CULTURE COVENTRY (A Company Limited by Guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charlty number 1152899 Company number 08359113 •AEHM471Z* 1711212025 COMPANIES HOUSE A10
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CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE COMPANY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2025 PAGE Company Infonnation Trustees Report Independent Auditorfs Report 10 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flow 15 Notes to the Financial Statements 16
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE COMPANY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2025 DIRECTORS E. Coulon (Chairman) N. R. Aziz J. W. Elliott R. T, A. Medwell W. Parry K. Raiiion R. A. Shaw SENIOR LEADERSHIP TEAM P. Breed - Chief Executive Officer J. Murphy - Corporate Strategy Direcior M. Nugent - Cultural & Creative Director E. O'Donnell - Social Impact Direclor S. Terblans- Finance Director S. Wiles - Chief Operating Officer SENIOR MANAGEMENT TEAM R. Addenbrooke- Head of Exhibitions and Events J. Biggins - Head of Facilities L. Bowell - Head of Human Resources M. Condillac- Head of Finance L. Ford - Head of Learning and Engagement K. Healion - Head of Operations S. Sahota- Head of Programme Management T. Simpson - Head of Collections A. Surey - Head of Marketing K. Suteu - Head of Creative Digital and Media REGISTERED OFFICE The Herbert Art Gallery & Museum, Jordan Well Coventry, CV15QP. REGISTERED COMPANY NUMBER 08359113 (England and Wales) REGISTERED CHARITY NUM8ER 1152899 AUDITORS Dafferns Audit Limited. Chartered Accountants, One EasbNood, Harry Weston Road Binley Business Park Binley Coventry CV3 2U8. BANKERS National Westminster Bank PIC 24 Broadgate Coventry West Midlands CV1 INE.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 The Trustees who are also the Directors of the charity under company law submit their report and the financial stalements of Culture Coventry for the year ended 31 March 2025. The company was incorporated on 14 January 2013., registered with the Charity Commission in February 2013 and commenced trading on 1 August 2013. The charity is a company limited by guarantee not having a share capital. It is governed by its Memorandum and Articles of Association. PRINCIPAL ACTIVITIES AND OBJECTS OF THE CHARITY The principal activities and objects of the Trust are.. To support, promote, maintsin and operate, for the benefit of the public, a road transport museum that permanently preserves road transport objects manufactured in the United Kingdom, with particular reference to the unique contribution made to these industries by the City of Coventry and Ihe West Midlands Region. To provide a high-quality arts and heritage service for the people of Coventry and visitors to the city through the management, care and display of the city's collections and the creation of an engaging programme of public exhibitions, events and activities. . To encourage users to connect and engage with Coventry's rich heritage through interpreted objects and archives, to inspire creativity, enjoyment and leaming, and create an understanding of the city and its communities. To provide a broad range of opportunities to access Coventry's arts and heritage collections through permanenl displays, temporary exhibitions, public events, learning and outreach programmes and online digital resources. To work in active partnership with funders and with community, learning, heritage and business organisations to develop the diversity and impact of activities for the benefit of the people of Coventry and visitors to the city. • To ensure that, in everything it does, the Trust secures equality ofopportunity for all communities through the diversity and range of its activities. The Trust particularly seeks to engage with those groups that traditionally are under-represented as users of arts and heritage services on grounds of gender, age. disability, class, race or sexual orientation. To ensure that the Trust always fulfils its performance obligations to those bodies who support it financially and to those that provide guidance, help and support through museums and other sectors in general. CHARITABLE PURPOSE The company, also a registered charity, exists to manage the collections held within its care on behalf of the collection owners, Coventry City Council. The collections are designated as being of national importance by the Arts Council England.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT IINCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 CHARITABLE PURPOSE (contlnued) The mission and objectives of the Trust are as follows.. Mission.. To be Trcognised as dynamic and innovative museums that give our visitors a fresh perspective on the story of Coventry, and create ambassadors on a local, national and international level. Objectives.. In order to fulfil our mission, we will embrace the following objectives.. To proudly portray the story of Coventry locally, nationally and internationally, so that visitors to the City gain a full appreciation of how Coventry's innovative spirit echoes throughout history and continues to influence the world In which we live. • To care for and display the City's collections in engaging ways that inspire visitors to further connect with Coventry's rich history and its ambitions for the future. To ensure that opportunities for learning are woven into the fabric of everything we do. . To ensure that staff, stakeholders, investors. visitors, volunteers, and the local community are given every opportunity to contribute to the life of the Museums, and their future success. • To create opportunities for economic groYAh and maximising funding opportunities, so the Museums are financially sustainable and contribute to the regeneration of the City. To be acknowledged by our peers as a dynamic organisation. that seizes opportunities with an entrepreneurial spirit. and actively contributes to the development of the museum sector. The local authority acquires objects through purchase, donation or loan, the prime means being through donation, which accounts for over 900/0 of the collection. Decisions on acquisitions are made to ensure balance in the collecting arrangements and to ensure that all obJects acquired can be properly cared for. The vast majority of the exhibits are retained, as far as is reasonably possible, in original condition so that visitors can understand the changing dynamics of materials used in production processes and are displayed In settings that authenticate a sense of time and place. The archive also contains a vast range of original 'material that provides relevant support for the displays and an Invaluable resource for researchers and historians. PUBLIC BENEFIT The benefit to the public is significant and increasing The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in plannin9 future activities. Culture Coventry Trust, through the collections it manages and shares with the public, facilitates a range of learning experien$ and in so doing shares knowledge to audiences, researchers, and sector peers.