REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS COVENTRY CYRENIANS LIMITED FOR THE YEAR ENDED 31 MARCH 2025 HB&O Ltd Chartered A(v)untants and Statutory Au(thtor Highdown House 11 Highdown Road Leamington Spa Warwid(shire CV31 1XT Ch8rity no. S421 Company no. 01098794
Coventry Cyrenlans Llmlled Financial Stalemenls for Ihe year erKled 31 March 2025 Company intormation Company reglstrallon number 01098794 Charity number 502421 Registered off ice McRaye House 98-101 Far Gosford Street Covenlry CV1 SEA Bankers Lloyds Bank 30 High Street Covenlry CV1 5RE Solicitors Band Halton Button 53-55 Butls Road Covenlry CV1 3BH Keelys LLP 28 Darn Street Lichlield WS13 6AA Auditors HB&O Lid Highdown House 11 Highdown Road Leaminglon Spa Warwickshire CV31 1XT
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Index to the tinancial stalernenls Report of the Iruslees 4-17 Report of the independenl audilor 18-20 Statement of financial aclivilies 21-22 Statement of cash flows 23-24 Balance sheet 25 Notes to the financial slalements 26-33
Coventry Cyrenians Limited Financial Statements for the year erKled 31 March 2025 Trustees. report 2024-25 Chair's introduction This year, Covenlry Cyrenians locussed on stability in an uncertain world. We replaced and modemised our accommodation capacity. We have expanded capactty lo 171 units which represents a 3201. increase on the prior year 1130 unilsl and were selecled by Coventry City Council lo a 14-month contract lo supply specialist accommodation lo people wrthout resource to public funds. This supported our ongoing mission to provide accommodation and enabling support lo Ihose experiencing homelessness and housing insecurity. Despite the challenges lacing our communities. including rising living costs and increased demand lor services. I have been inspired by our dedicated staff: volunteers and supporter5. They have remained committed to the empowerment of individuals through safe accommodation, personal development, and practical support. Their help and support has been invaluable and this when combined with our accommodation capacity growth has allowed us lo grow our impacl and strengthen our ability lo provide inclusive, person-cenlred services. In addition lo building new landlord relationships which has enabled us to ofler beller standards of accommodation lor our clienls. we have continued our strategy of investing funds into buying new properties. We acquired two six-bedroomed houses during the year. This allows us to reduce our reliance on others in an unstable market and helps lo guarantee supply of allordable accommodation for people. Finally, Ihis allows us to offer value to funders and maximise the value we can provide to Housing Benefit and Ihe Local Authority. As we look ahead, Coventry Cyrenians is commilled to embracing technology as a vital lool in enhancing OLJr setvices and improving operational efficiency. By investing in digit systems and smarter preSses. we aim lo reduce administrative burdens, improve data accuracy, and free up more time for direct support work with our clients. In the year ahead. we will upgrade our internal systems to Pyramid G2. an established housing management system. which will expand our use of secure cloud-based lools, and provide digttal solutions that support client engagement and wellbeing, ensuring we remain responsive, efficient, and lUtU-readY. Our excellent financial results this year reflect not only the generosity of our supporters and partners bul also Ihe strength of our financial management and organisational discipline. Through careful budgeting, effective cost control, and prudent use ol resources. we have maintained a strong and stable financial position. This level ol financial control underscores our capability as a well-managed, accountable organisalion. 11 places us in a robust position to respond to fLrture challenges. invest in accommodation and inlraslruclure, and continue delivering high-quality support to those who need us most. It also strengthens our credibility wilh funders: enabling us lo plan for growth and long-lerm sustainability with confidence. In summary, we have had an excellent year for the charity ol which l am extremely proud to be the Ghair. Jonathan Price-marlow Chair of Trustees
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 About Coventry Cyrenlans Constituted in 1973 as the resutt ol a Coventry Ctty Council commissioned report on the plight of homeless men living in Hillfields Coventry. Coventry Cyrenians have been responding to the challenges of homelessness that lace Coventry and Warwickshire lor the last 52 Years. Over those 52 years Coventry Cyrenians has predominantly focussed on supporting single people. Acting as a landlord, we offer licenced accommc(lalion in sell-conlained units and in small and medium sized houses of multiple occupation. All people who access our accommcxjation have a housing related supwrt need and are unable lo successfully manage a tenancy at the point they enter service. Proud ol our accommodation we have locussed on increasing both the quality and capability of our accommodation. We have spent the last few years steadily increasing roorns sizes and improving lacilities for people who need to be accommodated. All these properties are managed and maintained lo a good standard. The next seclions will describe rnore aiK)ul the supwrt we provide lo our clients. At year end. our property portlolio was as follows: 2024-25 rties 2023-24 Pro erties 27. Place Govenl Warwick Kenilworth Leamin tons TOTALS Pro 38. Units 153 Untts 112 43 171 130 he charity owned 11 residential Properties in 2024-2512023-24= 9) Our Se1 in 202¥25 Covent SuptX)rted Exempl Accommodation - lemporary housing with housing related supwrt delivered from HMO'S. studios and sell-conlained accommodalion for single aduhs. Intensive Housing Management- Providing 15 units of fully managed accommodation for people wilh no recourse lo public funds, on behall of Coventy City Council. WaiCk District Supwrted Exempt Accommodalion - Commissioned support service for m(yJerate to medium risk single indivKluals suitable lo be accommodated in houses of multiple occupation. Accommodation is just one part of the story. We want to emwwer those we support lo live as independently as possible, by enabling them to rebuild their lives. Our experienced team are skilled in working with people to help identity their needs, developing and reviewing solutions that are right lor them. We provide a range ol support for our residents while they are with us, including.. Finding training and lUCatIon opportunities. Supwrting people to deal with their substance misuse issues. Supwrting people to recover from periods of mental ill hearth. Supwrt wtth managing debls and other money issues. Help with rnoving on from our service into independent tenancies, using links we have with private and registered sola1 landlords. Who uses our support services? For the year ending March 31. 2025. Coventry Cyrenians provided Iwo separate types of seNices', intensively managed accommodation lor a Iccal authority and accommodation with support directly to people who are homeless which is designated as Supported Exempl AccommoKlation. Our offer of managed accommodation lo the local authority supwrts Coventry City Council ICCCI'S Rough Sleeper Team lo provide a housing service direcuy to people with no recourse to public funds.
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Working out from a Covenlry Cyrenians building wth high qualty self-contained facilities, the CCC Rough Sleeper Team arrange accommodalion lor people amongst the most vulnerable of homeless people since they are sleeping on the streets. Wtth no access lo any form of benefit or public funding. Hosting CCC seNices in this way was a new venture for us and allows Covenlry Cyrenians lo provide a support service lor people who require 24-hour support and supervision, which exceeds our standard service offer. The accommodation provided directly by us lo our own clients is a Supported Exempt Accommodation SeNice which is designed lor vulnerable of people who do have a housing and support need but not for a 24-hour period. People who enter our accommodalion have been assessed and their support needs and risks established as sufficient to secure Housing Benefit under Supported Exempl guidance. In England rough sleeping and being Street homeless is nol classed in of itself as an eligible support need. The harm people come lo on the slTeels is not assumed lo be universal by funders and evidence is required of all challenges Ihal might arise from lime spent on the streets. 11 people do nol choose to share their experiences with us and we are unable to evidence a persons, support need, we are not able to house them. This surprises people atMI jusl as the resources avalable to support people has changed, the threshold lor entry inlo our services has altered over the 52 years the organisalion has been providing accommodalion. Coventry Cyrenians slarted as a provider Ihal supported men with Telalionship challenges, debl issues and substance misuse challenges. Yel as a charity embedded within OLJr communities, we respond to Ihe changes in our communities which have seen changes both in Ihe numbers of people who are homeless and in the needs of Ihose single homeless people. Housing Benefit is most Irequenlly allocaled to people needing supported accommodation who have compromised mental health. Mentally unwell people may not only struggle lo deal with basic household chores and tasks bul may have additional issues of debt thai develop as a consequence of being unwell. The support Coventry Gyrenians offers to people, helps people to m&ntain accommodation during periods of ill health and provides a safe place for recovery post illness. In addition, many of OUT residents are in contact with criminal justice services and have a history of offending. Others have drug andlor alcohol dependencies. are escaping domestic violence, or have suffered childhood neglect. A significant number are alfecled by more than one ol these issues. In Coventry we support people who are displaced arriving frorn overseas and in need of help with eslablishing Iheir slalus and place in local communities. and we offer femalnlY accommodation. as Ihe city has an above average number of women with complex needs who donl 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 visil them there to help and guide on a range of issues. in particular money management, social isolation, and non-engagernent with health and social care services. We have well-eslablished relalionships with many statutory and voluntary agencies. which offer a wide range ol specialist supwrt to compliment ours. Our people- Chief Executive, Caron Williams Finance Director, John Bailey Operations Lead Manager, Waqas Ali Building OFeralions Manager. Richard Read Information about our Trustees can be found in the section on 'Our Governance,.
