Charity registration number 1186378 Company règlstratlon numb¢r 12305820 (England and Wales) THE CHESTER BLUECOAT CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE CHESTER BLUECOAT CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trust8ès Councillor R Bisset Dr H K Symons Mr A G Farrall Mr J Ri¢e-Jones Ms L J Fearnall Councillor P Chamberlain Mrs J Harvey Mrs S C D8nby Dr N B Thomas Mr M J Snape {Appoinled 24 July 20241 (Appointed 24 July 20241 (Appointed 28 May 20251 (Appointed 28 May 20251 (Appointed 28 May 20251 Charfty numbér (England and Wal•sl 1186378 Company numbèr 1230S820 Auditor Champion Accounlanls LLP 2nd Floor Refuge House 33-37 Watergate Row Chester CH12LE
THE CHESTER BLUECOAT CHARITY CONTENTS Pag• Trustaès, rèport statement of trustees. responsibiliti8s Independènt audrtorfs report Statement of financial actiwties 10 Balance sheet Slalemenl of cash flows 12 Notes to the financial statements 13-26
THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee8 present their annual report and financial slalements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the ffinancial statements and eomply with the Charity's governing document, the Companies Act 2006 and Accounting and Rèporting by Charitiés". Slatem8nt of Rècommènded Practieè applicabl8 to charitiès prèparing thèir accounts in 8ceordanc8 with the Financial Reporting Slandaid applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive 1 January 20191. Objectives and activities The Charity aims lo assist people in need by providing grants and accommodation. The Charity owns several properties in Chester so enabling generation of rental income. the provision ofAlmshouse accommodation and the provision of office accommodation to Third Sector organisalions. The Charity's objectives can be sumrnarised as follows.. 1. To continue the prowsion of Almshouses by maintaining and Itnpiong the properties To continue to improve the quality of lrfe of indiwduals falling wlhin the scope of the Charity by providing grants and support lo organisalions providing a service lo Ih05e individuals To improve the educational outcome of individuals falling within the scope of the Charity by continuing lo provide bursaries and funding towards educational costs To promote the Bluecoat building as a Third Sector Hub and commercial meeting venue for Chester Thè trust8os have paid due regard to guidan¢& issued by Ihts Charity Commission in deciding what aetivitiès the ¢haiity should undertake. Achievements and performance Charitab18 8chN8v8fFJ8nts During the year the d)arity and stakeholders have embarked on a Clear methodology to develop strategy and strategy dèv8lopm&nl. To do $0, we have used and ctsn$idertrd a thetsry ol ¢hango to hèlp us dafinè our future ambitions. Our vision stalernenl dedares the mid-lo-long-lefm vision of the charity. "Bringing hope and Ghange to our community, and is our overarching largel which projects The Chester Bluecoal Charity into the fvlure and in 80 doing will help us define the plan and execution of getting us there. Our mission statement is a short description of the purpose of the charity and refled our artides and purpose. 'To support ènd improve the lives Of those impacted bypoverty, disadvantage and inequalily" explains what we do. off6ring direction and fo¢us for ev&ryon& and what they Can exp&¢t from us. Our value5 are now dearty defined as Passionate, Collaborative and Brave and are the foundations of everything we do. We have been collaborative, recognising that meaningful change happens through strong relationships. By working closely with grantees, communities, and sector partners, we have shared knowledge, listened deeply. and strengthened oui collective ability to respond to the change required by the charity. We remain passionate about our mission, driving hope and chang& wi(h commitmènt and urgency in the face of glowing need. Our team and Iruslee5 have shown unwavering dedication, ensuiing that every 8Ction hav& takèn 15 iooled in puip05e and impact. We have been brave making bold decisions in often uncertain limes, challenging traditional thinking, and stepping forward lo lead when it matters most. INhether through strategic funding shifts or new initiatives, we have embarked on a new joumey, embracing innovation in delivery of our mission. Together, these values have shaped a year of purposeful action and lasting progress.
THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Key changes and achievèmènts during 2024.. Developed a dear and focused strategic plan to guide the charity's fuluie direction. Maintained ongoing support for the Almshouse Pfovision, benefiting all 17 residents. Continuèd inveslrrenl in the maintenance and improvement of the charity's propety portfolio. Successfulty unlocked investment funds prèviously reslri¢led by a permanent endowment. Sustainèd our granl-giving prograrnrne, providing valuable support to not-for-profit organisations in and artsund Cheslei. The bursary provision at both Thè King's and The Queen's Schools has been discontinued for new pupils following the September 2024 intske. A key development milestone has been the opening of Calm Coffèè CIC'S wellbeing hub. As the fir51 initiative of ils kind, il involved transfom)ing unused space wthin the Bluecoal building lo support Calm Coffee CIC in ils start-up and launch. This hub now serves as a vital resource for delivering wellbeing servi$ lo the community. Flnanclal r8vlèw During the year the Charity received income of £572,62912023'. £551,483), the current year comprising of donations of £400, charitsble maintenance contributions of £78,622, charitable rent and services charges of £127,119, invèstment ienlal of £334.500, li51ed investment income of £28,560 and interest of £3.428. The charity expended £582,18412023'. £548,841), the current year comprising ¢h8rilable giants of £158,715, maintenance costs of £70,352, investment management feès of £5,888, 8nd support and governance costs of £347,229. The resultant deficit before investmont gains was £9.55512023'. surplus of £2,642). Investment gains were £33,396 12023.. £43,670) leaving net income movement in funds of £23,841 12023.. £46,312) On 31 De¢embei 2024 the charty had investments which had a market valu6 of £987.01212023". £942.0941. The charity had fixed assets of., tangible assets al a carrying value of £5,809.955 {2023." £5.912,3561. herila9e assets at a cairying value of £120,05012023'. £120,050) and investment properties al a laii value of £2.760,00012023'. £2,760,000). Historic assèts held by the Charity include.. Fm8hold property Almshouses Bluecoal Building £2,000,220 £3,624,0(YJ Investm&ntprop&rty 47 Eastgale Slieel (including King5 Arms Kitchen} £2,260,000 45 Easlgale Street £500,000 Heiitage assets Silver Mock Pailour £120,050 Not attributed At 31 December 2024 total net assets were £9,297,20512023'. £9,273,365} comprising the Endowment Fund £nil (2023.. £974,734) and the unreslri¢ted General Fund £9,297.205 {2023.' £8,298,831).
THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 R&soNès poli¢y It is the policy of the charity that unrestricted fvnds which have nol been designated for a specific use should be maintained al a level equivalent to between three- and six-month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, thèy will be able tts continue the charity's current activities while eonsideration is givèn to ways in which addi(ion81 funds may be raised. Thls level of reserves has been maintained thioughoul the yeai. Risk management The Trustees havè ¢onsidered the major risks lo whSch the charity is exposed and have reviewed those risks and established syslelns and procedures lo manage Ih05e risks. The appropriate risk register is rewewed al appropriate su¢9MMlee and main board together with appropriate planning. Plans for future periods The Charity's main objectives for next year are.. Outcome I We will maximise our opportUneS for communty engagement. inclusion and collaboration. Outcome 2 We will enable lasting outcomes for the communi(y, prowding support that makes a real difference. Outcomè 3 We will enhan our public and professional profile, ensuring we are regarded as a community leaders who in1luen the local charity sector. Outcome 4 We will maximise the use of our assets and resources to deliver real difference, enabling charities and comMuneS lo thrive We will a¢hi8ve our rnission by focusing on three core areas.. our Charity Hub, our Grant-Giving Programme, and our Almshouses. Our prioritie5 incjude.. Providing Almshouse Accommodation and Support Continue offering safe and supportive housing lor individuals in need within our community. 2. Maintaining and Improvlng Almshouse Propertl&s Invest in the ongoing upkeep and enhaneement of our almshouses. ansuring residents r8eeiva appropriate support and a high standard of liwng. 3. D•v•lopiny thè Chester Blueeoat Charity Hub Establish the Blueco81 as a hub of choice for charilies-offering financial, praCtal, and strategic support lo small or startup organisalions and cornmunily projects. 4. Increasing Commercial Revenue Grow incorne from room and venue hire within the Bluecoal building to support our charitable work sustainably. 5. Oelivering Strateglc Grant Fundlng Provide grants to eore projeets in and around Chaster, with a particular fo¢u$ on.. Improving hèalth and wellbein9 across wmmunilies Creating opportunities and building resilience for young people and lulure generations Supporting the essential irifraslruclure ol charitable organisations such as., staff salaries, rent. adminislralion, start-up costs and service delivery capacity. 6. Exploring Co-Funding Partnerships Collaborate with other grant funders to co-finance initiatives that support people in need and amplify collective impact. 7. R8vl•wlng Strat•9y and Impact Règularly asse55 our slialegic objectives and measure our effectiveness in delivering on our mission.
THE CHESTER BLUECOAT CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and managamont The ¢h8nlable company, The Chester Blueeoat Charity Icompany nurnber 123058201 was incorporated on 8 November 2019 following Charity Commission approval for that company to be registered as a eharitablè company. The Iruslees received formal approval from the Charity Cornmission on 18 December 2020 for a scheme whereby the new company r8places the individual Iruslees as the sole trustee of Chèstèr Municipal Charities. The Governing doeumenl 15 the Scheme dated 18 December 2000. The registration of the two ents'ties will be link under a single chaiity regislralion. The external charity will be referred lo a5 The Chester Bluecoat Charity, with legal and finanrial responsibilities continuing to lia 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 lo the date ol signature of the financial statements were.. Councillor R Bisset Dr H K Syrnons MrA J Makinson MrA G Farrall Mr J Rice-Jones Ms L J Fearnall Mrs J Davies Couneillor P Charnberlain Mrs J Harvey Mrs S C Danby Dr N B Thomas Mr M J Snapè IAppoinled 24 July 20241 IResign6d 27 Novembei 20241 {Resigned 27 N0mber 20241 IAppointed 24 July 20241 IAppoinled 28 May 2025} {Appointed 28 May 20251 (Appointed 28 May 2025} ReGwilrnenl and appointment of tnjstoès Up to elevèn Iruslees Can be appointed to fulfil specific areas ol exportisé. Up lo two further Iruslees are nominated by Ch8shire Vvesl and Chester Council. Trustees rec&ivè training as appropriate and make all necessary dedaialions as are legally required upon their appointment. None of the trustees has any bentrfi¢ial interest in the company. All of the trustees are membèrs of the company and guaTantee to Contribute £1 in the event of a winding up. The ¢ompany5 current policy concerning the paymant of trade ¢redilors Is lo follow the CBI'S Prompt Payers Code (¢opie5 are available from the CBI. Cèntre Point. 103 New Oxford Street, London WC1A 1DUI. The company's current policy conceming the payment of trade creditors is to.. settle the terms of payment with suppliers when agreeing the terms of èaeh transaction.. 6nsur6 that suppliers are made aware of the terms of payment by inclusion of the relevant lemis in contracts., and pay in accordance with the company's conlra¢tual and othef legal obligats'ons. Oryanisatlonal struetur• The Charity's main board mèets every two rnonths, and there is one commillee lo manage thè Finan¢e and Govemance, and Grant Giving. Auditor In a¢¢ordance with the cornpany's artides, a rèsolution proposing that Champion Accountants LLP be reappointed as auditor of the company will be put at a Gèneral Meeting.
