Historic Coventry Trust - Charities report

REGISTERED COMPANY NUMBER: 07825870 (England and Wales)

REGISTERED CHARITY NUMBER: 1148237

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

HISTORIC COVENTRY TRUST

Page

Chairman's Report

1

to

2

Report of the Trustees

3

to

8

Report of the Independent Auditors

9

to

11

Statement of Financial Activities

12

Balance Sheet

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

to

27

I am pleased to report that this has been a positive year for the Trust, during which we achieved revenue sustainability, enabling us for the first time to set aside funds for future repairs and maintenance.

This has only been possible through the careful management of our core costs, including a reduction to a single paid staff member. The commitment and hard work shown by that member of staff, together with the considerable efforts of our volunteer trustees, have been exceptional. With our income-generating properties now providing a stable rental income, the other major factor has been the transfer of the operation of our two principal public-facing assets to partner organisations.

The year's most significant success has undoubtedly been the transfer of the management of Charterhouse to the National Trust in January, with the site reopening to the public in May 2025. Visitor numbers during the first twelve months exceeded 48,000, and it has been a pleasure to see so many people engaging with this remarkable historic site.

The National Trust's membership of more than five million has clearly helped attract new visitors, but equally important has been the Trust's investment in staff, programming, and events, which has enabled Charterhouse to realise its full potential. I would like to thank the National Trust team for their dedication throughout the year, and the National Lottery Heritage Fund for its continued support in funding staff and activities during the initial eighteen months of National Trust operation.

The National Trust's new strategic focus on urban areas was launched by the Director-General at Charterhouse in January 2025, bringing the site significant national media coverage. As part of this strategy, the Heritage Park adjoining Charterhouse has been identified as one of the National Trust's 20 Green Corridors to be delivered by 2030. This has brought much-needed project management support to help deliver the proposed 70-acre urban wildspace, including planned land transfers from the Council and a local school. The John Muir Trust had previously led this partnership project, and we are grateful for its ongoing support.

The initial five-year partnership with the National Trust includes continued involvement by Historic Coventry Trust in the fabric maintenance of Charterhouse and further investment in the site. During the year, work continued on the reconstruction of the monastic pentice wall, funded by the Vinehill Trust, the Foyle Foundation and the 29 May 1961 Charitable Trust. The project has promoted traditional stonemasonry skills, with stone previously excavated from the site being cut and dressed by skilled craftsmen and an apprentice. Work had paused by the year end pending the securing of additional funding.

The management of Grade II* Drapers' Hall by the private operator DH Venues has also had a successful year, hosting a wide range of music events, weddings, conferences, and other activities. Around 8,000 students were welcomed to the building for graduation ceremonies, and the BID Awards were held there for the second consecutive year, attended by approximately 120 guests.

During the year, the Council completed the major public realm works associated with the Burges / Hales Street Heritage Action Zone initiative. These works included the reopening of the River Sherbourne, the creation of a new riverside tiered seating area, and significant environmental improvements. The project, which cost in excess of £2 million, was part-funded through a grant from Historic England administered by the Trust.

These improvements have already stimulated further investment. The Council has acquired adjoining derelict property for additional public realm enhancement, and construction of a new small retail unit by the Trust commenced after the year end. This unit is partly funded by a restricted grant received from Historic England in 2020. Further proposals to convert vacant upper floors above the Trust's Burges properties into artists' studios and visitor accommodation remain subject to funding approval, but at the time of writing are looking promising.

Progress on new projects has generally been slower than we would have wished, due in part to limited staff capacity and the continuing shortage of both revenue and capital funding opportunities in the current economic climate. Encouragingly, Government funding awarded after the year end to our close partners Historic England and the Architectural Heritage Fund has created opportunities to progress the Burges upper-floor conversion, as well as the partly completed Whitefriars Gate and Non-Conformist Chapel projects, which have yet to transfer into Trust ownership.

It has been a challenging and uncertain period for the heritage sector, but the opportunities emerging after the year end give grounds for optimism. As always, our principal challenge will be ensuring that we have sufficient organisational capacity to take advantage of these opportunities as they arise.

