Chlrlty reglstratlon numbgr 229237
COVENTRY FREEMEN'S CHARITY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

COVENTRY FREEMEN'S CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
Trust•8S
Mr D Handlord
Mr D Mason
Mr J Parry
Mr M Rawson
Mr R Smrth
Mi G M Wilkinson
Mr D Bullman
Mr D C Mander
Mr P Rosier
Mr R Bansal
Mr J Wilkinson
Mr S J Rawson
Charity number
229237
Reglster¢d offleè
3hAc Middlemarch Business Park
Siskin Drive
CovÈntry
CV3 4FJ
Auditor
Dafferns LLP
Hsrry Weston Road
Binley Business Patk
Coventry
Llnmed Kingdom
CV3 2UB
8anker5
HSBC
55 Corporalon Strè8t
Coventry
CV1 IQJ
Solicito
Mander Hadley Lirniled
Solicilors
1 The Quadrant
Covèntry
West Midlands
Ullited KingdorTt
CV1 20W
Investment advlsorn
Quilter Ctteviol Ltd
Provincial House
37 New Walk
Lei￿ster
LE16TU
United Kingdom

COVENTRY FREEMEN'S CHARrrY
CONTENTS
Pjge
Trustees, report
statement of trustees. respon&bilities
Independent audilorfs report
ststem•nl of financial activitiès
Balance sheet
Statement of cash flo¥
Notes to the financial statements
11- 19

COVENTRY FREEMEN'S CHARITY
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and finanaal statements for the year ended 31 December 2023
The financial 5ts1ements have be8n prepar8d in accordance with the accountin9 pdicies sèt out in note 1 to the
financial statements and comply wth the charity's govern*ng document, the Charities Act 2011 and Accounting
and Repothng by Chanties.. Statement of Recommended Pracbce applicable to chanlies preparing their accounts
in accordance with the Financial RepDrting Standard applicable in the UK and Republic ol Ireland IFRS 1021"
leffective 1 January 20191.
ObjectNes and activities
The aims and objectives ol the Charity for the period under review were as follows-.
al The payment ol pen51Dns to needy Freetnen of the City of Coventry and their dependanls and the widows,
widowers and other former dependants ol a deceased Fmman. who are resident within the existing boundary of
the City of Coventry. or within a radius of seven miles from Sl Ma￿$ Hall.
bl Relief in need. relieving either generally or individually, persons having 5irnilar types of qualifications to the
pensloneis of the Ch8Mty.
The tru51ee5 have considered ihe Charity Commission's general guidance on public benefit and cOn￿der that the
chanty has achièved ils objèc1r￿è5 during the penod under review.
The trustees have paid due regard lo guidance issued by ttte Charty Commission in deciding what actiwtie5 the
chanty should undertake.
Achievements and perforn)an
Pensloner5
The number of person5 reGeNing pensions urKJer lal above al 31 st December 2023 was 2.403. This was rnade
up of Freemen an¢J women 1,772, Vlfidows 623, and special cases 8.
Payments made to pensioners totalled £525,812 which compares with £511.364 in 2022.
During the year no additional relief was granted12022- nill.
After discharging all liabilities and taking into account adjustments for gains and105ses on both inveslTnents and
investment properties, the Charity was left with a surplus of £426,514 as Shown in the Statement of Financial
ActNitles. on page 8.
The rest ol the Charity's Financial Statements are explained in the notes on pages 11 to 19 and there are no
1tems requiring special attentson.
Fundraising Regulator Statemenl Df Compliance
Coventry Freemen's Charity does not conlract wth a third party to undertake any fvndraising On its behalf.
Hence, we have received no fundraising cornplainls during the year.
Investment parfomianc•
The charity continued to pertorm well then measured against its targets and obiectwes for the year.
The pnneipal objèctivè of paying pensions and hardship alleviation to freemen was made possible by the
continuing generation of incorne from the propety and investment portfolio. The porffolios of property and
Investments continued to generate sufficient ￿tUrnS to enable the principal objeth.ves to be met, and the trustees
consider Ihat perfornance was satisfactory for the year.
Bad dèbts relating to rental income of £11,66812022, £9.8211 were written off during the year.

