Charty r•gl•tratlon number 229237 COVENTRY FREEMEN'S CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
COVENTRY FREEMEN'S CHARITY LEGALAND ADMINISTRATIVE INFORMATION Tru8toes Mr D Hondford MrJ Parry Mr M Rawson MrG M WInKIn Mr D Bullman MrD C Mander Mr P Rosier Mr R B8n$al Mr J Wlkfnson Mr S J Rawson Charfty numb•r 229237 R•9l•t•r•d offl¢• 3Mc Mlddlernarch BusIn8 Po Siskin Drfv• Coventry CV3 4FJ Audltor Daff•fft6 Audit Llmlt•d Harry $10 Road Binley Bu8Sn•88 Park Cov•ntry Unlted Klngdom CV3 2U8 8•nk•v• S8C 54 Hlgh Slr••l Covtrnlry CV1 SRE Solkitov• M4ndÈr Hadl•y Limited S¢li¢ilor8 1 Th• Quadfanl Coventry t Mldland Unlted Kingdom CV12DW Inv••tment advl$oTS Qullter Chevlol Ltd PTC&vlncSal Hous• 37 New Walk Leicestér LE16TU United lQngdom
COVENTRY FREEMEN'S CHARITY CONTENTS P•g• Tru8te•1' r•port Slat•m•nt of trust•, f•spOnbIl IrwJw•ndonl audtor'• rewl Stt•mMt 8glorK• •h••t Statornent 01¥h IINJ 10 Nots8 tg lh• finClI *t•monl•
COVENTRY FREEMEN'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present Ih•ir annual rgport and f nondal Blaternents for the year end•d 3108cembei 2024. The financiai slal&menl$ have been ppared In accordance with thè accounlln9 polities set out in note 1 to the financial stalèmenls and comply wrth th8 charlty's govemlng docurnenl, thè Charrties A¢1 2011 an¢J 'A¢tntIng 8nd Reporting by Charities.. Statam8nt of Recommended Pracb'c8 applicable lo charib•s prep8rvJ th•ir aGGounls n 8¢¢oidance with the Flnandal Reporting Stsndard applicabl8 In the UK and R8publl¢ of Ireland IFRS 1021" (effective 1 January 20191. OblvGtlv•s and actlvltl•s Th8 aims and obla¢Uve8 of tho Charlty lor th¢ perlod under ievkgw wèrè 88 follow$'.- al The payment of sch8ma ben•fil$ lo ne•¢Jy Freeman of Ihe City ol Covènty and Ihelr dyndants and wldows, Widor3 and other form¥r dependants ol a deceaged Fmman. who arè ro8ldenl vAlhln the existing bDundary ol th• City of Cov•Atry, ar with a radius 01 $6ven mile$ Irom St Mary's Hall. bl Rellef in need, rell¢vln9 llher generally or Indlvidualty, por8on$ havlng slmll4r typ•i cf quAlmcations lo the Bcheme benefft recipi•nls of the Charity. Tho tru8tae$ hav• conBSdered tha Charlty Cornmi$don's g8nér•l gLldan¢t on public ben•fit and consld8r that the charity hgs 8chlev•d Its ablectlves during th8 period und8r r•vi¢w. The IrL$8te8s he paid due r&gar¢J lo guldan¢e i88ued by th• Ch•rity Commlgslon In deciding what actkvllies the Charity should und•rtak•. Athl•vgffl•nt¥ and rf0mlIc• Seh•mg 8•n•flt R•¢lpl•nts The nurnbar ol per80n8 receNing the 5ch8me under lal above al 31 Dec•mbar 2024 wa8 2,395. This wa$ m•de up of Freemen and women 1.730, Wi¢Jowg 857, and 8p8elal ¢g$&$ Paymen18 made to th• scheme bèn&fll re¢lplents tolaled £516,572 whl¢h complrng Yrfilh £52S,812 in 2023. DUn9 th• year no Jddttlonal rellef was granted12023- nll). After di8ch8rging all liabllltles and tsking into account adluBlrn&nls for galns and10$8e6 cn both InvèAtm8nls and Inve51menl properties, the Chonty w8$ left t 8 surplus of E273,232 ag $hown In the sialement of Finandal A¢tivities, on page 8. The re81 of the Charty's Financlol St8l&menl$ ar• oxplained in lh• not•s on pago6 11 10 19 and Ihere are no Il*ms requirlng 8pwal att•ntn. Fundr4l$lng R•gulator St•t•m•nt of Compll•nc• Covgntry Freemen's Charity does not ntract with a third paty to undert•k? any fundTei5ing on its behalf. Hence, wo have reG¢lved no fundrai$lng cornplaints duiing tho year. Investment p8rfomianc• The chanty contlnuad to perform well when moa9ured agaln$l ils targets and otseclivos for the year. The principal oblecliv¢ of paying scherne bengffl payments and hardship al8vlalon to freemen was made P08sible by tha ¢onlinulng generabon of incom8 from th• property and inveslrnent portfolio. The portf¢li95 of Property and inv8Stm8nts Gontinued to generalg sufficient rÈlums lo ènabl8 thè pNndp81 objeclNes to b& mo1. and the trustees consider that performance was satisfactory for the year. Bad dabls r81ating to rontsl income of £31,27512023, £11,6681 wer¢ vKitten off during the year.
