REGISTERED CHARITY NUMBER: 1155282 Trustees, Report and Flnanclal Slatements for the Year Ended 31 March 2024 The Llversage Trust Bourne & Co. Statutory Auditors 47a Queen Street Derby Derbyshire DE1 3DE
The Liversage Trust Contents of the Financial SLgtements for the Year Ended 31 March 2024 Page Trustees, Report S&ement ot Trustees, Responslbilltles Report of the Independent Auditors Statement of Financial A¢tivities 10 Balance Sheet Cash Flow Statement 12 Notes to the Cash Flow Statemenl 13 Nolès to the Flnanclal Statemants 14 to 23
The Llversage Trust Trustees, Report for the Year Ended 31 March 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 IFRS 102) (effective 1 January 20191. The Trustees present their report to accompany the accounts for Ihe period ending 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity Name: The Liversage Trust Charlty Number: 1155282 Principal Office: The Board Room. London Road, Dey, DE1 2QW Trustees: The Trustees who served during the year, all of whom are volunteers, were as follows-. Mr Malcolm Allsop (Chair) Ms Sue Glithero (Vice Chairl Mr Les Allen Mr Tim Benson {Nominated by the Parochial Church Council) Mr John Brittain Cllr Mike Carr (Nominated by Derby City Council - served 01104123 to 28101124) Mr Richard Docker Mr Michael Foote Cllr Shiraz Khan (Nominated by Derby City Council} Mr Don McLure Cllr Jerry Pearce (Nominated by Derby City Council - served 01104123 to 28101124) Ms Mary Streets - resigned 29101r24 Mrs Janet Till- seNed 01104123 to 07102124 (deceased) Mr Roy Webb General Manager.. Andrew Mellors BA (HONS) PGDIP CERT CIH Audltor: Boume & Co, 47a Queen Street. Derby, DE1 3DE Bankers: Natwest Bank, Crompton House. Derwent Str6et, Derby, DE12ZG Sollcitors: Flint Bishop LLP St. Michael's Court. St. Michael's Lane, Derby, DE13HQ Pensions Adviser: St8ve Cant and Associates Ltd, 61 High Road. Chilw811, NG9 4Ki HR Adviser: Guardian Support, Lyndon House. 62 Hagley Road. Birmingham. B16 8PE Health & Safety Adviser: Howarths, Newbury Court. Brooke Street, Cleckheaton, BD19 3RR The Trust promotes whistle-blowing services offered by th8 Charity Commission and Protect and is a member of the National Asswiation of Almshouses, which is a support charity representing 1,600 independ8nt almshouse charities throughout the United Kingdom. In 2023124, the Trust continued to manage six properties owned by the Lillian Prime Trust, a small local charity that supports people diagnosed with Multiple S¢lerosis. Separate administrative and financial arrangements are in place, and Trustees receive regular reports of the arrangement, which is set lo continue into the next financial year. OBJECTIVES AND ACTIVITIES The objects of the Charity. as expressed in Ihe Constitution are- 'lo provide relief either generally or individually to those persons resident in the area of benefit who are in need, hardship or distress (including but not limited to those who are aged, sick or infirm) through the provision of grants, alms or other residential accommodation, housing. services, facilities andlor goods.. Page 1
The Liversage Trust Trustees, Report for the Year Ended 31 March 2024 The Liversage Trust is an Almshouse Charty providing accommodation for elderfy and frail older people and making grants for the relief of povety. The Trust operates exclusively within the City of Derby. We provide 163 homes for independent older people on four estates across the city, and manage a 40-bed residential Care Home, Liversage Court, which provides residential care for frailer elderfy people. We also provide grants to residents in Derby, who are in hardship, to help them obtain essential household items, and offer limited linancial support to people at a time of crisis. Our portfolio also includes a small number of houses and flats that are let without age restriction, and a few commercial premises that provide an income to support our charitable aclivities. Trustees ensure through good governance thal the aims and objectives of the Trust are achieved. and fully comply with their duty, as described in section 1715) Charities Act 2011, to have due regard to the Charity Commissions public benefit guidance when exercising any powers or duties to which the guidance is relevant. Trustees review policy on grant making annually, with guidelines updated and easily accessible to all. For 2023124, the total granls budget was maintained, after an increase the previous year. to continue providing support for people in emergency situations, particularly those needing support with food and utility costs, owing to the on-going impact of high inflation and 'cost of living, pressures. In ass¢xiation with this, we reviewed grant awards available to individuals and maintained our management approach towards the Household Fund. limiting spend each month, and operating opening and closing periods wilhin which applications Could be made. STRUCTURE, GOVERNANCE AND MANAGEMENT The Liversagé Trust is established as a Charitable Incorporated Organisation. The Charity's origins dat8 back to 1529, founded by the Will of Robert Liversage. The current Governing Instrument is a Scheme made by the Charity Commissionèrs on 18 February 1971, which stands as amended by subsequent Schemes. Following a 'Governance Review, the previous year, a number of minor changes were made to the Trust's Constitution on 4 April 2023, leading to a revised governance and meeting structure being implemented from January 2024 onwards. This saw the Trust move from a series of standing committees {Care Home. Estates, Finance and Strategic Policy Panel) which reported to Board on a quartedy basis, lo effectively, bi-monthly Board meetings covering all aspects of the Trust's operations. The intention was to streamline operational processes and reporting mechanisms, while involving all Trustees in key discussions and maintaining strategic focus. While il is considered that working parties, dealing in detail with specilied matters, will still be required at varying times.. this will be on an 'as necessary, basis and not a regular feature. such as the previous Personnel Working Party (PWP) which met four times a year. To ensure a smooth transition to the new approach. a considerable amount of time was spent reviewing Standing Orders and Financial Regulations to ensure our operating rules accurately reflect our revised mode of operation and that the Trust maintains a distinction between Governance and Management. Our current Constitution allows for up to ten appointed, plus one éx-officio trustee Ith6 Vicar of St Peter's Church that currently remains vacant, following retirement of the previous post-holder) and Iwo nominated trustees (one each from Derby City Council and the Parochial Church Council, which would include the Vicar of St P6tèrfs Church, should this post be filled). In selecting individuals for appointment. the Charity Trustees have regard to the skills. knowledge and expèrience neèded for the effective administration of the Charity- All new Trustees are supplied with a comprehensive induction pack inclu¢Jing the Governing Instrument, latest published Accounts, and a copy ol 'Slandards of Almshouse Management, published by the Almshouse Association. They are invited to have an induction meeting with the General Manager. Training for both new and seNing Trustees is mainly by attending seminars organised by the Almshouse Associalion, either in person or virtually, although tailored group training is provided in areas such as 're¢ruitment and selection, and 'equality and diversity., A specific budget is mainlained for this purpose. During this transition year, the Board of Trustees met five times and appoinled Standing Committees (up to 29 January 2024) as follows.. Finance Committee (met twice during the year) Estates Committee (met three times during the year) Care Home Committee {met three times during the year) Strategic Policy Panel (met three times during ihe yearl. Policies and operating proceduras continued to be regularly reviewed throughout the year which, during 2023124, included Standing Orders, Financial Regulations, Data Protection, Disciplinary Code. Grievance PredUre and Flexible Working. Page 2
