REGISTERED CHARITY NUMBER: 1155282 TrustOos' Report and Flnanclal Statements for tho Yoar Ended 31 March 2025 The LIvorsag• Trust Boume & Co. Statutory Auditor5 47a Queen Street Derby D8rbyshir8 DE13DE
Tho Llvgrsage Trust Contents of the Flnanclal Ststements for the Year Ended 31 March 2025 Pag• Trustees. Report 1 to 6 8tatomont of Truste•s' Rosponsibllitlos Report of the Independent Audltors stat•mont of Flnanclal Actlvltlos 10 Balance Sheet 11 Cash Flow Ststamant 12 Note5 to the Cash Flow Statsment 13 Notes to the Flnanclal Statements 14 to 24
The Llversage Trust Trustees, Report for the Year Endod 31 March 2025 The Trustees present their report with the financial statements of th8 charity for the year ended 31 March 2025. The Trustees have adopted the provisions of Accounting and Reporting by CharitSes'. Statemenl of Recommended Practice applScable to charltles proparlng their accounts In accordance wilh the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191. The Trustees present their report to accompany the accounts for the period ending 31 March 2025. REFERENCE AND ADMINISTRATIVE DETAILS Roglstsred Charlty Name: The Liversage Trust Charlty Number: 1155282 Prlnclpal Offlco: Liver5age Trust, 21 Aice Street, D8Tby. DE12BY Trustees: The Trustees who served during the year. all of whom are volunteers, were as follows: Mr Malcolm Allsop {Chairl Ms Sue Glithero (VI Chair) Mr Les Allen Mr Tim Benson (Nominated by the Parochial Church Councll) Mr John Brtttain Mr Richard Docker Mr Michael Foote Mr Don M¢Lure Cllr Shiraz Khan (between 01104124 and 17105124- Nominated by Derby City Council) Cllr Tim Prosser (from 22105124 - Nominated by Derby City Councll) Mr Roy Webb General Managor: Andrew Mellors BA {HONSI PGDIP CERT CIH Audltor: Boume & Co. 478 Queen Street, Derby, DE13DE Bankors: Natwest Bank, Crompton House, Derwent Street. Derby, DE12ZG Sollcltors: Flint Bishop LLP St. Michael's Court, St. Michael's Lane, Dertiy, DE13HQ Penslons Advlser: Steve Cant and A$SlateS Ltd, 61 High Road. Chilwell, NG9 4AJ HR Advl$•r: Guardian Support, Lyndon House. 62 Hagley Road, Bimiingham, B16 8PE Health & Safety Advlser: Howarths. Newbury Court. Brooke Street, Cl8ckheaton. BD19 3RR The Trust promotes whistl&blowing services offered by the Charity Commission and Protect and is a member of th8 National Association of Almshouses, which is a support charity repr858nting 1,600 independent Amshouse charits'es throughout the United Krngdom. In 2024125. the Trust continued to manage six properb8s owned by the Lillian Prime Trust, a small local charity that supports people diagnosed with Multiple Sclerosi5. Separate adminislrative and financial arrangements a in place, and Trustses receive regular reports of th8 affangement, which Is set to conunue into the next finanoial year. OBJECTIVES AND ACTIVITIES The objects of the Charrty, as expressed in the Conststution are: lo provide relief eith8r generally or individually to thos8 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 resSdential accommodation. housing, services. facilities andlor good$.. Pag8 1
The Llversage Trust Trustees. Report for tho Year Ended 31 March 2025 The Llversage Trust is an Amshouse Chartty providing accommodation for eldedy and frail older people and maklng grants for the relief ol povety- The Trust OP8rates exclustvely within the City of Derby. We provide 163 homes for independent older peopl8 on four eslates across the clty, and manage a 40-bed residential Care Home. Liversage Court, which provides residential care for frailer elderfy people. We also provide grants to residents in Derby, who are in hardship. to help them obtain e$senlial household items, and offer limited financial 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 activities. Trustses ensure through good goveman¢e that the aims and objectives of the Trust are achieved, and fvlly comply wilh their duty. as described in sectron 17{$1 Charities Act 2011, to have due regard to the Charity Commission's public benefit guidanc8 when ex8rcising any powers or duties to which the guidance is relevant. Trustees review goveming documents on a regular basis and policy on grant making annually, with guidelines updated and easily accessible lo all. For 20245, the total grants budget was maintained to enable us to continue assisting as many residents as possible across Derby. STRUCTURE, GOVERNANCE AND MANAGEMENT The Liversage Trust is estsblished as a Charitable Incorporated Organisation. The Charitys origins date back to 1529, founded by the Will of Robert Liversage. The current Governing Instrument is a Scheme made by the Charty Commissioners on 18 February 1971, which stands as amended by subsequenl Schemes. This year. 2024125. marked the first full year of our revised meeting structur8. following a 'Gov6mance Revlew. whlch began in 2022. This culminated in a number of minor changes made to the Trust's Constitution on 4 April 2023, alongside changes to standing orders and financial regulations to ensu operating rules accurately reflect our revised mode of operation. while maintaining the distinction baeen Governance and Management. The new approach was implemented from January 2024 onwards and saw the Trust rnove from a series of stsnding committee$ {Care Home. Estates, Finance and Stral6gi¢ Policy Panel) which reported to Board on a quarterly basis. to bi-monthly Board meetings covering all aspects of the Trusys operations. The new approach was reviewed by Board in October 2024. Whe it was noted that, overall. the new approach had proved successful, with Trustees happy wlh the new arrangements and Trust business being completed satisfactorily. Our current Constitution allows for up to ten appointod Trustees, plus one ex-offi¢io Trustee (the Vicar of St Peter's Church that currently remains vacant, following retirement of the previous post-holderl and nominated Trustees lone each from Derby City Council and the Parochial Church Council. which would include thg Vicar of St Peterfs Church. should this post be peanentlY filled). In selecting individuals for appointment, the Charity Trustees have regard to the skills. knowledge and experience needed for the effecttve administralion of the Charity. All new Trustees are supplied with a comprehensive induction pack including the Govemlng Instrument, latest publlshed Accounts, and a copy of 'Standards of Amshouse Management, published by the Almshouse Association. They are invited to have an Induction meeting wlth the General Manager. Training for Emjth new and serving Trusl885 is mainly by attending seminars organised by the Amshouse Association. either in person or wrtually, although tailored group training is provided in areas such as 'recruitment and selection, and equality and diversity-, Representstives from the Trust also regulady attend the East Midlands Almshouse Association Regional Meeting to neork with other almshouse charities and be updatsd on best practice. A specific budget is maintained to support training and development. During the first full year of our new goveman¢e approach. the Board of Trustees met seven times. Policies and operating procedures continued to be regularfy reviewed throughout the year which, during 2024125, included Flexible Working, Almshouse Residents and Visitors Complaints Policy, and Powered Mobility Aids. Page 2