THE CHESTER BLUECOAT CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Th& tIUs189s' report was approved by the Board ofTru51ees. Ms L J Fearnall Trustee
THE CHESTER BLUECOAT CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The tiustees, who are also the directors ol The Chester Bluecoal Charity for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Praeticel. Company law rèquires the Iruslees lo prepare financial statèments ft)r each financial year which give a true and fair VI of the slate of affair5 of the charily and of the incoming resource5 and application of reSoUrs, including thè in¢ome and expenditure. ol the charitable company foi that year. In preparing these financial statemÈnls. the Iiuslees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP., make judgeménts and eslimales that are reasonable and prudent.. state whelhei applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the finanaal statemènts." and prepare the finanaal statements on the going Concern basis unless it is inappropriate to prèsumè that the chaif(y will continue in operation. Th6 trustèès are responsible for keeping adequate aecounling records that disclose with reasonable accuracy at any time the financial position ol the charity and enable Ihern lo ensure that the financial statements comply with thè Cornpanies Act 2006. They are also responsible for safeguarding the assets of the charity and hencè for taking reasonable steps for the prevention and dètection of fraud and other irregularities.
THE CHESTER BLUECOAT CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHESTER BLUECOAT CHARITY Opinion We have audited the financial slalemenls of The Chester Bluecoal Charity Ilhe 'charity'l for the year ended 31 December 2024 which comprise the slalernenl of financial activities, the balance sheet, the statement ol cash flows and notes to the financial statements, including significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and Unitèd Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Repothng Standard applicable in the UK and Republic of Ireland (Unitad Kingdom Gan8rally AtpIed A¢¢ounling Practi¢al. In our opinion, the financial slalements.. give a true and fair view of the slate of the charitable company's affairs as al 31 Decernber 2024 8nd tsf ils incoming resources and application of reSoUrs, for the year then ended., havè bean prOrIY prèparèd in aceordancè with Unitèd Kingdom Genèralty Aeeéptad Accounting Practice., and have been prepared in accordan with the requirements of the Companies Act 2006. Basi$ for opinion We conducted our audit in aocordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our 18sponsibililies under those 518nd8rds are further described in the AudNtorfs Ygsponsibilit18s for th8 audit of th8 finanGi81 slalefflenls sedion of our report. We are independent of the charity in a¢¢ord8nce with the èthical iequiremenls that ale relevant lo our audit of the financial slalernenls in the UK, including the FRC'S Ethieal standaTd, and we have fulled our other ethical responsibilities in accordance with these requiremen15. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng concèm In auditing the financial slatemenls, we have concluded that the Iruslees. use of the going concem 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 lo events or conditions that, individually or collects'vely, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least Nvelve months from when the financial statements are authorised for issue. Our responsibiliti8s and tha rèsponsibilitiès of Ihg Irustèès wfÉh r8sp8ct lo going concèm arè desuibed in the r61èvant sèelions of this ieport. Other infommtion The other information comprises the information included in the annual report other than the financial slalements and our audilorfs report Ihereon. The Iruslees are responsible for the other information contained within the 8nnual report. Our opinion on the financjal statements does not cover the other inforrnalion and we do not express any form of assurance condusion 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 themsèlvas. If, based on the work wè have pèrformed, w& condude that there is material misstatèrnent of this other information, we ale required lo rtsport that fa¢t. We have nothing to report in thi8 regard. Matters on whlch arè requlr•d to r•port by excaptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the financ4al slalemenls is inconsislenl in any material respect wf(h the Iru51ees' report., or suffiiienl accounting records have not been kept., or thè financial slatèmonts ara not in agrèèmènt with thè accounting rècords,. or we have not received all the information and explanations we require for our audit.