The Liversage Trust TNstees' Report for the Year Ended 31 March 2024 Marketing Over the last few years, the Trusl has worked hard to improve our marketing strategy for the Trust and develop our brand to improve awareness of the full range of work undertaken by the Charity. During 2023124, the Trust continued its partnership with a local company called Imaginaire. to assist with our online social media presence and to update and maintain key plattorms for promoting our seNices and providing vital information to residents. Moving loard, we will continue to explore extending partnership working through this approach. while continuing to develop existing partnerships, operating with a range of organisations to ensure we reach those Derby people most in need of our support. A good example is in delivering our Household Fund Grants, where we work closely with Derby City Council, housing associations, health service, probation, Derby Women's Centre, and other local charities to provide people in need with essential household items. ACHIEVEMENTS AND PERFORMANCE Liversage Trust continues to make a positive difference to the livas of its beneficiaries. At ils core is maintaining quality housing and support for older people, at a cost well below market levels. Mainlaining the property portfolio The value of properties is maintained through ongoing invastmenl in repair and renovation. The in-house maintenance team deliver a responsive repairs service, supported by specialist contractors as required. while major caprtal projects are tendered to ensure the right balance between quality and value. The Trust has adopted a policy of applying revenue income to upkeep its housing stock and andowment propety and remains committed to upgrading seNi¢es and facilities for its residents. meeting major expenditure, where appropriate. from designated reserves. We have a comprehensive investment programme to 2038139. detailing costs and funding lor major works and additions to our portfolio. While the last few years have been dominated by high inflation, this has necessitated regular review and re-prioritisation of projects, owing to issues such as cost increases, supply of materials and contractor availability- Despite this, in 2023124, Ihe Trust still completed several major improvement projects. This included refurbishment of bathrooms at Franchise Street and Nottingham Road, boiler replacement at the Keys Street estate. repairs lo a retaining wall at Drewry Lane, including tarmac renewal and completed a fence replacement programme at the Keys Street / Nottingham Road estale. Where work has been completed. residents benefiting from these programmes have been highly delighted with all the work and improvements undertaken. While loss of income from our commercial propety portfolio has generally remained a low risk over Ihe last few years. rental growth remains limited owing to other Maet factors such as properties not occupying prime city centre Iccations, propety age and current market position. While the overall position is kept under review, we also conlinue to explore alternative options for longer-term investment income. This includes continued review of opportunities to extend our portfolio. mainly focusing on making the most out of existing assets. During 2023r24. this included the conversion and refUiShment of our Alice Street Works site inlo a new office and workshop for Ihe Twst, which was completed in March 2024. This is a first step in enabling wider refurbishment at London Road, including our old offic8 back into almshouse accommodation. plus development at Clae Street. which remains a long6r-t8rm objective. Trustèes continue working towards a converged 'rent' structure for residential propety, reviewing our approach during the year to bring greater parity between charges for similar properties, applying a modest increase in weekly maintenance contributions year on year. Ensuring an effective service for residents We carry out an annual review of resident support preferences and adapt our seNice to meet the requirements expressed. Residents continue to benefit. as required, from regular visits, telephone contact and free emergency call alarm technology. Our Resident Support Officer IRSO) position remains a strong advocate for all residents, while also supporting residents with more complex needs to access wider and specialist support seNices, making a positive difference to people's lives. For example, this can be seen in the on-going work to support individual residents to claim all benefits that they are entitled to and assisting with arrangements for emergency respite care. As many of our residents live alone and do not have extensive family support networks, our RSO and wider stafling team often go above and beyond to help in times of need. visiling residents who have been admitted to hospital and bringing them their personal belongings to make their stay in hospital more comfortable. The Trust provides a Community Centre resource on two estates, which benefits not only our residents. but the wider community. We also arrange and promoted a variety of outings and activities for residents to enjoy, should they choose to take part. We also produce and distribute a regular newsletter and resident support estate updates which are welcomed by all residents. Page 3
The Liversage Trust Trustees, Report for the Year Ended 31 March 2024 In 2016, our Care Home was one of a select few in Derby to be rated 'GOOD' by the Care Quality Commission ICQC) in each ol the five fundamental standards of care. After a re-inspection in December 2018. we retained this rating and have continued to do so up to the present time, including during the COVID outbreak and more recent implementation of their new regulatory approach. The CQC after our last inspection stated that people living at Liversage Court receive a good service. They stated: 'People told us how happy they were there and how the seNice met their individual and diverse needs. Staff were very positive about their work, and clearly respected each person as an individual. supporting them with kindness and good humour.. Since this time, staff have continued to work hard, despite on-going challenges in the sector. to maintain this approach and to provide a safe, effective. caring, responsive and well-led servic6. Wlder communlty benefils The activities and partnership working of Liversage Trust also delivers wider benefits to the people