Finally, I would like to give our heartfelt thanks to Alan Durham who stepped down as a Trustee shortly after the year end. Alan was one of our founding Trustees and dedicated 14 years of service to the organisation. His wise counsel, warmth of spirit and willingness to pick up any task great or small will be sorely missed.

Ian Harrabin MBE MRICS

Chairman

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2025. The trustees have adopted the provisions of 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 2019).

The principal objective of the Trust is 'to preserve for the benefit of the people of Coventry and of the Nation, the historical, architectural and constructional heritage that may exist in and around Coventry in buildings and other public amenities (including any structure or erection and any part of a building as so defined) of particular beauty or historical, architectural or constructional interest and any works of art or other items of historic value within those buildings or public amenities'.

OBJECTIVES AND ACTIVITIES

Objectives and aims

Historic Coventry Trust is an entrepreneurial heritage development trust, which aims to bring new life to the city's heritage, finding innovative ways to sustain historic places and to inspire, involve and connect people with the city's history.

The Framework Agreement between the Trust and Coventry City Council remains the foundation of our work to unleash the potential of Council owned underused historic places. Of the 22 historic properties within the Framework, all but 3 have now been transferred to the Trust. A 2 year extension to the agreement is in place to December 2026 to allow these remaining buildings to be brought forward for transfer. We have a deep and genuine partnership with Coventry City Council and we are indebted to Members and Officers for their unstinting support.

The heritage development trust concept is one that continues to gather momentum nationally. Heritage development trusts share a unifying commitment to the reimaging, repair, and reuse of historic buildings of value to their community. They are:

- Multi-building developers: acquiring and managing a portfolio of heritage assets, to create an economically sustainable model through their revenue-raising potential;

- Community-based partnerships: arising from the needs of their community, and working in close partnership with local people, local government and local business;

and

- Entrepreneurial & Not for Profit: reinvesting their surpluses in development, and creating additional economic,social, environmental and cultural value for their communities.

Following this theme of innovation, the Historic Coventry Trust team has been privileged to continue sharing our work, experience and lessons learned with ministers, government agencies, local authorities and third sector organisations over the year.

Events and activities

Following the reopening of Charterhouse on 21 May 2025 under National Trust management, our own programme of activities focused primarily on the Anglican Chapel at London Road Cemetery.

The arrival of the National Trust at Charterhouse has attracted visitor numbers well in excess of initial targets. Their activity programme included the installation of Luke Jerram's Helios, which proved extremely popular, together with a growing programme of wellbeing, arts, and community events. The independent café, operated by Farmers' Fayre, has become a popular destination not only for Charterhouse visitors but also for a wider local audience. We have also observed a noticeable increase in visitors to London Road Cemetery, many of whom discover the site through signage at Charterhouse or by collecting cemetery leaflets there.

At London Road Cemetery, the National Lottery Heritage Fund project concluded in November 2024. Since then, we have continued to programme events at the Anglican Chapel through ticket-share arrangements with performers. During the year, Mark Jenkins presented further electronic music concerts, Ayres and Graces returned for a Christmas performance, and we welcomed a range of new performers including Behind the Door Productions, Greg Abate, Sacred Funk Quartet, and Sounds Historical, offering a varied programme of music and drama.

Our Christmas wreath-making and stitching workshops sold out, and venue hires increased significantly. Iva Dyke continued to use the Chapel for yoga and photography events, while new hirers introduced activities such as sound baths and wellbeing days. Voluntary Action Coventry also hired the Chapel on a monthly basis for its Chat Central programme, which aims to reduce social isolation.

During the year we hosted two weddings and two funerals, both of which represent areas with potential for further growth.

Building on the lottery-funded Thinking Space events held in 2023, we opened the Chapel on Friday afternoons during the school summer holidays, offering free tours and talks. These sessions attracted a regular group of local carers, as well as visitors who had first visited Charterhouse and then explored the cemetery.

The Anglican Chapel was also open for four public open days in partnership with the Coventry Family History Society, alongside guided cemetery tours. We were pleased to introduce new tours led by local guides Adam Wood and Jo Phillips, who also presented an immersive cholera epidemic experience.

For Heritage Open Days, this year we opened the Anglican Chapel, Priory Row Cottages, and the City Gates to the public.

