**Coventry Holy Trinity Old National School (Church Centre)**
# **Coventry Holy Trinity Old National School (Church Centre)**
**Annual Report and Financial Statements for the year ended 31st December 2023**
|Contents:|Page|
|---|---|
|Trustees’ Annual Report|3|
|Financial Statements|5 - 10|
|Independent Examiner’s Report|11|
1
**Coventry Holy Trinity Old National School (Church Centre)**
## **For the year ending 31st December 2023**
## **Administrative Details**
Organisation Name: Coventry Holy Trinity Old National School (Church Centre)
Charity Number: 528852 Principal Address: 5A Priory Row Coventry CV1 5EX
Trustees: Revd R Hibbert (Vicar of Holy Trinity Church) from March 2022 Mr Christopher Howard * Mrs Alison Jackson * Mr Nehemiah Akinyele* Mr Andrew Selwyn*
*Churchwardens of Holy Trinity Church
Bank: HSBC Bank plc 55 Corporation Street Coventry CV1 1GX Independent Examiner: Gavin Kibble ACMA 1 Kineton Road Wyken, Coventry CV2 3NR
2
## **Coventry Holy Trinity Old National School (Church Centre)**
## **Trustees Report**
The trustees present their annual report and financial statements for the year ended 31[st] December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2020).
## **Constitution and Objectives**
The charity was constituted under a scheme made by the Board of Education under the Charitable Trusts Acts, 1853 to 1894, sealed on the 21[st] of September 1915, as varied by the Pastoral Scheme made by the Church Commissioners pursuant to Section 38 of the Pastoral measure Act 1968. Confirmed by Order in Council dated 26th July,1972.
The scheme directs that the income of the charity is to be applied to the maintenance and improvement of the property held by the Trustees and to cover other expenses incidental to the charity. The prime use of the property is the provision of a Sunday School for educational purposes, although the Scheme also allows for occasional letting for purposes other than those previously mentioned.
## **Achievements and performance**
Good use of the building during the year is shown by the regular use of the building for the youth and children's work of Holy Trinity, and for sundry meetings of Holy Trinity Church. In addition, there are regular lettings to various local and national organisations, in order to generate income for the maintenance and upkeep of the building. In January 2023, a Coordinator was appointed to promote and manage the building, with expectation that increased use and income will support the upgrade of facilities and the better maintenance of the building.
## **Financial review**
During the year the trust had income of £27,784 (2022: £ 21,798). Expenditure was £26,764 (2022: £ 26,806) giving a net surplus of £1,110 (2022: £ 5,008 loss) before realised and unrealised gains on investments of £12,166 (2022: loss of £20,348).
## **Risk Statement**
The trustees have reviewed the risks to which a small charity is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis. The insurance policy is reviewed annually. Investments are managed by Quilter Cheviots, Stockbrokers who provide reports to trustees on a quarterly and annual basis.
## **Reserves Policy**
Sufficient unrestricted funds are maintained to meet the trust’s planned costs of upkeep and repair of the building, At the end of the year the unrestricted reserves were £197,236 (2022 : £183,960)
3
## **Coventry Holy Trinity Old National School (Church Centre)**
## **Trustees Report (continued)**
## **Public benefit**
In shaping our objectives for the year and planning our activities the Trustees have considered the Charity Commission guidance on public benefit including the guidance "Public Benefit: Running a Charity (PB2)".
## **Governance**
The policy and operating decisions of the charity rest with the trustees who meet regularly to monitor the activities of the Charity. Day to day decisions are delegated to a management team and where appropriate guidance and sign off are taken from trustees.
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees on 2[nd] January 2025
......................................................... Chair of Trustees.
4
## **Coventry Holy Trinity Old National School (Church Centre)**
Statement of Financial Activities for the year ended 31[st] December, 2023
|Incoming Resources
VAT Reclaim
Letting & Rental Income
Investment Income
Total Incoming Resources
Resources Expended
Activities of the Charity
3
Net income/(expenditure) before investment gains/(losses)
Investments : Realised/Unrealised Gains/ (Losses)
4
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward|2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
1,336
-
1,336
2,670
21,203
-
21,203
14,728
5,336
-
5,336
4,400|
|---|---|
||27,874
-
27,874
21,798|
||26,764
-
26,764
26,806|
||1,110
-
1,110
(5,008)|
||12,166
-
12,166
(20,348)|
||13,276
-
13,276
(25,356)|
|||
||183,960
-
183,960
209,316
197,236
-
197,236
183,960|
The statement of financial activities includes all gains and losses recognised during the year.