THE CHESTER BLUECOAT CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CHESTER BLUECOAT CHARITY Responslbllltl•s of tru¥tees As explained more fully in the slalerllenl of Iruslees, responsibilities, the trustèes, who are a150 the directors of the charity for the purpose of company law, are responsible for the prèparation of the fillancial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iluslees determine is neSsarY to enable the prépar8lion of finanaal statements that ar8 free frorn material misslalement, whether due to fraud or errol. In preparing the financial statements, the Iruslees are responsible lor assessing the charity's ability to ¢onlinue as a going concern, disdosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable cotnpany or lo cease operations, or have no realistic allernalwe but to do so. Audltorfs rè$ponsibilities for the audlt of th• flnanelal ststements Our objectives are to obtsin reasonable assurance about whbthèi thé financial statements as a whole are free from material mis51aletnenl, whether due to fraud or error, and lo Issue an audilorfs report that includes our opinion. Rèasonable assurance is a high level of assuranee bul is not a guarantee that an audit conducted in accordance with ISA5 IUKI w411 always delect a material misslalemenl when il exists. Misstatements can arisè fr(>m Iiaud or eiror and are considered material rf, indiwdually or in the aggregate, they could reasonably bè expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. Vve design procedures in line with our responsibilitie5, Outlined above, to detect material rnisslalernen15 in respect of irregularities, including fraud. The extent to which our procedures are capable of <Jele¢ting iriegularilies, including fraud, is detailed below. Extent to which the audlt Is consldorgd ¢apable of detecting irregularities. including fraud The responsibility for the prevention and detection of irregularrties, induding fraud, lies with the Iiuslee5 and with those charged with governance. The objective5 of our audit in respect of irregularities and fraud are lo assess the risk of material misstaternenl of the finanaal statements due to fraud, to obtain sufficient. appropriate audit evidence regarding thé assessed risks and lo respond appropriately to fraud or suspected fraud idenlffied during the audit. Audit pro¢gdur We determine 51gnificant applicab16 laws and iegulalion5 through discussion with those charged with goveinance and our own knowledge 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 statèments. We consider the appli¢able laws and regulations to be the financial rèporting framework IFRS 102 and the Companies A¢t 20061, charity law, employment law. and th6 Hèalth and Safely al Work Act 1974. We consider the control environment and the procedures in place to address idents'fied risks, including management override, non-compliance with laws 8nd iegulalions and to prevent and detect fraud or irrégularity. Our procedures are designed to provid& reasonable assurance that the financial statements are frèe from material misstatement or error and include". enquiiie5 of management and of staff in key complian¢e fundions.. review of reported inadents and rèports frorll regulators., review of minutes of meetings of those charged with governance,. review and testing ol manual joumals, relevant nominals and significant Iransacliolls outside the normal course of business., review of financial statement disclosures and testyng lo svpporting documentats'on., performance of analytical prOdUles. We are not responsible for pievenling non-compliance and due to the inhèrènt limitations of an audit. as described above, the audit cannot be relied upon to detect all instances of non-complian¢e with laws and regulations. A further description of our responsibilities is available on the Financial Reporting Counctl's website al.. https.'Il www.frc.org.ukJauditorsresponsibililies. This description forms part ol our auditor's rèport. Use of our report This report is made solely to thè eharily'5 Ituslees, a5 a body, in accordan with Part 4 of the Charth'es IA¢¢ounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's tru51ees those matters we are required lo slate lo Ihern in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume sponSibl11fy to anyone other than the charity and the charrty's Iruslees 85 a body, for our audit work, for this report, or lor the opinion5 we have fomied.
THE CHESTER BLUECOAT CHARITY INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE CHESTER BLUECOAT CHARITY Susan Harrls MAACA Isénlor Statutory Audltorl for and on behalf of Champlon Accountants LLP Chartèrèd Aeeountants Statutory Auditor 2nd Floor Refuge Hous& 3>37 Watergate Row Chester CH12LE
THE CHESTER BLUECOAT CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Endowment fLbnd$ funds 2024 2024 Total Unw$trl¢t¢d Endowm¢nt funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 400 205,741 337,928 400 205,741 366,488 3.980 185.223 33fj.028 3,980 185,223 362,280 28,560 26,252 Totsl income and endowments $44,069 28,560 572,629 525,231 26,252 551,483 EXndItuTe on: Raising funds Charitable activities 5,888 5,888 576,296 5,467 5,467 543,374 S76,296 543,374 Total •xp•nditur• 576,296 5,888 582,184 543,374 5,467 548,841 Nel gainslllossesl on inveslrnents 13 33,396 33,396 43,670 43,670 Net incomellexpendlturnl Transfers between funds 132,2271 56,068 23,841 118,1431 64.455 46,312 1,030,802 11.030,8021 32,453 132.4531 Net m0mnI in fvnd5 10 998,575 1974,7341 23,841 14,310 32.002 46,312 Reconciliation of funds: Fund balances al 1 January 2024 8,298,630 974,734 9,273.364 8,284,321 942,732 9,227,053 Fund balancas at 31 Dacèmbèr 2024 9,297,205 9,297,205 8,298,631 974,734 9,273,365 The slalemenl of financial activities indudes all gains and losses recogni3ed in the year. All income and expenditure derive from continuing activities. 10-