COVENTRY FREEMEN'S CHARITY
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial r•¥iew
Investment policy and objectives
Th8re are no restrictions on the Charity's power to invest. The investment strategy Is sel by the Trustees for a
peri¢)d of five years and lakes account of recent demand lor funds The Tiuslees consider the income
requirements. the risk profile and the Investment managerfs view ol the market prospects in thè medium term.
This slratggy is set hwthin an overall policy. which states that the endowment fund is lo be Invested in low and
medium nsk invesirnenls with a view to en$uring that capital appreciation of the eK¢èed8 inflation over each
five year penod. The unrestricted and restricted funds may be inv85ted in any type of imiestm¥nt. Our strategy is
rev1ewed with our Investtnent managers annually.
The Charity has a broad based inveslmenl policy and relies tsn the advice of tts brokers Quilter Cheviot Limked
for ttte mana9emenl of Ils investments. The Instructions given are to invest for income and medlum to low risk
Stocks. The Chanty has Mnsiderable investments in properbes whTth are rnanaged by the surveyors. Loveitts.
The Trustees are satisfied that the income and capilal value of all Investments ha8 risen during the year in line
wilh known martet Indices.
The Charity's Inve5ttnent managers are Comrnitted to responsible Investment and consider social. environmental
and ethical factors In Ihalr investment strategy.
Reserves poIIcy
The en¢Jowmenl funds represenl the capital of the Charity upon formatioll which 1$ to be maintained indefinf(ely.
It Is intended thAt tho lovel cif unrestricted funds represent•d by 8ccumulated siJrplus95 are lo equate to at reast
gnÈ y&ar's expenditure but not moTe than ￿. This is considered a prudent level of unrestricted reserves, since rt
allows current cotnmilmenls to be mel whilst maintaining the ffexibility to deal wilh unforestrell events.
Thp current reserve5 are £1,780.472 in the unrestricted fund which are the free reserve5 and £17,592.252 on the
endowrnent tjnd. The tot35 funds held were £19,352,724. These are held lo enable the charity lo rneet it5
ongoing commitment tD m¢mbers. No funds h8d been ¢Je$ignaled a5 al the year end. There were no prDgramme
related investments at the ￿ar end. The Un￿￿1ncted fvnds held are In accordance wfth the reserves policy,
Source5 of fundlng
The main source ol funding continued to be the propety and investmènt portfolio.
Risk management
Tho Trustees have exarnin&d the major strategic. businass and operational risks whl¢h the Charity 13ces and
¢onfim that systems have been established lo enable regular reports to bé produced so that the nKessary steps
¢an be lak&n lo lessen thesè risks. The ri$k management is reviewed annually by Ihg Trustees.
New and fvture dgvelopmonts
There have baen no major new developments in th? year and thè Trustees at present gnv15age that the Charity
11 continue to operate In the future in it5 present fom.
Structure, governance and management
The Charity ss constituted undgT a scheme ordered by th8 Charity Commissioners for England and Wales sealed
on 29th Decèmber 1978 embracing the charities formerty knovm as"
The F￿eMen.$ Seniority Fund
b. The Estates of the Freemen and Widows of Freemen of the City of Coventy
c. The Estates of the Freernen of the City of Coventry.

COVENTRY FREEMEN'S CHARITY
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEAIBER 2023
Trustees
The Iruste2s who served during the year were,
Mr D H8ndford
Mr D Mason
Mi J Parry
Mr M Rawson
Mr R Smith
Mr G M Wilkinson
Mr D Bullman
Mr D C Mander
Mr P Rosier
Mr R Bansal
MT J Vffjlkinson
Mr S J Raw5Qn
How decislons are made
The board of trustees meets regularfy for the purposes of discussing the charity's affairs and deci8i(5n tnaking.
Inductlon and tralnlng of trustoes
New trusLees undergo a period ol orientab'on lo brief them on Iheir legal obligab.ons under charity law. the conlènl
of the governing document, the crynmitiee and decision making processes. the business plan and recent
financial performance of the Charity. Dunng the induct￿￿ they rneet key personnel and other tru5tee5. Trustees
are encouraged to attend appropriate external training events where these svill faThlitale the undertaking of their
role.
lees. report approved by th• Board of Trusteès.
Trustee
Dated..

COVENTRY FREEMEN'S CHARITY
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees are responsible lor preparing the Trustees, Report and the financial slalemenls in accordance wrth
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practic81.
The law applieèblè to th8rikÈs in England and Walos requirès Ihe trustees to pr$Pa￿ finanaal statements for each
financ181 year which give a true and falr view of the state of affairs of the charity and of the incorning rosour¢9$ gnd
application of resources of the charity for that year.
In preparing th•se financial slalemenls, the Irustees are rèquired lo.
select 5Ultable accounting policie5 and then apply them consislendy.,
observe the methods and principles In the Chanlies SORP.,
mak8 judgements and estimates that ar? reasonable and prtjdent.,
state whether applicable accounting standards have been followed, Subject lo any material departures disclosed
and explained in the financial statemenlg.. and
P￿pare the finanoal slalements on the going roncem basis unlèss il is inappropriate lo presume that the charity
will contlnue in operation.
The trustees are ￿ sponslble for keeping sufficient accounting record5 that disclose wth re850nable a¢¢uia¢y at any
tlme the financial posits.on of the charity and ènable them to ensure that the financial Statements comply with the
Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed They
are also responsible for safeguarding the assets of the charity and h8nce lor taking reasonable steps for the
prevention and detection of fraud and other irregularities.