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Our key slakeholders Ihal worked wlth us In support of Ihe homeless: Covenlry City Council. and Warwid( District Council Cenlral England Law Centre Icovenlry) Charity Bank Kairos Women Working Together. St Basils, YMCA: Salvation Amiy Coventry Open Christmas. Axholm House, Valley House Central Melhodist Hall. Coventry Food Banks The Relugee and Migrant Centre, Coventry Probation services Wesl Midlands and warcKSh1re Poli services Donors to whom we are exlremely grateful: 29 May 1961 Charitable Trust Howdens Insight Charity Bank Church organisalions Primary and Secondary Coventry Schools Coventry Schools Trust Local businesses A huge thank you goes lo Loveitts Eslate Agents who chose Coventry Cyrenians lo be their charity of the year lor a second year. The fundraising, friendships and wsitive business connections that have developed because of this relationship have been tremendously supportive lo the aims of the charity. Review of the year The year ending 31 March 2025, was a busy year. governmenl led benelits reviews effected publicly available resource and there was a national consultation on the nature of Supported Exempt Accommodation. The national consultation questions largely rellect&J the changes that Coventry City Council had already made in ihe management of providers and local accommodation. The actions that Coventry Cyrenians undertook in 2024 -24 to comply with those changes slood us in good stead to enter Ihe new financial year with complianl and robusl accommodation solutions- bul the impact ol our accommodation capacity reduction in December 2023 generated several operating challenges that required rapid resolution. Al Coventry Cyrenians we resolved those challenges by focusing on three main types of business activity- Consolidating and securing the correct housing capacty Ensuring our wlicies and procedures malch the changing needs of our communty Securing and diversifying income to maxitnise organisation stability We progressed significantly in all three areas ending ihe year in a significantly improved position and generating exceptional results lor the otganisation. A brief overview ol our activities in these areas is described below. Consolidating and securing Ihe correct housing capacity Goventry Cyrenians entered the year ending 31 March 2025, wth an ¢upanCY level of 95.80/.. This excellent headline figure had a more challenging underlying reality in thal the budgeted level of 9/. was exceeded bul on a smaller denominator, wilh December 2023 seeing a reduction of 35 units of accommodation. The resultant level ol accommodalion: 114 unils, impacted the organisalions financial run rate and our ability lo accommodale people in need. In Coventry there was a shortage of Supported Exempt
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Accommodation available, and Coventy Cyrenians had approximate 400 people on our accommodation referral Iisl As a result, significant attention was applied to increasing the number of available units of accommodation. Between January and April 2024 16 unils of accommc#Jation were added to the portfolio Irom 4 additional properties. Extension leases were secured from Coventry City Council for Ihe 4 properties we rent from them. The lolal 01130 units this created generated a stable financial operaling position for Coventry Cyrenians al the income levels per unit we had secured for the financial year 2024-25. 11 did not however, provide sufficient accommodation for the people TequiTing supported housing who were on our referral and wail lists. After checking with CCC commissioners that additional capacity was required, we sel about securing high quality properties that would posrtwely contribute lo solving local capacity challenges. The typical way for a provider of Supported Exempt Accommixlation to respond to a capacity challenge such as the one laced by Covenlry is lo increase capacity Ihrough renting more accommodation. We rapidly came to the conclusion that following such a course of action in this complex environment offered us lrtlle cost control and although templing in the short term would ultimately lead to a failure to play our part in supporting the system through ils strategic challenges and would not assist should the discussion we had commenced about becoming a registered provider lead to the decision lo pursue an application in earnest As a result, we rented some large well mainlained affordable properties bul ensured we purchased Iwo new properties with Ihe purpose of increasing our slock, demonslraling our commilment lo the local housing system whilst mainlaining our excellent margins. One purchase delivered 6 studio Isem-contained lacililies and the other 6 large airy, bright and modern rooms in a propety designed lo improved shared living wth ils huge kitchen diner and lots ol shared leisure space. These modern properties represent Ihe slandards we had sel ourselves. This approach saw us sleadity increased our capacity of accotnmodalion ending Ihe year wilh 171 units of accommodation in lolal. We achieved an occupancy level o192¥0 at year-end, but without the underlying complexity of Ihe start position tor the yeaT. Stabilising the portfolio in this way helped us deliver a better ability to manage our service demand in an improved property portfolio. Ensurlng our pollcles and procedures match the changlng needs of our communlty Coventry Cyrenians prides ilself on being a local provider embedded in our community. As an organisation our aim is lo meel the demands placed on us by our community, offer the suptK)rt Ihal people need to remain safe and well in the accommodalion we provide, and to ensure the best standard of accommodation we can afford to offer is made available lo our clients. Whereas the previous subsection has IocLJssed on capacily of accommodation this section looks lo offer insight on the setvice capability requirements of supporting our local community. We offer Iraining lo our staff, adapt what we offer and recruit lo respond to compliance and regulatory changes or lo cover capability gaps we discover while reviewing service dala and clienvstalf feedback. There were several changes in demand and need profiles that were observed and we needed lo respond lo during the year ending 31 March 2025. Faster processing of newly arrived peoples saw some changes in presenting need and numbers of people eligible for housing benefit Early release prison schemes saw an increase in numbers of people with an ollending backgroLJnd seeking accommatIon The duration and depth ol the cost-of-living crisis caused an ireaSe in working and low needs homeless PTesenlalion. Move on accomrnc*Jation available from Registered Social Landlords and private landlords became scarcer.
