CULTURE COVENTRY (A Company Limited by Guaranteo) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Charity number 1152899 Company number 083S9113 Iwiii "AAKHEU3F 31112r2021 CIXIPANIES HOUSE
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ULTURE COVEKfRY A COMPANY LIMrrED BY GUARANTÉE COMPANY INFORIAATr)N FOR THE YEAR ENDED 31ST hlARCH 2021 PAGE Compary Informat)n TNsts8s Rewt Arto¢S Rer stsknmentol A¢tNrf5 12 Balarte Sheet 13 14 Notes to the Finwwl Staten*nts 15
CULTURE ¢OVE14TrY A COIIPANY UMifED BY GUAIIANTEE COMPANY INFORMAMON FOR THE YEAR ENDED 31ST IAARCH 2021 DIRECTORS . Ictsimianl J. W. Ellb)tt R. A. Shaw K. R•tton R. T. & IAe&EII SENIOR MANAGEMENTIEAII E. Chard£oc F. Nieben K. &Jteu L. Flxd R. Addenkn(e R. Jon-swva REGISTERED OFFKE Thè Herbwt Ad Gallery & Museum. Jordan We Ctsventy. CV1 sap. REGISYEREO COMPANY IIUM8ER 59113 (Englar¥J •HI WaK%&} REGISTERED CHARITY NUMBER AUDffORS Daffwns LLP. Chartered knuntsnts, Eashvc¢)d. HarryWe5kn Road Bin knir55 Pa Bin Co¥enty CV3 2UB. BANKERS CAF Bank Ltd.. 25 A¥t. Kir Hll, West Kenl. ME194JQ. SBC Bank P Bin Covenlry CV3 2SH. 24 BroadgaiÈ Coventry West CVI iNE.
CULTURE COVEKfRY A COMPANY LIIIITED BY GUARANTEE rRUSTEES REPORT (ff4CLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 31ST AIARCH 2021 The truslees are aso dir¢ctW5 of charity LThr cryrw Iw subnwl Ih8ir rewt Ihe ¢tyw4hJalgd swements ofCvMur• COvty fortr yeai ended 31 Marth 2Ql. The cowy was irKcrfp)rated w 14 Jaw 2013.. r8gkslw¥d th8 Charay Comrni85iM in February 2013 commenced trathTrJ cfj 1 A9%¢ 2013. The tharity is a CCmF4ny by gLwr8nte• T1 ha9 a thère caw. 111$ g)verned ty and cles of AsscKiation. PRINCIPAL ACTivmES AND OBJECTS OF THE CHARITY Tre wncwl actNitses (p¢ts oftt Tnjstwe: 8S8rv95 roatl Irdn5F(fft otfjeds rrwufaGiwd in Ihe UrMi¢d Ithr>m. ilh pwbrJJar reference to Ihe unl( ntllbvtion made 10 Ihe5e Ihe Cly Lrfcovenlry •)J the Wesi RegqDn. . To piovK1e 8 hi qUlty ts aThJ savice for ts peoF4e of Cov•wy Mis1 1¢ tho cty vw¢xgh thè ManageNL¢8re8fftd¢sk4QY0fflhe $¢okr1Krtandle?Il•lo1aTre9a9IlgF¥09TarneOfp>keXlWtIts0. ev•its and ts"88. .Toencouragewrusor5knCLMreiaTrJer#J•Jetith h•gellThW interprew rA4edsand ar¢hNs. &) $[re crealwty. er•Mtanl1 leamvwj, ar•J Lyeate olihe tity aTrJ hs t4JNnur¥ts5. . To prowde a broad rarwJ¢ to cess Covenlrfs arts and hwitage ¢dWion5 Ihrough F4rnane4 diys. temrwry ethti5. eveAts. kamiry and lch pro9wrn and Mltsie dwjital res(wrc8s. . To woth in partnerslo"p our luThJers and c4Jnmwity. lewrry. heii1•3e aThl bLWAne5s Or9at15 to develop Ihe divww and MWddour8thitsS the benefA ol thB p* ol Coventry and visitors lo Ihe aty. . TOenSu1ht. in ¢Verythin9itd. IhÈTrustsecuresequaEtyof opp¢ytrJntyforallwmrnunilieslhrtwhlhedivw5ty an¢J mg¢ ¢)1 its a¢tiMlies. Tntst parti¢ty seeks to ertgage th group5 Ihat tradonalty are untsr- CHARITA8LE PURPOSE regislertd tharity. exists to rnanage Ihe Ce10r& hdd witl¥n its cxe on behaff of the ownBr5. Coventy
CULTURE ¢OVENfRY A COMPANY UMtTED 8Y GUARAMfEE TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTJ FOR THE YEAR ENDED 31ST MARCH 2021 . To woudly portray Il stthy ol Coverty knalty, fiaith¥Ely and intematit¥lly. so th lIorS b the Cty gain a Jll ppreGiabmofhow enskirt1¥eWillechtses hskry aThlcthintOinIhler1Ce thevrt)rtd inwlxh INe. . Care foraTrJ rfwlay ihe Cty's c•leclKrt yierywrywsIh)t1W Coventys r hlsw 8nd Iis, arnt48 fry fulure. . 0pp)rtUThl lor5ej awe thefabr ofe¥wJthirg we do. lo Ihe lrfe olthe KI1#n$. 1hwI SLKC•S5. Sustainable ar#J Cfy. . To be aTrledged by peets as a ry9arisat•Jn. Iharseoesfwubm•)85ith an eNsneII %thich acts)unts for 91YA of the c(kn. De(4( a¢•s1c•S are m1e to ensure bala lh¢ understsnd the changin9 dynarnKs ol maierBLs used in sxfyludth?n rrfr¢esses and are displw th) setts"NJs Ihai PUBUC BENEFIT oLietbve5 KI in Wanning fukne&vils. Cumure Coventry Tr1. 1hr4h Ihe cdctiarts it rnanayts aThJ shares Ihe wt4ll tstibtal85 8 rar¥Je d learthg ORGAt4tSATIONAL STrUCTIffiE direding Ihe aflaivs of th6 coftwYy, erwir•J that it ts L))rthnually sthted objeCtr a fin(1
CULTURE COVENTRY A COMPANY LIMITEO BY GVAIiANTEE TrUSTEES REPORT 4CLUDING DIRECTORS, REPORTfr FOR THeYeAR ENDED 31ST IAAR¢H 2021 TRUSTEES tDJsl885 duriry fv ya> re47 up * the dale ofipus report ¥we.' R. Uedwell M. Coulon- J. W. EIIM)tt K. Raillon R. A. Shw As the charbtat4e ccfflpany 15 Nted byguar3ntee. nol hawr¥J any sharecaplal. Tr)ne ol the W¢$ held any int¢r¢ the sh¥es Sn charflth cc¥npany any ngm to wbsc¥ibe forthares. STrATEfjIC REPORT ACTNITES AND ACHIEVEMENTS DiVIWG THEYEAR The year lo Marth 2021 ccffjrrwK8d with ¢ftho d058d through n8th)nal k)d((kxYn Ihat was imposed on 21 2020. a5 a Cqu Covwj 19 pande. Havfftg 0r¢jed from the first ckdo vAlhjust Covefilry Tr8nwrt Museum ICTMI and the Herfoert Art Gaifery Museum (HAGkll re-op on the 20th Juty 2020 aThJ ALWt 2020 re5pthty. b)e5e stss Ihen a¥•in November arbj dwj noi rtropen Io Ihe ¥) the put4 May 2021. Acc(thrJly, ihe veTrJes TA ontyow lor 103 tsys (In tl case (4 CTMI 93 dtys lin the ¢4$• of HAGM}, whitst tr Lunt Rmian •d CAI Grdmmar SCIre Mt oKn al all du1¥ the or. Duriry Ihi5 time. Ihe sinesSWaS at4e to styJr¢e govemmerd giants and a55iStarbce Ihmugh prowammes such as the national Job RetenlJn As a c4vre ofth$ ar Ihe SUFSYJrt of partnworgarMs8tion$. Ihe Tnjst was ab lo ensure that Ihere tAw8 IL558Sthrwgtsl th8 Ch)8 and Ihai siafl fully reThwJneraled duwwu alsta9es olthe ul>J9h' sehem8. Th8 dosures ¢arfy Ixwt thallwJes to wQgrarNrry. w4a9em8nt and ¢se£J. Tr cc4lh had 10 b'pul to bed. loflt best partolthe year. of Ihe team vrtK¢were firwedwothed haFd loensuTe Ihalthe ¢dCon$ wera Maj uxrecty serety. 11 aLso afftyded the oprKyturty to rethiytha rEw hybrxl worfd ol Fthysical and dKJital aCb¥ty. Sripackng &tss to knrg pr¢grwrmes. extribthcffis, events. as as provhlwsg opprytswmtrs to hxal artsls thityJ rfvjital ctyrnni55. Ileed. the use of dyrt81 lea¢41e$ arK appfication$ resumed the TnJ5fs first k¥we ¥iv. This dKJitsl ts5ponse also resuKed in crèakn d fv'CLAlurv Spxe pkttorn. betsme Ihtr on attss hy intended pioyfammes and eXhlmS dthng the Fervjjs of¢k)surÈ. The suc£ess of Ihis engogernenl ¢xhi)iion5 to o YJer al#jie be. b•TrJ a ar¢lwe Oftt uTrJertaken io date. ogwnE. had bEen 8 ktsy olthe Tnv51 three yes. The Medl4 Team afvJ LeamiThJ team eame Wthei ith key Sd Slakets to deveky onfihe leamiry FAal1¢)rm. Th& rnrtenl i¥ a vlffjJ81 adapiatsn of INe sessMs¥#l berfft olb"ffj Snkodto boxe5to rWKate the the Ca kn¢wnl oltr vewe, thlslalso teknJ to re¥8 Sayi$. It also alovKd for £1.1 mkn rA¢ata TAths and ¥rrf¥0¥LS io t thjertkn in the gall¢ri ofthe HAGM. thrw9h lun¢Jing rxeNed C(wen¢ry CC(xIS- Investrneni Furwj. The in¥c4ved a comwete upgrade aTrJ nbjemisatsm ofthree dthe gaiferies. Twbist ako cwWirvJ a wevk)us art slore into a fourth gallery in wepar*rnk¥ bjtwe sh as the Tumer lIe drrirvj Ihe VK Cityofcuiitye year.
