COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY UMITED BY GUARANTEE Charlty numbèr 1151280 Company number OB270063 INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 PAGE Company Infonnation Report of the Dir8Ctor8 Indep8ndent Audttorfs Report Slatement of Flnancial Activities Balance Sheet Noios to the Flnanclal Slalemonls 10
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY UIAITED BY GUARANTEE COMPANY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2024 DIRECTORS Earf of Aylesford P. J. Dick M. A. E. Whitehall D. Moorcroft SECRETARY P. N. Breed REGISTERED OFFICE Xcel Leisure Cenlro, Mitch811 Avenue, Canley, Coventry, CV4 8DY. REGISTERED COMPANY NUMBER 08270063 (England and Wal881 REGISTERED CHARITY NUMBER 1151280 AUDITORS Daffems LLP One EasOod, Harry Weston Road, Blnley Buslness Park, Binley, Coventry, CV3 2UB. BANKERS Natwest Bank Plc.. Covgntry City Office, 24 Broadgale, Coventry, CV1 1ZZ.
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 The Directors, who are also Trustees, present their rgport wilh the financial ststements of the charitable company for the year ended 31st March 2024. PRINCIPAL ACTIVITY The principal activity of the company in th8 year under review was the provision of sports, leisure and destination facilities for people within a fully accessible setting. DIRECTORS The Directors who have served during th8 y88r and since the year end were as follows.. Eari of Aylesford P. J. Dlck M. A. E. Whitehall D. Moorcroft ADMINISTRATIVE INFORMATION The comp8ny Is govgrngd by Ils Memorandum 8nd Artlcles ofAssociation. Company Numb8r.' 08270063. The Company is a registered charity (No. 1151280}. CHARITABLE OBJECTIVES These slate that the overall objective is to provide and maintain facililes for the recraalion and other lelsure time occupation of disabled and able bodied persons. POUCIES TO ACHIEVE OBJECTIVES To promote for the benefit of the publlc the provlslon of sports facilities and opportunllles through Coventy Sports Foundabon, who in lum deliver a range of inolusive 8XP8rl8nces. Centre AT7, thè Xcel L8lsure C8ntr8, Moat House Leisure and Neighbourhood Centre and the Alan Pblggs Centre - communlty lelsure and recreation centres that specifically programme and price activlties lo attract participation from disabled and other under-representèd groups in identified are?5 of deprlvatlon wlthln Coventry. The Wave- a destination walerpark v8nu&, which includes some of the most innov8tlV8 inclusivity and accessibillty design of any rnodem waterpark. In addition to the facility based provlsion of sport from its facilities. the Foundation provides opportunities and experiences through 8 number of initiatives and oulr8ach projrammes.. Go CV- Coventry Sports Foundation has worked with Coventry City Council to develop, lesl and implement new city wide access and loyalty scheme, which seeks lo provide beneficial use to people from Coventry. Community Development - the Foundation is unique in so far as it inlernalises the function of community developrnent within a specific department, lo ensu Ihat a wlde range of sports, activity and performing arts programmes aw re$earch8d, programmed and dellvered at a neighbourhood level. Access - the Foundation delivers numerous events. loumaments and coaching programmes for disabled groups and individuals, along with activities to ensure that access to physical activity and well-being programmes reaches those that are most under represented. The Trustees have had regard lo Charity Commission guidance on public benefit.