Tho Llversago Trust Trustees. Report for th8 Year Ended 31 March 2025 Markotlng Over the last few years. the Trust has worked hard to improv8 our marketing strategy for the Trust and d8V81op our brand to improve awareness of the fijll Tange of work undertaken by the Charity and the support we offer. During 2024125, the Trust continued its partnership with a local c>)mpany called Imaginaire, to assist with our online social media presenca and to update and maintain key platfomis for promoting our services and providing vital information to residents. Moving forward, we will continue to explore extending partnership working through this approach, while continuing lo develop existing partnerships, operating 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 provid8 people in need with essential household items. ACHIEVEMENTS AND PERFORMANCE The Liversag& Trust continu85 to make a positiv8 difference to the lives of Ils beneficlaries. At its core is maintaining quality housing and support for older people. at a cosl well below market levels. Malntalnlng the property portfollo The value of properties is maintained through ongoing investment in repair and renovation. The in-house maintenanc8 team deliver a responsive repairs service. supported by specialist contractors as required, while major ¢apitsl projects are tendered to ensure the right balance between quality and valu8. The Trust has adopted a policy of applying revenue income to upkeep its housing stock and 8ndowmonl property and remains committed to upgrading s8rvices and facilities for its Sidents. meeting major expenditure. where appropriate. from designated reseNes. We have a comprehensive investment programme to 2038139, detailing costs and fijnding for major works and additions to our portrolio. While the18St few years have been dominated by high in)lation, 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 2024125, the Trust still completed several major improvement projeds. This included refurbishment of bathrooms at Franchise Street and Nottingham Road, replacement of ga$ fires with electrical fires for all residents who wanted to swap. replacement smoke alamis for all properties, new rear doors at Franchise Street bungalows, n8w roofs at Arthur Hind Close. n6w kitchens at Franchise Street and improvements to Fran¢hi$e Slreet car park and external painting of the estste. Where work has been Completed, residents benefiting from these programmes have been highly dalighted with all the work and improvements undertaken. Whlle loss of income from our commercial propety portfolio has generally remained a low risk over the last few years. rental growth remains limited owing to 0th8r market factors such as properties not occupying prime city centre locations, propety age, and current market position. While the overall position is kept under rovi8w, we also continue to explo allemative options for longer-lerm investrnent income. This inciudes conlinued review of opportunities to extend our portfolio. mainly focusing on making the most out ot existing assets. Truste8$ conllnu8 working towards a conv8rg6d 'renV structure for resldential property. revlewlng our approach during the year to bring greater parity betsveen charges for similar properbes. applying a modest increase in weekly maintenance contributions year on year. Ensurfng an effectlvo Serv1 for resldents We cary out an annual review of resident support pferenCeS and adapt our Service to meet the requirements expressed. Residents Continue to benefit. as required. from regular visits. telephone contact. and free emergency call alami technology. Our Resident Support Officer IRSO) position rernains a strong advocate for all residents. while also supporting residents with more complex needs to access wider and specialist support servIs, making a positive difference to people's lives. For example, this ran be seen in the Onoing work lo support indivtdual 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 staffing team often go above and b8yond to help in times of need, visiting residerrts who have been admltted lo hospltal and bringing them thelr personal belongings to make theSr stay in hospital more comfortable. The Tnjst provides a Community Centre resource on tsvo estates. which benefits not only our residents, but the wtd8r community. W8 also arrange and promote a variety of outings and activities for residents to enjoy, should they choose to take part. We hold regular meetings with SIdentS across all our estat8s, produce and distribute a newsletter tsvice a year and share individual estate updates on a more regular basis. which are welcomed by all residents. Page 3
The Llvorsagfr Trust Trustees. Report for the Year Ended 31 March 2025 In 2016. our Care Home was one of a select few in Derby to be rated 'GOOD' by the Care Qualty Commi$$ion {CQGI in each of 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, induding during the COVID outbr8ak and more recent implementation of their new regulatory approach. The CQC after our last inspecllon stated thal people living at Liversage Court receive a good servtce. They stated: 'People told us how happy they were there and how Ihe service met their individual and diverse ne8ds. Staff were very positive about their work. and clearfy respected each person as an individual. supporting them with kindness and good humour.. Since this time, staff have continued lo work hard. despite on-going challenges in the sector, to maintsin this approach and to provide a safe, effeclive. caring, r8sponsive and well-led service. TTUStees strengthened this approach during the current year, by commissioning an independent review of our care home operations. specrfically designed to look at potential capital improvements within the home, and on-going wability. From Ihis, a number of recommendations were highlighted and considered by Trustees. leading to a number of capital projects being included within the care home's future ¢apilal works programma, while providlng rèassurance that th8 homé is indeed well-run and continues to be a viable on-going concem. Wlder communlty n•flts The activities and partnership working of the Liversage Trust also delivers wider benefits to the people of Derby. We work dosely with a range of organisations in delivering our Household Fund Grant service to ensure we reach Derby people most in need of our support. Throughout 2024125. WOTk has continued to improve grant-giving s8rvices. particularly focusing on making the application process as simple as possible, while still ensuring quality of infomation received. We also continued to provide emergency aid to Derby residents via the Janet Till Crisis Fund (named afler our late fomer Chairl which. as well as providing funds for utility aid or food, also covers emergency travel costs for Derby residents to access rehabilltation Services. complementing household goods already on offer. Where posslble, we also refer residents and applicants into wder extemal support programmes. particulady those led by Derby City Council to support individuals who ar8 Struggling under conllnuing 'cost of living, pressur8S. SO that as much support as possible is given to those who need il. Since April 2016. the Trust has also delivered a management role for six properties owned by Lilian Prime