REGISTERED COMPANY NUMBER: 07825870 (Engl•nd and Wale¥) REGISTERED CHARITY NUMBER: 1148237 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 FOR HISTORIC COVENTRY TRUST Daffem8 LLP Chartered Accwntants Statutory Auditor One E8strKJod Hary Weston Road, Binley Business Parf( Cov8nty CV3 2UB HISTORIC COVEpifRY TRUST CONTENTS OF THE FINANCIAL STATEMEP for the year ended 31 October 2023 P•g• ChairnMn'$ Roport 1 to 2 Roport ofthg Tr￿ts 3 to 9 Roport of the Indopondont Audltorn 10 to 13 8tatoment of Flnanchl Actlvttl•s 14 8alJnce Sho•t 15 C••h Flow St•tom• 16 Not8• to tha Cash Flow Statom￿t 17 Nots8 to Iho Flnancl•l Statom•nt• 18 to 29 HISTORIC COVENTRY TRUST CHAIRMAN'S REI>ORT for the year end8d 31 October 2023 This has been an intense year of activity during whith the Twst has continued to red￿ fo¢us on delivery of restorattin projects and direct its attentKJn to the managenEnl of rts ¢unpleted prc4.ects to ensure the financial ¥u$tainabilty of organlsation. The highlight of the year was undoubtedly the completion of the Charterhouse project and the official openirYJ by our Prosidenls, the Lord Lieutenant and the Lord Mayor, on 30th March 2023. The saving of this excepts'onal building, founded by Richard 11 in 1385, was the core reason for the founding of the charity in 2011. Over 11 year later and al an overall cost in excess of £10m, the doors could finally be opened, and we were ready to welcome the public. The reslor81ion of Charterhou5e has not been easy and on behaff of the Trusle8s. I would like lo thank the many people that hav8 worked on the project and supported us throughout the years. In particular I would lika lo thank National Lottery Heritage Fund and Coventry Cty Cwn¢il foT their solid support throughout project but particularfy in response lo the challenges of the pandemic and constructiorb CO81 infialion. short￿ before the start of the year we welcomed our new Executive Director, Anne Cranston. Anne led a btg effort that involved all the staff lo prepare Charterhouse for opening. The TnJ5t had nèvèr Intended to run the Charterhouse diredly and looking back now ff wa¥ a challenging task for a learn with little experience of setting up a new visitor attraction. 11 was ￿h¢eVed $ucce¥sfv1ty, btrt il 8180 diverted staff from other prioriUe3 lar the six months before and after opening. Whilst the primary fr￿u8 during the year was on setting up and opèrating our completed buildings. we did 8180 deliver the fabric resloralion of important buildings with Support from Historic Eng18nd and Architectural Heritage Fund. Grade 2. Listed Vvhrtefnars Gale, was built in the late 13008 as the gate lo Covenlry's Carmelite Monastery. Thi8 much-loved buikling was for many years the city's Toy Museum and bizarrely made the national pies8 in 2014 when Someone noticed rts ￿n￿nnY r¢$emblance lo comedian Alan Carr. The other buikJing was the Nonconfomiist Chapel in London Rd Cemetery which is also Grade 2. Li31ed and was designed by Joseph Paxton. This neoclassical chapel is a major feature of the Grade 1 Listed cemetery, which is one of the lop five in the country. The Trust already owns the Anglican Chapel which f( operalos as a c¢)mmunty venue for hire. We al80 run an activity and volunteering programrne in the cemetery supported by the Herrtage Fund. The in4eplh ￿Search of our volunteers into the lives of those buried in the cemetery has uncovered fascinating and forgotten 5torie8 of the past. The restoration ol both buildings was limited lo the external envelop8 only, wlh further funding required for the Trust lo bring these buildlngs back into U8e. The buildings remain in the ownership of Coventry Cty Council but are intended lo be transfetyed to the Trust once funding for 5usl8inable reuse Is yecured. Just after the year end, we also started work on the 8ecorKi phase of the Loop Line wotsJl8nd cycling ar walking path fundeil by Sevorn Trènt Communty Fund. Work completed in June 2024 on Ihls 300m 8ectlon. with the final phase now being worked up wrth the Council and our Herrtage Park partner, John Muir Trust. We were very pleased lo develop our partnership wrth John Muir Trust during the year and welcome the subslanlial expertise and resource that they bring lo our plans lo improving community acce8s lo this wildlrfe rich area. When c￿nPleted the full 1km L¢)Dp Line will eonnect the Heritage Park wi(h the surrounding communrties and Provide aleisure ￿￿0dlaThd walk forvisitor3 to Chart8thouse. 