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2021-03-31-accounts

Coventry Cyrenians Annual Report 2020-21

Cyrenians more than a roof

Contents

Coventry Cyrenians Limited. Financial statements for the year ended 31 March 2021.

Trustees’ report 2020-21

Chair’s introduction .......................................................03 About Coventry Cyrenians ............................................04 Review of 2020-21 ..........................................................07 The way ahead ................................................................11 Our finances .....................................................................16 Our governance ..............................................................20

Financial section 2020-21

Company information ...................................................25 Report of the independent auditor ............................26 Statement of financial activities ..................................29 Statement of cash flows ................................................31 Notes to the financial statements ...............................34

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Chair’s introduction

It’s been quite a year. Never could I have anticipated that the final part of my time as Chair of the Trustees would be in a pandemic.

With heightened risks to homeless people, our team responded brilliantly – ensuring residents were safe in our accommodation and supported throughout. Thank you to our staff who pulled out all the stops during this difficult time.

This has also been a period of significant change for Cyrenians. In November 2020, Mike Fowler retired after more than 20 years as Chief Executive. I would personally like to thank him for his amazing commitment and contribution, and wish him well for his retirement.

I will continue to be part of Cyrenians as a Trustee but am delighted to be passing on the Chair’s baton to Jonathan Price-Marlow. We are fortunate in having an excellent and vibrant group of Trustees to steer the charity into a postpandemic world.

This report sets out what we achieved in 2020-21 and our intentions for the way ahead. Homelessness is still a ‘forgotten’ and misunderstood state. We must raise awareness that this is about much more than a roof, and be a ‘go to’ organisation providing the very best support for those who need us.

Sally Eason Chair of Trustees

My heartfelt thanks too to David Oliver, who retired in 2020 having served as a Trustee for an incredible 42 years, including spells as both Chair and Treasurer.

Our new Chief Executive Caron Williams joined us in late 2020, bringing a wealth of public sector and commercial experience. Starting a role like this amidst Covid-19 was tough, but Caron has worked tirelessly in supporting the organisation to respond to the challenges we have faced.

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About Coventry Cyrenians

Established in 1973, Coventry Cyrenians are a charity delivering housing support to promote and enhance the life chances of people in Coventry and Warwickshire who are homeless, or at risk of being so.

We’re proud to provide more supported housing for single homeless people than any other local agency – with open and equitable access for anyone we assess as needing our service. Some people are referred by local authorities or other housing providers, others find their own way to us.

Acting as a landlord, we offer licensed accommodation in small and medium-sized houses of multiple occupation (HMOs), for those currently unable to manage a tenancy. We also provide some self-contained housing for single adults and families. All these properties are managed and maintained to a good standard.

Our services

Coventry

Warwick

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WEST WARWICKSHIRE
MIDLANDS
Coventry 36 131
Kenilworth 1 6
3 9 Warwick Leamington Spa 1 6
Stratford & district 44 60
Totals
85
properties
212
rental units
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Stratford

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Accommodation is only part of the story. The traditional view of homelessness has tended to focus on negative stereotypes. We want to empower those we support to live as independently as possible, by enabling them to rebuild their lives.

Our experienced team are skilled in working with people to help them identify their housing needs, developing and reviewing solutions that are right for them.

We provide a range of support for our residents while they are with us, including:

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Who uses our services?

The people we support have multiple needs as a result of their challenging experiences in life. Many are in contact with criminal justice services and have a history of offending. Others have drug and/or alcohol dependencies, are escaping domestic violence, have suffered childhood neglect, or have mental health or social isolation problems. Many face numerous issues.

An increasing number of those we support are displaced, arriving in the UK from overseas and in need of help with establishing their legal status. We assist them to access work, community and a permanent home.

Uniquely in Coventry, we offer some female-only accommodation, as the city has a higher than national average number of women with complex needs who don’t have access to safe housing.

Those using our services often feel safer and more comfortable accessing help in their temporary homes. Our housing support workers visit them to provide assistance and guidance on a range of issues, in particular – money management, social isolation, and non-engagement with health and social care services.

We have well-established relationships with many statutory and voluntary agencies, which offer a wide range of specialist support to compliment ours.

Although we don’t operate 24-hour coverage, we do have an out-of-hours ‘on call’ arrangement, should issues within shared houses or with neighbours occur.

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Our people

Caron Williamss

Chief Executive

John Bailey Finance Director

Izzy Hawkins John Sexton Operations Manager Quality Manager

James Forsyth Coventry Services Team Manager

Waqas Ali Warwickshire Services Team Manager

Will Moore Building Operations Manager

Information about our Trustees can be found in the section on Our Governance, page 20.

Our key stakeholders

Organisations which work with us in support of the homeless:

Donors to whom we are extremely grateful:

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Review of 2020-21

This financial year came with its fair share of trials and changes. We faced a pandemic, which impacted on all our services and the people who use them. We also said goodbye to our long-standing chief executive Mike Fowler and welcomed Caron Williams to the role.

Coventry Cyrenians have emerged from the challenges of Covid-19 with a renewed focus on what our core role is:

What we achieved in 2020-21

How many people we housed

342 189 153 Residents across Residents on Total who left 2020-21 31 March 2020 during the year

Outcomes - positive discharges (when a person moves on to permanent accommodation):

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50 69 6 125
83 % 88 % 67 % 82 %
Coventry Stratford Warwick Overall
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Key improvements for residents who left us

This year has enabled us to have a long hard look at how we do this, where our money is spent and whether we are doing the best job for the people who need us.