COVENTRY AND wARcKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 ORGANISATIONAL STRUCTURE The Board of Directors ar& responsible for the operational and financial manag&ment of the Trust. New D1clOr$ are recommended by individual dir&ctors and their appointmant confirmed at a Directors, meeting. Upon the appointment of any new Directors, a full and bespoke induction process is planned in order to ensure complet@ famlllarity and und8rstandlng of th8 Trust's objecllves and operatlon and the roles and responsibllltles of the Dlrectors. PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL The company employs no staff, 50 that the Company Secretary acts as Its key manag8ment and overseas day to day actSvilies through his role as Chief Execullve Officer of Coventy Sports Foundation. ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR The Trust continued to secure levels of charitable funding in support of Ils obSe¢tlv&s and has also now completed Ihe leas& of the Wave from Coventry City Council. along with the underlaase of the venue lo Coventry Sports Foundation. The Trust Continued Ils rental and equipment leaslng Charges to Coventry Sports Foundation. FINANCIAL REVIEW, RISKS AND RESERVES POLICIES The results for the year and financial position of the company are 8hown In the annexed flnanclal statements. The Charity's assets continued to be used for th8 Trust's obj8Ctives. The majority of the Trust's income is normally in the lorm of rent received from Coventry Sport5 Foundation in respect of Centre AT7 and the Alan Higgs Centre and the Trustees consider this income to be relatively secure for the fiJtur8. In addition lo this, the Trust receives a significant annual donation from one benefactor and the Trustees are conscious of the inherent risks that this presents. should funding from this source be reduced or withdrawn. The Trustees are mlndful of thelr responslbllltles for the repalr, replacernenl, and renew81 of any major c8pltal Items wlthln the premises of Centre AT7 and the Alan Higgs Centre and consider the current level of free reserves of £1,971,534 being unrestricted investments and net current assets to be sufficient lo flnance ongoing capital replacements to maintain the stsndard of its premises. This figure exclud&s the long-temi liability of £1.126,568 whlch is to be paid quarterly over the remaining tefm of the loan from income generated {s8e note 121. PLANS FOR THE FUTURE The Trust will continue to work with Coventry Sports Foundation throughout the year lo monitor the impact of the challenging economic conditions and cost of living pressures. The Trust will also work with Covèntry Sports Foundatlon in thé d8lNery of som8 8n8rgy èfficiency capital installations on the premlses of Centre ATT and the Alan Hlggs Cenlre.
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF TRU8TEES'IDIRECTOR8' RESPONSIBILITIES The Tnjstees (who are also Directors of Coventry and Waickshire Award Trust for the purposes of company lawl arg responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom AoUntIng Stsndards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to preparg financial statgments for each financial year, which give a true and fair wew of Ihe state of affairs of th6 charitable company and of the incoming resourcas and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Trustees are required lo: select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent-, state wh8th8r applicable UK Accounting Standards havg been followed, subject lo any material departures diselosad and 6xplained In the flnanci81 stalemenls., prepare the financlal slat6menl$ on the golng concern b88ls unless It 18 inappropriate to presum8 that the charitable company will continue in operation. The Trustees are r85ponsibl8 for keeping adequate accounting records that disclose with reasonable accuracy at any tim8 the financlal posltion of the charitable company and enable them lo &nsure that the financial statements comply with the Companles Act 2006. They are also responslble for safeguardlng the assets of the charltable company and hence for laklng reasonable steps for the preventlon and delectlon of fraud and other Irregularltles. The Trustees are responsible for the maintenance and integrity of the corporate and financial informatlon included on the charitable company's website. Legislation in the United Kingdom governing the preparatSon and dlssemination of financial statemants may differ from legislation in olher jurisdlclions. STATEMENT OF OISCLOSURE OF INFORMATION TO AUDITORS We, the Directors of the company who held offlce at the dale of approval of these flnan¢lal ststemgnts, as sel out above, 88ch confirm so far as we ar8 aware that.. there is no rg18vanl audll inforrnallon of which the company's auditor5 are unaware,. and we have taken all the steps that we ought lo have taken as Directors in order lo make ourselves aware of any relevant audit information and lo establish that the company's auditors are aware of that informaOn. AUDITORS The auditors, Daffems LLP, wlll be re-appointed at the forthcoming Annual General Meeting. The report of the directors has been prepared taking advantage of the small companies, exemption of section 415A of the Companies Act 2006. ON BEHALF OF THE BOARD D. Moorcroft- Dlrector Daied.. 10 December 2024
