COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Regulator of Social Housing registration number.. A0581 Charity registration number. 228486
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Pa Registered Social Housing PrOver Information Trustees, Report Report of the Auditors 8-9 Statement of Comprehenswe Income 10 Balance Sheet 11 Statement of Changes In Reserves 12 Stslement of Cash Flow5 13 Notes to the Financial Statements 14-27 The City Charity of John Cockesonne Slalernent of Financial Acb"vilie5 28 Balance Sheet 29 Notes to the Financial Statements 30 Lane Educational Foundation Statement of Financ1 Activities 31 Balance Sheet 32 Notes lo the Financial Statements 33 Income and Expenditure
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS REGISTERED SOCIAL HOUSING PROVIDER INFORMATION REGISTERED NUMBERS: Charity Commissioners 228486 Regulator of Social Housing - Homes England A0581 TRUSTEES: Three appointed by the Council of the City of Coventry Pursuant to CL8use 27 Mr J Clifford Mr D Kershaw CBE Councillor L Bigham (resigned 13th October 2023} Two appointed by the Trustees of Bond's Hospital Eslale Charity Pursuant lo Clause 27 MsSCForte Mr M Peachey Iresigned 41h October 20231 Seven Co-oplalive Trustees pursuant to Clause 28 Mrs V E Rigby (Chairl Mr M Harban (VI Chairl Idled July 20241 Mr V W Keene M8E (Honorary Trustee from 61h June 20241 Dr R M StM)kes MrRBKDyottDL Mr N Williams Mrs P Bhabra {resi9ned 24 October 20231 Mrs E Cook lappoinled 6th June 20241 Drwwatson lappointed 6th June 20241 CHIEF EXECUTIVE AND CLERK: Mr M F H While MRICS FAAV REGISTERED OFFICE: Bond's Hospital Hill Street Coventry CV14AX AUDITORS: Dafferns LLP Chartered Accountants One EaS00d Harry Weston Road Binley Business Park Coventry CV3 2U8 SOLICITORS: Rolherham & Co Limited 8- 9 The Quadrant Coventry CV12EG BANKERS.. Lioyds Bank plc 30 High Sireel Coventry CV1 5RE
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT for the year ended 31 March 2024 The board of Coventry Church Imunicipall Charities present their report and the audited financial statements for the year ended 31 March 2024. CONSTITUTION Consliluled under a Scheme made by the Charity Commissioners dated 18th September 2006. The Coventry Church (Municipall Charities consists of.. Bond's and Ford's Hospital City Chanty of John Cockesonne (which includes the Samuel Edwards Charity and the Foleshill Aid In Sickness Fund) Lane Educational Foundation Charity bl The accounts of the John Cockesonne and Lane Educational Foundation ch8rib.es are appended to the Hospital Charity accounts. ADMINISTRATIVE DETAILS AND POLICIES structure, governance and management The Charity was established out of a Scheme of 1924. drawing together a number of other Charities In the City of Coventry. It is constituted as an unincofporaled association being governed by a SchenE of the Charity Commissioners dated 18th September 2006. The adminislralion of the Charity is vested in seven co-opted Trustees, three Trustees nominated by the City of Coventry and representative Trustees from Bond's Hospital Eslale Charity. The co-opted Trustees are chosen by the existing Trustees being people considered to have a particular interest in the work of the Charity or knowledge or experience likely to assist in ils proper administration. No Trustee receives any renumeration. On appointment. new Trustees receive sufficient background information to enable them to understand the financial position of the Charity and ils current work in hand. Thereafter new Trustees are given an inspection of the Almshouses and an opportunity lo meet staff and. Whe possible. to become inca$lngIY involved in the management and social activities of the Almshouses. The current CEO and Clerk is a member of the Royal Institution of Chartered Surveyors and is able lo advise the Trustees on a number of property related issues. The Charity also has a long-standing arrangement with Rotherham & Co Limited. a local firm of solicitors who have acted for the Charity for several decades. When appropriate. professional advisors will attend the Trustees Meetings which are held normally al quarterly intervals, and should recommendations be made. the Trustees will give all matters due consideration. Between rlleelings. decisions are primarily taken by the Chairman and Vice Chairman with routine decisions concerning building maintenance, etc. and the running of the Almshouses being delegated to the CEO. Objectives and activities The primary objective of Coventry Church (Municipall Charities is the provision of housing accommodation for poor persons of good character, resident at the time of their appointment in the City of Coventry. The Trustees aim lo provide residents with a secure and well-maintained home. in a happy environment, for as long as possible. The Trustees believe that in order lo achieve this aim, residents will increasingly require, as they get older. 8 greater level of support and assistance, and in order to provide this, il is necessary for the Charity lo engage additional Scheme Managers over and above what would be expected on a purely commercial basis The Trustees believe that this greater level of support is entirely in accordance with the Charitable aspirations of the founders and benefactors of the Charity. With regard to the City Charity of John Cockesonne, the object of the Charity is the relief of persons resident in the City of Coventry who are in need, hardship or distress. This may be provided by the gonling of money or the provisions of goods, services or facilities, either directly lo those persons or bodies who provide such facilities for those in need.