All income and expenditure derive from continuing activities.
5
## **Coventry Holy Trinity Old National School (Church Centre)**
Balance Sheet as at 31st December 2023
|**Investment Assets**
4
**Current Assets**
Debtors
5
Cash at bank and in hand
6
Total Current Assets
**Liabilities**
Amounts falling due within one year
7
**Net current assets/(liabilities)**
**Total net assets or liabilities**
**Funds of the Charity**
Unrestricted Funds
Restricted Funds|2023
£
£
177,325
177,325
190
20,206
20,396
485
19,911
**197,236**
197,236
-|2023
£
£
177,325
177,325
190
20,206
20,396
485
19,911
**197,236**
197,236
-|2022
£
£
161,782
161,782
-
24,116
24,116
1,937
22,179
**183,960**
183,960
-|2022
£
£
161,782
161,782
-
24,116
24,116
1,937
22,179
**183,960**
183,960
-|
|---|---|---|---|---|
||190
20,206||-
24,116||
||485||1,937||
||||||
|||**197,236**||**183,960**|
|||197,236
-||183,960
-|
These accounts were approved by the trustees on 2[nd] January 2023 and signed on their behalf by
_____________________________ (Chair)
6
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023
## **1: Accounting Policies**
1.1 The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to organisations preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2020). The organisation is a Public Benefit Entity as defined by FRS 102.
The organisation has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for organisations applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the organisation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below:
## 1.2 Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. Thus, the members continue to adopt the going concern basis of accounting in preparing the financial statements.
## 1.3 Funds
Unrestricted funds are available for use at the discretion of the members in furtherance of their objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## 1.4 Income
Income is recognised when the organisation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the organisation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations
7
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023 (cont.)
## **1: Accounting Policies (continued)**
received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the organisation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## 1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and
support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
## 1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## 1.9 Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## 1.10 Tangible fixed assets and depreciation
Tangible fixed assets are fully expensed in the year of acquisition.
8
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023 (cont.)
## **2: Beneficial Use of Assets**
The charity holds under a lease dated 21[st] December 2020 with Coventry City Council the beneficial use of the Old Blue Coat School. The property has been demised to the charity for 999 years for an annual rent of a peppercorn. The tenant may determine the lease on the 5[th] August 2040 and each subsequent twentieth anniversary of that date.
The value of the property for insurance purposes was: £4,099,526. (2022 : £4,099,526)
## **3: Activities of the Charity : Analysis of**
|**Expenditure**
Cleaning
Insurance
Maintenance and Repairs
Major Repair Projects
Utilities
Life Path Trust Salaries
Investment Administration Costs
Printing and Stationery
Bank Charges
Independent Examination|2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
2,123
-
2,123
817
1,935
-
1,935
1,783
13,531
-
13,531
8,599
-
-
-
9,075
5,167
-
5,167
5,013
2,510
-
2,510
-
1,191
-
1,191
1,239
36
-
36
-
73
-
73
79
200
-
200
200|
|---|---|
||26,764
-
26,764
26,806|
|**4: Investment Assets**
Market Value at 1st January
Additions
Disposals
Dividends Received
Management Fees
Cash Withdrawn
Realised & Unrealised gain/
(loss)
**Market Value at 31st December**
Historical Cost at 31st December|2023
2022
Quoted
Cash & Cash
Total
Quoted
Cash & Cash
Total
Investments
Equivalents
Investments
Equivalents
£
£
£
£
£
£
161,782
11,296
173,078
196,911
3,365
200,276
21,907
(21,907)
-
3,938
(3,938)
-
(18,530)
18,530
-
(18,719)
18,719
-
-
5,263
5,263
-
4,388
4,388
-
(1,191)
(1,191)
-
(1,239)
(1,239)
-
-
-
-
(10,000)
(10,000)
12,166
-
12,166
(20,348)
-
(20,348)|
|---|---|
||**177,325**
**11,991**
**189,316**
**161,782**
**11,296**
**173,078**|
||155,280
11,991
167,271
146,950
11,296
158,246|
9
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023 (cont.)