of Derby. We work closely with a range of organisations in delivering our Household Fund Granl service to ensure we reach D8Y people mosl in need of our support. Throughout 2023124, work has continued to improve grant-giving services, making it easier for support workers and other agenls to refer clients for assistance. Refinements continue to be made to our application process. which is now via a fully online system, while we constantly review processes by which go¢)Js are ordered and received, ensuring grant recipients receive good quality items in the shortest possible time. We also continued to provide emergency aid to Derby residents via the Janet Till Crisis Fund (named after our late lormer Chair) which. as well as providing funds for utility aid or food, also covers emergency travel costs for Derby residents to access rehabilitation services, complemenling household goods already on offer. Where possible, we also refer residents and applicants inlo wider external support programmes. particularly those led by Dert)y City Council to support individuals with the on-going 'cost of living, pressures being experienced. so thal as much support as possible is given to those who need it. Since April 2016, we have delivered a management role for six properties owned by Lillan Prime Trust.. a small Derby based charity that provides homes for people suffering Irom Multiple Sclerosis or any oiher physical or mental disability and in need of housing and any other associated amenities specifically designed or adapted to meet their needs. The driving force behind our involvement was Lilian Prime Trustees, belief that we could deliver improved services to their residents. This has proved to be the case, and we continue lo make a positive difference to the lives of individual rèsidents of that charity, arranging regular repairs, well-being visits and access to emergency alarms and support services. We also work closely with 'Poss+Abilities Dance and Fitness Group. a Derby-based organisation providing support and opportunities for adults with differences 'where anything is possible. They run classes three times a week from our community centre at Alice Street, while we have also organised joint events and garden parties for residents and the wider community to enjoy tog6thèr. Investment performance While the Trust's investment performance ov8r the last few years has Iluctuated widely, owing lirst to COVID and then wortd-wide events. the Trust's invéstment performance during 202W24 has continued to meet objectives set by Trustees, which include.. Presejve and enhance where possible the value of investments without taking undue risks. Retain minimum daily balances in the Bank account and Charities Official Investment Fund (COIF) deposit fund of £100,000 and £250.000, respectively. Retain sufficieni liquid assets to respond to opportunities as they arise to strengthen our existing asset base. Only encash medium-term investments when required and when profitable to do so. Reduce risk by spreading investment over a wide range of stocks and shares via Common Investment Funds Limit investment in banks and building S¢Xi8ties to totals covered by the Financial Services Compensalion Scheme (FSCS). The Trust's investment policy continues to be based upon security, liquidity. income, capital'growth and no oth6r factors. Short and medium-term investments (of between 5 and 10 years) are principally via large holdings in CCL4 COIF Investment Fund and Propety Fund and M&G Funds (previously NACCIFI which are easily manageable and secure. In 2023124, inveslment performance in these holdings for the most part, performed well and that, overall. expectation on the retum from long-term investments remains positive and is expected to exceed inllation over time. The Trust receives monthly reports from Fund Managers and meets with them as appropriate, for additional expert advice. Page 4
The Liversgge Trust Trustees, Report for the Year Ended 31 March 2024 FINANCIAL REVIEW The Trust's aim is to preserve and enhance the Tnjst's asset base and invest wisely to secure the long-term sustainability of the Charity. Through good governance and a low-risk approach, the Trust is in the fortunate position to be financially stable and self-sufficient. The Trust's financial model ensures that expenditure on housing and support activities, including appropriate contributions to designated reserves, are met by income generated by those activities, with any surplus regarded as supplementing charitable giving. As we now have a capital programme detailing proposed work up 2038139, we have estirnatèd that to meet the costs of all work identified. encashment of some investments may be required, in addition to use of reserves. This is kept under review however. we closely monitor markets, and review timescales and approaches towards major expenditure, such as new development at Clarke Slreet, balancing this against the need to invest in maintaining existing properties. As it is likely new development will still be several years hence, this allows time for other funding opportunities to be explored, if required. R8seNes position The Trust is in a strong position in temis of both its revenue account and balance sheet, and holds investments in a range of low risk. medium yield funds including Common Investment Funds, Charities Official Investment Fund Deposits and M&G's Charifijnd and Charity Multi Asset Fund. Our approach is set out in our Reserves Policy. A salient leature of Ihe T.rust's plan is to continue, as far as resources pemiit, to build up investments to meet eXP6Cted demands and to take advantage of opportunities to add to its housing and commercial propety base. At the year end, we hold £9.4m investments that will help realise the Trust's future development ambitions and is more than adequate for the Trust's long-term stability. We have made material transfers into reseNes over the last few years, specifically into our Propety Development Fund, to support our planned residential conversion and development programme to 2039. While yel to move in, during 2023124 we completed Ihe presS of converting existing premises into a new Maintenance Depot and office. This is a first stepping-stone to further refurbishmenvdevelopment across our porttolio, that potentially will lead to improvements at London Road and a significant re-development programme at Clarke Street. Managlng Rlsk The Trust. in addressing the matter of risk management and assessment. has in place an extensive system of internal controls including regular meetings. external and internal audit. budget monitoring, management accounts, Standing Orders, Financial Regulations and a variety ol written policies. All policies are subjéct to planned, periodic review. We maintain a Health and Safety Action plan with support from The Trust's appointed competent person, under The Management of Health and Safety at Work Regulations 1999. This is regularly reviewed by Trusteos. Throughout 2023124, we have continued to build upon our updated Risk Regisler and reporting approach, especially with regard to our new governance approach, building on a ¢omprehensive review undertaken in 2017118, ensuring that Board considers allocated risk at approprrate frequencies. Five main risk areas are identified including