COVENTRY FREEMEN'S CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanelal f•vI ln¥tM&nt polley Ind oblectives TheTe are no ieslTlclion5 on the Charlly's powèr to Invè8t. The investment stratègy is set by the Tru5t8es for a p&riod of flve years and lakes account of cent derrand for funds. The Truslee8 conBider the Inccffle requirements, tho risk profile and the investment manag8r's VI of the market prospects in the rnedium term. This slralegy is sel wllhln 8n overall policy whlch states that the endowment fijnd is to be invested in low 8nd medium risk Inve5tm8nts wllh a lo ensuring that copilal appreciation of the fund 8x¢g¥ds Inflon ov•r ea¢h ve year perfod. The unrestricted and re$tried lund8 may be invested in ony type of investment Our strategy Is reviewe¢J wfth our investment mangger8 annu811y. Thè Charsty has a broad ba8ed Inve51menl policy and relia$ on Ihe advice tsf ils brokers QLwlt6r Cheviot Llmilfjd lor Ihe mana9•mnl of ilB investmen15. Th8 Instrucllons glven are to Invest lor income and meolum lo low rlgk Stocks. Th• Charity has c0nsm18raO investment$ In propert108 which aT8 managed by the surveyor$, Loveitts. The Trust•8 are satlsfied that th8 In¢om¢ and ¢apltal value of all investment$ has risen durin9 y&ar In Iln• wlth kn¢¢hyn market indices. Th• Charlty'$ IrWlent mon8g•rs 8re ¢ommltted lo resnalb1e Inveatment and consider 80clal, envlronmental and ethlral facloT8 in their inveslm&nl stral&gy. R0• pollcy The 8ndowment funds r•presenl tho c4pStal of th• Charity upon fomallon which is lo bo mainlain•d indof4nll•ly. 11 is intended Ihal the level of unreslricted fvnd8 represèntad by ae¢umLdated surp4useB are to equate to at l•asl one year's expenditure bul nol more than fv40. This Is consld•r•d a prud¢nl l•vel tsl unrestricted r85erv•s, $lnca allow8 current commitrn•nts lo b• mot whllst malntalnlng fl•xibility lo d•81 with unlore8een ovenls. Tho current reserve8 ar• £1.953,056 In tho unrtsslrfcted fund which ar• tht Ire• re•ervei and £17,672.900 on th• •ndowment fund. The total funds h•ld were E19.625,956. Those aro hold lo en8bl the chartty to meet Il8 on9olng comm+tment to scherne ben•fil reclpi•nls. No funds had ba8n degnat•d a$ al the year end. There w•ro no programmo related Invastm¢nt$ at th? year end. The unrestrlcled fundg hld 8r• In accordancè th• r•99iv¢s poIIcy, 8our¢•s of lundlnq The main source of fundlng contlnuèd to b• tha prop•ty and invostm•nl portfollo. Rl#k managgrn•nt The Twytee8 have xamin•d th• m•jor $tr4tegi¢, buneSB and operational rf$k8 whl¢h the Charity face8 and confirm that 8yStem& have been 9slabll#hed lo enable regular reports to be produced 5¢ Ih#l the neceaBary 8t•ps can be taken to le5&en these risks. The risk management 16 r&vlewed annually by th• Tru81oe8. N•w and futurg dev•lopm•nt8 Th8 trustees of the charity currenlly in ¢on8ultatton wth th• ¢harfty's cc4nmlsslon lo determine the ftrture direction of the charily and revl8w118 objedivts and distribultrjn wlicy.1118 Ilkoly th41 going forward there will be some changes irnplemented wlthin Ihè s¢h&rre bènefit. Structuro. governance and management The Charity 1$ consliluled under a scheme ordarÈd by the Charity Commlssloners lor England and Wale8 Soaled on 29th Decémber 1978 embracing the chadlie¥ formerty krwn as.. . The FrMen,5 seniltY Fund b. Th• Estates of the Ffeemen and Wdows of Fr•omen of the City of Coveniry c. The Estates ol the Freemen of the City of Coven¢ry.
COVENTRY FREEMEN'S CHARITY TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Trwto•s The trustees vtho s•rv•d during th• y&ar wore.. Mr D Handford MrD Mason Mr J Parry Mrm Rawson Mr R Smith Mr G M Mklnson Mr D Bullrnan Mr D C Mander Mr P Rusier Mr R Bansal Mr J ¥IkInSOn Mr S J Rawson Mr D Evan8 {ReBlgned 15 Novfjmb8r 20241 IR6$KJn 16 July 20241 IAppoint•d 6 S•ptemb•T 2024 and reglgn•d 7 veMber 20241 How d•cl$lDn$ •r• mad• Tha board ol Irusl••$ MO$ regulorly for Iho purpo4¢s of dlscu881ng th6 charfty's affalrs and d•cl&lon maklng. Indu¢llon and trnlnlng of tru$tM New trustees undergo a pèriod of orientation to brief them on th•ir legal tsbligation8 undor Ghqrlty law, the Content ol Ihe gov8mlng docum•nt. the commille• and d8clslot) maklng pr¥$•$. the busln655 plan and recent financial perfomiancè ol th• Chgrity. During the indudlon they m&•1 ky personnel and other trust•o8. Tru$l•a$ are encDuf8g8d to att•nd Bppr¢prlo1ts extemal tralning •vent$ wh•r• thts will facilitate the undertaklng of thdr roF•. Th• trus ' roport was •pprov•d by th? 808rd ofTru8t80$. TnJ*a•
COVENTRY FREEMEN'S CHARITY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Iwslees are responsible for preparing the TN$ltr&$' Report and the financial statements in accordance with applicable Ipw and Unrted Klngdom Accounting Standards Iunlled Klngdom Genetrally A¢pted A¢ci)unling Practieel. The law appll¢able lo charftie$ in England and Wale8 requlres the Iruglee$ lo prepare financial statements for each flnanclal yèar which giv• a tru& and fair view ol the slate ol affalrs of the charity 8nd of thg IornIng re8our¢g8 aTh appllcation ot r8sour¢eJ of the charity for that year. In preparlng Ihestr financial stalem•nl$, th• Irust•e5 are required to.. - Jelocl suitabl8 accountlng pollcfr•$ •nd then apY them conslslgrfy.. observ8 th8 m8thod$ anrj prlnclplè8 In the Charltles SORP., - mak8 ludwm•nl8 and e3Mate3 Ihat are raoson8ble 8nd prudènt.. stal? wh•th•r applicable accounllng standards have been followed, BubJ8ct lo eny m•t?rfal depqrture¥ di•ck>•ed and ?xplained in the flnanciol statements,. and prepar& tha fln8nclal 8tatsments on Ihe 9c4n9 concem b8s18 unles8 It Is inapproprl8t• to presum• that th• charty will conllnue In Qporalion. The Iru$l¢M •re f•8F4jnbl0 for keeplng 8uffichnl accounllng recordB th91 th reanable accuracy al Mny tlrne the financi•l p08itson ol the charity and onabltr them lo ensure that thg flnancl81 $lalemeJnls comply with the ChAriti•s Act 2011, th? Charlly (Account8 ond Reports) Regulahons 2008 and the provlsion$ ol the trust deed. They are also rosponslbl8 for salaguordlng the asset$ of the ¢hadty and hence for laklng r••8onabl• sl•p8 for the prev•ntion and d8tèctlon of fraud Anit other irr•gularits&g.