Trust.. a small Derby-based charity that provides homes for people suffering from Mulliple Sclerosis or any other physical or mental disability and in need of housing and any other associated amenities specifically designed or adapted to meet their needs. The drivtng force behind our involvement being Lilian Prtme Trustees, belief that we could deliver improved services to their SIdents. This has proved to be the Case, and we continue to make a positive difference to the liv8s of individual resid8nts of that charity. arranging regular repairs. well-being visits and access to emergency alarms and support servS¢es. We also work closely with 'Poss+Abilities Dance and Fitness Group. a Derby-based organisation providlng support and opportunities for adults with differences here anything is possible.. They run classes three times a week from our community centre at Ai¢e Stet, while we have also organised joint evenls and garden parties for residenls and the wider community to enjoy together. Investment perfomiance While the Trust's investment performance over th8 last few years has lluctuated widely. owing first to COVID and then wodd-wide events. the Trust's investrnent performance during 2024125 has continued to be based on the following objectives set by Trustees. which include.. Pre$erye and enhance wh8r8 possible the valu8 of investrn8nts without taking undu8 risks. Retain minimum daily balances in the Bank account and Charities Official Investment Fund (COIFI deposit fvnd of £100,000 and £250.000. respectively. Retain sufficient liquid assets to respond lo opportunitles as they arlse to strengthen our exlstlng asset base. Only encash medium-tenn investments when required and when profitable to do so. Reduce risk by Spreading investment over a wide range of slocks and shares via Common Inveslment Fund5 Limil investment in banks and building societi8S to totals cov8r8d by the Financial Services Compensation Sch8me {FSCS). The Trusvs investment policy continues to be based upon security, liquldity. income. capital growth. and no other factors. Short and medium-term investments lof betsYe8n 5 and 10 years) are principally wa large holdings in CCLA COIF Investmenl Fund and Propety Fund and M&G Funds (previously NACCIF). In 2024125. investment perfoThance in these holdings for the most part, performed well and that, overall, expectation on the retum frorn long-term investments remains positive and is expected to exceed inflation over lime. The Trust receives monthly reports from Fund Managers and meets with them as appropriate, for additional expert advice. Page 4
The Llvorsago Trust Trustso$' Roport for the Year Ended 31 March 2025 FINANCIAL REVIEW The Trust's aim is to preserve and enhance the Trusys asset base and invest wsely to secure the long-term sustainability of the Charity. particularfy as the Trust is currently in the fortunate posltlon to be flnanclally stable and self-sufficient. The aim is to ensure that expenditure on housing and support aclivities. including appropriate contributions to designated r8serves. are met by income generated by those activities, with any surplus regarded as supplementing charitable giving. We also have a capital programme detailing proposed work up to 2038139 and have estimated thal to meet the costs of all work identified, encashment of some inv8Stments may be r8quir8d, in additlon lo use of re$erve$. Taking account of recent market conditions and future objeclives, Trustees during 2024125, agreed to review current arrangements for managing the Trusfs investment portlolio. seeking independent advice and recommendations on how best to optimise retums and fund longer-temi projects. After an op8n tend8r process, PMCL Consulting undertook the review. providing a report in March 2025. giving Trustees a comphen$1ve ovetview of the Trusys current investment strategy and management arrang8ments, along wilh a series of 0)MMendatIOnS to be considered moving into the n8W Financial Year. Reserves posltlon The Trust 1$ in a strong po$itson in tenns of both its revenue account and balance sheet and holds investments in a range of funds including Common Investment Funds. Charities Officlal Investment Fund Deposits and M&G's Charifund and Charity Mulli Asset Fund. Our approach is set out in our Reserves Policy. A salient feature of the Trust's plan is to continue, as far as rosources pom1, to bulld up Investments to meet expected demands and to take advantag8 of opportunities lo add to its housing and commercial propety base. At the year end, we hold £9.8m investments that will help realise the Trusvs future development ambitions and is more than adequale for the Trust's long-term stability. We have made material transfers into reserves over the last few years. specifically into our Propety Development Fund. to support our planned residential conversion and development programme to 2039. Having completed the refurbishment of Alice Street Works Into th6 Trust's new Maintenance Depot and Main office: this is a first stspping-stone to further refurbishment work at our London Road estate. which is currently being considered, b8fore potential and slgnificant development of new build properties at Clarke Street. Managlng Rlsk The Trust, in addressing the matter of risk management and assessrn8nt. has in place an extenslve system of intemal controls including regular meetings. extemal and intsmal audit, budget monitoring. management accounts. Standing Orders. Financial Regulations and a variety of written policies. Al policies are subject to planned. periodic review. We maintain a Health and Safety Action plan with support from th8 Trusvs appoinled 'competent person. under The Management of Health and Safety at Work Regulations 1999. Thls is gUladY reviewed by Trustees. Throughout 2024125. we have continued to build upon our updat8d Risk Regist6r and reporting approach, especially with regard to our new governance approach. building on a comprehensive revlew undartaken in 2017118. ensuring that Board considers allocated risk at appropriate frequencies. Five main risk areas are identi)led including governance. operational. financial, environment or external factors and compliance risk. For each section. 58veral risk5 are identified and are determined as either a low. medium. or high risk-. the majority being low risk. Changes in risk level are updated regulady, and any mitigating actions undertaken to offset that risk are detailed. alongside general comments and when risk levels will be reviewed. Current prinGipal risks identified include the ag8 profile of Trust88s. a dependence on l or loss of key staff, especially at Liversage Court. the return of a serious @pidemic including Covid, cosl overruns on major capital projects funding the long-tetm capital programme and inappropriate investment de¢isions. We are registered with the Infomiation Commissionerfs Office IICO) and undertook a considerable amount of work in 2017118 to ensure compliance with the General Data Prolection Regulation IGDPR) beginning May 2018. Throughout the current year, we have assessed perfoman¢e and continue to refine our approach. including looking at different approaches towards encrypting email accounts and reviewing policies and procedures. Page 5