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS TRUSTEES. REPORT forthe year ended 31 March 2024 Objectives and actlvities Icontlnuedl The Lane Educational Foundation, stales its object, is to promote the education of persons who are in need of financial assistance, are attending or have attended a Coventry School and are resident within the City of Coventry. The Trustees confirm that they have referred lo the Charity Commission's guidance on public benefit, when reviewing the Charity's aims and objecb'ves, in planning future activities and setting the grant making policy. Grants are made for Relief in Need for people living in the City of Coventry, as set out above. The Trustees believe that they should look to try and increase the grants awarded for those individuals or organisalions, who qualify for Relief of Need. In general, the Trustees consider that making grants lo local partners and organisalions, is an effective means of delivering aid more widely across the community. In exceptional circumstances, grants are made lo individuals, where the application is endorsed by a sponsoring body. Achievements and performance It is now nearty years since the County lost ils longest serving Monarch, Queen Elizabeth 11 who sadly Passed away on the 8th September 2022. The reason for mentioning it in this financial year is that our late Queen is still very fondly talked about by our residents. especially as Queen Elizabeth had been a constant in all of their lives, with the exception of a few elderly residents remembering her later father. lIst we admired and celebrated her dedication and devotion lo Public Service and the Church, the Slate Funeol bought residents together in the manner so seldom seen in today's modern world. The ability of residents within Almshouses and especially Ih05e within this organisalion brings huge benefits lo those who do not have the benefit of farnily being close to hand and the Almshouse Community as a whole becomes extended family which is most welcome to see. On the 8th May 2023 the Trustees, Staff and Residents held a Coronation Paty for King Charles 111 in a marque in the Quadrangle of Bond's Hospital King Charles had visited the Almshouses in 2021 in his capacity as Patron ol the Almshouse Association. We wish our new Monarch every success in this demanding role and a full recovery from his cancer. For the past 12 month5 the Charity experienced hKJh interest rates on its borrowing from The Charity Bank and that ¢oupled with high levels of inflation and pressures on salary reviews, the cosl-of-living crisis deepened. It has been a hard balancing act to ensure that the Charity maintained ils revenue and Is able lo support ils residents who were struggling lo cover their living costs. The Charity were able to financially support some of those residents in the greatest need whilst maintaining accommodation to a high standard. The cost of refurbishing a flat ha5 now oloubled in less than years which adds lo the pressure of ensuring that flats are turned around quickly lo redu the void period. There is still work lo be done on Ihis bul finding contractors who are able lo tske on work al short notice periods is proving very difficult. There is still a strong demand for accomrnodation al the Almshouses and the Charity have a wailing list of approximately 12 prospective benef1ciaries Last year we reported that the Charity were in negotiations with the owners of a property known a5 Penny Black House. This former Public House was converted in 2011 to house students and consists of 21 bedrooms with cornmunal cooking facilities on each of ils three floors. This propety lies opp0511e Ford'5 Hospital on Greyfriars Lane and would be an ideal property to either convert or rebuild as Almshouses when funds pemil. The Trustees were delighted lo secure the purchase of Penny Black House in January 2024. The purchases was funded by taking out an additional loan with The Charity Bank of £900,000, using a small amount of surplus cash held on deposit with the CCLA and the in¢ome received from Bond's Hospital Estate ChaTity in the previou5 financial year. On completion of the purchase the Charity entered Into Ihree-year lease with CovRental Ltd who are the company operating the student lettings and managing the property. In December 2023 from Bond's Hospital Estate Charity received the sum of £337.386. being the surplus income derived from the investments held by the Eslale Charity. The vast majority of this was used lo reduce the level of borrowing with The Charity Bank. The Trustees of Coventry Church (Municipall Charibes wish to once again thank the Feoffee5 of the Estate Charity for their diligence and hard work that produced the surplus of income which has been of great benefit lo this Charity.
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT forthe year ended 31 March 2024 Achievements and pgrformance {continued) In January 2024 the Charity employed a new part time Scheme Manager with the hope that following her six- month probationary period she may become a full time Scheme Manager and would then be able to do on- call alongside the Senior Scheme Manager and the two other full time Scheme Managers. At the lime of writing this report, unfortunately this employee has been taken ill, bul up lo that point she had performed extremely well and had become a valuable member of our team. For the past years the Charity have been planning and budgeting for the new call care equipment that will be required due to the switching over frorn analogue systems to digitsl systems. Many months of planning and organising ensured that when the contractors arrived on sile in April 2024 the work was done smoothly and efficiently, and the residents have 8dapled lo using the new equipment in their Ilals remarkably well and in lime the whole system will become much more efficient and user friendly for all those involved. The Trustees desire lo move from an unincorporated Charity lo a CIO has once again been delayed but this lime due to some of ils endowed propety not being reglstered with the Land Registry. Work is ongoing lo remedy this situation bul unfortunately there are substantial delays In the Land Registry Department. bul it has been noted that this is an exceptional item and does need lo be dealt with a5 quickly as possible. The 'Relief of Need" provisions of the Charity's scheme continued to play an important part of the Trustees work and grants lotalling £13,153 were made during the ye8r. The Trustees look the decision to review its budget, and the main fund provided with a total of £20,000 The Trustee5 are able lo spend the income derived from the investments held by the John Cockesonne Charity and the Lane Educational Foundation. Regulatory metrics RSH Value for Money Metrics IVFMI 2023 12024 2022 12023 VFM Sector Metrics Benchmark Reinvestment O/. New Su Social Housin Units New Su Non-social Housin Units Gearin EBITDA MRI Interest Cover % Social Housin Cost er Unit£ eralin Mar Social Housin eralin Mar in Overall Return on Ca Ital Em lo ed 0.0° 0.00 0.00 o.oo O.OYo O.OV¢ 2080 380.5Vo £6,118 23 OV, 53.5¥0 3.7% 37° 0.7V O.OQ/o 262.3° £6,859 19.90 48.90 3.5Q 170.70 £5.720 18.70 16.80/0 2 1.10 ROCE Source of benchm8rtr." Regulator of S(Kial Housmg- V8Iu8 for money m8tnc$ ond pOrtjng- Finani81 ye8r lo M8frrh 2023. iss February 2024- stsb-s¥Èormetri¢s fFom the 5rnallestcategory ofprovthfrs. b8mg Ihose with < 2. supported units. Reinvestment ° The reinveslrnenl metric looks al the investment in the Charity's properties as a percentage ol the lolal book value of the properb.es held. The Charity spends significant resources maintaining the standard of ils properties as can be seen In note 3, however, this metric considers resources SnI on the acquisition or development of new properties, or the enhancement of existing properties. New supply (social housing units) QA The new supply metric Is an indicator of the level of new social housing units that have been acquired or developed in the financial year as a proportion of the total owned and managed units. In the 2021 financial year, the Charity much exceeded the sector benchmark as a result of the Bonds Lodge housing development which practically completed in September 2020, adding 45 flats lo the number of managed units which are available for beneficiary residents Since this development the Charity has not added to the number of units that il operates. New supply Inon-social houslng tsnit$l % The Charity does not manage any non-social housing units, with all the units available being used in the furtherance of the Charity's objectives. However. a5 referred to above, the Charity secured the purchase of Penny Black House In January 2024. The property is currently let lo students and on completion of the purchase the Charity entered into a lease with CovRental Ltd who are the company operating the sludenl lettings and managing the property. This propety is currently reflected in the financial statements as an investment property, bul the Charity will be looking lo ¢onvert the premises in the future.