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113 108 104
74 % 71 % 68 %
General well-being Maximising benefit Money management
entitlements
71 84 66
46 % 55 % 43 %
Physical health Mental health Social contact with family,
friends, community
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The Covid-19 pandemic

Covid-19 had a huge impact on our operations in 2020-21. Movement of people in and out of our accommodation was curtailed, which affected property occupation levels. We put some of our staff on furlough and also closed our shop.

As the pandemic progressed, we improved our operational performance. This recovery was supported by the hard work of our staff, and the increased grip and control they displayed on behalf of the people we support.

We successfully applied for financial support from the Government to help us through the pandemic – receiving £276,000 from the Covid-related furlough, retail and charity grant schemes. This enabled us to continue supporting our clients during a very difficult time.

The financial section of this report gives more information about how we have increased efficiency and made savings. The aim is to concentrate our resources on supporting our residents – including investing more in their accommodation.

Upgrading accommodation

In 2020-21, we increased our efforts to improve our properties to provide the best possible environment for the people living in them. The result was a significant programme of refurbishment, despite the constraints presented by Covid-19.

£241,000 SPENT ON REFURBISHMENT OF :

85 with 212 properties rental units

Our refurbishment work has included:

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New kitchen at Far Gosford Street, Coventry
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Fundraising

We are very grateful to have received more than £150,000 through fundraising during 2020-21:

£
Christmas appeal 20
Charitable trusts 35
Other donations 16
TOTAL
71
Legacy 85
TOTAL 156,000

We had very welcome financial support from three charitable trusts – 29th May 1961, Vinci, ITF O’Brien . We thank both them and all the local businesses, churches, other charities and individuals who raised funds for us across the year.

We also received a generous legacy of £85,000, which help us to invest in our properties in a period when fundraising activities were severely restricted by the pandemic.

As ever for a charity working to counter homelessness, Christmas was a particularly important time for us. We continue to be the only organisation providing an ‘open access’ meal on Christmas Day in Coventry. At our 2020 event we welcomed more than 100 of our residents, plus other homeless or socially isolated people – with entertainment and gifts, as well as food.

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Caron Williams, the new CEO
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Board changes

Against the backdrop of Covid, the charity also saw some significant internal changes during the year. In November 2020, Mike Fowler retired as Chief Executive. Joining the charity in 1985, Mike maintained his focus on achieving the best for our residents.

In keeping with the times, Mike had a ‘virtual’ send off from his many friends. We all thank him for his amazing contribution to Cyrenians. Replacing Mike, we welcomed Caron Williams as our new chief executive. Caron has had a long and successful career in the NHS, most recently as a strategic director.

David Oliver retired in 2020, having been both Chair and Treasurer during his long service as a Trustee. David made an outstanding contribution to the charity with his dedication, insight and financial acumen.

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Partnerships

The partnerships we have formed with many other organisations continue to be really important to us.

We are grateful to John Kiely, owner of the Coventry McDonald’s franchises, for a very generous £1000 donation during the year.

Due to Covid restrictions, 2020’s Christmas meal was delivered in partnership with Coventry Open Christmas. This joint endeavour allowed us to successfully provide meals to people, in a Covid-safe co-ordinated way. Our thanks go to Tash from Coventry Open Christmas for her hard work and commitment.

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The Coventry branch of Dunelm used their internal volunteering scheme to donate goods and staff time, to refresh the paintwork and soft furnishings of one of our residences. The impact on the person living in that house was profound. The fact that people from a store he knew, but had never been in, were supporting him to build a new home has improved his engagement with other services and his sense of self-worth.

In January 2021, an academic paper[1] was published following a major piece of collaboration between Coventry Cyrenians and the Universities of Warwick and Coventry – which led to a pilot project in the city called Homeless Monopoly. This approach investigates how art, drama and board games in educational settings help to raise awareness in young people about homelessness.

1 Nadine Holdsworth (2021) Disrupting monopoly: homelessness, gamification and learned resourcefulness, Research in Drama Education: The Journal of Applied Theatre and Performance, 26:1, 38-52, DOI: 10.1080/13569783.2020.1838270

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The way ahead

We have much to be proud of at Coventry Cyrenians. Our work and support have had a major positive impact on the lives of many people – not just in 2020-21, but across our 48 years.

However, we want to do more. In celebrating our more recent accomplishments through this Annual Report, we are also thinking about the future.

Our vision

Coventry Cyrenians aim to offer good quality, well-supported accommodation for those who are homeless or at risk of being homeless. This we largely achieve.

There are some things we do very well and others we can improve. That is why we are developing a new strategic plan. It sets out seven key intentions for the next five years, to achieve our vision to be “more than a roof” .

If we deliver on these intentions, we will provide an exceptional modern service for those who choose our accommodation.

In short – we want to make the greatest impact possible for our service users.

Property

OUR STRATEGIC INTENTIONS

People

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Time for change

There are two main reasons for the commitment to change now:

Although we achieve industry rental standards, we are less affordable to people in work. Many who do gain work face having to be rehoused to benefit financially from being in employment – even if they’re not ready to move on.

It was clear that we needed a different approach. Finding work while gaining the skills required to maintain a tenancy should be a cause for celebration, not anxiety.

The rest of this section gives examples of what we aim to do in future.

Being a good landlord

Being a good landlord is about having and maintaining properties of the right quality and value – and also managing them correctly. This enables us to have the resources to improve our accommodation, which directly impacts on the wellbeing of the people living there.