The Liver5age Trust Trustees, Report for the Year Ended 31 March 2025 CONCLUSION With continuing high inflation and on-going 'cost of living. pre55ures creating a difficult environment in which to operate, 2024125 has continued lo present significant challenges. both to the Trust and those that use our services. 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 older and frail elderly people and making grants for the relief of poverty 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. settled well into our new office and maintenance depot and have conkn.nued planning for further refurbishrnent and development work, across the Trust's property portfolio. successfully implemented and reviewed a new governance approach. conb'nued to retain our 'Good' rating for our Care Home. while operating in a challenging sector and have reviewed on-going viability and capital investment required into the building fabric. maintained our grant awards to SLJPPOrt local people in need of crisis support, while maintaining support for household items maintained our properties in good repair and continued our ambitious capital programme. Approved by order of the Board of Trustees on 24 November 2025 and signed on its behalf by.. Mr Malcolm Allsop jchairj - Trustee Page 6
The Llversage Trust stat•m•nt of Trustsos. Rosponslbilitlos for th8 Year End8d 31 March 2025 The trustee$ are responsible for preparfng the Tru5tee5' Report and the financial statements in accordance with applicable law and Unlted Klngdom Accounllng Slandards Iunlted Klngdom Generally Accepted Accounting Pracllce) including Financial Reporting Standard 102 "The Financial Reporting Stsndard applicable in the UK and Republi¢ of Iroland.. The law applicable to charities In England and Wales, the ChariUes Act 2011, Charity {Accounts and Roports) Regulations 2008 and the provisions of the trust deed requires the Irustee$ to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and applicalion of SourCes, including the incom8 and expenditure. of the charity for that pettod. In preparing thos8 financial statements, the trustees are required to select suitab18 accounting policies and then apply them consistendy., obsetve the methods and principles in th& Charity SORP., make judgements and eslimales Ihat are reasonable and prudenl., state whether applicable accounting standards have been followed, $ubje¢t to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the golng concem basis unless It is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper attounting records which disclose with reasonable accuracy at any time the financial position of the ¢harity and lo enable them to ensure that the finan¢ial statements Comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They a also r6sponslble for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other 1rguI8r1tie$. Page 7
Roport of the Independent Audltors to tho Trustoes of The Llversago Trust Oplnlon We have audited the financial statements of The Liversage Trust {Ihe 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the financial ststements, 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 Accepled Accountlng Practlce), Includlng Flnanclal Reportlng Standard 102 'The Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland.. In our opinion the financial statements- give a true and fair vlew of the state of the charivs affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended., have been properfy prepared in accordance wth United lQngdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporbng Standard applicable in the UK and Republic of Ireland,: and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Intemational Stsndards on Auditing (UK) {ISAs {UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are r81evant to our audit of the financial statements in trte UK, including the FRC'S Ethical Stsndard. 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. Concluslons r8latlng to golng ¢oncorn In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in th8 pr8paraon of the financlal statements is appropriat8. 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 lo continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conc6rn are describ8d in th8 relevant sections of this report. Other information The trustees are responsible for the other infomatSon. The other Infomiation o)mpri$es the Infomation included in Ihe Annual Report. other than the financial ststements and our Report of the Independent Auditors thereon. Our oplnSon on the financial statements does not cover Ihe other infomiation and, except to the extent othemise explicitly stated in our port we do not express any fomi of assurance conclusion thereon. In wnnection with our audit of the financial statements, our responsibility is to ad the other Infomiatlon 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 mat8rial rnisslatements, we ar8 required to d8lermine wh8ther this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied. 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. Mattgrs on whl¢h we arg rnqulr•d to roPQrt by ox¢optlon We have nothing to report in respect of the following matters vthere the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the information given in the trustees Report is inconsistent in any malerial respecl wlth the financial statements., or sufficient accounting records have not been kept,. or th8 financial statements are not in agreement with the accounting records and retums., or we have not received all the information and explanations we require for our audit. R•sponslbllltles of trustees As explained more fully in the Statement of TfUStg0s' Responsibilities, the Irustees are responsible for the preparalion of the financial statements which give a twe and tsir view. and for such internal control as the trustees determine is ne¢essary to enable the preparation of )Inancial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are reswnsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate Ihe charity or to cease operations, or have no realistic alternative but to do so. Page 8
Report of tho Independent Auditors lo the Trustsos of The Llversago Trust Our responslbllltles for tho audlt of th• financlal stat•ments 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 ObjeNe$ are to obtaln reasonabl& assurance about wholher th8 financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue a Report of the Independent Audilors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures ar8 capable of detecting irregularitles. including fraud is detailed below: Discussions and correspondence with management, including known or Suspected instances of nonacompllance th laws and regulations and fraud Reviewing nominal ledger transactions with particular emphasis on joumal entries posted by management Being alert throughout our work for anything considered unusual by virtue of size or nature A fijrther description of our responsibilities for th8 audit of the financial statements is located on the Financial Reporting Council's websits at wv4w.frc.org.uklauditorsr6sponsibililies. This description forms part of our Report of the Independent Auditors. Uso of our roport This report is made solely to the charity's trustees, as a body, In accordance th Part 4 of lh& Charftles {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required to slale to Ih8m in an auditors. report and for no other purpose. To the fijllest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this repo¢ or for the opinions we have fomied. Boume & Co. Statutory Auditors 47a Queen Stffjet Derby Derbyshire DE13DE Date.. 2Lf Iii 101) Page 9
