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2022-03-31-accounts

Coventry Cyrenians Annual Report 2021-22 Cyrenians more than a roor

Contents

Coventry Cyrenians Limited. Financial statements for the year ended 31 March 2022.

Trustees’ report 2021-22

Chair’s introduction .......................................................03 About Coventry Cyrenians ............................................04 Lauren’s story ..................................................................07 Review of 2021-22 ..........................................................08 The way ahead ................................................................13 Our finances .....................................................................15 Our governance ..............................................................18 Financial section 2021-22

Company information ...................................................21 Report of the independent auditor ............................22 Statement of financial activities ..................................25 Statement of cash flows ................................................27 Notes to the financial statements ...............................30

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Chair’s introduction

It was my pleasure to take over responsibility for chairing Coventry Cyrenians this year. The organisation was ably led by Sally Eason as the previous chair for five years. Her leadership through the pandemic left me a strong platform to work with. I thank Sally for the support she has given to me, the organisation and to the CEO when she came into post.

As a group of trustees, I was keen that we used those pandemic challenges as a lens to review our strategic direction. We looked at whether there was more Coventry Cyrenians should be doing to support our people and residents, as public services face increasing financial pressures.

Through this process I’ve overseen further modernisation of our services and a financial consolidation of the organisation, which allows us to increase our focus on tackling homelessness. To be ‘more than a roof’, we need a sound financial platform which enables us to target our resources where they can offer the greatest benefit.

During my first year as chair, I’ve been honoured to lead a group of trustees who were prepared to take difficult decisions that allowed the charity to improve its performance in demanding times.

One of the tougher decisions we had to make was to end our contract of delivery for Stratford-on-Avon District Council. We focussed on minimising disruption to vulnerable people, while maximising our support and property budgets to improve their life chances. It took time and care to achieve those things.

I remain proud of the organisation’s offer through difficult circumstances, and pleased by the approach and behaviour of our staff at a time of personal uncertainty for them.

Against this challenging backdrop, we delivered a good set of results for the year. Those good results support our progress in modernising our offer to residents. In making these changes, I’m pleased that we’ve strengthened the contribution of people with lived experience, to our ideas and decision-making. On page 7 of this report, you can read the story of Lauren, a former user of our services whom we’ve now welcomed as a trustee.

This year we have also worked with partners in the local health and care system to train Peer Workers – people with lived experience who are prepared to support others as they progress to finding a sustainable home.

A busy, challenging but ultimately successful and pleasing year! Special thanks must go to our fantastic staff and volunteers, who continue to make such an important contribution. I look forward to leading the organisation into its next set of achievements, supporting homeless and vulnerably housed individuals.

Jonathan Price-Marlow

Chair of Trustees

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About Coventry Cyrenians

For almost half a century, Coventry Cyrenians has been working to enhance the life chances of people in Coventry and Warwickshire who are homeless, or at risk of being so.

As a charity, we’re proud of the quality of the housing we provide for homeless people – with open and fair access for anyone we assess as needing our help. Some 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, for those currently unable to manage a tenancy. All these properties are managed and maintained to a good standard. On the next page, you can read more about the personal support we provide to our residents.

Our services in 2021-22

Coventry

Warwick

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WEST WARWICKSHIRE
MIDLANDS
Coventry 36 131
Kenilworth 1 3
3 9 Warwick Leamington Spa 1 6
Stratford & district 44 60
Totals
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85
properties
209
rental units
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Stratford

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Accommodation is just one part of the story. 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 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:

Who uses our services?

The people we support have multiple needs as a result of their challenging experiences. 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. A significant number are affected by more than one of these issues.

Increasingly, we’re also supporting people who are displaced – arriving from overseas and in need of help with establishing their status and place in local communities. We assist them to access work, community and a permanent home.

‘The way ahead’ on page 13 explains how we are developing this support further.

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Uniquely in Coventry, we offer some female-only accommodation, as the city has an above 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 there 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. Over the last year we have expanded our networks and we continue to strengthen these connections.

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Our leadership team

Caron Williams Chief Executive

James Forsyth Coventry Services Team Manager

John Bailey Finance Director

Waqas Ali Warwickshire Services Team Manager

Richard Read Buildings Operations Manager

Nicky Sargent Fundraising Manager

Information about our Trustees can be found in the section on Our Governance, page 18.

Our key stakeholders

Organisations which work with us in support of the homeless:

Donors to whom we are extremely grateful:

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Lauren’s story

My upbringing in Coventry was pretty traditional. I didn’t grow up in a bad family, but by the time I was 15 my relationship with my parents had broken down. I was no longer able to live at home.