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS TRUSTEES. REPORT forthe year ended 31 March 2024 Regulatory metrics Icontinuedl Gearing. The gearing metric addresses how much of the Charity's adjusted assets are made up of debt and the degree of dependence on debt financing The metnc highlights that the Charity falls below the sector average bul has increased against the previous year. This int2$ed gearing posith'on is the sUIt of the £900,000 Charity Bank loan taken out lo fund the purchase of Penny Black House as referred lo above. The Charity has mel all scheduled repayments on its loan arrangements in line with the terms of the agreements. EBITDA MRI interest cover Yo This particular interest cover metric is a key indicator of the Charity's liquidity and investment capacity, by looking at the level of surplus generated, compared lo the level of interest payable. Similarly, lo the above gearing rab'o, the Charity is exceeding the sector average. bul the level of cover has worseneLI against the previous year. The level of 0/0 cover has declined due to rising base inlefest rates pushing up the cost of servicing the Charity's variable rale loans, coupled with the additional £900,000 Charity Bank loan taken out during the year. Social housing cost per unit £ This metric simply summarises the headline social housing costs incurred by the Charity, on a per unit basis. The average CDSI per rnanaged unit has further increased due to the higher costs of property maintenance and rising utility Costs, whilst supporb'ng residents by minimising the level of increase in service charge conlr1bulions. Operating margin150cial housing) ° The operating margin represents the operating surplus from social housing lettings divided by the turnover from social housing lettings. This metric has slightly worsened against the previous year, bul remains reasonably consistent with the sector average, and is reflective of the points referred lo in the metric above. Operating margin loveralll % The overall operating margin represents the overall operating surplus of the Charity divided by the total turnover of the Charity. As the Charity does not own or manage any non-so¢ial housing unrts, the turnover in calculating this metric is consistent with the above. However. the overall operating surplus includes non- housing activity Income which typically Includes high levels ol donation income Imosl Pfincipallyl from 8ond's Hospital Estate Charity. As above. donation income received from the Estate Charity this financia5 year totalled £337.386 compared lo £345,854 in the previous year. Retum on Capital employed O The ROCE compares the operating surplus to total assets, less the current liabilities of the Charity, and is a Common measure used in assessing efficient investment of capital resources. The Charity is operating above the sector avera9e and has remained steady across the last tsvo financial years. Flnanclal revlew The Charity maintains an Extraordinary Repair Fund which is held for more major. unexpected or long-lerm items of repair or improvement. The Charity are aware that work will be required shortly lo part of the roof on the Old Wing of Bond's Hospital and some replacement stone and limber work al Ford's Hospital will be undertaken in 2025.The Trustees believe by operating ils Extraordinary Repair Fund they ensure the Charity properties are well maintained, and improvements can continue on an annual basis. Investment pollcy The Charity currently hold circa £110,000 in two funds managed by the CCLA together with the CCLA'S COIF Deposit Fund. R¢$erves policy In recent years, the free reserves of the Charity have fluctuated but generalty have been running al a very low level and the Trustees are looking to re-bLJild these funds in the forthcoming years. The free reserves as at 31 March 2024 were £46,22712023 £472,953)
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT for the year ended 31 March 2024 Plans for fulure periods The CEO has prepared a list of major expenditure items, and these have been considered by the Trustees and funds allocated and works priorilised on a need's basis. The Charity have worked on a 5 Year Plan and once formally adopted will assist the budgeting for the short lo medium term. Having acquired The Penny Black House the Charity will look lo prepare detsiled plans for ils conversion or rebuild within the next 3-5 years. At the time of writing this report, fv40 fehOld properties have been marketed on Hill Street opposite property owned by both the Bond's Hospital Eslale Charity and this Charity. After careful consideration and with a view to the long-term future, the Chanty maole an offer for both buildings which has been accepted In principle On the dale of this report the sales memorandum has yel to be dispatched by the vendors agents but It is hoped that this will be forthcoming Shortly Assessment of compliance with the governance and financial viability standard The Charity has complied with the Governan and financial viability code of practice and have adopted the Almshouse Association code of governance. The Charity continues to review ils contracts with the utility providers on a regular basis and will continue lo pay as many accounts as possible by Direct Debil, thereby benefitting from the discounts available. On major contracts, quotations are sought to ensure COMlI11Ve rates for works are achieved. W11h the benefit of income from Bond's Hospital Estate this Charity is able lo subsidise the healing charges levied on all the residents. The Trustees appreciate that some buildings are better insulated than others and they endeavour not lo penalise the resident for living in those parts of the building that are less well insulated. The Charity has spent money fitting thermostatic valves to radiators and is in the process of changing a number of the lights to LED and also to pul some of the corridor lights on timers and motion activated sensors. All of these measures are aimed at reducing energy consumpb'on and thereby reducing the day to day running costs wherever possible. The Trustees strive lo ensure that the properties are well maintained bul not in a frivolous manner and the CEO meets weekly with the Chairman and with the Scheme Managers to ensure the smooth running of the Almshouses. Going Concern The Trustees have considered the funding requirements ol the Charity, and although cashfiow will be light as described above, the Trustee5 believe that the resources available lo them are sufficient for the continuing activities of the Charity for al least 12 months from the dale of this report. As a result of this a55e5sment, the going concern assumption continues lo be adopted in the preparation of these financial statements.
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS TRUSTEES. REPORT for the year 8nded 31 March 2024 Trustees, responsibilities in relation to the financial statements Law applicable Charities in EnglanLI and Wales. requires the Trustees lo prepare financial slalemenls for each financial year, which give a true and fair view of the Charity's financial activitie5 during the year and of its financial position at the end ol the year. In preparing financial slalemenls giving a true and fair view, the Trustees follow best practice and.. select suitable accounting policies and apply them consistently., make iudgements and eslimales that are reasonable and prudent., stale whether applicable accounting standards and slalemenls of recommended practice have been followed. subject lo any departures disclosed and explained in the financial slalemenls.. Prepare the finanei81 statements on the going concern basis, unless it is inappropriate to presume that the Charity will continue in operation The Trustees are responsible for keeping accounting records. which disclose the reasonable accuracy, the financial position of the Charity and which enable them lo ascertain the finanei81 position of the Charity and which enable them to ensure that the financial slalernenls, comply with applicable law and the trust deed They are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the Trustees V.E. Rigby - Chair Dated..
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS Opinion Vve have audited the financial statements of Coventry Church (Municipall Charib'es for the year ended 31 March 2024. which comprise the Statement Df Financial Activities, the Balance Sheet and notes lo the financial slatemenls. including a surnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 °the Financial Reporting Standard applicable lo the UK and Republic of Ireland. In our opinion the financial siatements.. give a true and fair view of the slate gf the charity's affairs as at 31 March 2024 and of ils incoming resour$ and application of resources, for the year then ended, have been properly prepared in aecordance bmlh United Kingdom Generally Accepted Accounts'ng Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. the Housing and Regeneration Act 2008 and the Accounting Direcb'on for wvate registered providers of social housing In England 2022. Basis for opinion We conducted our audit in accordance with International Standards on Auditr'ng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wtlh the ethical requirements that are relevant to OLJr audit of the linan¢ial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhi¢al responsibilities in accordance wrth these qUIreMents. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audrting the financial slalemenls, we have concluded that the board's use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually Dr colle¢b'vely, may cast significant doubl on the assoGialion'$ ability lo continue as a going concem for a period of at least tsvelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the board with respect to going concem are described in the relevant sections ol this report. Other Informatlon The other information comprises the infomation included in the trustees, annull report. other than the financial slalemenls and our auditorfs report Ihereon. Our opinion on the financial slalements does not cover the Other infomation and, except lo the extent otheiSe explicitly staled in our report, we do not express any form of assurance conclusion theon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls, or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we Identsfy such material inconsistencies Dr apparent material misslatemenls, we are required lo clelemine whether there Is a malenal misslalemenl in the financial statements or a material misslalement of the other informali¢)n. If, based on the work we have perfomied, we conclude that there is rnalerial misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relats'on lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if. in our opinion. the inforrnalion given in the financial statements is inconsislonl in any matwial respect with the trustees, report., or sufficient accounting records have not been kept., or the finanaal statements are not in agreement with the accounting records.. or we have not received all the inlormation and explanations we require for our audit.
