2025-03-31-accounts - Torus Foundation

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Financial Statements 31 March 2025 24 25 Torus Foundation Charity Number: 1152903 Company Registration Number: 08444912 torus Foundation

CONTENTS
INFORMATION	1
TRUSTEES REPORT	2
TRUSTEES’ RESPONSIBILITIES STATEMENT	7
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TORUS FOUNDATION	8
STATEMENT OF FINANCIAL ACTIVITIES	13
STATEMENT OF FINANCIAL POSITION	14
NOTES TO THE FINANCIAL STATEMENTS	15

2222

INFORMATION

Charity registration number 1152903

Company registration number 08444912

Trustee	Category	Changes in the year
Sarah Jane Saunders	Chair, Director and Trustee
Catherine Anne Murray- Howard	Director and Trustee
Clare Gosling	Director and Trustee
Holly Chan	Director and Trustee	(to 29 May 2024)
Uzair Patel	Director and Trustee
Simon Bean	Director and Trustee	(to 24 April 2025)
Stephanie Donaldson	Director and Trustee
Tony Okotie	Director and Trustee
Catherine Fearon	Company Secretary

Registered office	4 Corporation Street
	St Helens
	Merseyside
	WA9 1LD
Auditors	BDO LLP
	5 Temple Square
	Temple Street
	Liverpool, L2 5RH
Solicitors	Brabners
	Horton House
	Exchange Flags
	Liverpool, L2 3YL
Bankers	National Westminster Bank
	5 Ormskirk Street
	St Helens, Merseyside
	WA10 1DR

TRUSTEES’ REPORT

The Trustees are pleased to present their annual Trustees’ report together with the Financial Statements of the Charity for the year ending 31[st] March 2025 which are also prepared to meet the requirements for a Directors’ Report, accounts for Companies Act purposes and in accordance with the provisions applicable to companies entitled to the Small Companies exemption.

The Financial Statements comply with the Charities Act 2022, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice: Accounting and Reporting by Charities, Charities SORP (FRS102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

VOLUNTEERING AND IN-KIND CONTRIBUTIONS

During 2024/25 Torus Foundation hosted a total of four volunteers. One person volunteered at FireFit Hub and supported with the delivery of activities for children and young people. In addition, three volunteers helped to train participants on the “IT Include Mersey” programme.

Torus Foundation works in partnership with a range of organisations and individuals who contribute to programmes at no financial cost to the organisation. The extensive range of partnerships developed across Torus Foundation add real value to the projects being delivered, through the additional assets and skills gifted by partners across the city region. In order to capture their value Torus Foundation uses actual costs and proxies to calculate in kind funding. Example proxy values include room/venue hire £50/hour, volunteer hours £11.44/hour and tutor costs £25/hour. A combined value of £513,470 in-kind funding was generated for the benefit of Torus Foundation customers in 2024/25.

OBJECTIVES & ACTIVITIES

Torus Group’s (“Group”) charitable arm Torus Foundation became part of the Group in January 2017, to make a positive difference to communities across Merseyside and the surrounding area.

Activities center around five key focus areas: Employment and Skills; Financial Inclusion; Health and Wellbeing; Digital Inclusion; and Youth. Activities are delivered directly by Torus Foundation colleagues as well as through third party providers.

FINANCIAL REVIEW

In 2024/25, the Charity received income of £7.8m (2023/24: £6.6m). This includes £3.2m received as Gift Aid from the Group (2023/24 £3.9m), £0.1m donation from the parent (2023/24: £0.3m), Social Value Levy from the Group £0.5m (2023/24 £0.5m) and £4.0m income from the other sources, including restricted funding for Energy Vouchers and Healthy Neighbours schemes (2023/24: £2.0m).

From 2023/24, suppliers awarded contracts for repairs and maintenance services to Group’s housing properties are required to pay a tendered rate on contracted turnover, known as a Social Value levy (SVL). For HMS, the SVL has partially replaced Gift Aid as a mechanism of donating to the charity. In 2024/25, SVL was received from HMS and one other external supplier.

TRUSTEES’ REPORT (continued)

EMPLOYMENT

Torus Foundation helped 290 people to find work:

43 work placements and volunteer placements were undertaken.
6 people were supported into an apprenticeship.
382 Individuals were supported to access employment related training courses.
95% of customers reported an increase in skills and confidence as a result of engaging with the Torus Foundation Employment and Skills Team.

FINANCIAL INCLUSION

35,516 interventions were provided through the financial inclusion service.
A total of £3,566,099 in financial gains was obtained for Torus customers.

HEALTH & WELLBEING

1,507 adults attended health and wellbeing sessions.
480 adults were supported through the Social Prescribing service.
511 Households were supported through the Healthy Neighbours Programme.

