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
#11

ULTURE COVEKfRY
A COMPANY LIMrrED BY GUARANTÉE
COMPANY INFORIAATr)N
FOR THE YEAR ENDED 31ST hlARCH 2021
PAGE
Compary Informat*)n
TNsts8s Rewt
A￿rto¢S Rer
stsknmentol A¢tNrf*5
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* knir*55 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 LTh*r cryrw Iw subnwl Ih8ir rewt Ihe ¢tyw4hJalgd
swements ofCvMur• COv￿ty 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 A￿9￿%¢ 2013.
The tharity is a CCmF4ny by gLwr8nte• T￿1 ha￿￿9 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* qU￿lty *ts aThJ savice for ts peoF4e of Cov•wy Mis1￿ 1¢ tho cty vw¢xgh thè
Manage￿NL¢8re8fftd¢￿sk4QY0fflhe *$¢okr1Krtandl￿￿e?Il•lo1aTre￿9a9IlgF¥09Tarn￿eOfp￿>keXlWtIts0￿.
ev•its and ￿￿￿ts"88.
.Toencouragewrusor5knCLMrei*aTrJer#J•Jet*ith h•*gellThW interprew rA4edsand ar¢hN*s.
&) ￿$[*re crealwty. er•*M￿tanl1 leamvwj, ar•J Lyeate olihe tity aTrJ hs t4JNnur¥ts5.
. To prowde a broad rarwJ¢ to *cess Covenlrfs arts and hwitage ¢dWion5 Ihrough F4rnane4
di*ys. temrwry eth￿ti￿5. eveAts. kamiry and ￿l￿￿ch pro9wrn￿ and Mltsie dwjital res(wrc8s.
. To woth in partnerslo"p our luThJers and c4Jnmwity. lewrry. heii1•3e aThl bLWAne5s Or9￿￿at1￿5 to
develop Ihe divww and MWddour8thitsS the benefA ol thB p* ol Coventry and visitors lo Ihe aty.
. TOenSu￿1h￿t. in ¢Verythin9itd￿. IhÈTrustsecuresequaEtyof opp¢ytrJntyforallwmrnunilieslhrtwhlhedivw5ty
an¢J mg¢ ¢)1 its a¢tiMlies. Tntst parti¢￿ty seeks to ertgage ￿th group5 Ihat trad￿onalty are untsr-
CHARITA8LE PURPOSE
regislertd tharity. exists to rnanage Ihe C￿e￿10r& 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 ￿en￿skir￿*t1¥eWillechtses hsk*ry aThlcthin￿tOinIhler1Ce thevrt)rtd inwlxh
INe.
. Care foraTrJ rfwlay ihe Cty's c•leclKrt yierywryw￿sIh)t1W** Coventys r
hlsw 8nd Iis, arnt4￿8 fry ￿ fulure.
. 0pp)rtUThl￿ lor5e￿￿￿j awe thefabr* ofe¥wJthirg we do.
lo Ihe lrfe olthe KI￿1#n$. 1hwI￿ SLKC•S5.
Sustainable ar#J Cfy.
. To be a￿Tr￿ledged by peets as a ry9arisat•Jn. Iharseoesfwubm•)85*ith an ￿￿eNsne￿I￿I
%thich acts)unts for 91YA of the c(kn. De(4*(￿ ￿ a¢•￿s1￿c•S are m*1e 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 fukn*e*&vil*s.
Cumure Coventry Tr￿1. 1hr4￿h Ihe cd*ctiarts it rnanayts aThJ shares Ihe wt4ll tstibtal85 8 rar¥Je d learthg
ORGAt4tSATIONAL STrUCTIffiE
direding Ihe aflaivs of th6 coftw*Yy, 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 C￿qu￿ Covwj 19 pande￿. Havfftg 0￿r¢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(*thr*Jly, ihe veTrJes TA￿ ontyow lor 103 tsys (In tl* case (4 CTMI 93 dtys lin the ¢4$• of HAGM}, whitst
tr* Lunt Rmian •d CAI Grdmmar SCI￿**re Mt oK*n al all du1¥￿ the ￿or.
Duriry Ihi5 time. Ihe ￿sinesSWaS at4e to styJr¢e govemmerd giants and a55iStarbce Ihmugh prowammes such as
the national Job Retenl*Jn As a c4*￿vr￿e ofth$ ar￿ Ihe SUFSYJrt of partnworgarMs8tion$. Ihe
Tnjst was ab￿ lo ensure that Ihere tAw8 IL558Sthrwgts￿l th8 Ch)￿8 and Ihai siafl
fully reThwJneraled duwwu alsta9es olthe *ul>J9h' sehem8.
Th8 dosures ¢*arfy Ixwt thallw*Jes to wQgrarNr￿ry. w4a9em8nt and ¢￿se£*￿J. Tr cc4*lh* had 10 b*'pul
to bed. loflt* best partolthe year. of Ihe team vrtK¢were firwedwothed haFd loensuTe Ihalthe
¢d￿C￿on$ wera Ma￿￿￿￿j uxrecty se￿rety. 11 aLso afftyded the oprKytur*ty to rethiytha rEw hybrxl worfd ol
Fthysical and dKJital aCb¥ty. Sripackng ￿ &t*ss to knrg pr¢grwrmes. extribthcffis, events. as
as provhlwsg opprytswmtrs to hxal artsls thityJ* rfvjital ctyrnni55￿. I￿leed. the use of dyrt81 lea￿¢￿41e$ arK
appfication$ resumed ￿ the TnJ5fs first k¥w*e ¥iv*.