COVENTRY FREEMEN'S CHARITY
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF COVENTRY FREEMEN'S CHARITY
Oplnlon
Wè have audilad thè financial statements of Coventry Freemen's Charity (the 'charty'l lor thè year ended 31
December 2023 which compris8 the Statement of financial aclvldes. thé balance shèèt. the slalemenl of cash flows
and the notes lo the financial slalemenls, Including 8 summary of significant accounting poliaes. The financial
reporting framework that has been applied in their pieparalion is applicable law and United Kingdom Accounling
standards, including Financial Reporting Standard 102 The Financ1al Reporting Standard applitable In the UK and
Republie of Irèland (United Kin9dom GenerallyAccepled Accounting Pr8cbrel.
In our opinion, the flnancial slatements..
give a true and fair of the 51ale of the charity's affairs as at 31 December 2023 and of ts In￿rnIng
resources and appliCat￿n of reSoUr￿s, for the year then ended.,
have been properfy prepared in accordance wth United Kingdom Generalty A￿epted Accounting PiactiC8."
and
have bgen prvpared in accordance with Iho requiremgnts of the chgrib.es A¢t 2011.
Basls for oplnlon
Wè conductèd our sudrt In atcord8nce with International Standards ttn Auditing (UK) IISAS IUKII 8nd applicable
law. Our resp(>nsibililies undèr those slanclards are further described In the Auditorfs r8spofisJblltiias for the atjdit ol
the financial stalernents 5¢dion pf our report. We alè Independent of thè charity In arxordance with tha ethical
quiremÈnts that are relevant to our audit of the financial statèmant5 in the UK, inclvding the FRC'S Ethical
Standard, and we have fuffilled rjur other ethical r?sponsibilrties in aGwrdance wtlh these requirements VVE believe
that the audit evidence we have pblained is 8uThoent 3nd appropri8te ID pfDvide a b88is for our opinion.
Conclu8lon8 relatlng to golng concern
In auditing the financial statements, we have concluded that the trustees, use of the going COn￿M basis of
accounting in the preparation ot the finanaal statements is appropriate.
Based on Ihe work we have performed, we have not idenlrfied any material unCert￿ntieS relal'ng lo events or
condib'ons that. individually or collectively. may cast significant doubt on the challtr¢s ability to continue a5 a going
concgm Yor 8 pedod of at least ￿e1ve rnonths Irom when the fin8ncial Staletngnls are authorised for issue.
Our responsibilitiès and IhÈ resF)onsibilibes of the trustees with respect to going concern are described in the
relevant sections of Ihis ieport.
Othor inforniation
The other infoffnation compnses Ihe Information Included in the annual report other Ihan the llnanclal statements
and our auditorfs report thereon The trustees are responsible for the otrer information contained wrthin the annual
report Our opinion on he financial statements does not cover the other Inforrnation and we do not express any form
of assurance condusion Iheretsn. Our responsibility is lo read the olher infomiation and, in dcing so, congder
whether the other Information is materially Inconsistent with the financial statemerits or our kno￿edge obtsined In
the course of the audit, 01 Othe￿Ise appears to be materially mL8staled. If we Identify such material inconsistencies
or apparent matErial rnisslatements. we a￿ required to detemiine whether this gNes nse to a material misstatement
In the financi81 slaternenls Ihems$lves. If, ba$ed ¢n the work we have perftsrméd. wa eoncluda tmat there is a
material misslatemenl of this other Infctrmation. we are required lo report that lact.
We have nothing to report in this regard.
Mattors on whlch wo are requSred to report by excoptlon
have nothing to réport in raspact ol thè lollowng matters in ralation to which tho Chariltrs (Accounts and
Rèportsl Regulations 2008 require us to report to you if, in our opinion.
the information given in the finan¢ial statements is inconsistent in any material respect wth the trustees,
report.. or
sufficient accounb.ng record5 have not been kept., or
the financial statements are rK)t in agreement wlh the a(￿UntIng records." or
we have not received all the infomiation and explanations we require for our audit