The Llversage Trust Statement of Flnanclal Actfvltles forth• Year Endod 31 MaKh 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted fund5 Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 32,553 Charftable acllvltles Provid8 accommodation via almshouses. shellered housing and a residential care home for the residents of Derby Provide commercial premises for rent 2,486.940 2,486,940 2.295.572 181.497 181.497 173,685 Investment incom8 Other income 430,275 11,168 430.275 11.168 437.412 21,129 Totsl 3.109.880 3.109,880 2,960,351 EXPENDITURE ON Charitable actlvities Provide accommodation via almshouses, sheltered housing and a residential care home for the residents of Dotby Support financial hardship of residents of Derby via Household fund and Chairfs Crtsis Fund Provide commercial premises for rent 2,399,822 2.399.822 2,182,197 39.500 39.500 31,150 6,923 6,923 7.046 Total 2 446 245 2.446.245 2.220,393 Net gains on investments 191.924 5.968 197 892 136.669 NET INCOME 855,559 5,968 861.527 876,627 RECONCILIATION OF FUNDS Total funds brought forward 24,898,890 250.037 25,148.927 24.272,300 TOTAL FUNDS CARRIED FORWARD 25.754.449 256,005 26,010.454 25.148,927 The notes fomi part of these finan¢lal statements Pago 10
The Liversage Trust Balance Sheet 31 March 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted funds Endowment fund Notes FIXED ASSETS Tangible assets Investments Investments Inveslment propety 13 12,282,696 12,282,696 11.782,646 14 15 9,577,845 3,975.816 256,005 9,833,850 3,975.816 9,433,309 3,852,901 25,836,357 256.005 26,092,362 25,068,856 CURRENT ASSETS Debtors.. amounts falling due within one year Cash at bank and in hand 16 75,332 292,011 75,332 292011 92,667 431,307 367.343 367.343 523,974 CREDITORS Amounts falling due within one year 17 1449.251 } (449,2511 (443,9031 NET CURRENT ASSETS 81,9081 81.9081 TOTAL ASSETS LESS CURRENT LIABILITIES 25,754.449 256.005 26,010,454 25,148,927 NET ASSETS 25,754,449 256,005 26.010.454 25 148.927 FUNDS Unrestricted funds Endowment funds 18 25,754,449 256.005 24.898,890 250,037 TOTAL FUNDS 26,010 454 25.148,927 The financial statements were approved by the Board of Trustees and authorised for issue on 24 November 2025 and were signed on ils behalf by.. Mr Malcolm Allsop (Chair)- Trustee Ms Sue Glilh8ro (Vice Chairl - Trustee The notes form part of these financial statements Page 11
Tho Llversago Trust Cash Flow Statement for the Year Ended 31 March 2025 2025 2024 Notes Cash flows from operatlng actlvltles Cash generated from operations Finance costs paid 490,529 496.638 3,469 Net cash provided by operating activities 486.747 493.169 Cash flows from Investlng acllvltlos Purchase of tangible fixed assets Purchase of fixed asset investments Purchase of investment propety Sale of tangible fixed assets Sale of fixed asset investments Inler6St r6c8ived (730,7621 (552,6411 1122.915) {523,535) (267,901) (1,145,277) 5.432 1,000.000 437,412 350,000 430 275 Net cash used in inv8Sting activities 626 043) 493.8691 Chang8 In cash and cash oqulval•nts In the reportlng perlod Cash and cash equlvalents at the boglnnlng ol tho reportlng porfod (139,296) (7001 431.307 432.007 Cash and Cash oqulvalonts at tho ond of Ihe reportlng perfod 292011 431307 The notes fOn part of these financial statements Page 12
Tho Llversage Trust Note$ to tho Cash Flow Stalomont for the Year Ended 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net Income for the reportlng peTlod (as per the Statsment of Financial A¢tivltles) Adjustmonts for: Depreciation charges Gain on investments Loss on disposal of fixed assets Interest received Finance costs Decrease in stocks Decreasel{increasel in debtors Increase in creditors 861,527 876,627 195,300 {197.8921 35.406 (430,275) 3,782 145.422 (136,669) 24,783 1437.4121 3.469 2,976 {669} 17.335 Net cash provlded by operatlons 490.529 496.638 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Not cash Cash at bank and in hand 431.307 139,296 292,011 431,307 139.2961 292.011 Total 431.307 139,296 292.011 The notes fo part of these financial statements Page 13
The LIvOTsage Trust Notes to the Flnanclal Ststsments for the Year Ended 31 March 2025 STATUTORY INFORMATION The presentation currency of the financial statements is the Pound Sterling {£). ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charity. which is a public benefit entlty under FRS 102, have been prepared in accordance wth the Charities SORP (FRS 102) 'Accounling 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 ot Ireland {FRS 1021 (effective 1 January 2019}', Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ir6land' and the Charilies Ad 2011. The financial slatements have been ppared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Incom• All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fiJnds, it is probable that the InMe will be received and the amount can be measured reliably. Expgndlluro Liabilities are rec>)gnised 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 s8tt1ement and the amount of the obllgation can be measured reliably. Expenditure 1$ ac¢ounled for on an a¢cruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to parttcular headings they have been allocated to activities on a basis consistent with th8 use of resoutces. Grants offered subject to conditions which have not been met at the year end date ar8 not&d as a commitm6nt but not accrued as exp8nditure. Tanglble fixed assets Depreciation is provided at the following annual rat8s in ordér to write off each asset over its estimated useful life. Housing properties for letbng 101A• on cost, 5% on cost, nol provided and b8lw8en 15 to 50 years not provided and between 15 to 50 years Non-social housing properties Fixtures and fittings 33% on reducing balance. 20Yo on reduclng balance and 10% on cost 25% on reducing balance Motor vehicles Propety components Ilfespan are as defined In DCLG Decent Homes Guidance Annex A. The Board of Trustees has not accounted for depreciation on Its housing propertr8s and non-social housing properties on the grounds that their estimated remaining useful econom1¢ Ie exceed$ 50 years. Houslng propertles Hou$lng properties a prfn¢ipally properties available for rent and are stated at costlvaluation less any provision for impairment (representing a diminution in the recoverable semce potontial of the asset below its carrying value in th8 balance sheet) less depreciation. Cost includ85 the cost of acquiring land and buildings, development costs. inlerest 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 inGome, Including a reduction in maintenancg costs or rgsult in significant extension of the usefvl economic life of the property- Housing properbes are included at valuation up to and induding th8 last valuation. Housing properties constructed since 1991 are Included at cost and not depreciated. Component additions since April 2011 are ¢apitalised and the component is depreciated over its de8med u58ful life. Housing properttes in the course of construction are induded al cost and not depreciated. Page 14 continued...