I sofa surfed with friends for several weeks until I turned 16. Just a few days later I was taken into a Cyrenians property on Holyhead Road, which was a house for young people.

Cyrenians helped me find my own accommodation, but things weren’t right. I was actually very naïve and exposed to aspects of life I hadn’t experienced before. I ended up drinking most days, taking drugs, associating with the wrong people. My life was chaotic. In four years I lived in 17 different places!

I moved back to Holyhead Road a number of times. It was like going home, a safe space where I knew I’d get support. In fact, throughout this part of my life Coventry Cyrenians were my only consistency.

The staff always had time for me, no matter what. I could talk about anything and they never judged me. They had a real understanding, treating me as a human being. I was helped in so many ways – from cooking advice to mental health counselling.

When I was 20, Cyrenians helped me get a council flat. It was my first big step forward. I got an apprenticeship and started to rebuild my life. Now, at the age of 29, I’m married with a lovely home and a good job.

It took a while to be at peace with myself, but now I want to put something back. I’ve decided to become a trustee for Cyrenians, giving others like me a voice. I thought it would help the Board to hear from someone who has been through it.

Rather than having a big part of my life that I just wanted to forget, I can now look forward with confidence. Coventry Cyrenians have been a massive help to me and I’ll always be grateful.

Lauren Bartholomew

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Review of 2021-22

This year has again been one of challenge and change. We were still experiencing the effects of the Covid-19 pandemic, which impacted on our services and the people who use them.

Coventry Cyrenians has emerged from this period with a renewed focus on what we want our core role to be:

What we achieved in 2021-22

How many people we housed

361 177 188 Residents across Residents on Total who left 2021-22 31 March 2021 during the year

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

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49 75 7 131
63 % 77 % 54 % 70 %
Coventry Stratford Warwick Overall
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Key improvements for residents who left us

This has therefore been a year of consolidation – ensuring we are on a sound financial footing and refocusing our support services (see ‘The way ahead’ on page 13 for more detail).

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99 97 105
53 % 52 % 56 %
General wellbeing Maximising benefit Money management
entitlements
61 85 94
32 % 45 % 50 %
Physical health Mental health Social contact with family,
friends, community
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Our team

Sally Eason stood down after five years as Chair of Trustees, and Jonathan Price-Marlow was appointed in her place.

As pandemic restrictions lifted, we saw nearly 18 months of pent-up staff changes occur in a short period – like many other employers during this time.

The pandemic prompted the Government and local authorities to adopt a new approach to homeless support services and their funding. Our rapid but understandable staff turnover gave us an opportunity to respond. We strengthened our compliance with new planning directives, and increased our support to help people avoid or recover from homelessness.

We also recognised that we needed to invest more in fundraising – in anticipation of a likely dip in public finances following high homelessness-related spending during the pandemic. We recruited a new fundraising manager to address this.

We are grateful to our loyal staff who supported us during the pandemic period, offering our residents continuity of support. Some colleagues remained with us much longer than they originally planned. We welcome new members of the team into their refreshed roles, which have allowed us to move forward with our modernisation and improvement plans.

Stratford

During 2021-22, we took the difficult decision to withdraw from our contract with Stratford-on-Avon District Council, to provide accommodation and support for people in the town at risk of homelessness.

This contract had been in place for a number of years. However, rapid changes to homeless service requirements – such as ‘Everyone In’ during the Covid pandemic – reduced street homelessness and altered how contract services were being used.

As a result, occupancy in our Stratford properties reduced down to circa 75% from the original forecast of 95%. This left us running services at a loss, with insufficient contract income to cover the costs of that service.

This is why we took the decision to terminate our contract with Stratford-on-Avon District Council. We have ended a loss-making arrangement, which was drawing resources from our services elsewhere. The contract ended beyond the 2021-22 financial year, in July 2022.

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Building strong foundations

Homelessness is a whole community challenge requiring whole community solutions. Coventry Cyrenians spent a large part of 2021-22 preparing to play a greater community role by improving in the following areas:

Ideal forms

As pandemic restrictions lifted, some staff who ably and loyally supported our residents through that challenge chose to seek new opportunities. We capitalised on this opportunity to balance out workloads and progress to an ideal form for fulfilling our purpose – to offer good accommodation for people who need support to improve their housing status.

To achieve this, we have organised ourselves as follows:

Accommodation and health and safety

We have made a significant change to the way our property maintenance team works. In addition to delivering planned improvements, the team has taken over all the monthly health and safety checks from our housing support workers. This allows them to assess houses proactively, as well as reacting to issues raised by support workers and residents.

Alongside improvements to core maintenance budgets and our out-of-hours support, this change has improved our performance and response times if things do go wrong with our properties.

