Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 Charity registration number 1188378 Company reglstratlon numb&r 12305820 IEngland and Wales) THE CHESTER BLUECOAT CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Councillor R Bissel Dr H K Symons Mr A J Makinson MrA G Farrall Mr J Ri¢e-Jones Ms L J Fearnall Mrs J Davies Councillor P Chamberfain Mrs J Harvey (Appointed 24 July 20241 (Appointed 27 July 20231 (Appointed 24 July 20241 Charty number 1186378 Company number 12305820 Audllor Champion Accountants LLP 2nd Floor Refuge House 3>37 Watergate Row Chester CH12LE
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY CONTENTS Page Trustees, report Stslemenl of trustees. responsibilities Independent auditorfs report Statement of financial activities Balance sheet 10 Stslemenl of cash flows Notes lo the financial statements 12-26
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 and Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectives and activities The Charty aims to assist people in need by providing grants and a0mModation. The Charty owns several properties in Chester so enabling generation of rental income. the provision ofAlmshouse accommodation and the provision of office accommodation lo Third Sector organisalions. The Charity's objectives can be summarised as follows. To continue the provision of Almshouses by maintaining and improving the properties To continue to improve the quality of lrfe of individuals falling wthin the scope of the Charity by providing grants and support lo organisations providing a service to those individuals To improve the edu¢alional outcome of individuals falling within the scope of the Charity by continuing to provide bursaries and funding towards educational costs To promote the Bluecoat building as a Third Sector Hub and commercial meeting venue for Chester The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. A¢hlgvemgnts and pgrfom)an¢g Chantable achievements The Charty continued lo invest in the maintenance and upkeep of the property portfolio. The trustees continued lo support inslilulions and organisalions with one-off grants and regular ftjnding. The bursary provision at both The King's and The Queen's Schools Continued in 2023. Flnanclal revlew During the year the Charity received income of £551,48312022.' £596,321), the current year comprising of donations of £3,980, charitable maintenance contributions of £72,924. charitable rent and services charges of £112,299, Inve51menl rental of £334,500, listed investment income of £26,252 and interest of £1,528. The charity expended £548,84112022'. £556,094), the current year comprising charitable grants of £216,333, maintenance costs of £67,810, investment management fees of £5,467, and support and governance costs of £259,231. The resultant surplus before investment gains was £2,64212022'. £40,277). Investment gains were £43,67012022'. losses £95,760) leaving nel income movement In funds of £46,31212022.' net deficit £55,533) On 31 December 2023 the charity had investments which had a market Value of £942,09412022". £902,820). The charity had fixed assets of, tangible assets al a carrying value of £5,912,35612022. £6,015,163), heritage assets at a carrying value of £120,05012022'. £120,050) and investment properties al a fair value of £2,760,00012022'. £2,760,000).
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Historic assets held by the charity indude.. Fr&eholdproperty Almshouses Bluecoal Building £2,000,220 £3,624,000 Investment property 47 Eastgate Street (including KingsArms Kitchen) £2,260,000 45 Easlgate Street £500,000 Heritage assets Silver Mock Parlour £120,050 Not atlribuled At 31 December 2023 total net assets were £9,273,36512022'. £9,227,053) comprising the Endowment Fund £974,73412022." £942,7321 and the unreslricled General Fund £8,298,631 12022". £8,284,3211. ReseeS policy The trustees regularly review the reserve levels of the charity. Whilst most of the charity's reserves are invested in tsngible assets and investments, including the endowment funds, the trustees are happy that sufficient unrestricted income is generated from unrestricted assets each year to cover annual expenditure for the foreseeable future. The total amoLJnt of unrestricted funds is £8,298,631 at 31 December 202312022.. £8,284,321) and Endowrnent Fund of £974,73412022'. £942,732). Post year end, the charity has obtained permission from the Charity Commission to un-reslricvun-endow all of rts income and assets, to support the Charity's objectives and increase the level of free reserves for potential future projects. Risk management The Trustees have ¢onsidered the major risks to whi¢h the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The appropriate risk register is reviewed at appropriate sub-committee and main board together with appropriate planning. Plans for future perlods The Charty's main objectives for next year are.. To continue to improve the Almshouses 2. To manage the Bluecoat as a Community Hub 2. To grow commercial revenues from room hires at the Bluecoat Building 2. To continue the Grant Giving provision for local organisations To continue to support organisalions which assist people in need To continue to review the strategic objectives of the charity and review our effectiveness in fulfilling our aims To review our website and soaal media strategies to increase the awareness of the Charity and our aims To initiate the cessation of the Bursary funding programme with local schools whilst honouring all existing bursary students