governanc8, operational. financial. environment or external factors and compliance risk. For each section. several risks are idenlified and are detormined as either a low. medium, or high risk.. the majority being low risk. Changes in risk level are updated regularly. and any mitigating actions undartaken to offset thal risk are detailed. alongside general comments and when risk levels will be reviewed. Current principal risks identified include the age profile of Trustees and dependence / loss of key staff. especially at Liversage Court, the return of a serious epidemic. lunding the long-term capital programme and inappropriate investment decisions. We are registered with the Information Commissioner's Office IICOI and undertook a consid8rable amount of work in 2017118 to ensure cornpliance wilh the General Data Protection Regulation (GDPRI beginning May 2018. Throughout the current year, we have assessed performance and continue to reffne our approach, including looking at alternative methods to dispose of confidential inlormation, encrypting email accounts and reviewing policies and prccedures. Page 5
The Liversage Trust Truslees, Report for the Year Ended 31 March 2024 CONCLUSION Although we have settled into a new post-COVID world, 2023124 has continued to present significant challenges, both to the Trust and those that use our services. In particular, high inflation and 'cost of living, pressures has created a difticult environment in which we are operating. Despite this, the Trust continues to meet any challenges thrown at us 'head on, and has continued to achieve its principal object of providing affordable accommodation for old6r and frail eldedy people and making grants lor the relief of povety in Derby. During the past year, the Trustee body has.. ensured that the Trust continues to provide quality seNices that are tailored to the needs of residents and vulnerable individuals, providing essential support and assistance in an ever-changing environment. continued to retain our 'Good' rating for our Care Home, while operaling in a challenging sector recovering from the effects of COVID maintained our grant awards to support more local peopla in need of crisis support, while maintaining support for household ilems maintained our properties in good repair and Continued our ambitious capital programme, including completing the refvrbishment of an existing site into a new main office and workshop for the Trust, which is a first step in wider development. Approved by order of th6 board of trustees on 21 October 2024 and signed on its behalf by- Mr Malcolm Allsop jchairj - Trustee Page 6
The Liversage Trust Statement of Trustees, Responsibililies for the Year Ended 31 March 2024 The trustees are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. The law applicable to charities in England and Wales, the Chartties Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trnstees to prepare financial statements for each financial year which give a true and tair 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 those financial statements, the trustees are required lo select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followad, subject to any material departures disclosed and explained in the linancial statements- prepare the financial statements on the going concem basis unless it is inappropriat6 to presume that the charity will continue in business. Th8 trusteès are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements Comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 irrègularities. Page 7
Report of the Independent Auditors to the Trustees of The Liversage Trust Opinion We have audited the financial statements of The Versage Trust (the 'charity'l for the year ended 31 March 2024 which comprise the Statement of Financial Aclivities, 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicab18 in the UK and Republic of Ireland,. In our opinion the financial statements.. give a true and fair view of the state of the charity s affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wilh Intemational 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 ieport. We are independent of the charity in accordance with the ethical requirements thal 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 golng concem In auditing the linancial statements, we have concluded that the trustees, use of the going concem 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 charity's ability to continue as a going concem lor a period of al least twelve months from when the financial statements are authorised for issue. Our r6sponsibilities and the responsibilities of the trustees with respect to going concern are des¢ribed in the relevant sections of this report. Other Inlormatlon The trustees are responsible for the other information. The other infornation comprises the information included in the Annual Report, other than the linancial statements and our Report of the Independent Auditors therèon. Our opinion on the financial stalemenls does not cover th6 Other information and. except to the extent otherwise explicitly slated in our report, we do not express any fom 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 whethér the other information is materially inconsistent with the linancial stalements or our knowledge obtained in the audit or otheise appears to be materially misstated. If we identify such rnaterial inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial stalements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, w6 ar8 required to report that fact. We have nothing to report in this regard. Matters on which we aTr qUired to report by exceptlon We have nothing to report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in the trustees Report is inconsistent in any material réspect with the financial stalements. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and retums. or we have not received all the inlormation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Slatement of Trustees, Responsibilities, the trustees are responsible for the preparation ot the financial statements which give a true and fair view. and for such intemal ¢ontrol as the trustees detemine is necessary to enable the preparation of financial statements that are free from malerial misstatement. whether due to traud or error. In preparing the financial statements. the trijstees are responsible for assessing the charity's ability to continue as a going concem, dl10$1ng, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alteinalive but to do so. Page 8
Report of the Independent Audltors to the Trustees of The Llversage Trust Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objecttves are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misslalemenl, whether due lo fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 detsiled below.. Discussions and correspondence with management, including known or suspected instances of non-compliance with laws and regulations and fraud Reviewing nominal ledger transactions with paTticular emphasis on joumal entries posted by management Being alert throughout our work for anything considered unusual by vrrtue of size or nature A further description of our responsibilities for the audit of the ff nan¢ial statements is located on the Financial Reporting Counal's website at www.frc.org.uklaudtlotsresponsibililies. This description foms part of our Report of the Independent Auditors. Ust of our report This report is made solely to the charity's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit woth has been undertaken so that we might state to the chariws trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility lo anyone other than the charity and the chariws trustees as a body, for our audit work. for this report, or for the opinions we have fomied. Bourne & Co. statutory Auditors 47a Queen Street Derby Derbyshire DE1 3DE Date.- 21 October 2024 Page g