COVENTRY FREEMEN'S CHARITY
INDEPENDENT AUDITOR'S REPORT ICONTINUEDI
TO THE TRUSTEES OF COVENTRY FREEMEN'S CHARI
Responsibllitles of trustee$
As explained more fully in the Slalement of Trustees, Responsibilities. the trustees are responslble for the
preparation of the accounls an¢J for being 5atlsfled that they give a true and fair view. 3nd for such intemal control as
the directors delennine is necessary to ertabl8 the prepafalion of accounts that are free trom rn3terial misslalemenl,
wheth¢r due to fraud or error.
In pr8paring the accounts. the trustees are respon&bl8 fDr assessing the charity's ability to Continue as a going
concem. disclosing, as applicable. matters related lo going concern and using the going concem basis of
accounting u￿e$S the trustees éither intend lo cease operations. or have no realistic altemalive bul lo do so.
Auditor's r•5poiisiblllties for th* audrt of the flnancial statements
We have been appointed a5 aLJditor under section 144 of the Charities Acl 2011 and report in accordance with
regulations made under section 154 01 that Act.
Our objectives are lo obtain reasonable assurance about whether thè financial statements as a whtrle are free from
Illalerial misstatement. whether due to fraud or error, and la i$8ug an 4udittsr's report thAt include8 our Opinion.
Reasonable assurance is a high level ol a55urance, but 15 not a guarantee that an audit conduded in accordance
with ISAS IUKI w11 athays detect a material rnisslalement wtten It Èxists. Misstatements can arise from fraud or
errof and are considered material if. individually or in the aggregate. they could reasonably be expected to Influence
the economic decisKins of users taken on the basis of these financial statémenls.
Irregularrties. Includlng fraud. are instances of nowomplkince l?w3 and regulations. We design procedures in
line wth our re5ponsibililies. oullined abcsve. lo detect rnalenal misslatsments in respect of irregularitie5. Including
aud. The e*tent lo which our piocedures are capable of detecting Ir￿guIaritiOS, in¢ludlng fraud s$ detailed befow..
Enquiry of management and those charged with governance around actual and potential litifation and
Clairns
Enquiry of entrty staff in compliance functions to identify any instances of non-compliance with laws &nd
regulations
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosLJres and testing to supporting documantation lo assess compliance
with applicable law5 and regLJlalitsn51
Perforrning audit work pver the risk of rnanagernent ovemde ol controls, incsuding testing of joumal entries
and other arjjustments for appropriateness, eviiluating the bu$lness rationale of signtficanl transactions
outside the noirnal course of business and reviewing accounting estirnales for bias_
Because of thg inherent limitations of an aLKlit, Ihwe is a risk that we wlll not detect 811 inegularitr8s, indLKJing those
le8ding to a material mis8lalement in the ftnanaaj statements or northcompllance with fe9ulallon. This rfsk
Increases thé more that cornpliance with a law or regulation is removed frorn thè events and transacti¢ns rgfle¢tèd
in the financial statements. as we will be less likely lo become aware of instan¢es C*f non-comp114nce. The risk 1$
also greater regarding i￿gular￿¢S o¢cutring due to fraud rather than errol. ay tsud inVo￿e$ intentional
ccnc8almenl. forgery. Gollusion. oml$*on or misre￿SentstI0n.
A further description of our responsibilities is available on the FRC'S web51te at. https.IlwwN.frc.019.ukl
auditorsresponsibilities .Thi5 description forms part ol our auditor's report.

COVENTRY FREEMEN'S CHARITY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF COVENTRY FREEMEN'S CHARITY
Use of our r8POrt
Thi5 report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts
and Fieportsl Regulations 2008. Our audit work has been underteken so that we ffiight state to the charity's tmstees
those matters we 31e required to stale lo them in an audiloi's r8port and for no other purpose. To Ihe fullest ex¢8nt
peThitted by law, we do not accept or a85urne re5ponsibllily lo anyone other than the charity and the thanty's
trustees as a body. for our audit work. lor this report, or for the opinions we have formed.
LLP
Dafferns LLP
Chartered Accountants
Statutory Audltor
Hary Weston Road
Binley Busine55 Park
CDventy
United ￿ngdoM
CV3 2UB
Daffems LLP is eligi￿e for appointrnenl as auditor ol the charity by virtue of its eligibilty lor appointment 8s auditor
of a company under section 1212 of the Companies Ad 200S.