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 structure, governance and management The charitable company, The Chester Bluecoal Charity (company number 123058201 was incorporated on 8 November 2019 following Charity Commission approval for that company to be registered as a charitsble company. The trustees received formal approval from the Charity Commission on 18 December 2020 for a scheme whereby the new company replaces the individual trustees as the sole trustee of Chester Municipal Charities. The Governing document is the scheme dated 18 December 2000. With effect from July 2024 the registration of the two enlilies was linked under a single charity regislralion. The external charity is now referred lo as The Chester Bluecoal Charity, with legal and financial responsibilities Continuing lo lie with the original incorporated charity. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements were.. Councillor R Bissel Dr H K Symons MrA J Makinson MrA G Farrall Ms C M Russell Mrs P Richards MrT Mann MrRJGill MrJBEbo Mr N C Davies Mr J Rice-Jones Ms L J Featnall Mrs J Davies Councillor P Chamberlain Mrs J Harvey (Appointed 24 July 20241 (Resigned 10 October 20231 (Appointed 24 February 2023 and resigned 23 April 20231 (Resigned 10 October 20231 (Resigned 26 April 20231 (Resigned 10 October 20231 (Resigned 31 December 20231 (Appointed 27 July 20231 (Appointèd 24 July 20241 Recwilment and appointment oftmslees Up lo eleven trustees Can be appointed lo fulfil specific areas of expertise. Up lo two further trustees are nominated by Cheshire West and Chester Council. Trustees receive training as appropriate and make all necessary declarations as are legally required UPDn their appointment. None of the trustees has any beneficial interest in the company. All of the trustees are melnbers of the company and guarantee lo contribute £1 In the event of a winding up. The company's current policy conMIng the payment of trade creditors is to follow the CBI'S Prompt Payers Code Icopies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1 DUI. The company's current policy concerning the payment of trade creditors is to.. sellle the terms of payment with suppliers when agreeing the terms of each transaction., ensure that suppliers are made aware of the temis of payment by indusion of the relevant terms in contracts., and pay in accordance with the cornpany's contractual and other legal obligations. Oryanlsatlonal Structure The Charty's main board meets every two months, and there were five committees lo manage the various activities '. Almshouses, Bluecoal and Property, Communications, Finance and Governance, and Grant Giving. Towards the end of 2023 this was slresmlined by the Board following appointment of a Chief Executive lo one sub-committee of Finance and Governance. Spending limits are sel by the Main Board.
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Auditor Champion Accounlanls LLP were appointed as auditor lo the MpanY and a resolution proposing that they be re- appointed will be pul al a General Meeting. The trustees, report was approved by the Board of Trustees. D(USJIdby". 2<èè49è2bcOA4è?" Ms L J Fearnall Trustee 10/2912024
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the directors of The Chester Bluecoal Charity for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slalements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the Charity and of the in¢oming resources and application of resour$, induding the income and expenditure, of the charitable ¢ompany for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP", make judgements and eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the fi'nancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHESTER BLUECOAT CHARITY Opinion We have audited the financial statements of The Chester Bluecoat Charity Ilhe 'charity'l for the year ended 31 December 2023 which comprise the stslemenl of financial activities. the balance sheet. the statement of cash flows and notes to the financial statements. induding significant accounting 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 the UK and RepublK of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatemenls.. give a true and fair view of the slate of thè charitable company's affairs as al 31 Dember 2023 and of its incoming SoUrceS and application of sourCes, 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 opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts SponsIbl1rfAes for the audit of the finanoi81 statements sedion of our report. We are independent of the charity in accordance with the ethi¢al requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance ¥Mth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the Iruslees, 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 casl significant doubt on Ihe charity's ability to continue as a going concern for a period of at least Melve rnonlhs from ¥Nhen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect lo going concern are described in the relevant sections of this report. other inforniation The other information comprises the information included in the annual report other than the financial $18lements and our audilorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial stslemenls does not cover the other infomialion and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knoedge 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 lo determine whether this gives rise to a material misstalemenl in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on whl¢h we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report to YOU if, in our opinion.. the information given in the financial slalements is inconsislenl in any material respect with the Iruslees, report., or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CHESTER BLUECOAT CHARITY Re5ponsibilitie5 of trustees As explained more fully in the stslemenl of Iruslees. responsibilities, the trustees, who are also the directors of the charity for the purpose of Company law, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such intemal ¢onlrol as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability ID continue as a going COnrn, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realislie altemalive but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial ststemenls 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 that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise frorn fraud or error and are considered matenal If, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, lo delect material misstatements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularrties. including fraud. is detailed below. Extent to which th8 audit is considared capabl8 of dotecting irragularities, including fraud The responsibility for the prevention and detection of irregularities, induding fraud, lies with the trustees and with those charged with govemance. The objectives of our audit in respect of irregularities and fraud are lo assess the risk of material misslalement of the financial statements due lo fraud, lo obtain sufficient, appropriate audit evidence regarding the assessed risks and lo respond appropriately lo fraud or suspected fraud identified during the audit. Audlt procedures We detemiine significant applicable laws and regulations through discussion with those charged with govemance and Dur own kno¥Medge of the industry and design audit procedures to help identify instances of non•compliance with those laws and regulations that may have a material effect on the financial statements. We consider the applicable laws and regulations to be the financial reporting framework {FRS 102 and the Companies Act 20061, employment law, and the Health and Safety al Work Act 1974. We consider the control environment and the procedures in place lo address identified risks, including management override, non-compliance wth laws and regulations and lo prevent and delecl fraud or Irregularity. Our procedures are designed lo provide reasonable assurance that the financial slalemènts are free from matèrial misstalemenl or error and include.. enquiries of management and of staff in key compliance functions., review of reported incidents and repotts from regulators,. review of minutes of meetings of those ¢harged with governance., review and testing of manual journals, relevant nominals and significant transactions outside the nomial course of business., review of financial statement disclosures and testing to supporting documentation,. performance of analytical produre$. We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to delect all instanS of norFcompliance wth laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11 www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities IAccDunls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to state lo them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's ttuslees as a body, for our audit work, for this report, or for the opinions we have fomed.
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CHESTER BLUECOAT CHARITY Susan Harrls MA ACA Isenlor Statutory Audltorl for and on behalf of Champion Accountants LLP 29 October 2024 Chartered Accountants Statutory Auditor 2nd Floor Refuge House 3>37 Walergale Row Chester CH1 2LE
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 As restated Total Unrestrlcted Endowment funds funds 2023 2023 Total Unrestrlcted Endowment funds funds 2022 2022 2023 2022 Not9$ Income from: Donations and legacies Charitable activities Investments 3,980 185,223 336.028 3,980 185,223 362,280 3,951 213,283 361,500 3,951 213,283 379,087 26,252 17,587 Total Income and endovmionts 525,231 28,252 551.483 578.734 17,587 596,321 Expenditure on- Raising funds Charitable activities 5,467 5,467 543,374 5,919 5,919 550,175 543,374 550,175 Total expenditure 543,374 5,467 548,841 550,175 5,919 558,094 Net gainslllossesl on investments 13 43,670 43,670 195,7801 195,7601 Net incomellexpenditurel Transfers between funds 118,1431 64,455 46,312 28,559 184,0921 155,5331 32,453 132,4531 Net movement in funds 10 14,310 32,002 46,312 28,559 184,0921 155,5331 Reconciliation of funds- Fund balances al 1 January 2023 8.284,321 942,732 9,227.053 8,255.762 1.026,824 9,282,586 Fund balances at 31 December 2023 8,298,631 974,734 9.273.365 8.284.321 942,732 9,227,053 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 As restated 2022 2023 Notes Fixed assets Tangible assets Heritage assets Investment property Investments 15 16 17 18 5,912,356 120,050 2,760,000 942,094 6,015,163 120,050 2,760,000 902,820 9,734,500 