Financial inclusion and lettings

Coventry Cyrenians has historically excelled at maximising income and securing registered social landlord accommodation for our residents. However, as part of the new planning challenge for supporting homeless people, we realised we could do more to prevent future homelessness and aid recovery from it.

Whilst our offer has always met industry standards, we have changed our structure to be better able to support people who can achieve more. This means we can be quicker to:

Supporting people to achieve their aims

By reorganising our staff, we have succeeded in clarifying roles and responsibilities. The changes listed above have released 30%-40% of a housing support worker’s time. Since we haven’t reduced the number of support workers, we can use this additional time to strengthen our support – being with our residents more, to improve our understanding of what they need to become more self-reliant.

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Better use of data

To refine the shape of our service offer during 2021- 22, we undertook an in-depth review of our residents’ protected characteristics.

In response to changes we saw in people’s needs during the pandemic, we altered our service user satisfaction forms – making them better for people who are either not literate or for whom English isn’t their first language. This change allowed us to understand if we were managing service change with our residents fully in mind, and whether things are improving for people.

Being an evidence-led organisation is important to us. Using data and good practice enables us to target our limited resources to provide the biggest possible benefit to our residents.

During 2021-22 we used the information review identified above to write a series of scenarios for consideration by psychology students at Nottingham Trent University. This had two key benefits:

As part of this process, the students identified there was comparatively less study of homelessness-related issues, and that the available information sometimes reinforces prejudices about homeless people. However, the students’ contribution confirmed development opportunities within the Cyrenians, including the need for:

We used the students’ evidence to enhance grant bids we started to make, to improve the organisation in these areas. It provided a strong foundation for focussed change – something we could all understand and share with like-minded potential funders.

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Networks and our place in the voluntary sector

We joined the ‘Working Together’ network – a mental health partnership between voluntary sector providers, Coventry and Warwickshire Partnership Trust and primary care providers. Through this we learned how to access post-pandemic mental health services in the most effective way, to support our clients.

We quickly progressed to accessing system-wide shared modules for training in trauma and psychologically informed environments. This training has helped our strategic thinking on how we provide support and manage our accommodation.

We’re working daily to improve our relationships with others who have a part to play in the success of our residents. The question we ask is not ‘what’s in it for us’, but rather: ‘if it does the system good and we can do it, why not?’.

Through these new relationships, we have an increasing depth of expertise and knowledge we can call upon to support us and our residents through these challenging times.

Gaining in confidence, we also accessed the Health Education England training for peer workers. This has enabled us to find an effective and supportive qualification programme, through which we can bring former or current service users into our workforce planning.

As post-pandemic funding changes started to affect the resources available locally, Coventry Cyrenians started to spend more time networking with our voluntary sector colleagues. We realised that supporting a thriving and capable voluntary sector was becoming more important, since we need vibrant communities and other services to aid full recovery from a period of homelessness.

We started by supporting the Citizens Advice Bureau to make grant applications for advisors on homeless issues, and then improving our working relationship across the network. Rather than trying to deliver more specialised support ourselves, we felt it was better to work with experts to whom the public routinely turn for advice.

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The way ahead

During 2021-22, we have continued to review and refine our purpose, consolidating our position so that we can grow. This has involved identifying how Coventry Cyrenians can have the biggest positive impact in our communities.

Our housing support team continues to work with residents, tailoring the support we provide to each person’s particular circumstances. Our intention is to build on this support and widen our approach, to make the biggest possible difference.

A fresh direction

Not having somewhere to live is only one cause of homelessness. There are other more deep-rooted reasons why people may lose their capacity to live an independent life, for instance:

We understand that having a safe home is the first step to leaving homelessness behind. However it is only the first step.

That’s why we’re reshaping our support services to address the wider barriers to independence. We want to rebuild the capacity of our residents to live with self-reliance and confidence. By addressing their personal challenges and enabling them to move on through evidence-based best practice, we will provide an enduring solution which is more than just a roof.

As an independent local charity with strong community roots and partnerships, we’re uniquely placed to take on this task. We have started to build contacts with local employers who are helping us to develop some options around employment for our residents. Too often our residents who need work enter a zero-hour contract cycle. It can’t be right that work leads to loss of accommodation, swiftly followed by loss of employment. We feel there has to be a better way. By working with local employers, we are trying to find it.

Securing the future

Our focus is on ensuring that Coventry Cyrenians is fully equipped for the road ahead, through our finances, assets and people.

Robust governance and a strong financial grip give us the capability to grow as a charity. We have consolidated our resources and increased efficiency to ensure that we’re putting as much as possible into our frontline services.