COVENTRY FREEMEN'S CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF COVENTRY FREEMEN'S CHARITY Oplnlon We have audrted Ihe financial stal•menl$ of CovBntry Freemen's Charity Ith8 'charily'l for the year ended 31 Oecember 2024 which comwise the Statement ol finandal activitie$. the balance sheet, the statement ol cash flows and the notes to th• finarrial slatemenls, including a sumrnary o16ignificant accountlng policies. The financial reportlng fram&work that has been applied in their preparallon is applicae law Bnd United Kingdom Aecounting Standards. including Flnancial Rèportlng Sl8nd¥rd 102 Th? Finanal R8portlNJ Standard applIcae UK and Republic of Ireland IUnit8d Kingdom Gènerally Accepted Accounting Pradl¢è). In our oplnlon, the financlal 6tal8ments'. giva a tru• and falr viow of lh& stale of th• charlty's affair8 as at 31 December 2024 and of ill kn¢omirrfJ rosour¢es and application of resources, fctr the yèar then ended.. have b88n properly prepared in acrdan¢& with Unlted Klngdom General Accoptad Accountlng Pract1., and have been prepared In accordance wlh tha r8quir•m•nts ol lh• Charfll•8Acl 2011. 8•sls for oplnlon Wa conducted our ¥udil in accordance wtth International Slgndgrd$ on Audlllng {UKI IISAS IUKI) and appllcable law. Our re$pon8ibilili¢$ under those standards are further described In the AudrfDrfs rpspon&bilitigs lor Ihe éudil of the finan¢i81 slalemenls Sectlon ol our report. W• arè Independent ol the charlty in accord•nc• with the elhlcal r•qulremenl$ that arè relevant lo our 8udrt of the financlal statements in UK, in¢ludlny Ihe FRC'S Ethlcgl Standard, ond w• havo fulnllod our othor Othical r•$pon8lbillVè6 In a¢cordance wllh these requlrements. b•ll8v• that the audit evldfjn¢e we have obtained is sufficlenl 8nd approprlato lo provide g ba818 lor our oplnSon. Concluslon• r•latln9 to gvlng concèrn In auditing the flnanclal slat8manls, w• hav• concluded Ihat the trust¢o•' u•• of th• golng conum ba818 of a¢eounts'ng in the weparatltsn of lh• finandal $lal&men181s approprlalo. Baged on Ihg work w• have performed, hov• not Idenllfied any material un¢artalntl•s r•lalhy to av8nls or conditlon$ that, indlvldually or colle¢liv•ly, mgy ca81 glgnlftc8nl doubt on the charity's Abillty to conUnu8 as a golng concérn for 8 p¥n¢d ol al a81 1Ve months from when tha ffngncial statements ar8 authorl8o(J for Issue. Our r•sponsiblllts•$ •nd th• r•8ponslbilitl88 01 th• trustèès wllh re6PgCt lo golng concern are dèscrfbad In the Televant 8ectksn$ of thls r•port. Oth•r Inforni4tlon The other Inlomiation compri$$ the inlomialicn included in the annual rwrt olhor than the finallal statements and our 8udil¢rs report Ihwton, The trustees are respon8ibl8 for the other informatlon conlaineLI wlthin tITe annual r•porL Our opinion on thg fin¥ncial 3talernen15 does not covar th• other inlormation and we do not expres8 any form of 8s8urance concluslon thereon. Our responsibility is to read the other Infomallon and, in doing so, consider whether the other inforTn¥tion 15 malgrlally inconsislenl wilh th• financ4al slalemenls or our knowtedge obtained in the course of Ihe aodit. tsi otherwse appear5 to be mateilally mi¥sl8led, If we idenb'fy such material inconsistenciis or apparent mgteri81 mig¥talement8. we are requir¢d to d¢l¢rmino bvhether Ihls gives rfse to 8 material rnisslalemenl in the finaneial staternenls thomselves. If. bawd on the work we have performed. we condude that th¢r8 1$ material misstatem•nl of thi8 olher information. we are required to report that fact. We hav¢ nothing lo report in this Tegard. M•tt•N on whlch we are r•qulr•d to r•port by ¢xGeptlon We have nothing to rtrport in respect of the folowin9 matt•r$ in relation to which th& Charltth (Accounts and Reports) Regulations 2008 require us lo report to you If, our opinion.. the informaon given in the financlal slalements is inconsistent in gny materf81 r•sped wth Ihe trustees. r8POrt', or sufficient accounlng records havè not been kept.. or the financial $lalements are not in agreement wlth the accounllng records.. or W8 have not received all th• information and oxplanatlons wa r8quir& for our audiL
COVENTRY FREEMEN'S CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO TrIE TRUSTEES OF COVENTRY FREEMEN'S CHARITY U$• of ourr•port This report made sc4ely to th• ¢h8rtty'$ tN$l•e$, a$ a body, in accordance with part 4 of Ihe Charitie$ IA¢¢tsuTrts and Reports) Regulations 2008. Our audll Work has bvon un¢Jgrtaken $0 that we might slate to the charrty's tru3168S thosg matters we ar0 required to 8tate to them In an audltof$ report and for no olhor purp958. To tha fullost 6xtent pwmltt•d by law, we do not accept or assume regpon8lbllity lo thnyone other than th• charity and the charity's trust•es aj a body, for audlt work. for thi$ report. or Ib• oplnth8 we Ve formed. D•ff•rn• Audlt Llmlt•d Chrt•r•d Accountant• Ststt0ry Audltor H8ry Road Blnley Bu8ineB8 P Coventry Unrted Klngdom CV3 2UB Daffams Audit Limited Is ellglbl• for appolntm•nl •$ auditor of tho charity by vSrtu• of Its •I1b11 loi 8PFdnlm•nt 08 auditor of • ¢ompany under 1212 of tho Companl•$AGt 2006.