YOUTH

In line with the Firefit Hub Youth Impact Framework, 751 outcomes were achieved by FireFit Hub members.
5,594 free portions of food were served to FireFit Hub Youth members.

DIGITAL INCLUSION

18 people received a digital kit.
1 physical Digital Hub was provided during the year.
42 individuals engaged with the digital inclusion service.

RESERVES

The Charity establishes restricted reserves for specific purposes where their use is subject to external restrictions. Unrestricted reserves relate to historic surpluses and deficits from the Charity’s activities. Reserves are used to fund the Charity’s future activities.

At the year end the Charity held £130k in restricted reserves (2024: £258k) and £5.6m in unrestricted reserves (2024: £5.0m).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is a company limited by guarantee, incorporated on the 14[th] March 2013 and registered as a charity on the 11[th] July 2013.

The Charity’s governance is set out in its Memorandum and Articles of Association of 13[th] March 2013. The management of the Company’s affairs is vested in the Board of Trustees about whom the Memorandum and Articles of Association state that there will be a minimum of three.

In January 2017, the charity was incorporated into Liverpool Mutual Homes as ComMutual and a new Board was formed. The current Board is made up of 6 Trustees which includes the Chair who is a Torus (Group) Board member, an Executive Board member who is Torus’s Chief Operating Officer and 4 Trustees.

TRUSTEES’ REPORT (continued)

On 1 January 2019, Liverpool Mutual Homes amalgamated with Torus62 Limited and its subsidiaries Helena Partnerships Limited and Golden Gates Housing Trust in accordance with the Co-Operative and Community Benefit Society Act 2014. This formed a new Community Benefit Society called Torus62 Limited. The former Torus community activities were transferred into the Charity which now provides services across the entire Group and specifically its Heartland areas of Liverpool, St Helens and Warrington.

In April 2019, ComMutual changed its name to Torus Foundation.

EXECUTIVE MANAGEMENT STRUCTURE

The Chair is authorised to manage the Charity on a day-to-day basis under a written scheme of delegation from the Board, which is reviewed annually. The Chair has an executive team which is responsible for the delivery of the strategic plan and it meets formally on a monthly basis, in order to review the key performance indicators for the organisation and to keep abreast of developments in the organisation generally. The Senior Leadership Team brings together senior managers to develop ownership of the strategic plan and regularly meets with the Executive Team.

TRUSTEE TRAINING AND DEVELOPMENT

The Trustees have continued to support the development of the organisation. The Trustees are drawn from a range of community representatives, including those associated with key stakeholders such as Merseyside Fire and Rescue Authority and the Torus Group.

All Trustees have been involved in formulating the plans and action required to ensure the ongoing development of the short and medium term strategy for the organisation and have been involved in Group Away Days discussing issues including:

The Group’s Strategies; and
Business Planning.

As and when new Trustees are recruited and appointed, a full induction is delivered to ensure that they are fully conversant with the aims, objectives and operation of the Charity

PUBLIC BENEFIT

The Trustees have had due regard to the guidance published by the Charity Commission on public benefit and in particular the supplementary guidance on public benefit and fee charging, ensuring the Charity’s work delivers its aims and charitable objectives.

GOING CONCERN

The Foundation has consistently delivered services in line with budgets and maintained reserves at levels required to comply with Charity Commission requirements. Group policy is to stress test Business Plans to ensure they are robust and stay within specified Golden Rules. The recent challenging economic operating environment has had an adverse impact on Group commercial entities and their ability to generate Gift Aid and Social Value Levy to the levels expected in the Torus Group amalgamation Business Plan. This is forecast to impact the Torus Foundation Gift Aid receipt in 2025/26. The Charity has mitigated this risk through sourcing funding through other sources and the Charity remains in a robust position to continue operations into the future with cash and cash equivalents £2.5m as at 31[st] March 2025.

TRUSTEES’ REPORT (continued)

After reviewing the Charity’s revised forecast and projections, taking into account the principal risks and uncertainties, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

Risks that may prevent the Charity from meeting its objectives are reported to Group Audit and Risk Committee on a quarterly basis. Risks are recorded and assessed in terms of their impact and probability.

Torus aims to become a leading growth and regeneration group for the North-West. Its charitable arm, Torus Foundation, aims to become a sector-leader in supporting communities to grow stronger and to thrive, providing targeted services to support tenants, customers, and communities most in need. With a strategic focus on Liverpool, St Helens and Warrington, as well as key neighbouring areas, it will create better places to live, and support sustained economic growth and regeneration.

KEY RISK AREA	KEY CONTROLS IN PLACE	MITIGATING ACTIONS
Being unable to deliver our Social Impact Ambitions	• Grant conditions tracker • Torus Foundation Fundraising Strategy • Torus Foundation Financial Plan • Partnership agreements with providers • Social impact evidence via CSR • Torus Foundation Board • HMS Business Plan Targets	• Social Impact Policy is being developed to capture the social impact delivered across all Group members. • The Charity continues to source external funding.