It is why we took the decision to terminate our contract with Stratford-on-Avon District Council. We have ended a lossmaking arrangement, which was drawing resources from our services elsewhere.

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We’re also reviewing our property portfolio to ensure that we’re providing accommodation of the right quality, in the right locations, at the right cost. Some houses may be sold and new ones acquired, so that we’re providing high-quality homes for the 21st century.

We are training our staff to deliver the interventions which will improve our residents’ life chances. At the same time, we’re actively identifying and offering well-paid jobs to others who want to work with us.

Playing our part

The environment is increasingly challenging for migrants and the homeless. We are working in a world where people are stretched and stressed, and more are being drawn into poverty. Demand for help is growing, while the public sector’s resources are shrinking.

Our intention at Coventry Cyrenians is to step up and act as a counter-balance to the tightening focus on resources. We are here to help local authorities achieve their ambitions for homeless and vulnerably housed individuals, by supplementing the services they are able to provide.

For this reason, we will look for new opportunities which add value to what we do. We aim to build our role and play a full part in the local voluntary sector, working with other charities and organisations to support wider wellbeing in our communities. An early example is the role of our Chief Executive Caron Williams representing the local voluntary sector on the Quality, Safety and Engagement Committee for Coventry and Warwickshire NHS services.

Support us

Our sound financial management means that we are well-placed to push on as an independent charity. However, additional support will enable us do more.

We are especially keen to hear from local businesses interested in aiding our work as corporate partners – supporting us financially through donations, sponsorship, or goods and services.

We’re also inviting employers to talk to us about possible opportunities for secure, well-paid work for our residents in relevant industries, such as transport, construction or manufacturing. Coventry Cyrenians can provide support for technical training, including HNDs.

This is just one example of how we are broadening our approach – to address the reasons for homelessness and remove obstacles to independent living.

Going for gold

2023 will mark 50 years since the founding of Coventry Cyrenians. This golden anniversary is a significant milestone, which will provide another opportunity for us to celebrate our achievements and promote our work.

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Our finances

Despite the economic pressures facing the charity, we stood up to the challenges through sound financial management and are able to report good results for 2021-22. We ended the year having generated an underlying surplus of £70,786 which ensured we remain well placed to continue and expand our work.

We recognise the increasing importance of fundraising in our annual budgets (given the risks associated with changes in government legislation) and are very grateful to our regular donors for their continued support. During the year we appointed a dedicated fundraising manager to focus on securing additional sources of income – to ensure we continue to provide high-quality services to the homeless without any detriment to delivery.

During 2021-22 we resolved to withdraw from our contracts with Stratford-on-Avon District Council. This was a financial decision due to continuing low occupancy rates in our Stratford properties that meant that we were operating at a loss. As a charity with finite resources, we had a responsibility to address this.

The contract ended in July 2022. In accordance with financial reporting standards, we have recognised an onerous contract provision of £51,716 in respect of this contract in our balance sheet at 31 March 2022.

We continue to introduce efficiencies wherever possible to offset rising costs. For that reason, we entered into fixed long-term energy contracts during the year to protect the charity going forward.

Total funds held at 31 March 2021 were £2,581,299, of which £26,963 were restricted funds and £1,943,502 were designated funds (note 13). Designated funds comprise our own properties less loans and provisions (note 14). These funds can only be realised on the disposal of tangible fixed assets.

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Total income

£2,289,139

RENT[1] £1,901,454

GRANTS £164,203

DONATIONS & LEGACIES £90,975

INVESTMENTS[2] £21,246

MADE UP OF:

Total expenditure

£2,218,353

MADE UP OF:

3 ACCOMMODATION £1,985,723 Building costs, maintenance, salaries. GRANTS £161,611

3 FUNDRAISING £50,745

OTHER

£20,274

OTHER

£111,261

1 Accommodation income represents in the rent from our residents funded mainly from housing benefit.

2 Investments relate to properties we own as a charity

3 Spending on fundraising and accommodation comprises property, employment and other associated costs.

Overall position of the year Surplus £70,786

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before exceptional items

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Income

2021-22 income lower than 2020-21. £376,740 The main differences were:

DONATIONS AND LEGACIES £64,922

GRANTS £316,442

The reduction in income is principally because in 2021-22 we benefited from Covid and other government grants, plus a significant legacy. We did not receive these in 2021-22.