CULTURE COVEimiY A COIAPANY LIAIIYED BY GUARA14TEE TRUSTEES REPORT IINCLUDING DIRECTORS. REPORT) FOR THE YUR EMDEO 31ST IAARCH X21 A¢TivifiES AND ACHEVEMENTS DURIIIG THE YEAR l¢onllnuedl In Ihe later part of the ye¥, the T(usl was akn SU5$J[ in SeriJ Arts CwrKil England- Naknnal A¢iivib0S hjndirg sUPWrt ofthe amtilK)us UK cty of Cutture Wogrwrlr. ThÈ Njrfftof the fvn(Jing is t¢ tK4ster organvJabonal Capacity within the Iht lead up 10, dum9 and as 93¢y Irom the UK City ofcullur¢ wr- iJi¥en by 8rKialty engayd t4ntempor8ry Wi8ual arts aThJ albyry wc¥ld d8ss ¥iwal 8rts to tJJme to the rity. The InvlMent should create k)ng i¢m) relationships aThJ c(4t8Fmtkins with h)cal cC4nmIkn1S. as w¢1 as eslablti HAGM as a crtdit4e partner f(v by partswssuGh as Tale. Arts Cc41e¢Doh. ano Ihe Briii%h CrArril. ln March et 2021. the Tnjst wa5 a150 Jwwled a CtsnmMJhi fvr¥J that711 supwrt the relalTronthy ¥wlh social wescnbr¥J ageKaes ar othRt dthery parlnÈr5 kn deveknp ats in hea#h work in the wty. ¢ar9eting KKial isc48tion in 618th and Ethnr Mhioritse5. over 55's 3TrJ (Mdren and ywThJ people in s(#ne of Ihe most dwived warf$ of Cov8ntry. The nd provhJ8s an OPFwlurityts arts or9anatbJrs, partngrs SUL as CV Lrfe and the Volun1 sed0rt0wk (8bab¥e¥Y ad¢hesgrg lh& needs the cty. Frorn a financial per5pKb¥È. thÈ erk)sed Sla1 LrfFw4rK781 Ac&e$ for yWtadnts somo explaTh8knon in SeparaThJ the'oFeratr¥naf pprfrymanrko1lheTrU1n th8•yXN1GtO1thedefjY be1%flperl stheme and the a¢tuarial pos11K as a snapshot al 31 2021. Fitsly. th¢r• is aspeLX of Ihe chW8 (W8kn, ¥thich reitss lo Ihe ¢nIng resources an¢J expendilure and deci5bx and 8clions ha¥e len a5 during the ofthe pandewic. Thi8 1$ exytyed fiJEltY in Ihe bekn. In r8lat)n to the wrw3cI of ts defird s(kne arnl Ihe actyjwal a5 8 sThapsA 8t 31 March 2021, Nc4e 17 to the accWntsrfKS penSionmIbls Lder1he defined tnefii SLemE. 8rtd ¢¢mpare5th¢fair value ol the Wan's assets at Ihe balarK 5heel date vrith the we5ent wak ol the obftrJabgns into 8ccounl aduarial assumptitxts. The slatWt offin¥K¥al athitses s$ an arIal thè ye¥ of £2246k. as a r¢sull of a thor4e in f#wla1 assumpt as spd d•tl in Ihe leS to the aecwnts. These a5>JrnpknS dearfyryJ19de ol tsTn¢t$ ¢fy)lrt The year to K4arch 2021 was ** otrw ebw eypernrted by the Trus1- or by rr¥)st LvgantsatiC. Having to completetyckw 811 ofihevensknffil)t oftrEyearwEsented unprecedtntedch8•enges, ¥thi¢h Ihe Tntsimanaged lo navwJate its w8ythr(xJth-aThJ indee¢J. interms ol (fr¥eNfyty and expandirvj ILS meansof interactbjn Ih audie thrghts cveab"m ar tharnrt¢jldwalp1at[Trffj.. in c4Thnisyoring and cej snl¢an¢ vewe develipnxnts., aThJ Mi to fimthng re5w2 luts the UK Cty of CLrfhe year and btyond. partnè¥ organisth¢)As who enswed that the Jne$S wa5 Trjt (ty %cessIu1ty rnawed wthin the Conte of Chge5 lh Cd neverhe be )Iwted." M atso cts)tirud 10 grtyw and Shape i15eif loWaS Ihe ev11 FINAN¢L4L REVIEW Income for the ye* Wds t4.776.CWJ C¢fPaTed 10 £3.929.OC•) in tre wevws ar, uLsl the toial expwLthiure wa$ £4.213.0ty)CLped10 £4.976.0(KJtrblhewe¥#x6year. Thi%re5thd in anoperatsvJsurpknforlheye8rof£563.C(Q. The tharitys sthary. Cutture Coventy Ventrns ICCV). Conbre1 to Gty rTh- IradiThJ ¥185 ts WwTrust ye¥. The o¢t"Nity of CCV ks ts mar5agement ol Ihe trI1 £11.015 SLTrTJ1S in Ihe year. cfmpared tmih a st¥phs of £21.453 in year. The TwsEees have cmlrmed that Ihe ialj acbthsof CCV ha¥ebeeTr subswdTitwb Cthire Ctrrf*)try Irom 1stW 2021 a5 these
CLILTVRE COVEKTRY ACOMPANY UIAITED 8Y GUARAp¥fEE TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTI FOR THEYEAR ENDED 31ST MARCH 2021 FINANCIAL RÉVIEW{¢on#hu• a¢tMbe5 are antsllary Ihe chwitat4e Injsl. Onc Y >tarerthd 31 IAwch 2021 ha$ been ma¢Je. as wdl as trarle[l any remaining assets kth"libes. Ccvwil be¢iJN a &rE1 MnY. The actuarkg11055 on tr wtsion thjnd ¥ualJn Twas £228.112o.. Los5 £174.{1. The nei mtsvernint of luTrJ5 I the SOFA was a dekit of £fj.683.(. Therefore. 85 al 31 Marth 2W21 Ihe groLy had totsl lutsJ$ of t45.0 conwared to £1.728.0 in the yearendir¥J 31 Marth M. Umstyi¢ted tharitaa we In surFrfus ty EW2.IKX). to a wlJ5 of t495.) kn th8 prthoLS irar. Thts 8xctud8d lh8 p8nsicffi stheme rts•rv• 41 £5.372,LW. CAnpared With a reserve in defiil of £2.998,OLKs In the weviw5 year. RstriEtÈd funds at 31 Mayth 21 were £4.525.( w vta5e of£294,(m on Ihe pre4K5 year. and the Gompany tinued io bè graiefulforthe werws ftfe¢fr frtyn rfs ftWiOT sponsors and¢JoMts. used lo wrxluce the TnJ5fs fina slalemerts pages 15 10 18. GOING COIICERN ANO FimlRÉ PLANS The dwrilable groLViS a 5urpkn5 positiM Icrfthe thne1 of£563.I¥JO12Q20.' {expdju81£l.o47,Oo0I Ibeftytr ac£ounliTh3 YorafJarial and losses on the defird bwffl pertsm ernel The grwp ha5 unrestricled fvnd5 in sUr[S of£892,0(KI12020". £49S.OJOI Ibthe accwnb"r4 for the 9p¥ sh¥• ol rfs xheme d11) and h>J net currenl assets 01£509.0001202tr. 1C6.(W) as 31 IAar¢h 2021. blith other sources ofgranl iromE thal hove 50 th? yew, the Twstee5 con5Kler Ihat Ihe up has sutfiiienicash resowces av•ab hablthsaslwfall Llforthe&yeseeaLe frjture. Th¢ Tru5te¢s ha Lxynsl Ihe impact ol Ctyw>19 on dwty arKI hwe Ser$¢ Ihew 5h forecasts fA)nsider unlikety wcrtkast sctharlos. In lh8 Tntsi has Ihe abyffity to utihso CoTrJfr19 9owemmenl suppNI schemes unt4 Seplethr 2021 £tinI*s ts5h fore¢asts kn 01 leasi 12 rnonth$ SUPPORT FROM OTMER £NTmES Ncts 3 oflhe slatemwls. VOLUNTEeRS th8 keen aThJ acknE sukwrt ttwn.