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS In addition, we have nothing lo report In respect of the following matter where the Housing and Regeneration Act 2008 requires us to report lo you If, In our opinion". a satisfactory system of control over transaction5 has not been maintained. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities slalernenl sel out on page 7, the Trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the board determine is necessary to enable the preparab'on of financial statements that are free from material misststemenl. whether rjue lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the Charity's ability lo continue as a going concern. disclosing. as applicable. matters related to going concern and using the going con¢ern basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease operatsons, or have no aliStiC allemalive bLrt lo do so. Auditor's responsibilities for the audit of the flnanclal statements Our objectives are lo obtain reasonable assurance about bvhelher the financial slalemenls as a whole a free from material misslalemenl, whether due lo fraud or error, and to issue an auditor's report that Indudes our opinion. Reasonable assuranee 15 a high level of assurance, bul Is not a guarantee that an audit condueled in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they eould reasonably be expected lo Influen the economic decisions of users taken on the basis of these financial 51alemenl5. IfgularItIes, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line Tmth our responsibilits"es, outlined above, lo delecl matenal misslalemenls in respect of irregularities. Including fraud. The specific Pfocedures for this engagement an(1 the extent lo which these are capable of delecling irregularities. including fraud is detailed below. Enquiry of management. and those charged wlh govemance around actual and potential litigation and claims., Enquiry of entity staff in compliance functions lo identify any instances of non<ompliance with laws and regulations., Reviewing minutes of rneelings of those charged with governance., Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulation5", Performing audit work over the risk of management override of controls. including lesling of joumal entries and other adjustments for appropriateness. evalualirig the business rationale of significant transactions outside the norrnal course of business and reviewing accounting estsmales for bias. Because of the inherent limitations of an audit, there is a risk that we wll not delect all irregularities. induding those leading lo a malenal misstalemenl in the financial slalements or non-compliance with regulation This risk increases the more that compliance th a law or regulation is removed from the events and transactions reflected in the financial slalemenls. as we will be less likety to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves inlentr'onal concealment. forgery. collusion, omission or misrepresenlalion. A Further desoiplion of our Sponsibl11.es for the audit of the financial statements is located on the Financial Reporting Council's website al w.fr¢ o uklauailorsres onsibi1.eS This description forms part of our auditorfs reFQrt. Use of our report This rewrt is made solely lo the ch8rily's Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might slate lo the charity's Trustees those matters we are required lo stale lo them in an auditor's report and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity aNJ the chanty's Trustees as a body. for our audrt work, for this report, or for the opinions we have formed. Dafferns LLP Chartered Accountant Stalulory Auditors One Eastwood Harry Weston Road Binley Business Park Coventry CV3 2UB ?aH LLP Dated..
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BONO'S AND FORD'S ALMSHOUSES STATEMENT OF COMPREHENSIVE INCOME {INCLUDING INCOME AND EXPENDITURE ACCOUNTI for the year ended 31 March 2024 2024 2023 Notes TURNOVER 1,219,131 1,133,519 1809.3611 {721.9571 Cost of Sales Gross Surplus Administrative expendrture Other operating income 409,770 411,562 {219,8671 1203,4301 405,734 397.693 Operating Surplus Income from fixed asset invesknents 595,637 605,825 Interest e1Vable and similar income 21.914 2.528 Interest payable and similar expenses (235,4591 1159,8761 Gains I Ilossesl on fair value movement of investments 14 12,573 11,6841 Surplus forthe year being Comprehensive Income forthe year 24 394.665 446,793 There is no difference beeen the reported surplus for the year and historical cost 5urplu5es or deficits The results relate wholly to continuing acts"vitr"es. On behalf of the Trustees V.E. RvJby TRUSTEE D. Kershaw TRUSTEE The note5 on pages 14 to 27 form part of these financial 51alemenls 10
COVENTRY CHURCH IMUNICIPALI CHARITIES ANO OTHERS 80ND'S AND FORD'S ALMSHOUSES BALANCE SHEET 31 PJl•rch 2024 2024 2023 Notes FIXED ASSETS Housing properties at valuation Other fixed assets nvestmenl property Investments 15,663,994 20,000 1,309,645 110,889 15,663,994 20,000 12 13 14 98,316 17,104.528 15.782,310 CURRENT ASSETS Debtors- falling due within one year Debtors- falling due after more than one year Cash at bank 16 16 61,064 36,347 204,416 62,752 35,507 628,805 301,827 727,064 CREDITORS." Amounts falling due within one year 17 1247,0501 1237,78SI NET CURRENT ASSETS 54.777 489,279 CREDITORS: Amounts falling due after more than one year 18 15,843,665) {5,350,6141 TOTAL NET ASSETS 11,315,640 10.920,975 RESERVES Reslricled Revaluation reserve Endowment Fund Unrestricted Designated reserves Revenue reserve 23 23 3,000,000 4.650,348 3,000,000 4,650,348 22 24 3,619,065 46,227 2,797,674 472,953 TOTAL RESERVES 11,315,640 10,920.975 On behalf of the Trustees V.E Rigby TRUSTEE D. Kershaw TRUSTEE The notes on pages 14 10 27 fomi part of these financial statements
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES STATEMENT OF CHANGES IN RESERVES For the year ended 31 March 2024 Reslricled Revaluation Endowment Designated Revenue Reserve Reserve Fund Reserve Reserve Total Al 1 April 2022. 3.OCM),000 4.773.831 2,588,158 112,193 10,474,182 Surplus I IDeficitl for the year". (Total comprehensive income) Al 31 March 2023. 1123,483} 209,516 360,760 446,793 3.0(X),000 4.650.348 2,797,674 472.953 10,920,975 Surplus l (Deficitl for the year.. (Total comprehensive incomel At 31 March 2024. 821,391 1426.7261 394,665 3,000,000 4,650.348 3,619,065 46,227 11,315,640 The notes on pages 14 to 27 form part of these financial statements 12
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES STATEMENT OF CASHFLOWS for the year ended 31 March 2024 2024 2023 Note Cash flow from operating activities 27 598,825 544,615 Cash flow from Investing activitles Paymenls to acquire fixed assets Payments to acquire investment propety Payments to acquire investments Interest reiVed 11.2731 11,309,645) 1100,0001 2,528 21,914 Net Cash flow from investing activities 11,287,731) 198,7451 Cash Ilow from financing activities New loan oblair)ed Repayment of long-lerm loans Interest paid 900,000 1400,0241 1115,1121 1235,4591 1159,876) Net Cash flow from financing actlvitles 264,517 1274,988) Net increase in cash and cash equivalents 1424,3891 170,882 Cash and cash equivalents at 1 April 2023 628.805 457,923 Cash and cash equivalents at 31 Mareh 2024 204.416 628,805 Cash and cash equivalents consist of: Cash al bank and in hand 204,416 628,805 Cash and cash equivalents at 31 March 2024 204,416 628,805 The notes on page5 14 10 27 form part of these financial statements 13
