COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Regulator of Social Housing registration number.. A0581 Charity registration number 228486
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS INDEX TO THE FINANCIAL STATEMENTS forthe year gndgd 31 March 2025 Registered Social HousirrtJ Provider Information Trustees, Report Report of the Auditors Statement of Comprehenswe Income 10 Balance Sheet Statement of Changes In Reserves 12 Statement of Cash Flows 13 Notes to the Financial Slalements 14-27 The Cty Charity of John Cockesonne Statement of Financial AetivitÈs 28 Balance Sheet 29 Notes to the Financial Slalements 30 Lane Educational Foundation Statement of Financial Activities 31 Balance Sheet Notes to the Financial Slalemenls 33
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS REGISTERED SOCIAL HOUSING PROVIDER INFORMATION REGISTERED NUM8ERS: Charity Commissioners 228486 Regulator of Social Housing - Homes England A0581 TRUSTEES: Two appointed by the Council ofthe City of Coventy Pursuant lo Clause 27 Mr J Clifford Mr D Kershaw CBE One appointed by the Trustees of Bond's Hospital Estate Charity Pursuant lo Clause 27 MsSCForte Seven Co-oplalwe Trustees pursuant lo Clause 28 Mrs V E Rigby Ichairl Mr M Harban (Vice Chairl Idled W July 20241 Dr R M Spokes MrRBKDyollDL Mr N Williams Mrs E Cook lappointett 6th June 20241 Dr W Walson lappoinled 6th June 20241 Mr M Trevelyan lappoinle¢J 5th June 20251 Honorary Trustees Mrv W Keene M8E (from 61n June 2024) CHIEF EXECUTIVE AND CLERK: Mr M F H Vvhite MRICS FAAV REGISTERED OFFICE: Bond's Hospital Hill Street Coventry CVI 4AX AUDITORS: Dafferns Audit Limited Chartefed Accountants One Eastwood Harry Weston Road Binley Business Park Coventry CV3 2UB SOLICITORS: Rolherham & Co Limited 8 - 9 The Quadrant Coventry CV12EG BANKERS: Lloyds Bank plc 30 High Street Coventry CV1 5RE
COVENTRY CHURCH (MUNICIPALI CHARITIES AND OTHERS TRUSTEES. REPORT for the year ended 31 March 2025 The board of Coventry Church Imunicipall Charities present their report and the audited Financial Statements for the year ended 31 March 2025. CONSTITUTION Consliluled under a Scheme made by the Charity Commissioners dated 18th September 2006. The Coventry Church (Municipall Charities consi51s of.. Bond's and Ford's Hospital City Charty 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 Co¢kesonne and Lane Education81 Foundation Charities a 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 Chanties in the City of Coventry. It is conslituled as an unincorporated asso¢iabon being governed by a Scheme of the Charity Commissioners dated 18th September 2006. The administration of the Charity is vested in seven co-opted Trustees, three Trustees nominated by the City of Coventry and two represenlalive Trustees from Bond's Hospital Estate Charity The co-opted Trustees are chosen by the existing Trustees being people considered lo have a particular interest in the work of the Charity or knowledge or experience likely lo assist in its proper administration. No Trustee reiVeS any remuneration. On appointment, new Trustees receive sufficient background information to enable them lo understand the financial position of the Charity and ils current work in hand Thereafter new Tnjslees are given an inspection of the Almshouses and 8n opportunity lo meet 51aff and, where possib, lo become increasingly involved in the management and social activities of the Almshouse5. The current CEO and Clerk is a member of the Royal Inslilulion of Chartered Surveyors and is able lo advise the Trustees on a number of propety related issues. The Charity also has a long-standing arrangement with Rotherham & Co Limited, a local fimi of solicitors who have acted for the Charity for several decades. Vvhen 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 meetings, decisions are primarily tsken by the Chairman with routine decisions concerning building maintenance, etc., and the running of the Almshouses being delegated lo the CEO. Objectlves and actlvltles The primary objective of Coventry Church (Municipall Charities is the provision of housing accommodation for F)oor persons of good ch8r8cler, resident al the lime of their appointment in the City of Coventry. The Trustees aim to provide residents with a secure and well-maintained home, in a happy environment. for as long as possible. The Trustees believe that in order to achieve this aim. residents will increasingly require, as they gel older, a greater level of support and assistsnce, and in order lo provide this. il is necessary for the Charity to engage additional Scherne Manager5 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 founder5 and benefactors of the Charity. th regard lo the City Charity ol John Cockesonne. the object of the Charity is the relief of persons resident in the City of Coventy who are in need, harolship or distress. This may be provided by the granting of mney or the provisions of goods, services or facilits"es, either directly lo those persons Of bodies who provide such facilities for those in need.
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT lor the year ended 31 March 2025 Objectives and activities Icontinuedl The Lane Educational Foundation, slates 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 objectives, 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 sel out above. The Trustees believe that they should look lo try and increase the grants awarded for those individuals or organisalions, who qualify for Relief of Need. In general. the Trustees eonsider that making grants to local partners and organisation5, Is an effective means of delwering aid more widely aeross the community. In eXpIlon3l c1rcumstsn$, grants are made to Individuals, where the application is endorsed by a sponsonng body. Achievements and perfomiance At the start of the financial year the Charity was experiencing high levels of occupancy in ils flats and there were very few voids From November 2024 through lo the financial year end this changed dramatically in a very short period of time. Within those few months we had a number of residents sadly pass away and an equal number move out due to not being able lo live independently This resulted In a reduction of weekly maintenance contributions and an increase in voids which resulted in a loss of ncoMe from £16.758 in 2024 10 £39.843 in 2025. This Coupled with the need lo refurbish flats resulted in an increase in the cyclical maintenance costs and a reduction in the projected surplus. This situation has continued into the new financi81 year and whilst the Charity have filled 15 flats there are still severa5 unoccupied and wailing lor refurbishment. The Charity had a healthy wailing list for those who mel the criteria to become a beneficiary but that has become depleted and further advertising will now lake place. Due lo the construction of Bond's Lodge and the purchase of Penny Black House the Charity has a loans with The Charity Bank lolalling £4, 194,293 of which 67¢/o 15 at a variable rate and 33% on a fixed rale of interest for a further two years At the start of the year the variable rale was charged at 70A interest and with the Bank of England base rate reductions to 6.50/0 in March 2025. Further rate reductions are anlicipaled and this will help reduce the cost of borrowing. In December 2024 the Charity received the sum of £362,715 from Bond's Hospital Estate Charity which was an increase of £25,000 from the previous year. This sum represents the annual surplus income derived from the investments held by the Estste Charity and the Trustees of Coventry Church (Municipall Charity are most grateful lo the Feoffees for their hard work and diligence throughout the year which enabled the distribution lo be made lo this Charity. That income is not spent on day to day expenditure items and the Trustees are in agreement that this distribution be Spent on capital projects andlor a reduction in The Charity Bank loans. This year the money was spent on the purchase of iwo properties on Hill Street and the mainder invested within the CCLA. Last year we reported that we were in discussions with an agent who was selling the freehold of Nvo commercial propertie5 in Hill Street namely 3840 and 42-44 We are pleased lo report that we were successful in our bid and completed on both of those properties simultaneously on the 9lh January 2025. 11 has been an aspiration of the Trustees to be able lo offer accommodation lo the younger generation who struggle with the private rental sector. The proposal is lo obtain planning permission lo convert these properties back lo four terraced cottages which would then be offered as Almshouses al a sociallaffordable rent. Al the time of writing a planning application has been submitted and the decision is currently awaited from the Conservation Officer and Coventry City Council planning department. If consent is granted the Charity will apply to Homes England for a grant and hope to commence Conversion work in 2026.
