable activities 6 333,184 47,451 Net (outgoing)/incoming resources before transfers (51,212) (12,984) Gross transfers between funds 28,180 (28,180) Net (expenditure)/income for the year/ Net movement in funds (23,032) (41,164) Fund balances at 1 September 2023 372,917 102,284 Fund balances at 31 August 2024 349,885 61,120 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 79,567 43,964 178,756 26,400 - - 210,472 175,994 84 316,439 219,958 178,840 380,635 250,183 74,055 (64,196) (30,225) 104,785 - 36,414 (36,414) (64,196) 6,189 68,371 475,201 366,728 33,913 411,005 372,917 102,284 |
Total 2023 £ 222,720 - 176,078 |
|---|---|---|
| 398,798 | ||
| 324,238 | ||
| 74,560 - |
||
| 74,560 400,641 |
||
| 475,201 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
9
COVENTRY CENTRAL HALL BALANCE SHEET ASAT31 AUGUST2024 2024 2023 Notès Flxod assets Tangible assets 11 263,448 283,448 Current assets Debtors Cash at bank and in hand 13 23,968 148,129 21,127 203,835 170,097 224,962 Creditors: amounts falling due wlthln one yaar 14 {22,540} (13,209) Net current assets 147,557 211,753 Totsl a880ts less current Ilabllltles 411,005 475,201 Income fund8 Restricted funds Unrestricted funds 16 61.120 349,885 102,284 372,917 411,005 475,201 The financl81 slatements were approved by the Trustees on ......................... I,/z5 RevA S Willey Trustèè 10
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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.
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.
11
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
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.
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.
12
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
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.
13
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3 Donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 45,251 1,516 Grants received - 32,800 45,251 34,316 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 46,767 43,964 472 32,800 - 178,284 79,567 43,964 178,756 |
Total 2023 £ 44,436 178,284 |
|---|---|---|
| 222,720 |
The charity received grant income of £10,000 (2023 - £82,500) from the Coventry and Nuneaton Methodist Circuit. Of this £0 (2023 - £82,500) was to support the Coventry City of Culture Project, the remaining £10,000 (2023 - £0) was in relation to the proposed redevelopment of the main Warwick Lane property.
Grants of £12,000 (2023 - £12,000) were received from Birmingham Methodist District to support the employment of a children's lay worker and £10,800 (2023 - £0) to develop a business development and sustainability plan.
4 Charitable activities
Services provided under contract
2024 2023 £ £ - 26,400
14
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5 Investments
| Unrestricted Restricted funds funds 2024 2024 £ £ Rental income 203,640 - Interest receivable 6,681 151 210,321 151 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 203,640 172,349 - 6,832 3,645 84 210,472 175,994 84 |
Total 2023 £ 172,349 3,729 |
|---|---|---|
| 176,078 |
15
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6 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 7) Analysis by fund Unrestricted funds Restricted funds Support costs Support costs Governance costs £ £ Accountancy - 2,355 - 2,355 Analysed between Charitable activities - 2,355 |
2024 £ 2,355 2,355 2,355 |
2024 £ 117,771 47,430 73,884 52,126 72,565 14,504 - 378,280 2,355 380,635 333,184 47,451 380,635 Support costs Governance costs £ £ - 2,250 - 2,250 - 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 £ 2,250 |
|||
| 2,250 | |||
| 2,250 |
7 Support costs
Governance costs includes payments to the auditors of £2,355 (2023- £2,250) for independent examiners fees.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
16
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 6 2024 £ 108,925 7,121 1,725 117,771 |
2023 Number 6 |
|---|---|---|
| 2023 £ 80,738 5,972 1,350 |
||
| 88,060 |
Wages costs include restricted fund costs of £0 (2023 - £4,533) that relate to Coventry City of Culture projects, £13,639 (2023 - £5,283) that relate to the Children’s Ministry project and £6,400 (2023 - £0) that relate to the development of a business and sustainability strategy.
There were no employees whose annual remuneration was more than £60,000.
10 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.
11 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Freehold land and Cost At 1 September 2023 At 31 August 2024 Carrying amount At 31 August 2024 At 31 August 2023 The carrying value of land included in land and buildings comprises: 2024 £ Freehold 263,448 |
buildings £ 263,448 |
| 263,448 | |
| 263,448 | |
| 263,448 | |
| 2023 £ 263,448 |
17
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11 Tangible fixed assets
(Continued)
| 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 12 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost 13 Debtors Amounts falling due within one year: Trade debtors Other debtors |
2024 £ 23,968 18,892 2024 £ 15,962 8,006 23,968 |
2023 £ 21,127 |
|---|---|---|
| 9,921 | ||
| 2023 £ 15,242 5,885 |
||
| 21,127 |
14 Creditors: amounts falling due within one year
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2024 £ 3,648 12,919 3,618 2,355 22,540 |
2023 £ 3,288 6,671 1,000 2,250 |
|---|---|---|
| 13,209 |
15 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 £1,725 (2023 - £1,350).
18
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
16 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 2022 £ Children’s Ministry 8,846 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 1,151 Coventry City of Culture Events 3,312 Redevelopment Project 6,686 Cosy Creative 2 - Clubhouse - Live Streaming System - Development plan - 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 1 September 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 |
Movement in funds Incoming resources Resources expended £ £ 12,126 (14,845) - - - - - - - - 151 - - (51) 270 (490) 280 (14,505) 10,000 - - (6,760) - - 840 - 10,800 (10,800) 34,467 (47,451) |
Transfers Balance at 31 August 2024 £ £ - 12,349 - 163 - 753 - 9,721 - 255 - 3,046 - 150 - 39 (22,500) 16,749 - 12,988 (2,840) - - 4,907 (2,840) - - - (28,180) 61,120 |
Transfers Balance at 31 August 2024 £ £ - 12,349 - 163 - 753 - 9,721 - 255 - 3,046 - 150 - 39 (22,500) 16,749 - 12,988 (2,840) - - 4,907 (2,840) - - - (28,180) 61,120 |
|---|---|---|---|---|---|
| 61,120 |
19
COVENTRY CENTRAL HALL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
| 17 Analysis of net assets between funds Unrestricted funds Restricted funds 2024 2024 £ £ Fund balances at 31 August 2024 are represented by: Tangible assets 263,448 - Current assets/(liabilities) 86,436 61,121 349,884 61,121 |
Total Unrestricted funds Restricted funds 2024 2023 2023 £ £ £ 263,448 263,448 - 147,557 109,469 102,284 411,005 372,917 102,284 |
Total 2023 £ 263,448 211,753 |
|---|---|---|
| 475,201 |
18 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 £73,884 (2023: £43,044)
The Circuit made grants of £10,000 (2023: £82,500) 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.
20