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 rriv In February 2023 a SITearnlined Asylurn Process {SAPI was introduced for people from 6 countries. In June 2023 there were 99.419 outstanding claims lor asylum that met the SAP criterion, by September 2023 that number had more than halved and by December 2023 the processing back log had reduced lo several hundred. What Ihis meant was Ihe people 'surged' through Ihe system looking lor accommodation and the first lew cohorts ol those people had been held lor a prolonged period. in some cases years, in temporary accommodation. Those people left their temporary accommodation with profound challenges ol integration. During 2023124 nearfy 750/0 of people approaching our service were 'newly arrived, with support needs in education. language and inlegralion and mental health support. During 2024-25 the number ol newly arrived individuals approaching Covenlry Cyrenians remained relatively high, however, those individuals when assessed for their support needs had signilicanlly lower needs in respect to their mental health. The local authority Migrant Team commissioned specialised support lor this changing need. including inhouse language courses and alternate back to work accommodation. More ready lor work and in need of 'diflerenl' return to work skills, the individuals approaching us were less suitable lor our support seNices and Ihe QA ol newly arrived individuals reduced in our accommodation as a result. li Earl Release rison schemes As the needs and numbers of HB eligible newly arrived individuals started to reduce the government announced an Early Release Prison Scheme 10 Septetnber 2024. The SDS40 scherne provided early release for people who have served 40°/o of their sentence. Coventry Cyrenians have always had exceptional relationships with probation seryices. To support people and their specific needs more fully as they leave prison, we have improved our work with prisons and our community policing teams. This work aligned closely wtih in-house skills sets and allhough requiring ol some small adjustments, including updaling our assessment tools and revisiting our risk assessments, the requirements ol offering this type of accommodation lil the organisation values ethos and skills sels well. As a result, we have worf(ed positively to support our local community by providing accommodation lor people who have relurned lo the city faster and in larger numbers Ihan people were able to plan for given the urgency of the crisis in prisons. In addition to the changes listed above, we used our tjjrtlolio work to upgrade and irnproved our properties for the suptyjrt ol people who have been subject to Custodial sentences. We achieved this by taking on some much smaller properties to reduce the inslilulionalised leel lor people. We have also increased the therapy hours we have available for clients through our inhouse counselling service. iii. Duration and De th ol the cosl-of-lwin crisis The cosl-of-living crisis has continued lo deplele both public and personal finances. The challenges posed by this issue exacerbate homeless nutnbers significantly since the primary cause of homelessness is poverty and the allendanl inabilily to afford accommodation. The longer the iSSLJe continues the more people are impacted by this as iheir personal financial resilience continues lo erode. In addition to this ditticull personal challenge. 2022's legislalive changes in landlord responsibilities and Ihe continued improvements rightly required by regulators have proven largely unaffordable for many small private landlords. Those who were financing their portfolio laced an increase in the cost of borrowing al the same time as they were required lo make signilicanl investments in iheir properties lo achieve compliance with the new regulatory standards. The landlords who remained in the market have tackled the regulatory challenge and have in many cases fell the need to increase the cost ol their accornmodalion offer to their tenants. When the higher cost of housing is added to ihe higher cosl ol food and fuel Ihal people faced, we found ourselves being approached by an increased number ol people whose main challenge appears to be securing affordable housing. Some ol those people were working people priced out of private accommodation by the increased rents on lop of the increased cosls lor foc*J and fuel they laced.
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 As an independent local charty with strong communty roots and partnerships. we have identified Ihis as a key area to focus on in the fulure lo be able to prevenl homelessness in our communities. We have delermined that we should continue to Provide high qualty supported exempl services which offers value for money to our community and lo our funders. whilst progressing our conversations about becoming a Registered Provider. This change would allow us to consider providing affordable rented accommodation wilhoul support. for people whose only need is lor secure housing. iv. Availabili ol move-on accommodation With private landlords leaving ihe syslem and demand for socially regislered properties oulslripping availability by some considerable margin, move on accomrnodation has become more diff icull to access. Trustees have determined that we should continue lo locus on improving the quality and standards of our own accommodation so residents can remain cornfortable while they wail for move on accommodation to become available. They have also determined that we should conclude our conversations on becoming a Registered Provider so that we might be able to consider providing social housing move on for our own clients. Traditionally being placed in Supported-Exempt Accommodation has increased the likelihood of accessing social housing since being homeless leads lo an improved priority banding on choice based letting systems. This sees single people who have acquired tenancy ready skills being able lo bid on properties as a priortty 2 cuslorner rather than a priority-4 customer. That situation is no longer the case with the Ial shortage of Registered Provider accommodation leading to people becoming trapped in Supported Exempl Accommodation unable to move on lo a more permanent home. This can be seen in the local system in the following ways.. Only 8 /0 of all lets for studio and one bed flats have been allocated lo priority 2 customers in Coventry. Only 2 people (from ¢irca 130 service leavers) during the financial yeaT 2024-25 secured social housing from a choice-based lettings bid process undertaken whilsl residing in Coventry Cyrenians SE accommodation. 1 person who is priority 1 has remained in OUT accommodation since August 2024 unsuccessful in all accommodation bids undertaken. Our most successful move on criterion now is to private lets. The private renlal market has proven suitable for some clients. However. it is fundamentally unsuitable lor clients who have recently started work and for whom work practice remains fragile since Ihose people are at increased risk of not securing substanlive wotk after probationary periods or when seasonal contracts end. This situation is exacerbated in that the Local Housing Allowance limit makes only 30/0 of privale lets alfordable if clients return to benefils. This collection ol issues generales income instability which threatens tenancies and increases the likelihood of adverse debi outcomes. We have seen a signilicanl increase in returner referrals to Coventry Cyrenians with this criterion as the reason lor referral. A period with an affordable rent and in a supportive housing environment signilicanlly increases a client's long-term prospects in work and ihus enhances their future opportunities in the private rental market. We have known for some lime thal homelessness support services need more move on services Ihal support low income, new lo work clients. Becoming a Registered Provider would allow Coventry Cyrenians lo consider diversifying their portfolio to include general needs and affordable rent pr(Klu¢ts, therefore developing move-on accommodation lor our own clients. The funding environment that developed during 2024-25 had Ihe F)ossibilty of generating an even more uncertain world lor our clients and lor us as an organisalion. There was a national consultation on Supwrted Exempt A0mMOdation and real-workl resource challenges in the benefit arena. The locussed conversations Coventry Cyrenians undertook on both service capacty and capability requirements provided renewed clarity on how to evidence what we do lo secure the resources we are due and how to approach a risk reduced income generalion snarIO. We then used the resources we generate for the benefit ol our clients and lo secure cost effective sustainable solutions which reduce 10
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Ihe impacts of homelessness in our local communities. 11 was through this lens that Trustees focussed on how best lo expand our income and how to mitigate any income risks we might lace in an uncertain funding world. Securing and diversilying incorne to maximise organisational stability The cost model we devised in 2023-24 lo support HB applications allowed us lo fully vndersland the quantum of additional income we needed to raise to supy)rt our activities. We quickly realised that we needed lo develop other income strands to supplemenl our fundraising endeavours. Fundraising is always a challenge but during a cost-of-living crisis of the depth and duration we currenily face il has become particularly challenging. We are grateful for whal we received bul have noled Ihal people are happy to donate goods lo our clients. bul cash is in shorter supply. We worked with Charity Bank lo secure grants as part of our fundraising and secured the ongoing support of 29 May 1961 granl. Ihey were essenlial. generous and incredibly helpful bul also should be considered as a non-recurrenl revenue stream. We rapidly realised there was a slightly dTMerenl way to view our core skills in being a landlord, which could support the generation of additional recurrent income. 11 we applied our property portFolio and our excellent intensive housing management skills. our core C4Dabililies could be flexed and leveraged lo generate the additional incorne required to fund support staff. As a result, we built a flexible ar adaptive cost model that reflected those abilities and alWed us lo bid for exlemal works in a way that rnet our principles, aligned with our priorities and supported the system. What does Ihal mean practically? During Q2 2024-25. we secured a contract lo offer managed accommodation to the local authority which supports Coventry City Councils, Rough Sleeper Team lo provide a housing service directly to people with no recourse lo public funds. Our focus is on intensively managed accommodation and lacililies for the most vulnerable in society wilh a blended support offer which ensures the provider with the right skills to support the presenting issue is available lo support the need. 11 il is a legal issue, legal support is available, if il is a rough sleeping issue the city council are able lo support the clients, il people need a sale warm space lo slay and a drfferenl therapeulic conversation we will play OLJI part. Being so clear on who we are and what we do is helping us secure additional funds to do our core work better and in a more sustainable way. We feel that working in this way allows us lo improve our own SEA offer whilst closing sorne system gaps in key areas of accommodation availability. Partnership working We. al Coventry Cyrenians, have recognised Ihal working with olhers is essential to supporting people deal with a challenge as profound as being without a home. Just as our new services include us working alongside other agencies to deliver the support Ihal people need, we have also recognised that somelimes we do things that could be beller done by others. On those occasions we need to SUPFWJrt other agencies to thrive in that space and example ol that is our Christmas Meal. On Christmas Day 2025 we will nol be providing our Iradttional Christmas rneal. On Christmas Day 2024, 250 people attended the event, only 5 of whom were homeless service users. We are proud ol Ihe work we have done bul wilh the challenges thai homeless people face deepening, they now require all our attention. We are supporting Coventry Open Ghristmas lo provide a meal on Christmas Day 2025 by sharing all the resources we hold that are specific to providing this meal: while we will focus on our homeless remit.