CULTURE COVEMTRY A COIIPANY UMITED 8Y GUARANTEE TRUSTÉES REPORT IIIKLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2021 TRUSTEE INDUCTION AND TFiAINING New tru$te8s ar8 rJrI¢d by mnbers of Ihe t)ard oftruste¢s and appginted Twtwe Ihey have the n8ces5ary skl to contribute to Ihe thaiiws management and de¥eE•. Vthèn rw tnIst are apwted, Ihey are gNen intrOdts.0n to lh¢ th of Ih¢ trust ilh the Ilw red to ff1 rol88. thich Includes infomat)n aboul the rok of Iru5tees on¢J ¢harity l. RISK NAGEMENT The Board has a &jne$S Rssk Regisler WFted %Mthin ts Busirwo PlaMir#J prntrols the Trths seekto ¢¢nsider, réwwand updaleth1sacctyatlhe1r Board wth Ihe irnpKland tskel1hd ofrealisalton. The Risk Register also Idenbfs any mrtigating measwes tYvJ tsken to avert SLrh risk5 the Board se8 to track Ihe impkmentalKhl and rnitigatirvj ¥npofswh ffle?. A ii5k the bu5irw 15 the mwnten of adequate hir¥ fw the thaitys &aLMlth•s. Th• finanual statements repjrt the share ofthe LrKa1Go¥8enl Stherneder4lI£5.372 thecharitys baL4rKe Sheet in lin& with the r8quinTrÈn15 01 FRS 102. The rtsk ts nMbJated ty an awd deftit recovwy F4aD wlh the West Midknds P$)N Furnl. The reslrKted reserves forihe year ale delarfed in Note 14 bj the aonIS. TrTrustees. Ihrough the developmentol Ihe Charity's tne$S p1aM9. haveIe)d the dreseNes aFywi the risks. opportthiibes and ftstu le58r ¢0 £1.orxi.c(Ki. R8w1iryJ siandard 102 relaJThJ to Ihe share of thÈ wlon sdvne luThfves. vMe £843.000 12020.. £435.000}. TheTrLthe57iMrnntinUvtoxknq)porknO5 #> inueaseuwr Iree reseThf8StOlhetargetrwJLe al>(M. Total rnint of hJTrSs hBtrJ l>elcrfe IL¥ the Chwiws sh¥e d peruin sthEme WibiBs of £5.372.000 ' £5.368.IXQ. £4.525.CO) relaies to reKied THIRD PARTY INDEMNffY PROVISION FOR TRiISTEES Qualrfwng lfvrd party indwity i5 in pknfL¥the terKfftofall Irnstees oftrÉ ¢haAty. FVNORAtsING STANDARDS fundraiskng wnpl•nts dumg th¢ y¢¥. AUDITORS Dofferrts LLPtAs orKI IL ¥JiknrwJr•sfo corkx in okn.
CULTiIRE COVENTRY A COIIPAPIY UMITED BY GUARANTEE TRUSTEES REPORT IINCLUDING DIRECTORS, REPORn FOR THEYEAR ÉIIDED 31ST IAR 2021 TRUSTEES RESPONSI8LmES IN THE PREPARATI(IN OF THE MANCIAL STATEMENTS Thotyust•es Iwho ar8 a$othr10rs0IcuIbjr0cOtrYroTtr wrpooIp3nYjj are responsible forpreparing the Tru5tees' Report aNJ the Snts in a¢¢tydance rylh apF&ab law and KinDlom AEcountin9 Stsndards (Unitod Kw¥Jdom Gtrwly Ar¢tirj Prack•l. Company law requires Ihe InleeS to pwarB stalewls Sjr exh finan¢1 year wlmth give a true and fair view of Ihe siale of affairs ol the charit8bk ccrfnparry the 9tw the wjming sr¢8$ and ap0b"On or resources. I1udIj the and expenditure. of Ihe grwp for that Fems. kn weparing these finanoal statements. Ihe trustees are. requwed to.. obseNè thè mtlPths and wrtiples in the Chities SORP.. stste applicabkn UK IjnI1 SlarwJaTds have ten fdtrnd. 8ubied •y moro1 dgpothrE5 th's¢b$8d and explained in the fiwoal 5totwn sY8par8 finarKial statements the ccrn tJasi5 e$S il i% irnpprtiwe to preswne that the charilable rA)mpany il cOrth"r in The Instets are responsibkn for kwpiry wopera¢thry rTcuds thal ths¢&)selIh rasi)nabfe al arry time fiDHrKrdl p05ition ol the tharitatle ccffjpany It to 8re that ts ¢&)1 sla¢ement5 ¢pty Ihe Conynie5 A<t 2006. They are also re¥KffisiNe fty 58kwafthJ the assets of th¢ tharitable company and the group lrte for re8501e steps Ic¢ Ihe 0VentI) aThJ deiection oflravd and other ¥regantIe5. STATEMENT ASTO DISCL<)SURE OF INF(MMATK¥4 TO AiIWORS arè aware, Il is rK+ reknnl infQThna1 of thp aLthE are tsna¥va. Exh of Ihg trustees h rr[fvrn thol IhÉy have lth all the step5 that to h8 laken as trustets in ¢ydei to make Ilmse awwe of ary relwanl auditlthrmatson arttl to es1th15h til has bo¢n¢%nr¥ted lo the ajItOrS. Ckn behaff thth•t*)arrt
It4DEPEMDENT AIJDffOIi'5 REPORT TO The MEMBERS OF CULTURE COVENTrY COMPANY iIMrrED 8Y GVAPAf4TEE We have audited the financhil steTrnts of Cuknjre Coventry {the'parenr charftable cornparf) and its SuEary (the 'greup? for the year er¥Jel 31 Marth 2021 Ithch ccryrise the Con9Jhdth Stat¥renl of lan0a1 Artwitres, the Group and Chanty Bal StetS, Ihe CorsdN1aied &at•meni of rashf ar¥J rntes ihe finarrial sratewts, induding a 9jmrnaryofskjccrkn"Trg The fvrth1 reprthg frameththat has teen aPF4led In thEk prepariw is applicat4e Iw and Lknited P£cntirj StaThJards. Fmaroal Rwrtir¥J Standord 102 bng Prattttl. In our opinw)n the finarKial siatements.. gwe a tnJe fair of Ihe stste Lrf tre tre p¥ert dwitatrle affai as at 31 Marth 2021, and d the group's r¢SceS aThl rf rUrteS. expefvJitw4 for the year then eTrd. Bagsfor oplnlon We cornluded our aullt In acCOre I1ern1 St3TrJards on Auolvry (lffj (ISAS (W) aThJ applicab IJW. Our iespJnslbilibes uThder blose stsndard5 are fiHthw dexriW in the Atyjits rew6ibilib.es for V audit of the finanoal rtaternerts section of rewwt. We a irtdwoent of tt and kvent chanwe CfMpany in accudarKe wth the ethd rajuanlISttst •e aTrI to wr ax1it0ftr statern in the UL Indudir4J the FRCS EthKal Std. ar1 we (uffilgj w (ther eth31 in ateordante with th requwements. We beleve that the ht appwiate to pide a b5 fu our opr)n. CtyKluslons laIn9 to golng lM in ts weparnts)n Oft fan(la1 nts $ coryjthns that, 111uaIty L¥ th)Ve. may cart sbjnfftart group's or parent thartstrje companls ststrnts and our auditr<s rewt thErtt. TrETnLSttr5 re5Fornth fc¥ ts rthr infmbm contaned wllwn required to deterniw whets ttHs 9Trts rse io a fi?*71 nmsstkn in the finar¥ial st$ thene5. V.