Coventry Cyrenians seek to deliver the standards of a Registered Social Landlord, as well as supporting our charitable aims. To achieve this, we need to:

Piloting reduced rents

We are trialling reduced rents to support residents financially disadvantaged by starting work. This scheme is helping us to identify the issues we need to address, to make this work longterm. There are three key challenges:

  1. Selecting those who will most benefit from this offer, bearing in mind our limited means

  2. Establishing a budget and a fair approach to allocating it

  3. Having a well-balanced property portfolio to ensure this remains affordable

We’re working on the first two challenges and aim to address the third over the next two years. Investments in housing stock will enable us to fund selective rent reductions on an ongoing basis for working residents, as part of a planned rehabilitation process.

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Getting our properties right

We are the largest supported housing provider in Coventry, but know that there is still unmet need. We want to expand to support more people, by investing in additional properties and continuing our programme of refurbishment.

To achieve this, we must have a mix of properties to suit the different needs of those we support. For example, larger houses comfortably accommodate people with lower needs.

On the other hand, the greater the need, the smaller the property required. This does slowly introduce opportunities for service users to improve social skills – and build trust in people as they gain in confidence. However, the cost of delivery is higher.

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6
rooms
COST
£30,000
a year
£96.15
per room per week
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Property 1

RENTED

£96.15 per room per week

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15
rooms
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COST
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£14,000

Property 2

a year

OWNED

£17.94 per room per week

Property portfolio

WHAT WE NEED TO DO

House management skills

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Getting our finances right

Managing our resources well sometimes means making difficult decisions, such as closing our shop which was not making a financial contribution.

Covid-19 highlighted some real efficiency challenges. We will resolve these by consolidating and refreshing our property portfolio.

We currently have many houses which we have leased. This allows us to offer accommodation to people at short notice, averting the risk of homelessness. We now need to balance high-cost rented accommodation with lower cost housing which we own.

The challenge we are setting ourselves is to continue to offer high-quality accommodation in an affordable way. To that end, during 2021-22 we aim to purchase affordable accommodation with the cash reserves our efficiencies have generated.

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Supporting the people who use our properties

Most people say they feel isolated and alone when they first come to Coventry Cyrenians. We are therefore proud that three quarters of all our residents become successful tenants when they move on – developing the confidence over their time with us to ask for help when future challenges occur.

This confidence develops through engagement with our housing support workers, who support residents to build the practical skills they need to hold down a tenancy. Each individual holds a personal plan to prepare them for moving on.

It is an essential start, but we know that people are more likely to succeed in their future tenancies if they build resilient social contacts beyond the homeless community.

One aim of our drive for greater efficiency is to release more resources to help residents develop these social networks, to sustain them beyond living in our accommodation. Our ambition over the next few years is to access more free community resources and to provide bespoke funding packages ourselves, to enable people to:

This is the ultimate in confidence building. Alongside dignity and a sense of self-worth, it is often the difference between success and failure once people are supporting themselves.

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Partnerships

Our work and plans for the future are based on a commitment to strong relationships – with our staff, the people we support and other organisations.

We are proud of the highly effective and mutually beneficial partnerships we have established with local authorities, other landlords, agencies and charities.

The Review of 2020-21 section in this report gives examples on page 10 of our successful joint fundraising. Moving forward, we want to create strong connections with more businesses, large and small – whether for work opportunities for our residents, or through commercial sponsorship of our accommodation.

Securing both practical and financial support from our corporate community can only enhance our work and benefit our residents. We also believe that working with our communities and businesses will help the people we support to integrate further into local society.

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Our finances

Covid-19 made 2020-21 a very challenging year for everyone. Like many organisations, we had to address some pressing financial challenges to safeguard our charity’s future.

For example, our shop was unable to trade and our accommodation occupancy rates were affected by people’s inability to move around.

However, we have emerged in a strong financial position – following careful management of our resources and a fundamental rethink about how we use them.

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We successfully secured £276,000 through different types of Covid-related Government support, including funds to furlough staff. This income made a significant contribution to our positive financial position.

We also took the opportunity to ensure that as much money as possible is dedicated to supporting the people who come to us for help. Every aspect of our expenditure was looked at, to increase efficiency and make savings – for example:

As a result, we were able to increase significantly what we spent on refurbishing our properties, to provide the best possible homes for our residents. In total, we invested more than £240,000. Our surplus for the year would have been much greater if we hadn’t done this.

This is the approach we will continue to take with our finances – controlling running costs and using our income to achieve the biggest possible benefit for those who need our services.

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Total income

£2,665,879

RENT[1] £1,909,281

GRANTS £480,645

DONATIONS & LEGACIES £155,897

INVESTMENTS[2] £20,000

SHOP OTHER £889 £99,167

1 Accommodation income is what we receive in rent, with most of this coming from housing benefit.

2 Investments relate to properties we own as a charity.

3 Spending on fundraising and accommodation is mainly made up of staff salaries and associated costs.

Total expenditure

MADE MADE UP OF: UP OF: £2,554,635

3 ACCOMMODATION £1,997,096 Building costs, maintenance, salaries. GRANTS £461,430

3 FUNDRAISING £90,151

SHOP

£5,958

Overall position of the year Surplus £111,244

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Income

2020-21 income £242,803 higher than 2019-20. The main differences were:

DONATIONS GRANTS £78,459 £250,535 ACCOMMODATION SHOP £19,395 £72,671

Expenditure

2020-21 expenditure £306,216 higher than 2019-20. The main differences were:

FUNDRAISING GRANT COSTS £17,889 £246,551

SHOP £62,686

ACCOMMODATION £104,462

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Balance sheet

FIXED ASSETS £2,580,883 NET CURRENT ASSETS £378,687

£109,085 MORE THAN 2019-20

£111,244 Total funds MORE THAN 2019-20

£2,562,159

Our balance sheet shows that our unrestricted funds increased to £373,002. This puts us in a strong financial position as we move forward, able to cover our operating costs for at least three months.