This dKJitsl ts5ponse also resuKed in crèakn d fv'CLAlurv Spxe pkttorn. betsme Ihtr on
att*ss hy intended pioyfammes and eXh￿l￿mS dthng the Fervjjs of¢k)surÈ. The suc£ess of Ihis engogernenl
¢xhi)iion5 to o *YJer al#jie￿ b*e. b•TrJ a ar¢lwe Oftt￿ uTrJertaken io date.
ogwnE. had bEen 8 ktsy olthe Tnv51 ￿ three ye*s. 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 ber*fft 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¢a￿ta TAths and ¥rrf¥0¥￿LS io t* thjertkn in the gall¢ri￿ ofthe HAGM.
thrw9h lun¢Jing rxeNed C(wen¢ry C*C(￿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 s￿h 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 SU￿5$￿J[ in Se￿ri￿J Arts CwrKil England- Naknnal A¢iivib0S
hjndirg ￿ sUPWrt ofthe amtilK)us UK cty of Cutture Wogrwrlr￿. ThÈ Njrfftof the fvn(Jing is t¢ tK4ster
organvJabonal Capacity within the Iht lead up 10, dum9 and as ￿93¢y Irom the UK City ofcullur¢ wr-
iJi¥en by 8rKialty engayd t4ntempor8ry Wi8ual arts aThJ alby*ry wc¥ld d8ss ¥iwal 8rts to tJJme to the rity. The
Inv￿lMent should create k)ng i¢m) relationships aThJ c(4t8Fmtkins with h)cal cC4nm￿Ikn1S. as w¢1 as eslabl￿ti
HAGM as a crtdit4e partner f(v by partswssuGh as Tale. Arts
Cc41e¢Doh. ano Ihe Briii%h CrArril.
ln March et 2021. the Tnjst wa5 a150 Jwwled a CtsnmMJhi￿ fvr¥J that*711 supwrt the relalTronthy ¥wlh
social wescnbr¥J ageKaes ar￿ othRt dthery parlnÈr5 kn deveknp ats in hea#h work in the wty. ¢ar9eting KKial
isc48tion in 618th and Ethnr Mhioritse5. over 55's 3TrJ (Mdren and ywThJ people in s(#ne of Ihe most dwived warf$
of Cov8ntry. The ￿nd provhJ8s an OPFwlurityts arts or9an*atbJrs, partngrs SUL* as CV Lrfe
and the Volun1￿ sed0rt0w￿k (￿8b￿ab¥e¥Y ￿ ad¢hesgrg lh& needs￿ the cty.
Frorn a financial per5pKb¥È. thÈ er*k)sed Sla1￿￿* LrfFw4rK781 Ac&￿￿e$ for yWt*a￿dnts somo explaTh8knon in
Separa￿ThJ the'oFeratr¥naf pprfrymanrko1lheTrU￿1￿￿n th8•yX￿N1￿*￿GtO1thedefj￿Y be1%flper￿l stheme
and the a¢tuarial pos11K￿ as a snapshot al 31* 2021.
Fitsly. th¢r• is aspeLX of Ihe chW8 (W8kn, ¥thich rei*tss lo Ihe ￿¢￿nIng resources an¢J
expendilure and deci5bx and 8clions ha¥e l*en a5 during the ofthe pandewic. Thi8
1$ exytyed fiJElt*Y in Ihe bekn*.
In r8lat*)n to the wrw3cI of ts defir*d s(kne arnl Ihe actyjwal a5 8 sThaps￿A 8t 31 March
2021, Nc4e 17 to the accWnts￿rfK￿S penSion￿￿mIb￿ls L￿der1he defined t*nefii SL*emE. 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 slatW￿￿t offin¥K¥al athitses s￿￿$ an ￿arIal thè ye¥ of £2246k. as
a r¢sull of a thor4e in f#w￿la1 assumpt￿ as sp￿d d•t*l 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 ofiheven￿sknffil)￿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￿ thr￿ghts* cveab"m ar￿ ￿thar￿￿n￿rt¢jldw￿alp1at[￿Trffj.. in c4Thnisyoring and c￿e￿￿j s￿n￿l¢an¢
vewe develipnxnts., aThJ Mi to fimthng re5w￿2 lu**ts the UK Cty of CLrfh*e year
and btyond.
partnè¥ organisth¢)As who enswed that the ￿J￿ne$S wa5 Trjt (￿ty %￿cessIu1ty rnawed wthin the Conte￿ of
Ch*￿ge5 lh* C￿￿d neverh*e be￿ *)Iwted." M atso cts)tiru*d 10 grtyw and Shape i15eif loWa￿S Ihe ev￿1￿1
FINAN¢L4L REVIEW
Income for the ye* Wds t4.776.CWJ C¢fPaTed 10 £3.929.OC•) in tre wevws ￿ar, **uLsl the toial expwLthiure wa$
£4.213.0ty)CL￿p*ed10 £4.976.0(KJtrblhewe¥#x6year. Thi%re5thd in anoperatsvJsurpknforlheye8rof£563.C(Q.