9,798,033 Current assets Debtors Cash at bank and in hand 19 15,018 252,673 33,857 144,860 267,691 178,717 Creditors: amounts falling due within one year 21 1306,2021 1332,9371 Net current liabilitias 138,5111 1154,2201 Totsl assets less currgnt Ilabllltles 9,695,989 9,643,813 Credltors: amounts falllng due after more than one year 22 1422,6241 1416,7601 Net assets excluding pension liability 9,273,365 9,227,053 Not assets 9,273,365 9,227,053 The funds of the charity Endowment funds Unrestricted funds 24 974,734 8,298,631 942,732 8,284,321 9,273,365 9,227,053 The company is enlilled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006. for the year ended 31 December 2023, although an audit has been carried out under section 144 of the CharitiesAct 2011. These financial ststements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 10/2912024 The financial statements were approved by the Iruslees on . DoCu$nId6y'. B2DCO eama Trusta8 Company registration number 12305820 (England and Wales) 10-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash absorbed by operalions 28 1236,2391 1304,6251 Invgstlng actlvltl&s Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received 12,1521 185,2941 89,690 362,280 13001 163,7331 57,693 379,087 Net cash generated from investing activities 364,524 372,747 Financing activities Repayment of bank loans 120,4721 173,9821 Net cash used in financing activitie5 120,4721 173,9821 Net increaselldecreasel in cash and cash equivalents 107,813 {5,8601 Cash and cash equivalents at beginning of year 144,860 150,720 Cash and cash equlvalents at end of year 252,673 144,860
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity inforniation The Chester Bluecoal Charity is a charitable company limited by guarantee incorporated in England & Wales. The registered office is The Bluecoat, Upper Northgale Street, Chester, Cheshire, CH14EE 1.1 Accounting convention The financial statements have been prepared in aOrdanCe with the charity's governing document, the Companies Act 2006. FRS 102 'The Financial Reporting Standard applicable in the UK and RepLJblic of Ireland" l°FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffedve 1 January 20191. The charity is a Public Benefit Enlily as defined by FRS 102. The financial statements are prepared In slerfing, which is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and lo include investment properties and certain financial Instruments al fair value. The principal accounting policies adopted are set out below. 1.2 Prior period adjustment In the previous financial year an adjuslmenl was made lo recognise potential grants payable in future years. The charity had no obligation lo pay these grants as at the year end and hence they did not meet the Criteria for recognition. A prior period adjustment has been posted to reverse the amount accrued. See note 30. 1.3 Golng concern Al the lime of approving the financial statements, the trustees have a reasonable expectation that the charity ha5 adequate reSourS lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting In preparing the financial stslemenls. 1.4 Charltable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objedives. Endowment funds are subject to specific conditions by donors that the capitsl musl be maintained by the charity. 1.5 Income Income is cognised when the charity is legally entitled to (t after any performance conditions have been met, the amounts can be measured reliably, and il is probablè that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as conlingenl asset. Income is deferred when rents are received in advance of the period to which they relate. 12-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 1.6 Expendltu Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in selllemenl, and the amount of the obligation can be measured reliably. Grants offered subject lo conditions which have not been mel at the year end dale are noted as 8 commitment bul not accrued as expenditure. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one aclivity and support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consistent with the use of reSours. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is accounted for on an accruals basis and has been classrfied under headings that aggregate all Cost related lo the category. Where costs cannot be diredy attributed to particular headings they have been allocated lo activities on a basis consislenl with the use of resour$. Allocation of support costs Support costs are those functions that assist the work of the charity bul do not directly undertake charitable activities. Support costs Include Head offi costs, fillan, personnel, payroll and governan costs. 1.7 Tanglble flxed assgts Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings, some of which are listed properties, are induded al Cost and are not depreciated. 