OTHER TRADING ACTIVITIES £14,266

Expenditure

2021-22 expenditure £336,282 lower than 2020-21. The main differences were:

FUNDRAISING £39,406 TRADING ACTIVITIES £14,316

GRANTS £299,819 ACCOMMODATION £11,373

Balance sheet

FIXED ASSETS £2,576,429

NET CURRENT ASSETS £383,929

TOTAL FUNDS

£2,581,229

£19,070 MORE THAN 2020-21

Our balance sheet shows that our unrestricted funds increased to £611,764 and our cash balance to £838,117. We remain in a strong financial position as we move forward, able to meet our reserves policy of covering 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.

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, Chief Executive and Finance Director meet eight times a year 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.

Our trustees

Jonathan Price-Marlow Chair

Richard Hadley* Treasurer, Chair of Finance and Audit Committee

Imran Abdulla Peter Marshall Jayne Marron Sally Eason Rachel Hayward

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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:

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.

The Trustees are responsible for keeping adequate accounting records which sufficiently show and explain the Charitable Company’s transactions and disclose with reasonable accuracy

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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
Contractual service risks – older contracts not
meeting the needs of people and/or failing to
meet latest government guidance for support.		 •
Contract meetings with providers
•
Review during Management Team meetings across all service support sectors
•
Quarterly review with Trustees to ensure that both the contract and the service delivery continues to
meet the aims of Coventry Cyrenians
Future reduction in resources to support
homeless people after higher levels of
investment in the pandemic.		 •
Budget reforecast
•
Financial management focussed on reducing waste and applying resource to improve services
•
Increased investment in fundraising, with quarterly review in Finance and Audit Committee
Safeguarding issues result in a poor outcome
for a service user and reputational damage for
the charity.		 •
Safeguarding 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 reviewed as part of the Board of Trustees
•
Management Team oversees Health & Safety
Adverse impact of changes in central
government policy.		 •
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

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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 30 November 2022 and signed on its behalf:

Jonathan Price-Marlow

Chair of Trustees

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/ADVISERS Harrison Beale & Owen Limited
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT
Sayer Vincent
Invicta House
104-114 Golden Lane
London EC1Y 0TL

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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 2022 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.

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/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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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: 30 November 2022

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Statement of Financial Activities for the year ended 31 March 2022

(Incorporating the Income and Expenditure Account)

UNRESTRICTED
FUNDS		 DESIGNATED
FUNDS		 RESTRICTED
FUNDS		 2022 2021
NOTES £ £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 90,975 - - 90,975 155,897
Charitable activities:
Grants 4,182 - 160,021 164,203 480,645
Accommodation charges 1,901,454 - - 1,901,454 1,909,281
Other tradingactivities 15,155 - - 15,155 889
Investments 21,246 - - 21,246 20,000
Other
TOTAL INCOME		 3 96,106
2,129,118		 -
-		 -
160,021		 96,106
2,289,139		 99,167
2,665,879
EXPENDITURE:
Raising funds:
Fundraising 49,805 940 - 50,745 90,151
Trading activities 20,117 157 - 20,274 5,958
Charitable activities:
Grants 4,116 - 157,495 161,611 461,430
Accommodation
TOTAL EXPENDITURE
4
NET INCOME/(EXPENDITURE) FOR THE YEAR		 1,963,166
22,557
-
1,985,723
1,997,096
2,037,204
23,654
157,495
2,218,353
2,554,635
91,914
(23,654)
2,526
70,786
111,244
Other transfers between funds 14 198,564 (198,564) - - -
Exceptional items – onerous contract provision
9
NET MOVEMENT IN FUNDS		 (51,716)
-
-
(51,716)
-
238,762
(222,218)
2,526
19,070
111,244
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 14 373,002
611,762		 2,165,720
1,943,502		 23,437
25,963		 2,562,159
2,581,229		 2,450,915
2,562,159

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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
NOTES £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 155,897 - - 155,897
Charitable activities:
Grants 275,375 - 205,270 480,645
Accommodation charges 1,909,281 - - 1,909,281
Other tradingactivities 889 - - 889
Investments 20,000 - - 20,000
Other
TOTAL INCOME		 3 95,468
2,456,910		 3,699
3,699		 -
205,270		 99,167
2,665,879
EXPENDITURE:
Raising funds:
Fundraising 89,048 1,103 - 90,151
Trading activities 5,952 6 - 5,958
Charitable activities:
Grants 264,366 - 197,064 461,430
Accommodation
TOTAL EXPENDITURE
4
NET INCOME/(EXPENDITURE) FOR THE YEAR		 1,979,351
17,745
-
1,997,096
2,338,717
18,854
197,064
2,554,635
118,193
(15,155)
8,206
111,244
Transfers between funds
NET MOVEMENT IN FUNDS		 (16,765)
101,428		 16,765
1,610		 -
8,206		 -
111,244
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 14 271,574
373,002		 2,164,110
2,165,720		 15,231
23,437		 2,450,915
2,562,159