The tharitys s￿thary. Cutture Coventy Ventrns ICCV). Conbr￿e1 to Gty￿ r￿Th-
IradiThJ ￿￿¥1￿85 ts WwTrust ye¥. The o¢t"Nity of CCV ks ts mar5agement ol Ihe ￿trI1
£11.015 SLTrTJ1￿S in Ihe year. cfmpared tmih a st¥phs of £21.453 in year. The TwsEees have
cmlrmed that Ihe i￿al￿j acbthsof CCV ha¥ebeeTr subsw*dTitwb 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 trar￿le[￿l any remaining assets kth"libes. Ccvwil be¢iJN* a &￿rE1 ￿M￿nY.
The actuarkg11055 on tr* wtsion thjnd ¥*ual*Jn Twas £22￿8.1￿12￿o.. 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 tharita￿a *we In surFrfus ty EW2.IKX). to a wlJ5 of t495.￿) kn th8 prthoL*S irar.
Thts 8xctud8d lh8 p8nsicffi stheme rts•rv• 41 £5.372,LW. CA*npared With a reserve in defiil of
£2.998,OLKs In the weviw5 year.
R*striEtÈd funds at 31 Mayth ￿21 were £4.525.(￿ w v*ta5e of£294,(m on Ihe pre4K￿5 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.' {exp￿d*ju81£l.o47,Oo0I
Ibeftytr ac£ounliTh3 Yoraf*Jarial and losses on the defir*d bw*ffl pertsm **ernel The grwp ha5 unrestricled
fvnd5 in sUr[￿S of£892,0(KI12020". £49S.OJOI Ibthe accwnb"r4 for the 9￿p¥ sh¥• ol rfs xheme d￿11)
and h>J net currenl assets 01£509.0001202tr. 1C6.(W) as* 31 IAar¢h 2021.
blith other sources ofgranl ir*omE thal hove ￿50 th? yew, the Twstee5 con5Kler Ihat Ihe
up has sutfiiienicash resowces av•*ab* hablthsaslwfall Ll*forthe&yeseeaL*e frjture.
Th¢ Tru5te¢s ha￿ Lxynsl￿ Ihe impact ol Ctyw>19 on dwty arKI hwe Ser$￿￿¢￿ Ihew ￿5h forecasts
fA)nsider unlikety wcrtkast sctharlos. In lh8 Tntsi has Ihe abyffity to utihso CoTrJ*fr19 9owemmenl
suppNI schemes unt4 Seplethr 2021 £￿tinI*s ts5h fore¢asts kn 01 leasi 12 rnonth$
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$te8s ar8 r￿J￿r*I¢d by m*nbers of Ihe t*)ard oftruste¢s and appginted Twtwe Ihey have the n8ces5ary skl
to contribute to Ihe thaiiws management and de¥eE•. Vthèn r*w tnIst￿ are apwted, Ihey are gNen
intrOd￿ts.0n to lh¢ th of Ih¢ trust *ilh the Ilw r*ed to ff￿1 rol88. thich Includes
infomat*)n aboul the rok of Iru5tees on¢J ¢harity l*.
RISK ￿NAGEMENT
The Board has a &j￿ne$S Rssk Regisler W￿￿F￿ted %Mthin ts Busirwo PlaMir#J prntr￿ols the Trths seekto
¢¢nsider, réw*wand updaleth1sacc￿￿￿tyatlhe1r Board wth Ihe irnpKland tskel1h￿d ofrealisalton.
The Risk Register also Idenbf*s any mrtigating measwes t*YvJ tsken to avert SLrh risk5 the Board se8* to track
Ihe impkmentalKhl and rnitigatirvj ¥np*ofswh ffle?￿.
A ii5k the bu5irw 15 the mwnten￿￿ of adequate h￿ir¥ fw the thaitys &aLMlth•s. Th• finanual
statements repjrt the share ofthe LrKa1Go¥8￿enl Stherneder￿4lI£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￿$￿)N Furnl.
The reslrKted reserves forihe year ale delarfed in Note 14 bj the a￿o￿nIS. Tr*Trustees. Ihrough the developmentol
Ihe Charity's t￿￿ne$S p1aM￿9. have￿I￿￿e)￿d the dreseNes aFywi* ￿ the risks. opportthiibes and ftstu
le58r￿ ¢0 £1.orxi.c(Ki.
R8w1iryJ siandard 102 relaJThJ to Ihe share of thÈ w￿lon sdvne lu*Thfves. vMe £843.000 12020..
£435.000}. TheTrLthe57*iMrnntinUvto*xknq)porkn￿O￿5 #> inueaseuwr Iree reseThf8StOlhetargetrwJL*e 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 re*Kied
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 cor*kx* in okn.

CULTiIRE COVENTRY
A COIIPAPIY UMITED BY GUARANTEE
TRUSTEES REPORT
IINCLUDING DIRECTORS, REPORn
FOR THEYEAR ÉIIDED 31ST I￿AR￿ 2021
TRUSTEES RESPONSI8LmES IN THE PREPARATI(IN OF THE MANCIAL STATEMENTS
Thotyust•es Iwho ar8 a$othr￿10rs0IcuIbjr0cO￿trYroTtr￿ wrpo￿oI￿p3nYj￿j are responsible forpreparing
the Tru5tees' Report aNJ the S￿￿nts in a¢¢tydance *rylh apF&ab￿ law and KinDlom AEcountin9
Stsndards (Unitod Kw¥Jdom Gtrw*ly Ar¢￿￿tir￿j Prack•l.