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The charity is registed under the Charrties Act and is a Registered Social Housing Provider {RSHPI General information and basis of preparation Coventry Church (Municipall Charities. a registered Charity, is a private registered provider of social housing in the United Kingdom The address of the registered office Is given In the information on Page 1 of these financial 51alemenls. The nature of the RSHP'S operations and principle activities, are the provision of housing accommodation for poor persons of good character resident, al their lime of appointment in the City of Coventry. The RSHP constitutes a public benefit entity as defined by FRS102. The financial slalements have been prepared in accordance with applicable financial reporting standards, including Financial Reporting standard 102 The Financial Reporting Standard Applicable In the UK and Ireland IFRS1021,' the Slalemenl of Recommended Practice for Social Housing Providers 120181 and with the Accounting Direction for private gIStered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include rtain items at fair value. The Charity has not followed component accounting as wuired by the Statement of Recommended Practice on the grounds that the expense and difficulty of obtaining the necessary information, would be out of proportion to the benefit that might be achieved by adopting this. The replacement of omponents such as kitchens and bathrooms, will continue to be Irealed as repairs, rather than capital disposals and adclilions. The City Charity of John Cockesonne and Lane Educational Foundation have not been incorporated in the financial statements on pages 10 to 13. Instead their accounts are attached on pages 28 to 33 and are prepared using the Statement of Recommended Pracb'ce 'Accounling and Reporting by Charities" IFRS1021. The significant accoun11ng policies applied in the preparation of the financial slalements, are sel out below These policies have been consislenlly applied lo all years presented unless otherwise staled The financial statements are presented in Pound Sterling (£1, which is also the functional currency of the Charity. Turnover and other income Turnover Is measured al the fair valLJe of the consideration, received or receivable nel of VAT and trade discounts. The policie5 adopted for the recognition of turnover are as follows.. Tumover represents rental and service charges income receivable in the year, net of rent and service charge losses from voids., donations and room hire. Donations receivable from Bond's Hospital Estate Charity and other donations, are included in the accounts on receipt. Interest income is recognised using the effective interest method and dividend income is recognised as the RSHP'S right lo re1ve payment is established. Government grants Grants received in respect of housing properties are recognised as a liability and amortised over the useful life of the asset. This amortisation is recognised within tumover. 14
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS 80ND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year endgd 31 March 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Fixed assets and depreciation Housing properties Cost or deemed cost. includes costs directly attributable lo making the asset capable of operating as intended. such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capilalised, when it results in incremental future benefits. such as increasing rental Income, reducing maintenance costs or resulting in a SKJnifi'cant extension of the useful economic life of the propety. The long-term leasehold properties namely Bond'5 Court and Bond's Lodge Almshouses are included at deemed cost. The freehold property being the extension lo Bond's Hospital, together with the refurbishment of the original flats, are included al the cost of development to dale. The Board has not accounted for depreciation on its housing properties, because the depreciation charge and accumulated depreciation are immaterial and there is a policy and practi of regular Maintenan and repair of the property. The Bond's and Ford'$ Hospital Almshouses, are listed as being of histor and architectural importance and are considered by the Trustees to be part of the historic heritage of the Charity. Accordingly, these are not included in the balance sheet. Other fixed assets Freehold land is not depreciated and is included al deemed cost. Investment properties Investment properties are recognised initially at cost, plus directly attributable expenditure incurred. Subsequently, they are rneasured at fair value through the Slalement of Comprehensive Income. Properties rented out lo residen15 in the provision of supported housing accommodation are not he5d as investment properties. Investments Investments are recognised initially at fair value. which is normally transaction price excluding transaction costs. Subsequently. they are measured at fair value through the Slaternent of Comprehensive Income. Investments held for the long-lerm, are included in fixed assets. Inveslmenls, held as part of short- term treasury management, are included in current assets. Financial Instruments Basic financial instruments in debtors and creditors with no slated interest rate, and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in the Slalemenl of Comprehensive Income in adminislralive expenses. Other financial assets and liabilities, such as loans, are measured inilialty at fair value, net of transaction costs, and a measured subsequently al arnortised cost Using the effective interest meth¢JY. Impairment Assets not measured at fair value, are reviewed for any Inditr.0n that the a55et May be impaired at each balance sheet date. If such indallOn exists, the e0Verable amount is eslirnaled and compared to the carrying amount. ere the carrying amount exceeds ils recoverable amount, an impairment loss is recognised in expenditure through the Slalement of Comprehensive IncorrE. 15