## **4: Investment Assets (cont.)**
The following investments represent more than 5% of the investment portfolio :
|70 Franklin Templeton Global Funds Plc FTGF Clrbrdg US Eqty Sust Ldrs S GBP Acc
250 HSBC ETFS Plc S&P 500 UCITS ETF
1,500 JP Morgan American Investment Trust Ord GBP0.05
6,000 Quiltor Investors Limited Quitlor Investors Ethical Eqty R GBP Acc
**5: Debtors**
2023
£
Prepayments and Accrued Income
190
**6: Cash at Bank and on Hand**
2023
£
Cash at Bank and on Hand
8,215
Quilters Investments Cash and Cash Equivalents
11,991
20,206
**7: Liabilities**
2023
£
£
Accruals and Deferred Income
285
Other Creditors
200
485
|70 Franklin Templeton Global Funds Plc FTGF Clrbrdg US Eqty Sust Ldrs S GBP Acc
250 HSBC ETFS Plc S&P 500 UCITS ETF
1,500 JP Morgan American Investment Trust Ord GBP0.05
6,000 Quiltor Investors Limited Quitlor Investors Ethical Eqty R GBP Acc
**5: Debtors**
2023
£
Prepayments and Accrued Income
190
**6: Cash at Bank and on Hand**
2023
£
Cash at Bank and on Hand
8,215
Quilters Investments Cash and Cash Equivalents
11,991
20,206
**7: Liabilities**
2023
£
£
Accruals and Deferred Income
285
Other Creditors
200
485
|**Market**
**Value**
**Cost**
**£**
**£**
11,078
7,786
9,511
8,533
12,885
7,259
12,666
7,566
2022
£
-
2022
£
12,820
11,296
24,116
2022
737
1,200
1,937|
|---|---|---|
||2023
£
8,215
11,991||
||20,206||
||2023
£
£
285
200
||
||485
||
## **8: Employee Costs**
There were no employees and no employment costs incurred by the charity during 2023 (2022:: £ nil)
## **9: Trustee Remuneration and Related Party Transactions**
No trustee received remuneration or benefits in relation to their services as a trustee to the charity. (2022 £nil). There were no related party transactions. (2022 £ nil).
10
## **Coventry Holy Trinity Old National School (Church Centre)**
## **Independent examiner’s report to the trustees of Coventry Holy Trinity Old National School (Church Centre)**
I report on the accounts for the year ended 31[st] December 2023 which are set out on pages 5 to 10.
## **Respective responsibilities of the trustees and the examiner**
The trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity
- Commissioner section 145 (5) (b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s Statement**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes considering any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
## **Independent examiner’s statement**
In connection with my examination, no matters have come to my attention:
(1) which give me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with section 130 of the 2011 Act; or
– to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
________________________________ Gavin Kibble
Mozaic Innovate Ltd
1 Kineton Road, Coventry
CV2 3NR
23rd January 2025
11
**Coventry Holy Trinity Old National School (Church Centre)**
# **Coventry Holy Trinity Old National School (Church Centre)**
**Annual Report and Financial Statements for the year ended 31st December 2023**
|Contents:|Page|
|---|---|
|Trustees’ Annual Report|3|
|Financial Statements|5 - 10|
|Independent Examiner’s Report|11|
1
**Coventry Holy Trinity Old National School (Church Centre)**
## **For the year ending 31st December 2023**
## **Administrative Details**
Organisation Name: Coventry Holy Trinity Old National School (Church Centre)
Charity Number: 528852 Principal Address: 5A Priory Row Coventry CV1 5EX
Trustees: Revd R Hibbert (Vicar of Holy Trinity Church) from March 2022 Mr Christopher Howard * Mrs Alison Jackson * Mr Nehemiah Akinyele* Mr Andrew Selwyn*
*Churchwardens of Holy Trinity Church
Bank: HSBC Bank plc 55 Corporation Street Coventry CV1 1GX Independent Examiner: Gavin Kibble ACMA 1 Kineton Road Wyken, Coventry CV2 3NR
2
## **Coventry Holy Trinity Old National School (Church Centre)**
## **Trustees Report**
The trustees present their annual report and financial statements for the year ended 31[st] December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2020).