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT forthe year end¢d 31 March 2025 Achievements and performance Icontinuedl The Charity have also looked into increasing their Almshouse numbers by offering a property that wa5 previously let on an Assured Shorthold Tenancy lo a family that were in great need and met oijr criteria as sel out in our Charitable Objects. This was completed in November last year and hence our numbers have increased from 118 10 119 properties. The Trustees agreed al their March 2025 meeting lo do the same with another propety that had become vacant in Hi15 Street. During the year the Charity employed a full lime Handyman in addition lo the part lime position that already existed. 11 was found that the day-lo-day maintenance and general tasks could not be completed in 20 hours per week. This arrangement has worked well and is greatly appreciated by the residents. The Charity currenuy have a Senior Scheme Manager. three full lime and one part lime Scheme Managers which also ensures that the well being of our residents are well catered for and there is sufficient cover for staff illnesses and holidays. The new Tunslall careline system became 0rational in June 2024 and this digital system is a vast improvement over the old system which had been installed for over 20 years. This has been most welcome by the staff and residents in equal measures. The conversion to the Charitable Incorporated Organisalion is still a major issue and has not been completed. Delays from the Charity Commission and the Land Registry have been the major stumbling blocks for this to be completed. Complications with Section 105 Orders. land not being registered and land held under different ownership have not helped and this matter is still Consided extremely urgent by the Trustees lo be completed as soon as possible. The "Relief of Need" provisions of the Charity's scheme continued lo play an important part of the Trustees work and grants lotalling £13.173 were made during the year. The Trustees look the decision to review ils budget, and the main fund provided with a lolal of £15,000. The Trustees are able to spend the income derived from the investments held by the John Cockesonne Charity and the Lane Educational Foundation. Regulatory Metri¢s RSH Value for Money Metrlcs IVFMI 2024 12025 2023 12024 VFM Sector Metrics Benchmark 4.40 0.3Q 0.09, 34.10 Reinvestment O/. New Su Social Housin Units New Su Non-social Housin Gearin EBITDA MRI Interest Cover. Social Housin Cost er Unil£ efatin Mar Social Housin eratin Mar Over811 Return on Ca itsl Em 2.4Qlo 08¥. 0.00 26.3¥0 0.0% OOYO 0.00 26.7VD 262.3¥0 £6,859 19.9¥0 489/0 35¥0 £7.651 £5,768 47.7, 3.5% 15.3Q 23% ROCE Source of benchmerk." R8gu18tor of Sousl Housing- Value for money mefvcs 8nd rnptrrting- Fin8nc181 y88r Èo Math 2Q24. issued March 2025. 5ub-sectormetrics Irom the sm811est Category ofwivthrs. being those wrth < 2.500 s{Jprted tsnjts Relnvestment % The reinvestment metric looks al the investment in the Charity's properties as a percentage of the total book value of the properties held. The Charity spends significant resources maintaining the standard of its properties as can be seen in note 3, however, this metric considers resources spent on the acquisition or development of new properties. or the enhancement of existing properties. The reinvestment in the current year is reflective of the acquisition of 3840 and 42-44 Hill Street. New supply (social housing unitsl°A 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 benchrnark 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 residen15. The small increase seen in 2025 is due to a propety transferring from an ASsud Shorthold Tenancy to an Alrnshouse. as reported above.
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS TRUSTEES. REPORT forthe yearended 31 March 2025 Regulatory metrics Icontinuedl New supply (non-social housing units) ° 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, last year in January 2024, the Charity secured the purchase of Penny Black House. This property continues lo be leased lo CovRenlal Ltd who sublet the propety as students, letlings. This propety is reflected in the financial statements as an investment propety, bul the Charity will be looking lo convert the premises in the future. 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 metric highlights that the Charity falls below the sector average and has continued lo f811 on the prior year as the Chanty has mel all scheduled repayments on ils 108n arrangements in line with the terms of the agreements EBITDA MRI interest covei ' 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 gear1ng ratio, the Charity Is exceeding the sector average, bul the level of cover has worsened against the previous year. The level of 0 cover has declined despite rale drops In the Bank of England base rate, due lo the additional £900,000 loan taken out part way through last year lo help fund the purchase of the Penny Black House. 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 cost per managed unit has further increased. primarily due to the higher costs of property maintenance as reported above. Operatlng margln Isoclal houslngl % The operating margin represents the operating surplus from social housing lettings divided by the turnover from social housing lellings. This metric has slightly worsened against the previous year. but remains reasonably consistent with the sector average, and is reflective of the point referred lo in the metric above coupled with the increased level of voids In 2025. Oper•ting margin (overall) 'A The overall operating margin represents the overall operating surplus of the Charity divided by the lolal turnover of the Charity. As the Charity does not own or manage any non-social housing uni15, the turnover In calculats'ng this metric is consislenl with the above. However, the overall operating surplus IncSudes non- housing activity income which typically includes high levels of donation Income lrnost principally) from Bond's Hospital Eslale Charity. As above, donation income received from the Estate Charity totalled £362,715 compared lo £337.386 in the previous year. Retum on capital employed O rhe ROCE compares the operating surplus to total assets. le$5 the current liabilities of the Charity, and Is a common measure used in assessing efficient investment of capital resources. The Chanty 15 operating above the sector average and has remained steady across the last two financial years. Financial review The Charity rnaintains an Extraordinary Repair Fund which is held for more major, unexpected or long-lerm item5 of repair or improvement The Charity Is 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 2026 when finances permit. The Tru51ees believe by operating its Extraordinary Repair Fund they ensure the Charity'5 properties are well maintained, and improvements can continue on an annual basi5. Investment policy The Charity currently hold circa £110,000 in funds managed by the CCLA together with the CCLA. COIF Dep051t Fund. Reserves policy In recent year5, the free reserves of the Charity have fluclualed but generally have been running al a very low level and the Trustees will look lo re-build these funds in the forthcoming years. The free reserves as al 31 March 2025 were £284.68512024. £46,227).