The trustees review the reserves policy annually and consider shorter-term changes in liquidity to support carefully-evaluated investment opportunities with positive financial impacts.

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Our governance

Constitution

Coventry Cyrenians Limited is a registered charity, incorporated by guarantee in 1973 with no share capital; the guarantee of each member being limited to £1.

Trustees are legal Directors of the company in accordance with the Companies Act 2006, and the governing document is the Memorandum and Articles of Association.

The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives, and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Our trustees

Sally Eason Chair

Jonathan Price-Marlow* Chair elect

Richard Hadley Treasurer (Chair)

David Oliver Resigned 21 October 2020

Imran Abdulla*

Jayne Marron*

Rachel Haywood

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Trustees are recruited in different ways in order to attract candidates with the required skills, including experience of homelessness. Selection includes interviews with the Chair and Chief Executive, and attendance at Trustee meetings as an observer prior to formal election to the Board.

There is no fixed term of office for Trustees, with a formal rotation policy for any reappointments. The induction process for new Trustees includes meetings with relevant employees and visits to projects. One Trustee is appointed to be the Chair by nominations of the other Trustees.

The Trustees have adopted the Charity Commission’s Governance Code with the following exception:

The Trustees, Chief Executive and Finance Director meet quarterly and at additional meetings as required. The Finance and Audit Committee meets on a quarterly basis to discuss the financial management of the charity. The Trustees delegate the day-to-day management of the charity to the Chief Executive.

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Richard Hadley, Chair of the Finance and Audit Committee
coventrycyrenians.co.uk
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Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and financial statements, in accordance with applicable law and regulations. Company law requires them to prepare financial statements for each financial year. Under that law, they have elected to prepare these statements in accordance with United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006.

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company, and of incoming resources and application of resources (including the income and expenditure), of the Charitable Company for that period. In preparing these financial statements, the Trustees are required to:

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The Trustees are responsible for keeping adequate accounting records which sufficiently show and explain the Charitable Company’s transactions and disclose with reasonable accuracy at any time the financial position of the company – enabling them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the Trustees is aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. UK legislation governing the preparation and dissemination of financial statements may differ from that in other jurisdictions.

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Risk assessment

The organisation has in place a comprehensive risk mapping process, supplemented by a Business Continuity Plan and a Balanced Scorecard reporting mechanism. All these were subject to evaluation as part of the ISO 9001-2008 assessment. The principal risks and uncertainties that we face have been identified as follows:

PRINCIPAL RISK IDENTIFIED STEPS TAKEN TO MITIGATE
Reduction in occupancy due to Covid-19 Safe assessment interviews for new residents. Occupancy meeting established to
retain focus. Grants secured to ofset the fnancial impact of COVID-19.
Reduction in property standards due to Covid 19 staf furlough
and reduced occupancy.		 Budget reforecast and fnancial management focussed on reducing waste and applying
resource to improve property portfolio whilst occupancy was lower. This improved the
rate at which we could increase occupancy and upgrade property standards.
Safeguarding issues result in a poor outcome for a service user and
reputational damage for the charity.		 Safeguarding is included in management and board reporting. CEO responsible for
reporting concerns to authorities. Staf receive training.
Poor quality service has an adverse impact on our service users,
resulting in a reduction in positive outcomes.		 Management & Board reporting include service quality and complaints data. Staf
appraisals, training & organisational reviews.
The safety of our staf and volunteers. Training programme backed by robust policies for all staf and volunteers. Investment
in IT to support the safety of staf visiting accommodation.
Health and safety of our service users in our accommodation. Maintenance manager with responsibility for Health & Safety requirements.
Maintenance issues are reviewed as part of the Board of Trustees, and the Management
Team oversee Health & Safety.
Changes in central government policy adversely impact the
organisation.		 Policies for Housing Beneft & Universal Credit are monitored by the management
team and any material potential changes notifed to the Board of Trustees.
The success of the charity depends on strong funder relationships
to enable us to secure contracts to provide services.		 The management team and the Board of Trustees regularly communicate with key
stakeholders to obtain feedback on the quality of our service and relationship.

Underlying risk due to the pandemic:

The risks to recruitment and retention of staff during the pandemic led to a CEO-led, Trustee-sponsored ‘People Plan’. This plan was developed during Q4 2020-21.

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Remuneration policy for employees

The Board follows a review process for benchmarking the terms and conditions for all employees which takes place annually and is approved by the Board of Trustees. The Board is committed to paying the Living Wage as a minimum.