## **Constitution and Objectives**
The charity was constituted under a scheme made by the Board of Education under the Charitable Trusts Acts, 1853 to 1894, sealed on the 21[st] of September 1915, as varied by the Pastoral Scheme made by the Church Commissioners pursuant to Section 38 of the Pastoral measure Act 1968. Confirmed by Order in Council dated 26th July,1972.
The scheme directs that the income of the charity is to be applied to the maintenance and improvement of the property held by the Trustees and to cover other expenses incidental to the charity. The prime use of the property is the provision of a Sunday School for educational purposes, although the Scheme also allows for occasional letting for purposes other than those previously mentioned.
## **Achievements and performance**
Good use of the building during the year is shown by the regular use of the building for the youth and children's work of Holy Trinity, and for sundry meetings of Holy Trinity Church. In addition, there are regular lettings to various local and national organisations, in order to generate income for the maintenance and upkeep of the building. In January 2023, a Coordinator was appointed to promote and manage the building, with expectation that increased use and income will support the upgrade of facilities and the better maintenance of the building.
## **Financial review**
During the year the trust had income of £27,784 (2022: £ 21,798). Expenditure was £26,764 (2022: £ 26,806) giving a net surplus of £1,110 (2022: £ 5,008 loss) before realised and unrealised gains on investments of £12,166 (2022: loss of £20,348).
## **Risk Statement**
The trustees have reviewed the risks to which a small charity is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis. The insurance policy is reviewed annually. Investments are managed by Quilter Cheviots, Stockbrokers who provide reports to trustees on a quarterly and annual basis.
## **Reserves Policy**
Sufficient unrestricted funds are maintained to meet the trust’s planned costs of upkeep and repair of the building, At the end of the year the unrestricted reserves were £197,236 (2022 : £183,960)
3
## **Coventry Holy Trinity Old National School (Church Centre)**
## **Trustees Report (continued)**
## **Public benefit**
In shaping our objectives for the year and planning our activities the Trustees have considered the Charity Commission guidance on public benefit including the guidance "Public Benefit: Running a Charity (PB2)".
## **Governance**
The policy and operating decisions of the charity rest with the trustees who meet regularly to monitor the activities of the Charity. Day to day decisions are delegated to a management team and where appropriate guidance and sign off are taken from trustees.
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees on 2[nd] January 2025
......................................................... Chair of Trustees.
4
## **Coventry Holy Trinity Old National School (Church Centre)**
Statement of Financial Activities for the year ended 31[st] December, 2023
|Incoming Resources
VAT Reclaim
Letting & Rental Income
Investment Income
Total Incoming Resources
Resources Expended
Activities of the Charity
3
Net income/(expenditure) before investment gains/(losses)
Investments : Realised/Unrealised Gains/ (Losses)
4
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward|2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
1,336
-
1,336
2,670
21,203
-
21,203
14,728
5,336
-
5,336
4,400|
|---|---|
||27,874
-
27,874
21,798|
||26,764
-
26,764
26,806|
||1,110
-
1,110
(5,008)|
||12,166
-
12,166
(20,348)|
||13,276
-
13,276
(25,356)|
|||
||183,960
-
183,960
209,316
197,236
-
197,236
183,960|
The statement of financial activities includes all gains and losses recognised during the year.
All income and expenditure derive from continuing activities.
5
## **Coventry Holy Trinity Old National School (Church Centre)**
Balance Sheet as at 31st December 2023
|**Investment Assets**
4
**Current Assets**
Debtors
5
Cash at bank and in hand
6
Total Current Assets
**Liabilities**
Amounts falling due within one year
7
**Net current assets/(liabilities)**
**Total net assets or liabilities**
**Funds of the Charity**
Unrestricted Funds
Restricted Funds|2023
£
£
177,325
177,325
190
20,206
20,396
485
19,911
**197,236**
197,236
-|2023
£
£
177,325
177,325
190
20,206
20,396
485
19,911
**197,236**
197,236
-|2022
£
£
161,782
161,782
-
24,116
24,116
1,937
22,179
**183,960**
183,960
-|2022
£
£
161,782
161,782
-
24,116
24,116
1,937
22,179
**183,960**
183,960
-|
|---|---|---|---|---|
||190
20,206||-
24,116||
||485||1,937||
||||||
|||**197,236**||**183,960**|
|||197,236
-||183,960
-|
These accounts were approved by the trustees on 2[nd] January 2023 and signed on their behalf by
_____________________________ (Chair)
6
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023
## **1: Accounting Policies**
1.1 The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to organisations preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2020). The organisation is a Public Benefit Entity as defined by FRS 102.