Public benefit

The Trustees have complied with their duty under the Charities Act 2011 and have paid due regard to public benefit when preparing this report. The benefit provided to the public is consistent with the charitable aims of Historic Coventry Trust and is in due regard to the Charity Commission guidelines.

Volunteers

Our volunteering programme continues to be centred on the Anglican Chapel, supported by a committed team of volunteers who assist with events, lead tours, and deliver talks and presentations.

In January, a group of volunteers met to discuss ways in which they could further support the work of Historic Coventry Trust. They subsequently developed a presentation about the Trust and London Road Cemetery, which they now deliver to local WI, history, and church groups. These presentations have generated donations, requests for private cemetery tours, and increased awareness of the Trust's work across the local community.

The volunteer choir has continued to go from strength to strength. The choir performed another Christmas concert and sang at the Paxton Memorial Day and two of the Friday afternoon open sessions. Around 12 volunteers now participate regularly.

In December, we held an informal Christmas gathering to thank all our volunteers for their invaluable support throughout the year.

Give back to history

A vital part of sustaining our work comes from the generosity of our regular and one-off donors. We are extremely grateful to everyone who has supported Historic Coventry Trust financially, whether through large contributions or smaller individual donations, over the past year.

Please support us through Local Giving: https://localgiving.org/charity/historiccoventrytrust/

ACHIEVEMENTS AND PERFORMANCE

Fundraising activities

The charity does not carry out significant fundraising activities from the general public.

FINANCIAL REVIEW

Reserves policy

At the year end the Trust has unrestricted funds of £113,987 and restricted funds of £18,616,482.

The trustees have designated a Building Reserve Fund of £50,000 to ensure that the properties in the Trust's ownership are maintained in good order and that future repair costs are adequately resourced. An annualised life-cycle estimate will be developed for the estate and the annualised amount will be set aside each year from total rental income.

The aim is to hold free reserves, that is unrestricted funds that are not designated, to cover net interest and net overheads for a period of 6 months of operations looking forwards.

At the year end free reserves were £63,987.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

New members of the Board are co-opted by existing Trustees to maintain or augment the range of skills and experience appropriate to the needs and activities of the Charity and subsequently proposed for election by Members at the AGM.

Risk management

The Trustees have considered the major risks to which the Charity is exposed and have satisfied themselves that systems and allowances are in place to manage these risks. The following risk items have been identified as material:

Operational Costs

Following the reduction in staffing last year and the bringing in of new operators for Charterhouse and Drapers Hall, the operating costs of the Trust are now tightly controlled. Increases in income from active management are beginning to accrue funding for future fabric repairs.

Delivery issues

The extraordinary rise in construction costs in recent years has calmed, but the increased cost of everything means less can be done for the same budget. The cost issues, combined with the tightening of public funding and consequent lack of grants, has made it difficult to bring forward the next projects. We always anticipated a slowdown in restoration activity following the city of culture peak in funding, but this has been exacerbated by the current economic climate.

Staff and recruitment issues

The Trust only has one member of staff. Recruitment of another staff member is likely if funding is sourced for the next projects.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07825870 (England and Wales)

Registered Charity number

1148237

Registered office

Drapers' Hall

Bayley Lane

Coventry

West Midlands

CV1 5RN

Trustees

A R S Durham (resigned 3.11.25)

I D Harrabin

J E G Magraw

M P Ratcliffe

J C Ruddick

B S Sangha

M S Webb

A B Whelan

G I Willcocks

C J Nagle

A Law (appointed 3.11.25)

Company Secretary

J C Ruddick

Auditors

Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road, Binley Business Park

Coventry

CV3 2UB

Bankers

Handelsbanken

Ground Floor

Enterprise Centre

Technology Park

ECG4

Puma Way

Coventry

CV1 2TT

Accountants

LDP Luckmans

1110 Elliott Court

Herald Avenue

Coventry Business Park

Coventry

CV5 6UB

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Historic Coventry Trust for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information.