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 ORGANISATIONAL STRUCTURE The Board of Trustees leads and maintains full and effective control of the company and accepts ultimale responsibility for directing the affairs of the company, ensuring that it is continually meeting its stated objectives within a financially sustainable business plan. The Board is responsible for matters of key strategic importance, financial policy, acquisitions, and partnership development. ARRANGEMENTS FOR SErriNG UP PAY AND REMUNERATION OF KEY MANAGEMENT The Trustees consider the senior management team comprise Ihe key management personnel of the Charity in charge ofdirecting, running and operating the charity on a day-to-day basis. The pay of Ihe senior staff is reviewed annually and is based on performance and average earning across the sector. TRUSTEES The Trustees during the year untjer review and up to Ihe date of this report were.. E. Coulon - Chair R. Medwell J. W. Elliott K, Railton R. A. Shaw N. R. Aziz W. Parry As the charitable company is limited by guarantee, not having any share capital, none of the Trustees held any interest in the shares in the charitable company or hold any right to subscribe for shares. STRATEGIC REPORT ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR The Trust has continued to deliver a wide-ranging and ambitious cultural Pfogramme throughout 2024125, despite facing a year defined by significanl financial challenges and 5ector-wide pressures Across its museums, galleries, learning services, and outreach activity, the Trust has sustained its role as a central driver of cultural life in the city, welcoming good levels of participation and expanding its impact across communities. However, overall visitor and participation numbers reduced this year, with over 310,000 people engaging directly with Trust venues and programmes in comparison with 404,000 in 2023124, largely attributed to consistent rises in the cosi of living, and Ihe Coventry City Centre South redevelopment project causing a reduction in footfall to the city centre. Exhibitions and programming have been central to the Trust's achievements in the year. The flagship exhibition Collecting Coventry proved to be a major success, drawing a total of 63,332 visitors across its run _ 270k above target- and delivering one of the strongest examples yet of community co-curation in the Trust's history, Audience consultation, both through focus groups and external evaluation, produced valuable insights that are now shaping collecting policy and programming approaches across the organisation. Microwortd Coventry, the Herbert's first immersive and fully interactive digital exhibition, attracted 23,851 visitors, successfully achieving its income target and providing new skills development opportunities for the exhibitions and digital teams. These skills will enable the Trust to produce in-house immersive content, with the first internally produced experience - a dinosaur-themed digital installation scheduled for 2026.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 ACTIVITIES ANO ACHIEVEMENTS DURING THE YEAR (continued) Other exhibition highlights included JOY.. Inspired by Natu and the continued success of Dippy in Covenlry, which has been secured on loan from the Natural History Museum through until at least February 2027. Preparations are also well advanced for British Art Show 10 in 2026, with Coventry confirmed as the first venue in the national tour under curator Ekow Eshun. This will bring significant national visibility and cement the Trust's role as a leader in the contemporary arts sector. Learning and engagement programmes remained a cornerstone of the Trust's work. Although overall schools, participation was down by 70/0 compared with the previous year, largely due to travel cost barriers, the Lunt Roman Fort continued to operate at full capacity and new programming for home-educated children showed considerable promise. Through the Science in Your Wortd partnership with the Science Museum Group, 61 home-educaled children participated in structured workshops at Coventry Transport Museum, with the scheme expanding to the Hertjert Art Gallery and Museum through a University of WaiCk intemship. Family participation was supported through holiday programming, HAF-funded initiatives, and the launch of a dedicated Culture Coventry formal learning website, brought the Trusl's three sites into a unified schools. platform, thereby expanding the virtual offer to increase accessibility. Community engagement grew subslantially, with participation nearly doubling year-on-year (up 98%), The Doze Under Dippy overnight programme became a highlight for youth and community groups, whilst the Pl8yHem in the Community model reached families through local partnerships and events. Funded projects with unaccompanied asylum-seeking children informed our programming, while work with local charity organisation St Francis, ensured that the Trust continued to respond to inequalities with creative and inclusive approaches, breaking down barriers into employment for refugees within Coventry communities. The Trust also sustained a strong commitment to workforce and skills development, The Is18nd Project supported leamers in digital media qualifications. producing animation and podcasting projects, whilst the Media Department successfully tendered to deliver Coventry Alternative Provision courses for young people excluded from