INDePEMDENT AUDITOR'S RepoRT TO ThE MEMBERS OF CULTURE COVENTrY A C014PAPIY UMtrED BY GUARAPITEE Other Irhformatlon (t¢%rtlnued) We ncthln9 to reFKrt r#. Oplnlons othw matters we5CTibed by the c•MnI¢S Ad 2006 Ihe informatitin in the Trustees. tewrt the Diredix< rert) for thE fin71 year for vrtach finanoal ststefflents art is Ctrlsistt vrifh the fvortial 51atvts. aTrJ Matters on whith we are requirnl to repart lry tXLOi In the Iwjht of[ ofthe th)rtstyecompatyarnl rt5efftirtimnittty in the We h4¥e nothing to rwt in re¥rtcl ts fo mattus in rdabon lo Cwnpaffts Att 2006 rtouires us to reP)rttoY rf, in owopwith: or ResponstbilJes •lTnwtees Directors of the thaf&b for the FIeS of c(ryary a re¥Aisth for the preparation cl finarK&II Slknnuts and satithl that thry gfft a tr tdir ¥. aTrJ for SLKh cortrd as ihe C4J)warfsalMlitytocontThe asa Clern. &aPFthae. matt5 tet& to grj a)rtem [j io
INDEPENDENT AUDThOR'S REPORTTO THE MEMBERS OF CULTURE COVENTRY A COMPANY UMtTED BY GUARANTEE Auditorfs responsibilities for the •ydit of the financial statements We have been appj'nted aud Under t CompaThes kt 2CQ6 arJ section 151 of the Che5 Act 2011and report in accordan with those Arts. [r Objb¥e5 are to obtain reasonable assuran atX)Lt whdher the finarnal statemerts as a whole are free from material misstatement, fftther due to fraLhl or error. and to is5 an alit05 )rt that indudes our opinion. Reasortae assurance is a high level of assurarKe tyJt is not a guarantee that an audrt conducted in accordarKe with ISAS (UK) 11 always detert a matenal misstatement when it exists. Misstatements can arise from fraud or error and are congdered material rf. 1ntjividual or in the aggregate. theyc(MJhd rea5CabIY te eXtej to inflUenthe eC(OMIC decisior of user5 taken on the basis of these financial ststements. IrregatIe$, including frJJd. are instarKes of non<omF41ae laws and regutstA. We desKJn prOVre5 in line with our 5)nSibl15, Outlined above, to detect material misstatements in res of irregularities. inclLK1ing fraud. The s"fiC provre$ fOrthsewntand the extentto whKh these a(are ofdetethrwj irwularities. including fraud is detsiled below.. Enquiryof management, and th)se tharyed ith 4manandactUal and terttl lrtigatpJn and dM5. Enquiry of entity stsff in fUnCtn5 to •Jentify any lfistsn of n-{)p11a with laws and egulations; Reviewing minute5 of meetrys of ilw (harged with governantr; Reviewing financial statement disck)5ures aryl testThJ to SuNxx9 dlments.0 to assess Complian with applicab laws and regulakns. Performing audit work over the risk of rnanagent override of controls. Iuding tesb.ng of )01 entn.es and othei adjustsments ftx appropriateness. evaluatiTrJ the bJsness Trtjonale of swnifKant transact$ lxtsde the normal course of business wewing ac(ounb"ng estinkates for bias Because of the inherent limatIonS of an aLJ¢ there is a risk that b%t wll not detect all irreguLirities, including those leading to a material misststement in the financial siatements or non-compliance wth re9uLakn"on. This risk Inase$ the more that Complian with a law CK regulation is removed from the events and transartions refterted in the finanoal 5tstements, as we will be less likelyto tecome awa of Instares0f rK)n-¢L¥npIIan. The risk is also greater regardirMJ irregularities occurring due to fraud rather than error, as fraud in¥(fve5 intenth)nal conalMert, forgeryt Cc41usc, omission ty misrepresentstim. A further deScriptn of our resl$l.1$ for the auditof the finarKial sfatemerts is kxated the Financkal Repotb"ThJ Ccrtjncil's website at.. www.frc.org.uVaudrttysreskX)ngb"Jths. This descripb.on fcths part of our auditc<s re[. Llse of our This report is made sdety to the tharitable compan$ Memr5. as a tr4xfy. in accordarKe Chapter 3 of Part 16 of the Companies Act 2C¢J6. Our audit woth has teen undertaken so that rnwht state to the charitable CoMpanS meMr5 those matters we are required to state to in an auditc¢s reix)rt and for no other pvrpose. To the fvllest extsnt permrtted by law, we do not actrptor assume respJn%tNlity toanyone other than tr chèrtslle company and the cha¥itable company's meMr5 as a txjjyi for our ajr( for this rem. or for the opinions we have romied. chard Milkn FC4 MA (OX<) (sen 5tstutory Ator) For and on beha of Daffems LLP, Chartered Accountsnts, Regisiered Audito One Eas, Hary Weston Road Binley Busine Pat*. Coventry. CV3 2UB Date: 17 Dember 2021 li
CULTURE ¢OVElmiY A COMPANY LIMrrED 8Y GUARANTEE CONSOLIOATED STATEMENT OF FIfrIANCIAL ACTIVITIES IINCLUDING INCOME AND EXPENDffURE ACCOUNTI FOR THE YEAR ENDÉD 31ST IAARCH 2•21 Unrtstrided Resln"cted Totsl Unre5trKted Restricted Totsi FLmd Fur¥J Funds Fund FuThY5 2021 2020 £.0 Ngte Income from.. Doftations and legaciès Charitable activities Olher trading aCtiviS 12 3.043 12 3.139 232 220 232 654 Total Income 3,372 1.404 4.776 3,7¢ 220 3,929 Expen(litur• on: Raing fvnds Ct)mmercial &liwbes charitab activities 12211 (221) 118821 {1.1101 (3.992) 1634) 13.3x1) 16341 (9921 (4,342) Tolal eypeThJitwe 13.1031 (1.1101 (4.2131 13.984) 19921 {4.9761 Ng¢ in¢orne I lexpendllurel 269 (275) 17721 {1,0471 269 (275) {772) 11.047} Other regnIs gains and losse5: Actuarial (lass) I gain on ¢jefu 17 (12461 (2246) {174) 11741 N¢t rrt0M*ftI in fvnd$ Re¢onciliation of lunds: Fd$ at 1 Aprl 2020 (1.97TI (1.6831 {4491 ITT21 {1221) 12.5031 4.231 1.728 110541 S.003 2.949 F1$ al 31 Marth 2021 14,4801 4.525 45 12.503) 4231 1.728 Th? Statement of Financk71 Nthilres CdeS al gain5 arKt in ts fI4lat WK)d. All 1me and expeThJibJre derive. fYTh contwlliTrJ operabDns. Incy)me of Ihe parent charity ¢rKkd 31 March tr41 15 Trxe 2. 12