Tho Llversago Trust Notes to the Flnanclal Statements - contlnued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - contlnu•d Tangible fixed assets The disposal proceeds from proportios owned outrlght are Includod In tumover and the surplus or deflclt Is accounted for in the Statement of Financial Activities in the period in which the disposal occurs as the difference between the net sale proceeds and the net carrying value. Works to oxlstlng houslng propèrtles Expenditure on esting housing properties is capitalised when it is either capable of generating increased future rents, extends their usefijl economic lives or significandy reduces future maintenance costs. Al other 6xpenditur8 in r6sp8cl of general r6pairs to housing stock is charged to th& Statèment of Financial activities as incurred. Impalnnent All properties are consided for impaiment annually and delailed reviews of assets for impaimient a carried out if there is an indication that impaimient has occurred or rf they are not being depreciated. Impainn6nts thal are a result of a major reduction in the servic8 Potential of a property are recognised in the statement of Finan¢ial Activities. Impaim)ents that reflect general change$ 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 historical cost. Further impaimients. or the fvll impairnent if the propety has not been revalued, are then recognised in the Statement of Financial Activities. Soclal Houslng Grant (SHG) and Othor Grants Grants received as a contribution towards revenue expenditure are matched agalnst thal expenditure by being included in turnover in the Statement of Financial Activities. The related expenditure is included under operating costs. Grants are recognised in the same period as the related expenditure provided the conditions for receipt have bean satisfiod and Ihere is r8asonable assurance thal Ihe grant will be receiv•d. Grants received as a contribution towards th8 capital cost of a scheme and its properties are included at historical cost, Ihe total grant receivable is deducted from the cost of housing properties. In certain circumstances. such as the sale of housing properties, SHG may be repayable. and, in that event. is subordinated debt and is accounted for as soon as the liability arises within creditors- amounts falling due within one year. Taxallon The ¢harity is exempt from tsx on Its charltable a1VitIes. Value added tax The Trust Is not registered for value added tax. Al expenditure Whe applicable is shown inclusive of value added tax. Fund accountlng Unrestrictsd fvnds can be u$ed in accordan with the oharitable objectives at the discretion of the Irustees. Restricted funds can only be used for particular restricted purposes within the objects of th8 charity. R8slrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fvnd is included in the notes to the financial statements. Investments Investments are carried at market value. Upwards revaluations are reported in the Statement of Financial Actimties and credited to a general reseNe or the designaled fund in which the investrnent is held. Diminutrons In value are recognlsed In the Stalement of Flnanclal Activities until the Inveslment revaluallon reserve In respect of that asset no longer exists. Golng concem After revi8wing the Charitys forecasts and projections. the trustees have a reasonable expectation that the charty has adequate resources to continue in operational exist8nce for the foreseeable future. The Charity, therefore continue5 to adopt the golng concem poliw in preparing Its finanual statsments. Page 15 continued...
The Llversage Trust Notes lo the Flnanclal Statomonts - contlnuod for th8 Year Ended 31 March 2025 DONATIONS AND LEGACIES 2025 2024 Donations 32,553 INVESTMENT INCOME 2025 2024 Bank interest M&G Securities Funds income CCLA Investment income and Dgposlt Intsr8sI 4,076 354,287 3,392 330,785 103 235 430,275 437.412 INCOME FROM CHARITABLE AcTIVlEs 2025 2024 Activity Provide accommodation via almshouses, Almshouse & market propety sheltered housing and a residential care rents home for the residents of Derby Provide ac¢ommodation via almshouses. sheltered housing and a residential care home for the residgnts of Derby Provide commewal premise$ for rent 1.021,040 949,238 Care hijme residential fees Commercial rents 1.465.900 181.497 1.346,334 173.685 2.668.437 2.469.257 CHARITABLE ACTIVITIES COSTS Grant funding of activities {see note 7) Support costs {see note 8) Direct Costs Totals Provide accommodation via almshouses, sheltered housing and 8 residential care home for the residents of Derby Support financtal hardship of $[dents of Derby via Household fijnd and Chai¢s Crisis Fund Provide commercial premises for nt 2.185.407 84,188 130,227 2.399,822 39.500 39,500 6.923 2 192330 123.688 130.227 2 446.245 GRANTS PAYABLE 2025 2024 Provide accommodation via almshouses. sheltered housing and a residential care home for the r8sidents of Derby Support financial hardship of residents of Derby via Household fund and Chai$ Crisis Fund 84,188 87,331 39,500 31.150 123,688 118.481 Page 16 continued...