The continued challenging economic operating environment and the potential impact on Group Gift Aid generation is an ongoing principal risk to delivering social impact ambitions. The Torus Foundation Board has recognised this risk in the medium term and has taken proactive action to address this issue with a continuous review of projects and expenditure being undertaken along with a review of the reserves policy. Budgets and business plans are in place and have been stress-tested against risks. Cash and finances are monitored on a monthly basis to support management decision making.

Further risk has been identified due to continued cost-of-living increases and the impact this has on the lives of Torus tenants and Torus Foundation communities. It is expected that the Charity will see demand continue to increase for services over the next year which could adversely affect the delivery of the charitable social impact ambitions.

TRUSTEES’ REPORT (continued)

PLANS FOR THE FUTURE

The Charity is an ambitious organisation and is keen to expand its impact across the three Torus Heartlands. Following a place-shaping approach, the Charity will use its regional influence and partner networks to ensure communities have the right resources; acting as an enabler and coordinator (where needed) to create places people want to live, work and do business.

Where possible, the Charity will seek to work in collaboration, utilising the strengths of partners across Liverpool, St Helens and Warrington, promoting co-investment models.

The Torus Foundation Fundraising Strategy sets out its approach to diversifying income to increase resilience as a charity and expand provision across the North West. Torus Foundation will maximise impact in communities by:

Securing significant additional grant funding,
Implementing a corporate fundraising plan,
Leveraging additional monies through match funding and in-kind funding,
Explore commercial opportunities and tenders, and
Expanding reach and delivery of projects within the FFH model.

The Charity will also look to expand its provision by joining with other organisations where an opportunity exists to add value to the delivery of both organisations.

POST BALANCE SHEET EVENTS

There are no other events since the year-end that have had a significant effect on the Charity’s financial position.

EXTERNAL AUDITORS

Torus Group appoints the external auditors for all Group companies.

ANNUAL GENERAL MEETING

The Charity is not required to hold an Annual General Meeting under its Articles of Association.

APPROVAL

The Trustees’ report was approved by the Board on 19[th] August 2025 and signed on its behalf by:

Sarah Jane Saunders Trustee Date: 19[th] August 2025

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees confirm that:

so far as each trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the board of trustees

Sarah Jane Saunders Trustee Date: 19[th] August 2025

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TORUS FOUNDATION (continued)

Opinion on the financial statements

In our opinion, the financial statements:

give a true and fair view of the state of the Charitable Company’s affairs as at 31 March 2025 and of its incoming resources and application of resources 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.

We have audited the financial statements of Torus Foundation (“the Charitable Company”) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements 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.

Conclusions related 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 Trustees’ report, other than the financial statements and our auditor’s report 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TORUS FOUNDATION (continued)

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.

Other Companies Act 2006 reporting

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

the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report, which are included in the Trustees’ Report, has been prepared in accordance with applicable legal requirements.

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 Strategic report or the Trustees’ report.

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

adequate accounting records have not been kept by the Charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Charitable Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors’ 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an auditor’s report 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

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TORUS FOUNDATION (continued)

the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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

Non-compliance with laws and regulations

Based on:

Our understanding of the Charitable Company and the sector in which it operates;
Discussion with management and those charged with governance;
Obtaining and understanding of the Charitable Company’s policies and procedures regarding compliance with laws and regulations.

We considered the significant laws and regulations to be the applicable accounting framework, FRS 102, UK GAAP, the Companies Act 2006, Charity SORP and UK tax legislation.

The Charitable Company is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation and & employment equity act.

Our procedures in respect of the above included:

Review of minutes of meeting of those charged with governance for any instances of noncompliance with laws and regulations;
Review of correspondence with regulatory and tax authorities for any instances of noncompliance with laws and regulations;
Review of financial statement disclosures and agreeing to supporting documentation;
Review of legal expenditure accounts to understand the nature of expenditure incurred; and
Review of serious incidents register and reports.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
Obtaining an understanding of the Charitable Company’s policies and procedures relating to: o Detecting and responding to the risks of fraud; and o Internal controls established to mitigate risks related to fraud.
Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TORUS FOUNDATION (continued)

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and revenue recognition in relation to grant income and material error through journals to revenue.