COVENTRY FREEMEN'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Unr¥5tricled Endovmiènt
furrds
funds
2023
2023
Total
Unrestrlcted Endowment
funds
funds
2022
2022
Total
2023
2022
Notes
Donatsons and
legaues
Investments
70,000
1,099.198
70,000
1,099.198
972.731
.972,731
Total Income
1,169.198
1,169,198
972,731
972,731
ondltu
Charilable activit￿S
897,232
897.232
871.387
871,387
Net gainsllb5sesl on
investments
72,574
81.974
154,548
157,8471
179,4261 1137.2731
Net movement In funds
344,540
81.974
426,514
43,497
179,4261
135,9291
Fund balances at 1 January
2023
1.415.932 17.510.278 18,928.210
1.372.435 17.589,704 18,982,139
Fund balances at 31
December 2023
1,760.472 17.592.252 19,352,724
1,415,932 17,510,278 18,926,210
The slalemenl of finan¢ial activities includes all gains and losses recognised in the year.
l income and expenditure denve from continulng 8ctniilies.

COVENTRY FREEMEN'S CHARITY
BALANCE SHEET
AS A T 31 DECEMBER 2023
2023
2022
Notes
Flxod assetB
Investsn¢nl property
Investmènts
11
12
16.262,427
2.789,953
16,063,242
2,728,147
19,052,380
18,791,389
CurTent assets
Debtor5
Cash al bank and in hand
14
51,317
292.219
45,889
129,204
343.536
175,093
CNdltors: amounts falllng du• wlthln
one year
15
143,1921
140.2721
Nel currenl assets
300.344
134,821
Total assets less current liabllitles
19,352,724
18.926,210
Capital funds
EndoW￿ent fiJnd5- general
InGome funds
Unrestricted fijnds
17,592,252
17,510,278
1,760.472
1.415,932
19,352,724
18,926,210
Thgfln
ncigl statements were approved by the Trust￿ on .....
Trustee

COVENTRY FREEMEN'S CHARITY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
Cash flows from tsporattng a¢tlvltles
Cash absortjed by oparations
21
1829.7401
1875.2951
Investing activities
Investrnenl income
Incorne from li51ed investmènts
Interest rece￿able
Purchase of Investment propety
Purchase of other investrnenls
Proceeds on dispD5al ol other inv?strnents
1,000,564
95,357
3,277
1199,1851
1343.6581
436.400
880,728
91,S43
360
1173,2421
1460,0101
532,225
Net cash generat•d ftom Investlng
acti¥lYo8
992,755
871.704
Net cash u$ed In flnanclng a£tlvltles
Net Increasel{decrea5el In cash and cash
equlvalents
163,015
{3,5911
Cash and cash equivalents al beginning of year
129,204
132,795
Cash and cash equivalents at gnd of year
292,219
129,204
Anatysi5 of cash and cash equlvalents
Bank balances and short tami daposrts
292.219
129,204
10

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounttng pollcies
Charity infomiation
Coventry Freemen's Charity is a charitable trust constituted under a scheme ordered by the Charity
Commissioners for EnglarTd and Wales sealed on 29th December 1978 See reference In the trustees. report.
1.1 AccO￿ntIng convention
The financial staternents have been prepared in accordance with the charity's goveming document, the
Chaiilies Aci 2011 and "Accounting and Reporting by Charities. Statement of Re¢ommended Practice
applicablè to charrties praparing thèir accounts In accordance with thè Financial Reporting Standar
applicable In the UK and Republic of Ireland IFRS 1021 leffe¢liv? 1 January 20191" The charity is a Public
Bénefit Ernb'ty 8s dèfined by FRS 102.
The financial slatements have departed from Ihe Charities (Accounts and Reports) Regulabons 2008 only to
the extent re9uifEd tts providè a true and falr view. This departure has involv2d followng the Staternenl of
Recornmended Practice for chaiilies applying FRS 102 rather than the version of the Slalernent ol
Récommended Practicè which is referred lo in the Regulstions but which h85 since been withdrawn.
The financial slalements are prepared in sterfiro, which Is the fundTonal currency of the charity. Monetary
amounts irt these financial statements are rounded to th8 nearest £.
The financial statements have been prepared under the hi5toncal cost convention, modlfied to indud8 the
revaluation of freehold properties and to indude investment pioperties and certain financi81 instruments at fair
v*ue. The principal accountin9 policies adopleil are Set out below.
1.2 Going concern
The financial statements have been prepa￿& on a going concern basis as ttte Trustee5 believe that no
matprial uncertainties exist. The Tmstees have CDnsideied the level Df fund5 held and the expected level of
income and expenditure for 12 months from authorising these financial stalements. The budgeted Incomo and
expenditure is sufficient wth the IEvet of reserves for the charity tD be able to continue as a going concern.
1.3 Charltable fvnds
Unrestrided funds are availabk for us8 at the discretion of the trustees in fvrtherance of their charitable
obiecl'ves.
Restricted funds are subject to specific condib"on5 by donor5 a5 to how Ihey may bé used_ The purposes and
use5 01 tre restricted funds are set out In the notes to the financial statements.
Endowmernt furnds are subject to specific conditions by donors that the caprtal must be maintained by th8
thanty.
1.4 Income
Income is recognised when the charity is legally entsded lo it after any perforrnance conditions have been mel,
the amounts Can be measured reliably. and it is probable that incorne will be received.
Lagacies are racognisad Dn ￿¢￿IPt or othemise If Ihe charity has been notified of an impending distribution,
tha amount is known, and receipt Is probable. If the amount is not known. the le9aEy 15 treated as a contingent
asset.
Rental incorne frgm operating leases Is rectsjnised in the statement of ffinancial a¢b"wbes on 8 Straighl-line
basis over the lease lerrn
11