The organisation has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for organisations applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the organisation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below:
## 1.2 Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. Thus, the members continue to adopt the going concern basis of accounting in preparing the financial statements.
## 1.3 Funds
Unrestricted funds are available for use at the discretion of the members in furtherance of their objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## 1.4 Income
Income is recognised when the organisation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the organisation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations
7
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023 (cont.)
## **1: Accounting Policies (continued)**
received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the organisation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## 1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and
support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
## 1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## 1.9 Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## 1.10 Tangible fixed assets and depreciation
Tangible fixed assets are fully expensed in the year of acquisition.
8
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023 (cont.)
## **2: Beneficial Use of Assets**
The charity holds under a lease dated 21[st] December 2020 with Coventry City Council the beneficial use of the Old Blue Coat School. The property has been demised to the charity for 999 years for an annual rent of a peppercorn. The tenant may determine the lease on the 5[th] August 2040 and each subsequent twentieth anniversary of that date.
The value of the property for insurance purposes was: £4,099,526. (2022 : £4,099,526)
## **3: Activities of the Charity : Analysis of**
|**Expenditure**
Cleaning
Insurance
Maintenance and Repairs
Major Repair Projects
Utilities
Life Path Trust Salaries
Investment Administration Costs
Printing and Stationery
Bank Charges
Independent Examination|2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
2,123
-
2,123
817
1,935
-
1,935
1,783
13,531
-
13,531
8,599
-
-
-
9,075
5,167
-
5,167
5,013
2,510
-
2,510
-
1,191
-
1,191
1,239
36
-
36
-
73
-
73
79
200
-
200
200|
|---|---|
||26,764
-
26,764
26,806|
|**4: Investment Assets**
Market Value at 1st January
Additions
Disposals
Dividends Received
Management Fees
Cash Withdrawn
Realised & Unrealised gain/
(loss)
**Market Value at 31st December**
Historical Cost at 31st December|2023
2022
Quoted
Cash & Cash
Total
Quoted
Cash & Cash
Total
Investments
Equivalents
Investments
Equivalents
£
£
£
£
£
£
161,782
11,296
173,078
196,911
3,365
200,276
21,907
(21,907)
-
3,938
(3,938)
-
(18,530)
18,530
-
(18,719)
18,719
-
-
5,263
5,263
-
4,388
4,388
-
(1,191)
(1,191)
-
(1,239)
(1,239)
-
-
-
-
(10,000)
(10,000)
12,166
-
12,166
(20,348)
-
(20,348)|
|---|---|
||**177,325**
**11,991**
**189,316**
**161,782**
**11,296**
**173,078**|
||155,280
11,991
167,271
146,950
11,296
158,246|
9
## **Coventry Holy Trinity Old National School (Church Centre)**
Notes to the Financial Statements for the year ended 31[st] December 2023 (cont.)