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 A look to the Future- changlng metrlcs for a changlng world On 16 April 2025, Ihe truslees approved the maknng of an application to be a Registered Provider. As part of the process expert advice has been secured from Ihe Housing Qualty Netsvork, and new operating systems have been secured to ensure that we are in the best shape wssible to accounl for ourselves and our performance. Inveslmenl in new inlegrated housing managemenl system We are corntnitted to embracing lechnoloNJy as a vttal tool in enhancing our services and improving operational efficiency. In the year ahead, we will invest in new digilal systems and engineer belter pr(Kesses, lo reduce administrative burdens, itnprove data accuracy, and free up rnore lime for direct supwrt work with our clients. In September 2025, we plan lo upgrade our renlal to Pyramid G2. an established housing management system supported by ihe firm Omniledger and this will expand our use ol secure cloud-based tools, and provide solutions that support client engagement and wellbeing, ensuring we remain responsive, etticienl, and lulure-ready. After a salisfaclory implementalion ol Ihe rental and support syslern rnodules, we will then consider the integration of our disparate maintenance and finance systems into Pyramid G2 during 2026 which would bring further eff iciencies and benefits lo the organisalion. Support us Our sound financial management means that we are well-placed lo push on as an independent charity. However, additional support will enable us lo do more. We are especially keen to hear from local businesses interested in aiding our work as corporate partners - supporting us linancially through donations. sponsorship. or goods and services. We're also inviting employers lo talk lo us about possible opporlunilies lor secure, well-paid work for our residents in relevant industries, such as Iransport, construction or manufacturing. Coventry Gyrenians can provide support lor technical training. including Higher National Diplomas. This is just one example of how we are broadening our approach lo address the reasons for homelessness and remove obstacles to independent living. Our finances We are pleased lo report excellenl results for Ihe 2025 financial year li.e. 2024-251 which show an operating surplus before exceptional items of £322,000 12024.. £239,301) leaving us well placed to continue and expand our work with the homeless population needing supported-exetnpt accornmodalion. Exceptional items include a dilapidation provision release of £165,216 and an increase in valuation of freehold properties of £640:051. The operating surplus and the exceptional items set out above increased reserves by £l.I million to £4 million in 2024-25. We continue lo manage our costs as efficiently as possible and will utilise a proportion ol our tree cash lo purchase more residential properties in Ihe forthcoming financial year- al 31 March 2025, £750.000 has been transferred to designated resetves for this very purpose. By comparison. in 2024-25, the charity acquired two residential properties for £678.327. which provided twelve additional accommodation units. We recognise the increasing importance of fundraising in our annual budgets, given the risks associated with changes in government legislation. and are very grateful lo our regular donors for Iheir continued support. However, the challenging environment around fundraising reduced 2024- 25 donalions & legacies income of £75.851 by £22.742 coMped lo the prior year1£98.593}- 2024-25 income £2.3 million was nearly £0.5 million higher than the prior year1£1.9 million) due lo the increase in accommodation income resulting Irom 32YD growLh in accommodation units at year end io 171 12024= 1301. The additional units were sourced from private landlords129 units) and purchase of own properties112 units). 12
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Our balance sheel al 31 March 2025 shows a strong cash position of £835,09512024= £682,082) and total net assets of £4.0 million12024.' £2.9 million). The £1.3 million increase in fixed assets is due to the increase in the revalualion reserve of £640,051 and the purchase of two freehold properties for £678,327 which were financed OLrt of cash reserves and by a £423,000 loan frorn Charity Bank. Unrestricted funds, which exclude restled arKI designaled funds, decreased lo £282,090 {2024.. £537,284) mainly due lo the net effect ol the £322,000 operating surplus lor the year and the £750,000 transfer lo designated reseNes-. the latter demonstrates the charity's commitment lo purchase more residential accommodation in the forthcoming financial year. Restricted funds. which are not available for general purF(sses of the charity.- increased to £53,499 12024= £35,455). Designated resetves, ol which £2.9 million can only be realised by the disposal of tangible fixed assels. increased to £3.7 million 12024= £2.3 million) due to the revaluation effect of freehold properties £640,051 and the £750,000 Iransler from unrestricled reserves. Our net current assets increased to £552.189 (2024.. £314,924), demonstrating that the charity can meet its reseNes policy of covering operating costs for at least three months. The trustees review the reserves policy annually and consKler shorter-term changes in liquidily lo support carefully evalualed inveslrnent opportunities wtth positwe financial irnpacts. We remain in a strong financial position as we move lonvard and ready for expansion in Ihe future lo provide lor the ever-rising population of homeless people needing supported-exempt accommodation in Coventry and ils surrounding areas. 13
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Bala¢ 202$ v 2024 Firnn¢io1 Years i£[() 8014 sF*t rweff¢nb 2025 v 2024 Finon¢ial Years (£TrJJsl •IQR5 3500 25¢Q Our governance Conslilulion Coventry Cyrenians Limited is a regislered charity, incorporated by guarantee in 1973 with no share capital., the guarantee of each member being limited to £1. Trustees are the legal Directors of the company in accordance with the Companies Act 2006, and the governing document is the Memorandum and Articles ol Association. The Trustees have referred lo the Charity Commission's general guidance on public benelil when reviewing the charity's aims and objectives. and in planning its tulure activities. In particular, the Trustees consider how planned activities will contribute to the airns and objectives that have been set. Our Trustees Jonathan Price-mailow, Chair Sally Eason Rachel Hayward Imran Abdulla" Richard Hadley. Treasurer, Chair ol Finance and Audit Committee Jayne Marron" Lauren Bartholemew ' Member of Finance and Auditcommittee Trustees are recruited in different ways in order to attract candidates with the required skills. including experience of homelessness. Selection includes inleNiews with the Chair and Chief Executive, and all8ndance al Tiuslee meelings as an obseNer prior lo formal 8leclion lo the Board. There is no fixed term ol ottice lor Trustees. with a formal rotation policy lor any reappoinlmenls. The induction process lor new Trustees includes rneetings Wlth relevant employees and visits to projecls. One Trustee is appointed lo be the Chair by nominations of Ihe otherTrustees. The TrLJStees. Chief Executive and Finance Director meet eight tirnes a year and al additional meetings as required. The Finance and Audil Committee meets on a quarterly basis lo discuss the 14
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 financial management of the charity- The Truslees delegate the day-to-day management of the charity to the Chief Execulive. Trustees. responsibilities The Trustees are responsible for prepaTing the Trustees, Report and financial statements, in accordance with applicable law and regulations. Company law requires them lo prepare financial slalemenls lor each linancial year. Under that law. they have elecled to prepare these slalemenls 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 lair view of the state of affairs ol the Charitable Company. and of incoming resources and application of resources lincluding the income and expendilurel of the Charitable Company lor that peiiod. In preparing these financial slalements, Ihe Trustees are required lo= Select suitable accounting policies and then apply Ihem consislenlly Observe the melhods and principles in the Charity Statement ol Recommended Practice ISORPI 2019 Make judgments and accounting estimates that are reasonable and prudent State whether applicable UK AccoLJnting Standards have been followed. subject to any material departures disclosed and explained in the financial statements Prepare the financial slatemenls on the basis of an ongoing concern, unless il is inappropriate lo presume that the Charitable Company will continue in business The Trustees are responsible for keeFing adequate accounting records which sufficiently show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any lime the financial position ol the company enabling them lo ensure that the financial slalemenls 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 ol the Trustees is aware= There is no relevant audit information ol which the Charitable Company's auditors are unaware The Truslees have taken all steps that Ihey oughl to have taken. lo make themselves aware ol any relevant audit information and lo eslablish that the auditors are aware ol that information. The Trustees ar8 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 slalements may differ from that in other jurisdiclions. 15