11 is the Governors, policy to maintsin the buildings in a good stale of repair, consequently they are considered to have an indefinite useful economic life. Annual impaimient reviews have so far confirmed that the service potential of the buildings remains undiminished. Freehold land and buildings Property improvements Fixtures and fittings NIA 1 00/0 Slraighl Line 20% Straight Line The gain or loss arising on the disposal of asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the slalement of financial activits'es. 1.8 Investm9nt property Investment property, which is property held lo èarn rentsls 8ndlor for eapilal appreciation, is initially recognised al cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured al fair value al the reporting end dale. The surplus or deficit on revaluation is recognised in profil or loss. 1.9 Heritage assets Heritage assets represent historic artefacls held by the Charity which are principally held and rnaintsined for their contribution lo knowledge and culture. The assets are recorded al their deemed cost when they were gifted lo the Charity. Where il is impracticable lo obtain a valuation ol the assets, the assets are not held on the balance sheet al a valuation. The assets have been assessed lo have indefinite useful lives and are therefore not deprecialed. The heritsge assets are reviewed at each reporting date for impairment - this may be caused by physical deterioration, breakage or new eviden giving rise to doubts over their authenticity. 13-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 1.10 Flxed asset Investments Fixed asset investments are initially measured al transaction price exduding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.11 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo detemiine the extent of the impaimienl loss lif any). 1.12 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, depgsits held at call wth banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. 1.13 Financial instruments The charty has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial Inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the instrLJment. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there Is a legally enforceable right to sel off the recognised amounts and there is an Intention to sellle on a nel basis or lo realise the asset and setue the liability simultaneously. BasiTC financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amorbsed cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a financing transaction, where the debt Instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities cjassified as payable wthin one year are not amortised. Debt instruments are subsequenuy Carried al amortised cost. using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequendy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 14-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 1.14 Employee beneflts The cost of any unused holiday entiuement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerminale the employment of an employee or to piovide lerminalion benefits. 1.15 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng estlmates and Judgements In the application of the charity's accounting policies, the Iruslees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty Property valuations Property valuations are carried out by a Chartered Surveyor who is a ttuslee of the charity. No depreciation is charged on freehold properties as these are maintained lo a high level, and regular revaluations are perfomied. Actual market values of properties can vary. Long temi funding commitments The charity has committed lo providing unconditional grants and bursaries lo local organisations over multiple financial years. The long term commitments in the accounts are estimates based on the length of time the benefiaaries are expected to re1ve funding. The actual commitment may increase with inflation or decrease with beneficiaries leaving the schemes. Income from donations and legacies Unrestricted funds 2023 Unrestricted funds 2022 Donations and gifts Government grants 3,980 423 3,528 3,980 3,951 15-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable activities Unrestrlcted Unrestrlcted funds funds 2023 2022 Almshouses maintenance Contributions Bluecoal rent and service charges 72,924 112,299 74,840 138,443 185,223 213,283 Income from investments Unrg$trlct8d Endowmènt funds funds 2023 2023 Total Unrgslrlctad Endowmènt funds funds 2022 2022 Total 2023 2022 Rentsl income Income from listed investments Interest receivable 334.500 334.500 328.872 328,872 26,252 26,252 1.528 7,443 25.185 17,587 25,030 25,185 1,528 336,028 26,252 362,280 361,500 17,587 379,087 Expendltur& on ralslng funds Endowment Endowment funds funds 2023 2022 Investment management 5,467 5,919 16-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on charitable activities As restated Total Maintain charity assets 2023 Grant funding Total Maintain charity assets 2022 Grant funding 2023 2023 2022 2022 Direct costs Provision and maintenance of Almshouses Provision and maintenance of Bluecoat building Grants 8,641 8,641 4,469 4,469 59,169 59.169 216,333 58,647 58,647 196,746 216,333 196,746 67.810 216,333 284.143 63,116 196,746 259,862 Share of support and governance costs (see note 9 Support 239,978 Governance 19,253 239,978 19,253 267,990 22,323 267,990 22,323 327,041 216,333 543,374 353,429 196,746 550,175 Analysls by fund Unrestricted funds 327,041 216,333 543,374 353,429 196,746 550,175 Descrlptlon of charltable actlvltles 17-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Descrlptlon of charltable actlvltles Icontlnuedl Grant funding- Institutions Education support The Charity funds two full bursary places al both The King's School and The Queen's School each academic year. For the year ended 31 December 2023 grants awarded amounted