COVENTRY CHURCH (MUNICIPALI CHARITIES AND OTHERS TRUSTEES. REPORT forthe year ended 31 March 2025 Plans for future periods The CEO has prepared a list of major expenditure items, and these have been considered by the Trustees and funds allocated and works prioritised 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 detailed plans for its conversion or rebuild within the next 3-5 year5 Assessment of compliance with the governance and financial vlabillty standard The Charity has complied with the Governance and financial viability code of practice and have adopted the Almshouse Association code ol governance The Charity continues lo review its eonlocls with the utility providers on a regular basis and will continue lo pay as many accounts as possible by Direct Debit. thereby benefitting from the discounts available. On major conlracls. quolalions are sought lo ensure competibve rates for Works are achieved. With 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 buiklings are beller insulated than others an 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 Ihefmostalic valves lo radiators and is in the process of changing a number ol the lights to LED and also lo pul some of the corridor lights on timers and motion activated sensors. All of these measures are aimed al reducing energy consumption and thereby reducing the day lo day running costs WheVer possible. The Trustees strive to ensure that the propertles are well maintained but not in a frivolous manner and the CEO meets weekly with the Chairman and with the Scheme Nnanagers lo ensure the smooth running of the Almshouses. Going concern The Trustees have considered the funding requirements of the Charity, and although cashflow will be light as described above. the Trustees believe that the resources available to them are sufficient for the continuing activities of the Charity for at least 12 months from the dale of this report. As a result of this assessment, the going concern assumpb'on continues lo be adopted in the preparation of these financial slatemenls.
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES. REPORT for the year ended 31 March 2025 Trustees, responsibllities in relation to the financial statements Law applicable Charities in England and Wales, requires the Trustees lo prepare financial slalements for each financial year, which give a true and fair view of the Charity's financial activities during the year and of ils financial position at the end of the year. In prepanng financial statements giving a true and fair view, the Trustees folSow best practice and.. select suitable accounting policies and apply them consistently., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards and slalemenls of recommended practice have been followed. subject to any departures disclosed and explained in the financial slalements.. Prepare the financial slalements on the going Concern basis, unless it is inappropriate lo 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 financial position of the Charity and which enable them lo ensure that the financial slalemenls, comply with applicable law and the trust deed. They are responsible for safeguarding the assets of the Chanty 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.. 4UI September 2025
COVENTRY CHURCH IMUNICIPALI CHARrriES AND OTHERS REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS OplnSon We have audited the financial statements of Coventry Church (Municipall Charities for the year ended 31 March 2025, which comprise the Statement of Financial Aclivilies. the Balance Sheet and notes lo the financial statements, including a summary ol significant accounting policies. The financial porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) In our opinion the financial slalemenls.. give a true and fair view of the slate of the chanty's affairs as al 31 March 2025 and of its incoming resources and application of resources, for the year then ended.. have been properfy prepared in a¢cgrdan¢e with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direth'on for private registered providers of Social housing in England 2022. Basls for oplnlon We conducted our audit in accordance with Inlern81ional Standard5 on Auditing IUKI (ISA5 IUKII and applicable law Our responsibilities under those standards are further described in the Auditor'5 respon5ibililies for the audit of the financial statements section of our pOrt. We are Independent of the charity In aecordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eVIdee we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons rolatlng to golng Concern In auditing the finanaal stalemenls, we have concluded that the board's use of the going concern basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relab'ng to events or conditions that. individually or collectively, may cast significant doubl on the a5socialion's ability lo continue as going concem for a period of al least twelve months from when the finaneial ststemenls are aulhorised for issue. Our responsibilities and the Spc)n$bl1l1ieS of the board with SpeCt lo going concern are described in the relevant sections of this report. Other infomiation The Other information comprises the informats'on induded in the trustees, annual report, other than the financial slaternenls and our auditor's report thereon Our opinion on the financial statements dges not Ver the other information and, except lo the exlenl otherwise explicitly staled in our report, we do nol express any forrn of assurance conclusion Ihereon. Our $nSIbility is to read the other information and, in doing so. consider whether the other infomiation is malenally inconsislenl with the financial stalemenls, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether thore is a material misslalement in the financial sialemenls or a material misstalemenl of the other information. If, based on the work we have performed. we conclude that there is a material rnisstatement DI this other information, we are required lo report that fact. We have nothing to report in this regard. Mattars on which wè ar& rèquired to report by exception We have nothing lo report in respect ol the following matters in latiOn lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if. in our opinion". the information given in the financial slalements Is incon&slenl In any material SpeCt wth the Iruslees. report.. or sufficient accounting records have not been kept", or the financial slalemenls are not In agreement with the aecounling records., or we have not ceIVed all the information and explanations we require for our audit.