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting pollcles
Icontlnuedl
1.S Expenditure
All expenditure Is accounted for on an accruals basis and has been cl8S51fi8d untler headings that aggiegate
all cos15 ielated lo the category. Expenditure 15 recognised where there is a legal or con5tructivfr obligation to
make payments lo third parties, It Is probable that Ihe settlement will be required and the amount of the
bligalion can be measured reliably. It Is calegorised under the following headings..
Expenditure on charitable activitie5,'
Other expenditure represents those items not falling Into the categories above.
Irrecoverable VAT Is charged as an expense against the acli¥rily lor which expenditure arose.
Grants paYa￿e lo third parties are within the charilable obje￿IveS. Wnere unconditional grants are offered.
this Is accmed as soon as Ihe recipient is notified of the grant. as this gives rise to a reasonable expedalion
that the iecipient will receive the grants. Where grants are conditional relating to performance then the grant Is
only acGrued when any unfvSfilled conditions are outside ol the control of the charily.
5uppon Costs allocation
Support costs are those that assist the work ol the charity but do not directly represent charitable activities
and Include office costs. governance Gosts. 8drninistrative payroll costs. They are Incurred directly In support
of expenditure on the objects of the chanty. Where support costs cannot be directly attiibutad lo particular
headings they have been allocated lo Cost of raising funds and expenditure on charitable aclivits.es on a basis
consistent wth use of the resources.
The analysis of these costs is included In note 5.
1.6 Investment propety
Investment property, ￿1¢h is propety held to earn renlals andlor for capital appreciation. Is inithally
recognised al cost. which includes the purchase cost and any directly attributable expenditure. Subsequendy
It is measured at fair value al the reporting end date. The surplus or deficit on reyalualion is recognised in
profit 01 Ios5.
1.7 Flxed asset Inve5trnent5
Fixe¢Y a55et inve51mènls are Initially measured at Iransadion price excluding transaction costs. and are
subsequently measured al fair value at each reporting dale. Changes in fair value are recogn15ed In net
IDcomellexpenditurel Yor the year Transaction costs are expensed as 1ncurred.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other short-term liquid
Investments with original maturitie5 of thre8 month5 or less. and bank overdrafts. Bank overdrgfts are shown
thin borrowings in current liabilitie5.
1.9 Financial in$trumonts
The Eharity has elected to apply the provisions of Section 11 'Basic Financial Instrumen15' and Section 12
'other Financial Instrument5155ues' of FRS 102 to all of Ils financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becornes paty to the
contractL)a1 provisions of the instrument.
Financial assets and liabilities are DffsÈt. wth thè nèt amounts presented in the financial statements, when
there is a legally enforceable nghl to set off th6 recognised amounts and there is an intention lo settl8 on a net
basis 01 to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic finall￿81 assèts, which Inclu(Je debtors and cash alld bank bolance5. are init￿llY measured al
transaction price Induding transaction costs and are subsequendy earried at amortised cost using the effective
int8re5t method unless the arrangement conslitute5 a financing tiansaction. where Ihg tiansaction Is
rnea5ured at the present value of triè future receipts discounted at a market rate of inleresL Financial assets
classffied as receivable wthin one yeaT are not amortised.
12