Our procedures in respect of the above included:

Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;
Setting expectation of common revenue journal posting and investigate any journal outside of our expectations, tracing journal entry to appropriate supporting documents.
Assessing completeness of grant income with reference to supporting documentation;
Assessing significant estimates made by management for bias; and
Obtaining an understanding of the control environment in monitoring compliance with laws and regulations;

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Hamid Ghafoor (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Manchester, UK Date: 22 August 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TORUS FOUNDATION (continued)

STATEMENT OF FINANCIAL ACTIVITIES

(including income and expenditure account)

For the year ended 31 March 2025

	2025	2024
Note	Unrestricted Restricted Total	Unrestricted Funds Restricted Funds Total Funds
	Funds Funds Funds
	£’000 £’000 £’000	£’000 £’000 £’000
Income:
Donations and legacies 3	3,762 - 3,762	4,663 - 4,663
Income from charitable activities 4	105 3,627 3,732 259 - 259	156 1,540 1,696
Commercial trading activities 5		233 - 233
Investment income 6	74 - 74	38 - 38

Total Income	4,200 3,627 7,827	5,090 1,540 6,630

Expenditure on:
Charitable activities 7,8	(3,521) (3,755) (7,276)	(3,664) (1,487) (5,151)

Total Expenditure	(3,521) (3,755) (7,276)	(3,664) (1,487) (5,151)

Net income/(deficit) and net movement in funds for the year	679 (128) 551	1,426 53 1,479
Actuarial (loss)/gain on pension scheme 16	(37) - (37) 4,995 258 5,253	(11) - (11)
Total funds at beginning of year		3,580 205 3,785

Total funds at end of year	5,637 130 5,767	4,995 258 5,253

The incoming resources and resulting net movement in funds arise from continuing activities.

The accompanying notes form part of these financial statements.

STATEMENT OF FINANCIAL POSITION

	Note	2025	2024
		£’000	£’000
Fixed assets
Tangible assets	13	193	218

Current assets
Debtors	14	3,491	761
Cash and cash equivalents		2,492	5,363
Total current assets		5,983	6,124

Creditors:amounts falling due within one year	15	(409)	(1,089)

Net current assets		5,574	5,035

Total assets less current liabilities		5,767	5,253
Pension provision	16	-	-

Total net assets		5,767	5,253

The funds of the charity:
Restricted funds	17	130	258
Unrestricted funds	17	5,637	4,995

Total charity funds		5,767	5,253

The financial statements were approved by the Board on 19[th] August 2025 and signed on its behalf by:

Sarah Jane Saunders Trustee

Company Registration Number: 08444912

The accompanying notes form part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

1. Legal status

The Charity is limited by guarantee and has no share capital. Every member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up whilst he or she is a member or within one period of ceasing to be a member for the debts and liabilities of the Society contracted before he or she ceases to be a member, such as may be required not exceeding £1.

Registered Office

4 Corporation Street St Helens Merseyside WA9 1LD

2. Accounting policies

Basis of accounting

The Financial Statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with:

Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP (FRS102));
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102); and
Charities Act 2011 and the Companies Act 2006.

The Charitable Company constitutes a public benefit entity as defined by FRS102.

The Charitable Company has taken the exemption in relation to the preparation of a statement of cash flows on the basis that the company is included in the consolidated financial statements of Torus62 Limited as at 31 March 2025. These financial statements may be obtained from its registered office: 4 Corporation Street, St Helens, Merseyside, WA9 1LD.

The recent challenging economic operating environment has had an adverse impact on Group commercial entities and their ability to generate Gift Aid and Social Value Levy to the levels expected in the Torus Group amalgamation Business Plan. This is forecast to impact the Torus Foundation Gift Aid and Social Value Levy receipt in 2025/26. However, the Charity remains in a robust position to continue operations into the future with cash and cash equivalents £2.5m as at 31[st] March 2025 (31[st] March 2024: £5.4m).

NOTES TO THE FINANCIAL STATEMENTS (continued)

Incoming resources

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from government and other grants, whether capital grants or revenue grants, is 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.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Volunteers and donated services

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), the general volunteer time is not recognised. Refer to the Trustees’ annual report for more information about their contribution.

On receipt, donation of professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Funds

Unrestricted funds are donations and other incoming resources receivable or generated for the furtherance of the Charity’s objects without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes are laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Costs of raising funds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes.

NOTES TO THE FINANCIAL STATEMENTS (continued)

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Other expenditure includes all expenditure that is neither related to raising funds for the Charity nor part of its expenditure on charitable activities.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, as set out in the notes to the accounts.

Debtors

Short term debtors are measured at transaction price, less any impairment and are measured subsequently at amortised cost using the effective interest method.

Creditors

Short term creditors are measured at transaction price.

Financial Instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as accounts receivable and payable.

Fixed Assets

All fixed assets are initially recorded at cost.

Depreciation is provided to write off the cost of each asset over its useful economic life at the following rates:

Fixtures and fittings - 3 to 10 years straight line

Pension Cost

The Foundation participates in the Merseyside Pension Fund and the Cheshire Pension Fund, part of the Local Government Pension Scheme (“the Schemes”); both are multi-employer defined benefit scheme.