AUDITORS

The auditors, Dafferns Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 29 July 2026 and signed on its behalf by:

I D Harrabin - Trustee

Opinion

We have audited the financial statements of Historic Coventry Trust (the 'charitable company') for the year ended 31 October 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the charitable company's affairs as at 31 October 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

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

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

Our responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

- Enquiry of management, those charged with governance around actual and potential litigation and claims;

- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Geoffrey Cox BA FCA (Senior Statutory Auditor)

for and on behalf of Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road, Binley Business Park

Coventry

CV3 2UB

29 July 2026

31.10.25

31.10.24

Unrestricted

Restricted

Total

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

14,961

150,800

165,761

543,173

Charitable activities

5

Preservation of Historic Buildings

6,253

-

6,253

15,843

Other trading activities

3

8,573

-

8,573

20,401

Investment income

4

216,913

-

216,913

205,165

Total

246,700

150,800

397,500

784,582

EXPENDITURE ON

Raising funds

6

60,038

-

60,038

55,683

Charitable activities

7

Preservation of Historic Buildings

147,856

16,319

164,175

432,444

Total

207,894

16,319

224,213

488,127

Net gains/(losses) on investments

(7

)

-

(7

)

-

NET INCOME

38,799

134,481

173,280

296,455

Transfers between funds

20

(1,881

)

1,881

-

Net movement in funds

36,918

136,362

173,280

296,455

RECONCILIATION OF FUNDS

Total funds brought forward

77,069

18,480,120

18,557,189

18,260,734

TOTAL FUNDS CARRIED FORWARD

113,987

18,616,482

18,730,469

18,557,189

31.10.25

31.10.24

Unrestricted

Restricted

Total

funds

Notes

£

FIXED ASSETS

Tangible assets

13

-

492,109

477,109

Heritage assets

14

-

16,963,744

16,843,534

Investments

15

4,815

-

4,815

4,822

Investment property

16

-

1,000,000

4,815

18,455,853

18,460,668

18,325,465

CURRENT ASSETS

Debtors

17

42,004

15,416

57,420

448,087

Cash at bank and in hand

173,790

214,059

387,849

54,156

215,794

229,475

445,269

502,243

CREDITORS

Amounts falling due within one year

18

(106,622

)

(68,846

)

(175,468

)

(270,519

)

NET CURRENT ASSETS

109,172

160,629

269,801

231,724

TOTAL ASSETS LESS CURRENT

LIABILITIES

113,987

18,616,482

18,730,469

18,557,189

NET ASSETS

113,987

18,616,482

18,730,469

18,557,189

FUNDS

20

Unrestricted funds

113,987

77,069

Restricted funds

18,616,482

18,480,120

TOTAL FUNDS

18,730,469

18,557,189

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 29 July 2026 and were signed on its behalf by:

I D Harrabin - Trustee

Cash flows from operating activities

Cash generated from operations

1

568,766

145,305

Interest paid

-

(16

)

Net cash provided by operating activities

568,766

145,289

Cash flows from investing activities

Costs of buildings under renovation

(15,000

)

(56,027

)

Purchase & renovation of heritage assets

(120,210

)

(172,105

)

Interest received

-

501

Dividends received

137

-

Net cash used in investing activities

(135,073

)

(227,631

)

Cash flows from financing activities

New loans in year

-

100,000

Loan repayments in year

(100,000

)

-

Net cash (used in)/provided by financing activities

(100,000

)

100,000

Change in cash and cash equivalents

in the reporting period

333,693

17,658

Cash and cash equivalents at the

beginning of the reporting period

54,156

36,498

Cash and cash equivalents at the end

of the reporting period

387,849

54,156

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.10.25

31.10.24

£

Net income for the reporting period (as per the Statement of

Financial Activities)

173,280

296,455

Adjustments for:

Losses on investments

7

-

Interest received

-

(501

)

Interest paid

-

16

Dividends received

(137

)

-

Decrease/(increase) in debtors

390,667

(109,557

)

Increase/(decrease) in creditors

4,949

(41,108

)

Net cash provided by operations

568,766

145,305

2.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

Net cash

Cash at bank and in hand

54,156

333,693

387,849

54,156

333,693

387,849

Debt

Debts falling due within 1 year

(100,000

)

100,000

-

(100,000

)

100,000

-

Total

(45,844

)

433,693

387,849

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Historic Coventry is a private charitable company, limited by guarantee, and registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 6 of these financial statements. The nature of the charity's operations and principal activities are detailed in the report of the trustees.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from grants are recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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

Buildings under renovation

Certain properties are not currently owned by the Trust or subject to a Long Lease, but there is an expectation that once renovations have been completed, then these assets will become owned by the Trust. As such, assets of this type are capitalised as Assets under Renovation until they have been formally acquired by the Trust at which point they will be included as Heritage Assets.