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Statement of Cash Flows for the year ended 31 March 2022

2022 2021
NOTES £ £
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities a 156,220 273,300
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Rent received from properties		 (19,200)
-
21,246		 (7,253)
7,721
20,000
Net cash provided by investing activities 2,046 20,468
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of borrowings (29,904) (29,717)

Net cash provided by fnancing activities (29,904) (29,717)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD 128,362 264,051
Cash and cash equivalents at the beginningof the reporting period b 709,755 445,704
CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 838,117 709,755

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Notes to the Statement of Cash Flows

a.Reconciliation of net income/(expenditure) to net cash fow from operating activities
2022 2021
£ £
Net income for the reporting period(asper the statement of fnancial activities) 19,070 111,244
Adjustments for:
Depreciation charges 23,654 18,854
Proft on disposal of fxed assets - (3,699)
Interest charged 12,452 12,484
Rent receivable (21,246) (20,000)
Increase in debtors (70,019) (32,000)
Increase in creditors 192,309 186,417
NET CASH PROVIDED BY OPERATING ACTIVITIES 156,220 273,300
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: 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: 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 2022 31.03.2022 01.04.2021
£ £
Cash at bank and in hand 838,117 709,755

c. Analysis of Changes in Net Funds

c.Analysis of Changes in Net Funds
NET CASH AT 01.04.2021 CASH FLOW AT 31.03.2022
£ £ £
Cash at bank and in hand 709,755 128,362 838,117
709,755 128,362 838,117
DEBT
Charityloan due within 1year (17,752) (830) (18,582)
Charityloan due after more than 1year (397,411) 18,282 (379,129)
TOTAL (415,163) 17,452 (397,711)
294,592 145,814 440,406

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Balance Sheet as at the year ended 31 March 2022

UNRESTRICTED
FUNDS		 RESTRICTED
FUNDS		 2022 2021
NOTES £ £ £ £
FIXED ASSETS
Tangible fxed assets
7
CURRENT ASSETS		 2,576,429
-
2,576,429
2,580,883
Debtors 8 285,468 - 285,468 215,449
Cash at bank and in hand
TOTAL CURRENT ASSETS
LIABILITIES
Creditors: amounts falling due within oneyear		 812,154
25,963
838,117
709,755
1,097,622
25,963
1,123,585
925,204
Trade and other creditors 9 (402,724) - (402,724) (328,971)
Provisions 9 (336,932)
-
(336,932)
(217,546)
357,966
25,963
383,929
378,687
Net current assets
Total assets less current liabilities 2,934,395 25,963 2,960,358 2,959,570
Creditors: amounts falling after more than one year
10
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY		 (379,129)
-
(379,129)
(397,411)
2,555,266
25,963
2,581,229
2,562,159
Designated funds 516,647 738,865
Designated revaluation reserve
Unrestricted funds
Restricted funds		 1,426,855
1,426,855
611,764
373,002
25,963
23,437
TOTAL FUNDS 13 2,581,229 2,562,159

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 30 November 2022 and were signed on its behalf by:

Jonathan Price-Marlow

Chair of Trustees

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Notes to the financial statements

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 21 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:

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.

2. Principal accounting policies

Taxation

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 unless otherwise stated.

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.

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.

Resources expended

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.

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.

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.

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

2022 2021
£ £
DONATIONS AND LEGACIES
Legacies 23,847 85,000
Donations 67,128
70,897
90,975
155,897
TOTAL DONATIONS AND LEGACIES
GRANTS
Warwick District Council 22,320 22,033
BigLottery/Other 10,676 55,295
Stratford District Council 127,025 127,942
COVID-19 - 105,500
Furlough
TOTAL GRANT INCOME
ACCOMMODATION CHARGES		 4,182
169,875
164,203
480,645
Accommodation charges
TOTAL ACCOMMODATION CHARGES INCOME
TOTAL INCOME FROM CHARITABLE ACTIVITIES
OTHER TRADING ACTIVITIES		 1,901,454
1,909,281
1,901,454
1,909,281
2,065,657
2,389,926
Shop and café income
TOTAL OTHER TRADING ACTIVITIES INCOME		 15,155
15,155		 889
889
INVESTMENT INCOME
Rent received
TOTAL INVESTMENT INCOME
OTHER INCOME		 21,246
20,000
21,246
20,000
Sundry income and charges
TOTAL OTHER INCOME
TOTAL INCOME		 96,106
99,167
96,106
99,167
2,289,139
2,665,879