Company law requires Ihe In￿leeS to pwarB stalewls Sjr exh finan¢1￿ year wlmth give a true and fair
view of Ihe siale of affairs ol the charit8bk ccrfnparry the 9tw the wjming ￿s￿r¢8$ and ap￿￿0b"On or
resources. I￿1udI￿j 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 Ch*ities SORP..
stste applicabkn UK I￿￿jnI1￿ SlarwJaTds have t*en fdtr*nd. 8ubied ￿ •y mo*ro1 dgpothrE5
th's¢b$8d and explained in the fiwoal 5totwn
sY8par8 finarKial statements ￿ the cc￿rn tJasi5 ￿￿e$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¢&)se￿lIh r*asi)nabfe al arry time
fiDHrKrdl p05ition ol the tharitatle ccffjpany It￿ to 8￿re 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 l*rte for re8501*￿e steps Ic¢ Ihe ￿0VentI￿) aThJ deiection oflravd and other ¥reg￿antIe5.
STATEMENT ASTO DISCL<)SURE OF INF(MMATK¥4 TO AiIWORS
arè aware, Il* is rK+ reknnl infQThna1￿ of thp aLth*E are tsna¥va￿. Exh of Ihg trustees h
r￿r[fvrn￿ thol IhÉy have lth all the step5 that to h￿8 laken as trustets in ¢ydei to make Il*mse
awwe of ary relwanl auditlthrmatson arttl to es1th15h ￿￿til has bo¢n¢%￿n￿r¥ted lo the a￿jItOrS.
Ckn behaff thth•t*)arrt

It4DEPEMDENT AIJDffOIi'5 REPORT TO The MEMBERS OF
CULTURE COVENTrY
COMPANY iIMrrED 8Y GVAPAf4TEE
We have audited the financhil st*eTr￿nts of Cuknjre Coventry {the'parenr charftable cornparf) and its Su￿Eary (the
'greup? for the year er¥Jel 31 Marth 2021 Ithch ccryrise the Con9Jhdth Stat¥renl of ￿lan0a1 Artwitres, the
Group and Chanty Bal￿ St*etS, Ihe CorsdN1aied &at•meni of rashf￿￿ ar¥J rntes ￿ ihe finarrial sratewts,
induding a 9jmrnaryofskj￿c￿￿cr￿￿kn"Trg The fv￿rth1 reprthg frame*ththat has teen aPF4led In thEk
prepar*iw is applicat4e Iw and Lknited ￿ P£c￿ntir￿j 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¢S￿￿ceS aThl rf r￿UrteS. expefvJitw4
for the year then eTr*d.
Bagsfor oplnlon
We cornluded our aullt In acCOr￿e I1*ern*￿1 St3TrJards on Auolvry (lffj (ISAS (W) aThJ applicab￿ IJW.
Our iespJnslbilibes uThder blose stsndard5 are fiHthw dexriW in the Atyjit￿s 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 raju￿an￿lISttst •e ￿￿aTrI to wr ax1it0ftr* statern￿ in the UL Indudir4J
the FRCS EthKal St￿￿d. ar*1 we (uffilgj w (ther eth*31 in ateordante with th
requwements. We beleve that the h￿t appwiate to p￿ide a b￿5
fu our opr*)n.
CtyKluslons ￿laI￿n9 to golng ￿l￿*M
in ts￿ weparnts)n Oft￿ f￿an(la1 ￿*￿nts $
coryjthns that, ￿￿1￿1￿1uaIty 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￿￿$ then￿￿e5. 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•M￿nI¢S Ad 2006
Ihe informatitin in the Trustees. tewrt the Diredix< re￿rt) for thE fin￿￿71 year for vrtach
finanoal ststefflents art is Ctrlsist￿t vrifh the fvortial 51atv￿ts. aTrJ
Matters on whith we are requirnl to repart lry tXL*Oi
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
Responstbil*Jes •lTnwtees
Directors of the thaf&b* for the FI￿￿eS 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 Cl￿ern. &aPFtha￿e. matt￿5 tet*& to g￿r￿j 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 ar*J section 151 of the Ch￿￿e5 Act 2011and report
in accordan￿ with those Arts.
[￿r Obj￿b¥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 a￿lit0￿5 ￿￿)rt that indudes our opinion.
Reasorta￿e 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 rea5C￿abIY te eX￿tej to inflUen￿the eC(￿OMIC
decisior￿ of user5 taken on the basis of these financial ststements.
Irreg￿a￿tIe$, including frJJd. are instarKes of non<omF41a￿e ￿ laws and regutstA￿. We desKJn prO￿Vre5 in
line with our ￿5￿)nSibl1￿￿5, Outlined above, to detect material misstatements in res￿ of irregularities. inclLK1ing
fraud. The s￿"fiC pro￿￿vre$ fOrthsew￿ntand the extentto whKh these a￿(ar*￿￿e ofdetethrwj irwularities.
including fraud is detsiled below..
Enquiryof management, and th)se tharyed *ith 4￿man￿a￿￿ndactUal and ￿tertt￿l lrtigatpJn and d￿M5.