Heritage assets

Heritage assets purchased are initially accounted for at cost. No heritage assets have been revalued.

Heritage assets are categorised into either operational heritage assets or non-operational heritage assets.

Operational heritage assets are property held in pursuit of the charity's overall objectives but are also used for revenue generation or other non-heritage purposes.

Major refurbishments and renovation works on operational heritage assets, including related professional fees, are capitalised and depreciated over their useful economic life. It is deemed that the costs to date have an indefinite life therefore no depreciation is provided.

Major refurbishments and renovation works on non-operational heritage assets are not capitalised but are treated as expenditure.

Up to the year end all heritage assets are deemed to be operational.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Donated services and facilities

Donated professional services and donated facilities have not been recognised as income in these accounts. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised and refer to the Trustees' annual report for more information about contribution from volunteers.

2.	DONATIONS AND LEGACIES

31.10.25

31.10.24

£

Donations

5,159

11,111

Grants

160,602

532,062

165,761

543,173

Grants received, included in the above, are as follows:

31.10.25

31.10.24

£

Architectural Heritage Fund

10,000

National Lottery Heritage Fund

10,416

251,175

Historic Houses

5,000

-

Coventry City Council

1,416

125,975

Historic England

-

25,374

National Heritage

38,770

-

The 29th May 1961 Charitable Trust

5,000

10,000

The Foyle Foundation

-

50,000

Severn Trent Water

-

59,538

Vinehill Trust

75,000

-

Other grants

15,000

-

160,602

532,062

3.	OTHER TRADING ACTIVITIES

31.10.25

31.10.24

£

Fundraising events

-

4,361

Shop income

631

893

Hires

7,226

6,545

Volunteering

210

8,602

Licensing income

506

-

8,573

20,401

4.	INVESTMENT INCOME

31.10.25

31.10.24

£

Rents received

216,359

204,158

Commissions

417

506

Dividend income

137

-

Interest receivable

-

501

216,913

205,165

5.	INCOME FROM CHARITABLE ACTIVITIES

31.10.25

31.10.24

Activity

£

Admissions

Preservation of Historic Buildings

6,253

15,843

6.	RAISING FUNDS

Other trading activities

31.10.25

31.10.24

£

Licensing

36

339

Investment management costs

31.10.25

31.10.24

£

Portfolio management

21,850

29,976

Legal fees

408

-

Property repairs

7,276

6,950

Maintenance charges

906

2,981

Rates and water

7,243

4,858

Insurance

4,677

1,070

Light and heat

14,279

2,314

Telephone

283

3,874

Rent

3,080

3,085

Sundry

-

16

Subscriptions

-

220

60,002

55,344

Aggregate amounts

60,038

55,683

7.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 8)

Totals

£

Preservation of Historic Buildings

96,305

67,870

164,175

8.	SUPPORT COSTS

Governance

Other

costs

Totals

£

Preservation of Historic Buildings

44,647

23,223

67,870

9.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

Auditors fee

9,250

8,900

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2025 nor for the year ended 31 October 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2025 nor for the year ended 31 October 2024.

One trustee had charity costs reimbursed of £4,336 (2024: £1,431).

11.	STAFF COSTS

31.10.25

31.10.24

£

Wages and salaries

39,381

93,961

Social security costs

323

5,318

Other pension costs

1,675

3,097

41,379

102,376

The average monthly number of employees during the year was as follows:

31.10.25

31.10.24

Employees

1

3

No employees received emoluments in excess of £60,000.