0￿ratIOnal Chall6ng68 In the latter part ol Ihg year and in the Gubsequenl months, the Trust has taken action lo stem operating e and boost revenue to achieve financial sustainability. The combinalKJn of extemal factor8, such as the pandemic, Ma1￿ conslrudion cost inflation and the rise in utility costs have made this a challenging lime for all organisations. In this diff￿ult clirnate and resuking from the Con￿ntration of project delivery for Cty of Gullure 2021. the Trust has in effect been starting up new business on muKiple siles over a short period of li￿￿. Yel meanwhile the generous grant $4JPPOrt that we had ¥￿e1Ved as a Start-up Heritage Deveknpment Trust for wre central staff has expired. At c*Jr tsvo major public bulldings, Drapers. Hall and Charterhouse. the operating Gosts wwe higher than expected éue to inflation, and particularty Ihe increase in energy costs. Effective business planning and management ot expenditure ha5 been incwdibly difficult due to overbilling on new accounts by the utilty companies and the almost impossible exercise of raty'onalising their accounts and securing credtts back foT overpayments. Meanwhile inccme from hires and paying visitors ha$ l)een kmer than budgeted refiecting the drfficutties in the leisure sector. P4e1 HISTORIC COVENTRY TRUST CHAIRMAN'S REPORT for the year ended 31 October 2023 At Drapers, Hall. since ¢ompbtion of the restorati￿ works, we have been operating the building ours*s as muKi-purpos8 venue, alongsido Coventry Music Semce Ipart of the Councill as our eore occupvér. The lease to CMS is inclusive of the building's running costs and utilities. with this indusive rent not covering the costs. Meanwhile their use from Monday to Wednesday has severely hampered corporate btsokings on these key workdays. Agreement ha9 been reached for the lease to be lemiinaled in Juty 2024, which will stem the losses. Thls allows 8 relaunch later in 2024 with a new external specidist venue management partner with the expertise to grow the business over a longer lem. Al Charter￿￿$e, as Is Common many herit&ae attracticffls we dosed the building for the winter in November 2023 and scalèd back on staffing to cut costs. Meanwhile we have been continuing conversattons with major national heritage partners lo tske on the operation of the building, reverting lo our onginal plan. The Trust believes that the draw of a national organisation will bring in sufficient visrtors to make the Charterhouse site sustainable. Discussions aftef the year end seem likety lo reach a positive conclusion in the Autumn cl 2024. In the interim the reduced team have concentrated on volunteering and events, with redwd op8ning at weekend5 since Easter 2024. There has been a positive change loo in the management of the visrtof accommodation at Swanswell Gate and 34 Priory Row. During the year we agreed an early lemiination of the operating 8greemenl with our foThner partner that was prcxlucing Ios8e8 r8lher Ih8n net revenue to the Trust. In March 2023 we entered into new agwmenl with fixed ren181 payments that ncw produce a signrficant net Tevenue to the Trust. The hifing of these attractive properties for visf(or short stays is doing well and adds considerabty lo the cty'$ visitor offer. Simi18rly on Dr￿ar5, 88r, the forner man8gernenl agreeffEnt with the Iralning restaurant, whKh was not generating any revenue, was leminaled just after the year end. This prominent unil w88 immedialety relet lo The Yard, th8 city's premier LGBTQ+ venue 0￿rator, on a fixed rental arrangement and again is addlng styJnificantly to the cashfflow. We are pleased that this resour¢g for the communty can now successfvlty continue after demolition of their previous premise8 lorthe Cty