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE We have audited the financial statements of Covenlry and WanNickshire Award Trust (the 'charilable company'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the rinancial statements. including a summary of significant accounting poli(xes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The FinanGial Reporting Standard applicable in the UK and Rgpublic of Ireland (United Kingdom Generally A¢¢epled Accounting Practice). In our opinion the financial slalements.. give a true and fair vi8w of the slate of the charltable Company's affair5 as at 31 March 2024, and of ils incomlng resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordanc8 with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requiremenls of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with Inlernalion81 Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the ftnancial slalements section of our report. We are independent of the charitable Company in accordanc8 Wlth the ethical requlftments that are relovant lo our audlt of the flnanclal statements in the UK, including the FRC'S Ethical Standard. and wo have fulfilled our other elhic81 responslbilllles in accordance with thes8 r8quirem8nls. We believe that the audit evidence w8 have obtalned Is sufficlenl and appropriate to provide a basls for our oplnlon. ConGlu8lon8 relatlng to golng concern In auditing the financial statements, we hav8 concluded that the trustees. use of the going concem ba515 of aGGounllng in the preparatson of the financial slalements is appropriate. Based on the work we have perfoThgd, we have not identified any malarial uncertaintles relating lo events or conditions that, individually or collectively, may cast significant doubl on tha charitable company's ability to continue as a going ¢oncem for 8 period of al18ast e1v6 months from when the financial statements are authorised for issue. Our responslbllltles and th8 responslblllll6s of the trustees wlth respect to golng concern are de8¢rfbed In the relevant sections of this report. Other Infomiatlon The Trustees are responsib18 for the other information. The other Informatlon comprtses th8 informatlon Included In the Trnjslees. annual report. other than the financial slalements and our auditor'5 report Ihereon. Our opinlon on the financial statement5 do95 not Gover the other information and, except to the extent otheN4ise explicidy stated in our report, we do not express any form of assurance conclusion Ihereon. Our responslblllty is to read th8 Other Infomiation and, in dolng so. consider whether the other infom8llon 18 materially inconsistent with th8 financial slalements or our knowledge obtained in the audit or otherwise appears lo b& materially misstated. If we iéenlify such material inconsistencies or apparent malenal misstatements, we are required lo determine whether Ihare is a material rnisslalem8nt in the financlal statements or a material misstatement of the other informatlon. If, based on the work we have perform8d, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other mattors prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit". the information given in the trustees, report lincorporating the directors, report) for the financial year for which the financial 51alements are prepared is consistent with the financlal statements.. an the directors, report has been prepar8d in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE Matters on which we are r•quired to report by exceptlon In the Ilght of our knowledge and understsnding of the charitable company and its environment obtained in Ihe course of the audit, we have not identified material misstatements in the Directors, report. We have nothlng to report In respect of Ihe followlng matters in relation to which the Companies Act 2006 requires US to report lo you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not be&n received from branchas not visited by us., or the financial ststemenls 8re not in agr88m&nt with the accounting record8 and retums,. or certain disclosur8s of Directors, r&mun&ralion specifled by law are not made.. or we have not received all the Snformalion and explanatlons we require for our audit., or the Truste85 were not enlilled to