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

35,363

507,810

543,173

Charitable activities

Preservation of Historic Buildings

15,843

-

15,843

Other trading activities

20,401

-

20,401

Investment income

205,159

6

205,165

Total

276,766

507,816

784,582

EXPENDITURE ON

Raising funds

55,683

-

55,683

Charitable activities

Preservation of Historic Buildings

319,840

112,604

432,444

Total

375,523

112,604

488,127

NET INCOME/(EXPENDITURE)

(98,757

)

395,212

296,455

RECONCILIATION OF FUNDS

Total funds brought forward

175,826

18,084,908

18,260,734

TOTAL FUNDS CARRIED FORWARD

77,069

18,480,120

18,557,189

13.	TANGIBLE FIXED ASSETS

Buildings

under

renovation

£

COST

At 1 November 2024

477,109

Additions

15,000

At 31 October 2025

492,109

NET BOOK VALUE

At 31 October 2025

492,109

At 31 October 2024

477,109

The buildings under renovation are London Road Cemetery's Nonconformist Chapel and Whitefriar's Gate, which are yet to be transferred under the Framework agreement.

14.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 November 2024

16,843,534

Additions

120,210

At 31 October 2025

16,963,744

NET BOOK VALUE

At 31 October 2025

16,963,744

At 31 October 2024

16,843,534

Operational heritage assets

Property

Acquired

Tenure

The Charterhouse, London Road, Coventry

March 2013

Freehold

Charterhouse Coach House and Land, Coventry

June 2020

Freehold

Drapers' Hall, Bayley Lane, Coventry

November 2019

250 year lease

Former Railway loop Line, Coventry

August 2018

Freehold

3 - 5 Priory Row, Coventry

August 2020

250 year lease

Swanswell Gate, Coventry

October 2020

250 year lease

Cook Street Gate, Coventry

October 2020

250 year lease

Anglican Chapel, London Road Cemetery,
Coventry

May 2021

250 year lease

The Long Leasehold interests are all Coventry City Council Freeholds.

There are no unusual lease terms, with the exception of restrictions on use and alienation imposed by grant conditions.

Several properties have charges in place to secure grant conditions.

Summary analysis of heritage asset transactions

2025

2024

2023

2022

2021

£

Purchases and
Renovations at Cost

120,210

172,105

1,495,410

2,969,304

12,206,717

Donations

-

Total Additions

120,210

172,105

1,495,410

2,969,304

12,206,717

Total charge for
Impairment

-

Total Disposals

-

Total Sales Proceeds

-

15.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 November 2024

4,822

Revaluation loss

(7

)

At 31 October 2025

4,815

NET BOOK VALUE

At 31 October 2025

4,815

At 31 October 2024

4,822

There were no investment assets outside the UK.

Cost or valuation at 31 October 2025 is represented by:

Listed

investments

£

Valuation in 2025

(7

)

Cost

4,822

4,815

The Trust has a wholly-owned dormant subsidiary, HCT Trading limited (company number; 12305746), which has reserves of £1.

16.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 November 2024

and 31 October 2025

1,000,000

NET BOOK VALUE

At 31 October 2025

1,000,000

At 31 October 2024

1,000,000

The Burges properties have been revalued by the Trustees at a fair value of £1,000,000 as at 31st October 2023. The Burges properties are:-

Property

Acquired

Tenure

1 - 9 Hales Street & 18 - 20 The Burges, Coventry

December 2021

250 year lease

21 - 24 and 27 The Burges Coventry

July 2022

250 year lease

The Trust holds Drapers' Bar as part of a future re-generation plans that include the adjoining site. It is currently let on a short term basis pending the re-development of the site being undertaken.

Due to the restrictions in the transfer agreement for the property, it is not possible to assess a fair value for the property which was originally gifted to the Charity.

There is a ground rent payable of £3,080 per annum on Drapers' Bar.

Fair value at 31 October 2025 is represented by:

£

Valuation in 2023

1,000,000

17.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Trade debtors

15,899

8,259

Other debtors

22,642

398,266

Prepayments

18,879

41,562

57,420

448,087

18.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Other loans (see note 19)

-

100,000

Trade creditors

24,638

8,287

Social security and other taxes

523

778

Other creditors

20,100

Accruals and deferred income

130,207

141,354

175,468

270,519

19.