COVENTRY FREEMEN'S CHARITY INDEPENDENT AUDITOR'S REPORT {CONTINUED TO THE TRUSTEES OF COVENTRY FREEMEN'S CHARITY Regponslbllitig¥ of truJtee5 AS explained more lully In the Statemant of Truslee5' Responsibilitles. Ihe tnJst8es are re$ponglble for the preparation Of the accounts and lor being sallsfied th81 they give 8 true and fair view, and for such Internal Control a$ the directors dèlttmine ig necessary to •nabl8 the Preparation of aCCnts that ai• frets fiom materiol mTrsgtatem&nl, whether due lo fraud or error. In pmparing th& accounts, the trustees ar• reopon8lbl• for ass&$slng the chgrity's 8blllly lo contlnua as a going concern. dl$¢loslng, a8 applicable, matters related to going concern and using th& golng c¢ncem basis of accounting unlèss the Irusle8s 8lth¢r Intend to cea56 op•rallon5. or have no roalislic atternalive bul lo do so. Audi¢ofs responslbllltl•8 lor tho audlt of the fln•ncSal slalem•nts We h8ve be aPPOlnted 8$ 8(Jdit¢r under yection 144 of the Charitie$ Ad 2011 and report In aOrdanc0 byith r•9ulallons made under $•ction 154 of IhalAct. Our obleclive5 ar• to obtain reaBonable as$uran¢& about whether thg finantlal statement8 as a vtholo 8re free from malerfal rnlssiat•m8nl. wh&lhèr due lo fraud or error, and fo Issue 8udltor'B r•port that In¢ludes our opinion. Re850nable assuranc8 is • high level of assurance, but is not a guarantee that an audll conducted In accordance th ISAS IUKI wlll alw8y8 delect a rnal&ri81 rnis81aternent whan il •xlsl8. Misstat6m8nts Can •rl&• from fraud Dr error and are consldtrred material If, individually or In the 8ggragal&, they could reasonably be t¥pecled lo Influenc• Ihe economic deci8ion8 of us•rs t8k•n on the ba8is of the$¢ financial Blalomont$. lThegularilles, Includlr@ fraud. are Instanc•$ ol ntsNcompllancg wtth laws and r8gulollon8. We de9n proceduTaS In line with our responsibllilles. o¢Jtlined abov¥, lo delect malgrlal ml68lalemen16 in respect of Irreguladles, including fraud. The •xt•nl to whlch our procedur&$ arp capabla of d8t¥ciing irregularits8s, indudlng traud d01ailed belgw.. Enquiry of managtsmenl and thoso ¢harged with gov•rnanc• around actual and potential Illifab'on and cllms Enquiry of antlty $taff in complian¢e nctIOnS to Id•nllfy any in61anceB of non-¢ompllanc• wlh laws and regul8tionB Rovi¥wlng minut?$ ¢f m••ling$ of tho$• charg•d with gov•manc•. Revlewlng financial statam•nl di•clo•uTes and 108llng lo suppcdn9 do¢um?ntatson lo aBse15 compllanc• th applicable law8 and r•gulation81 P•rfomiing 8udit work over lh• rlsk ol management 0rrIde of control8. includlng ts$ttng ol l¢umal entri•$ and other adluslrnenls for 8ppropnalen&ys, ev8lualing th business ratlonal• of $1gnifi¢anl Iran$a¢tion6 oulyide the normal course of buslne$s and reviewlThJ aceounting e3tlmat88 for 38. Because of the Inher•nl Ilmltsllons of #n audit. Ih•re 18 a risk that w8 will not detect all irregularities. includlng those loading lo a mat8ri&l ml$slal&ment In the financial 8tatem8nls or ntsn-¢0rnianCe wkth regulollon. This rfsk In¢ase3 the mole that eompli8n¢e with a law or reyulatbon is r8mov•d Irom the events and tran59th"on5 reflected In the financlal ststemenl$. as we wll b• l•ss likely lo becomo awar¢ ¢1 instances of non-wmp113nc8. The risk 16 al$0 greater regarding Irr•gularilies occurring due to fraud rathor Ihgn error, as Iiaud InvoSvèg Intentional co21ment, lorg•ry, cdlu¥ion, omission or Mispresents.on. A frjrther descriptlon of our respon5ibllllig8 Is available on the FRC'S w8b8lt8 at.. Attys,'IAwhv.frc.org.ukl audltorsresponslbililies .This descrip*'on ftsrrn$ part of our auditor's report.