to £124,78012022." £154,496). Charitable support Cheshire West Voluntary Action received grants from the Charity towards core costs so that they could continue to provide valuable services. For the year ended 31 December 2023 grants awarded amounted to £9,92512022.' £5,500). Supporting organisations The Charity was pleased to be able to provide grant funding to a number of charitable and community organisalions based in Chester. These included mulli-year grants for core Costs of organisalions providing vitsl services in their I81 ¢ommunilies- such as meeting Spa$, ¢ounselling support and finan and debt advice. This helps these organisations lo make reliable future planning and maintain successful services. Additionally the Charity has provided mulli-year funding for projects helping local people with specific needs in mental health support and recovery from physical illness. Grant funding - Individuals In line with the Charity's policy, the Charity did not provide any direct support to individuals during the 2023 year12022.' £nill. Support costs allo¢atod to actlvltles 2023 2022 Staff costs Depreciation Bank charges & interest Adminislralion Irrecoverable VAT Motor & travel Bad debts written off Governance costs 85,629 104.959 1,356 28,529 14.712 38 4,755 19,253 95,419 108.601 2,846 50,571 10,291 262 22,323 259,231 290,313 Analysed between: Maintain charity assets 259,231 290,313 18-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 10 Net movernent in funds 2023 2022 The net movement in funds is slated after chargingllcreditingl.. Fees payable for the audit of the charity's financial statements Depreaation of owned tangible fixed assets 4,675 104,958 4,350 108,601 11 Trustees None of the trustees {or 8ny persons connected wlh them) received any remuneration or benefits from the charity during the year12022'. £nill. None of the trustees incurred or were reimbursed expenses during the year12022'. £nill. 12 Employees The average monthly number of employees during the year was". 2023 Number 2022 Number Adminislratlon M8inlenan¢e Total Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 81.464 2,274 1,200 86,055 7,515 1,173 84,938 94,743 There were no employees whose annual remuneration was more than £60,000. 13 Gains and losses on investments Endowment Endowment funds funds 2023 2022 Gainslllossesl arising on". Revaluation of investments Sale of investments 28,622 15,048 1107,5681 11,808 43,670 195,7601 19-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 14 Taxation The charity is exempt from laxalion on its activities because all ils income is applied for charitable purposes. 15 Tangible fixed assets Fre8hold land Property Flxtures and and buildings improvements littings Total Cost Al 1 January 2023 Additions 5,624,220 1,036,532 32,712 6,693,464 2,152 2,152 Al 31 December 2023 5,624,220 1,036,532 34,864 6,695,616 Depreciation and Impalrmont Al 1 January 2023 Depreaalion charged in the year 647.832 103,653 30,470 1,305 678,302 104,958 Al 31 December 2023 751.485 31,775 783.260 Carrylng amount At 31 December 2023 5,624,220 285,047 3,089 5,912,356 Al 31 December 2022 5,624,220 388.700 2,243 6,015,163 16 Heritage assets At 1 January 2023 and at 31 December 2023 120,050 Silver- Seal Matrix andAlmsman s Badges A collection of silverAlmsman's badges and a seal matrix and mount held in the Grosvenor Museum on behalf of the Charity. These are recorded al their historic insurance replacement cost upon the Charity being gifted these assets in order to preserve their history. Klngs Ami s Kltchen Mock Parlour Once forming the interior of the public house of 57 Easlgale Street the ¢onlenls of "The Honourable Corporation of the Kings Arms Kitchen" the Mayorfs parlour is now being preserved in a room at the Grosvenor Museum. This is recorded at historic insurance replacement cost upon the placing the items in the museum's care. This does not carry at a value in the balan sheet. 17 Investment property 2023 Fair value Al 1 January 2023 and 31 December 2023 2,760,000 -20-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 17 Investment property Icontlnuedl Investment property comprises the historic buildings of 45 Eastgale Street and 47-57 Easlgale Street in Chester City cenlre. The fair value of the investment property has been arrived al on the basis of a valuation carried out to reflect the valLJe at 31 December 2021 and 31 December 2020 by Justin Rice-Jones FRCIS a Chartered Surveyor and trustee of the charity. The valLJation was made on an open market value basis by referen to market evidence Df transaction prices for similar properties. The trustees do not believe that the fair value at 31 December 2023 has changed materially from this. 18 Fixed a55et investment5 Endowment Funds Listed Investments Cost or valuation Al 1 January 2023 Additions Valuation changes Disposals 902,820 85.294 28,622 174,6421 Al 31 December 2023 942,094 Carrying amount Al 31 December 2023 942,094 Al 31 December 2022 902,820 Fixed asset investments revalued The above investments have been slated at market value. At 31 December 2023 the historic cost of the investments was £580,06212022'. £570,815). Included in the above investments are overseas investments with a valuabon of £255,26612022.. £76,2521. 19 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 4,159 3,670 7,189 22,205 11,652 15,018 33,857 21