Enquiry of entity stsff in fUnCt￿n5 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 SuNxx￿9 d￿lments￿.0￿ to assess Complian￿ with
applicab￿ laws and regulakns.
Performing audit work over the risk of rnanage￿￿nt override of controls. I￿uding tesb.ng of )0￿￿1 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 lim￿atIonS of an aL*J¢ 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 In￿ase$
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 Instar￿es0f rK)n-¢L¥npIIan￿. The risk is also greater regardirMJ
irregularities occurring due to fraud rather than error, as fraud in¥(fve5 intenth)nal con￿alMert, forgeryt Cc41usc￿,
omission ty misrepresentstim.
A further deScript￿n of our res￿l$l￿.1￿$ 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￿$ Mem￿r5. 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 CoMpan￿S
meM￿r5 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 meM￿r5 as a txjjyi for our a￿jr( for this rem. or for the opinions we have
romied.
chard Milkn FC4 MA (OX<￿) (sen￿ 5tstutory A￿*tor)
For and on beha￿ of Daffems LLP,
Chartered Accountsnts, Regisiered Audito
One Eas￿, Hary Weston Road
Binley Busine￿ Pat*. Coventry. CV3 2UB
Date: 17 De￿mber 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 aCtivi￿S
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:
Ra￿ing 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 re￿gnIs￿ gains and losse5:
Actuarial (lass) I gain on ¢jefu￿￿
17
(12461
(2246)
{174)
11741
N¢t rrt0￿M*ftI in fvnd$
Re¢onciliation of lunds:
F￿d$ at 1 Aprl 2020
(1.97TI
(1.6831
{4491
ITT21 {1221)
12.5031
4.231
1.728
110541
S.003
2.949
F￿1$ al 31 Marth 2021
14,4801
4.525
45
12.503)
4231
1.728
Th? Statement of Financk71 Nthilres ￿C￿deS al gain5 arKt in ts fI4￿lat WK)d. All 1￿me and
expeThJibJre derive. f￿YTh 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:
Stoc*s
10
11
57
269
82
57
268
931
438
174
75h at b￿k 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 I￿lS
14
4.525
4231
4525
4.231
Un￿stride￿ 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 bOrrr￿￿gS
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
C￿lure Coventy {Chantyl is an incrxp)rate(I charty, limrted by guarantee and is reg￿tered at Ihe Charity
Commission in Engl￿d and W*s. The Charty is ￿vern￿ by its Mernornndum and ol As$oc4at￿n.
Tha address of tho Charws rtgi¥tered aThJ NwKipal F4ar* of business i8 The H•rb•rt Art Galtsry &
Museum. Jordan Well. Coventy. CVI sap. The c4)wts of CuNwe Coventry and ils subsidkqry.
BASIS OF ACCOUNTING
The financ￿1 statements have been prepared in accwtsn¢e wth the Charity's Igovemiry documgntl. the
Chaiities Ad 2011 and "fv£cwnliThJ and RepThtsg by charit￿.. Statement of RewmThnd Practica appIl￿ble
to charities preparing I￿1r accounts in accordance the Finar¢kil ReF￿'r9 Standard applicablè in Ihe UK
and Republ¢ ol tre￿r￿￿ IFRS 1021 leffec*¥e 1 JaNary 2019)". The Clwdy 45 a PUNIC Benefit Enw as d8fined
by FRS 102.
The finanual statemerts have departed from fv Chwths (knwrts Repvtsl Reguialitin5 2CQ8 or￿VIO the
extènt required to wovwje a tnje aThl fwr view. Tlys depathjre has •ivofved followng the staterr￿n1 of
Recommend Prxlice for cha1it4es apth"n9 FRS 102 ralhw Ihan Ihe v￿P)n ofthe StatamsntOT Recomm8nded
Pradicé, whth is ieferr•d 10 in the RegulalMTh. twt has sirtt been wrtmrnwn.
The fin￿c￿l statements a￿ ￿pared in Sterliry wh¢h is ts fimctional ujrrw.of the Charty. Monetary
amousts in Ih8se ￿nanCIal slat•mtnts are rwnded to Marest c￿. exr• t•th•rn otr*Th%ise in¢￿tad.
Culbjie Covenlry meets the definTrtion of 3 wjbkc tenetrt entity FRS 102.
BASIS OF CONSO￿ATION
The group fina￿￿1 statements consrAKlate Ihe Slatements ofthe Chwtyand ts subskliary undertaking.
Intra group proffts are eliminated ￿ c0nsoknjatK￿. The crthid8tion is carried out t￿ a line-by4ine basis. A
separate Ststement of Fina￿￿11 ISOFAI. or hK4)rne a￿1 Expenditu￿ Act￿U￿t for the Charity itself is
not presenled because the Charity has tthen th￿l89e of the affordtd by Secti￿ 408 of tho
Companies Ad 2C¥)6.
