Charty registratlon number 700503 THE COVENTRY HOSPITALS CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE COVENTRY HOSPITALS CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Lord C AWeSd Mr J M Higgrtt Mr P Deeley Mr J Parbury Mr J C Ruddi( Mr J Mclntosh Mr C Irwin Charity number 700503 Reglstsred (ffice 3Mc Middlemth Business P Coventry United Kingdom CV3 4FJ Independent examiner Azets Audri SVis 3Mc Middbemwch Business Pwk Siskin Drive Coventry Untted Kingdom CV3 4FJ
THE COVENTRY HOSPITALS CHARITY CONTENTS Page Trustèe5 report Independent examine¢8 r8Wrt Statement of financial acts"vities Balance Sheet Notes to the financial &atements 6-10
THE COVENTRY HOSPITALS CHARITY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees Fyesent their annual report and finla1 statements for the year ended 31 March 2024. The financial ststements have been prepared in 8ccordance wtlh the acxounting policies set out in note 1 to the financial ststements and compty with the charity's tgoverning document], the Charities Ad 2011 and "Accounting and Reporting by Charities.. Ststement of RNnMended Practice applicable to charrties preparing their accounts In accordance wrth the Financial Reporting Stwthrd applicable in the UK and Republic of Ireland (FRS 102)" {effective 1 January 2019). Objectlves and actlvltles The objects of the Charity are to promote within the catchment area of University Hosprtals Coventy and WaThvid(shire, the relief of sickness. by carrying out vA]olly. or in pat. or funding or assisting in the funding of development schemes, projects and proposals at Coventy hospitals invofving the expenditure of capital for which funds are not available. or are not immediately available, from any Nalional Health Semce sourc£. Also purchasing wholly or in part or funding or assisting in fvnd¥ the provision of [edl equipment and apparatLL% for use in the treatmenl of patierrts al the Coventry hospitals. The Trustees confirni that they have referred to the guidan cont2ined in the Charity Commission's general guidance on public berEfit when reviewing the Trust's aims and objectives and in planning fLrture activitiès And setting the grant making pc4icy for the year_ The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and perfomiance During the period the charity was informed it had been left a legacy of £215k and this represents the main income received during the period. This Income has been used to make further grants to the Hospitsl. Flnanclal revlew At the balance sheet date the drity had reserve5 of £220,029 {2023 - £93,499) which includes restricted fund balances of £193,D69 (2023 - £66,539}. The charity returned a surplus of £126.530 for the year as a resuft of the IacY income recognised during the year. The trustees believe the level of reeS held by the charity is in line with its objectives. As noted elsewhere the reserves have been boosled by legacy income which will be used to make further grant payments to the Hospital. Structure, governance and management The Charity was constrtuted under a Declarab"on of Trust dated 23 June 1988 sealed by the Charity Commissloners for England and Wales on that date and subsequently by the Deed of Variab'on dated 8 October 1991 and a Deed of Variation dated 26 June 1992. The trustees who served during the year arKI up to the date of signature of the financial statements were". Lord C Aylesfotil Mr J M Higgitt Mr P Deeley Mr J Parbury Mr J C Ruddid( Mr J Mclnt05h Mr C Irwin Mr R Grieve (Resigned 4 October 2024) New Trustees are recTUited and appointed as required followng Gonsultation of the Board of Trustees. The Trustees are selected from across the professional. busines5 and rnedical spectrum, and each Trustee is expected to bring up to date thowledge which is relevant to the obiectsves of the Charity.