The difference between the realisable value of the assets held in the Defined Benefit Pension Schemes and the Schemes’ liabilities measured on an actuarial basis using the projected unit method are recognised in the Statement of Financial Position as a pension scheme asset or liability as appropriate.

The carrying value of any resulting pension scheme asset is restricted to the extent that the Charity is able to recover the surplus either through reduced contributions in the future or through refunds from the scheme.

Changes in the defined benefit pension schemes asset or liability arising from factors other than cash contribution by the Charity are charged to the Statement of Financial Activities in accordance with FRS 102.

NOTES TO THE FINANCIAL STATEMENTS (continued)

The current service cost and costs from settlements and curtailments are charged against operating surplus. Past service costs are recognised in the current reporting period. Interest is calculated on the net defined benefit liability. Remeasurements are reported in other comprehensive income.

The Charity also provides a Group Pension Scheme supplied by AVIVA, which is a defined contribution scheme. The income and expenditure charge represent the employer contribution payable to the scheme for the accounting period.

Reserves

Contingent liabilities

A contingent liability is identified and disclosed for those grants resulting from;

a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustees control; or
a present obligation following a grant offer where settlement is either not considered probable.

Significant judgements and key areas of estimation uncertainty

Management's estimate of the defined benefit obligation is based on several critical underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the liability and the annual defined benefit expenses.

Management apply a consistent set of financial assumptions, which are in line with those provided by Pensions Funds.

3. Incoming resources from donations and legacies

	Unrestricted Funds Restricted Funds Total Funds 2024-25 2024-25 2024-25	Unrestricted Funds Restricted Funds Total Funds
		2023-24 2023-24 2023- 24
	£’000 £’000 £’000	£’000 £’000 £’000
Donations	545 - 545 2,714 - 2,714 500 - 500 3 - 3 3,762 - 3,762
Torus		927 - 927
HMS		3,188 - 3,188
Torus Developments		541 - 541
Sovini		7 - 7
		4,663 - 4,663

NOTES TO THE FINANCIAL STATEMENTS (continued)

4. Income from Charitable Activities

	Unrestricted Funds Restricted funds Total Funds 2024-25 2024-25 2024-25	Unrestricte d Funds Restricte d funds Total Funds
		2023-24 2023-24 2023- 24
	£’000 £’000 £’000	£’000 £’000 £’000
	105 - 105 - - - - 29 29 - 178 178 - - - - 5 5 - 1,298 1,298 - 98 98 - - - - 39 39 - - - - - - - 277 277 - - - - - - - - - - 97 97 - 98 98 - 1,343 1,343 - 51 51 - 53 53 - 61 61 105 3,627 3,732
Memberships, activities and hire		156 122 278
New Leaf and social inclusion		- 100 100
Fusion 21		- 27 27
Warrington UKSPF		- 166 166
Greener Volunteering		- 92 92
Wargrave Working		- 4 4
Energy Vouchers23-24		- 311 311
Energy Saving Trust Supportive		- 79 79
Duke of Edinburgh		- 2 2
IT Include(Mersey UK SPF)		- 37 37
Springboard		- 178 178
NHS Charities Together		- 152 152
Healthy Neighbours Project		- 217 217
Look Ahead Lifestyles		- 20 20
Refugee Project St Helens		- 5 5
Parent Champions Project		- 28 28
Mersey UKSPF		- - -
Hong Kong Pathways		- - -
Energy Vouchers24-25		- - -
Supportive Energy Phase 3		- - -
Energy Vouchers25-26		- - -
Glasspool Grants		- - -

		156 1,540 1,696

5. Commercial Trading Activities

	Unrestricted Funds 2025	Unrestricted Funds 2024
	£’000 £’000	£’000 £’000
	259 259 259 259
Rent received		233 233
		233 233

NOTES TO THE FINANCIAL STATEMENTS (continued)

6. Investment Income

	Unrestricted Funds 2025	Unrestricted Funds 2024
	£’000 £’000	£’000 £’000
Bank interest receivable	73 73 1 1 74 74	36 36
Defined benefit pension interest		2 2

		38 38

7. Costs of Charitable activities by fund type

	Unrestricted Funds Restricted Funds 2025 Total Funds	Unrestricted Funds Restricted Funds 2024 Total Funds

	£’000 £’000 £’000	£’000 £’000 £’000

Staff costs	1,717 727 2,444	1,857 653 2,510
Events and activities project	1,722 3,028 4,750	1,752 834 2,586
Establishment expenses	1 - 1	1 - 1
Depreciation	38 - 38	29 - 29
Support costs	43 - 43	25 - 25

	3,521 3,755 7,276	3,664 1,487 5,151

8. Costs of Charitable activities by activity type

	Activities Undertaken Directly Support Costs 2025 Total Funds	2024 Total Funds
	£’000 £’000 £’000	£’000
	2,444 - 2,444 4,750 - 4,750 1 43 44 38 - 38
Staff costs		2,510
Events and activities project		2,586
Establishment expenses		26
Depreciation		29