Centre South d¢v6lopmenl. The core revenue generating properties at the Burges and Hales Street continue to perform well, reflecting the $ignifitsnl improvement to the area following the f￿ade improvements undertaken by the Trust as part of the High Street Hgrilag8 Action Zone programme which completed in 2022. Rental income has increased through active management and wherè possible lease6 are being restructured lo include service charge prowsions, ensuring funding for futur8 m81nten8nce. The final elomenl of thè Burps HSHAZ programm, fvnded by Historic EnglarKI, involves the d&culverting of the River Shert>oume in Palmer Lane lo create a new public square. Th8 plans to improve one of tho cty'8 old¢sl str¢èts has been a community aim for over 30 years. This forgotten backland are8 was a focu8 for anti.socLal behaviour and will be Iransfonned as a new public space where people for the first lime can connect wrth th8 city's river. The Trust has plans lo capitalise on this inveslrnent wrth the creation of ngw café units when funding has bagn secured. The £2.4m public realm works are being undertaken by the Council In partnership with the Trust. Thé project had been signfficanlly delayed. but l am pleased lo report that the rks aro now well underway with completion in the latter months of 2024. Tre operation of our completed project8 Is key lo the Trusfs long-lerm suslalnabilty, with the need to g8nerale gnough revenue to cover both overhead costs and also lo build up re5erve8 for future buihging maintenance. The Trust als0 aims to gwe our buildings a real purpose for the community, to engog8 people th their heritage and lo add lo the city's efforts lo ￿)0$1 the visitor Konomy. The target has a￿ayS been lo achieve a balance betsyeen financial sustsinabilty and community purpose. wtth 80me buiKlings working financially harder than others. During the year the Trust has faced financial challenge5 t￿ operating ils completed buildings. We have reacted swrftly lo C￿ costs and have reduced our core staffing with the work being undertaken by the volunteer trustees. Wrth this lower o)sl basg and with the substsnlial pr¢yJress made in re5truciuring the management of the individual bLJildings during the year and after the year etNJ, l am pleased lo say that the Trust is well on the road lo long temi sustainability. lan Harrabin MBE MRICS Chairnwn Page 2 HISTORIC COVENTRY TRUST (REGISTERED NUMBER: 07825870) REPORT OF THE TRUSTEES for the year endgd 31 October 2023 The trustees who ate also directors of the charity for the purposes of the Companie5 Act 20C6, present their report with the financial statements of the charity for Ihe year ended 31 October 2023. The Iruslee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Pract applicable to charth'gs preparing their accounts in accordance with the Financ￿1 Reporting Standard applicabl8 in the UK and R8public of Ireland IFRS 1021 (effective 1 January 20191. The principal objective of the Twsl t8 Io preserve for the benefit of the peopL2 of Coventry and of the Nation, the historical, 8rchileetural and conslwctional heritage that may exist in and around Coventry in buildings and other public amenities (including any structure or erection and any part of a building as so defined) of parts'cular beauty or hislortcal, architectural or constructional interest and any works of art or other f(ems of historic value wth Ih08e bu￿dir￿￿9 or public amenities.. OBJECTIVES AND ACTIVITIES Oblectlvgs and alms Historic Coventry Trust is an enlr8preneurial heriiage devolowienl Iw8t, wh￿h aim$ lo bnn9 new lrfe lo the city's herrtage, finding innovative ways to sustain histor￿ places and to inspire, involve connect people wkh the cty's history. The ground-breaking Framework Agreement befvleen the Trust and Coventry City Council remains the loundalion of our work to unleash the potenlk91 of these und¢rus*J historic places to grow ciwc pride, gen8rat¢ jobs. stimulate thè economy and provide communty bgnefil. Signed in April 2019, the Agreement sets out the transfer of 22 historic Properties lo the Trust once d8tailed plans