c•partY Rtysiratson ND. 08359113 CULTURE COVENTRY A COMPANY LIMITEO BY GVARAIITEE GROUP AND CHARifY BALANCE SHE$ FOR THE YEAR ENDED 31ST MARCH 2021 Gr£p 2021 Charity 2021 2020 £'ooo Fixod Assèts: Tangible assets Investsnents 4.908 4.556 4.556 4.908 Current Assels: Stocs 10 11 57 269 82 57 268 931 438 174 75h at bk and in hand 1.314 1256 612 Cr•ditors'. Amovnls faifiry Tthin one year 12 Iwsi 1582) {7961 1566) N•t euN•nt #ssets 11X Total assets current liabi1111os Creditor5- +kncwnts falSr¥J dLE #fttr mrye one yèar 13 5.417 5.368 1133) 1133) N•t ass•ts •xcludng penslon kbMIty 5,417 15.3721 4.529 {2.801) 5.368 15.3721 {2.801) 15 Net ass•ts Indudkn9 h•m• li•bilty 45 1.728 141 Re¥er¥es.' Restricted IlS 14 4.525 4231 4525 4.231 Unstride lunds Pen&on fiJnd Non chaiitable IrathrnJ frJThJs 435 (5.3721 (2.998) {5.3721 12.Y98) 15 (4.4) 503) {4.5291 (2.563) Tolal Funds 141 The fiw¢ial statwnents Cm p• 12 to 33 we amytyed l)wd #1 aLknrts•d kn iwè 17 Decembw 2021 aryj are ggne(J rts b aw by.. M Coulon... 13
CULYIJRE COVEIITRY A COMPANY LIMITED 8Y GUARANTEE CONSOLKJATED STATEMENTS OF CASHFLOWS FOR THE YEAR EIIOEO Y1ST IIARCH 2021 Group 2021 Group 2020 £.0 Net cash provided by I (used inl operating acliths 21 2,037 418 Cashllows from investing adivit Pw¢hase oftsns¥ble fixed assels Prctheds from di5P05al oftawtlefu&J assets {1.2431 (3531 177 {12431 {1761 Cashflows frnm financiry athlts". Repayments of bOrrrgS 12041 (364) {2041 (364) Chang• In ¢•sh and cash th• y (122) Cash and ¢a5h equivalents the beginning ofthe year Group 2021 Group 2020 £'ooo Cash ai bank Total cash and ¢ash •qwv•lEnts Analyss ofthanges in n•1 dthl 1 21)20 Cashlkms 31 Ilwth 2021 rcKJo Cash and Cash Eqw4afenls l4
CULTURE COVEt¥ A COMPANY UhllTED BY GVARANTEE ACCOUNTING POLICIES FOR TAE YEAR ENDED 31ST MARCH 2921 LEGAL STATUS OF THE CHARITY Clure Coventy {Chantyl is an incrxp)rate(I charty, limrted by guarantee and is regtered at Ihe Charity Commission in Engld and Ws. The Charty is vern by its Mernornndum and ol As$oc4atn. Tha address of tho Charws rtgi¥tered aThJ NwKipal F4ar of business i8 The H•rb•rt Art Galtsry & Museum. Jordan Well. Coventy. CVI sap. The c4)wts of CuNwe Coventry and ils subsidkqry. BASIS OF ACCOUNTING The financ1 statements have been prepared in accwtsn¢e wth the Charity's Igovemiry documgntl. the Chaiities Ad 2011 and "fv£cwnliThJ and RepThtsg by charit.. Statement of RewmThnd Practica appIlble to charities preparing I1r accounts in accordance the Finar¢kil ReF'r9 Standard applicablè in Ihe UK and Republ¢ ol trer IFRS 1021 leffec¥e 1 JaNary 2019)". The Clwdy 45 a PUNIC Benefit Enw as d8fined by FRS 102. The finanual statemerts have departed from fv Chwths (knwrts Repvtsl Reguialitin5 2CQ8 orVIO the extènt required to wovwje a tnje aThl fwr view. Tlys depathjre has •ivofved followng the staterrn1 of Recommend Prxlice for cha1it4es apth"n9 FRS 102 ralhw Ihan Ihe vP)n ofthe StatamsntOT Recomm8nded Pradicé, whth is ieferr•d 10 in the RegulalMTh. twt has sirtt been wrtmrnwn. The fincl statements a pared in Sterliry wh¢h is ts fimctional ujrrw.of the Charty. Monetary amousts in Ih8se nanCIal slat•mtnts are rwnded to Marest c. exr• t•th•rn otrTh%ise in¢tad. Culbjie Covenlry meets the definTrtion of 3 wjbkc tenetrt entity FRS 102. BASIS OF CONSOATION The group fina1 statements consrAKlate Ihe Slatements ofthe Chwtyand ts subskliary undertaking. Intra group proffts are eliminated c0nsoknjatK. The crthid8tion is carried out t a line-by4ine basis. A separate Ststement of Fina11 ISOFAI. or hK4)rne a1 Expenditu ActUt for the Charity itself is not presenled because the Charity has tthen thl89e of the affordtd by Secti 408 of tho Companies Ad 2C¥)6. GOING CONCERN The Charitsb grtyJp is 41 a sUu$ pcsition for the year with net w)eome of £563.() (2020". expenditu £1,047,000) (bel¢ X<4)untir¥J Irial gains k)sses on thèdefined bènefft pensKn sthemel. Thegroup has re51Tle fijnds in suWus of £892.CW {2020: £495.ofA)I (before accwnting lor Ihe group's sh of ts pensKJn sCme def1} and had nel cwrent assets of £509.IXI)12020." £106.0001 as at 31 Marth 2021. arity has Cved fr(xn Centy Cty C(Mnl rf tts ¢ttinUed hJndw)g suppjrt for at lèast 12 months the approval of th85e finaro ststeffthts to Ayil 2022. In Iwt of this eommitmènt and coriunckn.on with othef sources of swt irMe thal have also been confirn&J fcrf the eornin9 yèar Tntstèes CAThder that the group has suffic3pA (ash resouw avaitrat4e to cothue to meet Is lthibbes as they tsll due lor the foreseeable filiure. Trustees have cOns+Ted the impad ol CovKI.19 on thè thanty hav• stnsitissd Iheir cash Ifow forewts to 0$Jer Uk* case scenarios. In suth Situati$. lh8 Trust has thè abiktytoutilise C0vp$19mrn1sUkWrt sthemes ts1 September2021 aTrS continuesto pwect F#Jsdwe 15
CULTIIRE COVENTRY
A COMPAtIY LSMrrEO BY GUARANT
ACCOUP4TING POLICIES
FOR TK YEAR ENDED 31ST MARCH 2021
GOING CONCERN l¢ortlnuedl
Based on Ihe factors set ¢JJl above. Ihe Twvslees therefe Contin lo adopt the goiro concem basi5 of
aCtIng * are 5ati5fEd th no malwi retsnty eyists in relatK)n to gowJ ccrtem.
INCOME
l income is induded in Ihe Statemenl of FinaThial ktNibes (SOFA) when Ihe GrcKJp ts enbifed to Ihe income.
therè is probabilty ofrticthpt. arml the ant can be qUantd rnasonabbe %thraey. Thè fdjtswing $p4ufie
p•$ are appli£d to ¢ateg)ries of irt4)rt..