Approved by the Board at its meeting on 17 November 2021 and signed on its behalf:

Sally Eason Chair of Trustees

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Company information

COMPANY
REGISTRATION NUMBER		 1098794
CHARITY NUMBER 502421
REGISTERED OFFICE Oakwood House
Cheylesmore
Coventry
West Midlands
CV1 2HL
BANKERS Lloyds Bank
30 High Street
Coventry
CV1 5RE
SOLICITORS Band Hatton Button
53-55 Butts Road
Coventry
CV1 3BH
Keelys LLP
28 Dam Street
Lichfeld
WS13 6AA
AUDITORS Harrison Beale & Owen Limited
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

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Report of the Independent Auditors to the Trustees of Coventry Cyrenians Limited

Opinion

We have audited the financial statements of Coventry Cyrenians Limited (the ‘Charitable Company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www. frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/ Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/ Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to 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 Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gregg Olner MPhil BA (Hons) ACA (Senior Statutory Auditor) for and on behalf of Harrison Beale & Owen Limited

Chartered Accountants and Statutory Auditor Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

Date: 17 November 2021

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Statement of Financial Activities for the year ended 31 March 2021

(incorporating the Income and Expenditure Account)

UNRESTRICTED
FUNDS		 DESIGNATED
FUNDS		 RESTRICTED
FUNDS		 2021 2020 AS
RESTATED
NOTES £ £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 155,897 - - 155,897 77,438
Charitable activities:
Grants 275,375 - 205,270 480,645 230,110
Accommodation charges 1,909,281 - - 1,909,281 1,928,676
Other tradingactivities 889 - - 889 73,560
Investments 20,000 - - 20,000 18,833
Other
TOTAL INCOME		 3 95,468
2,456,910		 3,699
3,699		 -
205,270		 99,167
2,665,879		 94,459
2,423,076
EXPENDITURE:
Raising funds:
Fundraising 89,048 1,103 - 90,151 72,262
Trading activities 5,952 6 - 5,958 68,644
Charitable activities:
Grants 264,366 - 197,064 461,430 214,879
Accommodation
TOTAL EXPENDITURE
4
NET INCOME/(EXPENDITURE) FOR THE YEAR		 1,979,351
17,745
-
1,997,096
1,892,634
2,338,717
18,854
197,064
2,554,635
2,248,419
118,193
(15,155)
8,206
111,244
174,657
Other transfers between funds
NET MOVEMENT IN FUNDS		 (16,765)
101,428		 16,765
1,610		 -
8,206		 -
111,244		 -
174,657
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 13 271,574
373,002		 2,164,110
2,165,720		 15,231
23,437		 2,450,915
2,562,159		 2,276,258
2,450,915

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Statement of Financial Activities for the year ended 31 March 2020

(incorporating the Income and Expenditure Account)

UNRESTRICTED
FUNDS		 DESIGNATED
FUNDS		 RESTRICTED
FUNDS		 2020 2019 AS
RESTATED
NOTES £ £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 77,438 - - 77,438 125,607
Charitable activities:
Grants - - 230,110 230,110 207,562
Accommodation charges 1,928,676 - - 1,928,676 1,401,569
Other tradingactivities 73,560 - - 73,560 85,674
Investments 18,833 - - 18,833 18,000
Other
TOTAL INCOME		 3 94,459
2,192,966		 -
-		 -
230,110		 94,459
2,423,076		 84,456
1,922,868
EXPENDITURE:
Raising funds:
Fundraising 71,749 513 - 72,262 147,710
Trading activities 68,157 487 - 68,644 85,674
Charitable activities:
Grants - - 214,879 214,879 91,010
Accommodation
TOTAL EXPENDITURE
4
NET INCOME/(EXPENDITURE) FOR THE YEAR		 1,877,748
14,886
-
1,892,634
1,535,216
2,017,654
15,886
214,879
2,248,419
1,859,610
175,312
(15,886)
15,231
174,657
63,258
Other transfers between funds
NET MOVEMENT IN FUNDS		 101,474
276,786		 (75,702)
(91,588)		 (25,772)
(10,541)		 -
174,657		 -
63,258
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 14 (5,212)
271,574		 2,255,698
2,164,110		 25,772
15,231		 2,276,258
2,450,915		 2,213,000
2,276,258

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Statement of Cash Flows for the year ended 31 March 2021

2021 2020
NOTES £ £
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities a 273,300 351,074
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Rent received from properties		 (7,253)
7,721
20,000		 (479,458)
-
18,333
Net cash provided by (used in) investing activities 20,468 (461,125)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash infows from new borrowings - 456,915
Repayments of borrowings (29,717) (40,461)
Net cash provided by (used in) fnancing activities (29,717) 416,454
Change in cash and cash equivalents in the reporting period 264,051 306,403
Cash and cash equivalents at the beginningof the reporting period b 445,704 139,301
Cash and cash equivalents at the end of the reporting period 709,755 445,704

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Notes to the Statement of Cash Flows

a. Reconciliation of net income/(expenditure) to net cash flow from operating activities

a.Reconciliation of net income/(expenditure) to net cash fow from operating activities
2021 2020
£ £
Net income/(expenditure)for the reporting period(asper the statement of fnancial activities) 111,244 174,657
ADJUSTMENTS FOR:
Depreciation charges 18,854 15,886
Proft on disposal of fxed assets
Interest charged
Rent receivable		 (3,699)
12,484
(20,000)		 -
15,942
(18,333)
(Increase)/decrease in debtors (32,000) (26)
Increase/(decrease) in creditors 186,417 162,948
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 273,300 351,074
b.The amounts disclosed on the Statement of Cash Flows in respect of cash
and cash equivalents are in respect of these Balance Sheet amounts:
YEAR ENDED 31 MARCH 2021 31.03.2021 01.04.2020
£ £
Cash in hand 709,755 445,704

c. Analysis of Changes in Net Debt

c.Analysis of Changes in Net Debt
NET CASH AT 01.04.2020 CASH FLOW AT 31.03.2021
£ £ £
Cash at bank and in hand 445,704 264,051 709,755
445,704 264,051 709,755
DEBT
Charityloan due within 1year (17,203) (549) (17,752)
Charityloan due after more than 1year (415,193) 17,782 (397,411)
TOTAL (432,396) 17,233 (415,163)
13,308 281,284 294,592