COVENTRY CHURCH (MUNICIPALI 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 lo report lo you il. in our opinion.. a satisfactory system of control over Iransa¢tions has not been maintained. Responslbllltles of Trustees As explainecl more fully In the Tiuslees, responsibilities slalemenl sel out on page 7, the Trustees are responsible for the preparation of financial slalemenls and for being satisfied that they give a true and fair view, and for such internal Gonlrol as the board determine is necessary lo enable the pparatIOn of financial stslemenls that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible for 8ssessing the charity's ability lo continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the Truslees either intend to liquidate the charity or lo eease operations, or have no realistic alternative but to do so. Audltor's re$pon$lbilities for the audit of the financial statements Our objectives are lo obtain reasonable assLJrance about whether the financial statements as a whole are free from material misslalemenl. whether due lo fraud or grror, and to issue an auditor's report that includes our opinion Reasonable assurance is a high level ol assurance. bul is not a guarantee that an audit conducted in a¢¢ordance with ISAS IUKI will always detect a material misstatement when it exists Misstatements can arise from fraud or error and are considered material il. individually Dr in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. 1rglarItIeS. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatemen15 in respect of irregularities, including fraud The specific procedures for this engagement and the extent lo which these are capable of detethng irregularities. including fraud is detailed below.. Enquiry of management, and those charged with govemance around actual and potential liligab.on and claim5', Enquiry of entity stsff in compliance functions to Identify any instances of non-compliance wth laws aTr# regulations". Reviewing minutes of meetings of those charged with goveman¢e', Reviewing financial slalement disclosures and testing to supporting documentation lo assess compliance with applicaole laws and regLJlalions'. Performing audit WDrf( over the risk of management override of controls, including testing of journal entries and other adjuslmenls for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewng accounting estimates lor bias. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities. includbng those Seading to a material misslalement in the financial statements or non-cornpliance with regulation. This risk increases the more that compliance with a law or regulalioll is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely lo become aware ol Instances of non-compliance The risk is also greater regarding irregularities Dccumng due lo fraud rather than error, as fraud Involves Intentional concealment. forgery, colluson, omission or misrepresenlalion. A Further descripb'on of our re5ponsibililies for the audit of the finantial slalemenls is located on the Financial Reporting Council's website al www.frc.or .uklaudilorsres nsibililies. This descnplion foms part of our audilorfs report. Use of our report This report is made solely lo the charity's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions wo have formed. Dafferns Audit Limited Chartered A¢couniants Slalulory Auditors One Eas00d Harry Weston Road 8inley Business Park Coventry CV3 2UB Dated." 4th September 2025
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNTI for the year ended 31 March 2025 2025 2024 Notes TURNOVER 1,271,312 1,219,131 C05t of Sale5 1910,5071 1809,3611 Gross Surp5us Administrative expenditure Other operating income 360,805 409.770 1219,2141 1219.8671 465.269 405,734 0ratIng Surplus Income from fixed asset investments 606.860 595,637 Interest re1vable and similar income 4,407 21,914 {259,1561 1235,4591 Interest payable and similar expenses {Losses} I gains on fair value movement of investments 14 11,9191 12,573 Surplus for the year bging Comprghgnsivg Incomg for the year 24 350,192 394,665 There Is no dIfferer treeen the reported Surplus for the year and historical cost surpluses or deficits. The resuts relate wholly lo continuing activities. The financial statements were aulhorised and approved by the Board of Trustees on 41h September 2025. On behalf of the Trustees V E Rigby TRUSTEE D. Kershaw TRUSTEE The notes on pages 14 10 27 form part of these financial statements 10
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES BALANCE SHEET 31 March 2025 2025 2024 Notes FIXED ASSETS Housing properties at valuation Other fixed assets Investment propety Investments 16,053,472 20,000 1,309,645 108,970 15,663,994 20,000 1,309,645 110,889 12 13 14 17,492,087 17,104,528 CURRENT ASSETS Debtors- falling due within one year Debtors- falling due after rnore than one year Cash al bank 16 16 58,227 34,475 48,285 61,064 36,347 204,416 140,987 301,827 CREDITORS.. Amoun15 falling due within one year 1250,8921 1247,0501 NET CURRENT ASSETS 1109,9051 54,777 CREDITORS: Amounts falling due after more than one year 18 15.716,3501 15.843,6651 TOTAL NET ASSETS 11,665,832 11,315,640 RESERVES Reslricled Revaluab"on reserve Endowment Fund Unreslricled Designated reserves Revenue reserve 23 23 3,000,000 4,650.348 3,000,000 4.650,348 22 24 3,730,799 284,685 3,619,065 46,227 TOTAL RESERVES 11,665,832 11,315.640 The financial statements We aulhorised and approved by the Board of Trustees on 4th September 2025. On behalf of the Trustees V.E. Rigby TRUSTEE (J D. Ker haw TRUSTEE The notes o s 14 10 27 fomi part of these financial statements 11
COVENTRY CHURCH (MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES STATEMENT OF CHANGES IN RESERVES For the year ended 31 March 2025 Reslricled Revaluation Endowment Designated Revenue Reserve Reserve Fun Reserve Reserve Totsl At 1 April 2023 3,000,000 4,650.348 2,797,674 472,953 10,920,975 Surplus for the year (Total comprehensive income) At 31 March 2024 821,391 1426,7261 394,665 3,000.000 4.650,348 3,619,065 46,227 11,315,640 Surplus for the year (Total comprehenswe income) Al 31 March 2025 111,734 238,458 350,192 3,000.000 4,650,348 3,730,799 284,685 11,665.832 The notes on pages 14 10 27 form part of these financial statements 12
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORO'S ALMSHOUSES STATEMENT OF CASHFLOWS for the year ended 31 March 2025 2025 2024 Note Cash flow from operating activitles 28 602,698 598,825 Cash flow from investing actlvitles Payments to acquire fixed assets Payments to acquire Investment property Interest received 1389,4781 {1,309.6451 21,914 4,407 Net Cash flow from investing activities 1385,0711 11,287,731) Cash flow from financing activities New loan obtained Repayment of long-lemi bans Interest paid 900,000 1114.6021 1400,0241 1259,1561 1235,4591 Net Cash flow from financing activities 1373.7581 264.517 Net Increase In cash and cash equlvalents 11 ,131) 1424,389} Cash and cash equivalents at 1 April 2024 204,416 628,805 Cash and ca$h equivalents at 31 March 2025 48,285 204,416 Cash and cash equlvalents conslst of: Cash al bank and in hand 48,285 204.416 Cash and cash equlvalents at 31 March 2025 48,285 204,416 The notes on pages 14 10 27 form part of these financial statements 13