GOING CONCERN
The Charitsb￿ grtyJp is 41 a sU￿u$ pcsition for the year with net w)eome of £563.(￿) (2020". expenditu
£1,047,000) (bel￿¢ X<4)untir¥J I￿￿rial gains ￿ k)sses on thèdefined bènefft pensK*n sthemel. Thegroup
has ￿re51T￿le￿ fijnds in suWus of £892.CW {2020: £495.ofA)I (before accwnting lor Ihe group's sh* of ts
pensKJn sC￿me def￿1} and had nel cwrent assets of £509.IXI)12020." £106.0001 as at 31 Marth 2021.
arity has ￿C￿ved fr(xn C￿enty Cty C(Mnl rf tts ¢t￿tinUed 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 ir￿Me 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￿$*Jer U￿￿k*￿ case scenarios. In suth Situati￿$. lh8 Trust has
thè abiktytoutilise C0vp$19￿mr￿￿n1sUkWrt 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 theref￿e Contin￿ lo adopt the goiro concem basi5 of
aC￿￿tIng * are 5ati5fEd th* no malwi* ￿r￿etsnty 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 a￿￿nt can be qUant￿d ￿ rnasonabbe %thraey. Thè fdjtswing $p4ufie
p￿￿•$ are appli£d to ¢ateg)ries of irt4)rt￿..
o￿a￿S and lega￿ we Ir￿lUde<l in I￿1 Stalen￿t ofFIna￿l91 AaM"lies wh*) r￿l¥able.
Investmenl Income induded r￿e1¥ab￿.
Inwme from tharitable tradiThJ acimlies 15 acctyjnled for eamed.
Income frrjn grants, rdated to and Speci￿ delNwables, we accounted for as the
Group gains rghts to ¢(*)sid8fation by Is Ferfofm*Ke.
Income from grants. where r*)t retaled to F*rf*ThWR, are xcounted forup)n rnbftatKm.
EXPENDITURE
Eyndituie is iecoJntsed on an accwa15 basis as a fiabibty is irturnd or when thè Gr￿ is dèemed lo havè a
legal orconstrnjctive ob1vJatiC￿ vthich willresuh in • wrA)abk tyar6ferofe￿r￿lrn￿ benefits. Expendiure indudes
any VAT t*hKh cafftit be fufy ierthered. reF*yled as part ofthe expendiiure to whit* it Miate5'.
RaisiThJ fiJThJs compth Ihe crnts a$s(w￿ attraLYw¥J dC￿abl￿s aThl ihg ¢>)sts cl trarfmg for
fiJndraisirrfJ purpjses.
Se￿iceS lor rts bene￿laries. R ¥KbJdes t•)Ih costs Ihat can b8 arL￿ated diredty kn S￿h ac￿111￿ arn1
those (x)sts ofan nature recess￿ fo supwrt thèm.
I costs are alk)cated be￿ ihe eXFOThthbJ￿ oteg)ries ofthe SOFA on a basis designed lo refted
the use of Ihè resourcè. Costs rdalYvJ lo a partthiar actiw.ty *è aIlrKa￿j ¢the•, olhers arE
¥PPMionod (m an apryow*e basis t.9. percama or èstsnated usage.
REnREMEPIT BENEFITS
For d8fmed b¢nefft relremelrt plans. cost d wovmjing benefits i5 determ¥wd ￿lThJ the unll
meihod. with aGtuarial valualk)ns bw.ng carried ouiat eath balance sheet dale.
A¢bJawial gain$ 195ses arwg are rttyJFM5ed Sl•temert ol FinarKial Actiwti"es.
PaS1s￿￿eCD5ts aTe rec£4Jnised as* expwot(m a stra*t-fneba5Eoverlhe aVer￿￿per￿d untylthebenerts
become vested. To the extent th* Ihe terths have ake*ty vesled. the cost is rew3nised irrnnediatety in I
Stat8ment of AdNths.
The arnount recrsni5ed in the BalarKe Shwt r•Fw•s•nts the prese￿ vabje of Ihe defi[￿d be￿fft o￿tiC￿.
adJU￿e￿ for uNecowised past savr* costs. aTrJ red￿ed by the fairvalue of p￿n assets. Any assel resullir
from Ihis cakyJlab"on is limrte¢J lo the kyw ofts assel arnl any past Ser￿ cost p￿$ Ihe pr¥sent
v8lue ol available felunds or TedLKi￿ in tuture lo the '
16

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 h*Jh qualty CA)fF￿r* bonds with
teThns and ci1￿enThes ¢￿￿1Sten{ vhth th)se oftr* Lw*ft cèl￿381*)n$.
TAXAnoN
The Trust i8 8 Regstergd Charty ￿ urthtskes athbes whw* under wesent le9￿￿11￿, are not subj￿1 to
corp￿a￿On 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(trCtyKxYatK￿Tax. Hcrtlpver. Ihe subsidiary 9ftaiJs al its tax&)le woffits
lo the Tnjst. Consequenty, N) W￿1$1￿ is p•M￿l (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 c*ulated 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 vak￿d * the ky*er cl tost e￿lM*￿ seWThJ ￿ 125s costs to ￿￿FIete aThJ sell L8
equivalent to Ihe net rEaltsatAe Ird1￿. pl￿1￿ 15 made lor obs(lete and $￿F￿￿Ing it8￿.
DEBTORS
17

CULTURE COVENTRY
A COMPANY UIAITED 8Y GUARAIITEE
ACCOUNfiNG PO￿lEs
FOR THE YEAR EIIDEO 31ST IAARCH 2•21
CASH AT BANK AND IN HAND
Cash at bank and cash in h￿d in¢lLMles tash and mon*s on shorttwm (leF￿¢ at Ihe bank aThY 0￿r$hort lem
liqutd ￿7vestmentS wth Or￿jinal mattjrities of thre8 ffK)nt16 (¥ kn.