THE COVENTRY HOSPITALS CHARITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees currently meet annualty on a fomial basis, although there Is regular informa contact behveen some Trustees on matters arising on a day to day basis. The fOnal meeting deals with such matters as tre Board of Trust88s, the review and approval of the finanoal statements of the Chaflty. was approved by the Board of Trustees. MrJ Higgi Trustee
THE COVENTRY HOSPITALS CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COVENTRY HOSPITALS CHARITY I report to Ihe trustees on my examination of the finla1 statements of The Coventy Hospitals Charrty {the charity) for the year ended 31 March 2024. Responslbllttle5 and basls of report As the trustees of the ¢h8rity you are responsible for the preparaticffl of the finarla1 statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respecl of my examination of the tharity's financial statements rrIed (rt under section 145 of the 2011 Act. In carying out my examination I have followed all the applicable Direcii0r given by the Charity Commission under section 145{5)(b) of the 2011 Aca. Independent exarnlnerfs ststement Your attention is drawn to the fact that the chaiity has prepared finan(aal stalements in accordarce Yth Accounting and Reporting by Charities preparing their accounts in accordance tti the Financial Reporttng Standard applicable in the UK and Republic of Ireland (FRS 102) in weference to the Accounting and Reporting by eharitses". Statement of RecommeiKled Practice issued on 1 April 2(105 %%fiich is referre(1 to In the extant regulations bLrt has now been withdrawn. l understand th8t this has been done in order for ffinancial statements lo provKle a true and fair view in accordan viilh Generally Accepted Accounting PrdCt4ce effective for reporting periods tginning on or after 1 January 2015. I have complet8d my 8xamination. I nfin that no matters have come to my attention In connedion )Mlh the examlnatlon ging me cause to believe th in any material respect: accountlng records were not kept in respecl of charity as required by secfion 130 of the 2011 Act; or the financial statements do not accord with those records,. or the financial statements do nol corn with Ihe applicable Tequirements nCernIng the fonn and content of accounts set OLrt In the Charities (Acc(xvrts and Reports) RegLrfab'ons 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concern5 and have come act8S n matters in connection with the examination to Ithich attention should be drawn in this report in o ble a proper understamling of the firnCial statements to be reached. Robert An erson FCA Azets Audlt Servlce8 3Mc mIddmarCh Buslness Park Siskin Drive Coventy CV34FJ United Kingdom ozs"
THE COVENTRY HOSPITALS CHARITY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCONIE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfcted Restricted funds funds 2024 2024 Total Unrestrlcted Restrlcted fund$ funds 2023 2023 Total 2024 2023 Notes Incom from: Donations and legaaes 215.250 215,250 21 21 Charitable activities 88.720 88.720 42 42 Net Incomel{expenditure) for the yearl Net movement In funds 126.530 126,530 {21} {21) Fund balarKes at 1 April 2023 26,960 66.539 93.499 26,960 86.560 93,520 Fund balances at 31 March 2024 26,960 193.069 220.029 26,960 66,539 93,499 The statement of financial activities indudes all gains and losses recognised in the year. JI income and expenditure derive from continuing activities.
THE COVENTRY HOSPITALS CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Current assets Debtors Cash at bank and in hand 130,078 118.671 93,499 248,749 93.499 Credftors: amounts falling due within one year 10 (28,720) Net current assets 220.029 93,499 Income funds Restricted funds Unrestricted funds 11 193,069 26.980 86.539 26,960 220.029 93,499 emerrts were approved by the Trustees on .... Mr J M Higgitt Trustee Mclntosh
THE COVENTRY HOSPITALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies 1.1 Accounting convention The financial statements have been prepared in accordance with the ChlS [governing document]. the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. fFRS 102°) and the Charities SORP "Accounting and Reporting by Charities.. St8t8ment of Recommended Practice applicable to charities preparing their accounts in acwrdance with the Finana8 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effectp4e 1 January 20191. The charity 15 a Public Benefit Entty as defined by FRS 102. The charity has taken advantage of the provisions in Ihe SORP for charities not to prepare a Statenent of Cash Flows. The financial statements have departed from the Charities (Accounts 8nd Report5) Regulations 2008 only to the extent required to provide a true and fair view. This departure h8s involved following the Statement of Recommended practi for charities applying FRS 102 rather than the version of the Staternent of Recommended Practice which is referred to in the Regulations bul which has since been wilhdrawn. The financial statements are prepared in sterling, lch is the functronal currency of the charity. IAonetary amounts in these financial statements are rounded to the rearest £. The finanual statements have been prePad Lmder the historical cost convention. The principal accounting poliaes adopted are set out below. 1.2 Goin9 concem At the tirne of approving the financial statements, the trustee5 have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the trnBtees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the diSet10n of the trustees in furtherance of their charitable objectives. Restricted furKls are subiect to specffic 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. Endowinent funds are subject to specific conditions by dorr$ that the capital must te maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to li after any perfomiance conditions have been met, the amounts can be measured lIablY, and it is probable that income will be received. Cash donakn'ons are recognised receipt. Olher donations a recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amounL Income tax recoverable in relation to donats'ons reIVed under Gift Aid CY deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheise if the charity has been notified of an impending distribution, the amount is known. arKI rKeipt is expeded. If the amount 15 not known. the legacy is treated as a contingent asset.