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Restricted l Endowment Reserves Reslricled l Endowment reserves are those reserves, which are only expendable in accordance with the wishes of the funder or regulatory body. Reslricled reserves, include funds oised in SpOnSe to a specific appeal. Endowment funds represent those assets, which must be held permanently, principally land adjacent lo Bonds Hospitsl, Coventry. Revenue and expenditure cannot be directly sel against Restricted l Endowment reserves bul is taken through the Statement of Comprehensive Income and then a transfer lo Reslricled l Endowment fftserves is made as appropriate. Designated ReseNes Designated reserves are part of unrestricted reserves, which have been earmarked by the Board, for particular purpose. Such designations may be reversed by future 8oard decisions. Expenditure cannot be directly set against Designated reserves but is taken through the income and expenditure account. A transfer is then made from Designated reserves as appropriate. Details of the nature and purpose of each fund is sel out in note 22. Works to Existing Housing Propertles Expenditu on housing properties, which results in an enhancement of economic benefits of the asset, such as an increase in the nel rental stream over the life of the propety, is capitalised. Any works which do not result in an enhancement of economic benefits of a propety, are charged to the income and expenditure account. This includes expenditure incurred, lo ensure that the property Can maintain its existing level of nel rental income or the standard of performance anticipated, when the asset was first acquired or constructed or last replaced. Value Added Tax Irrecoverable VAT is charged against the category of expense. for which il was incurred. Pensions hen employees have rendered service lo the RSHP, 5hort-lerm employee benefits, to which the employees are entitled, are recognised at the und15¢0unted amount expected to be paid in exchange for that seryice. The Charity operates a defined contribution 'money purchase, pension scheme for its employees. A defined contribution plan is a pension scheme under which the Charity pays fixed conlnbutions into an independently administered fund and ha5 no fvrther obligats'ons once those contributions have been paid. Contributions to the scheme are restricted lo the contributions disclosed in note 26. There were no oulslanding contributions al the year end. Judgements and key sources of estimation uncertainty In the 8pplicalion of the Charity's accounting policies. the Trustees are required to make judgements, eslimales and assumptions about the carrying amount of assets and Iiabililies, that are not readily apparent from other sources. The estimates and associated assumptions are based on historical expenence and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo 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 revision and future periods where both a affected. 16
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 TURNOVER. OPERATING COSTS AND OPERATING SURPLUS 2024 eralin costs Cost of note 3 Admin Turnover -, V-¥- eralin lusl deficit Sales Costs sur Social Housing lettings.. Contributions." 118 supported housing units 791,469 Sefwice charges 328,536 Light and heat contributions 115,884 Less." voids 116,7581 1,219.131 809,361 167,098 242,672 Non-Housing activities.. Donations - Bond's Hospital Eslale Charity 337.386 Other sundry donations 2,743 340.129 34,485 6,387 24,733 Rental income Room hire Other income 405,734 52,769 352,965 Total 1,624,865 809,361 219,867 595,637 2023 eratin costs Cost of Sales note 3 Admin Costs Turnover eralin lusl deficit sur Social Housing lettings.. Contributions.. 118 supported housing units 738,785 Service charges 322,452 Light and heat contributions 105,418 Less. voids 133, 1361 1,133,519 721,957 150,838 260,924 Non-Housing activities.. Donations - Bond's Hospital Eslale Charity 345,854 other sundry donations 2,359 348,213 20,720 5,382 23,378 Rental income Room hire Other income 397,693 52,792 344,901 Total 1,531,212 721,957 203,430 605,825 17
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORO'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 2024 2023 OPERATING COSTS ALMSHOUSE COSTS Primary ¢osts of lettings Management: Scheme managers, salaries. national insurance. and pensions Service charye costs". Rent Rates and water Insurance Light and heal Laundry, cleaners, and cleaning materials Telephone Gardener and garden expenses Other Charges". Staff training and expenses Sundry expenses Central control and Careline IT facilities Planned Maintenan¢e'. CycSical maintenance Extr80rdinary repairs 133,127 147,685 10,435 21,142 17,487 213,886 47,240 23,625 40,242 8,060 30,676 16,909 165,576 45,083 22,281 36,930 485 44,427 14,547 8.294 896 36.358 6.072 16,590 161.498 72.926 160,941 27,900 OPERATING EXPENDITURE ON SOCIAL HOUSING LETTINGS 809 361 721957 ADMINISTRATIVE EXPENSES Management: Chief Executive and Adminislralive staff salaries, national insurance, and pensions Other charyes: Legal and professional fees Computer and office expense5 Bank charges Pension admiftislration 139,453 126,920 12,255 7,506 7.488 396 14.290 6,657 2.375 396 ADMINISTRATIVE EXPENDITURE ON SOCIAL HOUSING LETTINGS 167 098 150638 NON-HOUSING ADMINISTRATIVE EXPENSES Govgrnance costs Chief Executive Audit Accountancy Subscriptions 28.011 4.350 4.830 2,425 27.271 4.150 4,564 1.283 37 268 Other expendlture: Grants (see note 6) 13,153 15,524 TOTAL NON-HOUSING ADMINISTRATIVE EXPENSES 52 769 52 792 TOTAL OPERATING COSTS 1,029,228 925,387 Social Housing expenditure relates solely to supported housing for older people. 18
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Bank interest 21,914 2.528 21,914 2,528 INTEREST PAYABLE AND SIMILAR EXPENSES 2024 2023 Loan interest 235,459 159,876 235,459 159,876 GRANTS 2024 2023 Grants to Instttutlons Coventry Cyrenians Coventry Haven Tiny Tims Coventy City Mission Mer¢ia MS Therapy Centre The Lighthouse Trust Revilalise Happy Days National Association of Almshouses The Salvation Army and Children's Choir Wandering Wellies Sea Cadets Redeemed Christian Church of God Coventry Rape & Sexual Abuse Centre Oasis Community Hub and Cafe Mylon Hospice Kairos 2.CX)O 1,500 1.000 1.000 1,000 1,000 700 500 112 1.000 1.000 2,000 500 500 100 120 1,000 1,250 600 1,000 1,000 911 2,000 8,812 12,981 Residents. Welfarg 4,341 2,543 Total 13,153 15,524 ALLOCATION OF SUPPORT COSTS AND OVERHEADS 75Dh of the Chief Executive and Clerk's salary is allocated to the management of the Almshouses and the remaining 250/0 is allocated to Govemance of the Charity. 19
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS 80ND'S ANO FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 AUDITORS REMUNERATION 2024 2023 Fees payable (exclusive of VAT) to the auditor in relation lo the period of account for the audit of the annual accounts 4,350 4,150 Fees payable (exclusive of VATI lo the auditor for other services In relation lo the period of account. 7,405 7.312 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs 292.302 23,413 8,552 291,065 23,639 8,376 324,267 323,080 The average number of ernoYeeS during the year, expressed in full lime equivalents, was. Chf Executive Senior scheme manager Scheme managers Adminislralor Other staff The number of employees earning over £60.000 per year (including benefits) was as follows.. 2024 No. 2023 No. £90,001- £100,000 The Chief Executive is considered to k Key Management Personnel of the Charity and is normal member of the Chanty's defined contribution pension scheme. Total compensation for Key Management including pension contribution5 and employer's national insurance emoluments were £112,046. Excluding pensions conlribulions, emoluments totalled £108,198. 10. TRUSTEES REMUNEFIATION AND EXPENSES As stated in the Trustees report, no Trustee received any remunerab'on or reimbursen*nt of expenses from the Charity during the year12023". £nill. 20