## **4: Investment Assets (cont.)**
The following investments represent more than 5% of the investment portfolio :
|70 Franklin Templeton Global Funds Plc FTGF Clrbrdg US Eqty Sust Ldrs S GBP Acc
250 HSBC ETFS Plc S&P 500 UCITS ETF
1,500 JP Morgan American Investment Trust Ord GBP0.05
6,000 Quiltor Investors Limited Quitlor Investors Ethical Eqty R GBP Acc
**5: Debtors**
2023
£
Prepayments and Accrued Income
190
**6: Cash at Bank and on Hand**
2023
£
Cash at Bank and on Hand
8,215
Quilters Investments Cash and Cash Equivalents
11,991
20,206
**7: Liabilities**
2023
£
£
Accruals and Deferred Income
285
Other Creditors
200
485
|70 Franklin Templeton Global Funds Plc FTGF Clrbrdg US Eqty Sust Ldrs S GBP Acc
250 HSBC ETFS Plc S&P 500 UCITS ETF
1,500 JP Morgan American Investment Trust Ord GBP0.05
6,000 Quiltor Investors Limited Quitlor Investors Ethical Eqty R GBP Acc
**5: Debtors**
2023
£
Prepayments and Accrued Income
190
**6: Cash at Bank and on Hand**
2023
£
Cash at Bank and on Hand
8,215
Quilters Investments Cash and Cash Equivalents
11,991
20,206
**7: Liabilities**
2023
£
£
Accruals and Deferred Income
285
Other Creditors
200
485
|**Market**
**Value**
**Cost**
**£**
**£**
11,078
7,786
9,511
8,533
12,885
7,259
12,666
7,566
2022
£
-
2022
£
12,820
11,296
24,116
2022
737
1,200
1,937|
|---|---|---|
||2023
£
8,215
11,991||
||20,206||
||2023
£
£
285
200
||
||485
||
## **8: Employee Costs**
There were no employees and no employment costs incurred by the charity during 2023 (2022:: £ nil)
## **9: Trustee Remuneration and Related Party Transactions**
No trustee received remuneration or benefits in relation to their services as a trustee to the charity. (2022 £nil). There were no related party transactions. (2022 £ nil).
10
## **Coventry Holy Trinity Old National School (Church Centre)**
## **Independent examiner’s report to the trustees of Coventry Holy Trinity Old National School (Church Centre)**
I report on the accounts for the year ended 31[st] December 2023 which are set out on pages 5 to 10.
## **Respective responsibilities of the trustees and the examiner**
The trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity
- Commissioner section 145 (5) (b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s Statement**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes considering any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
## **Independent examiner’s statement**
In connection with my examination, no matters have come to my attention:
(1) which give me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with section 130 of the 2011 Act; or
– to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
________________________________ Gavin Kibble
Mozaic Innovate Ltd
1 Kineton Road, Coventry
CV2 3NR
23rd January 2025
11
Coventry Holy Trinity Old Natlonal School (Church Centre)
Independent gxamlnerfs report to the trusteos of Coventry Holy Trlnlty
Old Natlonal School (Church Cgntr•
I report on th8 acAx>unts for th8 year ended 3111 Dnb8r 2023 lch are sot out on pages
Sto10.
RKpo¢ttvo rnspon8lbllltl•s of th• tru8t••8 and th• oxamlnor
The Iruslees consKler that an audit is not requiwd for this year und8r seclion 144 (21 of the
Charil16s Act 2011 Ilhe 2011 Act) and Ihal an independent ex8minab.on is needed.
It is my responsibility to
examine Ihe ants under seL*on 145 of the 2011 Act:
follow the proc&Juw Lqid dovm in Ihe General DiOn$ given by the Chanty
Commissioner section 145 (51 {b) of the 2011 Act,. and
state ether partiwLgr matteryJ have come to my attention.
Ba819 of Ind•p•nd•nt Examln•rfJ 8tst•mont
My examination was carried out in accordan¢% wth the General Diroc*ons given ty the
Charity CommSSion. An examination indudes a reviwi of the aUnting racords kept by the
organisalton and a compallson of th8 accounts pre58nled with ttre rec¥)rds. 1181so includes
siderin9 any unusual items or disdc6uro5 in the accounts. and seeking explanations from
the trustees conGeming any such matters. The proc*dur8s undertaken do not provide 811 the
frvid$nce that would be wuirad in a full audit and ¢)Msequenty I do not oxpres5 an audit
opinion on the acuunts.
Indw*nd•nt •xwnln•fs stat•m•nt
In connection wrth my examination. no matters h8V6 come to my attention..
which give me reasonab16 cause lo believe that in any material respect Ihe
requirements
to keop a¢¢ounling in ac(£*danc& wth section 130 of the 2011 Acl., or
to preparÉ accounts which act£d with th8 accounting rec•)rds and c4)mY the
a(uJunting requirements of Ihe 2011 A
have nol been met., or
12)
to which. in my attonl1 shoukl bo drawn in ¢yder to on88 a proper
understanding of the accounts to b6 re0c*d.
Gamn lfjbble
Mozaic Innovate Lto
1 lfjnelon Road. Coventy
CV2 3NR
23rd January 2025