	7,233 43 7,276	5,151

NOTES TO THE FINANCIAL STATEMENTS (continued)

9. Governance costs

Auditor’s remuneration for the Charity is included within the fees to Torus62 Limited and charged to the Charity via a service level agreement. The estimated recharge is detailed below:

	2025	2024
	£’000	£’000

Fees payable to the company’s auditor for the audit of the financial statements	14 2025 £’000 38	15
10. Net Income/(Outgoing) resources for the year This is stated after charging: Depreciation		2024 £’000 29

----- Start of picture text -----
11. Staff Costs and Emoluments
Employee costs
Total staff costs were as follows: 2025 2024
£’000 £’000
Wages and salaries 2,008 2,014
Social security costs 186 185
Other pension costs 215 219
2,409 2,418
----- End of picture text -----

Particulars of employees:

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:

----- Start of picture text -----
2025 2024
Average Average
Number Number
Management staff 3 2
Regeneration staff - 3
Youth team and support staff 54 55
57 60
----- End of picture text -----

NOTES TO THE FINANCIAL STATEMENTS (continued)

The full-time equivalent number of staff who received remuneration (excluding Executive directors): 2025 2024	The full-time equivalent number of staff who received remuneration (excluding Executive directors): 2025 2024
£’000	£’000
£60,001 to £70,000 1 £70,001 to £80,000 - £80,001 to £90,000 1 £90,001 to £100,000 - £100,001 to £110,000 1	2 - 1 1 -

None of the Trustees received any remuneration during the period (2024: £Nil). Reimbursed expenses amounted to £Nil (2024: £Nil).

The key management personnel of the Charity comprise the Trustees. None of the Trustees are employed by the charity.

12. Taxation

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

13. Tangible fixed assets

	Fixtures & Fittings
	£’000
Cost
At 1st April 2024	320 13
Additions
At 31st March 2025	333
	102 38
Depreciation
At 1st April 2024
Charge for theyear
At 31st March 2025	140

Net book value at 31st March 2025	193

Net book value at 31st March 2024	218

NOTES TO THE FINANCIAL STATEMENTS (continued)

14. Debtors

	2025	2024
	£’000	£’000
Due within one year
Trade debtors	20	29
Prepayments and accrued income	236	558
Amounts owed by groupundertakings	3,235	174
	3,491	761

15. Creditors: amounts falling due within one year

	2025	2024
	£’000	£’000
Trade creditors	70	112
Amounts owed to Group undertakings	1	145
Other tax and social security	56	48
Accruals and deferred income	282	784

	409	1,089

16. Pensions

The Charity participates in the Local Government Pension Schemes administered by Wirral Metropolitan Borough Council as the Merseyside Pension Scheme (MPF), and Cheshire West and Chester Council as the Cheshire Pension Fund (CPF). Both funds are multi-employer schemes administered under the regulations governing the Local Government Pension Scheme, a defined benefit scheme.

Actuarial valuation took place prior to admission with assets and liabilities transferred from Torus62 and contribution rates agreed at 23.0% (Merseyside Pension Fund) and 32.9% (Cheshire Pension Fund).

Principal actuarial assumptions: Financial assumptions 2025 2025 2024 2024	Principal actuarial assumptions: Financial assumptions 2025 2025 2024 2024	Principal actuarial assumptions: Financial assumptions 2025 2025 2024 2024
CPF	MPF	CPF MPF
%	%	% %
Discount rate 5.9	5.9	5.0 5.0
Future salary increases 3.8	3.8	3.8 3.8
Future pension increases 2.8	2.8	2.8 2.8
Inflation assumption 3.0	2.8	2.8 2.8

NOTES TO THE FINANCIAL STATEMENTS (continued)

Mortality assumptions	2025	2025	2024	2024
	CPF	MPF	CPF	MPF
	No of years	No of years	No of years	No of years
Retiring today:	20.9 23.9 19.8 25.2	20.8 23.5 22.1 25.2	20.8 23.7 19.4 24.8
Males				20.7
Females				23.2
Retiring in 20 years:
Males				21.7
Females				24.7

Analysis of amounts recognised in operating costs	2025	2025	2025	2024
	CPF	MPF	Total	Total
	£’000	£’000	£’000	£’000
Current service cost	(62) - -	(32) (1) - (33) 2025 MPF £’000 109 (2) (107) -	(94) (1) -	(105)
Administration costs				(1)
Curtailments				(6)
Net operating loss	(62)		(95) 2025 Total £’000 227 (53) (173) 1	(112)
Analysis of amounts recognised in other financing costs Expected return on pension scheme assets Interest effect of net asset ceiling Interest on pension scheme liabilities Net financingcosts	2025 CPF £’000 118 (51) (66) 1			2024 Total £’000 205 (44) (159)
				2