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4. Total resources expended

a.
Analysis of total resources expended

STAFF
COSTS		 SUPPORT
COSTS		 OTHER DIRECT
COSTS		 TOTAL
2022		 TOTAL
2021
£ £ £ £ £
RAISING FUNDS
Fundraising 32,105 18,640 - 50,745 90,151
Trading activities
Total expenditure on raising funds
CHARITABLE ACTIVITIES		 5,437
3,105
11,732
20,274
5,958
37,542
21,745
11,732
71,019
96,109
Grants 58,902 33,644 69,065 161,611 461,430
Accommodation 724,175 412,425 849,123 1,985,723 1,997,096
Total expenditure on charitable activities
TOTAL EXPENDITURE
Total unrestricted resources expended		 783,077
446,069
918,188
2,147,334
2,458,526
820,619
467,814
929,920
2,218,353
2,458,526
763,217
435,027
862,614
2,060,858
2,357,571
Total restricted resources expended 57,402 32,787 67,306 157,495 197,064
820,619 467,814 929,920 2,218,353 2,554,635

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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
2022		 TOTAL 2021
AS RESTATED
£ £ £ £ £
Communications & IT 1,488 248 2,685 33,015 37,436 31,344
Depreciation 940 157 1,697 20,860 23,654 18,854
Financial costs 3,688 614 6,656 132,335 143,293 181,216
Premises costs 6,614 1,102 11,938 146,771 166,425 331,520
Printing, postage & stationery 243 41 439 5,399 6,122 2,707
Miscellaneous 4,145
689
7,482
40,268
52,584
37,329
17,118
2,851
30,897
378,648
429,514
602,970

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

RAISING
FUNDS		 TRADING
ACTIVITIES		 GRANTS ACCOMMODATION TOTAL
2022		 TOTAL 2021
AS RESTATED
£ £ £ £ £
Auditors’ remuneration 186 31 335 4,123 4,675 5,925
Legal andprofessional fees 1,336
223
2,412
29,654
33,625
14,047
1,522
254
2,747
33,777
38,300
19,972
£ £
Other direct costs include:
Operatingleasepayments 509,162 519,163

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4. Prior year comparative of total resources expended

c.
Analysis of total resources expended

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

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

RAISING
FUNDS		 TRADING
ACTIVITIES		 GRANTS ACCOMMODATION TOTAL
2021
£ £ £ £
Communications & IT 1,833 10 5,651 23,850 31,344
Depreciation 1,103 6 3,399 14,346 18,854
Financial costs 7,689 44 23,705 149,778 181,216
Premises costs 19,387 111 59,771 252,251 331,520
Printing, postage & stationery 158 1 488 2,060 2,707
Miscellaneous 2,183
12
6,731
28,403
37,329
32,353
184
99,745
470,688
602,970

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

RAISING
FUNDS		 TRADING
ACTIVITIES		 GRANTS ACCOMMODATION TOTAL
2021
£ £ £ £
Auditors’ remuneration 346 2 1,068 4,509 5,925
Legal andprofessional fees 821
5
2,533
10,688
14,047
1,167
7
3,601
15,197
19,972
£
Other direct costs include:
Operatingleasepayments 519,163

During the year, the method of apportionment of support costs was reviewed. The comparatives have therefore been adjusted to be consistent with the new methodology

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5. Trustees’ remuneration

One trustee, Jayne Marron, received £4,225 in relation to HR advice and support during the year. Trustees received no other emoluments or expenses during the year (2021: £nil).

6. Staff costs

Staff costs were as follows:

Staf costs were as follows:
2022 2021
£ £
Salaries and wages 694,702 794,068
Social securitycosts 55,144 66,616
Otherpension costs 54,026 107,727
Agencystaf 12,760 -
Termination payments 3,987 -
820,619 968,411
The average number of employees during theyear was: 30 36

No employee (2021 – none) received emoluments of more than £60,000, yet less than £70,000 during the year. One employee (2021 – none) 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 2022 was £115,626 (2021 - £117,739).

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 £4,392 (2021 - £5,435) 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 2021 2,528,452 110,819 14,961 89,849 2,744,081
Additions
AT 31 MARCH 2022
DEPRECIATION		 -
-
19,200
-
19,200
2,528,452
110,819
34,161
89,849
2,763,281
At 1 April 2021 - 85,741 10,362 67,095 163,198
Charge for year
AT 31 MARCH 2022
NET BOOK VALUE AT 31 MARCH 2022		 -
12,247
7,100
4,307
23,654
-
97,988
17,462
71,402
186,852
2,528,452
12,831
16,699
18,447
2,576,429
2,528,452
25,078
4,599
22,754
2,580,883
NET BOOK VALUE AT 31 MARCH 2021

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 (2021: £1,101,597).