The Liversage Trust Statement of Financial Activities for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 32,553 32,553 1,053 Charitable activlties Provide accommodation via almshouses. sheltered housing and a residential Ca home for the residents of DeY Provide commercial premises for rent 2,295.572 2,295,572 2,154,551 173,685 173,685 176,635 Investment income Other income 437.412 21,129 437,412 354,064 10,692 Total 2,960,351 2.960.351 2.696,995 EXPENDITURE ON Charltable actlvltles Provide accommodation via almshouses, sheftered housing and a residential care home for the residents of Derby Support financial hardship of residents of Derby via Household fund and Chairfs Crisis Fund Provide commeraal pmiseS for rent 2.182,197 2,182,197 2,227,778 31,150 31,150 70,218 7,046 Total 2,220,393 2 220 393 2 305.612 Net gainsl{lossesl on investments 132,296 136 669 299 6031 NET INCOME 872,254 4,373 876.627 91.780 RECONCILIATION OF FUNDS Total funds brought forward 24,026,636 245.664 24.272,300 24,180,520 TOTAL FUNDS CARRIED FORWARD 24,898,890 250,037 25,148.g27 24 272.300 The notes fo part of these financial statements Page 10
The Liversage Trust Balance Sheel 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted lunds Endowment lund Notes FIXED ASSETS Tangible assets Inveslments Investrnents Investmenl property 13 11,782,646 11,782,646 11,435,816 14 15 9.183,272 3.852,901 250,037 9,433,309 3,852,901 10,027,676 2,707,624 24,818,819 250,037 25,068,856 24,171.116 CURRENT ASSETS Stocks Debtors.. amounts falling due within one year Cash at bank and in hand 16 2,976 17 92,667 431,307 92,667 431,307 91,998 432,007 523.974 523,974 526,981 CREDITORS Amounts falling due within one year 18 (443,903) (443,903) {425,7971 NET CURRENT ASSETS 80,071 80,071 101 184 TOTAL ASSETS LESS CURRENT LIABILITIES 24.898,890 250.037 25,148.927 24,272,300 NET ASSETS 24,898,890 250,037 25.148,927 24,272,300 FUNDS Unreslricted funds Endowment funds 19 24,898,890 250,037 24,026,636 245 664 TOTAL FUNDS 25 148 927 24 272.300 The financial statements were approved by the Board of Trustees and authorised for issue on 21 October 2024 and were signed on its behalf by.. Mr Malcolm Allsop {Chairj - Truste8 Ms Sue Glithero (Vice Chair) - Tnjstee The notes fonn part of these financial statements Page11
The Liversage Trust Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Notes Cash flows from operatlng activities Cash generated from operations Finance costs paid 496,638 3.4691 382,104 Net cash provided by operating activities 493.169 378,809 Cash flows Irom investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Purchase of investment propety Sale of tangible fixed assels Sale of lixed asset investments Interest received {523,535} (267,9011 {1,145.2771 5,432 1,000.000 437412 (301.707) (448.338) (2) 354,064 Net cash used in investing activities 493.869) 395.983) Change in cash and cash equivalenls In the reportlng perlod Cash and cash equivalents at the beginning of the reporting perlod {7001 (17.1741 432.007 449,181 Cash and cash equlvalenls at the end of the reporting period 431,307 432 007 The notes fonn part of these financial statements Page 12
The Liversage Trusl Notes to the Cash Flow Statement for the Year Ended 31 March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the S&knmenl of Financlal Aclivlties) Adjustments for: Depreciation charges (Gain)/losses on investments Loss on disposal of fixed assets Interest received Finance costs Decrease/{increasel in stocks {Increaselldecrease in debtors Increase in creditors 876,627 91,780 145.422 (136.669) 24,783 (437,412) 3,469 2,976 {669) 18,111 141,663 299,603 (354,0641 3,295 (2,976) 49.524 153279 Net cash provided by operations 496 638 382,104 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 432.007 431.307 432 007 431,307 Total 432,007 431,307 The notes fomi part of these financial statements Page 13
The Liversage Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2024 STATUTORY INFORMATION The presentation currency of the financial statements is the Pound Sterling (£1. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity. which is a public benefit entity under FFIS 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 Fleporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {ellective 1 January 2019),, Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic ot Ireland, and the Charities Act 2011. The tinancial statements have been prepared under the hislorical cost convention. with the exception ol investments which are included at market value, as modilied by the revaluation of Certain assets. 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 Ihe amount Can be measured reliably. 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 classilied under headings that aggregate all cost related to the Category. Where costs cannot be directly attributed to particular headings they have been allated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not a¢¢rued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to write otf each asset over its estimated useful life. Housing prop6rti6s for letting 10°/v on cost. 50/0 on cost, not provided and between 15 to 50 years not provided and between 15 to 50 years 33Q/o on reducing balance, 20 % on reducing balance and 10/ on cost 250/0 on reducing balance Non-social housing propertias Fixtures and fittings Motor vehicl8s Propaty components lifespan are as defined in DCLG Decent Homes Guidance Annex A. The Board of Trustees has not accounted for depreciation on its housing properties and non-social housing properties on the grounds that their estimated remaining usèful econornic life exceeds 50 years. Houslng propertles Housing properties are principally properties available for rent and are stated at costfvaluation less any provision lor impairment {representing a diminution in the recoverable semce potential of the asset below its carrying value in the balance sheet) less depreciation. Cost includes the cost of acquiring land and buildings. development costs, interest charges incurred during development and expenditure incurred in respect of improvements. Improvements are works to existing properties which result in an increase in the net rental income. including a reduction in maintenance costs or result in significant extension of the useful economic lil8 of the propety- Housing properties are included at valuation up to and including the last valuation. Housing properties constructed since 1991 are included at cost and not depreciated. Component additions since April 2011 are capitalised and the component is depreciated over its deemed useful life. Housing properties in the course of construction are included at cost and not depreciated. Page 14 ontinued...