prepare the financial slal8rn8nls in accordance with the small companies, regime and take advantage of the small companies. exemptions in preparing the Directors. report and from the requirement to prepare a strategic report. Responsibiliti95 of Trust995 AS explained more fully in the Trustèes, r8sponsibi1S1ies statement set out on page 4, the Trustees Iwho are also the DSreclors of the charitable company for the purposes of Company lawl are responsible for the preparation of the financial st8tements and for being 881isfied that they give a true and falrvlew, and for such intemal control a5 the Trustees dotermlne is necessary to enable the preparatlon of financlal slalemenls that are free from material misslat8menl, whether due to fraud or error. In preparing the flnancial staternents, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicabl&, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend lo liquidate the ch8ritsble comp8ny or to cease operations. or have no reallslic alternative bul to do so. Audltorfs r•spon$lbllltle$ for thè audit of thè financial statements Our objectives are to obtain reasonable assurance about whether the flnancial st8tements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reason8ble assurance Is a high level of assurance but is not a guarantee Ihal an audlt conducted Sn accordanc8 wllh ISAS {UKI wlll always delect a material mlsstatement when il axists. Misstatements can arise from fraud or 8rror and are considered material if. indivldually or in the aggregate, they could rgasonably be exp&cl8d to influ8nc8 the oconomic de¢isions of users taken on tha basls of these financial statements. Irregularitles, Indudlng fraud, ar8 Instancès of non4ompllanc8 wlth laws and regulatlon8. We design proc8dures In Ilne with our SponSibl11t1es, outlined above, to detect material misslalements in respect of irregLJlarities, including fraud. The specific procedures for thls 8ngag8m8nl and the extant to whlch these are Capable of dete¢ting irregularities, including fraud is detailed below.. Enquiry of management, and those Charged with govemance around actual and polonlial lillgalion and claSms' Enquiry of entlty staff in compliance functions to identify any in$tance$ of non-¢omplianc8 with laws and regulations., Reviewing minutes of meetings of those charged with governance., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Perfomiing audit work over the risk of management override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating th8 business rationale of significant transactions outside the nomial course of business and revlewlng aGGounting esJmale$ for bias
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE Auditor's respon6ibilities for the audit of the Ilnanclal statements (cont) Because of the inherent limitstions of an audil, the is a risk that we will not delect all legUlarl11es. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wllh a law or gulatIOn is removed from the events and transactions reflected in the financi81 statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, colluslon, omisslon or misrepresenlation. A furthar description of our responsibilities for the audit of the financial statements is localed on th8 Financial Reporting Counal's website at.. www.frc.org.uklauditorsre$ponsibiliti&s. This description fomis part of our auditor's report. Thls report Is made solely lo the charitable company's m6mb•rs. as a body, In accordanc8 Wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit wort( has been undertaken so thatwe might State to the charitablé company's members those matters we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest extent permilled by 18w, we do not accept or assume responsibility lo anyone other than the chartlable company and thè charitable company's membets as a body, for our audit work, for this report, or lor the opinions we have formed. Geoffrey Cox BA FCA (Senior Slatulory Auditor) For and on behalf of Dafferns LLP, Chartered Accountant8. Registered Auditors One Eastwood, Harry Weston Road Blnley Business Park, Coventry. CV3 2UB Date:
COVENTRY AND wARcKSHIRE AWARD TRUST A COMPANY UMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (In¢ludlng Income and Expendlture A¢¢ount) FOR THE YEAR ENDED 31ST MARCH 2024 Unr•strl¢tsd fund R•$lrl¢tod funds {Note 141 Total 2024 Tot•1 2023 Incomo and ondowmonts from: Donab'ons and legacies Rental income Investments 101,500 290,110 73,000 101.500 290,110 73,000 100,000 290.110 47,597 Total income and endowments 464.610 464,610 437,707 Expondlture on: Investment Managér8 faé Charftable expendlture 8,297 255,022 8,297 255,022 8,692 215,581 Total expenditure 263,319 263.319 224,273 Gain/{L058) on revaluation of inveslrnents 168,892} 168,892} 1109.395) N•t Incom• 132,399 132,399 104,039 Balances brought foNard 8t 1 sl April 2023 2,584.456 1,670,951 4,255,407 4,151,368 Balances ¢arriod forward a131 st March 2024 2,716,855 1,670,951 4,387,806 4,255,407 Income and exp8nditure Is wholly attributable lo unrestricted funds in the previous year. Th8 notes on pages 10 to 16 form part of these financial statsments