for repair and reuse are in place. The Agreement expired in Dat￿ber 2022. bul there 18 a 2 year extenskJn in placa to Decembgr 2024. We have a deep and genuine partnershlp whh Coventy Cty Council and we ore indebted lo Membgrs and Officers for their unslinling support. or the 22 prqjerties on the Framework, all bLrt three have now been transferred lo tho Trust. Two of the remaining three ILondon Road Cemetery's Nonconfomiist Chapel and Whbtefriars. Galel havo b¢en the subject of major fabric works this year, thanks to generous grant8 from Hi5toriG England and the Architectur81 Heritage Fund alongside funding from the Council. The heritage devglcpm•nl tN$l ¢oncept Is one th81 continues 10 9ath8r momentum r￿tional￿. Herflag8 develc*iment trusts share a unfying commitment lo the reimaging, repair, and reu8e of historic buiklings of value to their ccfflmunty, They are. Mutti-building developers.. acquiring and man8ging a portfolio of heritage 8888ts, lo create an econom￿allY sustainable m (58,312) NET CURRENT ASSErs 171,004 17,603} 183,401 1,451,128 TOTAL ASSET8 LESS CURRENT LIABILrriE8 175,828 1&084,808 18.280,734 16,627,149 NET A88ET8 175.828 18,084.908 18,260.734 18,627,149 FUNDS Unrestrlcted fund8 Restrthd fiJnd8 21 175,828 451.899 18,1)84,908 16,175.250 TOTAL FUND8 18,260,734 18.627,149 The8e financial 81atemgnts havo be•n prnparfjd in accud&nc• Wbth th8 provblon6 appl￿*￿? to tharitsblo companTe8 svbiect to tho small comp￿18$ rèlllma. Th• fingnual 8tsternènts were appro￿ by tho Board of Tru8tee8 and aulh0ri8ed tr 158ue on 30 Juty 2024 8nd were 9￿Jn8d on lis t¢half by.. l D Harrabin-Tru6te8 The notes fcrfm part (Km089 ffflanctal Pag9 15 HISTORIC COVEKfRY TRUST CASH FLOW STATEMENT fortho year onded 31 OGtober 2023 2023 2022 restated C•8h fmm 0￿ratIng actlvltleg Cash generated from 0peTaI￿n$ Interest paid 1,464,638 {341 2.899.597 Net cash provided by cperaling actNii 1.464.602 2,899,597 C•sh flows from Investlng actlvltlej Costs of buildings under renovat￿￿ Purchase & renovation of hgrflage assets {421,082} 11,495,408) 12,969,304) Nel cash used in investing actiwti8s 11,916.490) 12,969.3041 Change In ¢aBh and cash gqulvalonts In tho reporting pèriod Cash and c•8h •qulvalont8 At tho beglnnlng of the reportlng p•dod 1451,8881 169,7071 488.386 558,093 Ca•h and ¢￿h equlv•lents at tho •nd ol the rèporting pèrlod 36,498 488.386 The notes fomi part of these financial statements Page 16 HISTORIC C0VEP￿Ry TRUST NOTES TO THE CASH FLOW STATEMENT for the year ended 31 Octobor 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 re51ated Not income for the reporting p8rlod1•s pgr Iho Stat•ment of Financial Activitivs) Adjustments tor. Losses on investments Interest paid Donated assgts Decrea591lincreasel in dgbt Incroa8dldecreasel in cr&Jitors 1,633,584 3,159,244 {1.000,(￿> 14,8221 680,525 155,315 1225.5511 134,0%> N•t Gash wovldgd by opgr•dons 1,464,636 2,899,597 ANALYS18 OF CHANGES IN NET FUND8 At1.11.22 Cash At31.10.23 Not cash Cash at bar* and in h￿d 488,386 {451,888) 36,498 488,386 {451,888) 36,498 Total 488,386 1451,8881 36,498 The note5 form part of these financial statement$ P￿e 17 HISTORIC COVENTRY TRUST NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 October 2023 ACCOUNTING POUCIES Basls of preparing the financial ststements The financial statements of the charitable company, which is a public kneff( errtity under FRS 102, have been ptepared in ￿>rdanCe wlh the Charities SORP {FRS 1021 'Accounting and Reporting by Charrties.. Statement of Recommended Practice applicable to charilieg preparing their accounts in accordance wrth the Financial Reporting Stsndard applicable in the UK and Republie of Ireland IFRS 1￿2) leffective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Stsndard applieable in the UK and Republic of Ireland, and the Companies Ad 20C6. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included al market value, as modified by the revaluation ofcertain assets. Historic Coventy is a private charitable company, limited by guarantee, and registered in England and Wales. In the evont of the charity being wound up, the li8bilty in respect of tho guarantee is limited to £10 per member of the chanty. The address of the regislere(l office is given in the charity infcrfmation on page 6 of these financial statements. The nature of the charilws operations and prirscipal acaivities are detailed in the r8POrt of the Irusle8S. The financlal stalemerrts are presented in sterling %thich 18 the functional currency of Ihg charty and rouTrJed lo the nearest £. Crltlcal accountlng ludgements and koy wurcoj of estlmatlon uncortalnty Tho preparattr?n of the financial statements iequires man8gem8nl lo make judgements, estimates and assumpt￿n3 that affect the anK)unts reported. These 861imales and judgements are continual reviewad and are based C￿ experience and other factors. Including expectations of future events that are bellevad lo be reasonable under tho arcumst8nce8. Incomg All ineom8 18 recogni9￿ In the Statomenl of Financial A¢h'V￿¢S C￿¢8 tho ¢harty has entrtl8menl to the fund8. it 18 probable that the incon%? will be iecewed r￿d tho 8rThJunt can be measured reliably. Income I￿rn grants are reGongised when Ihg Charty ha¥ entitlen￿nI lo the fiJnd8, any p8rfom)ance ¢ondrtion$ attached to the grants have been met, il 18 PrOba￿e that the income will be I￿8￿¢d aTrJ tho ar￿Unt can bg mgasuled feliably and is r￿1 deferred. Exwndlture Liabilittes are recognised as expenditure as 800n as there is 8 legal or con8lrucaive cuigation commffting the charfty lo that expendtture. it is probable th81 a transfer of economic benefits will b9 required in Settlement and the affK*unl of the obligation can bè measured reliab￿. Expenditure 15 accounted for on an accruals basis and has been classified under headlngs that aggr9gole all cost related lo the category. whe￿ costs eannot be directly attributed to particular headings they havg been allocalad lo activiti'es on a besi8 consistent with the use of re80urces. Irr￿0Verabkn VAT ts charged as a cost against the activty for which the expendfture w88 in¢urrod. Gr8nt8 offered Subject lo conditi?n8 which have not been mgt at the year end dale are noted as a commilmenl but not 8ccrued as expenditure. Bulkllng8 under renovatlon Certain PTCFertie5 are not currently owned by the Tru51 or subject to 8 Long Lease, bLrt there is an expectatKJn that once renovth'on5 have been completed, then these assets will become owned by the Trust. As such. assets of Ihls type are caprtalised as Asse18 under RenoVal￿n untl tw have been fomally wuired by the Trust al which point they wlll be included as Heritag8 Assets. Heritage a5Sots Herrtage assets purthased are inrtialty accounted for at eost. No hentage assets have been revalued. Heritage assets are categorlsed Into either cyeratlonal herrtage asset8 Of non-operalional heritage assets. Page 18 conlinugd... HISTORIC COVETr￿Ry TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued for the year ended 31 October 2023 ACCOUNTING POLICIES- contlnu8d Heritage assets Operational heritage assets are propety held in pur8uit of the charity'8 overall ctyectN8S bul aTe also used for revenue generation or other non-heritage purFoses. Mapr r8fvrbishments and renovatM)n VKJrks on operational heritage assets, including related professional fees, are capitalised and depreckqled over their uselul economic lrfe. It is deemed that the costs to date have an indefinite lrfe therefore no depreciation is prowded. Major fefurbishments and renoVal￿)n VKJrks on nonryopefaiional heritage assets are not capilalised but are treated as expenditure. Up lo the year end all herfbae 888ets are deemed to be operatsjnal. Invastsnont prowrty Investment property is shown al most recent valuation. Any a9gregale surpluB or deficrt arising from changes in fair value is rwnised in the Stalemenl of Financd Activities. Taxation The charity 18 exempl from corporalwjn tax on it8 ch8rit8bl8 ￿t￿ltieS. Fund aeeountlng Unrestricted funds can be used in ￿CordanCe with the charitabl8 objoctives at tho di$rxetion of the tru8tee8. Restricl8d funds can onty be used for particular restricted purp¢)sÈs within the eblects of the charity. Resldction$ ari80 when Specif￿ by the dOr￿r or when funds are r818od for particular reslncied PUVPO8ey. Further oxpl8nation of the nature and purpose of ea¢h lund is Ind[￿ed in the ncts8 to tho financial Ststa￿￿n1s. P•n81on cojts and other ￿t•￿tIrement b•neffts The Chairtab￿ company operates a defined contribution pension sch8m&. Contributions payable lo th8 harilable ccYnpany'8 pension scheme are charged to the Slatemenl of Flnanwl Activities In the per*)d lo vthith tW relate. Donatod e•r4Sc08 and facilitie8 Donated professional service8 and donated facilities have Mt been rec()anised as income in theso accounts. In ￿OrdanCe wrth the Ch8ritie5 SORP IFRS1021, general volunteer lime Ys not recognised and refer lo the Trustee8' annual report for more infomation about contribution from voluntoefs. DONATIONS AND LEGACIES 2023 2022 restated Donations Grants 23,686 1,754.553 178.001 3.566,081 1,778.239 3.744,082 Page 19 ontinued... HISTORIC COVENTRY TRUST NOTES TO THE FINANCIAL STATEMEprfs - continu•d for the year ended 31 Octobgr 2023 DONATIONS AND LEGACIES - condnued Grants received, induded in above. ￿ a$ fol￿$. 2023 2022 re8taled Hi5toriG Englarbj I Coventry Cty Ccwncil PSICA Arehiiectural Heritage Fund Arts Council England Sevem Trent Communty Fund Nali¢)nal Lottery Hentage Fund Historic Hous8S Herrtage Lottery Fund ERDF Green National Trust Cty of CulluTe Coventry City Council Other Historfc Englarxf Other grants 116,000 29,782 43.293 39.692 224,100 30.000 1,453,487 15.800 18.000 19.500 1,334,990 241,438 1C(1,001 3,734 8CrfJ,779 472,239 37T,aoo {11 1.754,553 3,566,081 OTHER TRADING ACTIVITIES 2023 2022 a8 re51ated Fundraising 8vent8 Shcp income Hires Volunteering 730 22.244 6,625 34,099 INVESTMENT INCOME 2023 reslatsd Rents received Commi881)n8 204,618 7,329 212.813 211,947 212,813 P8ge 20 nlinued... HISTORIC COVEKfRY TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued for tho year ended 31 Octob9r 2023 INCOME FROM CHARITABLE ACTIVITIES 2023 21Y22 88 Actmty Preservatv)n of Historic Buildirys Adm￿s1onS 57.244 RAISING FUNDS InvMtm•nt mamgement 2023 2022 r88tated PortfolKJ managoment Lggal f888 Propety repairs Mainten￿ce charg88 Rates and water Insurance Light and heat Telephe￿& Bank charges Rent Sundry Subscri￿Tr8 27.331 101,C65 34,088 2,845 15,304 2,985 14,220 11,427 858 2,597 382 11 10.353 1,264 375 110,187 115,902 CHARITABLE ACTIVITIES COSTS Grant funding of activllie8 Isee nots 8} Support Costs note 91 Total8 Preservalon of Hlotorfc 8uiklin98 372,608 534,000 431.150 1,337,758 GRANTS PAYA8LE 2023 2￿ re818 PreseNatson of Historic Building¥ 534,000 The Icrtal grants pavj lo InslitLrtlons durfng the y8arwa8 as follm.. 2023 2022 r6818ted Coventry City Council 534,tM)O Page21 continued... HISTORIC COVEMTRY TRUST NOTES TO THE FINANCIAL STATEMENTS- c¢>nlinued for the year onded 31 OCto￿r 2023 GPAFThS PAYABLE - Gontlnu•d The payment to Coventry Cty c￿ncIl of £534,DOO was from grant ￿￿)nIeS received by the Trust from Histor￿ England under their HvJh Street HAZ progTarTwrÈ. This element of the HSFL42 grant was allrxaled lo works to the public realm lo open up th& river in Palmer Lane behind th8 Trusvs Burges properties. The Council are now undertaking these works at a eosl of £2.4m. The £534,C(N) Is a conlribub.on tcwards these costs from HbStoric England that has passed through the Tru8t'8 acC￿JnIS. SUPPORT COSTS Govemance costs Othei Totsl8 Pre￿atIOn of Historic Buildin98 399.668 31,482 431,150 10. NET INCOMEIIEXPENDITUREI Net incomel{expenditurel is stated 8fter ch8rgingllcrediting}.' 2023 2022 A8 resl8tod AudTtors fee Previou8 auditors fee 12,500 11. TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remunèration or other tenaffts for the year 8nd8d 31 October 2023 rKJr for th8 year ended 31 Oclcthr 2022. Truste￿. •xp8nso• 2023 21y22 Trustees, expenses 245 One trust¢e had expen888 relmburwl. 12. STAFF COSTS 2023 2022 re¥t&8d Wages and 5aL8ries Social seeurty costs Other pension c08ts 256,086 20.132 9,867 244.635 20,652 9,110 286,085 274,397 Pajg 22 continued... HISTORIC COVENTRY TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued for the year ended 31 October 2023 12. STAFF COSTS- contlnued The average monthly numberof employees during the yearwas as fc41uw$.' 