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2023-12-31-accounts

Charity Registration No. 1188633

THE HENRY COVENTRY ALMSHOUSES CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE HENRY COVENTRY ALMSHOUSES CHARITY

CONTENTS

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Page
Trustees report 3 – 5
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 14
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THE HENRY COVENTRY ALMSHOUSES CHARITY

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

The Charity

The Henry Coventry Almshouses Charity (reg. no. 1188633) is a Charitable Incorporated Organisation (CIO) which was established and entered on the Register of Charities on 18[th] March 2020. On 21[st] May 2021 all the assets, liabilities and operations of The Coventry Charity (reg. no. 201093) were transferred by deed to The Henry Coventry Almshouses Charity. The Coventry Charity continues to exist and will become a linked charity with The Henry Coventry Almshouses Charity. The original charity was constituted by Deed of Trust dated 16[th] September 1686.

The charity provides housing for elderly people in need who have a connection with Droitwich Spa.

The charity’s office address is 38a, Coventry Homes, Droitwich Spa, WR9 8HB.

Board of Trustees

Board of Trustees
William Moy Chairman – appointed 4thSeptember 2023
Gordon Brookes Vice-Chairman – appointed 4thSeptember 2023
Michael Howard Treasurer
Angela Hawkins
Veronica Brookes
Yolanda Coulter
Giles Joiner Appointed 5thJune 2023
Banker Solicitor Independent Examiner
CAF Bank Ltd Thursfields PPW Limited
25 Kings Hill Avenue Neville House Clarendon House
Kings Hill Steel Park Road 14 St Andrews Street
West Malling Halesowen Droitwich
Kent B62 6HD Worcs.
ME19 4JQ WR9 8DY

Structure, Governance and Management

When a new trustee is appointed he or she receives induction and training in line with the Charity Commission Guidance.

All significant decisions are made with the involvement of trustees. A trustee has been identified for each significant operational area.

The staff structure has remained unchanged during the year. It comprises a part time administrator for 3 days per week, a cleaner for 24 hours per month and a gardener for 5 hours per week. A self-employed bookkeeper is engaged for approximately six hours per week to administer the financial records.

Risk Management

The trustees have identified two key areas of risk:

THE HENRY COVENTRY ALMSHOUSES CHARITY

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives, Activities and Achievements

The objective of the charity is the “erection and maintenance of homes for poor, aged persons of good character and for the benefit of such persons” with a connection to Droitwich Spa.

The trustees were very pleased to be able to leave the weekly management charge unchanged again this year despite considerable cost pressures as well as continuing to build reserves for significant refurbishment works. A fuel surcharge was introduced in November 2023 because of the unprecedented increases in fuel costs over the past couple of years. The new charge was set at a level which contributes towards the increase in cost of providing heating to residents’ homes; the rest of the increase has been covered by the charity’s careful management of existing resources.

The charity organised a Coronation Tea and showed the television coverage in the Residents’ Lounge. The event was well-attended and enjoyed by all. For many of our residents this was the second coronation they had experienced but for our oldest resident this was her third as she could remember George the Sixth’s ceremony being reported on the ‘wireless.’ Our annual act of remembrance on 11[th] November was, once again, very wellsupported.

Our maintenance programme during 2023 has been affected by uncertainty over the timing of the refurbishment of the west wall of the listed building. We have still managed a series of improvements: Two flats were fully refurbished and others were redecorated and new carpets.

We are very pleased that once again there have been very few changes of resident. No residents have left during 2023. The flat which was vacant at the start of the year because of the death of a resident in December 2022 was occupied again before the end of January 2023.

Financial Review

The charity achieved an operating surplus of £62,281. The overall reported surplus of £78,929 includes £16,648 resulting from the increase in value of equity investments.

The trustees, once again, planned to generate an operating surplus for the year. The second phase of exceptional maintenance work on our listed building was due to begin in 2023. However, the extension of the scope of the work, and time obtaining listed building consent, has caused the work to be postponed until 2024. The new estimated cost of this second phase is £150,000. The surplus from 2023 will be used to protect the long-term reserves of the charity.

The main funding source for the charity continues to be the weekly maintenance contributions paid by the residents. As reported above, a fuel surcharge has been introduced as a consequence of continued high gas prices. This charge will be decreased or increased when new gas contracts are arranged.

The trustees have set a policy to maintain reserves equivalent to a minimum of one year’s expenditure to ensure the charity is able to meet any exceptional costs. These funds are held in a mixture of equities and cash deposits. Approximately half of the reserves are invested with the M&G Charity Multi-Asset Fund; income is automatically reinvested within the fund. The balance of the reserves is held in cash with CAF Bank Ltd.