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng policl•s
Icondnuedl
Basic finaftcial liabilities
Basic financial liabililieg, includin9 cieditors and bank loans are inilialty recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt inslrumernt Is measured al the present
value of the future payments discountett 21 a market rate of interest. Financial liabilities classified a5 payab
within one year are nol amortised.
Debt in5trurnen15 are 5ub5equently carried al amortised cost. using the effective intèrèst rate metfTrod.
Trade creditor5 are obligations to pay lor goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities If payment Is due within one
year or less 11 not. they are presented as non-currenl liabilities. Trade creditors are recognised Init1ally al
transaction pn￿ and subsequently measured at arnortised c051 u51ng the effective interest method.
Derecognition of financial Ilabilities
Financial liabilities are derecognised when the tharity'5 contractual obligations expire or are discharged or
cancelled
1.10 Taxation
The tax expense represents the sum of the tax curienlly payable and deferred tax. The charity is nol lia￿e to
incorne tax on it'5 charitable activities.
1.11 Employee benefits
The cost of any unused holiday ènlillement is recogni$ed in the period in which the èmployee's services ale
received.
Termination benefits are recognised immediately 85 an expense when the charty Is demonstrat¢ly committed
ta teminate the employment ol an employee or to provide termination benefits.
Critlcal accounting &5tiTnates and judgements
In the application of the chartty's accountsng policies. the trustees are required to mak8 judg8ments. estimates
and assumptions about the carying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assurnplion5 are based on historical experience and other factors that
are considered to be relevant. Actual re5uIt5 m3y differ from these estimates.
The estimates and underlyifig assurnplions are reviewEd on an ongoing basis. Revi810ns to accounting
estimates are recooni5ed in the period In which the esb.mate is revised where the revision affe¢ls only that
period. 01 In the peTiod ol the revi510n and future penods where the revision affects both current and future
periods.
Donations and legacles
Unrestrlcted
lund$
Totsl
2023
2022
Legacies receivèd
70,WO
13_

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Investments
un￿strICted Unrestrlcted
funds
fvnd5
2023
2022
Rental Income
Income from listed investments
Building leases
Acknowledgements
Inte￿$t receivable
1,000,380
95,357
60
124
3.277
880,544
91,643
80
124
360
1,099,198
972,731
Income from Investrnenl incorne was wholly attributable to unrèstrfcted funds in the current and precoding
year.
Charliable &ctlvftles
2023
2022
InveslJnent brokers
Commissions paid
Pioperty repairs
Rates and water
Lighl and heat
Surweyor5 lees
Legal fees
Seniorty payrnerrt5
Insurance
Bad debt
5,391
82,853
123,300
1.971
3.929
37.209
12,672
525.812
44,102
11.668
5,511
73,845
117,812
12,050
2,571
34,834
21,311
511.364
37.062
9,821
848,907
827,081
Share of support costs (see note 81
Share of govefnance ctssts (see note 61
26,75S
21,570
23.654
20,652
897,232
871,387
Expenses within charitable aciivthes was wholly attributable lo unre51ricted funds in the Current and prècedirtg
year.
14-

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
Support costs
Support Gov8rnance
costs
costs
2023
Support Governance
costs
costs
2022
Seniority So￿are
Sundry expenses
Clerk and finance costs
Legal expenses
Bank charges
480
2,817
14,880
7,109
1,469
480
2,817
14,880
7.109
1,469
360
e97
14,280
6,872
1,445
360
697
14,280
8,872
1,445
Audit lees
Clerk and flnance c08ts
6,690
14,880
6.690
14.880
6,372
14,280
6,372
14.280
26,765
21,570
48,325
23.654
20.852
44,306
Analysed between
Charitable ath"vrties
26.755
21,570
48.325
23.654
20,652
44,306
Govemance costs Includes payments to the auditors of £6.69012022- £6,372) for audit fees.
Truste•s
There were no trustees, remuneralign or other benefils for the year ended 31 Decernber 2023 fKsr 2022.
Truste•s' Èxpens•s
None of the Injslees received any expenses In ttte year ended 31 DeGernber 2Q23 nor 2022.
Employees
The avÈrage monthty number of employees durin9 the year was..
2023
Number
2022
Number
Clerk
There were no employees whose annual remuneralion was rnor& than £60.000.
15-

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2023
Net gainslllossesl on Investments
UnrestTl¢t•d Endowment
funds
fund$
general
2023
Total
Tplal
2023
2023
2022
Revaluation ol inve$trrents
72.574
81,974
154,548
1137.2731
For thg year ended 31 December
2022
157,8471
179,4261
1137,2731
10 Taxation
The charty is exempl from lax on incomè and 9ains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxation of Chargeable Gains Act 1992 10 the extent that these are applied to its charitable objects.
11 Investment proporty
2023
Falr value
At 1 January 2023
Additions ihrough external acquisition
16.063.242
199.185
At 31 Dec8mber 2023
16.262,427
The land and buildings were r￿Valued by Loveitts, Chartèred SuNeyor5. a5 at 31st December 2021 on an
open rnarket basis in accordance with the guidelines issued by the Royal Insty"tution of Chartered Survey¢rs.
12 Fixed asset inv•5tmènts
Listrd
investments
Cost or valuatlon
Al 1 January 2023
Additions
dlualion changes
Disposals
2.728,147
343.658
1 $4,548
1436,4001
Al 31 D¢￿mber 2023
2.789,953
Carrying amount
At 31 Decembei 2023
2,789,953
Al 31 December 2022
2,728,147
16-