COVENTRY FREEMEN'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unr•StrIct Endowment funds fund¥ 2024 2024 Total UTrrestrlcted Endowmont ftrndl lund$ 2023 2023 Total 2024 2023 Nots• lllcome from: D¢)nalions and legaclos Invtr•lm8nts 58,232 1,135,089 58,232 1,135,089 70,000 1.099,198 70,000 1.099.198 Totsl Incomo 1.193,321 1,193,321 1,169.198 1,169.198 d11¢ Charrtable actlvlles 1,089,774 1.089,774 897,232 897,232 Net ga1n8ll1oNI on Investmènts 89,037 60,fj48 189.885 72,574 81,974 154.548 N•t m¢v•ment In fvnd• 192,584 80,648 273,232 344,540 81.974 428,614 Fund balanc88 at 1 January 2024 1,760.472 17,592.252 19.352,724 1.41 S,932 17,510,278 18,920,210 Fund b•lan¢ffi at 31 Doe•mb•r2024 1.953,058 17.672,900 19,825.958 1,760,472 17.592,252 19.352,724 Th• statemènt tsf finncil •ctltheg Includ•s all galnl and1089a$ rKognlMd in lh• y•*r. All incom• and expendltur• d•rtv• from canilnulng ActNIti.
COVENTRY FREEMEN'S CHARITY BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Flxed ass•ts Investment propety Investments 11 12 18.282.427 2,898,871 16,282,427 2,789.953 19,161,006 19,052.380 Curr•nt a•••ts Debtors Cash 81 b•nk and kn haTh 14 82,797 431,785 51,317 292.219 514,582 343.536 Crndltorn: amounts fallln9 du• TthIn on• y•ar 18 149,7241 143.1921 N•t Current *$iets 464,858 300,344 Totsl as••ts l•M curr•nt Iliblllth# 19,825,gS8 19,3S2,724 Capltal fund• Endowm•nl funds- gen•rnl Incom• fund• Unre3tricled bJndB 17,672,900 17,592,252 1,953,058 1.760,472 19,825,P56 19,352,724 The flnancl 18tatement$ war• approv•d by th• Tru8ta•i on ..,..... .. . . ......... Trt•&
COVENTRY FREEMEN'S CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Ca$tt flow8 Irom opornting acllvlll Cash absorbed by ¢peration8 21 11.058.490) (829,7401 Inv•stlng actSvltl•s Invostmant Income Income from li$t•d InvtMents Inler•st rec•ivable Purcha80 01 Inve8tsn•nt woporty Purchase of other inve8lmenl8 Procoeds on th¥posal of oth•i Inv8skn•nl¥ 1,032,474 1,000.564 95,357 3,277 1199,1851 1343.8581 436,4CQ 8.271 1161,2521 222,219 N•t ca•h g•n•rat•d from Inv••tln9 a¢tlvltl•s 1,198,056 992.756 N•t ¢a•h u••d In flnanclng •¢tlvltl N•t IncM••• IN ca•h and ca•h •qulval•nt• 139.580 183,015 Cash and cash U5V8nts 81 b&glnnln9 of y•ar 292,219 129.204 Ca•h nd G••h 1¥ll•ts It trnd of y••r 431.785 292,219 Anaty818 ol ¢a#h •nd ¢•h •qulv•l•nts Bank bal•rKoJ and ¥hort t•rm d•w't8 431,785 292,219 10-
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountln9 pollcl• Charlty Informat5on Coventry Freemen's Charity is a chgrll8lle trust ¢on$lrtuted under g scheme ordered by the Charlty Commissioners tor England and Wale8 sealed on 2gih DecembÈr 1978. See reference In the Irust••s' report. 1.1 Accountlng ¢onv•ntlon The financial stOtem&nts have been prepared in accordance wlth the charity's gOV81nlng document. Ihe h•riti•$ AGI 2011 and Accounling and Reporting by Charities.. Slatement ol Recommendéd Practice applicable to charllles prpafing their accounts In accordance with th8 Finanaal Reportin9 Standard applicable in thè UK and RopukAi¢ of Ireland IFRS 1021 l•ffeGb'v• 1 January 2019}" The charity Is o Public Benefit Entity a8 dIned by FRS 102. Th• financial statemon18 have departed from the Charllles IAccounls and Reports) Règulallon$ 2008 only lo tha 8xl8nl required lo provKle a true and lair view. Th1& departure has involved followng the Stmlèmenl of R•¢Dmm•nded Practice lor charilw45 gpplylng FRS 102 rather than tho ver81on ol the Slat•m•nt of R•¢omm8nded Practi¢e whith is r8lerred to In Itt• Regulations but which has since bèen withdrawn. Th• financial 6lal•ment$ ar• Pf¢par•d in st•rflTrJ, whlch Is th8 fun¢tional euNoncy of tha charfty. Mon•tary mounts In these financlal statements ale rounded to Ihe nearést £. Th• llnanclal 81al8mènt$ hav• been prapar8d under the hlstcric81 cost convention, modifled lo Includo the ravaluation of froehold properties and lo include inve61menl propeflle8 and cèrtain finan¢i41 in8tNmonls al fJlr valua. The principal accounting pollcleB adopted are Sel oul bebw. 1.2 Golng concgrn The fin¥ncl31 slaltrm•nl¥ have b•en pr•par•d on a going ¢oncem ba•ls 0$ th8 Trust•8B beli•v• that no malerlal uncertaintiés ¢xi$l. The Tw$l&8s have considered th¢ level of funds held @nd the expected level of ncom& #nd ¢xp&ndllure foi 12 month8 from authori$ing th$¢ flnanclal statemants. The budgeted incomè and èxpènditur• is $ufficsent vthh th• laval of reseNes for the charity to be able to contine as a going concern. 