The Llversage Trust Nolos to the Flnanclal Statements - contlnued for tho Yoar Endod 31 March 2025 GRANTS PAYABLE - contlnued The total grants paid to individuals during the year was as follows.. 2025 2024 Winter fuel and water panentS Christmas presents - Ajmshouse residents Amenities fund Household fund Chairfs Crisis Fund Chrislmas hampers Christmas presents - Care Home residents 39.499 8,600 800 54.972 16.426 1,900 31,150 10,070 800 52.738 21,823 1,900 123.688 118.481 SUPPORT COSTS Govemance costs Provlde accommodaOn vla almshousos, sheltered housing and a residential care home for the residents of Derby 130.227 Included in support costs are Auditors. remuneralion which amounted to £5,000 (2024 - £5,000) and other non-audit services which amounl8d to £9,640 12024- £10,893). AUDITORS, REMUNERATION 2025 2024 Fees payable to th8 charitys auditors for the audit of th8 charity's financial Statements 5.000 10. TRUSTEES, REMUNERATION AND BENEFITS There were no twstees. remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Tru$toos' oxwns•s Expense5 totalling £15 {2024- £915) wer8 rèimbursed to trust88s dudng tho y8ar ended 31 March 2025. 11. STAFF COSTS 2025 2024 Wages and salaries Social 5ecuTity costs Other pension costs 1.271,136 102.040 30.314 1.128.616 83,285 25.676 1.403.490 1.237.577 The average monthly number of employees during the year was as follows: 2025 2024 Senior managemenl Office staff Maintenance staff Resident support and caro horne staff 47 49 60 61 The number of employees whose employee benefits {excluding employer pension costs) exceeded £60.000 was.. Page 17 continued...
The Llversago Trust Notes to the Flnanclal Statements . contlnued for the Year Ended 31 March 2025 11. STAFF COSTS - contlnuod 2025 2024 £60.001-£70,000 2025 2024 £70.001-£80,000 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted nds fvnds Endowment fvnd Total fund$ INCOME AND ENDOWMENTS FROM Donations and legacies 32,553 32,553 Charltsble a¢tlvltl¢s Provide accommodation via almshouses. sheltered housing and a residential care hom8 for the residents of Derby Provide commercial premises for rent 2,295.572 173,685 2,295,572 173,685 Inveslment incom8 Other income 437,412 21,129 437.412 21.129 Totsl 2,960,351 2,960.351 EXPENDITURE ON Charltablo a¢tlvltles Provide accommodation via almshouses. sh<ered housing and a SIdentIal care home for the residents of Derby Support financial hardship of residents of Derby vla Household fund and Chaiffs Crfsis Fund Provide commercial premises for rént 2.182,197 2,182,197 31.150 7.046 31.150 7.046 Total 2 220 393 2 220 393 Net gains on Investments 4,373 136.669 NET INCOME 872,254 4,373 876.627 RECONCILIATION OF FUNDS Total fvnds brought forward 24,026,636 245,664 24,272.300 TOTAL FUNDS CARRIED FORWARD 24.898,890 250,037 25,148,927 Page 18 continued...
The Llversage Trust Notss to the Flnanclal Statements - contlnuod for the Year Endod 31 March 2025 13. TANGIBLE FIXED ASSETS Housing properties for 18tting Non-social housing properties Fixtures and fitttngs Motor vehicles Totals COST At 1 April 2024 Additions Disposals 11.025.048 621.161 102,374) 1,213,273 94.326 491.738 15,275 23,994 12,754.053 730,762 102,3741 At 31 March 2025 11,543.835 1,307,599 507,013 23,994 13,382,441 DEPRECIATION Al 1 April 2024 Charge for year Eliminated on disposal 601,825 145,617 66,9671 26.299 7,388 339.784 37,176 3,499 5,124 971,407 195.305 66.967) At 31 March 2025 680,475 33.687 376.960 8.623 1.099.745 NET BOOK VALUE Al 31 March 2025 10.863,360 1.273,912 130,053 15,371 12,282,696 At 31 March 2024 10 423.223 1 186 974 151.954 11 782.646 14. FIXED ASSET INVESTMENTS Cash and settlements pending Listed investments Totals MARKET VALUE At 1 April 2024 Additions Disposals Revaluations 8,405,046 1.028,263 371,913 (350.000) 9.433,309 371,913 (350.000) 378.628 378.628 At 31 March 2025 8 783 674 1050 176 9,833 850 NET BOOK VALUE Al 31 March 2025 8.783.674 1.050.176 9.833.850 At 31 March 2024 8.405,046 1,028,263 9,433,309 Ther8 were no inv8Stment assets outside the UK. At 31 March 2025. the investment portfolio included the following investments which represented a material proportion of the portfolio as a whole., M&G Securities Income Funds £3,495.197 {35.54%1, M&G Securities Charity Multi Asset Accumulation Funds £4,547,519 {46.25°AI, CCLA Income units £740,958 17.53'h) and fvnds held on COIF Charities Deposit Account £1,050,176 {10.68%). Cost or valuation at 31 March 2025 is represented by: Cash and setuements pending Llsted investments Totsls Valuation in 2025 Cost 378,628 8,405,046 378,628 9,455,222 1,050,176 8,783,674 1050.176 9.833.850 Page 19 COnnued...
Tho Llvorsago Trust Nots$ to the Flnanclal Statements - contlnuod for the Year Ended 31 March 2025 15. INVESTMENT PROPERTY FAIR VALUE At 1 April 2024 Additions 3.852,901 122,915 At 31 March 2025 3.975.816 NET BOOK VALUE At 31 March 2025 3 975 816 At 31 March 2024 3.852,901 Fair value at 31 March 2025 is represented by.. Valuation in 2022 Cost 149,204 3 826 612 3.975,816 Th8 investment prop8rt18s were last revaluéd al 31 March 2025 by M8ssrs. Milner & Co., Chart8r8d Sutveyors on an investment basig. 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Rents, maintenance contributions and care home fees outstanding Prepayments and accrued income 47.561 27.771 66.652 26.015 75.332 92.667 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Paym6nts on account Trade creditors Social security and other taxes Other creditors Accrued expenses 81.047 200.742 24.357 115,456 27,649 87,288 183.731 19.691 107,167 46,026 449,251 443,903 Page 20 continued...