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Balance Sheet as at the year ended 31 March 2021

UNRESTRICTED
FUNDS		 RESTRICTED
FUNDS		 2021 2020
NOTES £ £ £ £
FIXED ASSETS
Tangible fxed assets
7
CURRENT ASSETS		 2,580,883
-
2,580,883
2,596,506
Debtors 8 215,449 - 215,449 183,449
Cash at bank and in hand
TOTAL CURRENT ASSETS
LIABILITIES
Creditors: amounts fallingdue within oneyear
9		 690,159
19,596
709,755
445,704
905,608
19,596
925,204
629,153
(546,517)
-
(546,517)
(359,551)
Net current assets 359,091
19,596
378,687
269,602
2,939,974
19,596
2,959,570
2,866,108
Total assets less current liabilities
Creditors: amounts falling after more than one year
10
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY		 (397,411)
-
(397,411)
(415,193)
2,542,563
19,596
2,562,159
2,450,915
Designated funds 738,865 737,255
Designated revaluation reserve
Unrestricted funds
Restricted funds		 1,426,855
1,426,855
373,002
271,574
23,437
15,231
TOTAL FUNDS 13 2,562,159 2,450,915

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to Charitable Small Companies. The financial statements were approved by the Board of Trustees on 17 November 2021 and were signed on its behalf by:

Sally Eason

Chair of Trustees

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Notes to the financial statements Resources expended

1. General information

Coventry Cyrenians Limited is a company limited by guarantee and is incorporated in England. It is also a registered charity as regulated by the Charity Commission for England and Wales. The address of the registered office is given in the company information on page 1 of these financial statements.

Depreciation is charged by instalments commencing with the year of acquisition at rates estimated to write off the cost of the asset less any residual value over the expected useful lives which are as follows:-

Freehold property 50 years Furniture and equipment 4 years Motor vehicles 4 years Fixtures and fittings 4 years and 10 years

Freehold property that is let out to further the charity’s own purposes by providing a service to the charity’s beneficiaries is accounted for within tangible fixed assets. The Trustees consider the revalued freehold property to be maintained in such a state of repair that any residual value is at least equal to the carrying amount. As such any depreciation charged on these revalued assets would not be material and is not recognised in these financial statements. The Trustees review the carrying amount of these assets annually for impairment in accordance with FRS 102.

Taxation

2. Principal accounting policies

Accounting convention

The financial statements of the Charitable Company are prepared in accordance with The Companies Act 2006, the Statement of Recommended Practice Accounting by Charities (SORP FRS 102), the Financial Reporting Standard (FRS 102) and with applicable accounting standards. These financial statements are drawn up on the historical cost convention modified for revaluations of certain classes of fixed asset.

The Charitable Company satisfies the requirements of a public benefit entity as set out in FRS 102.

The principal accounting policies of the Charity are set out below and have remained unchanged from the previous period.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation. Individual items with a purchase price of £1,500 or less are written off in the period in which the asset is acquired. Tenants’ furniture is written off in the period it is acquired as its estimated useful life is less than one year.

The company is a registered charity and no provision is required for taxation.

Incoming resources

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Pensions – defined contribution scheme

Contributions are charged to the SoFA as they become payable in accordance with the rules of the scheme.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Directly attributable costs are allocated by resource, with the balance of expenditure allocated according to the proportion of income received in relation to each resource.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

Operating leases

Rentals payable under operating leases are charged to the SoFA on a straight line basis over the lease term. Rents receivable under non-cancellable operating leases are recognised in accordance with the lease.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the SoFA.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Fund accounting

Funds held by the Charity are:

Unrestricted funds

These are funds which can be used in accordance with charitable objects at the discretion of the trustees.

Designated funds

There are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds

These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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3. Incoming resources

----- Start of picture text -----
2021 2020
£ £
Legacies 85,000 2,000
Donations 70,897 75,438
TOTAL DONATIONS AND LEGACIES 155,897 77,438
GRANTS
Warwick District Council 22,033 37,691
Big Lottery/Other 55,295 75,106
Stratford District Council 127,942 117,313
COVID-19 105,500 -
-
Furlough 169,875
TOTAL GRANT INCOME 480,645 230,110
ACCOMMODATION CHARGES
Accommodation charges 1,909,281 1,928,676
Total accommodation charges income 1,909,281 1,928,676
TOTAL INCOME FROM CHARITABLE ACTIVITIES 2,389,926 2,158,786
OTHER TRADING ACTIVITIES
Shop and café income 889 73,560
TOTAL OTHER TRADING ACTIVITIES INCOME 889 73,560
INVESTMENT INCOME
Rent received 20,000 18,833
TOTAL INVESTMENT INCOME 20,000 18,833
OTHER INCOME
Sundry income and charges 99,167 94,459
TOTAL OTHER INCOME 99,167 94,459
TOTAL INCOME 2,665,879 2,423,076
----- End of picture text -----