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Risk assessment The organisalion has in place a comprehensive risk mapping process, supplemented by a Business Conlinuily Plan and a 'balanced scorecard. reporting mechanism. All Ih8se were subject lo evaluation as part of the ISO 9001-2008 assessment. The principal risks and uncertainties Ihat we lace have been identified as follows- Principal risk identified ow utilisation service risk resulting n reduction in income and surplus Steps taken to mitigate Occupancy Meeting and service referral meeting dwly lo process referrals more quickly Management meetings including SMT held weekly which locu on ulilisalion and income realised through eff eclive ulilisalion Investments in IT to enable better management ol service users Lack ot available affordable suitable accommodation lo support presenling need Build long term and established supporlive relationships with our landlords Use our generated surpluses lo purchase our own accommodation to offer best value to lunders and lo clients Approaching new partners including developers to expand follow-on accommodation offer High staff turnover leads lo Safeguarding issues. This would result in a poor outcome lor a service user and reputational damage for the charity Safeguarding included in managemeF)l and board reporting CEO responsible for reporting concerns to authorities Staff receive training Staff peer meelings on a weekly basis give consistency lo reporttn wnechanisms Management & Board reporting Include service quality and complaints dala. Siaff appraisals: Iraining & organisalional reviews Poor quality service has an adverse impact on our service users, resulting in a reduction in positive outcomes The safely ol our slafl and volunteers Training programme backed by robust policies lor all slafl and volunteers Upgraded client ancl risk assessments lo rellecl presenting needs in the most up to dale fashion, as clients, needs change. so do the assessment processes change to reflect the new challenges. (Health and Wellbeing Skills forms) Investment in IT to support the safety of staff visiting accommodation Health and safety of our service users in our accommodation Maintenance manager with responsibility for Health & Salety requirements Mainlenance issues reviewed as part of the Board of Truslees Management Team oversees Health & Safety Adverse impact ol changes in central government policy Policies for Housing Benefit and Universal Credit monitored by the management team and any malerial polenlial changes nolilied lo the Board ol Trustees Internal HB and UC processes reviewed by the management team and changed if required lo ensure best fil wilh policy and future proof lor any other polenlial changes. This is enabled by.. Intemal expertise on HB and UC has been broadened and 16
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 deepened to allow improved monitoring of applications and associated resources Horizon scanning for changes Increased engagement with the advice sl0r and legal advice provider on impact ol any changes lo clients Beller assessment tools lo establish and prove SEA HB lo lunders. The management team and the Board ol Trustees regularly communicate with key stakeholders lo obtain feedback on the quality of our service and relationship The success of the charity depends on strong lunder relationships lo enable us to secure contracts lo provide serviees. Remuneration policy tor employees The Board follows a review process lor benchmarking the terms and conditions lor all employees which takes place annually and is approved by the Board ol Trustees. The Board is committed to paying the Living Wage as a minimum. Approved by the Board of Trustees at ils meeling on 3 December 2025 and signed on ils behalf.. Jonalhan Price-marlow Chair ol Trustees
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Report of the Independent Auditors to the Trustees of Coventry Cyrenians Limited Opinion We have audited the financial statements of Coventry Cyrenians Lirniled Ilhe 'Charitable Company'l for Ihe year ended 31 March 2025 which comprise the Slatement of Financial Activities, the Balance Sheet, the Cash Flow Sialement and notes to the financial statements. including a summary of significant accounting policies. The financial retjjrting ITamework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and fair view of the stale of the Gharitable Company s affairs as al 31 March 2025, and of its incoming resources and application of resources. including ils income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Praclice., and have been prepared in accordance with the requirements of the Companies Acl 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audiling IUKI IISAS UK) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities lor the audit ol the financial statements seclion ol our report. We are independent of the Chartfable Company in accordance with the eihical requirernenls that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating lo going concem We have nothing lo report in respect of the following matters in relation lo which the ISAS IUKI require us to report to you where= the trustees, use of the going concem basis of accounting in the preparalion of the financial stalernenls is not appropriate., or the Iruslees have not disclosed in the financial slatemenls any idenlified material uncertainties that may cast significant doubl about the Charitable Company's ability to continue to adopt the going concem basis of accounting for a period of al least tsvelve months trom the date when the financial statements are authorised for issue. Other intomiation The Iruslees are responsible lor the other information. The other inlormation comprises the informalion included in the Report of the Trustees. other than Ihe financial statements and our ReF4Jrt of the Independent Auditors Ihereon. Our opinion on Ihe financial slaletnents does not cover the other information and. except to the extent olhetwise explicitty slated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slalemenls. our responsibility is to read the other information and, in doing so, consider whether the other informalion is materially inconsislenl with the financial statements or our knowledge oblained in the audil or otherwise appears to be materially misstated. If we idenlrfy such material inconsistencies or apparent malerial misstaternenls. we are required lo determine whether there is a material mi&statement in the financial slalements or a material 18