The Llversage Trust Notes to Ihe Financial Statements - conlinued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Tangible tixed assets The disposal proceeds from properties owned outright are includ8d in tumover. and th8 surplus or deficit is accounted lor in the Statement of Financial Activities in the period in which the disposal cccurs as the difference between the net sale prweeds and the net carrying value. Works to existing housing properties Expenditure on existing housing properties is capitalised when it is either capable of generating increased luture rents, extends their useful economic lives or significantly reduces future maintenance costs. All other expenditure in respect of general repairs to housing stock is charged to the Slatement of Financial activities as incurred. Impaimient All properties are considered for impairment annually and detailed reviews of assets for impairment are carried out if there is an indication that impaiment has occurred or if they are not being depreciated. Impainnents that are a result of a major reduction in the service potential ol a propety are recognised in the Statement of Financial Aclivities. Impairments that reflect general changes in price are, where the propety is shown at a valuation. recognised in the statement of total recognised surpluses and deficits until the value of the asset falls to depreciated histori¢al cost. Further impairments, or the full impairment if th8 propety has not been revalued, are then recognised in the Statement of Financial Activities. Social Housing Grant (SHG) and Other Grants Grants received as a ¢ontribution towards rèvenue expenditure are matched against that expenditure by being included in turnover in the Statement of Financial Activities. The related expenditure is included under operating cosls. Grants are recognised in the same period as the related expenditure provided the conditions for receipl have been satisfied and theré is reasonable assurance thal the grant will be received. Grants received as a contribution towards the capital cost of a scheme and its properties are in¢luded at historical cost, the total grant receivable is deducted Irom the cost of housing properties. In certain circumstances, such as the sale of housing properties, SHG may be repayablè, and, in that event, is a subordinated debl and is ac¢ounted for as soon as the liability arises within creditors. amounts falling due within one year. Stocks Stocks ar6 valued at the lower of cosl and net realisable value, after making due allowanc6 for obsolete and slow moving items. Taxatlon The charty is exempt from tax on its charitable activities. Value added tax The Trust is not register8d for value added lax. All expenditure where applicable is shown inclusive of value added tax. Fund accounting Unrestricled funds can be used in aordanCe 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 pUoses. Further explanation of the nalure and purpose of each fund is included in the notes to the financial statsments. Investments Investments are carried at market value. Upwards revaluations are reported in the Ststement of Financial Activities and credited to a general reserve or the designated fund in which the investment is held. Diminutions in value are recognised in the Statement of Financial Activities until the investment revaluation reseTve in respecl of that asset no longer exists. Page 15 continued...
The Liversage Trust Notes to the Financlal SLitsmonts - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Golng concern After reviewing the Charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Charity, therefore continues to adopt the going ¢on¢ern policy in preparing its financial statements. DONATIONS AND LEGACIES 2024 2023 Donations 32.553 1,053 INVESTMENT INCOME 2024 2023 Bank interest M&G Securities Funds income CCLA Inveslment income and Deposit interest 3,392 330,785 103235 1,839 295,564 437,412 354,064 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Provide accommodation via almshouses. Almshouse & market property sheltered housing and a residential care rents home for the residenls of Derby Provide accommodation via almshouses, sheltered housing and a residential care home for the residents ol Derby Provide commercial premises for rent 949,238 907,222 Care home residential fees Commercial rents 1.346,334 173685 1.247.329 176,635 2.469,257 2.331,186 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Support costs (see note 8) Direct Costs Totals Provide accommodation via almshouses, sheltered housing and a residential care home for th8 residents ol Derby Support financial hardship of residents of Derby via Household fund and Chair's Crisis Fund Provide commercial premises for rent 1.984,834 87,331 110.032 2,182.197 31.150 31,150 7.046 1,991,880 118,481 110,032 2.220,393 Page 16 continued...
The Llversage Trust Notes to the Financial Statements - continued lor the Year Ended 31 March 2024 GRANTS PAYABLE 2024 2023 Provide accommodation via almshouses, sheltered housing and a residential care home for the residents of Derby Support financial hardship of residents of Derby via Household fund and Chair's Crisis Fund 87.331 82,598 31,150 70,218 118,481 152,816 The total grants paid to individuals during the year was as follows: 2024 2023 Winter fuel and water payments Christmas presents - Almshouse residents Amenities fund Household fund Chair's Crisis Fund Christmas hampers 31.150 10,070 800 52,738 21,823 70,720 9,978 56.428 13,790 118481 152816 SUPPORT COSTS Governance costs Provide accommodation via almshouses, sheltered housing and a residential care home for the residents of Derby 110.032 Included in support costs are Auditors, remuneration which amounted to £5.000 {2023 - £5.000} and other non- audit seNices which amounted to £10,893 12023- £11.405). AUDITORS, REMUNERATION 2024 2023 F86s payab16 to the charity's auditors for Ihe audit of the charity's financial statements 5,000 5,000 10. TRUSTEES, REMUNERATION AND BENEFITS There were no tTUSte8s' rémunération or other benetits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses Expenses totalling £914.5012023- £461) were reimbursed to trustees during the year ended 31 March 2024. 11. STAFF COSTS 2024 2023 Wages and salaries sla1 security costs Other pension costs 1,128.616 83,285 25,676 963,576 79.181 16.625 1.237,577 1,059,382 The average monthly number of employees during ihe year was as follows: 2024 2023 Senior management Office staff Page 17 continued...