COVENTRY CHURCH (MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe yearended 31 March 2024 11. FIXED ASSETS- HOUSING PROPERTIES Land situated in the City of Coventry with the buildings Ihereon known as Ford's Hospital and the Eventide Homes subject as lo 1107 sq. yards, or thereabouts to a lease lo Evenlide Homes Ltd for the term of 99 years, from 21 May 19, at the yearly rent of one peppercorn created and reserved by a lease dated 21 April 1970. Land with the buildings thereon known as Bond's Hospital. The buildings known as Bonds, and Fords, Hospitals are Listed as being of historic and archileclural importance Because of the age and uniqueness of these buildings, reliable cost Informakn'on is not available and conventional valuation approaches lack sufficient reliability. These assets are therefore not valued in the balance sheet Bond's Hospital Almshouse was built in 15C6 and restored in 1832 and provides 42 flats for accommodation by the elderly after refurbishment and extension in 2004. Ford's Hospital Almshouse was built in 1509 and was restored after a direct hit during a wartime air raid. Ford'5 Hospital provKles accommodation for the elderty in 5 flats. 80th Almshouses are of Covenlry's oldest buildings. Land and Buildings Long term Leasehold Pro erties Freehold Pro Total Cost or valuation 1 April 2D23 11,033,646 4,630.348 1 5.663,994 Cost or valuats'on 31 March 2024 11,033,646 4,630.348 15.663,994 Net Book Value 31 March 2023 11.033.646 4,630,348 15,663,994 Net Book Value 31 March 2024 11,033,646 4.630,348 15,663,994 The long-term leasehold properb'es are. i) £3,000.000 land and buildings known as Bond's Court. The hislori¢al cost 15 £195.257. This Almshouse provides 26 flats for accommodation for the elderty. ii1£8,033,646 land and buildings known as Bond's Lodge. Construction was completed in 2020 This propety provides 45 flats lor ac¢omm(*ation for the elderly. The long-lerm leasehold propety called Bond's Court was revalued on 16 May 2005 by Messrs. Godfrey-Payion. Chartered Surveyors, on an open market basis and on Iransibon to FRS102 in 2015. was taken as the deemed cost. The freehold propety includes the land adjacent to Bond's Hospital and costs of development lo dale. Part of this sile has been leased lo Midnd Heart Limited, on a 125 year lease at a peppercorn rent from 27 March 2001. 21
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year gnded 31 March 2024 12. OTHER FIXED ASSETS Land situated in Coventry adjoining the side of Ford's Hospital, upon which formerfy slocMJ the buildings known as 22, 23 and 1 in Court 5 Greyfriars Lane, Coventry. Land Freehold Land Deemed cost at 1 April 2023 and 31 March 2024 (let on a peppercom rent lo Evenb'de Homes) 20,000 The land was revalued on 16 May 2005 by Messrs. Godfrey-Paylon, Charted Surveyors, on an open market basis and on transition lo FRS102 in 2015, was taken as the deemed cost 13. INVESTMENT PROPERTY Investment Pro Market value al 1 April 2023 Addib"ons 1.309.645 Market value at 31 March 2024 1,309,645 The propety known as Penny Black House was acquired in the year for £1,309,645. The purchase cost is considered reflective of the fair value of the propety at the 31 March 2024. 14. INVESTMENTS Quoted Investments Market value at 1 April 2023 98,316 Investment gains I Ilossesl 12,573 Market value at 31 March 2024 110,889 Historical cost at 31 March 2024 100,000 Investments at market value comprise". 2024 2023 COIF Chartties Investment Fund COIF Chartb'es Ethical Investment Fund 55.529 55,360 49,443 48,873 110.889 98,316 22
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS 80ND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 15. ACCOMMODATION OWNED AND IN MANAGEMENT 2023 No. flats No. flats Social housing. Housing for older people- affordable rent Ford's Hospital Bond's Hospita5 Bond's Court Bond'5 Lodge 42 26 45 42 26 45 Total thvned and Managed 118 118 16. DEBTORS 2024 2023 Social housing rent arrears Prepayments 30,281 67,130 44,747 53,512 97,411 98,259 Debtors falling due within one year Debtors falling due after more than one year 61,064 36,347 62,752 35,507 97.411 98,259 17. CREDITORS.. Amounts falling due within one year 2024 2023 Royal Bank of Scotland Loan Icapitsl only) Charity Bank Loans Icapilal only) Accruals and other creditors 947 111,861 134,242 852 105,031 131,902 247,050 237,785 18. CREDITORS". Amounts falling due after more than one year Royal Bank of Scotland Loan Icapitsl only} Charity Bank Loans Icapilal only) Deferred capital grant- Homes England 2024 2023 72,580 4,196,085 1,575,000 73,526 3,702,088 1,575,000 5,843,665 5,350,614 23
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 19. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year or on demand.. Royal Bank of Scolland Loan Charity Bank Loans 947 111,861 852 105,031 Amounts falling due beNveen one and years.. Royal Bank of Scolland Loan Charity Bank Loans 1.051 118,448 946 110,035 Amounts falling due beeen and five years.. Royal Bank of Scolland Loan Charity Bank Loans 3,902 398,628 3,514 362,064 Amounts falling due in more than five years.. Royal Bank of Scotland Loan Charty Bank Loans 67,627 3.679,009 69.066 3,229,989 4.381,473 3,881,497 The Royal Bank of Scotland loan is repayable over a per10d of sixty years. from 1 November 1985, al rale of £8,826 per annum, Including interest. This loan is secured on the long-lerm leasehold property. known as Bonds Court and the Interest rale al 31 March 2024, was 10.75%. The aggregate secured liabilib'es al 31 March 2024, were £73,52712023. £74,378). One of the Charity Bank loans is repayable over a period of 24 years, from 12 July 2020 This loan is secured against the long-lerm leasehold property, known as Bonds Lodge and the interest rate at 31 March 2024, was 7.250A on the variable part of the loan. In March 2022, £1,500,000 of the loan was put on a fixed rate of 3.650h for 5 years. The aggregate secured Ik4bililies al 31 March 2024, were £3,412,751 12023. £3,807,119) A second loan with Charity Bank was taken out in December 2023, which is repayable over a period of 21 years, from 12 December 2023. This loan is secured against the long-term Sea5ehtsld property, known as Bonds Lodge and the interest rate al 31 March 2024, was 7 25°k. The aggregate secured Iiabililies at 31 March 2024, were £895,19512023. £nill 20. DEFERRED GRANT INCOME 2024 2023 At 1 April 2023 1,575,000 1,575,000 At 31 March 2024 1,575,000 1,575,000 Amounts to be released within one year Amounts to be released in rnre than one year 1,575.000 1,575,000 1,575.000 1,575,000 24
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BONO'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 21. LEASES Total future minimum lease payments receivable under non<anCelIab operating leases are as follows.. 2024 2023 Not later than one year 60,900 60,900 22. DESIGNATED RESERVES The income funds of the Charity, include the following designated reseNes, which have been sel aside out of unrestricted frjnds by the Trustees for specrfic purposes. Penny Black Fund Bond's Lodge Fund Extraordinary Cyclical Repair Maintenance Fund Fund Total Balan at 1 April 2023 Gains I Ilossesl on investments Transfers in Expenditure 2,651.527 134,198 12,573 72,926 172.9261 11,949 2,797,674 12,573 1,043,242 {234,4241 414,450 394,368 161,498 1161.4981 Balance al 31 March 2024 414,450 3,045,895 146,771 11,949 3,619,065 Represented by.. Fixed Assets Investmen15 Debtors Creditors Cash 1.309,645 8,033,646 9,343,291 110,889 110,889 1895.1951 14,987.7511 15,882.9461 47.831 35,882 11.949 414.450 3,045.895 148,771 11,949 3.619.065 The Extraordinary Repair and Cydical Maintenance Funds are maintained out of the income of the Charity, in accordance with Charity Commission schemes and the stated accounting policy. Their purpose is lo avoid widely flucluab'ng expenditure on maintenance, improvement and extraordinary pairs from year lo year. Cyclical maintenance fund expendrture tolalled £161,49812023. £160,941) Extr80rdinary pair fund expenditu lolalled £72.92612023 £27.9001 The Penny Black and 8ond's Lodge Funds. have been established lo reflect the amount of unreslricled funds. represented by fixed assets owned by the Charity. less deferred capital grants and bank loans, and as Such, are not 'free reserves, 25