Reconciliation of defined benefit obligation	2025	2025	2025	2024
	CPF	MPF	Total	Total
	£’000	£’000	£’000	£’000
Opening defined benefit obligation	(1,285) (62) (66) (21)	(2,150) (32) (107) (11)	(3,435) (94) (173) (32)	(3,389)
Current service cost				(105)
Interest cost				(159)
Contributions by members				(34)
Benefits paid	2	56	58	203
Actuarial gains	239	280	519	55
Curtailments	-	-	-	(6)
Closing defined benefit obligation	(1,193)	(1,964)	(3,157)	(3,435)

NOTES TO THE FINANCIAL STATEMENTS (continued)

Reconciliation of the fair value of plan assets	2025	2025	2025	2024 Total £’000 4,291 205 (1) 34 144 (203) 28 4,498 2024 Total £’000 1,063 (1,063) -
	CPF	MPF	Total
	£’000	£’000	£’000
Opening fair value of plan assets	2,307 118 - 21 94 (2)	2,191 109 (1) 11 37 (56)	4,498 227 (1) 32 131 (58)
Interest income on plan assets
Administration cost
Contributions by members
Contributions by employer
Benefits paid

Actuarialgains	(61)	(56)	(117)	28
Closing fair value of plan assets	2,477	2,235	4,712

Net pension liability	2025	2025	2025
	CPF	MPF	Total
	£’000	£’000	£’000
Defined benefit obligation net of plan assets	1,284 (1,284)	271 (271)	1,555 (1,555)
Effect of asset ceiling
	-	-	-

Reconciliation of the impact of the asset ceiling	2025	2025	2025	2024
	CPF	MPF	Total	Total
	£’000	£’000	£’000	£’000
Impact of asset ceiling at start of period	(1,022) (51) (211)	(41)	(1,063)	(925)
Effect of the asset ceiling included in net interest cost Actuarial losses on asset ceiling		(2) (228)	(53) (439)	(44) (94)
Impact of asset ceiling at end of period	(1,284)	(271)	(1,555)	(1,063)

Analysis of amounts Recognised in Actuarial Loss Relating to Pension Schemes	2025	2025	2025	2024
	CPF	MPF	Total	Total
	£’000	£’000	£’000	£’000
Actuarial (loss)/gains on assets	(61) 239 (211)	(56)	(117)	28
Actuarial gains arising on the scheme liabilities Effect of movement of asset ceiling		280 (228)	519 (439)	55 (94)
Net actuarial loss	(33)	(4)	(37)	(11)

	Major categories of plan assets as a percentage of total plan assets		2025		2025		2024		2024

NOTES TO THE FINANCIAL STATEMENTS (continued)

CPF	MPF	CPF MPF
%	%	% %
Equities 42 41 45 40 Gilts/bonds 43 22 41 26 Properties 14 9 14 9 Cash 1 46 - 4 Other - 21 - 21

17. Funds

Unrestricted funds		£’000

Balance at 31 March 2023		3,580
Transfer of reserves		-
Surplus for theyear		1,415
Balance at 31 March 2024		4,995
Transfer of reserves		-
Surplus for theyear		642
Balance at 31 March 2025		5,637


Restricted Funds		£’000

Balance at 31 March 2023		205

Transfer of reserves		-
Surplus for theyear		53
Balance at 31 March 2024		258
Transfer of reserves		-
Deficit for theyear		(128)
Balance at 31 March 2025		130

The restricted funds relate to specific projects and events run by the Charity in accordance with the conditions of the funding arrangements with the funding provider.

Restricted funds carried forward at the year-end are made up as follows:

NOTES TO THE FINANCIAL STATEMENTS (continued)

Balance at 31st March 24 £	Income 24-25 £	Expenditure 24-25 £	Balance at 31st March 25 £	Fund Name	Details

(1)	-	-	(1)	Sports England	Sports England is a funding project that has the aim of 'Tackling Youth Violence and Knife Crime' through engagement in positive activities such as boxing and basketball. The goal is to engage with young people who are involved in anti-social behaviour and at risk of becoming involved in crime and introduced a positive pathway to keep them awayfromgang-related activities.
(1)	-	-	(1)	Street Games	The Street Games grant is to support the FFH youth zone with the purchase of equipment and the delivery of grass-roots door-step sports. This includes the delivery of staff training sessions such as short tennis.
(40)	-	30	(10)	KickStart	The Kickstart Programme is part of a Government Initiative to support young people aged 18-24 who are claiming universal credit getting back into employment. Part of the funding is to support and develop new skills and to help applicants move into sustained employment after they have completed their six month funded role.
(6)	-	-	(6)	NHS Charities Together	To support community partnerships in recognition of the impact of Covid-19 on the wider community. Grant funding is for activities delivered through partnership between the NHS and relevant social and health care organisations from the public or third sector. Project Aim is a co-designed project to improve the mental well-being of young people through the development of new youth-focused social prescribing pathways between clinical NHS Trust services and local youth organisations.
(3)	-	-	(3)	Energy Redress Emergency Fuel Voucher Projects	Energy Savings Trust Project to provide vouchers for gas and electricity for those tenants with prepayment meters who are in fuel poverty during the pandemic.