Charity number 1151280 Company number 08270063 COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31ST MARCH 2024 2024 2023 Notes FIXED ASSETS: Tangible assets Investments 3,542,840 1,062,164 3,653,161 1,085,924 4,605,004 4.739,085 CURRENT ASSErs D&btors Cash at bank and in hand 10 117.774 1,037,946 7,197 821,189 1.155,720 828.386 LESS: CURRENT LIABILITIES CREDITORS: amounls falling due withln one year (246,350) 1140,901) NET CURRENT ASSETS 909,370 687.485 CREDrroRS'. amounts falling due after more than one year 12 (1,126,568) (1,171,163) NEf ASSETS 4.387,806 4,255,407 REPRESENTED BY: FUNDS: Unrestricted Restricted 2,716,855 1,670,951 2,584,456 1,670,951 14 4,387,806 4.255.407 These flnan¢lal statements have been prèpared In accordance wlth the speclal provisions of Part 15 of the Companie3 Act 2006 relating to small companies and with the FRS102. The financlal statements were approved and authorised for issue by the Board on 1QDecember 2024. ON BEHALF OF THE BOARD: D. Moor¢roft- Dlroctor The notes on pages 10 10 16 form part of these financial slatements
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POUCIES: la) General information and basis of preparation Coventry & Warwickshire Award Trust IS 8 charity incorporated in England I Wales. In the event of the charfty being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity inform8tion on page 1 of these financial statements. The nature of the charity's operations and principal activities are to provide and maintain faciliti&s for the r6creation and other leisure lime occupation of disabled and able bodied persons. The charity constitutes a public benefitentity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statemont of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financlal Reportlng Standard applicable in the UK and Republic of Irel8nd issued in Octobor 2019, the Financial Reportin9 Standard appllcable in the United Kingdom and Republlc of Ireland IFRS 102), the Charllles Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The flnanclal Statements a prepared on a going concern basis under the historical Cost convention, modified to Include certain i18ms al fair value. Th8 flnancial slalements are presented in sterling which is th8 funcOnal currency of the charity and rounded to the nearest £1. The Significant accounting policies applied in the preparation of these finanGial s18tementS are gel out below. These policles have been consistently applied to all years presented unless otherwise staled. bl Funds General funds are unrestricted funds which are available for use 81 the discretSon of the Trustees in furtherance of the general objectlves of the charity and which have not been designated for othar purposes. Deslgnaled funds compnse unrestrictad funds Ih8t have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the nolas lo the financial stalemenls. Restricted funds are funds which are to be used In accordance with specific restrictions imposed by donors or which have been ralsed by the charlty for particular purposes. The cost of ralslng and admlnlsterlng Such funds are charged against the specific fund. The aim and use of each restricted fund is 58t out in the notes to the financial statements. cl Incomo r8¢ognltlon Granls and Oonatlons Recelvabla All donations, grants and other simllar Income 8re re¢ognlsed when the charity has entitlement to the funds, any performance condib'ons attached to the itemlsl of income have been met, il is probable that income will be received, and the amount can be me8sured reliably. Such is income Is only deferred when: the donor specifies that the grant or donation must only be used in future ac¢ounling periods, or the donor has Imposed condltlons which must be met before th8 charlty has uncondltlonal entlUem&nt Income from r•ntal activitlgs Income from rental activities is included in the peiiod to which th8 activity is provided. Invgstrngnt incomg Interest and investment income is recognised when receivabl8. dl Expendlture recognition All expenditure is accoun18d for on an accrua15 basis and has been dassified under headings that aggregate all os15 r81ated to the category. Expendllure is gnISed where there is a legal or conslruclive obligation to make payments to third parties. it is probable that the settlement will b8 required, and the arnount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds., Expenditure on Charitable activities,. and other expenditur8 represents those items not falling into the categories above. 10-