oaS and lega we IrlUde
CULTURE COVENTRY A¢OMPANY UMtfED BY GUARANTEE AccouKllNG POLICIES FOR ThE YEAR ENDED 31ST IAARCH 2021 REfiREMENT 8eNEFITS (cortlnuedl The rats used to discujnl Ihe benefftoNigatiorLS 15 based rnwket hJh qualty CA)fFr bonds with teThns and ci1enThes ¢1Sten{ vhth th)se oftr Lwft cèl381)n$. TAXAnoN The Trust i8 8 Regstergd Charty urthtskes athbes whw under wesent le911, are not subj1 to corpaOn Tax. The Trust's s¢A)sp&ary is a Rry51ergJ Charty aThJ th)dertakes trading activities wthin the meaning oftheTaxes A¢tsand is liat4e t(trCtyKxYatKTax. Hcrtlpver. Ihe subsidiary 9ftaiJs al its tax&)le woffits lo the Tnjst. Consequenty, N) W1$1 is p•Ml (rf cwF•xati Tax ettheraKrent or d8ferr8d. FUND ACCOUNTtr4G ofthe wp. appeal. TANGIBLE FIXEO ASSETS impatrmenl losses. Dewe¢tI)n 6 on all twyble ftyed ass•ts at raies culated Io V&Tile eath asset dthvn to its estimaled reswJual vrn)Py rts e4)ec# useful frfe. as kIbY.. Fixfftjrès and fftlings INVESTMENTS STOCKS St(th are vakd * the kyer cl tost elM* seWThJ 125s costs to FIete aThJ sell L8 equivalent to Ihe net rEaltsatAe Ird1. pl1 15 made lor obs(lete and $FIng it8. DEBTORS 17
CULTURE COVENTRY A COMPANY UIAITED 8Y GUARAIITEE ACCOUNfiNG POlEs FOR THE YEAR EIIDEO 31ST IAARCH 2•21 CASH AT BANK AND IN HAND Cash at bank and cash in hd in¢lLMles tash and mons on shorttwm (leF¢ at Ihe bank aThY 0r$hort lem liqutd 7vestmentS wth Orjinal mattjrities of thre8 ffK)nt16 (¥ kn. CREDffORS AND PROVISIONS Crnthtors and Kmisions are rècognised Wffie the Group has a wesent obligth.on resultia from a past gvgnt Ihat wobatAy los1 in the transfer ol knrffls to a Ihwd paty and amount dufr to Sett the obligation can b• mèasured or estimated reliably. Creditors and prows10 ¥a n¢)rmalty r8eogntsÉd ¥t their setuernenl amount albwing for any trade discounis due. LEASED ASSETS AND OBUGATIONS An assetandccrfrespondry fiatlty are(e9nl fu leasiry weements thattranststolhe Group substsftlial all ol th8 risks and r8ward$ inudent81 to ffice leases"). The amounl pilaSe i% tho falr valuè of Ihe kased asset or, rf Ich¥er, the presenl value of the rrmninum lease payments payabk Ilvrirrfj th& lease tem. tth determined al rep1KIn of the lease. Lease payments are treated as c(m%sts"ng of Cats1 and interest ekments. The interest ts tharged to It SOFA to wthjuce a cty)stant pericxlic rate ol interest on Ih8 remainirvj balae of the luqbilty. l other l&wes we operth"tvJ ase&, the annual renta15 are d)ary•J to Ihe SOFA on a Strayht-n¢ ba$bS (wer Ihe ase term. FINANCiAL INsfRUMENTS The Group onty has ¥81 ass•ts aTrd kblths da W Ihatqualy as bxfinaneial instruments an(t are not Congde to be ofa cJ)mplex nalwe. Sh financial iltstrthnts. exc20 inve51ments dassnled at fair valL Ihrough the SOFA, are rec(Wed al IranSaCt valL aThJ sthsequentty measured al Iheir settkmenl value. assets held at arrfrfbs&J ry)51 indwles all detrknsarnl cash. exdirj Fwyments and tsx. 1kibilit$ held at Tr)rb ¥1[10$ al oxdthro lax social secunty crndittys. 18
A COMPANY UMThED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEMTS FOR THE YÉAR ENDED 31ST AIARCH 2921 2. PARENT CHARITY STATEMENT OF FINANCIAL ACTMTIES Unreslrided Restricted Totsl Unrestred Restricted Totsl Fund Fund Fd$ Fund Fund Funds 2021 2020 r0 £c()o Nole £,(0 Income from: Donatlons aThJ kgaths Charrlable &tivthS 23 3.139 1.4LX 3.043 3,263 Tolal Inccrne 3,162 3247 3.467 Exp•fftditurn On: Raising funds Charitsble activit 12,882) {1.1101 (3.9921 (3.350) 19321 14,342) Totsl expertdikr¢ 12.882} 11,1101 {3.9921 13.39)) 1*321 14.342) Met intomè I lèxpendithr•l 574 1103) [7721 (8751 574 1103 17721 (8751 Other re¢o9nised gains arrfl losses: ' kntuarial {thsl I gain on defined benefft per1)n scheme {1246) (2246) 11741 {1741 Ilet mov¢m¢rt in fvnd$ Re¢on¢iliation of funds: at 1 2020 {1.966) 11.672) (277) ITT2} {1.049} {2563) 4231 12.2861 2.717 FWNSS at 31 March 2021 14,529) 4.525 {41 12.5631 4,231 1,668 19
CULTURE COVENTrY A COMPANY LIMITED BY GUARAEE NOTES foTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 3. INCOME FROM CHARITABLE ACMVITIES UnrestrKleA Restricted Fund FuThJ Tolal Unreskncled Restricted Total FS Furvj Fund Funds 2021 2020 £'¢)00 Coventry Cty Council FundiThJ Arts Council Eroland FundirrtJ Heritage Lottery fund- Reven ajor PartrErship MLwums Proje Covid ReL4ted Grants Other FundiThJ 1.965 1,964 539 60 45 14 21 2,024 131 640 14 21 521 144 429 573 540 3.139 1.404 3.043 220 4. EXPENDITURE Tolal 2021 £'ooo Total 2020 £'o Staff (x)sts Depreciationother costs £'c0 £'o Costs of raisng ftJnds= Commercial aclwilies Chawitable a¢bvities: .Difect costs Alccated supp¢yt cosls 185 221 634 2.133 2209 1,C*O 1225 1.096 4.213 4,976 2021 2020 £'oJo Al(ted support costs.. Heat and light Advertising and promotions Pmting and slalDery Telephone Insurance Veh¢le StNage RÈp8ir$ and maint•)an¢e Depreciation Othef expendrture Govemance costs 177 377 231 447 18 20 142 125 120 870 245 48 194 28 2,209 20
CULTURE COVE1Ry A COMPANY LIMITED BY GVARANTEE NOTES TO THE FINANCIAL STATEIIEIITS FOR THE YEAR ÉNDED 31$T MARCH 2021 S. NET EXPENofNRE FOR The YEAR 2021 2020 £'o Ng1 exp•ndrfur• ts the year ststed after¢hargiNJ'. Depreciation and arnLnts vrtttten off 1b[e ftxed assets: Charge perirpa= (Xyned assets Leased as5¢ts Operating teasè IlS.. ant and rnunèry Land and bU11ngS Ausjitors. MUna0n'. Statutory audrt 881 116 139 16 15 6. EMPLOYEES 2021 No. 2020 The average number of pwsons omrw byth¢ Grthp dLWWWJ th• arwa.. Tolal staff (lal lftll lirr equNaknt} 110164 97176 2021 £'(#)o 2020 Wages saales Sctial seoJwty costs Penon cifjts 1.645 116 1.849 130 738 2.225 2,717 Total re(kndancy PaYnts am(#ml to £ffi,748 rdate to uljaY eaty re1wem1 costs. In 2021 no empkyyee5 receNed emduments £60.0.(202O: rf. )nkng. dweding and thilrothng the liVitieS of the Charity. RemuneTal)n for key management personnel, indudirJ empknyer5' naiKl insurarr* rthlIS arxl contribulions tts the dthned befft pension scheme. amrAJnted lo £359.168 (2020.. t317,4S41. 21
CULTURE COVENTRY A CI)MPAPIY UMrrED BY GUARAtirEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIIDED 31ST IAARCH 2021 6. EMPLOYEES 1¢ontInu1 No trusteés feeeNéd any rémuneratth dui4YJ ts year endetl 31 202112020.. £nll were ¥eTrnbutsed any expenses. No Irustee or other petson refaied lo the Charity had any nitemst in #ny Contr ry transoctiLY) •rtered to by the Charity thjring the yew or the pre¥J$ FQriCJ. 7. TAXATION As Ihe h8$ alla11 ¢hble stats6. ts Ims1$ ))nder Ihat th8rg ts irwme sut¥'ecl io poralion tax forthe year 31 March 2021. 8. TANG18LE FIXEO ASSETS m Fre$. fiilt"n95 refuwtishmenl & comwter equipment Total £'ooo £'ooo Gmup 1 fv4ri12020 Addilions Disposa 9.013 1.244 1.244 31 2021 9.627 630 10.257 1 Apnl 2020 Charge fcy year Dispgsats 307 4.457 31 Mar¢h 2021 367 5.349 Nel Bc¥)k VaL: 31 Mah 2021 263 31 March 2020 323 Tr 1 va d fixtures, fftbry5 aThJ (xnFirtw t nil {2020: £ nif) in respect (rf assets
CULTLIRE COVENTRY A COMPANY LIMrrEO BY GUARAPITEE NOTES TO THE FINANCIAL STATE¥ENTS FOR THE YEAR ENDED 31ST IWICH 2021 8. TANGIBLE FIXED ASSETS Icontinuqd} seum Fixiures. fittings refurbtshment 8 comwter equipm8nt Tolal £.0 £'ooo Charity Cost.. 1 April 2020 Additions DisFX)S815 8,383 1.244 629 9.012 1244 31 Marth 2021 9.627 629 10,256 Depreci8th.. 1 Apr 2020 Charge fttr year DisrKJsals 4.1 832 4.456 31 Marth 2021 366 Net Book Value.. 31 March 2021 4.645 263 4,90B 31 Marth 2020 4,233 323 4.5 9. FIXED ASSET INVESTIIENTS Gro) Charrty 2021 rooo £,( 2020 Investrnenl in subsJiary dertak1rj The Charty holds 100% of the c¥diny ewty $hare Cats1 ¢1 Cumwe C¢fftntry Venlures L•nited. a company iiicorpcrfated England, regthatton wrrthr 05263892. The CWS r¥Ste offiL¥ 15 The Hertrrt Art Gdkry. & IAuseurn. Jordan Well. Co¥mf. CV1 5QP. plincal a¢Y of C{Jlre Co¥¢ntry V¢ntyres Lmrted Ks retsll farkn pro¥is*Jn of seryices m behall of Cutture Covtythy.