1.3 Charltabl• tund* Unrestricted lund5 are avall8ble for use al the discrallon ol th¢ IIu8ttss In furtherance of chartsble objectives. Raslri¢t8d funds arÈ suble¢l 10 5p8chlc condlllons by donors as to how they may be used. The purpts&o8 and use$ of th& reslrld•d fund? are set out In the nol•s lo th¥ finsncial statements. Endowment funds aro subject lo Spadflc conditions by donors that th8 capital musl be rnainlained by th• charlty. 1A Incom Incorna Is r8cogn15&d when thè charity is lagally enlided lo il after any parformance conditions have been mel, the amount5 can bè m•a5ur•d rel18y. and It is probable that income will be recaved. Legacies ar& recognised on receipt or otherwise if the ch?rily has been notified of an irnpending dyslribution, the amount is known. and receipt 18 probable. If the amount 18 not known. the legaey18 Irealed as a Conbngent asset. Rental income from operating le88es Is reeognised Ir) thè ststement of financjal actjvltles on • 3trai9hl-Ilne Dasis over the lease lerrn
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accoumtlng pollcl•s IContlnu•dl 1.6 Expendhure All expenditure is accounted ftsr on 8n accruals basis and has ¢la8sified under h&adirfj8 that •ggrg9at• all ¢osts r81at8d to tha ¢al49ory, Expenditure 1$ r&¢ognised where there 1$ o le981 or con8lructivè tsbligatlon lo make paymanls lo Ihlrd parties, it is probable that the settlemanl will be requifed and tho smount of Ihe obligation can be mea8ured reliobly. 1119 CategoJlsed under th¢ followin9 headings.. Expendilure on chaiilable a¢ts'vllSes, Other expenditure repres&nts those items not falling into Ihe categorieB abov•. Irrecoverable VAT Is charged as an eKpens8 against the adlvlly for whth exp¢ndttur• aTOBe. Grants payabl8 tc+ third parties are within the charilBble obleclives. Wher¥ unBDndrtlonal grants are offered. this is gccruad 88 800n 45 the racipient 18 nollfied of the grant, as this giv rise lo a roasonable expeclation Ih8l the raclplonl will receN8 th• grants. grants are con¢Jili¢nal relating lo performance then the grant 1$ only 4Gcrugd when any unfulfillad nditionS are outside of the Control olthe charlty. Support costs allocatlon Support costs arè tho8e that assist th• work ol the charity but do not dtrgctly Rpresent charllable activlties and Includ• office costs. govemance ¢cists, admlnlstralive payroll co6ls. fhty are incurred directly in support of 8xp•ndilurtr on the objects of tho ¢harity. Where support costs ¢8nnot be dlrectly attributed lo p•rticular heading$ they have been allocated to cosl of raising funds gnd èxp¢ndllur• on chariiable 8CtNilig$ on a basls cor8i$l¢nt th u8e of the resource$. The anaty$is C1 the80 co$1$ 18 inclltded in note 8. 1.6 Invèstm•nt prop9rty Investmanl property, whSch is property held to 0am renlals •ndlor IN caprtal apprèclalion, 18 initsalty recognls•d at cost, whi¢h In¢ludes th? pur¢ha$g ¢osl and any directly attrlbut3bl• èxp8ndilur&. Sub$equenUy il i¥ moa8ur8d at fair value al the reportlng 8nd do1¢. The surplu5 or defldt on r¥valualion 1$ r•¢ognlsed in profll or loss. 1.7 Flx•d a$ut Inv••tmonts Fixed a68et inveslrnenl$ arè inllially measured al Iransactlon prlce excluding tran8a¢llon cosls. and are sublequentty m•Jsured al falr valutr Il each reporting dale. Changes in lair v8lue are re¢ogni8ed in not Ineom$llexp•ndilurel for the year. Transaction cwls arn expensed a8 Incurrèd. 1.8 Ca#h and c•$h •qulval?nt8 Ca$h cash equiva18nts Includè cash in hand, dep0811s held al call wrth banks, other short-tem Ilquid inv•$tments wth original maturlties of ihree months or 18Gs. and bank overdrafts. Bank overdrafts ara shriwn within borro98 In current1SabllltKfj$. 1.9 Finaftclal Initrum•nts The charity h8$ elecled lo apply the provl8lonA Of Section 11 '8asi¢ Fbnancial Instrumenls, and Secllon 12 'Other Financial Inalrumenls Issues. ol FRS 102 to ¥ll ol its financlal inslwm¥nls. Fin8nual instruments are recognised In the ¢h4rty's balance shegl the ¢harity becoms party to th& contractual provision8 of th6 instrument. Financial 8ssels and Ilabllldes 8re offset, th the nel arnounts presenlgd in the financial statements, when there is a l•gally enlor¢eable righl lo set off th? rg¢ognised amount8 and there 1$ an intention to Sethe on a net basis or to reglise lfve asset and Sett the liability 3imLllaneously. Basic finanual assets Baslc fftnanGial assets, which inclu¢• dobl¢r5 and cash and b8nk balxn¢È8, afe inltbally rneasured ot transactlon prl¢e IrKluding trans8Ction cogts and are $ub$equently carria¢J al amortised cost using the effecbve interest method unle55 the arrangement constilules a financing transaction, where Ihe transaction is measured al the present value of the fvILsre receipts discounted at a market rate of interest. Financial as¥ets dassifi8d as receivable wthin ong yoar arg not aM0.Sed. 12.