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POUCIES (¢ont): d) Expenditure recognition (contlnued) Governance costs, shown wilhin professional fees, comprise all cos15 involving Ihe public accountability of the charity and it5 compliance with regulation and good practice. These cosis indude costs related to statutory audit and legal fegs. el Tanglble Flxed A88ets Tangible fixed assets are capitalis8d and included at cost except for investment property which is included at valuation. Assets In the course of constwctlon includes relevant developmenl expenditure. Depreciation is provided at the following annual rat8s in orderlo wrlte off each asset over its estimated useful life. The annual rates principally used are.. Fixtures and fittings 20°/o Straight line Plant and equipm&nl - 200A slraight1Sne Sports equipment 200h straight Ilne The property is bèlng held for thè provision of social b8n8fi18nd h8nce is classlfled as Property, Plant & EqulpmenL The Trustees consider that Depreclated Replacement Cost is the mosl approprfate methodology for the valuation of AT7 Centre. Given the nature of the assets. the Trustees believe that there is no reliable market value Informallon avallable for use. fj Investments Inveglments are recognised initially at fair value which is nomially the transaciion price exdudlng transaction costs. Subsequently, they are measured al fair value with changes recognised in 'nel gains l {108se81 on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at C05t less impaimient. g) Doblor$ and credltors rwlvabl& I payable wlthln onè year Debtors and creditors with no slated interest rate and receivablè or payable within one year are recorded at transaction pr1¢&. Any losses arising from Impaimienl are re¢ognised in expendilure. h) Operatlng leases Rentals payable and receivable under operating leases are ch8rged to the SOFA on a straight line basis over the period of the lease. l) Tax The charity is an exempl charity within the meaning of schedule 3 of the Charilles Act 2011 and Is ¢onsldered to pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of charitable company for UK corporation tax purposes. 11
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES: Unro$trlct•d fund• Rejtrfctsd funds Total 2024 2023 Rent receivable Equipment rental Comm8rcial Rights.. The Alan Higg8 Centre 129,000 61,110 100,000 129.000 61,110 100.000 129,000 61,110 100,000 290,110 290,110 290,110 Income from Chadtable actlvltles 1$ wholly attributable to Unrestricted funds in the prevlous year, INCOME FROM INVESTMENTS: Unfe8trl¢t•d fvnd• R••trlct•d lunds Tot•1 2024 Tat•l 2023 Bank Interest receivable Investment incom8 19,571 53,429 19,571 53,429 3.235 44.362 73,000 73,000 47,597 Income from Investrnen1818 wholty attrlbutable lo unrestCled funds In the prevlous year. EXPENDITURE ONCHARITABLE: ACTIVITIES Unr••trlcted funds R•strlct•d fund4 Totsl 2024 Total 2023 Professional charges Sundry expènses Deprgcialion Loan Int8r85t Insuranca 45,004 11 110.321 53.172 46,514 45,004 2,965 9.443 120,285 55.059 27,829 110,321 53,172 46.514 255,022 255,022 215,581 Charitable expenditure Is wholly attributable to Unrestricted funds in the previou5 year. OTHER DISCLOSURES: 2024 2023 Net Incomlng resource818 Stated after charglng: Depreciation Profit on disposal Auditors, fftmuneration-. Audit servic05 Other services Trust8e5' expensBS Directors, emoluments and other benefits etc. 110,321 120.285 1,735 1.295 1.650 1.315 No trustee5 {2023'. nil) received either remuneration or expenses during the year. 12-
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 TAXATION: No liability lo UK corporation tax arises on ordinary activities for the year ended 31st March 2024 nor for the year ended 31st March 2023. STAFF COSTS: There were no persons employed by the Charity during the Current year and previous year, TANGIBLE FIXED A88ETS: Pro sehold evèlo pi Bulldln ul ui COST: At 1 11 April 2023 Additions Dlsposal 400,000 3.088,380 205,145 546,112 93,636 4,333,273 Al 3151 March 2024 400,000 3,088,380 205,145 546,112 93,636 4,333,273 DEPRECIATION: Al 161 April 2023 Charge for th8 year Eliminatson on disposal 204,723 422 399,736 96,419 75,653 13,480 680,112 110,321 At 31•t March 2024 205.145 496,155 89,133 790.433 NET BOOK VALUE: At 31 Bl March 2024 400,000 3,088,380 49,957 4,503 3,542,840 At 3111 March 2023 400.000 3.088,380 422 146.376 17.983 3.653.161 The land comprising 1.11 acres owned by Ihg Coventy and Warwickshire Award Trust is shown at the nominal £1 consideration paid by the Trust. Cèntr& AT7, 8 Sports cèntre with an original total floor area of 24,000 squarè feel was built on the land and w88 funded entirely by the Urban Programme. jointly financed by the Govemmenl and Coventry City