mainstream education. Supported internships, apprenticeships, and micro- commissions provided fijrther opportunities for young people and local artists to gain experience, with outcomes ranging from employment in front-of-house roles to new commissions exploring themes of migration, play, and identity. Volunteering remained a vital element, wilh over 2,400 hours being contributed during the year. Although overall hours fell slightly compared wilh lasl year, volunteer numbers Increased, showing a shift towards more flexible patterns of volunleering. Cornmercial and income-generating activities made tangible progress. Conferencing and events income at Coventry Transport Museum exceeded targets, building on new partnerships with organisations including Severn Trent, HS2, Jaguar, Triumph, and Warwick University. The development of a dedicated Business and Conferencing team has already yielded results, with forward bookings into 2025126 showing further traction. Strategically. 2024125 was dominated by preparation for the Coventry Transport Museum Collections Move Project, which oversees the move of the Transport, Social History and Archaeology Collections move to the new City Centre Cultural Gateway (CCCG) building. this has involved the rationalisation and disposal of duplicate or non-coventry-relevant items, ensuring a more sustainable and focused collection ready for transfer. The Trust has continued to align closely with city and national strategies. Engagement in Culture Works (Coventry's Cultural Compact), the Coventry Cultural Education Partnership, and the One Coventry Plan
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR (continued) ensured that the Trust's work remains rooted in local priorities, particularly around equity, diversity, inclusion, and social impact. Partnerships with Coventry University, University of Warwick, and local schools have underpinned this collaborative approach. while national engagement through Arts Council England and the British Council continues to ensure that the Trust's voice is represented in wider sector debates. Overall, 2024125 has been a year of resilience, innovation, and adaptation. Despite increased operating costs. and sector-wide financial pressures, the Trust sustained a vibrant programme of exhibitions, events, and outreach that reached hundreds of thousands of people. It also laid the foundalions for future sustainability through new commercial models, the development of digital infrastructure, and making progress lowards better storage solutions for its collections, As always. the Trustees would like to extend their thanks and express sinre appreciation to the teams of staff, volunteers and partner organisations who make the Trust's contribution to the cultural life of the city possible, especially when set within the context of the challenges currently being faced. FINANCIAL REVIEW Income for the year was £3,675,000 compared to £4,061,000 in the previous year, whilst the total expenditure was £4,749,000 compared to £4,966,000 in the previous year. This resulted in a net deficit of £1,074.000. before accounting for pension fund actuarial adjustments, compared to a deficit of £905,000 in the previous year. Charitable expenditure includes depreciation of £1,089,000. The actuarial gain on the pension fund valuation was £55,000, compared to a loss of £508,000 in 2024. The net movement of funds on the SOFA was a deficit of £1,019,000. As at 31 March 2025, the Charity had total funds of £2,320,000 compared to £3,339,000 in the year ending 31 March 2024. Unrestricted charitable funds were in surplus at 31st March 2025 by £1,221,000 compared to a surplus of £1,347,000 in the previous year. Restricted funds at 31 March 2025 were £1,099,000. repsentIng a decrease of £893,000 on the previous year. The company's assets continued to be used for the company's objectives of providing facilities for arts and heritage, and the company continued to be grateful for the generous support that it receives from its major sponsors and donors. so that the Trustees consider that the company has sufficient funds to meet Its objectives. The accounting policies used to produce the Trust's financial statements are shown on pages 16 to 19. GOING CONCERN AND FUTURE PLANS The charity had total reserves of £2,320,000 at 31st March 2025 of which £1,221,000 was unrestricted. The charity had net current asseis of £1,205,000 as at 31 March 2025, compared to £1,139,000 in 2024. Coventry City Council has confirmed continuation of the Funding and Management Agreement for at least 12 months from approval of these financial statements, albeit at a reduced level. A 150/0 reduction in Management Fees, equating to around £300k, will be introduced in April 2025, with further cost pressures across energy, employment, and operations raising the effective impact closer to £475k.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST NIARCH 2025 GOING CONCERN AND FUTURE PLANS (contlnued In response, the Trust has developed and will implement a suite of nine "Innovation and Efficiency" Measures in 2025126, including low-level admission charging at the Herbert Art Gallery and Museum", new commercial education offers., loans boxes for schools,. expanded conferencing and events activity., and more coordinated procurement savings. The introduction of charging at the Herbert Art Gallery and Museum will be carefully monitored, with some early resistance expected, but mitlgation strategies such as discounted access for Go CV members being planned. Looking ahead, the next I0 years will be pivotal as the Trust works to embed these efficiency measures and plan for the large-scale move of stored collections lo the new City Cenlre Cultural Gateway. Alongside this, investment in digital infrastructure such as CRM systems, centralised ticketing and enhanced digital content will strengthen both efficiency and audience insight, while growth in commercial activity and community-focused programmes will continue to be developed. On the basis of confirmed funding, available reserves, and the implementation of the new business model, Trustees are satisfied that the Trust has sufficient resources to meet its liabilities as they fall due. Accordingly, Ihey continue to adopt the going concern basis of accounting and