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢l•• {ContlTrued 8a$l¢ finan¢1 Il•blllU•s Basic financl81 I)a.11t1eS, Including c48ditor8 and bank loans are iniJally recognlsed al transaction price uniès$ the arT8ng8manl constitutes a financing transaction. wheY• th• debt instrumant is moa6ured al Ihe pre8enl V81ue of the fvturo payment8 discounted ot a market rale of intere81. Finan¢lo1 liabllhies classified oj payable thin one year are not F4nortI8ed. Dobl in$trurnent8 are subwu8nUy carri8d at amortMed cost, U81ng the effecllve Interest rale method. Trade er¢dllt)r8 are obli9allons lo pay for goods or $•rVi5 that hav• beon aequlrad in the ordinary courge of operatlon6 from Buppller5. Amounts payable are d089ified as currenl11ob11111•8 If wym•nl is due within one year or 1988. If not, they are pr•senlad as nonvcurrenl liabilttleB. Trade cradilors ¥r• r•¢o9nl8•d inSlally al transaclion pnc• ond subwu8nlly mea6wed at amort18ed co81 uslng the effective lrtere81 method. D•rn¢ognltlon ol Iln•n¢l•l Il•blllll•s Flnanclal liabilille• •r• doro¢ogni8•d charfty'$ wnlroGtual oblgatlon$ explr• or are dS8charg•d ci cancell•d. 1.10 T•xatlon Thè tox exp•n8• r•pre¥•nl8 th• Bum of th• thx ¢urrnntty p4yabl arvj dof•rT•d tax. Th• ¢h•rity is not li•t4• to Income lax on h'$ ¢table actlvlWa8. 1.11 Erry)loy•• b•n•fftts Th8 cost of any unused hjllday enlftlem•nt IJ r•cogni•ed in the perlod in whlch th• •mploye•'8 1¢8• ar• racdved, Tttmln#tion berfft recegn18ed Immoolately •• In 8xpen$e when the charbty l• d•mon$lrably commlttad lo l•minbto th• Omployment of an frmployots or to provide lorminatlon b8n8fft$. Crlllcal ic¢ountlng ••tlmat•• and ludg•m•nt• In the ap1¢tIon of thè ¢harlty'3 ac¢ounllng poliu•$, the Iru$teeg aro fequlr•d to mak• ludg•ments. •¥llm•tag and &ssumptlonB about the carrybng arnounl of assets and aIN'11t8% that ar• n¢1 rgadily ¥ppar•nt from other sources. The e8limate8 und asso¢i8t¥d a$wmption$ 4r• based on hl$lorlcal •xp8rfence and other factors that are ¢on61d•rad lo be relevant. Acts1 rè$ull$ may dlffor from Ihè88 ••llmate$. The e$limates 8nd und•dylng. 0$8umplKn$ ar• revlewod on an ongoing b481$. R1810n& to atcounlng 6brnats8 are recognlsad in the p•riod in whlch th8 astlm8t8 18 revlMd whar8 th8 r•vlsion affects only that perKJd, or In the pèrbd ol IhÈ revrsion and fulure perioda wh•r• th• T¥vi$ion 8ffect8 both current and lulure OontlonJ and legacl•• Unmtri¢ted Unmtrktsd funds funds 2024 2023 L•g8C4es rO1ved 58,232 70.CQQ 13-
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 In¥•#tm•nt# Unrn8trkt•d Unr•strlct•d funds fund• 2024 2023 Rèntal Inoome Inrne from11gled Inv•8tments Bulldlng le88è8 Ackno¢9Mnts Interejt r•¢Vable 1,032,290 1,000,380 95,357 60 124 3,277 124 8,271 1.135,089 1,099.198 Incom• from Inv•$lm•nl Income w88 wholy thbutabl• lo unrestflct•d funds In the euN•nl •nd prec•dlng y•r. Ch•rrt4bl• ictlvltl•• 2024 2023 Inve•tm•nt brok• Comm1481on$ pald Property r•palr• Rala$ and wat•r Llght Ind hoat Surveyors fees Legal fe9$ Seniorfty payments Insuron Bad dabl 5,414 85,750 336,029 3.681 1.482 18,153 13,212 518.572 35,819 31.275 5,391 62,853 123,300 1,971 3.929 37,209 12,672 525,812 44,102 11,888 1,045,367 848,907 Sharè of gupport cost$188e note 61 Shor• of gov•rnBnce co8ls {gee not• 61 21.937 22,470 2e,755 21,570 1,089,774 897.232 Expenses V1n charftablg •dlvrti•$ wai wholty attributsble to unrestricted fundB In tho current and pr•c•thng 14-
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Gosts Support Governance costs ¢o$ts 2024 Support govèm•n¢• ¢o$ts 2023 S9nk)rily $¢)ftwa Sundry expenses Clerk and finance costs Le9al experb5es Bank cErges 480 2,018 15,450 1,415 2,574 480 2,018 15,450 1,415 2,574 480 2.817 14,880 7,109 1.469 480 2.817 14,880 7.109 1,469 Audll lees Clerk and financ8 Costs 7,020 15,450 7,020 15,450 6,890 14.880 8.890 14.880 21,937 22.470 44,407 28,755 21,570 48.325 Anoly8od be8n Charitable activlb'o8 21,937 22,470 44,407 26,755 21,570 48,325 GoverMnce co818 Irdud¢• p•ymenls to lh• audStors of £7.020 {2023- £6,890) for 4udM f••o. TruBt••• Thero w•r• no tru8t••&' remun•ratlon or olh•r boneflts for Ihe y8ir ended 31 D•c•mbor 2024 nor 2023. TrUbts, •xp•n•• Nono of IM trusteej rec•ivod any •xpen$•• In th• yojr •nd•d 31 D•cembw 2024 nor 2023. Employ••• The 8Vtrag8 monlhly numbèr of •mploye•s durfng th• yoor was.. 2024 NuMr 2Q23 Number Clerk Thwe w•r• no employoos whose annual rgmun•ratkn wag more than £80,000. 15-