THE HENRY COVENTRY ALMSHOUSES CHARITY

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

Public Benefit Statement

The trustees consider that The Coventry Charity is of benefit to the public for the following reasons:

Mr W.T. Moy Chairman of Trustees On behalf of the Board of Trustees

Dated……26[th] February 2024…………

' THE HENRY COVENTRY ALMSHOUSES CHARITY

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF THE HENRY COVENTRY ALMSHOUSES CHARITY

I report to the trustees on my examination of the financial statements of The Henry Coventry Almshouses Charity (the charity) for the period ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

P. Tivey FCA, FCCA PPW Limited Clarendon House 14 St. Andrews Street Droitwich Worcs. WR9 8DY

Dated …26[th] February 2024……….………..

' THE HENRY COVENTRY ALMSHOUSES CHARITY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDIURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
Funds Funds
2023 2022
Notes £ £
Income and endowments from:
Donations and legacies 3 5,200 200
Charitable activities 4 248,165 257,706
Bank interest 5 4,195 732
__ __
Total Income 257,560 258,638
Expenditure on:
Charitable activities (195.279) (215,818)
Net gains/(losses) on investments 8 16,648 2,103
__ __
Net outgoing resources before
exceptional items 78,929 44,923
Exceptional depreciation of historic assets 9 - (84,807)
__ __
78,929 (39,884)
Fund balances at 1 January 2023 469,408 509,292
__ __
Fund balances at 31 December 2023 548,337 469,408
__ __

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

' THE HENRY COVENTRY ALMSHOUSES CHARITY

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 9 41,508 41,898
Current assets
Investments 10 284,809 268,161
Debtors 11 3,593 6,340
Cash at bank and in hand 287,249 229,897
_ __
575,651 504,398
Creditors: amounts
falling due within one
year 12 (27,664) (35,339)
__ __
Net current assets 547,987 469,059
__ __
Total assets less
current liabilities 589,495 510,957
Creditors: amounts
falling due after one
year 13 (41,158) (41,549)
__ __
548,337
 469,408
__ __
Income funds
Unrestricted funds 548,337 469,408
__ __
548,337
__		 469,408
__

The financial statements were approved by the Trustees on …26[th] February 2024

…Michael Howard – (Treasurer)…………… Trustee

' THE HENRY COVENTRY ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's (governing " document], the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable 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

' THE HENRY COVENTRY ALMSHOUSES CHARITY

tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Legacies are recognised on receipt or otherwise if 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 a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure is classified 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 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is written off as follows:

Woodrow House to reflect the ongoing mortgage outstanding.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Current asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs,and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

' THE HENRY COVENTRY ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised 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 at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate 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 classified 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 at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees 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 estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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.

' THE HENRY COVENTRY ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

3. Donations and legacies

Donations and grants receivable
4. Charitable activities
Sales within charitable activities
5.Bank interest
Bank interest		 2023
£
5,200
_
2023
£
248,165
_
2023
£
4,195
 2022
£
200
_
2022
£
257,706
_
2022
£
732

6. Trustees

None of the trustees (or any persons connected with them) received any remuneration, expenses or benefits from the charity during the year.

7. Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries		 2023
Number
3
_
2023
£
50,966
__
 2022
Number
2
_
2022
£
44,647
__

No employee received emoluments in excess of £60,000.

' THE HENRY COVENTRY ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8. Net gains/(losses) on investments

Revaluation of investments
ngible fixed assets
Net book value
At 1 January 2023
Depreciation charged in the year
At 31 December 2023		 2023
£
16,648
_
16,648
___		 2022
£
2,103
_
2,103

Woodrow
House
£
41,898
390
____
41,508

9. Tangible fixed assets

10. Current asset investments

At 1 January 2023
Additions
At 31 December 2023		 2023
£
268,161
16,648
_
284,809
_

' THE HENRY COVENTRY ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

11. Debtors

Amounts falling due within one year:
Arrears and prepayments
Monies owing
Prepayments
12. Creditors: amounts falling due within one year
Mortgage
Trade creditors
Other creditors
Accruals and deferred income
13. Creditors: amounts falling due after one year
Mortgage		 2023
£
521
3,072
_
3,593
_
2023
£
350
(2,437)
943
28,808
_
27,664
_
2023
£
41,158
__		 2022
£
3,199
3,141
_
6,340
_
2022
£
350
982
(932)
34,939
_
35,339
_
2022
£
41,549
__

14. Related party transactions

There were no disclosable related party transactions during the year.