CULTVRE COVENTRY A COMPANY LIMITEO BY GVAKANTEE NOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31ST IAARCH 2021 9. FIXED AsseT INVESTMENTS Icotttknu•dl Cuknre Coventry Ventuws Limited 2021 £'ooo A summary of the resutts is shown bebjw. 112 12141 Cosi of sales ¢kns profivllossl Other OFerating expense5 Olher op8rating iromè Int8fOSt payab 11021 {7} 120 Net pyofft 11 Retained in sub%diary 11 Balan she¢t po$)n at 31 Mar¢h 2021 rTrJo Fixed assets Current assets Current liabiltties {18} Retained in sub8¥Jiwy 47 10. STOCKS Grwp harity 2021 £'ooo £'ooo 74 Cata¢>Juè sto
CULTURE COVENTRY A COMPANY LIIIITED BY GUARANTEE NOTES TO THE FINANCIAL STATÉMENTS FOR THÈ YEAR EIIDED 31ST IAARCH 2Q21 11. DEBTORS Charity 2021 2020 2020 ro(KJ roco Trade deblrys knount due tTftrn 3ub%"thary undertak Prepaymerts and aetsl irK>) 77 248 113 267 113 257 269 438 12. CREDITORS Chty 2021 2020 £'ooo £'oc¥J 2021 2020 Trade crethtors 276 266 37 4xnAls aThJ deferfed wo Olher loans 132 132 796 Group & Group & Charity chwity 2021 2020 £'o £'oCl 1 April 2020 Inrxjme refeaw in year 47 131 147) 11311 47 31 IAarch 2021 47
CULTURE ¢OVEF4TRY A COMPANY UIIITEO ey GUAIIAN NOTES TO THE F114ANCIAL sTATEmEPs FOR THE YEAR ENDED 31ST MARCH 2021 13. cREDoRs.. Amounts falling dut aftr on year Grc 2021 Charity 2021 £OL 2020 £c0 2020 £'o¢ Olhèr108ns 133 133 Swnmary d lo 31 2021.. L•nd8r Typtr Interest Due Duo in trthin more than e yearone year r•paym8nl tlate ro t'ooo oveth Cty Réptyatrle on dènwd On demarKI revthknrrfj h)an Fed.2.4% Al 31 Marth 2021 clwty had ur6e¢ured lo$ 1h Co¥th Cty L4 t59.1. The l)n Dem3nd Rev¢ry Loan 15 repay• on dem¥bJ. 14. RESTRICTED FUNDS BaL3nce 31Marth Ir0 Expenddur 31 Marth 2021 £'ooo £'ooo D(matNJns arKI Arts Courtil ENJFand Hwitage Lottery Ewwn Reg¢JuI DeVet Fund Reluthshmert Galery RefvrtN"shment 429 1278) 211 131 4.171 4.171 12 18321 4.rJ1 1.41X 11.1101 4.525 s Coun¢il Engl)d. Funds re¢¢i¥ed to $wortand fur1her ¢kvek)pfiJrthThJ and w(yJramrn8S. ovements to confererring faolrbes deveknp¥wJ Lffit Roman Fcrt Heritage Lottery FuThJW European Region Dk1pment Fund. Refti1Ment ofMLwwnand OKI Gramm schO- Funds recaved to finance the refvrtiishment ol Coventry Transp)rt IAu5eum site. Under Ihe temis of the lding awment. th Trust ol the Naltty H*tsge Mewial FuThl have taken secLwity OV9T Ihe asehokj wopeity d•vdcgment.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 14. RESTRICTED FUNDS {continued} Ganery Refurbi5hment.' Imwo¥emenls made to the eyisiry gale5 add1 of a 4th gal lo èxi$ting Space wthin the Hethrt Art aThJ Museum. lo enab CullLwe Covthty to meet spe¢"rfrabon to host exhI)iOn5 such as Tumer PFiL• Restrthd funds at 31 March 2020 Balance Baiync 31 March Ir£ome Expenditure 31 PAar¢h 2019 2020 £'LKJO DonatKfi5 and gr Arts Council England Heritage Lottery Fundir¥J l Eurwean RegIlal Oeveh)prnent Fund RefU1$h11 Heritage Lottery Fun¢J- ReveThJe Major Partrwship Musewns 140 1801 1451 5.003 18321 1141 1211 4.171 14 21 s.3 {9¥21 4.231 1& PENSION FUND 2020 £'ooo £'ooo 1 2ff20 (Chargè) Icredit in the year Adtsarial 9ain on defined benefrt pensin sthe Re¥al ofrterns rdating to tIrement benefits 12.9981 12.481) 14901 15321 12.2461 {1741 362 31 Klarch 2021 (5.3721 12.9981 It be expected that the PenstiTh Reser¥e 1 match exoctty Ihe Penswyt Lth"lty recuded on thè Balanc¢ eel at the end ol each y&w. Howevet. Ihe Trust rn3de an ad¥anr payyrent 01 £912.IX)0 during Ihe ye enthng 31 March 2018 to cover its èstimabj conlritW io the sd• ftx a Ihree-year period lo 31 Marth 2020. As a restfft ol a sNJnrkarrt restrucbjte ter in this year. Ihis wa5 revtsed a four-year "od. However. iheTrust is onty rewired lo )UTrt Icwthe affKJntpayabbe in eachyear. OtlhÈ dbff8rènce of£197.000 at 31 March 2020 be0 the Pension Reserve armj Lvknty. £197. has been at 31 Mar( 2£1. reflecting Ihe ccntrbutmrns in Il* yw. Z7
CULTURE COVENTRY A CIIIIPANY LIMITED 8Y GUARANTEE NOTES TO THE FINAMGIAL STATEMEMTS FOR ThE YEAR EP4DE0 31ST MARCH 2021 1fj. ANALYSIS OF MET ASSETS I (UABimES? BETWEEN FUNDS UnreslrKitd RestrKled Total Unre51e Restrthd Total Fund FuThJ FuTrJ Fund Funds 2020 £'cw £'c4)0 2021 Gmup Tongiblè assets Current assets Current ktwlities Long term liabililies Dgffined bwfit perts)n scheme liatty (5.3721 534 1226 18681 4.374 32S 4231 1.377 1868) {582) (1331 (5.372) 12.8011 15821 11331 12,8011 Net 35sets l {liabihb•s} {4.4801 4.525 .12,5031 4.231 1,728 FuTrJ FuThl Fund5 2021 rtth rc(K) F5 Fd Funds 2020 £'o £0 Charity TgI)le fix•d assets Curnnt assets Currenl &'abi14tie5 Long term fiabilibes Othed bfrt s¢hwne lialAity 15.3n) 4.374 325 612 1566} 1133} 12,801) 4.231 4,5 612 {5661 1133} 2.801) 1.105 1.256 15.372) Net assets I I11¢) 14.529) 4,525 14) (2.5&3) 4.231 17. PENS1014S AND POSTEnREIIENT 6EIIEFITS a Defined Benefit Pension Plan proiecled unil melts)d. The rIKt rerrd vaknlion was at 31 March 2021. The totsl ¢Onlrtr)thS rnade Ihe yew 31 Marth 2021 was £235.() {2020.. £67,111. ch erryknyevs ¢QntrI]C totslled £165.000 {2020: £nil due to thgpensw wepay111 madein 2018). Errpknfft'$ lortheyewlolalled £70.000 {3)20: £67.orA>i ad1l to the atw. ts folryirvJ is rwed lo be dBcl)sed in acciydaw with adopits) of FRS 102 in rdakn) to of lh• West Midlands MetroOdan AUtlY0 Pen5b)n Fund allrlbutab to th• Charity. Thè kst fiJThng valuatbjn d thi5 scheme TAS eawwipd out at 31 Marth 2019. A qualffied acbjary upjaied results ol Ihai ¥Jatxm at 31 Marth 2021 to tibtain I f3ur•5 5tsted Twenty-ont stall tran5feTrvd to Ihe (%Jmpany frun cty on 1 Awl 2(K13. The F*oithJ UThl Meihc•J ha5 been