2023 2022 a$ re$tated Employees 11 No employees re￿Ned eryduments in excess of £60.000. 11 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslrictgd fvnd8 Roslrktsd fund8 Tot81 funds INCOME AND ENDOWMENTS FROM Donatk)ns and *aciès 330,269 3,413,813 3,744,082 Investmènt Incoma 212,813 212.813 Total 543,082 3,413.813 3,956,895 EXPENDITURE ON Raising funds 1107,6231 223,525 115,902 Charltablo actlvltles Preswvth'on of Hi$lorK 8uilding$ 404.546 277,203 681,749 Totsl 296,923 500,728 797,651 NET INCOME 246,159 2.913,085 3,159,244 RECONCILIATION OF FUNDS Total funds brought forward 205,740 13,262,165 13.467,905 TOTAL FUMDS CARRIED FORWARD 451,899 16,175,250 16,627,149 14 PRIOR YEAR ADJUSTMENT A 8erie8 of bank transaction5 on a spgcffic bank account h8d not been includpjj in the 2022 accounts. Tre 2022 accounts have been restated to rsfle¢t in th& income and expenditUTe a5SOCAated wrth these transactions. Page 23 continued... HISTORIC COVENTRY TRUST NOTES TO THE FINANCIAL STATEMENTS . contlnugd for the year onded 31 October 2023 1& TANGIBLE FIXED ASSETS Buildings under renovation Additws 421,082 NET BOOK VALue At 31 O¢t¢l)er 2023 421.082 At 31 Octcl)er 2022 The buildings under renovation are London Road Cemelwy's Noncorrfonnlst Chapd and ￿￿?fria￿S Gala. 16. HERITAGE ASSErs Total MARKET VALUE Al 1 Novèmber 2022 AddilKJns 15,176.021 1,495.408 At 31 O¢tobof 2023 16,671.429 NET BOOK VALUE At 31 Octci)er 2023 16,871,429 At 31 Octcè8r 2022 15.176,021 PrO￿rtY The Charterhouse, London Road, Coventry Charterhouse Coach House and Land, Coventry Drapers. Hall, Bayley Lane, Coventry Former Rgilway loop Ling, Cov•nlry 3- 5 PrKJry Row. Coventy Swanswell Gate, Coventry Cwk Street Gate, Coventry Anglican Chapel. London Ro>g Cemetery, Coventry Acqulr March 2013 June 2020 November 2019 August 2018 August 2020 October 2020 October 2020 Tonurn Freehdd Freehold 250 year lease Freehold 250 year lease 250 yearlgase 250 yearlgase May 2021 250 year laase The Long Lea$ehd¢J intsrests are all C¢)v8ntry Cty Coun¢il Freeholds. There 8Te no unusual lea88 teffi￿, with th8 excepts'on of restrictions on use and aliena1￿ Imposed by grant condit*)ns. Several prcyertles have charges in pl&e to secure grant condith)n8. Page 24 continugd... HISTORIC COVENTRY TRUST NOTES TO THE RNANCIAL STATEMENTS - contlnued for the year ended 31 October 2023 16. HER￿AGE ASSETS- Contlnuod summary analysls of herltage asset transxtions 2023 2022 2021 2020 2019 Purchases and Renovations at Cost Donations 1,495,410 2,￿9,304 12,206,717 Total Addi(i)ns 1,495,410 2,969,304 12,2C6,717 Total charge for Impainnonl Total 0i8P08al8 Total Sales Pro¢80ds 17. FIXED ASSET INVESTMENT8 Listed Snveslments MARKET VALUE Addrtions 4,822 NET BOOK VALue Al 31 O¢tober 2023 4,822 Al 31 Octobof 2022 Thare wem invastmenl assets OLtside the UK. The Trust h88 8 wholty4Jwned domant Subsidiary, HCT Trading limited (company number,. 12305746), whlch has r8seNes ￿ £1. 18. INVESTMENT PROPER FAIR VALUE Revaluatb)n 1,C(Q,000 At 31 Octe&er 2023 1,CW.000 NET BOOK VALUE At 31 October 2023 1,(>JO,OC#) Al 31 Odobgr 2022 The Burges properties have been revalued by the Trustees at a falr value of £1,OCIJ.￿O as at 318t October 2023. The Burges properties are'.- Propaty 1- 9 Hales Streèt & 18- 20 The Burges, Coventry 21- 24 and 27 The Buigo5 Coventry AcquirgJ December 2021 July 2022 Tènure 250 year lease 250 year lease Page 25 continued... HISTORIC COVENTRY TRUST IK>TES TO THE FINANCIAL STATEMEiifs- contlnuod for thg year gndod 31 October 2023 1& INVESTMENT PROPERTY- contlnued The Trust hc4ds Drapers, Bar as of a futu￿ re￿den￿ation plans that include the ad￿nIng site. It currently klt on a s￿rt term basys pending the r&development of the site being undertaken. Due to the ￿StriCtIonS in the transfer agreement for the propety, it is not po88ibl8 lo assess a fair valuo forth8 pfoFerty whth was uiginally gffted lo the Charity. The￿ 1$ a ground wl Payab￿ of£3,080 per annum on Or8Fers' Bar. Fairvalug