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 23. RESTRICTED RESERVES Revaluation Reserve Housing Pro Endowment Fund Totsl Balance at 1 ApTiI 2023 3.000,000 4,650,348 7,650.348 Balance at 31 March 2024 3.000,000 4.650.348 7,650.348 Represented by.. Fixed Assets Investments Debtors Creditors Cash 3,000.OCIJ 4,650,348 7,650,348 3,000,000 4,650,348 7,650,348 The Revaluation Reserve Housing Properties Fund wa5 established to reflect the amount of reserves represented by the revaluation of fixed assets owned by the charity. 24. RESERVES Restn"cted ReseThes note 23 Designated Unrestricted Reserves Revenue Reserves Total Balance at 1 April 21Y23 Surplus for the year Transfers for the year 7.650,348 2,797,674 1221,8511 1.043,242 472,953 10,920,975 616,516 394.665 11,043,242) Balance at 31 March 2024 7,650,348 3,619,065 46,227 11,315,640 25 RELATED PARTY TRANSACTIONS One of the Trustees (resigned during the year} is also a Coventry City Councillor. Transaction5 beeen the Charity and the Council are al ami's length on normal commercial temis and the Trustees cannot use their position lo their advantage. Two of the Trustees lone resigned during the yearl are also Feoffees of Bonds Hospital Eslale Charity The Feoffees make annual distributions lo the Charity. Total dislribulions in the 12 months lo 31 March 2024, amounted lo £337,38612023. £345,854} 26. PENSIONS The RSHP operates a defined contribution pension plan for its employee5. The amount recogn15ed as an expense in the financial year. was £8,55212023. £8,376). 26
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2024 27. OTHER COMMITMENTS The total anUnt contracted to bul not provided in these financial statements is £97.35612023" £69,600) 28 CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Surplus for the period 394,665 446,793 Interest payable Interest received (Gainslllosses on investrnenls DeeaSe111nCreaseI in debtors Increaselldecreasel in other creditors 235.459 121.9141 112.5731 848 2,340 159,876 12,528} 1,684 123,461 } 137,749} Net cash flow from operating activities 598.825 544,615 Analysls of ehanges in net debt 2023 Cashflows Non-cash 2024 Borrowings 3,881,497 499,976 4,381,473 Total liabilit5 3,881,497 499,976 4,381,473 Cash at bank 1628.8051 424,389 1204,4161 Total nel debt 3,252,692 924,365 4,177,057 27
COVENTRY CHURCH (MUNICIPAL} CHARITIES AND OTHERS THE CITY CHARITY OF JOHN COCKESONNE (Part 2 of the Scheme of 18 September 20061 STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 Un$trted Endowment funds Total 24 Income Investment income Interest receivable 6.466 18 8,466 18 7,986 Total Income 6,484 6,484 7,990 Expenditure Charitable activities". Distribution of cash lo certain Trustees lo be used for relief purposes 450 450 600 Grants: Relief in need: Feed the Hungry UK - Kairos WMT - Zoe's Pla Mercia Therapy Centre - Coventry Children's Bool Fund 100 2,000 500 100 2,000 500 1,300 1,000 Total expendltuie 3,050 3,050 2,900 Gains I Ilossesl on investments 12,210 12,210 15,2521 Net incomel{expenditurel 3,434 12.210 15,644 {162} Fund balances brought forward at 1 Aprll 2023 15,943 201.828 217,771 217,933 Fund balances carried foThvard at 31 March 2024 19,377 214.038 233.415 217,771 28
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS THE CITY CHARITY OF JOHN COCKESONNE (Part 2 of the Scheme of 18 September 2006) BALANCE SHEET 31 March 2024 31 March 2024 31 March 2023 Notes FIXED ASSET INVESTMENTS 214.038 201,828 CURRENT ASSETS Cash al bank.. Business Instant Access Account Treasurers account Debtors 1,670 17.707 1,653 9,029 5,261 19.377 15,943 CREDITORS.. Amounts falling due within one year NET CURRENT ASSETS 19.377 15,943 NET ASSETS 233.415 217,771 FUNDS Endowment Unrestricted 214.037 19,377 201,828 15,493 233,415 217.771 Approved by the Trustees on ....... and signed on their behalf by V.E. Rigby - TRUSTEE D. Kershaw TRUST 29
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS THE CITY CHARITY OF JOHN COCKESONNE (Part 2 ofthe Scheme of 18 September 20061 NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 Mah 2024 FIXED ASSET INVESTMENTS 2024 2023 Market value 1 April 2023 201,828 207,080 Investment gains I Ilossesl 12,210 15,2521 Market value 31 March 2024 214,038 201,828 Investments at marf(el value comprise". Quoted Investments Charishare Common Investment Fund COIF Charities Investment Fund 111,856 102,182 214,038 DEBTORS 2024 2023 Accrued income 5,261 5,261 Debtors falling due within one year 5,261 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current assets Investments Totsl Endowment fund Unrestricted fund 214,038 214,038 19,377 19,377 214,038 19,377 233,415 30
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS LANE EDUCATIONAL FOUNDATION (Part 3 ofthe Scheme of 18 September 20061 STATEMENT OF FINANCIAL ACTIVITIES forthe year ended 31 March 2024 Unrestricted Endowment funds nds Total 2024 2023 Income Investment income 2,256 2,256 3,173 Totsl income 2.256 2,256 3,173 Expenditure Charitable activities.. Grants.. Educational purposes: Coventry School Foundation - Coventry School Opportunty 750 750 750 2,000 Total expenditure 750 750 2,750 Gains I Ilossesl on investments 1,916 1,916 (7051 Net incomellexpendlturel 1,506 1,916 3,422 {2821 Fund balances brought forward at 1 April 2023 3,747 65,549 69.296 69,578 Fund balances carried fonyard at 31 Mah 2024 5,253 67,465 72.718 69,296 31
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS LANE EDUCATIONAL FOUNDATION (Part 3 ofthe Scheme of 18 September 20061 BALANCE SHEET 31 March 2024 31 March 2024 31 March 2023 Notes FIXED ASSET INVESTMENTS 67,465 65,$49 CURRENT ASSETS Cash al Lloyds Bank plc Oebtors 5,253 574 3,173 5,253 3,747 CREDITORS.. Amounts falling due within one year NET CURRENT ASSETS 5,253 3,747 NET ASSETS 72,718 69.296 FUNDS Endowment Unrestricted 67,465 5.253 65,549 3,747 72,718 69,296 Approved by the Trustses on ......... and signed on their behalf by .(2,5 V.E. Rigby TRUSTEE D. Kershaw - TRUSTEE 32
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS LANE EDUCATIONAL FOUNDATION (Part 3 of the Scheme of 18 September 20061 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 FIXED ASSET INVESTMENTS 2024 2023 Charishare Common Investment Fund Market value l April 2023 65,549 66,255 Investrnent gains I Ilossesl 1,916 17061 Market value 31 March 2024 67,465 85.549 DEBTORS 2024 Accrued income 3,173 3.173 Debtors falling due within one year 3,173 ANALYSIS OF NET ASSETS BETWEEN FUNDS Nel current assets Investments Totsl Endowmentfunds Unrestricted funds 67,465 67,465 5,253 5,253 67,465 5,253 72,718 33