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S ANO FORO'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The charity is registered under the Charits'es Act and is a Registered Social Housing Provider IRSHPI. General information and basis of preparation Coventry Church Imunicipall 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 informatr'on on Page 1 of these financial slalements. The nature of the RSHP'S operations and principle aclivilies, 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 conslitules 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 Statement of Recommended Practice for Social Housing Provider5 120181 and with the Accounting Direction for private registered 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, mo(Jified to include certain items al fair value. The Charity has not followed component accounting as required by the Statement ol 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 components such as kitchens and bathrooms, will continue lo be treated as repairs, rather than capital disposals and additions. The City Charity of John Cockesonne and Lane Educational Foundation have not been incorporated in the financial statements on pages 10 10 13. Instead their accounts are attached on pages 28 10 33 and are prepared using the Statement of Recommended Pracbce "Accounting and Reporting by Charities. IFRS1021 The significant accounting policies applied in the preparation of the financial statements, are sel out below. These policies have been consistently applied to 811 years presented unless otherwise stsled. The financial sl8tementS 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 value of the consideration. received or receivable nel of VAT and trade discounts. The policies 8dopled for the recognition of turnover are as follows.. Turnover represents rental and service charges income receivable in the year. net of nt and service charge losses from voids," donations and room hire. Donations CeiVable 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 15 recognised as the RSHP'S right lo receive payment is established. Govemrnent grants Grants received In resped of housing properties are recognised a5 a liability and arnortised over the useful life of the asset. This amortisation Is recognised within turnover. 14
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for tho year ended 31 March 2025 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Flxed assets and depreclation Houslng propertie$ Cost or deemed ¢osl, includes costs directly attributable to 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 capitalised, when Il results in incmental future benefits. such as increasing rentsl income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property. The long-lem leasehold properties namely Bond's Court and Bond's Lodge Amshouses are included at deemed cost. The freehold property being the extension to Bond's Hospital. together with the refurbishment of the original flats, are Included al the cost of development lo date. The Board has not accounted for depreciation on ils housing properties, because the depreciation charge and accumulated depreciation are immaterial and there is a policy and practice of regular maintenance and repair of the property. The Bond's and Ford's Hospital Almshouses, are listed as being of historic and architectural importance and are considered by the Trustees to be part of the histortc heritage of the Charity. Accordingly, these are not included in the balan sheet. Other fixed assets Freehold land is not depreciated and is included at deerned cost. Investment properties Investment properties are cognISed initially al cost, plus directly attributable expenditure incurred. Subsequently. they are measured al fair value through the Sialement of Comprehensive Income. Properties rented out lo residents in the provision of supported hou51ng accommodation are not held as investment properties. Investment$ Investments are recognised initially al fair value, which is nomially transaction price excluding transaction costs. Subsequently, they are measured al fair value through the Slalement of Comprehensive Income. Investments held for the long-terrn, are included in fixed assets. Investments, held as part of short- term treasury management, are included in current assets. FinaD¢io1 Instruments Basic financial inslrumenis in debtors and creditors wilh no slated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment a cognised in the Statement of Comprehensive Income in adminislralive expenses. Other financial assets and liabilities, Such as loans, are measured initially al fair value, net of transaction costs. and are measured subsequently al amortised wsl using the effective interest method. Impaimient Assets not measured at fair value, are reviewed for any indication that the asset may be Impaired al each balance sheet date. If such indication exists, the recoverable arnounl is estimated and compared to the carrying amount. Vthere the carrying amount exceeds its recoverable amount, an impairment loss is recognised in expenditure through the Stslemenl of Comprehensive Income.
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe yearended 31 March 2025 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Icontinuedl Re5tri¢ted l Endowment Reserves Restricted l Endowment Teserves are those reserves. which are only expendable in accordance with the wishes of the funder or regulatory body Restricted reserves. include funds raised in response to a specific appeal. Endowment fund5 represent those assets, which must be held permanently, principally land adj8cent lo Bonds H05Pital, Coventry Revenue and expenditure cannot be directly set against Reslricled l Endowment reserves but is taken through the Statement of Comprehensive Income and then a transfer to Restricted l Endowment reserves Is made as appropriate. Designated Reserves Designated reserves are part of unreslricled reserves, which have been earmarf(ed by the Board, for a particular purpose. Such designations may be reversed by future Board decisions. Expenditure cannot be directly set against Designated reserves bul 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 set out in note 22. Works to Existing Housing Propertles Expenditure on housing properties, which results in an enhancement of economic benefits of the asset, such as an increase in the nel rental Starn 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, to ensure that the propety can maintain Ils existing level of nel rental income or the standard of perFormance anlicipaled, 