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Report of the independent audilors to the Trustees of Coventry Cyrenians Limited (continued) rnisstatement of other inlorrnalion. If, based on the work we have perforrned, we conclude that there is a material misslatemenl ol this other information. we are required lo report Ihal lacl. We have nothing lo report in this regard. Opinions on other rnatters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ol the audtl- Ihe inforrnation given in the Report of the Trustees for the financial year for which the financial slalemenls are prepared is consistent wilh Ihe financial stalemenls. aTh Ihe directors, report has been prepared in accordance with applicable legal requirements. Matters on which we a required to report by exception In the light of our knowledge and understanding of ihe Charitable Company and its environment oblained in the course ol the audit, we have nol identified material misslatements in the Report of the Truslees. We have nothing lo report in respect of the following matters in relalion lo which the Companies A 2006 requires us lo reF)Ort lo you if, in our opinion= adequate accounting records have not been kept. or relums adequate lor our audit have not been received from branches nol visited by us., OT the financial statements are nol in agreemenl with the accounling records and returns., or certain disclosures of truslees, remuneration stxcified by law are nol tnade- or we have not received all ihe informalion and explanations we require for our audil- or Ihe trustees were not entitled to take advanlage ol the Sm1 companies exemption from the requirement to prepare a Strategic Fleport or in preparing the Report ol the Trustees. Responsibilities of trustees As explained more lully in the Stalemenl of Trustees, Reswnsibililies, the Iruslees (who are also Ihe directors ol the Charitable Company for ihe purposes of company lawl are responsible lor the preparation of the financial slalements and for being satisfied thal Ihey give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial statements that are free from rnaterial misstatement, whether due lo fraud or error. In preparing the financial statemenls. the trustees are responsible for assessing the Charitable Company's ability to continue as a going concern, disclosing, as aF)plicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate Ihe Charitable Company or lo cease operalions. or have no realislic aliernative but to do so. Auditor's responsibilities for the audit ol the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo Iraud or error: and to issue a Rewrt 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 IUKI will always delecl a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material 19
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 il, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description ol our responsibililies for the audit of the financial slalements is located on the Financial Reporting Council's website al- www.Irc.org.uklaudilorsreswnsibililies. This description forms part of our Report ol the Independent Auditors. Report of Ihe independenl audilors to Ihe Trustees of Coventry Cyrenians Limiled (continued) Use of our report This report is made solely lo the Charitable Company's members, as a body, in accordance with Ghapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to Ihe Charitable Company s members ihose matters we are required io state lo them in an auditor's report and for no other purtyjse. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone olher than the Charitable Company and Ihe Charitable Company's members as a body, for our audit work: lor this report: or for the opinions we have formed. Gregg Olner MPhil BA (Honsl FCA (Senior Statutory AudttOTI lor and on behalf ol HB&O Ltd Chartered Accounlanls and Statutory Auditor Highdown House 11 Highdown Road Leamington Spa Waickshire CV31 IXT 3 December 2025
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Stalemenl of Financial Activilies for Ihe year ended 31 March 2025 (incorporating the Income and Expendilure Account) Deslgnated Resirl¢ied Funds lunds funds 2025 2W24 Income anrj endowments frIMn: tIonati$ arKI legacies 75.851 75.851 98,593 Chariiable aciiwties." Grants AcComMallOn charges 112.988 112,988 2.073,618 37,304 1,578.329 2.073,618 Other trading activities Investrnents her 16.646 50,123 16.646 50.123 106.158 Totsl Income 111988 2.329.226 1,847,213 Expendfture: Rsising lunds.. Fundraising Trading actiwties 64.992 65,297 85,743 Gharitable aclivitie5.' Grar)ts Accommodation 2.324 1,819.332 97,268 1,844.661 32,442 1,489,727 25,329 Toial expendiiure 1,886,648 25.634 94,944 2.1)J7,226 1,fA17,912 t operating ineomel1expendilu) for Iheyear 125,6341 18,044 322.000 rJ9.301 Transfers b&een funds.. 13 1750.IKK>I 750.LK)O Ex¢eMlon Item- Dilapidati provision Exceptiona item- R&valualion ol Ireehdd prcyerty 165.216 165.216 640,051 640,051 movement in funds 1255.1941 1,364,417 18.044 1,127,267 239,301 Total funds broujht forward 537.284 2,316,398 35.455 2,889,137 2.649,836 Total funds carried forward 13 282.090 3,680,815 53.499 4,016.404 2,889,137 21
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Stalemenl of Financial Activilies for Ihe year ended 31 March 2024 (incorporating the Income and Expendilure Account) Unrestricted Fun(ts Designated R8strict8d Funds Funds 2024 Notes Incorn8 and 8ndowm8nts frorn: DOnatiS and Ia¢leS 98.593 98,593 Ch2rikble 8cliwties.' Granis AccorDmJatloD charges 37,304 37,304 1,578,329 1.578x9 Otherlrading activities Inveslments Other 26,829 102.243 26,829 106,158 3.915 Total ineomè 1.W5,994 3,915 1,847,213 Expenditure: Raising funds.. Fundraising Trading actiwties 85,743 Ch2rikble 8cliwties.' Grants Accornrnodation 31,589 32,442 1,489,727 1.475,9)2 13.825 Total expendilure 1.561.719 14.604 31 1,607,912 Net incomellexpenditurel for the year 244.275 {10,689} 5.715 239.301 Transfers klw88n funds Net movement in funds 244,27S 110,6891 5.715 239,301 Total funds broujht forward 293,(M)9 2,327.087 29.740 2,649,836 Total fundu carried forward 13 537,284 2,316,398 35.455 2,889,137
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Stalemenl of Cash Flows for the year ended 31 March 2025 Notes 2025 2024 Cash flows from opewating ac11vit. Nel cash wovided by Irating 420,478 149.9D4 Cash flows from In¥ing ac11vit. Pur¢hase of property. plarn arKI equipment Proceeds from sJe 01 property, plant arKI eyuipment Reni received from propert*s 1688.8151 126.5141 3,915 16,646 26.828 Nel cash (used inliFKovided investing activities Cash flow$ Irom flnandng aclivities: Loans exiended Repayments d borrowngs 1664,9691 4,229 125,4961 Nel cash used in finarIng actle5 397,504 Change In cash and cash equivalents in the reportiny period Cash and cash equivalents at the teginning ol the rewrting penod Cash and cash 8quivalents at the end of the reporting peri¢ 153,013 154,133 527.949 682.082 Notes to the Statement ol Cash Flows Reconciliation ol nel inccKnellexpeThlilurel to net cash Ilow from operating tlS 2025 2024 Nel incLYne for the repotling las wthe slalemenl ol linarti adivrtiesl Adju51men15 for.. D8pr8eiation charges IProlillAoss on disry)sal of fixe(l assets Proliullossl on release of diIaFidatn twovi&on Interest charged Rent receivable Ilncreaselldecrease In (kbtot5 Increaselldecreasel in creditors 322.000 239.301 9.369 18.800 165.216 23.334 116,6461 135.0591 166,5361 14,604 13.9151 126.8291 125.6361 147.6211 N81 cash provided by operating activities 420,478 149,904
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the Statement ol Cash Flows (cont.) The amounts disclosed Stalemenl of Cash Flows in resF*d of cash and cash equivalenls art In wpect of these Bdance Sheet amounts.. Year ended 31 March 2024 31.03.2W25 01.04.2024 835,095 682,082 Analysis ol Changes in Net Funds At01.04.2024 Cash Flow AI 31.03.2025 N81 cash Cash at bank and in hand 24
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Balance Sheet as at the year ended 31 March 2025 Unrestrlcted Restrlcted Funds Fund5 2024 Fixed av3ets Tangible fixed assets 3.867.710 3.867.710 2.574.213 Current assets Debiors Cash at bank ar in hand 143.502 781.596 143,502 835.095 108,443 682.082 S3.499 Total current assets 53,499 978,597 790,525 Liabilities.. Credltors= amounts Wllng due wlthln one year Trade and other CritOrS Provisions 1216,4551 1209.9531 1216,4551 1209.9531 1240,3851 1235.2161 Nel cutTent assets 498.6 53,499 552,189 314,924 Total assets less current liabilities 4,366.40D 53,499 4.419,899 2,889,137 Creditors.. arnounts falling after more than 10 Or year 1403,4951 1403,4951 Total nei assets 3,W2,905 4,016,404 2,889,137 The lund$ of the ¢harlty Designated lunds Designated waluation re$e 1.613.909 2,066,906 889.543 1,426,855 Unrosiricled fur 282,090 537,284 Resiricted funds 53.499 35.455 Total funds 12 4.016.404 2.889,137 These linancia statements have ten prepared in )rdae th the wovi%ions of Part 15 01 the Cofflpani Act 2006 relating to Charitable Small Companies. The finanud statements were approved by the Poard of Tnjstees on 3 Decemter 2025 and were signed on its by.. Jonathan Priee-marfow Chr ol Trust88S 25