NOTES TO THE FINANCIAL STATEMENTS (continued)

Balance at 31st March 24 £	Income 24-25 £	Expenditure 24-25 £	Balance at 31st March 25 £	Fund Name	Details

(13)	(98)	111	-	EST Supportive Energy Phase 2	Providing energy advice, advocacy and practical solutions for vulnerable social housing residents living in areas of high deprivation across the Northwest, impacted by Covid-19, cost-of-living crisis and changes to the energy price cap.
-	(51)	46	(5)	Supportive Energy Phase 3	Providing energy advice, advocacy and practical solutions for vulnerable social housing residents living in areas of high deprivation across the Northwest, impacted byCovid-19,cost-of-livingcrisis and changes to the energy price cap.
(26)	(178)	136	(68)	Warrington UKSPF	Funded through Warrington Borough Council UK Shared Prosperity Fund to support Warrington residents to gain skills, training and employment 2023 – 2025.
(5)	(29)	35	1	Fusion 21	Employability Project part funded by Fusion 21, 2023-2025, supporting ethnic minorities in Liverpool.
(1)	(5)	5	(1)	Wargrave Working	Job Club project Funded by Wargrave Big Local.
(5)	(1,298)	1,303	-	Energy Vouchers 23-24	Energy Saving Trust funded project to provide vouchers for gas and electricity for those tenants with prepayment meters who are at risk of disconnection.
-	(1,343)	1,343	-	Energy Vouchers 24-25	Energy Saving Trust funded project to provide vouchers for gas and electricity for those tenants with prepayment meters who are at risk of disconnection.
-	(53)	53	-	Energy Vouchers 25-26	Energy Saving Trust funded project to provide vouchers for gas and electricity for those tenants with prepayment meters who are at risk of disconnection.
(1)	(39)	38	(2)	IT Include (Mersey UK SPF)	Funding for a basic entry level IT skills course for residents of St Helens. Part of an LCR wide programme to overcome digital exclusion.
-	(97)	84	(13)	Mersey UKSPF	Employment Programme focussed on supporting people living in St Helens and Halton into work.

NOTES TO THE FINANCIAL STATEMENTS (continued)

Balance at 31st March 24 £	Income 24-25 £	Expenditure 24-25 £	Balance at 31st March 25 £	Fund Name	Details

(71)	(277)	348	-	Healthy Neighbours Project	The Healthy Neighbours project is delivered across 6 Torus Neighbourhoods, 2 in Liverpool, 2 in St Helens and 2 in Warrington. A team of volunteers from 4 locally commissioned organisations engage with the local community to identify what is important to them and help deliver targeted activities that meet their needs and tackle local health issues and improve health outcomes.
(2)	-	2	-	Refugee Project St Helens	Working in partnership with St Helens Council this 6 month project was to engage with Refugees and Asylum Seekers in the area by providing activities for them to attend and improve community cohesion.
(83)	-	82	(1)	Greener Volunteering	12 month UKSPF funding received from LCC to fund projects which increase volunteering opportunities for families and young people which contribute to the improved green environment in Liverpool.
-	(98)	91	(7)	Hong Kong Pathways	Targeted employment programme helping Hong Kong Nationals into employment.
-	(61)	48	(13)	Glasspool Grants	Grant programme for Torus Tenants which provides white good and carpets for customers in need.
(258)	(3,627)	3,755	(130)	TOTAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

18. Related party transactions

Catherine Murray Howard a trustee of the charity, is a representative of Torus62 Limited. Torus Foundation has entered into a Service Level Agreement with Torus62 Limited for the provision of support services such as IT, Human Resources, Finance and Asset Management. The value of services procured during the period was £771,629 (2024: £804,240).

Simon Bean a trustee of the charity, is an employee of Career Connect. Career Connect subcontract to Torus Foundation in relation to the New Leaf and Springboard programmes. The value of services during the period for New Leaf was £nil (2024: £21,625) and Springboard was £nil (2024: £34,255).

19. Ultimate controlling party

An Intra Group Agreement is in place between Torus62 and its subsidiaries, whereby subsidiaries agree that their immediate and ultimate shareholder/member is Torus62 Limited (Community Benefit Society 7973). As Torus62 controls the appointment of the Board it is considered to be the beneficial owner. In the opinion of the Trustees Torus62 is the ultimate parent company and controlling party.