remain confident in the resilience and adaptability of the organisation to navigate the significant challenges thal lie ahead. SUPPORT FROM OTHER ENTITIES Coventry City Council is aligned with the overarching objectives of the Trust. Coventry City Council grant is detailed in Note 2 of the financial statements. VOLUNTEERS The Trust has continued to utilise and benefit from the seiceS of volunteers throughout the year and is very grateful for the keen and aclive support provided by them. INVESTMENT POLICY Currently investments are held in interest bearing deposit accounts for ease of access to allow use for charitable purposes. This is the most effeclive way of ensuring an investment retum whilst allowing maximum liquidity. TRUSTEE INDUCTION AND TRAINING New Trustees are nominated by members of the Board of Trusiees and appointed where they have the necessary skills to contribute to the charity's management and development. When new Trustees are appointed, they are given an introduction to the work of the Trust and provided with the information they need to fulfil their roles. which includes information about the role of Trustees and charity law. RISK MANAGEMENT The Board has a Business Risk Register incorporated within its Business Planning protocols and the Trustees seek to consider, review and updaie this accordingly at their Board meetings along with the impact and likelihood of realisalion. The Risk Register also identifies any mitigating measures being taken to avert suctt risks and the Board seek to track the implementation and mitigating impact of such measures. We confirm that the major risks to which the charity is exposed, as identified by the Trustees have been reviewed and systems have been established to mitigate those risks.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 RESERVES POLICY The Trustees. through the development of the Charity's business planning, have considered the level of reserves appropriate to the risks, opportunities and future contingencies faced by the charity. Based on this review, the Trustees believe the charity should look to grow free resendes to £1,500,000. As at 31 March 2025, the Charity's unrestricted reserves, excluding the accounting entries required under Financial Reporting Standard 102 relating to the Charity's share of the pension scheme liabilities, were £1,221,000, compared to £1,347,000 In 2024. THIRD PARTY INDEMNITY PROVISION FOR TRUSTEES Qualifying ihird paty indernnity provision is in place for the benefit of all Trustees of the charity. FUNDRAISING STANDARDS The Charity does not contract with a third party to undertake fundraising on its behalf. Hence, we have received no fundraising complaints during the year. AUDITORS Dafferns Audit Limited has indicated its willingness to continue in office. TRUSTEES RESPONSIBILITIES IN THE PREPARATION OF THE FINANCIAL STATEMENTS The Trustees (who are also Directors of Culture Coventry for the purposes of company lawl are responsible for preparing the Trustees, Report and the Financial Statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charitable company of Ihe incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these Financial Statements, the Trustees are. required to.. select suitable accounting policies and then apply them consistently; obsep4e the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the Financial Statements on the going concern basis unless it is Inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tirne the financial position of the charitable company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS The Trustees who were in office on the date of approval of these Financial Statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Trustees have confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors. On behalf of the board E. Coulon Trustee Date.. 10 December 2025
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE We have audited the Financial Statements of Culture Coventry (the 'charitable'company') for the year ended 31 March 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including a summary of significant accounts'ng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) In our opinion the financial statemenls.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Internalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the Financial Stalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclu8lon8 relat5ng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the Financial Statements are authorised for issue. Our responsibilities and the sponSIbl1111eS of the Trustees with respect to going concern are described in the relevant sections of this reFX)rt. Other information The other information comprises the information included in the Trustees, annual report, other than the Financial Slatements an(J our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or. apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the Financial Statements themselves. If, based on the work we have performed, we conclude that the is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 10
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. report (incorporating the Directors, report) for the financial year for which the Financial Stalements are prepared is consistent with the fi'nancial statements. and the Directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material rnisstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the charitable company Financial Statements are not in agreement with the accounting records and returns., or certain disclosures of Oirectors, remuneration specified by law are not made. or we have not received all the infomiation 8nd explanations we require for our audit., or the Trustees were not entitled to prepare the Financial Statements in accordance with the small companies, regime and take advantsge of the small companies, exemptions in preparing the Directors, report and from the requirement to prepare a strategic report. Responsibiliti•8 of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 8, the Trustees (who are also the Directors of the charitable company for the purposes of company law} are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from malerial misstatement, whether due to fraud or error. In preparing the Financial Statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's re8ponsibilit1•8 for the audit of th• flnancial 8tataments We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihat an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. 11