THE CHESTER BLUECOAT CHARITY BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notss Fixed aets Tangible assets Heritage assets Inveslrnent property Investments 15 16 17 18 5.809,955 120,050 2,760,000 987,012 5,912,356 120.050 2,760,000 942,094 9,677,017 9.734.500 Current assets Debtors Cash at bank and in hand 19 8,832 315,809 15,018 252,673 324,641 267,691 Creditors- amounts falling due within one year 20 1280,2831 {306,202} Not current ass•tsl{Ilabllltl&sl 44,358 {38,5111 Total a$$èts 1¢$$ ¢UTrent liabililies 9.721,375 9.695.989 Creditors.. amounts falling due after more than one year 21 1424,1701 1422,6241 Net assets excluding p•nslon Ilablllty 9,297.205 9,273,365 Not assèts 9,297.205 9,273,5 Tho funds of th• eharlty Endowment funds Uniesliicled funds 23 974,734 8,298,631 9,297.205 9.297,205 9,273,365 The financial statements were approved by the Iruslees on ......... Ms Trustèè amall Company regi51ralion number 12305820 (England and Wales) 11
THE CHESTER BLUECOAT CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not¢$ Cash flow$ from ¢¥peTating activities Cash absorbed by operations 27 1289,4041 1236,2391 Inv¢$ting activities Purehase of tsngible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received {2,4251 1240,8921 229,370 366,487 12,1521 185,2941 89,690 362.280 N8t cash g•n•ratèd from inve$ting activities 352.540 364.524 Finan¢ing activities Repaymènt of bank loans {20,472} Net cash used in financlng actlvltlas 120.4721 Nèt Incrnasè In e•$h ond ¢a$h equivalents 63,136 107,813 Cash and cash equivalents al beginning of year 252,673 144,860 Cash and cash •qulval¢nts at end of y¢ar 315,809 252,673 12-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlny pollel•s Charity inforniation The Ch8st81 Bluecoal Ch8rrty is a charitable company limited by guarantee incorporated in England & Wales. Thè registered office is The Bluecoal, Upper Northgale Street. Chester, Cheshire. CH14EE 1.1 Accounting convention The financial slalernenls have been prepared in accordance with the charity's goveming document, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland C'FRS 1021 and the Charities SORP Accounting and Reporting by Charities.. Staletnènl of Recommended Practice applicable to charities preparing thoir accounts in accordan with the Finan¢i81 Reporting Standard applicable in the UK and Rèpublic of Irèland IFRS 1021" leffedive 1 January 2019}. The charity is a Public Benefit Entity as defined by FRS 102. The finanaal slalements ale prepared in sterling, which 15 the functional currency of the charity. Monetary arnounls in these financial slalernenls are rounded lo the nearest £. The financial statements havè btren prepared undei the historical cost convention. The prinapal accountsng policies adopted ar8 sat tsut below. 1.2 Golng ¢on¢ern At the lime of approving the ffinaneial stat&rnenls, the Iruslees have a reasonable expectation that the charity has adequate resourctrs to continue in operational existen for the foreseeable future. Thus the Iruslees continue tts adopt the going concern basis of accounting in preparing the financial stalemenls. 1.3 Charitabl• funds Unrestricted funds are available for use at the discration of thè trustaes in furthÈran¢e of their ¢h8rilable objectives. Endowment fvnds are subject lo specific conditions by donors that the capital must b8 maintainèd by th8 charrty. 1A Income Income is rècognised when the charity is legally enlilled lo il after any performance condrtions have been mel, the amoLJnts ¢an be measured reliably, and it is probable that income will be reived. Cash donations arè recognised on r1p1. 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 lo donations received under GiftAid or deeds of covenant is recognised at the time of the donation. 13-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl•s Icontinuedl 1.5 Expandlturo Expenditure is recognised once thére is a lègal or constructive obligation lo transfer economi¢ benefit lo a third party, it is probable that a Iran$ler of e¢onorric benefits will be required in 5eltlernenl, and the amoulll of thè obligation can be measured reliably. Gfanls offered subject lo conditions which have not been met at the year end dale are noted as a commitment bul not accrued as expenditure. Expenditure is dassified by actiwty. Thé costs of èach activity are made up of the total of dire¢t ¢osts and shared costs, ineluding support Costs involved in undertaking each activity. Direct costs attributable lo 8 single actimty are allocated direct lo that adivily. Shared costs which wnlribule lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those activitie5 on a basi5 onsislenl 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 dassified under headings that aggregate all cost related to the category. lfvhere costs cannot be direeuy attributed to partieular headings they havè beèn allocated to activities on a basis consisl8nl with th8 ustr of resources. Allo¢atlon of $upport Costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include Head Office costs, finan, personnel, payroll and governance costs. 1.6 Tangible fixed assets Tangible fixed a5se15 ale initially measured al c051 and subsequently measured at cost or valuation, nel of depreciation and any impairment10sses. DepclaI10 is recognised 50 as lo write off the cost or valualiori of assets les5 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 deprecialed. 