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements General infoThation Coventry Cyreniarts knrniled i8 a company limilal by guarantee and is incorwraled in England. 11 is also 8 registered charity as regulated by the Charily Cotnmission for England and Wales. The aiJdres5 of thE regLslered Offi 15 given in the company information on page 1 of these finarri staternents. prinpaI accounting Fdici8S Accounting convention The financial statements ol the Ctharilable Cornpany are prepared in arLordam8 with Th8 Companies Act 2006, the Statement of Re¢ommerKYed Pra¢ti¢e A¢¢ounhng by ChaTtlies ISORP FRS 1021. Ihe Finartial Rerorting Siandard IFRS 1021 and with applicthe accounliw standards. Thesef1narlal staternenlsaredrawn upoTrthe histoal costconvention miQilied lor revUall0ns ol certain Classes ol fixed asset. The ChariMble Company salisfies ihe [Irements of a publK berefrt enlity as set oul in FRS 102. The principal accounting polties ofihÈ Ctharity are sel and have reniained unchanged from the previDUS period unless otherwise stated. Tangible fixed as86t5 Tangitle fixed assets are stated at cost or vatiOn. IrKliwdual iterns wlh a purchase price of £1,500 or less are wrttrten oll in the perithl In whh tho asset is acxwir&l. Tenants, fumiture is lmen off in Ihe period it i8 wuired as ils estimated useful life is le55 than one year. Depreciation is charged by IttaIrerrt5 COtnrnerKing wth Iheyeard acquisition at rate5 e5tivnat lo write off the cost of asset less any resklual value over the ex11 useful Inies which are as followE:. Furniture and equirxment Motor vehicles Fixtures & litknngs 4 years 4 years 4 years & 10 years Freehold property that is L9t OLrt to futherthe charitys ovm purrM)ses by providing a serwice lo th8 charity's nstiCIarI8S is accounted for within tangible fixed assets. The Trustees consider the revalued freehold prwErty to be rnalntaitd in such a stat8 of repair that any residual ¥ue is at ast equa lo the carrying amount. As such any dew8ciation charged on these revalued assets wYyJld nol be [nate[i at¥J is Tn1j in these find[la1 51atetnenls. The Trustees review the carryiro amount of these assets annUty lor Imrnient in accordance vAth FRS 11r2. Taxation The panY is a registered charity aThl no wovision is requir f0r1axatn. Incoming resources Donations, legacies and grants re1Vable are recogni1 in irOrne when the Charity has satisfactory entitlement 10 the lunds- it Is more likely Ihan not Ihai Ihe amounis are due 10 the Charity." arKI thai the moneiary value can it reliably measured. In the case ol unsolicited donaiK>nsthis is usually only when they are recved. while fund raising resulls are &counled lor when the cwmilmeni is made by tho donor, subj.eci 10 lulfilmeni. Gifts ol gorxls and kiThl arevalu&l at Iheireslimated farve. Where the Charity conskkn it impractica tomeasure the Ir yue ol goods donated lor resale the atnounts are recognised within income when the go8 are sold. Local Authorty CLrt revenue is Tecognised contractual Lllwations have LEen lulfilled. Resour r1VeY in advarKe of rt*wNJ sabsfxtory entitlem1 are ir¢luded as a defer in¢tyne liabilty (Xl the balance sheet. Deferred irtome is leaSed the Stalement ol Financial Activilies l-SoFA"l al such a time as entioent 15 Confir[nl. Pensions- delined eontribubon sehen Contributions are charged to the SOFA as tw bne payable in aCcOrthn wilh the rules ofthe scheme_
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements (continued) Resources expended Charitable expenditure comrises those costs incurred by the Charty in the delivery of its aclivilies and services lor ils beneficiarie5. It Include5 b)Ih cosls that can be allcrated o5[lY to suth acbvitie5 and Ih05e costs of an indirect nalure nee8ssary to support Ih8m. I costs are allttated belween the exrEndilure categNies ol the SOFA on a basis deSigTh to refknt the use of the resour. DirtlY altritxrtable cosls aTe alILated by reSOuT. wth the balance of expenLliture allocated according to the propK)rtion of in(x)tne rVed in rdation to e resourr%. Governance costs i19 those CDSts asswated with meeting the constitutional and statutory wuirernents of th8 Charity and include the audit fees and costs link io Ihe straiegt managemeni ol Ihe Charity. IrcOVerable VAT 6 ¢hargeL1 as a cosi agwn Ihe Wvity lor which Ihe eXperlIe was ir¢ur. Fund ¥A)untlng Funds by the Charity are= UnrestricW fund$ These are funds which can te used in accordance wlh charitle objects at the dits"0n ol the ttustees. Deslgnated lunds The are lurKJs sel as1 by the ITuslees (Art ol un1red general lunds lor S[1¢ future wrKM)ses or projects. Reslrlcted lunds These are lunds that can only be th£ed for paitular restricted purrx)ses within the Dbjts of the charity. Resttictions anse when specified by the dor[ orwhen funds are raised for parbcular restricted purposes. Operating leases Rentds payable jer operating leases are chargeij to the SOFA on a sLraight li basi5 overthe lease lerm. Rents receivable und8r non-Gqnc8llatA8 OP8ratiThJ leases are recCJn1 in accordarth with th818as8. Financial instruments Loans and borrowiros are initially recognis&l atthe transaction price including transaction costs. Sub88qu8ntly, they are measured at arnortised using tIE effective interest rate methixj, less itnpairmenl. Debiors and ¢dir5 wrth no sta1 inte1 re aThJ rn1*e or paythe within e year a rewrded at transaction pre. Any losses arigng from imrAimienl are rniSl in the SOFA. 27
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements (continued) 3 Incoming resources Donalions and legacies 2025 2024 Legacies Donations S.OCK) 93.598 75.851 Total dormtions and legacies 75.851 98,593 Grants Warwick District Courol Acces5 Chanty Bank Covlwarks Partnership Trust 26.168 11.82D 75,000 24.804 12,500 Total grant incom8 112.988 37.304 Accornmodation charges Accomm(yJalion Charges 2,073,618 1,578,329 Total accommodatlon charges Income 2,073,618 1,578,329 Total income Irfjm ¢harwtat4e ac%ivities 2.186,606 1,615,633 Investment ine¢)me Rent receNed 16,646 26,829 Total investment income 16.646 26,829 Olh8r income Sundry incorne and charges 50.128 106.158 Total other Income 50,123 106,15B Total income 2.329.226 1,847,213 28
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements (continued) 4 Total resources eXpd lal Anaysis ol to1 resources expen1 Support Other direct costs Total 2025 Total 2024 Raising lunds Fundraising 27.191 28.412 65.297 85.743 Total experK1rtU on raising furKYs 27.191 28.412 65.297 85.743 Chariiable aciiwties Grants A¢¢omm(rtYaiion 14,440 2T3.854 42.324 802,660 97.268 1,844,661 32.442 1,489,727 768,147 Total eXli1Ure () thle activities 808.651 1,941,929 1,522,169 Total expenditure 835.842 297.988 873,396 2.(N)7.226 1.FA17,912 Total experKJed Total restricted resou exper¥ unrestricted resources 795.338 285.871 831.072 1.912.281 1.576.323 12.117 42.324 94.945 31.589 835.842 297. 8T3, 2.(Tr.226 1.&)7,912 Ibllil AnysiS ol support costs18xcludiro g)vemanc8 Costs) incu4 in managing the charty Total 24 Communicions & 1.255 1.870 35.463 8,610 126,90B 71,257 4,072 17.387 38,588 9,369 138,092 77,536 4,431 18.920 27,660 14,604 121,475 176,178 4,692 35,725 Depreciation Financial cosls 305 4.492 6.692 3,757 215 Premises cosls Printing, postage & stationery Miscellaneous 144 616 917 13.915 2&3,697 286.936 380,334 Iblliil Analysis ol support ¢osts considered to l govanarKe costs Total T4IAI 2024 Funds Auditors, remuneration Legal and wofessional fees 378 7.168 2.988 7,800 3.252 6,250 48.904 10.156 11.052 55,154 Other dIr ¢osts In¢lude: Operating lease payments 330,062 260,041
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements (continued) 4 Prior year comparative of total r¢e5 expended Anaysis ol to1 resources expen1 Support Other dlre¢t costs Total 2024 Stall ¢ost$ Raising funds FuThJra15ing 35288 23.222 27.233 85.743 Total expendituo on raising fu$ 35288 23222 27.233 85.7 Ghariiable adivitses Grants AccommallOn 13J51 613,097 8,787 403,479 10.3D4 473,151 32.442 1,489,727 Total exponditure on chatitable acbvilies 626,448 412,266 483.455 1,522,169 Toial expendfiiure 661,736 435A88 510,688 1,7,912 Total Unrestrted resources experKled Total re51rKled resources eXperj 648,109 13.627 427,554 7.934 500.660 10.028 1,576,323 31.589 661,n6 435.488 510,688 1,607,912 Id)lil Analysi5 01 support cosfs lexcludirKJ govemance cost51 inCUTreJ in tnanaging the charty l¥i>ty Fur T1 2•24 Communications & IT Depreciation Financial costs Premises costs Printing, postage & stationery Miscellaneous 1,475 25,627 13.530 112,546 168.228 4,347 33.IfM) 27,660 14,604 121,475 176.178 4,692 35,725 6,478 9.395 2,451 720 7.674 352.378 380.3 Id)liil Andysis ol support costs (x>nsidered to govefflance (x>sts Fl*Si rrfams 2024 Auditors, remuneration Legal and wofessional fee5 333 128 5.791 6.250 48.904 2.941 1.113 51.100 55,154 Other dlrect costs Inclwle= Operating lease payments 260.041 Trustees. r8rnuneratron No Iruslees received any erndurnents exSeS during Ihe year12D24.. tnill.