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
13 Flnancial instruments
2023
2022
Carrylng amount of flnancial assets
Debt instruments rneasured at amortised cost
Equity irwtruments rneasured at lair value
51,317
2,789,953
45,889
2.728,147
Carryiftg amount ol flnanclal liabilltl•8
Measured at amortised ¢ost
37.694
38.702
14 Debtors
2023
2022
Amounts falllng due wlthln on• y•ar.
Ottter debtors
51,317
45.889
115 Crèditors= amtsunts fallÉng due wlthln ono year
2023
2022
Olher taxation and social secuiity
Other creditors
Accruals and deferred Income
5,498
26,568
11,126
1,570
27.605
11,093
43,192
40,272
16 Endowinent funds
Endowment lunds represent assets which musl be held permanently by the tharity. Incorne arising on the
endowment fund5 can be used In accordance with the (kniect5 of the charity and 15 included as unrestricted
incorne. Any capital gains or losses arising on the assets forn part ot the fund.
Balince at Revaluation3
Bala￿e rt Revaluations
1 JanuAry 2022
gainB and1 Jan￿ry 2023
gain• 4n# 31
105$95
losgos
Balance at
2023
17,589.704
179,4261 17,510,278
81,974 17,592,252
17,589,704
179,4261 17,510.278
81.974 17,592,252
This fJnd consists of the original endowment incorporated in the Indosuro Awards dated 2nd Now$mber 1860
and dated 22nd June 1875 logathèr with the accumulated gains or losses an&ng on disposal of tt)e Charity.
investments and may only be applied in the acquisits.on of other investments.
17-

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17 Analysls of net assots betwetrn funds
Unrestrlcted Endowm•nt
202J
2023
Total Unrestrlcted Endowmont
2023
2022
2022
Totsl
2022
Fund balance5 at 31
December 2023 arè
represented by..
Investmenl properties
Investment$
Current asse151lliabilib-esl
16,262,427 16.262,427
1,329.825
2,78S,953
300,344
16,063,242 18,063,242
1,447.036
2,728.147
134.821
1.460,128
300,344
1,281,111
134,821
1,760.472 17.592,252 19.352.724
1,415,932 17,510,278 18.928,210
18 Fin4nclal commitrnènts, guarantees and contingent liablliti¢s
Commitments of £56.938 12022.. nil) for a replacement roof on a property owned by the charity h8¥6 been
contracted but not provided for in Ihe f nancial statements.
19 OpÈratlng lease commltments
Lessor
The operating leases represent leases of varying lemis to third parties. Some of the leases indud8 a
provi￿0￿ lor periodic upward rent reviews accgrding to prevailing markèt eondltions.
At the rtporting end date the charity had contracted with tenan15 foi the follo￿ng rninimum lease payments..
2023
2022
Within one year
Between two and five years
In over five years
472,631
1.077,264
2,369.138
373,901
992,842
2.472,782
3.919.033
3,839,525
20 Relatod party transactions
Transactions vAth related partles
During thè year the charity entered Into the following transaction8 wilh i¢lated partigs".
P Roder a trustee of the charity 15 a shareholder ol Lovéitty. Ihe property management compgny. Loveitts
charged rnanagerrent ¢ommission and lee$ 01 £120.06112022 - É125,2331.
At the balance sheet date. Loveitt5 owed the charrty £1.840 12022 - £01 in fee cr6dits. Loveitts also hold
£5,00012022 £5.0001 within a dient account for the chanty.
18

COVENTRY FREEMEN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21 Cash generated from operations
2023
2022
Sutpluslldefi(itl for the year
426,514
135,9291
Adjustments for.
Invgstment incoma recognisad in statemènt ol ffinanci81 adivrtie5
Fair value gains and losses on investrnonts
11,099.1981
1154,5481
1972,7311
137,273
Movem?nt5 in working capital:
Ilncfeasel In debtors
Increase in creditors
15.4281
2,920
19,2661
5.358
Cash absorbed by operations
(829,740)
1875,2951
22 Analy515 of chan98s in Det funds
At 1 January
2023
Catsh At 31 1)e¢embgr
2023
Cash at bank and in hand
129,204
163,01 S
292.219
129,204
163,D15
292.219
129,204
163.015
292,219