at 31 October 2023 18 repre88nted by.. valUath￿ in 2023 1,000,￿0 19. DE8TORS: Apioupifs FALLING DUE WITHIN ONE YEAR 2023 2022 restated Tr•J8 debtors Other debtors Prepaynwts 41.675 243,590 53,265 1,117 1,017,937 338,530 1,019,054 20, CREDrroRS: AMOUNTS FALLING DUE WIThIN ONE YEAR 2023 2022 restated Trf•Je creditor8 Sw81 stturty ar￿ other taxe$ VAT Accru818 and deferred incc 19,629 5.686 248 186,064 49.928 6.384 211,827 56,312 e26 ontinued... HISTORIC COVENTRY TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued for the year ended 31 October 2023 21. MOVEMENT IN FUNDS Transfers btheen ftjnds At 1.11.22 movement in funds At 31.10.23 Unr•stricted funds General fund 451,899 1295,495) 19.422 175.826 Re8trlcted fund8 General re8trict8d Ch8rterhou8e Coach House Venue Loop Line Anglican Chapel Priory Row Gales Drapers Hall Nc￿-cOnformI$I Chapel sl London Road Cemetery Non-conformi51 PrO1￿t lthilefriars Project Th• 8urgos & Hath Stre8t 2,035,557 7,082,919 997,021 308,330 199,142 901,293 646,915 4,004,073 1620,6381 (1.414,9191 673,483 {73.0941 462,083 791,719 {311) 1120,3071 18,960 {19,4271 89,838 701,279 7.683,308 2.250,823 187.712 218.102 881,866 726,474 4.705.352 110,2791 {1,8311 179,933 246,639 1,OC(),CpJO 19471 {2,7781 179,933 254,116 1,OCQ,C 7,477 16,175,250 1,929,079 119,4211 18,¢)84,S¥)8 TOTAL FUNDS 18,627,149 1,833,584 18,260,734 Net movement in fund8, included in the al￿8 ar8 as follm.. Incoming resource8 RosourwJ expended Gains and 1083es M¢)vement in funds Unrnstrlcted fund• General fund 302,719 1598,214} 1295,4951 R•8trlthd funds Genaral restricted Charterhouse Coach HoL￿e Venue Lwp Lin Gate8 Non-confomiisl Ch8pel at London Road Cemetery Non-confomii81 Projttt Whrtefriar8 Prciect The Burge8 & Hale8 Street 71,595 746,54S 470,221 1692,233) 173.062) 18,138 1310) 110,279) 1620.6381 673,483 462,083 13111 (10,2791 63,695 180,116 246,639 (65.5261 (1831 {1,8311 179,933 246,639 1,000,C 1,000,1 1,778,810 1849.7311 1.000,IXIO 1,929,079 TOTAL FUNDS 2,081,529 {1,447,9451 1.OW.OOD 1,633,584 Page 27 continued... HISTORIC COVEpifRY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 October 2023 21. MOVEMENT IN FUNDS- Gontinuod Comparatives for movement in funds At 1.11.21 movement in funds 31.10.22 Unrestiicted funds General fijnd 205,740 246.159 451,899 Ro8trkt8d funds General raslrthd Charterhouse Coxh House V￿ue L¢￿p Line AnglKan Chapel Priory Rchv Gales DraperyJ H811 1,841,080 5,115,434 997,021 249,726 164,502 873,968 343,396 3,677.038 194.477 1.*7,485 2,035,557 7,082,919 997,021 308,330 199,142 901,293 646,915 4,004,073 34.640 27,325 303,519 327,035 13.262,165 2,913,085 18,17S,250 TOTAL FUNDS 13.467,9J5 3,159,244 16.827.149 Comparative net rrKlv￿nen1 in furKI8, induded In the above are aB foll¢)w8.' IncomirrfJ Resour¢e$ Movement resource8 •xp•nd8d In fund8 Unrnstrlcted funds General fund 543,082 1296,923) 246.159 Re#trictèd funds General restricted ChartgrhouBe L¢x)p Ling Anglican Ch8pg1 Priory Rtr Gates Drwr8 Hall 567,197 2,081.475 36,692 15,800 29,782 355,832 327,035 1372,720 1113,9901 21,912 18,840 {2,4571 152,313) 194.477 1,967,485 58,604 34,640 27,325 303.519 327.035 3,413,813 15C4),728) 2,913,085 TOTAL FUNDS 3.956,895 1797,651) 3,159.244 Page 28 ccfitinued... HISTORIC COVENTRY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued forthe year ended 31 October 2023 RELATED PARTY DISCLOSURES There were no donations receiwa from companies controlled by TTUStee$12022.. £130,000). During the year. the Trust made payments to a charity controlled by onè of tho Twstees for the supply of materkgls lo the Trust for £319 (2022. £NILI A company controlled by a Trustee has pfovhled the Trust a loan f￿lIlty of £6C¥),000. No fvnds had been drawn against thls facility al the year end. After the year end. Assets of the Trust have been ¢hafg8d again8t the l)an facility which contain8 a nwve ptedge. OPERATING LEASES- LESSOR The Iijtsl future mlnimum lea¥e paymgnts rgcelvable under nonrycaneellable cyrating leases are.. Not18ter than one year Later than one year and I￿tISt￿l than five years Later thon fwe ye8rs £109.234 £275,952 £58,458 Page 29