The Liversage Trust Notes to the Financial Statements - continued lor the Year Ended 31 March 2024 11. STAFF COSTS - continued Maintenance staff Resident support and care home staff 49 42 61 51 The number of employees whose employee benefits (excluding ernployer pension coslsl exceeded £60,000 was.. 2024 2023 £60,001-£70.000 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Endowment fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 1.053 1.053 Charitable actlvltles Provide accommodation via almshouses, sheltered housing and a residential care home for the residents ol Derby Provide commercial premises for rent 2.154,551 176,635 2,154,551 176.635 Investment income Other income 354,064 10.692 354.064 10.692 Total 2.696.995 2,696,995 EXPENDITURE ON Charltable activities Provide accommodation via almshouses, sheltered housing and a residential care homg for the residents of Derby Support financial hardship of residents of DeY via Household fund and Chair's Crisis Fund Provide commercial premises for rènt 2,227,778 2,227,778 70,218 7.616 70,218 7.616 Total 2.305.612 2 305,612 Net gainslllosses) on investments 292,5621 299,603) NET INCOMEI(EXPENDITURE) 98,821 (7.041) 91,780 RECONCILIATION OF FUNDS Total fvnds brought forward 23,927.815 252,705 24.180.520 TOTAL FUNDS CARRIED FORWARD 24 026 636 245,664 24,272,300 Page 18 continued...
The Liversage Trust Notes to the Financlal Slatements - continued for the Year Ended 31 March 2024 13. TANGIBLE FIXED ASSETS Housing properties for letting Non-social housing properties Fixtures and fittings Motor vehicles Totals COST At 1 April 2023 Additions Disposals 10,703,402 434,724 113 078) 1,205,257 8,016 434,937 56,801 13,900 23,9g4 13,9001 12.357,496 523,535 126,9781 At 31 March 2024 11.025,048 1.213,273 491,738 23,994 12,754,053 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal 577,972 106,167 82,314) 22,852 3.447 307,648 32,136 13,208 3.672 13,381) 921,680 145.422 95 6951 At 31 March 2024 601.825 26.299 339,784 971,407 NET BOOK VALUE Al 31 March 2024 10,423,223 1,186,974 151.g54 20,495 11,782.646 At 31 March 2023 10,125,430 1,182405 127,289 692 11 435816 14. FIXED ASSET INVESTMENTS Cash and settlements pending Listed investm6nts Totals MARKET VALUE At 1 April 2023 Additions Disposals Revaluations 8,102,647 1.925.029 10,027.676 103,234 103,234 {1,000,000) (1.000,000} 302,399 302.399 At 31 March 2024 8 405 046 1,028,263 9.433.309 NET BOOK VALUE At 31 March 2024 8,405,046 1,028.263 9,433.309 At 31 March 2023 8,102.647 1 925,029 10,027,676 There were no inveslment assets outside the UK. At 31 March 2024. the investment portfolio included the following investrnents which represented a material proportion of the portfolio as a whole- M&G Securities Income Funds £3,390,142 {35.940/.I, M&G Securities Charity Multi Asset Accumulation Funds £4,252.346 {45.081.). CCLA Income units £762.558 {8.08 % } and funds held on COIF Charities Deposit Account £1,028,263 (10.90Y•). Cost or valuation at 31 March 2024 is represented by.. Cash and settlemenls pending Listed investments Totals Valuation in 2024 Cost 302,399 8.102.647 302,399 9.130,910 1,028,263 8 405,046 1 028,263 9.433,309 Page 19 continued...
The Liversage Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 15. INVESTMENT PROPERTY FAIR VALUE At 1 April 2023 Addilions 2,707,624 1 145,277 At 31 March 2024 3,852.901 NET BOOK VALUE At 31 March 2024 3.852,901 At 31 March 2023 2,707,624 Fair value at 31 March 2024 is represented by.. Valuation in 2022 Cost 149,204 3,703,697 3.852,901 The investment properties were last revalued at 31 March 2024 by Messrs. Milner & Co., Chartered SuN6yors on an investment basis. The 2024 valuation determined no change. 16. STOCKS 2024 2023 Stocks 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Rents, maintenance contributions and care homè feès outstanding Prepayments and a¢¢rued income 66,652 62,770 29,228 92,667 91,998 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Payments on account Trade creditors Swial security and other taxes Other creditors Accrued expenses 87,288 183.731 19,691 107.167 131.026 75,066 14,862 125,515 7g.328 443,903 425.797 Page 20 continued.