CREDffORS AND PROVISIONS
Crnthtors and Kmisions are rècognised Wffie￿ the Group has a wesent obligth.on resulti￿a from a past gvgnt
Ihat wobatAy los￿1 in the transfer ol knrffls to a Ihwd paty and amount dufr to Sett￿ the obligation can b•
mèasured or estimated reliably. Creditors and prows10￿ ¥a n¢)rmalty r8eogntsÉd ¥t their setuernenl amount
albwing for any trade discounis due.
LEASED ASSETS AND OBUGATIONS
An assetandccrfrespondry fiat*lty are(e￿9n￿l fu leasiry weements thattranststolhe Group substsftlial
all ol th8 risks and r8ward$ inudent81 to ffi￿ce leases"). The amounl ￿pila￿Se￿ 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.
t￿th determined al r￿ep1KIn of the lease. Lease payments are treated as c(m%sts"ng of Ca￿ts1 and interest
ekments. The interest ts tharged to It* SOFA to wthjuce a cty)stant pericxlic rate ol interest on Ih8 remainirvj
bala￿e of the luqbilty.
l other l&wes we operth"tvJ ￿ase&, the annual renta15 are d)ary•J to Ihe SOFA on a Stra￿yht-￿n¢ ba$bS
(wer Ihe *ase term.
FINANCiAL INsfRUMENTS
The Group onty has ￿￿¥￿81 ass•ts aTrd kblths da W Ihatqualy as bxfinaneial instruments an(t are not
Congde￿￿ to be ofa cJ)mplex nalwe. S￿h financial iltstrthn￿ts. exc20 inve51ments dassnled at fair valL
Ihrough the SOFA, are rec(W￿ed al IranSaCt￿ valL* aThJ sthsequentty measured al Iheir settkmenl
value.
assets held at arrfrfbs&J ry)51 indwles all detrknsarnl cash. ex￿dir￿j Fwyments and tsx.
1kibilit￿$ held at ￿Tr)rb￿ ¥￿1[￿10$ al oxdth*ro 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 Unrestr￿ed Restricted Totsl
Fund
Fund
F￿d$
Fund
Fund
Funds
2021
2020
r￿0
£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 per￿1)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 GUARA￿￿EE
NOTES foTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2021
3. INCOME FROM CHARITABLE ACMVITIES
UnrestrKleA Restricted
Fund
FuThJ
Tolal Unreskncled Restricted Total
F￿￿S
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
£'c￿0
£'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 slal￿Dery
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 COVE1￿Ry
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 arnL￿nts vrtttten off ￿1b[e ftxed assets:
Charge perirpa=
(Xyned assets
Leased as5¢ts
Operating teasè I￿￿lS..
ant and rn*unèry
Land and bU1￿1ngS
Ausjitors. ￿MUn￿a￿0n'.
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 (￿l￿al lftll lirr* equNaknt}
110164 97176
2021
£'(#)o
2020
Wages saales
Sctial seoJwty costs
Pen￿on cifjts
1.645
116
1.849
130
738
2.225
2,717
Total re(kndancy PaYn￿ts am(#ml to £ffi,748 rdate to ￿ul￿jaY eaty re1wem￿1 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,
indudir*J empknyer5' naiK￿l insurarr* rthlI￿S arxl contribulions tts the dthned be￿fft 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¢ontInu￿1
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$ FQriC*J.
7. TAXATION
As Ihe h8$ alla1￿1 ¢h*ble stats6. ts Ims1￿$ ￿))n￿der Ihat th8rg ts ￿ irwme sut¥'ecl io
poralion tax forthe year 31 March 2021.
8. TANG18LE FIXEO ASSETS
m F￿￿re$. 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 Ma￿h 2021
263
31 March 2020
323
Tr* ￿1 va* d fixtures, fftbry5 aThJ (x*nFirtw 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 subs*Jiary ￿dertak1r￿j
The Charty holds 100% of the c¥din*y ewty $hare Ca￿ts1 ¢1 Cumwe C¢fftntry Venlures L•nited. a company
iiicorpcrfated ￿ England, regthatton wrrthr 05263892. The CWS r￿¥St￿e￿ offiL¥ 15 The Hertrrt Art
Gdkry. & IAuseurn. Jordan Well. Co¥mf. CV1 5QP.