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 it was incurred. Pensions When employees have rendered service to the RSHP, short-term employee benefits, lo which the employees are entitled, are recognised al the undiscounled amount expected lo be paid in exchange for that service 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 contributions into an Independently administered fund and has no further obligations once those contributions have been paid. Contributions lo the scheme are restncted lo the contributions disclosed in note 26. There were no outstanding contributions at the year end. Judgements and key sources of estimation uncertainty In the application of the Charity's accounting policies, the Trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilities, that are not readily apparent from other sources. The eslimales and associated assumptions are based on hislofical experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales, are recognised in the period in which the estimate is revised, Whe the revision affects only that period., or in the period of revision and future periods where both are affected. 16
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S ANO FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2025 TURNOVER. OPERATING COSTS AND OPERATING SURPLUS 2025 eralin Costs Cost of Sales note 3 Admin Costs Turnover eralin lusl deficit sur Social Housing lettings.. Contributions.. 119 supported housing units 855,996 Service charges 334,620 Light and heal contributions 120.539 Less. voids 139.8431 1.271,312 910,507 164.609 196,196 Non-Housing acbvities.. Donations - Bond's Hospital Eslale Charity 362,715 Other sundry donations 595 363,310 66,350 5,217 30,392 Rental income Room hire Other incorne 465,269 54,605 410,664 Total 1,736,581 910,507 219.214 606,860 2024 eotin costs Cost of Sales note 3 Admin Costs Turnover O eratin sur lusl deficit Social Housing lettings.. Contributions.. 118 supported housing units 791,469 Service charges 328,536 Light and heal contributions 115,884 Less.. voids 116,7581 1,219,131 809,361 167.098 242,672 Non-Housing activities. Donations Bond's Hospital Estate 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 17
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2025 2025 2024 OPERATING COSTS ALMSHOUSE COSTS Primary costs of lettings Management: Scheme managers, salaries. national insurance, and pensions Service charge costs". Rent Rates and water Insurance Light and heal Laundry, cleaners, and cleaning materials Telephone Gardener and garden expenses Other charyes.. Stsff training and expenses Sundry exFenses Central control and Careline IT facilities Planned Malntenance.. Cyclical maintenance Extraordinary repairs 151.224 133.127 13,350 31.204 26,817 200.169 46.688 29,626 57,308 10,435 21,142 17,487 213,886 47,240 23,625 40,242 1,332 33,107 14,376 6,694 485 44,427 14,547 8,294 201,257 97,355 161.498 72,926 OPERATING EXPENDITURE ON SOCIAL HOUSING LETTINGS 910 507 809 361 ADMINISTRATIVE EXPENSES Management: Chief Executive and administrative staff salaries, national insurance. and pen510ns Other charges: Legal and professional fees Computer and office expenses Bank charges Pension adminislralion 142,926 139,453 13,325 5,532 2.463 363 12.255 7.506 7,488 396 ADMINISTRATIVE EXPENDITURE ON SOCIAL HOUSING LETTINGS 164 609 167 098 NON-HOUSING ADMINISTRATIVE EXPENSES Governance cost$ Chief Executive Audit Accountan Subscriptions 28,527 4,500 4,740 3.665 28,011 4,350 4,830 2,425 41432 other expenditure: Grants (see note 61 13,173 13,1S3 TOTAL NON-HOUSING ADMINISTRATIVE EXPENSES 54 605 52 769 TOTAL OPERATING COSTS 1,129,721 1,029,228 Swial Housing expenditure relates solely to supported housing for older Feople. 18
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS 80ND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 Mar¢h 2025 INTEREST RECEIVA8LE AND SIMILAR INCOME 2025 20 Bank interest 4,407 21,914 4,407 21,914 INTEREST PAYABLE AND SIMILAR EXPENSES 2025 2024 Loan interest 259,156 235,459 259,156 235,459 GRANTS 2025 2024 Grants to institutions Tiny Tim5 Coventry City Mission Happy Days TLC Foundation Coventry Children's Bool Fund Enterprise Club for the Disabled Myton Hospice The Lifeboat Fund Teams4U Children's Choir National Association of Almshouses Coventry Cyrenians Coventry Haven Mercia MS Therapy Centre The Lighthouse Trust Revitslise 1,000 1,000 1,000 1,000 2,000 1,000 300 200 702 60 1,OCXJ 1,000 500 112 2,000 1,500 1,000 1,000 700 8,262 8,812 Resldents, Welfare 4,911 4,341 Tot81 13,173 13,153 ALLOCATION OF SUPPORT COSTS AND OVERHEADS 75U/o of the Chief Executive and Clerf<'s salary is allocated lo the manageThnt of the Amshouses and the MainIng 250h is allocated lo G0Veman of the Charity. 19
COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS 80ND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 AUDITORS REMUNERATION 202 2024 Fees payable (exclusive of VATI to the auditor in relation to the period of account for the audit of the annual accounts 4.500 4,350 Fees payable (exclusive of VATI lo the auditor for other services In relation lo the period of account. 6,365 7.405 STAFF COSTS 2025 24 Wages and salaries Social security costs Pension costs 329,430 27,C68 8,003 292.302 23,413 8,552 364,501 324,267 The average number of ernployees during the year, expressed in fvjll time equivalents, was.. Chief ExecutNe Senior scheme manager Scheme managers Administrators Other staff 10 The number of employees eaming over £60,000 per year (including benefits) was as follows". 2025 No. 2024 No. £90,001- £100,000 The Chief Execulwe is considered lo be Key Management Personnel of the Charity and is a normal member of the Charity's defined contribution pension scheme. Total compensation for Key Management including pension contributions and employer's national insurance emoluments was £114,10812024'. £112,046). Excluding pensions conlribulions, emoluments lolalled £111.14512024. £108,198) 10. TRUSTEES REMUNERATION AND EXPENSES As slated in the Trustees report. no Trustee reiVed any remuneration or reimbursement of expenses from the Charity during the year12024.' £nill 20