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE Audltor'8 responslbllities for the audlt of the financial statements (continued) Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, to deteci material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, Including fraud is detailed below= Enquiry of management, and those charged with governance around actual and potential litigation and claims., Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations., Reviewing minutes of meetings of those charged with governance: Reviewing financial siatement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Performing audit work over the risk of management override ofcontrols, including testing ofjournal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a malerial misslatement in the Financial Statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, Collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the Financial Statements is located on the Financial Reporting Council's website at.. wwN.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone olher than the chantable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Geoffrey Cox BA FCA (Senior Ststutory Auditor) For and on behalf of Dafferns Audit Limited. Chartered Accountants, Registered Auditors One EasoOd, Harry Weston Road Binley 8usiness Park, Coventry, CV3 2UB Date.. 12
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2025 Unrestricted Restricted Total Unrestricted Restricted Total Fund Fund Funds Fund Fund Funds 2025 2024 £'ooo £'ooo Note £'ooo £'ooo £'ooo £'ooo Income from: Donations and legacies Charitable activities Other trading activities 11 3,072 373 11 3,291 373 30 3,291 573 30 3,458 573 219 167 Total Income 3,456 219 3,675 3,894 167 4,061 Expenditure on: Raising funds Charitable activities (3501 (3,276) (350) (4,399) 1431) (3,354) (431 > (1,181) (4,535> (1,123) Total expenditure 13,6261 (1,123) (4,7491 {3,785) (1,181) (4,966) Net income l {expendDture) Transfers beeen Funds {170) (11) (904) 11 (1,074) 109 (22) (1,014) 22 (905> (181) 1893) 11,074) 87 (992) (905) Other recognlsed galns and losse8: Actuarial gain l {loss) on defined benefit pension scheme 14 55 55 (508) (508) Not movement in fund8 Reconciliatlon of funds: Funds at 1 April 2024 (126) 1893} {1,019> (421) (9921 (1,413> 1,347 1,992 3,339 1,768 2,984 4,752 Funds at 31 March 2025 1,221 1,099 2,320 1,347 1,992 3.339 The Statement of Financial Activities includes all gains and losses in the financial period. All income and expenditure derive from continuing operations. 13
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE BALANCE SHEET FOR THE YEAR ENDED 31ST MARCH 2025 2025 2024 Note £'ooo £'ooo £'ooo £'ooo FIXED ASSETS: Tangible assets Investments 1,115 2,200 1,115 2,200 CURRENT ASSETS: Stocks Debtors Cash at bank and in hand 10 11 61 209 1,309 82 289 1,105 1,579 1,476 CREDITORS: Amounts falling due within one year 12 {374) (337) NET CURRENT ASSETS 1,205 1,139 Net assets excluding pension liability 2,320 3,339 Defined benefit pension scheme 14 NET ASSETS INCLUDING PENSION SCHEME LIABILITY 2,320 3,339 RESERVES: Restricted funds 13 1.099 1,992 Unrestricted funds -Pension funds 1,221 1,347 14 1,221 1,347 Total Funds 2.320 3,339 The Financial Statements on pages 13 to 31 were approved by the Board of Directors and authorised for issue on 10 December 2025 and are signed on its behalf by.. E. Coulon 14
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31ST MARCH 2025 2025 £'ooo 2024 £'ooo Note Cashflows from operating activities: Net cash provided by l (used in) operating activities 21 208 75 Cashflows from Investing actlvStles: Purchase of tsngible fixed assets (4) (214) Net cash used In Investing activities (4) (214) Change in cash and cash equivalents in the year 204 (139) Cash and cash equlvalent8 at the beglnnlng of the year 1,105 1,244 Cash and cash equivalents at the end of the year 1,309 1,105 Analy818 of cash and cash equivalents 2025 £'ooo 2024 £'ooo Cash at bank and in hand 1,309 1,105 Total cash and cash equlvalents 1,309 1.105 Analysis of changes In net debt 1 April 2024 Cashflows 31 March 2025 £'ooo £'ooo £'ooo Cash and Cash Equivalents 1,105 204 1,309 15
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2025 LEGAL STATUS OF THE CHARITY Culture Coventry (Charity) is an incorporated charity, limited by guarantee and is registered at the Charity Commission in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity. The Charity is governed by its Memorandum and Articles of Association. The address of the Charity's gIStered offi. and principal place of business is The Herbert Art Gallery & Museum. Jordan Well, Coventry, CV15QP. BASIS OF ACCOUNTING The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Iland issued in Oclober 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Ihe Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial ststements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.000. INCOME All income is included in the Statement of Financial Activities ('SOFA') when the charitable company is entitled to the income, there is probability of receipt, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Donations and legacies are included in full in the Statement of Financial Activities when receivable. Investment income is included when receivable. Income from charitable trading activities is accounted for when earned. Income from grants, where related to performance and specific deliverables, are accounted for as the chantable company gains rights to consideration by its performance. Income from grants, where not related to performance, are accounted for upon notification. 16