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 20 Loans and overdrafts 2023 2022 Bank loans 20,472 Payable wthin one year 20,472 The long-tem loan was secured by a fixed legal charge held by National WestTllinSter Bank PIC dated 28 August 2014. The loan has now been full repaid and the charge has been satisfied. 21 Creditors- amounts falling due within one year As rgslatgd 2022 2023 Notes Bank loans Other tsxation and social security Trade creditors Other creditors Accruals and deferred income 20 20,472 5,167 14,762 207,011 85,525 6,944 5,420 206,841 86.997 306,202 332,937 Included within other creditors falling due within one year is £77,882 Df deferred income arising from rents received in advance 12022.. £78,764). The full amount deferred in 2022 has been recognised in income in 2023. The charity has committed to providing uncondition81 grants and bursaries lo local organisalions. A commitment has been recorded in the financial statements wthin other creditors falling due within one year of £206,561 12022.. 206,5611. Each year the commitment unwinds with the grants paid and increases wth the additional grants awarded. 22 Credltors: amounts falllng due after more than one year A$ r9Stated 2022 2023 Other creditors 422,624 416,760 The charity has committed to providing unconditional grants and bursaries to local organisations. A commitment has been recorded in the financial statements within other creditors falling due after more than one year of £422,624 12022.. £416,760). Each year the commitment unwinds with the grants paid and increases wlh the additional grants awarded. -22-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 23 Retirement benefit schemes 2023 2022 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 1,200 1,173 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charty in an independently administered fund. 24 Endowment funds Endowment funds represent assets which musl be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 Permanent endowments 942,732 26,252 15,4671 132,4531 43.670 974,734 Previous year: At 1 January 2022 Incoming resources Resources expended Transfers Gains and losses At31 December 2022 Permanent endowments 1,026,824 17,587 15,9191 195,7601 942,732 25 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These Indude designated funds which have been sel aside out of unreslricled funds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 General funds 8.284.321 525,231 1543,3741 32,453 8,298,631 -23-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 25 Unrestrlcted funds Icontlnuedl Prevlous year: At 1 January 2022 Incomlng resources Resources expended Transfers At31 December 2022 As reststed General funds 8,255,762 578,734 1550,1751 8,284,321 26 Analysis of net assets between funds Unrestrfcted Endowment funds funds 2023 2023 Total 2023 At 31 December 2023: Tangible assets Heritage assets Investment properties Investments Current assetsllliabililiesl Long temi liabilities 5,912,356 120,050 2,760,000 5,912,356 120,050 2,760,000 942,094 138,5111 1422,6241 942,094 32,640 171,1511 1422,6241 8,298,631 974,734 9,273,365 Unrestricted Endow7nent funds funds 2022 2022 Total 2022 As reststed At 31 Decemb9r2022: Tangible assets Heritsge assets Investment properties Invèstments Current assetsllliabililiesl Long term liabilities 6,015,163 120,050 2,760,000 6,015,163 120,050 2,760,000 902,820 1154,2201 1416,7601 902,820 39,912 1194,1321 1416,7601 8,284,321 942,732 9,227,053 27 Related party transactlons The charity has a trustee in common with Chester Aid to the Homeless and therefore, transactions with this enlily are considered related paty Iransaclions. During the financial year, the charity received amounts of £11,565 12022.. £10,212) from Chester Aid to the Homeless for rental services. -24-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 28 Cash generated from operations 2023 2022 Surpluslldeficill for the year 46,312 155,5331 Adjustments for". Investment income recognised in statement of financial activities Gain on disposal of investments Fair value gains and losses on investments Depreaation and impairment of tangible fixed assets 1362,2801 115,0481 128,6221 104,959 1379,0871 111,8081 107,568 108,601 Movements in working capital.. Decreasellincreasel in debtors IDecreasel in creditors 18,839 13991 114,6761 159,6901 Cash absorbed by operations 1236,2391 1304,6251 29 Analysls of changes In net funds At 1 January 2023 Cash flows At 31 December 2023 Cash al bank and in hand 144,860 107,813 252,673 Loans falling due within one year 120,4721 20,472 124,388 128,285 252,673 30 Prior period adjustment -25-
Docusign Envelope ID.. 03AOOD42-8DAB457C-82F9-22EDA77B9D03 THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 30 Prlor perlod adlustment Icontlnuedl Changes to the balance sheet At 31 December 2022 As previously Adjustment reported As reststed Creditors due within one year 341,135 18,1981 332,937 Creditors due after one year 2,153,642 {1,736,8821 416,760 Net assets 7,481,973 1,745,080 9,227,053 Capital funds Endowment fvnds 942,732 942,732 Income funds Unrestricted funds 6,539,241 1,745,080 8,284,321 Totsl gqulty 7.481.973 1,745,080 9,227,053 Changes to the profit and loss account Period ended 31 December 2022 As previously Adlustment As restated reported Charitable activities 2,295,255 11,745,080) 550,175 Nel movement in funds 11,800,613) 1,745,080 155,5331 -26-