The Llversago TTUSI Notss to tho Flnanclal Statomonts - ¢onllnu8d for tho Yèar Ended 31 March 2025 18. MOVEMENT IN FUNDS Nel movement in funds Transfers behveen funds Al 31.3.25 At 1.4.24 Unrestrlcted funds General Teserves Extraordinary Repair Fund Cyclical Maintenance Fund Propety Development Fund Asset Replacement Res&rv& Charitable Fund Liversage Court- Fee Shortfall Fund Liversage Court- Equalisation Fund Queen Victoria Loan Fund Liversage Court- Depreciation fund Donation Reserve 16,821,421 2,533,458 502,402 2.092,502 69,256 436,490 22.377 230.000 1.483.472 675,639 31,873 1,058,140 (292.185) 77.550 {18,516) {13.843) (571.8301 272,650 21.000 255.180 23,000 17,307.731 2.513.923 600.952 2,329,166 78,413 436,490 22.377 230.000 1,527,885 675,639 31.873 44,413 24.898,890 855,559 25,754,449 Endowment funds General Endowmenl 250.037 5,968 256,005 TOTAL FUNDS 25.148,927 861 527 26.010.454 Net movement in fvnds, included in the above are as follows: Incoming resources Resource$ expended Gains and losses Movement in funds Unrestricted funds General serveS Extraordinary Repair Fund Cyclical Maintenance Fund Property Development Fund Asset Replacement Reserve Queen Victoria Loan Fund 2.929,145 110,066 28,812 41.856 (1,668,671) {582,008} (52.9go) (128.732) (13,843) {202,3341 179,757 101.728 68.360 1,058,140 {292.185) n.550 118,516) 113.8431 44.413 3.109.880 12,446.245) 191,924 855,559 Endowmont funds General EndoMnent 5,968 5.968 TOTAL FUNDS 3.109.880 2 446.245) 197,892 861,527 Page 21 continued...
The Llversage Trust Notes lo the Flnanclal Statements - conllnued for the Year Endod 31 March 2025 18. MOVEMENT IN FUNDS - contlnued Compardtfves for movement In funds Net movement in funds Transfers be88n funds At 31.3.24 At 1.4.23 Unrestrlcted funds General reseNes Extraordinary Repair Fund Cyclical Maint6nanc8 Fund Property Development Fund Asset Replacement Reserve Charitable Fund Liversage Court- Fee Shortfall Fund Liversage Court- Equalisation Fund Queen Victoria Loan Fund Liversage Court- D8preciation fvnd 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) {3,312) (1.096.267) {46,727) {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 Endowmenl 245.664 4,373 250.037 TOTAL FUNDS 24,272,300 876,627 25,148,927 Comparatlve net movemènt In funds. Inciud8d In the above are as follows: Incoming resources Resourc8S expended Galns and losses Movement in funds Unrestrfcted funds Goneral reseTv85 Extraordinary Repair Fund Cyclical Maintenance Fund Property Development Fund Asset Replacement Reserve Queen Victoria Loan Fund Donation Reserve 2.763,810 100.282 26,250 38,136 {442,060} (529.6331 146,065) (1.155,908) {46.727) 30,702 31.044 16.503 21.505 2,352,452 {398,3071 13,312) (1.096.267) 146,727) 32,542 31,873 32.542 31,873 2.960,351 {2.220.3931 132,296 872.254 Endowmont funds General Endowment 4.373 4,373 TOTAL FUNDS 2,960,351 2.220,393) 136,669 876.627 Transfers between funds Endowmfrnt funds The incorne of the Endowment Fund may be used for any purposos that are 'exclusively charitable. and is therefore dassified as unrestricted. Unrestrlcted funds Unrestricted fvnds are available for any purpose appropriale to the Twst's Charitable objects. Page 22 continued...
The Lfversage Trust Notes to the Flnanclal Slatoments - contlnuod for tho Yoar Ended 31 March 2025 MOVEMENT IN FUNDS - contlnued Transfers between funds - contlnued Unr8strfcted deslgnated funds Designated reserves are part of unr8strfed reseNes which have been eamatked by the Board for a parucular purpose. Such designalions may be reversed by future Board decisions. Exp6nditure cannot be directly set against designated reserves but is taken through the income and exp8nditure a¢¢ount. A transfer is then made from designated reserves as appropriats. The Trust designates those reserves set aside for future major repairs on all its housing properties and for cyclical maintenance fund including Liversage Court ca Home. The amounts set aside are based on a stock condition survey of the Trust's housing properties and represenls Ihe expenditura that cannot be met from th6 Registered Providerfs future rental income stream. The designated reserve is the amount Ihal the Board estimates is required for future major repairs. Property Development fund This fund was set up to fund the development of residential and commeraal properties. Asset ReplaGOrnent Resorvo fund This fijnd was established to maintain th6 assets of the Trusl and Liversage Court Care Home, such as fixtures and fittings and motor vehicles. Charltable fund This fund was established in the face of increasing demands for chafitable relief for beneficiaries. Llversage Court Fee shortfall fund This fund was established to m88t the costs of Liversage Court fee$ for qualfying residents assessed to be in need, hardship or distress who cannot afford to the pay full fee levels charged. Llversage court Equallsatlon fund This fvnd was Set up to help offset any future deficits that may occur as a result of 5n¢ome shortralls. Queen Vlctorla Loan fund This fund was established to assist with capital prolects of The Liversage Trust. Llversag• Court Doprnclatlon fund This fund was establish8d to fund schemes of an extraordinary nature for Liversage Court. Donatlon$ rosorvo This fund was set up to hold Ihe legacy donation. 19. EMPLOYEE BENEFIT OBLIGATIONS The Trust operates defined contribution pension scheme for its employees. Bolh $¢heme$ are open to all employees with the Trust contributing 3% of the employees gr055 earnings lo one and 3UA of qualifying eamings to another. Funds are held in separately administered funds. Total contributions in the year to both scheme5 arnounled to £23.138 {2024- £20,953). The amount owed at 31 March 2025 vfas £6.52112024 - £6.266). Page 23 continued...
The Llversage Trust Nolos to tho Flnanclal Statomants - contlnuod for the Year Endod 31 March 2025 20. RELATED PARTY DISCLOSURES There were no related paty transaction$ for the year ended 31 March 2025 nor for the year ended 31 Mar¢h 2024. Page 24