plinc￿al a￿￿¢Y of C{Jl￿re 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 ir*omè
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 aets￿l irK>)
77
248
113
267
113
257
269
438
12. CREDITORS
Ch￿ty
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
£'oC￿l
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 sTATEmEP￿s
FOR THE YEAR ENDED 31ST MARCH 2021
13. cRED￿oRs.. Amounts falling dut aft*r 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
t*rthin more than
e yearone year
r•paym8nl tlate
ro
t'ooo
oveth Cty Réptyatrle on dènwd
On demarKI
revthknrrfj h)an
F￿ed.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 Ir￿0￿ Expenddur* 31 Marth
2021
£'ooo
£'ooo
D(matNJns arKI
Arts Courtil ENJFand
Hwitage Lottery Ewwn Reg¢JuI
DeVe￿￿t 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* D￿k1pment Fund. Ref￿ti1￿Ment ofMLwwnand OKI Gramm
schO￿- Funds recaved to finance the refvrtiishment ol Coventry Transp)rt IAu5eum site. Under Ihe temis
of the l￿ding 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 gale￿5 add￿1￿ of a 4th gal* lo
èxi$ting Space wthin the Hethrt Art aThJ Museum. lo enab￿ CullLwe Covthty to meet spe¢"rfrabon
to host exhI)i￿On5 such as Tumer PFiL•
Restrthd funds at 31 March 2020
Balance
Baiync
31 March Ir£ome Expenditure 31 PAar¢h
2019
2020
£'LKJO
DonatKfi5 and gr
Arts Council England
Heritage Lottery Fundir¥J l Eurwean RegIl￿al
Oeveh)prnent Fund RefU￿1$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 affK*Jntpayabbe in eachyear. OtlhÈ dbff8rènce of£197.000
at 31 March 2020 be￿0 the Pension Reserve armj Lvkn￿ty. £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 Unre51￿e￿ Restrthd Total
Fund
FuThJ
FuTrJ
Fund
Funds
2020
£'cw £'c4)0
2021
Gmup
Tongiblè assets
Current assets
Current ktwlities
Long term liabililies
Dgffined b*wfit perts*)n scheme liat*￿ty (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)
F￿5
F￿d
Funds
2020
£'o
£0
Charity
T￿gI)le fix•d assets
Curnnt assets
Currenl &'abi14tie5
Long term fiabilibes
Othed b**frt 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 I￿￿1￿1¢￿)
14.529)
4,525
14)
(2.5&3)
4.231
17. PENS1014S AND POST*EnREIIENT 6EIIEFITS
a Defined Benefit Pension Plan
proiecled unil melts)d. The rIK￿t rer*rd vaknlion was at 31 March 2021. The totsl ¢Onlrtr)th￿￿S rnade Ihe
yew 31 Marth 2021 was £235.(￿) {2020.. £67,1￿11. ￿ ￿￿ch erryknyevs ¢QntrI￿￿]C￿ totslled £165.000
{2020: £nil due to thgpensw wepay11￿1 madein 2018). Errpknfft'$ lortheyewlolalled £70.000
{3)20: £67.orA>i
ad￿1￿l￿ to the atw. ts folry*irvJ 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 fiJTh*ng valuatbjn d thi5 scheme T*AS eawwipd out at 31 Marth 2019. A qualffied acbjary
upjaied results ol Ihai ¥*Jatxm at 31 Marth 2021 to tibtain I￿ f*3ur•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 n￿aJty a5swnptbxs.'
Rets"Mg Ic4Jay
Males
Fèm￿&S
21.6
21.9
24.1
R81wirg ￿ 20 years
Males
Fernales
1202? expectat￿ lake irkn CMI 2020 U￿1ale)
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 fjabi￿ty
15,3721 {2.801}
29

CULTiIRE COVE•ITrY
A COIAPAWY LI￿￿ED BY GLIAIiANTEE
NOTES TO ThE FINANCIAL STATEMENT5
FOR ThE YEAR ENDEO 31ST MARCH 2021
17. PENSIONS AND POST41ETIREMENT BENEFITS I￿nIlnIA¢dj
2021
£'ooo
2020
Chan9es in pres¢n¢ ¥alue ofthe def￿￿d b•nefft obllwlons:
Openlng defined benefit obl*JalK
CUT￿nI 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 Ot￿￿1
Benefrts paid
Past 5eNKe costs. ￿rts￿rn￿ts
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 Inte￿St
Other actLFaritl105ses
Contribjtions by ernFtyr
Contn"butions sd*m8 pai￿rip￿ts
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 act￿￿al 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 ￿eM￿ra[￿l¢ assumpthns
experiènco k)ss I tgainl on define(I bel*ft￿l9
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 *Jiu5lm￿ts
{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[r￿AL 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
assumpt￿S￿l, by deffinit*Jn. seklom equal the related acbJal resums. The•st¥nates and assumptKJns that have
a Signif￿ant risk of C￿$1￿j a rnalerial adju51menl to the carying aM￿￿ts of assels and liabilths With￿ the nexl
financaal 5*ar afft dis¢ussed be￿.
The present value of the Local Govemment Pensw)n Scheme defTht1 benefft dewds a wmbef
factOW5 Ihat afe detemiN*d ￿ an 8th￿la1 basts usirg a of assumptK)ns. The assumptions vse(l in
dètermining the nat {U￿¢M8) for pensions induds Iho dsrwit ratè. Any ¢haThJes in these assumptions,
which aredi5dosed in 16. wrfl impacttt* ¢aNyry am¢ymtofthtr pensth 1k8￿.1$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 be￿en the fvJure$
derived from thé roil-ltyw¥d aFvoach and a lvl aCiu•l valuatiw V*YJukJ on the c*rying amcwjnt of Ihfy
pensk)n liat41ty.
Ctha¥ar88s ofjuds*mert
Tl* Nidgements lapxrt from IIM)sè invofvthj estirnoliDnl Ihat the rrwt %grikanl effèct on the affl￿nts
reo)gnised n the finarK4al staiements are diKksed bekw.
Lg8s*
Signi￿nI rftsk5 and rff4vards 010￿rshIP have transfeJred to Ihe Grojp as kssee.