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2025 EXPENDITURE Expenditure is recognised on an accruals basis a5 a liability is incurred or when the charitable company is deemed to have a legal or constructive obligation which will result in a probable transfer of economic benefits. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.. Raising funds comprise the costs associated with attracting donations and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Cosls relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage. RETIREMENT BENEFITS For defined benefit retirement plans. the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses arising are recognised immediately in the Statement of Financial Activities. Past service costs are recognised as an expense on a straight-line basis over the aver8ge period until the benefits become vested. To the extent that the benefits have already vested, the cost is recognised immediately in the Statement of Financial Activities. The amount recognised in the Balance Sheet represents the present value of the defined benefit obligation. adjusted for unrecognised past Servi costs, and reduced by the fair value of plan assets. Any asset resulting from this calculalion is limiled to the lower of the asset, and any unrecognised past service cost plus the present value of available refunds or reductions in future contributions to the plan. The rate used to discount Ihe benefit obligations is based on market yields for high quality corporate bonds with terms and currencies consistent with those of the benefit obligations. Gains and losses on curtailments I settlements are recognised when the curtailment I settlement occurs. 17
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2025 TAXATION The Trust is a Registered Charity and undertakes activities which, under present legislation, are not subject to Corporation Tax. The Trust's subsidiary is not a Registered Charity and undertakes trading activities within Ihe meaning of the Taxes Acts and is liable to Corporation Tax. However, the subsidiary gift aids all its taxable profits to the Trust. Consequently. no provision is made for the payment of Corporation Tax erther current or deferred. FUND ACCOUNTING Unresiricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Restricted funds are subjected lo restrictions on their expenditure imposed by the donor or through the terms of an appeal. TANGIBLE FIXED ASSETS Fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. DepciatIon is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated resKlual value evenly over its expected useful life, as follows.. Museum fUrbIShrnen1 cost Fixtures and fittings Computer equipment over 10 years beeen 3- 6 years over 3 years INVESTMENTS Investments are slated at cost and are subsequentty measured at cost less any accumulated impairment losses. STOCKS Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. which is equivalent to the net realisable value, and are valued on a first In, first out basis. Provision is made for obsolete and slow-moving items. DEBTORS Trade, group, and other debtors are recogni5ed at the settlement amount due after any trade discounts, offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 18
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2025 CASH AT BANK AND IN HAND Cash at bank and cash in hand includes cash and monies on short term deposit, atthe bank and other short term liquid investments with original maturities of three month5 or less. CREDITORS AND PROVISIONS Creditors and provisions are recognised where the charitable company has a present obligation resulting from past event that will probably result in Ihe transfer of funds to a third paty and the amount due to Settle the obligation can be measured or estimated reliably. Creditors and provisions are nomally recognised at their settlement amount allowing for any trade discounts due. LEASED ASSETS AND OBLIGATIONS An asset and corresponding liability are recognised for leasing agreements that transfer to the charitable company substantially all of the risks and rewards incidentsl to ownership 1"finan leases"). The amount capiialised is the fair value of the leased asset or, if lower. the present value of the minimum lease payments payable during the lease term, both determined at InptIOn of the lease. Lease payments are treated as consisting of capiial and interest elements. The interest is charged to the SOFA to produce a constant periodic rate of interest on Ihe remaining balance of the liability All other leases are operating leases, and the annual rentals are charged to the SOFA on a straight-line basis over the lease term. FINANCIAL INSTRUMENTS The charitable company only has financial assets and liabililies ofa kind that qualify as basic financial instruments and are not considered to be of a complex nature. Such financial instruments, except for investments classified at fair value through the SOFA, are initially recognised at transackn'on value and subsequently measured at their settlement value. Financial assets held at amortised cosl includes all deblors and cash, excluding p payments and tax. Financial liabilities held at amortised cost includes all creditors, excluding tax and social security creditors. 19
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 2. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restrlcted Total Unrestrlcted Restricted Total Fund Fund Funds Fund Fund Funds 2025 2024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Coventry City Council Funding Arts Council England Funding Admissions Income Other Income 1,976 407 399 290 1,976 457 399 459 2,084 407 458 342 2,084 445 458 471 50 38 169 129 3,072 219 3,291 3,291 167 3,458 3. INCOME FROM TRADING ACTIVITIES Unrestricted Restrlcted Fund Fund Total Unrestrlcted Restricted Total Funds Fund Fund Fund8 2025 2024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Conferencing and Room Hire Café Shop Sales Other Income 122 56 149 46 122 56 149 46 65 230 224 65 230 224 54 373 373 573 573 4. EXPENDITURE Total Staff costs Depreciation Other costs 2025 £'ooo £'ooo £'ooo £'ooo Total 2024 £'ooo Costs of raising funds Charitable activities.. Direct costs Allocated support costs 37 313 350 431 2,045 2,045 2,354 1,944 2,591 1,089 1,265 2,082 1,089 1,578 4,749 4,966 20