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements (continued) Staff costs Staff costs were as follows: 2025 2024 Salaries and wages Social security costs Other pension costs Agency staff 646.655 59,219 47.032 82.936 532.200 48.858 37.380 835,842 661,736 2025 26 2024 21 The average number of emrAoyees ijurino the year was.. One employee12024: one) reiVed em(Auments of ftK)re Ihan £80.(KK). yel less ifkan £g1.(KK> during the year. The key managernent personvd of the Charity cotnprise the trustees. the Chid Executive Officer and the Finance Director. The told remuneraiion Ihese otfKeis lor the year 10 31 March 2(r25 was £132,60412024.. £145.3651. The Charity op8rates a defin8d ntributIOn pension scheme for the benefft of a number of ils emrAoy88s. Th8 assets of the scheme are held separately frotn those of the Charity in an irependent1Y adrninistered fund. The pension cost eharge represents the contrirtionS payable by the Charity to the fund. Contributions totalling £3,97912024.. £3,426) Were payable to the fund at th8 y8ar end and ar8 includ&1 in cr&litors. Tangible fixed assets FTeehokl Furnilure & Equipmeni Molor Vehieles Fixtures & Fittings Total Cost or valuatlon Ai 1 April 21Y24 A(lI10n$ Revaluations Disposals 2,?,8T2 678.327 640,051 121.2WI 114,9&3 42,941 10.488 89,849 2,780,595 688.815 640,051 140,4001 119.2(K>l At 31 March 2025 1&30,( 114,9&3 34,229 4,(fj9,061 Depreciation Al 1 April 2024 Charge for year Eliminated on disposal 111.153 22.gm 7,118 114,41X>I 72.325 461 206.382 9,369 114,4001 Ai 31 March 21r25 112,943 15,622 72,786 201,351 Nèi Book Valu• * 31 Math 2025 3,&ry0,( 18,607 17.063 3,867,710 Nel Book ve at 31 March 2024 1532.822 20.037 17.524 2.574.213 Freehold property was ValUj on an open rnaet basis on 31 tOkEr 2024 by Mark Treadwell MRICS on behalf ol Shddon Bosley Knight Professional SeNices Mited. If freehold prq)erty had not been il Wld have been included in the financial statements at a carrwng arnounl underthe historical cost convention of £1.758.72412024". £1.101,59n. Debtors.. amounls falling due within one 2W24 Trade debtors AccoMmation charges receivatAe Other debtors 16.259 52,071 40.113 93,020 29.576 31
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements (continued) Credhors: amounts falllng due wlthln one 2024 Trade and other cr*Jitors Trade creditors Social security and other taxes Deferred Income Oiher creditors and sxoviqions Gharity loan < 1 year Pension eontributior 5.127 14,837 61.140 23,484 2.000 385,551 385,121 17.344 3,979 3,426 426,408 475,601 PrOvIOn$ BJan¢e at start of year Arnounts released Amounts wovi¢ed lor 235.216 1165.2181 139,953 Baanco at end of year 209,953 10. Credltors: amountsfalllry due aftv MO than year Charity loan 1-2 years Ghanty loan 2-5 yew5 Chanty loan > 5 yea 17,344 52.032 334.119 Balance as at 31 March 2025 403,495 Deferred irorne represents resources recwv8d by the Charity thal d) nDt m88t the criteria for recconition as incom8 in SOFA because entiiiemeni to the iome does exi%1 ai Ihe Wance sheet date_ The amounts a released 10 the SOFA once satisfactory enlrtlemenl is Obtned. Bance as at 1 April 2024 Amourts leaSe 10 income during Ihe year Amounts deferred during Ihe year 2.000 12.0(Kll Bdance as at 31 March 2025 12. Anatysis of n81 assets betW88n funds Designated funds Total funds funds Tangible fixed assets Net current assets 3,867.710 1186.8951 3,867,710 148.694 53.499 Net a5sgL5 at 31 Match 2025 3.680.815 53.499 4.016.404 32
Coventry Cyrenians Limited Financial Statements for the year erbded 31 March 2025 Notes to the financial statements (continued) 13. Movement in furbjs Incoming CKrtgoing Exceptional items 31 March 2025 2024 Transfers Unr8Strict8d funds Designated fixed asset reserve Revaluation reserve 125.6341 7,000 1.613.gJ9 1.426.855 640.051 2.086.906 Designated funds 2.316.398 125.6341 750.LKIO 640.051 3.680.815 Generd lunds 537.284 2.216.ZJ8 11.886.648) 1750.0001 165.216 282.090 2,853,682 2.216.ZJ8 11.912,2821 805,267 3,962,905 Restrlcted lunds Other restricted Grants 35.455 112.988 194.9441 53,499 35,455 112.988 194,9441 53,499 Total funds 2.889.137 2.329.226 12.007.226) 805.267 4.016.404 The designated fixed asset reserve represents thÈ nel bcd ol fixed assets. adjusted IDr the charity loan lithlily, before any revJuation. FrorD 2022 orwRrds it also incorporates any dilapidations atue for againsl leased properties. The revaluab.on reseNe represents t1 excess of Tnarket ¥ue O¥h1St0rK c(Et fora nurnberof freehDld propertie5. The net bookvalue offixed assets. adjustal forthecharity Iiabilty, istherefore rW8Sent bylhe sum ol th& designated fixed asset and revaluation reserves. 14. Leasing commitments lal At 31 March 2025 Ihe cotnpany hwj rnjal cotnwnitments U[wJ non-canEellable opwating lea5e5 a5 Sel out below.. 2024 Opeoting leases whth expre: Within one year Between one INe years After more than five years 405,7 1,214,810 9,011 187,545 465,157 1.628.828 652.702 It) Priorto 2025 the company sut>l a wperty aThJ is due Ihe fdlowing rents r)ar¢elle operating leases". 2024 (l)eraling leases which exrAre: Within one year Between one and five years After more than five years 22,187 22.187 15. Related party disclosures Aside from key management reMeratIOn as crtrtlined atrme, there related partytransactions forthe year Ènded 31 March 2025.