11 is the Governors, policy to maintain the buildings in a good state of repair, consequently they are considered to have an indefinite useful economic life. Annual impairment reviews have so far confirmed that the servic6 Potenty'al of thè buildings remains undiminishèd. Freehold land and buildings Property irnprovemenls Fixtuies and fittings NIA 10Yo Straight Line 20Yts Slraighl Line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceed5 and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Investment property Investment property. which is property held lo eam ienlals andlor for capital apprerialion, 18 inrtially recogni5ed al c051, which includes the purchase cost and any directly allribulable expenditure. Subsequently il is measured al fair value at the reporting end date. The surplus or deficAt on revaluation is recognised in profil or loss. 1.8 Heritage assats Heiitage assets represent historic artefacls held by the Charity which are prinapally held and maintained for their contribution to knowledge and culture. The assets are recorded at their deemed cost when they were gifted to the Charity. Where it is impracticable to obtain a valuation of the assets, the assets are not held on the balance sheet at a valuation. The assets havè beèn assèssed lo havè indèfinitè useful livès and are thèr8for8 not depated. The heiil8ge assets aTe ieviewed al each reporting dale for impairrnenl this may be Caused by physical delerioralion, breakage or new evidence giving rise to doubts over their aulhenlicily. 14-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles {Continuedl 1.9 FId ass•t Invastmonts Fixed asset investments are initially measured al transaction price excluding transaction costs, and are subsequently measured at fair value al each reporting dale. Changes in fair value are recognised in net incomellexpenditurel for the yeai. Transaction costs are expensed as incurred. 1.10 Impalmiènt of flx•d assèts Al each reporting end dale, the charity reviews thè carrying amounts of 115 tangible as5els lo determine whether there is any indication that thosè assols have suffered an impairment loss. If any such indication exists, the recoverable amount of thè asset is eslimaled in order lo determine the extent of the impairment loss lif any}. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or le55, and bank overdrafls. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Flnanelal In$truments The charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Seth'on 12 'other Financial Instruments Issuès, of FRS 102 to all of ils financial inslrumenls. Finanaal instruments are cOgnised in the charity's balance sheet when the charity becomes party to the contractual provisions of the insliumenl. Finanual assets and liabilities are offset. with the net amounts presented in the financial slalemenls, when there is a legally enforceable right lo set off the recognised amounts and there Is an intention 10 settle on a nel basis or lo realise the asset and selue the liability simultaneoLJsIy. Basic financlal assots Basic financial assets, which indude debtors and cash and bank balances, are initially rneasured al transaction price including transaction costs and are subssqu8nt cairied al 8mortised c051 using the effective interest method unless the arrangement eonstitut8s 8 financing Iransaclion. where the transaction is measured al the present value ol tho futur8 ieceipls discounted al a rnarket rale of interest. Financial assets classified as re1vable within one year are not amortised. Basie finanoial li4bilities Basic financial liabilities, induding ¢redilors and bank loans are inilialty recognised at transaction price unless the arrangement constitutes a financing Iransaclion, where the debt instrument is measured at the present value of the future paytnents discounted at a market rate of interest. Financial liabilities classified as payablè within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using thè èffÉ¢tive Inleiesl rale method. Trade creditors are obligations to pay for goods or servi¢es that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classilied as current liabilities if payment is due within one year or less. If not, thèy are piesenled as nofFcurrenl liabilities. Trade creditors are recognised initially at transaction pricè and subsequently measured al amortised cost using the effects've interest method. Derecognition of financial liabllltlos Financial liabilities are derecognised when the chariVs contractual obligations expir& or ale discharged or ancelled. 15-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies IContlnu•dl 1.13 Employee benefits Th6 cost of any unused holiday entidement is recognised in the period in which the employee's sanrices a rsceived. Termination benefits are rècognised immediately as an expense when thè eharily is dernonslrabty committed lo terminate the employment ol an employee or lo provide termination benefits. 1.14 R8tlr•mènt benefits Payments to défined contfibulion relirernenl benefrt schamès a ¢harged as an expense as they fall due. Critical accounting estlmatos and Judy¢m*nts In the applicats'on ol the charity's accounting policies, the trustees are rèquired lo make judgements, eslimales and assumptions aboLJI the carrying amount of assets and liabilities that are not ieadily apparent from other sources. The eslimales 8nd assoriated assumptions are based on hisloiical experience and other factors that are considered lo be relevant. Actual results may différ fiorn these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Rewsions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affeds only that period, or in the period of thè 18vision and future periods where the revision affects both curienl and fvlure periods. K•y sour¢e$ of estimation uncertaSnty Property valuations Propèrty v8lualions are carried out by a Charter6d Sutveyor who is a Iruslee of the charity. No depreciation is charged on freehold properties as these are rnainlained lo a high level, and regular revaluations are performed. Actual market values of prtspertltss can vary. Long term funding commitments The charity has committed to providing unconditional grants and bursaries to local organisalions over multiple financial years. The long lerTn comrnitmenls in the accounts are estimal6s based on the length of time the beneficiaries arè èxpected lo receive funding. The actual commitment may increase with inflab'on or decrease with beneficiaries leamng the schemes. Income from donatlons and l•ga¢l¢$ Unrestricted funds 2024 Unr•strlct•d funds 2023 Donations and gilts 400 3.980 16-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ineomè from ¢harltsbl• aetlvltl•$ Unrastrlctsd funds 2024 Unrnstricted funds 2023 Almshouse5 mainlenan¢e eonlribulions Bluecoat rènt and service charg8S 78,622 127,119 72,924 112,299 205,741 185,223 Income from Investments Unrestrictsd EndOThent funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Totsl 2024 2023 Rental income Other income Interest receivable 334,500 334,500 28,560 3,428 334,500 334,500 26,252 1,528 28.560 26,252 3,428 1,528 337,928 28,560 3e6,488 336,028 26,252 362,280 Expenditure ot) raising funds Endowment Endowment funds funds 2024 2023 Investment management 5,888 5,467 17