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 4. EXPENDITURE (continued) 2025 £'ooo 2024 £'ooo Allocated support costs.. Heat and light Advertssing and promotions Travel and subsistence Printing and stationery Computer costs Telephone Insurance Vehicle Storage Repairs and maintenance Depreciation Management fees Other expenditure Governance costs 315 83 362 313 10 55 50 24 47 144 95 1,089 76 374 43 52 137 176 1,089 374 19 2,354 2,591 5. NET EXPENDITURE FOR THE YEAR 2025 £'ooo 2024 £'ooo Net expenditure for the year is stated after charging.. Depreciation and amounts written off tangible fixed assets.. Charge for period. Owned assets Operating lease rentals.. Land and buildings Auditors, remuneration.. Statutory audit Accountancy services 1.089 1,089 125 125 23 21 6. EMPLOYEES 2025 No. 2024 No. The average monthty number of persons employed during the year was.. Total staff (actual I full time equivalent) 84158 79160 21
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 6. EMPLOYEES (continued) 2025 £'ooo 2024 £'ooo Staff costs for the above persons: Wages and salaries Social security costs Pension costs 1,791 134 157 1.774 125 210 2,082 2,109 2025 No. 2024 No. Employees eaming £60,000 per annum or more.. £60.000 - £70,000 The employer pension contribution for staff members was paid at the rate disclosed in note 16. Remuneration for key management personnel, including employers. national insurance contributions and contributions to the defined benefit pension scheme, amounted to £291,275 (2024.. £267,602>. No Trustees received any remuneration during the year ended 31 March 2025 (2024: £nil). Expenses of £nil were reimbursed to irustees during the year12024. £nil). No Trustee or other person related to the Charity had any personal interest In any contract or transaction entered into by the Charity during the year or the previous period. 7. TAXATION As the company has attained charitable status, the Trustees consider that there is no income subject to corporation tax for the year ended 31 March 2025. 22
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 8. TANGIBLE FIXED ASSETS Museum Fixtures, fittings refurbishment & computer costs equiprnent Total £'ooo £'ooo £'ooo Cost.. 1 April 2024 Additions Disposals 9,856 916 10,772 31 March 2025 9,856 920 10,776 Depreciation.. 1 April 2024 Charge for year Disposals 7,911 986 8,572 1,089 103 31 March 2025 8,897 764 9,661 Net Book Value.. 31 March 2025 959 156 1,115 31 March 2024 1,945 255 2,200 9. FIXED ASSET INVESTMENTS 2025 £'ooo 2024 £'ooo Investment in subsidiary undertaking The Charity holds 100¥0 of the ordinary equity share capital of Culture Coventry Ventures Limited, a company incorporated In England, registration number 05263892. The Charity's registered office is The Herbert Art Gallery, & Museum, Jordan Well, Coventry, CV15QP. Culture Coventry Ventu$ Limited has been domant from 1 April 2021. 10. STOCKS 202S £'ooo 2024 £'ooo Shop stock 61 82 23
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 11. DEBTORS 2025 £'ooo 2024 £'ooo Trade debtors Prepayments and accrued income Other debtors 39 170 150 124 15 209 289 12. CREDITORS 2025 £'ooo 2024 £'ooo Trade creditors Other taxation and social security Accruals and deferred income Other Creditors 160 102 78 34 117 112 12 374 337 Analysis of movements in deferred income.. 2025 £'ooo 2024 £'ooo 1 April 2024 Income released in year Income deferred in year 20 120) 12 20 31 March 2025 12 20 Deferred income represents room hire and ntaI income received in advance, 13. RESTRICTED FUNDS 8alan Balance 31 March Income Expenditure Transfers 31 March 2024 2025 £'ooo £'ooo £'ooo £'ooo £'ooo Donations and grants Heritage Lottery Fundingl European Regional Development Fund Refurbishment Gallery Refurbishment 19 219 (142) 107 (828) (153) 20 972 1,125 1,992 219 (1,123) 1.099 24
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 13. RESTRICTED FUNDS {¢ontinued) Donations and grants - Various cash donations and grants to support the activities of the Trust. Heritage Lottery Fundingl European Regional Development Fund- Refurbishment of Museum and Old Grammar School - Funds received to finance the refurbishment of the Coventry Transport Museum site. Under the terms of the funding agreement, the Trustees of the National Heritage Memorial Fund have taken security over the leasehold property under developmenl. Gallery Refurbishment.. Improvements made to the existing three galleries and addits'on of a 4th gallery to the existing space within the Herbert Art Gallery and Museum. to enable cultu Coventry to meet the specificab.on to host exhibitions such as the Tumer Prize. 14. PENSION FUNO 2025 £'ooo 2024 £'ooo 1 April 2024 (Charge) I credit in the year Actuariallgain) I loss on defined benefit pension scheme Reversal of items relating to retirement benefits included in the Statement of Financial Activities 558 (134) (508) (1331 55 78 84 31 March 2025 15. ANALYSIS OF NET ASSETS I (LIABILITIES) BETWEEN FUNDS Unrestricied Restricted Fund Fund Total Unrestricted Restricted Total Funds Fund Fund Funds 2025 2024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Tangible fixed assets Current assets Current liabilities Long term liabilities Defined benefit pension scheme liability 156 1,439 (374> 959 140 1,115 1,579 (374) 255 1,429 (337) 1,945 47 2,200 1,476 {337) Net assets l (liabilities) 1,221 1,099 2,320 1,347 1,992 3,339 25
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 16. PENSIONS AND POST-RETIREMENT BENEFITS a. Defined Benefit Pension Plan The Charity participates in a pension scheme operated by West Midlands Metropolitan Authorities Pension Fund. The assets of the scheme are held separately from those of the Charity. Pension costs are assessed in accordance with the advice of an independent qualified actuary using the projected unit method. The most recent valuation was at 31 March 2025. The total contributions made for the year ended 31 March 2025 was £118,000 (2024.. £128.000), of which employerfs contributions totalled £78,000 12024.. £84,000). Employee's contributions for the year totalled £40.000 {2024.. £44,000). In addition to the above, the following information is required to be disclosed in accordance with the adoption of FRS 102 in latiOn to the part of the West Midlands Metropolitan Authorities Pension Fund attributable to the Charity. The last full funding valuation of this scheme was carried oul at 31 March 2019. A qualified actuary updated the results of that valuation at 31 March 2025 to obtain the figures stated below. Twenty-one staff transferred to the company from Coventry City Council on 1 April 2003. The Projected Unit Method has been The major financial assumptions used by the actuary were.. 2025 2024 Rate of increase in salaries Rate of increase or pensions in payment Discount rate 3.75 2.75 5.80 3.75 2.75 4.85 The Mortalty assumptions used in the valuation of the pension liabilities were.. 2025 2024 Post retirement mortality assumptions: Retiring today Males Females 20.5 22.8 20.6 22.8 Retiring in 20 years Males Females 21.4 24.9 21.5 24.9 26