THE COVENTRY HOSPITALS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting polkles (conunued) 1.5 Expenditurè Expendrture is recognised once theTe is a legal or cortstnthe obligation to transfer economic benefit to a third paty, it is probable that a transfer of ecor)MiC beneffts will be required in settlement, arKI the amount of the obligation can be measured reliably. Expenditure is classified by acttvity. The costs of each activty are made up of the total of dirKt Costs and shared costs, including support costs invofved in undertaking each adivty. Dlrect costs 8ttributsble to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activty and support costs which are not attributsble to a sirKJle activity are apportioned between those activities on a basis consistent with the use of resour$. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset'5 use. 1.6 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. 1.7 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Finanaal Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognlsed in Ihe charity's balare sheet wthen the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. Vlryth the net arnnts presented in the financial stalements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultsneously_ &qslc Ilnanclal assets Basic financial assets, which indude debtors and cash and bank balan$, are initialty measured at transaction price including transaction costs and a 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 fulure recelpts dlscounted at a market rate of interest. Finanaal assets classtfied as re1vable wf(hin one year are not amortised. Baslc financial IlabileS Basic financÉal liabilities. including iJeditor5 and bank loans are initially recognised at transaction price unles5 the arrangement constitutes a firnng transaction, where Ihe debl instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities claSfied as payable Ihin one year are not amortised. Debt iwtnmients are subsequently carried at 8mortised cos( using the effectwe interesl rate method. Trade creditors are obligations to pay for goods or setCeS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classtfied as current liabilibes if payment is due within one year or le55. 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. DeTrcognitlon of financial liabilities FinanN81 liabilities are derecognised when the tharity's contrdctual obligations expire or are discharged or cancelled.
THE COVENTRY HOSPITALS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continuedl 1.8 Employee benefits The ¢ost of any unused holiday entitlemenl is recognised in the period in wthich the employee's Servi are received. Termination benefits are reco9nised immediately as an expense when the charity is demonstrably committed to terminate the employment of an empioyee or to provide temiinati benefits. Crftical accounting estimates and Judgements In the application of the charity's accounb.ng policies, the trustee5 are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that 8re ¢onsidered to be relevt. Actual reyjlts may differ from these eslimates. The esttmates and underlytng assumptiorts are reifjed on an onwirKJ basis. Revisions to accounting estimates are recognised in the period in kn1¢h the estimate is revised where the revision affects cnly that period, or in the period of the revision arKI future perfods ere the revision affeds both current and future periods. Donations and1ggacSes Restrlcted Restrlcted funds funds 2024 2023 Donations and gifts LegaeS receivable 172 215,078 21 215,250 21 Grants payable 2024 2023 Grants to insts"tutions {2 grants): University Hosthis Coventry & Warwickshire 88.000
THE COVENTRY HOSPITALS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Supporl Gov•rnance ¢osts 2024 Support Governance costs costs 2023 Bank charges 42 42 Accountancy 720 720 720 720 42 42 Analysed between Charitable activities 720 720 42 42 G0veMan costs indudes payments to the accountants of £720 (2(r23- £0) for completion of the independent examinatEon. Trustees None of the trustees (or any persons COnrted with them) reiVed any remuneration or benefits from the charity during the year. Employe05 The average monthly number of employees thring the year was: 2024 Number 2023 Number Total There were no employees whose annual remureration was more tPAn £60,000. Taxation The charity is exempt from tax ¢)n income and gains falling wlthln secllon 505 of the Taxes Act 1988 or seGtion 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charTtable objects. Debtorn 2024 2023 Amounts falllng due vAthln one year Other debtors 130,078
THE COVENTRY HOSPITALS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Credltors: amounts falllng due W•thln one year 2024 2023 Other creditors Accruals and deferred income 28,000 720 28,720 11 Restricted funds The income funds of the diarity indude restricted funds comprising the followlng unexpended balanS of donations and grants held rjn trust for specrfic purposes: Balance at Rèsourcas PAovement In funds 1 Aprfl 2022 Balance at Incomlng exnd0d 1 Aprll 2023 rnsourc Resource8 Balance al axpendfjd 31 March 2024 Cancer fund 66.560 (21) 66.539 215,250 (88,720) 193.069 12 Analysls of net assets between funds Unrestrlctsd Restricted funds funds 2024 2024 Total Unrestrlcte(l Restricted funds funds 2023 2023 Total 2024 2023 Fund balanS at 31 March 2024 are represented by". Current assetsl(liabilities) 26.960 193,069 220,029 26,939 66,560 93.499 26,960 193.069 220,029 26.939 68,560 93,499 13 Related party transactions There were rto disclosable related paty transadions during the year (2023 - none). 10_