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exponditur• on eharitsbl¢ ¥¢tivitie¥ Malntaln harity a$¥ets 2024 Grant funding Total laintain charlty ass8ts 2023 Grant fundlng Total 2024 2024 2023 2023 Direct ¢o¥ts Provision and maintenance of Almshouses Provision and mainlenan¢e of Bluecoat building Grants 5,296 5,2 8,641 8,641 65,056 65,056 158,715 59,169 59,169 216.333 158,715 216.333 70,352 158,715 229,067 67,810 216,333 284,143 Sharn of $upport and governance costs (see note 91 Support 308,150 Governance 39,079 308,150 39.079 239,978 19,253 239,978 19.253 417,581 158,715 576,296 327,041 216.333 S43,374 Analysis by fund Unrestrictèd funds 417,581 158,715 576,296 327,041 216,333 543,374 Description of charitable activities Grnnt funding- Instltutlons Education support The Charity funded Ihiee full bursary places al both The King's School and The Queen's School. For th6 year èndèd 31 Decembei 2024 grants awarded amounted lo £134,568 {2023.' £124,780). Chaiitable support Cheshire West Voluntary Aciion received grants from the Ch8rily towards core costs so Ihal they could continue to provide valuable services. For the ye8r ended 31 December 2024 grants awarded amounted lo £5,500 {2023.' £9,9251. Supporting organisations The Charity was pleased to be able to provide grant funding lo a numbei of charitable and community organisalions based in Chester. Thésè ineludèd Thullyear giants for core costs of organisalions providing vital services in thèir local ¢ommunrties such a5 meeting spaces, counselling support and finance and debt advice. This helps these organisalions lo make reliable future planning and maintain successful servicès. Additionally the Charity has provided mulli-year funding for projects helping l¢¢al people with specific needs in mental health support and recovery from physical illness. Grant fundlng - Individual$ In line with the Charity's policy, the Charity did not prowde any direct support lo indimduals dudng the 2024 year12023.' £nill. 18-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocat to actlvltl•s 2024 2023 Staff costs Depreciation Bank charges & interest Administration Irrecoverable VAT Motor & travel Bad dèbts written off Governance costs 131.889 104,826 423 54,529 14.422 1.175 85,629 104,959 1,356 28,529 14,712 38 4,755 19.253 39.965 347,229 259,231 Analys•d bètwèèn: Maintain charity assets 347.229 259,231 10 Net movement in funds 2024 2023 The net movement in funds Is Slated after 14)arglngl(¢d1l1ng1'. Fees payable for the 8udit of the charity's financial slalemenl8 Depreaation ol owned tangiblè fixed assets 6,000 104.826 4,675 104,958 11 Trust8ès None of the Iruslees lor any persons connected with Ihern} received any remuneration or benefits from the ¢harity during the year {2023'. £nill. None of the Iruslees incurred or were reimbursed expenses during the year12023'. £nill. 12 Employees The average mtsnlhly nurnber of employees during the year was.. 2024 Numbar 2023 Numb•r Administratlon Maintenance Total 19
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEPdBER 2024 12 Employees Icontinuedl Employment costs 2024 2023 Wagès and salaiies Social security eosts Other pension costs 125,534 4,180 1,815 81,464 2.274 1,200 131,529 84,938 There were no employees whose annual remuneration was morè than £60.000. 13 Galns and losses on Invèstménts Endowmènt Endowment funds funds 2024 2023 Gainsl{1055es1 arising on.. Revaluation of investments Sale of inveslmenls 131,9231 65,319 28,622 15,048 33,396 43,670 14 Taxatlon The charity is exempt from taxation on its actiwties beeausè 811 its in¢ome is applied for chaiitable purpose5. 20-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tanglblè fixad asséts Freehold land Propgrty Flxtvro5 and and bulldlngs Improv•monts flttlngs Total Cost At 1 January 2024 AddOn$ 5,624,220 1,036,532 34.864 6,695,616 2.425 2,425 At 31 December 2024 5,624,220 1,036,532 37.289 6,698.041 Depreciation and lmpairnt At 1 January 2024 Depreciation charged in the year 751,485 103,653 31,775 1.173 783,260 104,826 Al 31 December 2024 855,138 32,948 888,086 Carrying amount At 31 De¢ember 2024 5,624,220 181,394 4,341 5,809,955 At 31 December 2023 5,624.220 285,047 3,089 S.912.356 16 H•rftag• assèts At 1 January 2024 and at 31 December 2024 120.050 Silver- Soalmatrfx andAlmsman's Badgès A collection of silverAlmsman's badges and a seal rnaliix and rnounl held in the Grosvenor Museum on behalf of the Charity. Thèse are iecoided at their historic insurance replacement cost upon the Charity being gifted thes8 assèts in order lo preserve Iheii history. Kings Ami's Kitchen Mock Partour Once forming the interior ol the public house of 57 Eastgate Street the contents of "The Honourable Corporation of the ngS Arms Kitchen" the Mayorfs parlour is now being près6rv8d in a room at thè Grosvenof Museum. This does not carry at a valuè in thè balan¢e sheet. 17 Inv•stm•nt property 2024 Fair value At 1 January 2024 and 31 December 2024 2,760,000 21