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8. Debtors: amounts falling due within one year

2022 2021
£ £
Trade debtors 139,621 14,327
Accommodation charges receivable 69,359 77,664
Other debtors 76,488 123,458
285,468 215,449

9. Creditors: amounts falling due within one year

9. Creditors: amounts falling due within one year
2022 2021
£ £
TRADE AND OTHER CREDITORS
Trade creditors 163,165 32,142
Social securityand other taxes 13,213 16,521
Deferred income 20,602 27,698
Other creditors 182,770 229,423
Charityloan <1year 18,582 17,752
Pension contributions 4,392 5,435
402,724 328,971
2022
£
PROVISIONS
Balance at start ofyear 217,546
Amounts released -
Amounts provided for 119,386
BALANCE AT END OF YEAR 336,932

An onerous contract provision of £51,716 was recognised during the year for the loss-making Stratford-upon-Avon District Council contracts which terminated in July 2022.

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

10. Creditors: amounts falling due after more than one year
2022 2021
£ £
TRADE AND OTHER CREDITORS:
Charityloan 1-2years 18,832 18,282
Charityloan 2-5years 81,056 78,728
Charity loan >5 years 279,241 300,401
379,129 397,411

11. Charity loan

A charity loan was secured in 2020, totalling £456,915 which funded the acquisition of 92 Holyhead Road during that year. IInterest charged on this amount is at a percentage of 2.85% above The Bank of England base rate, 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.

Deferred income represents resources received by the Charity that do not meet the criteria for recognition as income in the SoFA because entitlement to
exist at the balance sheet date. The amounts are released to the SoFA once satisfactory entitlement is obtained.		 the income does not
£
Balance as at 1 April 2021 27,698
Amounts released to income duringtheyear (27,698)
Amounts deferred during the year 20,602
BALANCE AS AT 31 MARCH 2022 20,602

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13. Analysis of net assets between funds

13. Analysis of net assets between funds
GENERAL
FUNDS		 DESIGNATED
FUNDS		 RESTRICTED
FUNDS		 TOTAL
£ £
Tangible fxed assets - 2,576,429 - 2,576,429
Net current assets less creditors due after more than one year 611,764 (632,927) 25,963 4,800
NET ASSETS AT 31 MARCH 2022 611,764 1,943,502 25,963 2,581,229

14. Movement in funds

1 APRIL
2021		 INCOMING
RESOURCES		 OUTGOING
RESOURCES		 TRANSFERS EXCEPTIONAL
ITEMS		 31 MARCH
2022
£ £ £ £ £
UNRESTRICTED FUNDS
Designated fxed asset reserve 738,865 - (23,654) (198,564) - 516,647
Revaluation reserve 1,426,855 - - - - 1,426,855
Designated funds 2,165,720
-
(23,654)
(198,564)
-
1,943,502
373,002
2,129,118
(2,037,204)
198,564
(51,716)
611,764
2,538,722
2,129,118
(2,060,858)
-
(51,716)
2,555,266
General funds
RESTRICTED FUNDS
Other restricted Grants 23,437 160,021 (157,495) - - 25,963
TOTAL FUNDS 23,437
2,562,159		 160,021
2,289,139		 (157,495)
(2,218,353)		 -
-		 -
(51,716)		 25,963
2,581,229

The designated fixed asset reserve represents the net book value of fixed assets, adjusted for the charity loan liability, before any revaluation. From 2022 onwards, it also includes dilapidation provisions in respect of leasehold properties which were included in general funds as at 31 March 2021.

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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15. Leasing commitments

At 31 March 2022 the company had annual commitments under non-cancellable operating leases as set out below:

At 31 March 2022 the company had annual commitments under non-cancellable operating leases as set out below:
2022 2021
£ £
OPERATING LEASES WHICH EXPIRE:
Within oneyear 384,661 449,327
Between one and fveyears 253,163 690,729
After more than fve years - 520,824
637,824 1,660,880

There was a significant decrease during the year in commitments to non-cancellable operating leases due to the termination of contracts with Stratford District Council on 18 July 2022.

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:
2022 2021
£ £
OPERATING LEASES WHICH EXPIRE:
Within oneyear 44,373 42,667
Between one and fveyears 66,560 170,667
After more than fve years - 223,962
110,933 437,296

16. Related party disclosures

Aside from key management remuneration as outlined above, there were no related party transactions for the year ended 31 March 2022.

42

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Coventry Cyrenians Oakwood House Cheylesmore Coventry CV1 2HL

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

Cyrenians more than a roof

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