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Not galnBlllosse¥} on Inv•stm•nts Unmtrlct•d Endowm•nt fund# funds g•n•r•l 2024 TotAI Tol 2024 2024 2023 Revoluobon of Inve8lment8 89,037 80,848 189,885 154,548 For th• year •nd•d 31 D•¢•mbor 2023 72.574 81.974 154,548 1Q Taxatton Th• chqrlty Is oximpt from tax on Incom• •nd g4ln8 lallln9 wllhln Bectkjn 605 of the Ta9 Act 1988 or 8ecNon 252 of Tax8tlon of Charg•ble Gains Act 1992 to th• •xt•nt that lh are appllod lo b chartlable obl•¢ts. 11 Inv•stm•Dt pvop•rty 2024 F*lr v•lu• Al 1 J•nuary 2024 and 31 D8comber 2024 18.262,427 The land and bulldlTrJg re r&valu•d ty Lovdtts, Charteftd Surveyors, •4 at 31•t O•cember 2021 on •n open mark•l ba•1$ in accordanc• wth lh• guld•lln•$ I8su•d by the Royal Injlilullon of Ch8rterod Surv•yors. 12 Flxod au•t InvMtm•nts Llgt•d Inv•stmonts Co•t or valu•tlon Al 1 January 2024 Addf(lonE Valuallon Chje$ Dlwos818 2,789,953 181.252 169,198 221,7321 Al 31 D0mber 2024 2,898,671 Carrylng amount At 31 December 2024 2,898.87t Al 31 Docomber 2023 2.789.953 18-
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Fln•nclal InJtrum•nts 2024 2023 CarrylTrg •mounl of flnanc141485otJ Dtrbt instruments m885ured al amortlsed ¢¢$1 Equty instruments measured at fair valu• 82,797 2,898,671 51.317 2.789.953 rArrylng irnount of financlal Il•bllltl•s M•a8ured at amorll$•d cost 46,909 37,894 14 D•btorn 2024 2023 Amounts falllng du• lthln on• y••r: othor d•btors 82.797 51.317 15 Crndltorn: 4mounts f4111ng du• wlthln on• ymr 2024 2023 Olher tax3U and 80&41 iecuiity Olh•r Cror9 Aurual$ and delerTed Incom• 2.815 24,431 22.478 S.498 28,588 11,128 49.724 43.192 16 Endowm•nt fund• Endowmenl funds r¢pr•s•rt a8eets vthlch musl b• hdd pennan•ntly by th• chartty. Incomè ad$lng on •ndovmienl funds ¢•n be UBed in a¢cord4ncè wllh the objects of lh• ¢haMty and Is Induded 98 unr•$tslct•d Income. Any pital galn8 or109s•s arfslng on the asoets form port of Ihfj fijnd. lan •t R•v•luatlo •lan¢• •¢ R•v•l¥•iio l J•N•ry 2023 • •nd1 Jhuwry 2024 Ind 31 E•rnb•f 2tyk4 17,510,278 81,974 17.592,252 80.648 17,672,900 17,510,278 81.974 17.592,252 80,648 17,672.900 Th18 ftjnd con8ists of the oriLwMI endowm•nt In¢orporated In the Indosur• Award$ dated 2nd Nov•mber 1860 an*J dated 22nd June 1875 logather vAth the aGcurnulaled galns or108688 ariwng on dl¥p08al of the Chartty'8 Investments and may ¢th b• applied in Ihe acqui511ion of other inveslments. 17-
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 17 Anafy515 of net asJets befv4•0n fund$ Unrestrictgd Endowmoftt 2024 2024 Totsl Unrostrkt•d Endowment 2024 2023 2023 Total 2023 Fund balance8 al 31 Dacambar 2024 are r8presented by.. Inveslrnent propertl89 Investments Currant a8setsllllabllille81 16.282,427 18.282,427 1.418,882 2.898,671 464.858 16,262,427 16,262,427 1,460.128 1,329,825 2.789,953 300,344 300,344 1.478,809 464,858 1,944,667 17.681,289 19.825.956 1.780,472 17,S92,252 19.352,724 18 Fln•n¢lal ¢ommltm•ntg. guarnnt••g ind contlnq•nt Il&bllltl• Cornrnrtmenls of £18,729 12023.. £56.9381 lor repalf8 on prop•rU•4 own•d by tho ¢h8rlty hJv• b••n contract•d bul not provided for in th• ffinancbal t8lqm•nts. 19 Op•rtlng l•a•• commllmonts Lo•¥or The op8r8ting le08e8 r•pr•8•nt to8$ ¢f varylny tèm$ to thlrd partles. Som• of th• l•a$•s include a provl$lon for periodic upward rant r•vi•ws according lo prèvalllng market wiillons. At th• r•portlng end dat8 th8 tharfty had contra¢l•d wlh ter118 for Ihe foln9 mlnlmum l•ai• paym•nts.' 2024 2023 Tthin one year Ba¢en and ffive year• In ov•r Ilve y•ar$ 488,836 1,123.164 2,497,995 472,631 1,077,264 2,368,138 4.109,795 3,918,033 20 Relat•d party tr•n8actlong TMMa¢tlon• wlth r•lat•d partl•* Durlng the year th• Crity entered into the folln9 transacllon8 vhth related pwlles". P R081er a trusteè of th6 charfty w¥$ • shareholder of Loveitts Ith8 proparty manag•m•nt Mmpanyl until 30 April 2024, Loveltts chard mangg•m8nl rommisslon and foes of£31.$40 up to thls date {2023- £120,Cfj11. 18-
COVENTRY FREEMEN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Cah g•n•ratsd fmm operatlons 2024 2023 Surplus for the year 2n,232 426,614 Adjuslments for. Investment incom regnIsd in slal•mwrt of fflnanclal acllvities Fair value gain8 and109881 on inv•stm•nls (1,135,089) 11.099.1981 1169,685) 1154,54BI Movem•nls In workkng capkal.. Iln¢rg9s•1 in d•btor8 Incr•a88 CT8dltorn {31,4801 8.532 15,4281 2,920 C•¥h ab•orb•d ty op•ratlon• 11,056,490) 829.7401 22 Analy•l• of Cknang In n•t fund¥ At 1 nAry C••h At 11 DK•ml 2024 Cash ot bank and In hand 292.219 139,588 431,785 292,219 139.see 431.786 292.219 139.se6 431.785 19-