CULTURE coveiiTftY A COIIPANY LIIIITED BY GUAIiANfEE NOTES TOTHE FINANCiAL STATEMEMTS FOR THE YEAR ENDEP 31ST MARCH 21121 17. PENSIONS AND POST.RETIREMENT BENEFITS l¢onUDued) Th¢ ma&)rfinarti81 assurnpth' used ty the • were". 2021 2020 Rate of increase in salaries Rate of increase or pensions in paymollt Discovnt rate InfialKJn assimnpt 2.85 2.00 2.85 2.35 1.90 Th¢ Mortality assumption$ usgj n Ihe valualion oflhe pens•Jn liablthes wwè.. 2021 2020 Post retirement naJty a5swnptbxs.' Rets"Mg Ic4Jay Males Fèm&S 21.6 21.9 24.1 R81wirg 20 years Males Fernales 1202? expectat lake irkn CMI 2020 U1ale) The fair value of85sets in the lh• ofthe liabdrfEs in the scherre aThl the expected rnte of rÈlum at Ihe bdartt. slwt date *erè'. 26.0 Fair vahJe-. 2021 roLKJ 2020 £'o(KJ Equiti'es Grfts Olher tx)nds Propety Cash Olher 9,853 7.989 1,362 1.632 1,038 587 1228 1.249 2.080 2.076 Total fair vaue of assets Present vahje of 5thèrne liat4ths 16,361 14.037 121.7331 116.838) Nel pensM>n fjabity 15,3721 {2.801} 29
CULTiIRE COVE•ITrY A COIAPAWY LIED BY GLIAIiANTEE NOTES TO ThE FINANCIAL STATEMENT5 FOR ThE YEAR ENDEO 31ST MARCH 2021 17. PENSIONS AND POST41ETIREMENT BENEFITS InIlnIA¢dj 2021 £'ooo 2020 Chan9es in pres¢n¢ ¥alue ofthe defd b•nefft obllwlons: Openlng defined benefit oblJalK CUTnI ser¥e cost Interest cost Contributions by stheme parbcipwts ChaTrJe n financial assumptic ChaTrJe in dem¢)3raphi¢ assurnp¢ws Experience loss I Igainl on defined benefit Ot1 Benefrts paid Past 5eNKe costs. rtsrnts 16.838 17.123 364 70 67 5.037 11.7981 12161 1228} 1574} 52 13011 104 QowrvJ defineil benefftobtyl)n 21.733 16.838 2021 2020 £'ooo Charyeg in the fairvalue of plan •ss•ls: Opening plan assels Inte¢ on assets Return on assets exduding InteSt Other actLFaritl105ses Contribjtions by ernFtyr Contn"butions sdm8 pairipts Ben&fits pa¢d Adrnini%tration expen 14,037 15,028 326 358 2,347 19721 11331 165 70 15741 1101 67 13011 {101 C105ing pkn asseis 16.361 14.037 The lotal retum th) the fLknJ assets ¥rds £2.673.IJJO {2020'.1£614,o)01 2021 2020 rcKJ) £'c Anatysls of actal loss onO•fin•d b•n•fft F>enSI4 scheme: Relum on fund assets exdudiTrJ irrttrtst Other acluarrdl gans I Iktssesl on assel Char4Je in financial assuftwlKffis Char¥Je in eMra[l¢ assumpthns experiènco k)ss I tgainl on define(I belftl9 2.347 19721 11331 1.798 14991 13681 15.037) 216 228 Adu?1 bss (2.2461 1174)
CULTURE COVEMYRY A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31ST IAARCH 2021 21. RECONCIUATION OF NET EXPENDfTURE TO 14ET CASHFLOW FROM OPERAnNG ACTIVITES Grcrtjp 2021 £'ooo 563 2020 £'ooo {1,0471 Net expenditure tsthe year as per the Stalemert of FinaTKial kti¥ities Adj'ustrnents for.. DepreGiatK FRS102 pensKffl *Jiu5lmts {hKreasel I decrease in stocks {kKr¢95el I decrease in debtry5 Increase I Idecreasel in credi 892 325 25 223 881 531 14 1561 tash provvjed by l used in opefatry 2,037 418 22. RELATED PARTY TRANSACTIONS Dwing the year the Chanty made redw9es of£83.93912020." t394.4361 lo Culiure Coventy Ventures Lirnited. At 31 March 2021. tr Charty was owed £9.31312020.' £247.$831 by Ihe ¢(ry. 23. FWANCIAL WSTrUMENTS Charty 2021 rooo 2021 2020 2020 t'ooo Finaneoal as¥ots." Debt instruments measured at an)Jlised cost 325 Finandal liabilities: MeasuFed al anN)rtksed cosl 81 619
CULTVRE coveNTRY A COMPANY E0 BY GiJARANTEE NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR ENDÈD 31ST PIARCH 2021 24. cR[rAL EsnMATES AND AReAS OF JUDGEMENT Estimates and judgements are ntinualty evaluated and we based on hi8toital experience and oth8r factors, incknding expedats.ons ollutur8 èvènts that are to bè rea50nabb under the CiroJmsts. The Group makes estwnat8s and assumpl)ns cotic8rThrKJ th8 luDNe. Thè resulbr¥J aCCLMmts"r¥J esbmates aTrJ assumptSl, by deffinitJn. seklom equal the related acbJal resums. The•st¥nates and assumptKJns that have a Signifant risk of C$1j a rnalerial adju51menl to the carying aMts of assels and liabilths With the nexl financaal 5ar afft dis¢ussed be. The present value of the Local Govemment Pensw)n Scheme defTht1 benefft dewds a wmbef factOW5 Ihat afe detemiNd an 8thla1 basts usirg a of assumptK)ns. The assumptions vse(l in dètermining the nat {U¢M8) for pensions induds Iho dsrwit ratè. Any ¢haThJes in these assumptions, which aredi5dosed in 16. wrfl impacttt ¢aNyry am¢ymtofthtr pensth 1k8.1$ty. Furthermor¢, a roll forward approxh which projects resutts frryn Ihe kiesi lull aduari?I valUzi pthed at 31 Marth 2019 has been Used by Ihe actuary in valuirwj the per6KJns Wilty al 31 Mwch 2021. Any dilferences been the fvJure$ derived from thé roil-ltyw¥d aFvoach and a lvl aCiu•l valuatiw VYJukJ on the crying amcwjnt of Ihfy pensk)n liat41ty. Ctha¥ar88s ofjudsmert Tl Nidgements lapxrt from IIM)sè invofvthj estirnoliDnl Ihat the rrwt %grikanl effèct on the afflnts reo)gnised n the finarK4al staiements are diKksed bekw. Lg8s SigninI rftsk5 and rff4vards 010rshIP have transfeJred to Ihe Grojp as kssee.