LOANS

An analysis of the maturity of loans is given below:

31.10.25

31.10.24

£

Amounts falling due within one year on demand:

Other loans

-

100,000

20.	MOVEMENT IN FUNDS

Net

Transfers

At

movement

between

At

1.11.24

in funds

funds

31.10.25

£

Unrestricted funds

General fund

77,069

38,799

(51,881

)

63,987

Designated fund: repairs and

maintenace

-

50,000

77,069

38,799

(1,881

)

113,987

Restricted funds

Charterhouse

7,921,557

53,721

-

7,975,278

Coach House Venue

2,244,037

-

2,244,037

Loop Line

244,472

(897

)

-

243,575

Anglican Chapel

240,102

-

240,102

Priory Row

881,866

-

881,866

City Gates

726,474

-

726,474

Drapers Hall

4,705,352

-

4,705,352

London Road Cemetery

11,462

(13,343

)

1,881

-

Non-conformist Chapel

179,933

-

179,933

Whitefriars Gate

264,865

-

264,865

The Burges & Hales Street

1,000,000

-

1,000,000

Charterhouse Pentice Project

60,000

80,000

-

140,000

Whitefriars Monastery

-

15,000

-

15,000

18,480,120

134,481

1,881

18,616,482

TOTAL FUNDS

18,557,189

173,280

-

18,730,469

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

Unrestricted funds

General fund

246,700

(207,894

)

(7

)

38,799

Restricted funds

Charterhouse

54,384

(663

)

-

53,721

Loop Line

-

(897

)

-

(897

)

London Road Cemetery

1,416

(14,759

)

-

(13,343

)

Charterhouse Pentice Project

80,000

-

80,000

Whitefriars Monastery

15,000

-

15,000

150,800

(16,319

)

-

134,481

TOTAL FUNDS

397,500

(224,213

)

(7

)

173,280

Comparatives for movement in funds

Net

At

movement

At

1.11.23

in funds

31.10.24

£

Unrestricted funds

General fund

175,826

(98,757

)

77,069

Restricted funds

Charterhouse

7,683,308

238,249

7,921,557

Coach House Venue

2,250,823

(6,786

)

2,244,037

Loop Line

187,712

56,760

244,472

Anglican Chapel

218,102

22,000

240,102

Priory Row

881,866

-

881,866

City Gates

726,474

-

726,474

Drapers Hall

4,705,352

-

4,705,352

London Road Cemetery

(2,778

)

14,240

11,462

Non-conformist Chapel

179,933

-

179,933

Whitefriars Gate

254,116

10,749

264,865

The Burges & Hales Street

1,000,000

-

1,000,000

Charterhouse Pentice Project

-

60,000

18,084,908

395,212

18,480,120

TOTAL FUNDS

18,260,734

296,455

18,557,189

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

276,766

(375,523

)

(98,757

)

Restricted funds

Charterhouse

251,771

(13,522

)

238,249

Coach House Venue

-

(6,786

)

(6,786

)

Loop Line

59,543

(2,783

)

56,760

Anglican Chapel

22,000

-

22,000

London Road Cemetery

103,753

(89,513

)

14,240

Whitefriars Gate

10,749

-

10,749

Charterhouse Pentice Project

60,000

-

60,000

507,816

(112,604

)

395,212

TOTAL FUNDS

784,582

(488,127

)

296,455

21.	RELATED PARTY DISCLOSURES

There were no donations received from companies controlled by Trustees (2024: £nil).

During the year, the Trust made payments to a charity controlled by one of the Trustees for the supply of materials to the Trust for £208 (2024: £200)

During the year, payments were made to a person connected to one of the Trustees for the supply of shop merchandise at cost to the Trust of £357 (2024: £Nil).

A company controlled by a Trustee had provided the Trust with a loan facility of £600,000. Last year £100,000 was drawn against this facility. During the year, this amount was repaid and the balance owed at the year end included in loans was £nil (2024: £100,000). This facility expired during the year. Last year, Assets of the Trust were charged against the loan facility. These charges have now been removed.

Interest was waived on the loan.

22.	OPERATING LEASES - LESSOR

The total future minimum lease payments receivable under non-cancellable operating leases are:

Not later than one year

£136,864

Later than one year and not later than five years

£350,542

Later than five years

£216,542