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Invéstmènt prop¢rty Icontlnuodl Inveslmgnl pioperty cornprises the historic buildings of 45 Eastgate Street and 47-57 Eastgate Strèèt in Cheslei City cenlre. The fair value ol the investment property has been arrived at on thè basis of a valuation carried out lo reflect the value at 31 December 2024 by Justin RicÈ-Jones FRICS a Chartered Surveyor and trustee of the charity. The valuation was madé on an opèn tnarkel value basis by reference lo market evidence of transaction priees lor similai properties. 18 Flxed asset Invostmants Listsd Investments Co$t or valuation At 1 January 2024 Additions Valuation changes DisP05a15 942.094 240,892 131.9231 1164,0511 At 31 December 2024 987,012 Carrying amount At 31 December 2024 987,012 Al 31 December 2023 942,094 Fixed asset investments revalu•d The above investments have been slated at market value. At 31 Decemb&r 2024 thè historie cost of thè investments was £658,13512023'. £581,4671. Induded in the above investments are oversoas investments with a valuation of £277,18612023'. £255.2661. 19 Debtors 2024 2023 Amounts falllny duè wlthln on* yoar: Trade debtors Olhèi debtors Prepayments and accrued in¢ome 3,805 1,573 3,454 4,159 3,670 7,189 8.832 15.018 -22-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 20 Creditors: amounts falling due within one year 2024 2023 Other laxalion and SOCAal Security Trade creditors Other creditors Accruals and deferred income 1,704 551 172.919 105,109 6.944 S,420 206,841 86,997 280.283 306,202 Induded within accruals and deferred income is £78,757 of deferd ineome arising from rents received in advance12023.' £77,882). The full amount deferrad in 2023 has bèén racognisèd in ineom8 in 2024. The charity has commilled lo prowding unconditional grants and bursaries lo local organi5alions. A commitment has been recorded in the financial statements within other creditors falling due within one year of £169,722 {2023.' £206,561). Each year the commitment unwinds with the grants paid and increases wrth the additional grants awarded. 21 Crèdltors: amounts falllng duè aft•r mor• than on8 y•ar 2024 2023 Other creditors 424,170 422,624 The charlty has committed to providing uncondits'onal grants and bursaries to local organisations. A commitment has been recorded in the finanaal statements within other creditors falling due after more than one year of £424,170 12023.. £422,624). Each year the commitment unwinds with the grants paid and increases with the additional grants awarded. 22 Retirement benefit schemes 2024 2023 Defined contrlbutlon schomes Charge lo profil or loss in respe¢t of defined contribution schemes 1,815 1,200 The charty operates a defined contribution pension scheme for all qualrfying ernployees. The assets of th scheme are held separately from those of the charity in an independently administered fund. -23-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Endowmtrnt funds Income arising on the èndowment fund5 during the year is induded as unrestricted income. Any capital gains or losses arising on the asse15 form part of the fund. During the year. The Chester Bluecoal Charity secured Charity Commission approval lo release capital investments fiotn hisloiic endowment restrictions. Th6Sa funds, now unieslricted, will support the charity's new 51ialegy and inveslrnent review. At 1 January 2024 Incoming resources Resources expfrndèd Transf•rs Gain$ and losses At31 Oecember 2024 Pommnent endowments 974,734 28,560 15,8881 11,030.8021 33,396 Prevlous yèar: At 1 January 2023 Incoming r•sourc•s Résourcès •xp+nd*d Transfers Gains and lossès At31 D•Camr 2023 P•rnianent endowments 942,732 26,252 15,4671 132,4531 43,670 974,734 24 Unr8strl¢tsd funds The unrestricted funds of the chaiity cotnprise the unexpended balances of donations and giants which are not subject to speafie conditions by donor5 and grantors as to how they may be used. These include designated funds whi¢h have been sel aside out of unrestricted funds by the Iruslees lor specific purposes. At 1 January 2024 Incoming resources Resources expendèd Transf•rs At31 December 2024 General funds 8,298,630 544,069 1576,2961 1,030.802 9,297,205 Pr8vlous y¢ar. At 1 January 2023 Incomlng Resources r•soUe8 expended Transfers At31 D•c8mbor 2023 General funds 8,284,321 525,231 1543.3741 32,453 8,298,631 24-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysi$ of net assets belxdeen fund$ Unr•$trletsd Endowm•nt funds funds 2024 2024 Total 2024 At 31 Dt¢+mb*r 2024: Tangible assets Heritage assets Inveslrnenl properties Investments Current assetsllliabilitiesl Long term li8bililies 5,809,955 120,050 2,760,000 987,012 44,358 1424,1701 5,809,955 120.050 2,760,000 987,012 44,358 1424.1701 9,297,205 9,297.205 Unrestricted Endowrnent fund$ funds 2023 2023 Totsl 2023 At 31 December 2023: Tangible assèts Heritage assets Investment properties Investments Current assetsllliabilities} Long lemi liabilities 5.912,356 120,050 2,760,000 5.912,356 120,050 2,760,000 942,094 138,5111 1422,624} 942,094 32,640 171,1511 1422,6241 6,298,631 974,734 9,273,365 26 Related party transactions Transactlons wlth rolat partlos During the year the charity entered into the following transactions wlh related parties.. Rentsl in¢om• 2024 2023 Othtsr relates parties 12,283 11,565 Gr•nts paid 2024 2023 Other related parties 51,173 -25-
THE CHESTER BLUECOAT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Related party transaetlon$ Icontinuedl The following amounts were outstanding al the reporting and dale.. Amounts owèd to relatsd parties 2024 2023 Olhei related parties 3,001 The enlilies are related by virtue of having a Iruslee in common. 27 Cash absorbed by oporatlon$ 2024 2023 Surplus for the year 23,841 46,312 Adjustmènts for: Investment income reeognised in slalemenl of financial actiwties Gain on disposal of investments Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets 1366.4881 165,3191 31,923 104,826 1362,2801 115,0481 128,6221 104.959 Movements in working capltal: Decreas6 in debtors (Decrease} in creditors 6,186 124,3731 16.839 13991 Co¥h absorbed by operations {289,4041 1236,2391 28 Analysis of changes Sn not funds The charity had no material debt during the year. 26-