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4. Total resources expended

a.
Analysis of total resources expended

STAFF
COSTS		 SUPPORT
COSTS		 OTHER DIRECT
COSTS		 TOTAL
2021		 TOTAL
2020
£ £ £ £ £
RAISING FUNDS
Fundraising 56,631 33,520 - 90,151 72,262
Trading activities
TOTAL EXPENDITURE ON RAISING FUNDS
CHARITABLE ACTIVITIES		 323
191
5,444
5,958
68,644
56,954
33,711
5,444
96,109
140,906
Grants 174,600 103,346 183,484 461,430 214,879
Accommodation 736,857 485,885 774,354 1,997,096 1,892,634
Total expenditure on charitable activities
TOTAL EXPENDITURE
Total unrestricted resources expended		 911,457
589,231
957,838
2,458,526
2,107,513
968,411
622,942
963,282
2,554,635
2,248,419
893,844
578,806
884,921
2,357,571
2,033,540
Total restricted resources expended 74,567 44,136 78,361 197,064 214,879
968,411 622,942 963,282 2,554,635 2,248,419

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b(i). Analysis of support costs (excluding governance costs) incurred in managing the charity

RAISING
FUNDS		 TRADING
ACTIVITIES		 GRANTS ACCOMMODATION TOTAL
2021		 TOTAL
2020
£ £ £ £ £
Communications & IT 1,833 10 5,651 23,850 31,344 29,460
Depreciation 1,103 6 3,399 14,346 18,854 15,886
Financial costs 2,167 12 6,682 77,936 86,797 67,204
Premises costs 9,262 53 28,556 120,514 158,385 147,256
Printing, postage & stationery 158 1 488 2,060 2,707 9,614
Miscellaneous 18,168
104
56,014
236,392
310,678
125,421
32,691
186
100,790
475,098
608,765
394,841

b(ii). Analysis of support costs considered to be governance costs

RAISING
FUNDS		 TRADING
ACTIVITIES		 GRANTS ACCOMMODATION TOTAL
2021		 TOTAL
2020
£ £ £ £ £
Auditors’ remuneration 346 2 1,068 4,509 5,925 3,730
Legal andprofessional fees 483
3
1,488
6,278
8,252
9,913
829
5
2,556
10,787
14,177
13,643
£ £
OTHER DIRECT COSTS INCLUDE:
Operatingleasepayments 519,163 547,785

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4. Prior year comparative of total resources expended

a.
Analysis of total resources expended

STAFF
COSTS		 SUPPORT
COSTS		 OTHER DIRECT
COSTS		 TOTAL
2020		 TOTAL 2019
AS RESTATED
£ £ £ £ £
RAISING FUNDS
Fundraising 29,559 12,397 30,306 72,262 147,710
Trading activities
TOTAL EXPENDITURE ON RAISING FUNDS
CHARITABLE ACTIVITIES		 28,079
11,776
28,789
68,644
85,674
57,638
24,173
59,095
140,906
233,384
Grants 87,836 36,985 90,058 214,879 91,010
Accommodation 770,098 347,326 775,210 1,892,634 1,535,216
Total expenditure on charitable activities
TOTAL EXPENDITURE
Total unrestricted resources expended		 857,934
384,311
865,268
2,107,513
1,626,226
915,572
408,484
924,363
2,248,419
1,859,610
827,736
371,499
834,305
2,033,540
1,769,208
Total restricted resources expended 87,836 36,985 90,058 214,879 90,402
915,572 408,484 924,363 2,248,419 1,859,610

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b(i). Analysis of support costs (excluding governance costs) incurred in managing the charity

RAISING
FUNDS		 TRADING
ACTIVITIES		 GRANTS ACCOMMODATION TOTAL
2020		 TOTAL
2019
£ £ £ £ £
Communications & IT 951 903 2,826 24,780 29,460 22,165
Depreciation 513 487 1,671 13,215 15,886 14,822
Financial costs 1,380 1,310 4,097 60,417 67,204 33,194
Premises costs 4,754 4,516 14,127 123,859 147,256 175,488
Printing, postage & stationery 310 295 922 8,087 9,614 7,252
Miscellaneous 4,049
3,847
12,032
105,493
125,421
83,444
11,957
11,358
35,675
335,851
394,841
336,365

b(ii). Analysis of support costs considered to be governance costs

RAISING
FUNDS		 TRADING
ACTIVITIES		 GRANTS ACCOMMODATION TOTAL
2020		 TOTAL
2019
£ £ £ £ £
Auditors’ remuneration 120 114 359 3,137 3,730 6,420
Legal andprofessional fees 320
304
951
8,338
9,913
13,549
440
418
1,310
11,475
13,643
19,969
£ £
OTHER DIRECT COSTS INCLUDE:
Operatingleasepayments 547,785 536,550

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5. Trustees’ remuneration

The trustees received no emoluments or expenses during the year (2020: £nil).

6. Staff costs

Staff costs were as follows:

Staf costs were as follows:
2021 2020
£ £
Salaries and wages 794,068 739,692
Social securitycosts 66,616 61,638
Otherpension costs 107,727 96,789
Agency staf - 17,453
968,411 915,572
The average number of employees during theyear was: 36 34

No employee (2020 – none) received emoluments of more than £60,000, yet less than £70,000 during the year.

No employee (2020 – one) received emoluments of more than £70,000, yet less than £80,000 during the year.

The key management personnel of the Charity comprise the trustees, the Chief Executive Officer and the Finance Director. The total remuneration for these officers for the year to 31 March 2021 was £117,739 (2020 - £102,396).

The Charity operates a defined contribution pension scheme for the benefit of a number of its employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents the contributions payable by the Charity to the fund. Contributions totalling £5,435 (2020 - £8,601) were payable to the fund at the year end and are included in creditors.