cOVErRy CHURCH {MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2025 11. FIXED ASSETS- HOUSING PROPERTIES Land situated In the City of Govenlry with the buildings Ihereon known as Ford's Hospital and the Evenlide Homes subject as to 1107 sq. yards, or thereabouts to a lease lo Evenlide Homes Ltd. for the term 0199 years, from 21 May 1969. al the yearly rent of one peppercorn created and reserved by lease dated 21 April 1970. Land with the buildings thereon known as Bond's Hospital. The buildings known as Bonds. and Fofds, Hospitals are Listed as being of historic and a hileclural importance. Because of the age and uniqueness of these buildings, reliable cost information is not available and conventional valuation approaches lack suff1cienl reliability. These assets are therefore not valued in the balance sheet. Bond's H05pilal Almshouse was built in 15C6 and restored in 1832 and provides 42 fla15 for accommodation by the elderfy 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's Hospital Fxovides accommodation for the elderly in 5 flats. Both Almshouses are of Covenlry's oldest buildings. Land and Buildings Long term Leasehold Pro erties Freehold Pro Totsl Cost or valuation 1 April 2024 Additions 11,033,646 4,630,348 15,663.994 389.478 389.478 Cost or valuation 31 March 2025 11.033.646 5,019.826 16.053.472 Net B(k Value 31 March 2024 11,033,646 4,630,348 15.663,994 Net Book Value 31 March 2025 11,033,646 5,019,826 16,053,472 The long-term leasehold properties are". i) £3,000,OaO land and buikdings known as 8ond's Court. The historical cost is £195.257. This Almshouse provides 26 flats for accommodation for the eldedy. ii1£8.033,646 land and buildings known as Bond's Lodge. Construelion was completed in 2020. This propety provides 45 flats for xcommodalion for the elderfy. The long-term leasehold propety called Bond's Court was revalued on 16 May 2005 by Messrs. Godfrey-Paylon, Chartered Surveyors, on an open market basis and on transib.on lo FRS102 in 2015. was taken as the deerned cost The freehold propety includes the land adjacent to Bond's Hospital and costs of development to dale. Part of this site has been leased lo Midland Heart Limited, on a 125 year lease al a peppercom rent from 27 March 2001. 21
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2025 12. OTHER FIXED ASSETS Land situated in Coventry adjoining the side of Ford's Hospital, upon which fomierly stood the buildings known as 22, 23 and 1 In Court 5 Greyfriars Lane, Coventry. Land Freehold Land Deemed cost at 1 April 2024 and 31 March 2025 I1 on a ttppercorn rent to Evenlide Homes) 20,000 The land was revalued on 16 May 2005 by Messrs. Godfrey-Paylon. Chartered 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 at 1 April 2024 1,309.645 Market value at 31 March 2025 1,309,645 The property known as Penny Black House was acquired in January 2024 for £1,309,645. The purehase C051 is conSided reflective of the fair value of the propety at 31 March 2025 14. INVESTMENTS Quoted Investments Market value al 1 April 2024 110.889 Investment gains I Ilossesl {1.919} Market value al 31 March 2025 108,970 InvestnEnts al market value comprise.. 202 2024 COIF Charities Investment Fund COIF Charities Ethical Investment Fund 54,426 54.544 55.529 55,360 108,970 110.889 22
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2025 15. ACCOMMODATION OWNED AND IN MANAGEMENT 2025 2024 No. flats No. flats Social Housing". Housing for older people- affordable rent Ford's Hospital Bond's Hospi121 Bond's Court Bond's Lodge Bond's Street 42 26 45 42 26 45 Total owned and managed 119 118 16. DEBTORS 2025 2024 Social housing rent arrears Prepayments and other debtors 37.361 55,341 30,281 67,130 92,702 97,411 Debtors falling due within one year Debtors falling due after more than one year 58,227 34,475 61,064 36.347 92,702 97,411 17. CREDITORS.. Amounts falling due wlhin one year 2025 2024 Royal Bank of Scoland Loan (capital only) Charity Bank Loans Icapilal only) Accruals and other creditors 1,051 124,470 125,371 947 111.861 134.242 250,892 247,050 18. CREOITORS.. Amounts falling due after more than one year Royal Bank of Scotland Loan (capital only) Charity Bank Loans (capital onlyl Deferred capital grant- Homes England 2025 2024 71,527 4,069.823 1,575.000 72,580 4,196,085 1,575,000 5,716,350 5,843,665 23
COVENTRY CHURCH {MUNICIPAL) CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the yearended 31 March 2025 19 LOANS An analysis of the maturity of loans Is given below.. 2025 2024 Amounts falling due within one year or on demand.. Royal Bank of Scotland Loan Charity Bank Loans 1,051 124,470 947 111,861 Amounts falling due beeen one and years.. Royal Bank of Scotland Loan Charity Bank Loans 1,167 131,335 1,051 118,448 Amounts falling due beNveen and five years.. Royal Bank of Scotland Loan Charty Bank Loans 4,332 438.755 3,902 398,628 Amounts falling due in more than five years.. Royal Bank of Scotland Loan Charity Bank Loans 66,028 3,499.733 67.627 3,679,009 4,266,871 4.381,473 The Royal Bank of Scotland loan is repaYae over a period of sixty years, from 1 November 1985, al a rate of £8,826 per annum, induding interest. This loan is secUd on the long-term leasehold propety, known as Bonds Court and the interest rale al 31 March 2025, was 10.75Vo. The aggregate secured liabilities al 31 March 2025. were £72,57812024'. £73,5271 One of the Charty Bank loans is repayable over a period of 24 years, from 12 July 2020. This loan is secured against the long-lerm leasehold propety, known as Bonds Lodge and the Interest rate al 31 March 2025, was 6.5Qkn on the variable part of the loan In March 2022. £1,500,000 of the loan was put on a fixed rate of 365¥0 for 5 years. The aggregate secured liabilities at 31 March 2025. we £3,319,56412024.' £3,412,751) A second loan with Charity Bank was taken out in December 2023, which is repayable over 8 period of 21 years, from 12 Dernber 2023. Th1s loan is Secured against the long-lerm leasehold propety. known as Bonds Lodge and the Interest rale 2131 March 2025, was 8.50/D. The aggregate secured liabilities at 31 March 2025, were £874,72912024. £895, 1951 20. DEFERRED GRANT INCOME 2025 2024 At 1 April 2024 1,575.000 1,575.000 At 31 March 2025 1,575,000 1.575.000 Amounts to be released within one year Amounts to be released in more than one year 1,575,000 1,575.000 1,575,000 1,575,000 24
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS forthe yearended 31 March 2025 21. LEASES Total future minimum lease payments receivable under non-cancellable operating leases are as follows.. 2025 2024 Not later than one year Later than one and not later than five years so,000 37,500 60,900 87,500 60,900 22. DESIGNATED RESERVES The income funds of the Charity, include the following designated reserves, whch have been set aside out of unrestricted funds by the Trustees for Specif purposes Penny Black Fund Bond'$ Lodge Fund Extraordinary Cyclical Repair Maintenance Fund Fund Total Balance at 1 April 2024 (Losses) I gains on inveslrnents Transfers in Expenditure 414,450 3,045,895 148,771 11,9191 97,535 197.5351 11,949 3,619.065 11,9191 201,257 412,445 1201,2571 1298,7921 20,466 93.187 Balan at 31 March 2025 434,916 3,139,082 144,852 11,949 3,730,799 Represented by". Fixed Assets Investments Debtors Creditors Cash 1,309,645 8.033,646 9,343,291 108.970 108,970 {874,7291 14.894,5641 15,769.2931 47,831 35,882 11,949 434,916 3,139,082 144,852 11.949 3,730.799 The Extraordinary Repair and Cyclical Maintenance Funds are maintained out of the income of the Charity, in accordance with Charity Commission schemes and the staled accounbng policy. Their purpose is lo avoid widely fluclualing expenditure on maintenance, improvement and extraordinary repairs from year lo year. Cyclical maintenance fund expenditure lolalled £201,25712024.' £161,498). Extraordinary repair fund expenditure totalled £97,53512024.' £72,926). The Penny Black and Bond's LCge Funds, have been established to reflect the amount of unreslncled funds, represented by fixed assets owned by the Charity, less deferred capital grants and bank loans, and as such, are nol'lree reseNes'. 25