The Liversage Trusl Noles to the Financlal Statements - conlinued for the Year Ended 31 March 2024 19. MOVEMENT IN FUNDS Net movement in funds Translers between funds At 31.3.24 At 1.4.23 Unrestriclod funds General reseNes Extraordinary Repair Fund Cyclical Maintenance Fund Propety Development Fund Asset Replacement Reserve Charitable Fund Liversage Court- Fee Shortfall Fund Liversage Court- Equalisation Fund Queen Victoria Loan Fund Liversage Court - Depreciation fund Donation Reserve 15,125,800 2,659,115 484,714 2,933,589 92,983 436,490 22,377 145,000 1,450,930 675.638 2.352,452 {398,307) 13,312) {1,096.2671 (46,7271 {656,830) 272,650 21.000 255.180 23,000 16,821,422 2,533.458 502,402 2,092,502 69,256 436,490 22,377 230.000 1,483,472 675,638 31,873 85,000 32,542 31,873 24,026,636 872.254 24,898,890 Endowment funds General Endowment 245,664 4,373 250,037 TOTAL FUNDS 24,272,300 876 627 25,148,927 Net movement in funds, in¢lu¢Jed in the above are as lollows: Incoming resources Resources expended Gains and losses Movement in funds Unreslricted funds General reserves Extraordinary Repair Fund Cyclical Maintenance Fund Propety Development Fund Asset Replacement Reserve Queen Victoria Loan Fund Donation Reserve 2.763,810 100,282 26.250 38,136 {442,060) {529,633) 146.0651 {1,155.9081 {46.727) 30,702 31.044 16,503 21.505 2,352,452 (398,307) (3,312) (1.096,267} 146,7271 32.542 31.873 32,542 31,873 2.960,351 (2.220,393) 132,296 872.254 Endowment funds General Endowment 4,373 4,373 TOTAL FUNDS 2.960 351 2.220,393) 136,669 876.627 Page 21 continued...
The Liversage Trusl Notes to the Flnancial Slatements - continued for the Year Ended 31 March 2024 19. MOVEMENT IN FUNDS- contlnued Comparatives for movement in funds Net movement in funds Transfers beeen funds At 31.3.23 At 1.4.22 Unrestricted funds General reseNes Extraordinary Repair Fund Cyclical Maintenance Fund Propety Development Fund Asset Replacement ReseNe Charitable Fund Liversage Court- Fee Shortfall Fund Liversage Court- Equalisation Fund Queen Victoria Loan Fund Liversage Court - Depreciation fund 15.034,954 2,632,655 699,835 2,698,802 81,560 436,490 22,977 145,000 1,503.325 672217 856,74g 1368,031) 1236,121) (73,2171 111,5811 {765,9031 394,491 21,000 308.004 23,004 15,125,800 2.659,115 484,714 2,933,589 92,983 436.490 22.377 145.000 1.450,930 675,638 {6001 (52,395) 16,583) 20,004 23,927,815 98,821 24,026,636 Endowment funds General Endowment 252,705 {7,041) 245.664 TOTAL FUNDS 24 180520 91,780 24,272,300 Comparative net movement in funds, included in the above are as follows.. In¢oming Resources resources expended Gains and losses Movement in funds Unrestricted lunds General reserves Extraordinary Repair Fund Cy¢lical Maintenance Fund Propety Development Fund Asset Replacement Reserve Queen Victoria Loan Fund Liversage Court - Depreciation lund 2,556,067 87.197 22,825 30,907 (1,634,466) (310.1231 (243,168) {89,692) (11,581) (64,852} 1145,1051 (15,7781 {14.4321 856.749 1368,031) 1236,121) (73,2171 (11.5811 152.395) 16.583) {52.395) 1) 16 5821 2.696.995 (2.305.612) (292,562) 98.821 Endowment funds General Endowment (7.0411 (7.0411 TOTAL FUNDS 2.696.995 91,780 Transfers between funds Endowment lunds The income of the Endowment Fund may be used for any purposes that are 'exclusively charitable. and is therefore classified as unrestricted. Unrestricted funds Unrestricted funds are availabl8 for any purpose appropriate to the Trust's chaiitable objects. Unrestricted designated funds Designated reserves are part of unrestricted reserves which have been eamarked by the Board for a particular purpose. Such designations may be reversed by future Board decisions. Expendilure cannot be directly set againsl designated reseNes but is taken through the income and expenditure account. A transler is then made from designated reserves as appropriate. Page 22 continued...
The Liversage Trust Notes to the Financial SL*ements- continued for the Year Ended 31 March 2024 19. MOVEMENT IN FUNDS - continued Transfers between funds - continued The Trust designates those reserves set aside for future major repairs on all its housing properties and for cyclical maintenance fund including Liversage Court Care Home. The amounts set aside are based on a stock condition survey of the Trust's housing properties and represents the expendilure that cannot be met from the Registered Provider's future rental income stream. The designated reserve is the amount that the Board estimates is required for future major repairs. Property Development fund This fund was set up to fund the development of residential and commercial properties. Asset Replacement Reserve fund This fund was establishe(J to maintain the assets of the Trust and Liv6rsage Court Care Home, such as fixtures and fittings and motor vehicles. Charitable fund This fund was established in the face of increasing demands for charitabl8 relief for beneticiaries. Llver8age Court Fee shortlall fund This lund was established to meet the costs of Liversage Court lees for qualifying residents assessed to be in need, hardship or distress who cannot afford to the pay lull feé16v8ls charged. Llversage Court Equallsation fund This fund was set up to help offset any future deficits that may ¢xcur as a result of income shortfalls. . Queen Vlctorla Loan fund This fund was established to assist with capital projects of The Liversage Trust. Liversage Court Depreciatlon fund This fund was established to fund schemes of an extraordinary nature for Liversage Court.. Donatlons reserve This fund was set up to hold the legacy donation. 20. EMPLOYEE BENEFIT OBLIGATIONS The Trust operatss two defined contribution pension scheme for its employees. Both schemes are open to all employees with the Trust contributing 3 % of the employees gross earnings to one and 39/0 of qualifying eamings to another. Funds are held in separately administered funds. Total contributions in the year to both schemes amounted to £20,953 {2023- £16.625}. The amount owed at 31 March 2024 was £6,266 (2023 - £3.986). 21. RELATED PARTY DISCLOSURES There were no related party transaclions for the year ended 31 March 2024 nor for th8 year ended 31 March 2023. Page 23