Council. The extension to the sports centre was completed in 1999 and was funded by a grant from Ihe English Sports Councll. Thè land and buildings are not shown at market valuè. Th8 freehold reversion was conveyed to th& Trust for a nominal considgralion with th8 reslriclion that it cannot be disposed of for true valu8. Th8 TTUStees therefore consider. having taken professional advice, it is appropriate to carry the property at its nominal value of £1 paid for the land plus the expenditure on Ihg extension as above. On 171h March 2016, the long leasehold land and buildings known as The Alan Higgs Centre w8r8 transferred by the Aan Edwards Higgs Charity to Coventry and Warwickshire Award Trust for £Nil consideration subject lo restricted covenants. The lease is for 150 years from 17th September 2003. This propety has £Nil value in the accounts. At thi5 sam8 dale, 171h March 2016. a charge on the long leasehold land and buildings known a5 the Alan Higgs Centre was registered In favour of the Alan Edwards Higgs Charlty. Leasehold development costs relate lo the ¢ost for consent for certain developments on part of the site at The Alan Higgs Centr8. These are carried al cost and will be amortised over the life of any future development. In 2018 a new indoor pitch building was built al The Alan Higgs Centre al a cost of £1.4m. 13-
COVENTRY AND wARcKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INVESTMENTS.. L16t•d Inv•stm•nts Value as at 181 April 2023 Additions Dividends re-invested Managementfee Revaluation 1,085,924 53,429 18,297) 168,892) Value at 3111 March 2024 1,062,164 Investm8nt8 at f81r value comprise.. Fixed interest Equities Other Interest Cash wlthln Inve8lment portfolio 500.345 344.770 198,440 1,825 16,784 1.062,164 10. DEBTORS: 2024 2023 Trada debtors Other debtors 108,715 9.059 7,197 117,774 7.197 11. CREDITORS.. amounts falllng dug wlthln ono year 2024 2023 Loan Deferred income Trade credllors Accruals Other cr8ditor8 40,595 60,250 128,229 3,030 14,246 40,595 60,250 22.866 2,885 14,305 246,350 140,1 12. CREDITORS: amount8 falllng due after more than one year 2024 2023 Loan Deferred income 994,568 132.000 1,035,163 136,000 1,126.568 1,171,163 The loan was repayable over 30 years and interest is charged al 5%, and has 25.5 years remalning. The loan includes £832,190 which fall du8 after fNe year5 and are payable by inslalments. The108n is secured by a floating charge over the assets of the charfty. 14-
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 13. DEFERRED INCOME: 2024 2023 Balance 1 April 2023 Release to income during year Additions 196,250 (4.000) 56,250 144.000 14,0001 56,250 Balance 31 March 2024 248,500 196,250 Due wilhin one year Due within 1-5 years Due after S yea 60,250 16,000 116,CHJO 60.250 16.000 120,000 192,250 196,250 Income has been def8rr8d in respeGt of lease Incentives which are being amort15ed over the period of the lea$&, and in respect of rental income received In advance. 14. RESTRICTED FUNDS: Balanc• l Aprll 2023 Incom Expondlturn B•lanc• 31 March 2024 Project fund 1,670,951 1,670,951 The Project fund represents tho amount expended on the completed expansion of tho AT7 sports centre after deducllng rel8ted depreciation. The expanslon was mainly funded by a grant from the English Sports Council. 15. ANALYSIS OF NET ASSETS BETYVEEN FUNDS: Unr••trl¢t•d fund R8strlct•d fund Total fund8 Fund balances at 3181 March 2024 ar8 r8pre$ented by.. Investments Tangible flxed assets Nel current assets Long term liabilities 1.062.164 1,871,889 909,370 (1.126.568) 1.062.164 3.542,840 909,370 (1,126,568) 1,670,951 Total net a55ets 2,716,855 1,670,951 4.387,806 16. RELATED PARTY TRANSACTIONS: Therg are no related party transa¢tions in the year (2023: £nil). 15-
COVENTRY AND WARWICKSHIRE AWARD TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 17. OPERATING LEASE COMMITMENTS: Lessor The Nan Higgs Centre has been leased lo Coventry Sports Foundation from 7 March 2016 to 31 March 2060. The rent receivable is £50,000 per annum. Centre AT7 has been leased to Covenlry Sports Foundalion from 1 November 2019 to 31 March 2060. The rent receivable is £75.000 per annum. Sporting equipmgnt has been leasod lo Coventry Sports Foundation under varlous agreem&nts ending be88n 2024 and 2026. The rent receivable is £60.636 per annum. Mlnimum lease payments under non-¢ancellable operating lease$ fall due as follows: 2024 2023 <1 yéar 1-5 years
S yèars 168,060 534,272 3,900,000 185,636 580.188 4,029,167 4,602,332 4,794,991 18. FUNDRAISING REGULATOR STATEMENT OF COMPLIANCE: Coventry and W8rwlckshlre Awards Trust does not contract to a Ihlrd paty to undertake any fundraising on ils behalf. The charlty does not employ a Fundralslng Officer. We have received no fundralslng complalnls durlng the year. 16-