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7. Tangible fixed assets

FREEHOLD
PROPERTY		 FURNITURE
& EQUIPMENT		 MOTOR
VEHICLES		 FIXTURES &
FITTINGS		 TOTAL
£ £ £ £ £
COST OR VALUATION
At 1 April 2020 2,528,452 103,566 34,291 89,849 2,756,158
Additions - 7,253 - - 7,253
Disposals
AT 31 MARCH 2021
DEPRECIATION		 -
-
(19,330)
-
(19,330)
2,528,452
110,819
14,961
89,849
2,744,081
At 1 April 2020 - 73,494 23,370 62,788 159,652
Charge foryear - 12,247 2,300 4,307 18,854
Disposals
AT 31 MARCH 2021
NET BOOK VALUE AT 31 MARCH 2021		 -
-
(15,308)
-
(15,308)
-
85,741
10,362
67,095
163,198
2,528,452
25,078
4,599
22,754
2,580,883
2,528,452
30,072
10,921
27,061
2,596,506
NET BOOK VALUE AT 31 MARCH 2020

Freehold property was valued on an open market basis on 25 January 2018 by Richard Parker MNAEA of Brian Holt Estates Agents. If freehold property had not been revalued it would have been included in the financial statements at a carrying amount under the historical cost convention of £1,101,597 (2020: £1,101,597).

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8. Debtors: amounts falling due within one year

8. Debtors: amounts falling due within one year
2021 2020
£ £
Trade debtors 14,327 44,385
Accommodation charges receivable 77,664 77,241
Other debtors 123,458 61,823
215,449 183,449

9. Creditors: amounts falling due within one year

9. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 32,142 44,407
Social securityand other taxes 16,521 14,852
Deferred income 27,698 40,446
Other creditors 446,969 234,042
Charityloan <1year 17,752 17,203
Pension contributions 5,435 8,601
546,517 359,551

10. Creditors: amounts falling due after more than one year

10. Creditors: amounts falling due after more than one year
2021 2020
£ £
Charityloan 1-2years 18,282 16,149
Charityloan 2-5years 78,728 76,153
Charity loan >5 years 300,401
397,411		 322,891
415,193

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11. Charity loan

A charity loan was secured in 2020, totalling £456,915 which funded the acquisition of 92 Holyhead Road during that year. Interest charged on this amount is at a percentage of 2.89% and the amount is expected to be fully repaid by 12th March 2039. The loan is secured on other properties owned by the charity.

12. Deferred income

Deferred income represents resources received by the Charity that do not meet the criteria for recognition as income in the SoFA because entitlement to the income does not exist at the balance sheet date. The amounts are released to the SoFA once satisfactory entitlement is obtained.

£
Balance as at 1 April 2020 40,446
Amounts released to income duringtheyear (40,446)
Amounts deferred during the year 27,698
BALANCE AS AT 31 MARCH 2021 27,698

13. Analysis of net assets between funds

GENERAL
FUNDS		 DESIGNATED
FUNDS		 RESTRICTED
FUNDS		 TOTAL
£ £
Tangible fxed assets - 2,580,883 - 2,580,883
Net current assets 373,002 (415,163) 23,437 (18,724)
NET ASSETS AT 31 MARCH 2021 373,002 2,165,720 23,437 2,562,159

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13 (continued). Movement in funds

1 APRIL
2020		 INCOMING
RESOURCES		 OUTGOING
RESOURCES		 REVALUATION TRANSFERS TRANSFERS
£ £ £ £ £
UNRESTRICTED FUNDS
Designated fxed asset reserve 737,255 3,699 (18,854) - 16,765 738,865
Revaluation reserve 1,426,855
-
-
-
-
1,426,855
Designated funds 2,164,110
3,699
(18,854)
-
16,765
2,165,720
271,574
2,456,910
(2,338,717)
-
(16,765)
373,002
2,435,684
2,460,609
(2,357,571)
-
-
2,538,722
General funds
RESTRICTED FUNDS
Other restricted Grants 15,231 205,270 (197,064) - - 23,437
15,231
205,270
(197,064)
-
-
23,437
TOTAL FUNDS 2,450,915 2,665,879 (2,554,635) - - 2,562,159

The designated fixed asset reserve represents the net book value of fixed assets, adjusted for the charity loan liability, before any revaluation.

The revaluation reserve represents the excess of market value over historic cost for a number of freehold properties. The net book value of fixed assets, adjusted for the charity loan liability, is therefore represented by the sum of the designated fixed asset and revaluation reserves.

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14. Leasing commitments

At 31 March 2021 the company had annual commitments under noncancellable operating leases as set out below:

At 31 March 2021 the company had annual commitments under non-
cancellable operating leases as set out below:
2021 2020
£ £
OPERATING LEASES WHICH EXPIRE:
Within oneyear 449,327 437,741
Between one and fveyears 690,729 892,651
After more than fve years 520,824 465,379
1,660,898 1,795,771

The company sub-lets a property and is due the following rents under non-cancellable operating leases:

The company sub-lets a property and is due the following rents under non-cancellable operating leases:
2021 2020
£ £
OPERATING LEASES WHICH EXPIRE:
Within oneyear 42,667 42,667
Between one and fveyears 170,667 170,667
223,962 200,113
437,296 413,447

15. Related party disclosures

Aside from key management remuneration as outlined above, there were no related party transactions for the year ended 31 March 2021.

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Coventry Cyrenians Oakwood House Cheylesmore Coventry CV1 2HL

Email: info@coventrycyrenians.org Freephone: 0800 111 4371 Telephone: 024 7622 8099 coventrycyrenians.co.uk

Cyrenians more than a roof