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS BOND'S AND FORD'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 23. RESTRICTED RESERVES Revaluation Reserve Housing Pro erties Endowment Fund Totsl Balance al 1 April 2024 3,000,000 4,650,348 7,650,348 Balance at 31 March 2025 3,000,000 4,650.348 7,650,348 Represented by". Fixed Assets Investments Debtors Creditors Cash 3,000,000 4,650,348 7,650,348 3,000,000 4,650,348 7.650,348 The Revalualion Reserve Housing Properties Fund was estsblished to reflect the amount of reserves represented by the revaluation of fixed assets owned by the charity. 24. RESERVES Restricted Designated Unreslr¢ted Reserves Reserves Revenue note 23 Inole 221 Total Balan at 1 April 2024 Surplus for the year Transfers for the year 7,650,348 3.619.065 1300,7111 412,445 46.227 11,315,640 650,gQ3 350,192 1412,445} Balance al 37 March 2025 7,650,348 3,730,799 284,685 11,665,832 25. RELATED PARTY TrANSACTIONS One of the Trustees is also a Feoffee of Bonds HOstal Eslale Charity. The Feoffees make annual di51ributions lo the Charty. Total distributions in the 12 months to 31 March 2025, amounted to £362,715 12024 £337.3861 26. PENSIONS The RSHP operates a defined contribution pension plan for its employees. The amount recognised as an expense in the financial year, was £8.00212024. £8,552). 26
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS BOND'S AND FORO'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Mah 2025 27. OTHER COMMITMENTS The lotsl amount contracted to but not provided in these financial statements is £nil12024.' £97,356) 28. CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Surplus for the period 350,192 394.665 Interest payable Interest received Losses I Igainsl on investments Decrease in debtors IDecreasel l increase in other creditors 259,156 14,4D71 1,919 4,709 18.8711 235,459 121.9141 {12,5731 848 2.340 Net cash flow from operating activities 602,698 598,825 AnatysTg of changes in net debt 2024 Cashflows Non-cash 2025 Borrowings 4,381,473 1114,6021 4.266.871 Total liabili(ies 4,381,473 1114,6021 4,266,871 Cash at bank 1204,4161 156,131 148,2851 Total net debt 4.177,057 41.529 4.218.588 27
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS THE CITY CHARITY OF JOHN COCKESONNE (Part 2 of the Scheme of 18 September 2006) STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025 Unrestricted Endowment funds funds Tot31 2025 2024 Income Investment income Interest receivable 6.666 19 6.666 19 6.466 18 Total income 6,685 6,685 6,484 Expenditure Charitable activities. Distribution of cash lo certain Trustees lo be used for relief purposes 450 450 450 Grants: Relief in need: Mercia Therapy Centre Coventry Children's Boot Fund - Hope Coventry Good Neighbours - Underground Lghts Valley House Mylon Hospice The Light House Ichrislian Carel - Carers Trust. Heart of England Life Path Trust - Amionico Consort Feed the Hungry UK - Kairos V - Zoe's Place 1,000 500 1,000 1,CN)O 2,000 2,000 1,000 1.000 1.000 1.500 1.000 500 1.000 1.000 2.000 2.000 1,000 1.000 1.000 1,500 100 2.000 500 Totsl expenditure 12,450 12,450 3,050 (Losses} I gains on investments 12901 12901 12,210 Net lexpenditurel I Income 15,7651 12901 16,0551 15,644 Fund balances brought foThvard at 1 April 2024 19,377 214,038 233,415 217,771 Fund balances carried forward at 31 March 202S 13,612 213,748 227,360 233,415 28
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS THE CITY CHARITY OF JOHN COCKESONNE (Part 2 of the Scheme of 18 September 2006) BALANCE SHEET 31 March 2025 31 March 2025 31 March 2024 Notes FIXED ASSET INVESTMENTS 213,748 214,038 CURRENT ASSETS Cash al bank.. Business Instant Access Account Treasurers account 1,689 11,923 1,670 17,707 13,612 19.377 CREDITORS." Amounts falling due within one year NET CURRENT ASSETS 13,612 19,377 NET ASSETS 227,360 233,415 FUNDS Endowrnent Unrestricted 213,748 13.612 214,038 19,377 227,360 233,415 Aulhorised and approved by the Board of Trustees on 4th September 2025. On behalf of the Trustees V.E. Rigby TRUSTEE D. Kershaw TRUSTEE 29
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS THE CITY CHARITY OF JOHN COCKESONNE (Part 2 of the Scheme of 18 September 20061 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 FIXED ASSET INVESTMENTS 2025 2024 Market value 1 April 2024 214,038 201,828 Investment Ilossesl I gains 12901 12,210 Market value 31 March 2025 213,748 214,038 Investments at market value comprise". Quoted nvestmenls Charishare Common Investment Fund COIF Charities Investment Fund 116,327 97,421 213,748 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current assets Investmen Totsl Endowment fund Unrestricted fund 213,748 213,748 13,612 13,612 213,748 13,612 227.360 30
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS LANE EDUCATIONAL FOUNDATION IPart 3 of the Scheme of 18 September 2006) STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 202S Unrestricted Endowment funds funds Total 2025 2024 Income Investment income 2,345 2,345 2,256 Total income 2,345 2,345 2,256 Expenditure Charitable aclivilies.. Grants: Educational purposes.. Coventry School Foundation Shine a Light 1,000 1,000 1,000 1,000 750 Total expenditure 2,000 2,000 750 Gains on investments 2,697 2.697 1,916 Net income 345 2,697 3,042 3,422 Fund balances brought forward at 1 April 2024 5,253 67.465 72,718 69,296 Fund balances carried forward at 31 March 2025 5,598 70.162 75,760 72,718 31
COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS LANE EDUCATIONAL FOUNDATION (Part 3 of the Scheme of 18 Septernber 20061 BALANCE SHEET 31 March 2025 31 March 2025 31 March 2024 Notes FIXED ASSET INVESTMENTS 70,162 67,465 CURRENT ASSETS Cash 21 Lloyds Bank plc 5,598 5.253 5,598 5.253 CREDITORS. Arrounts falling due within one year NET CURRENT ASSETS 5,598 5,253 NET ASSETS 75,760 72,718 FUNDS Endowment Unreslncled 70,182 5,598 67,465 5,253 75,760 72,718 Aulhorised and approved by the Board of Trustees on 4th September 2025. On behalf of the Trustees V E Rigby TRUSTEE D. Kershaw TRUSTEE 32
COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS LANE EDUCATIONAL FOUNDATION (Part 3 ofthe Scheme of 18 September 20061 NOTES TO THE FINANCIAL STATEMENTS for the year gnded 31 March 2025 FIXED ASSET INVESTMENTS 2025 2024 Charishare Common Investment Fund Market value 1 April 2024 67,465 65.549 Investment gains 2.697 1,916 Market value 31 March 2025 70,162 67,465 ANALYSIS OF NET ASSETS BETWEEN FUNDS Nel current assets Investments Total Endowment funds Unrestricted funds 70,162 70,162 5,5g8 5.598 70,162 5.598 75,760 33