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 16. PENSIONS ANO POST41ETIREMENT BENEFITS (continued) The fair value of assets in the scheme, the present value of the liabilities in the scheme and the expected rate of return at the balance, sheet date were.. Fair value= 2025 £'ooo 2024 £'ooo Equities Bonds Property Cash 9,079 7,566 1,324 946 11,567 5,309 1,138 948 Total fair value of assets Present value of scheme liabilities 18,915 18,962 (11,859) (13,749) Net pension asset l (liability) before unrecognised surplus Unrecognised surplus due to asset ceiling 7,056 5,213 (7.056> (S,213) Net pension asset l (liability) 2025 £'ooo 2024 £'ooo Changes in present value of the defined benefit obligations: Opening defined benefit obligation Current seniice cost Interest cost Contributions by scheme participants Change in financial assumptions Change in demographic assumptions Experience loss l (gain) on defined benefit obligation Benefits paid 13,749 132 659 40 (2,094) (24) {132) {471) 13,787 159 648 44 {7811 (871 468 (4891 Closing defined benefit obligation 11,859 13,749 27
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 16. PENSIONS AND POST-RETIREMENT BENEFITS (continued 2025 £'ooo 2024 £'ooo Change8 In the fair value of plan assets: Opening plan assets Interest on assets Return on assets excluding interest Contnbutions by employer Conlribulions by scheme participants Benefits paid 18,962 911 (605) 78 40 (471) 17,627 829 867 (489) Closing plan assets 18,915 18,962 2025 £'ooo 2024 £'ooo Analy818 of actuarial loss on defined beneflt penslon scheme: Return on fund assets excluding interest Change in financial assumptions Change in demographic assumptions Experience loss I (gain) on defined benefit obligation Effects of changes in the amount of surplus not recoverable - gain l {loss) (605) 867 2,094 781 24 87 132 {468) (1.590) (1,775) Actuarial loss 55 {508) 2025 £'ooo 2024 £'ooo Analysis of amounts charged to Statement of Financial Activities: Current seniice cost & post service cost Net Interest on the defined liability Interest on the effect of the asset ceiling 132 (252) 253 159 (181) 156 133 134 28
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 16. PENSIONS AND POST-RETIREMENT BENEFITS (continued) b. Defined Contribution Pension Plan The charity operates a defined contribution pension plan for its employees, administered by NEST, The a)Unt recognised as an expense in the period was £50,94512024.. £51,021). 17. CAPITAL COMMITMENTS The Charity had capital commitrnents at 31 March 2025 of £nil (2024. £nil). 18. COMMITMENTS UNDER OPERATING LEASES LESSEE 2025 £'ooo 2024 £'ooo At 31 March 2025 the Charity had total future minimum lease payments under non<ancellable operating leases as follows.. Land and buildings.. Amounts due within 12 months Amounts due bet¥veen 2 and 5 years Amounts due after more than 5 years 125 125 125 250 250 375 Operating leases late to rentals of the charity'5 properties LESSOR 2025 £'ooo 2024 £'ooo At 31 March 2025 the Charity had total future minimum lease receivables under nonancelIable operating leases as follows.. Amounts due within 12 months Amounts due betsveen 2 and 5 years Amounts due after more than 5 year5 60 107 41 208 Operating leases relate to rentals re1vable in respect of sublets of the charity's leased properties. 19. OFF BALANCE SHEET ARRANGEMENT The charity was loaned assets by The Natural History Museum to display in The Herbert Art Gallery & Museum for a period of 3 years from February 2023. The valuation of the assets has been estimated at £1,155,400 which has not been included on the balance sheet of the chanty as ownership has not been taken of the assets, 29
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 20. COMPANY LIMITED BY GUARANTEE The company is limited by guarantees amounting to £10 for each member organisation. 21. RECONCILIATION OF NET EXPENDITURE TO NET CASHFLOW FROM OPERATING ACTIVITIES 2025 £'ooo 2024 £'ooo Net (expenditure) l income for the year as per the Statement of Financial Activities Adjustments for.. Depreciation FRS102 pension adjustments {Increasel I decrease in stocks (Increase) I decrease in debtors Increase l {decreasel in creditors (1,074) (9051 1.089 55 21 80 37 1,089 50 30 (137) (521 Net cash provided by l used in operating activilies 208 75 22. RELATED PARTY TRANSACTIONS There were no related paty transactions in the year {2024.' £nil). 23. FINANCIAL INSTRUMENTS The carrying amount of the Charity's financial instruments at 31 March were.. 2025 £'ooo 2024 £'ooo Flnanclal assets: Debt instruments measured at amortised cost 39 165 Flnanclal Ilabilltles: Measured at amortised cost 272 225 30
CULTURE COVENTRY A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 24. CRITICAL ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. CritKal accounting estimates and assumptions The charitable company makes ests'mates and assumptions concerning the future. The resulting accounting estimates and assumption5 will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year are discussed below. The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount raie. Any changes in these assumptions, which are disclosed in note 16, will impact the carrying amountof Ihe pension liability. Furthermore, a roll fopward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pension liability at 31 March 2025, Any differences befvrfeen the figures derived from the ro11-foard approach and a full actuarial valuation would Impact on Ihe carrying amount of the pension CritaareaS ofjudgement The judgements (apart from those involving estimation) that have the m05t significant effect on the amounts recognised in the financial statements are disclosed below. Leasing In categorising leases as finance leases or operating, leases, management makes Judgements as to whether significant risks and rewards of ownership have transferred to the charity as lessee. 31