Charity number: 1158110
THE LIVESEY FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE LIVESEY FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 11 |
| Independent Examiner's Report | 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Notes to the Financial Statements | 15 - 23 |
THE LIVESEY FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Trustees | D Livesey |
|---|---|
| H Livesey | |
| D Conn | |
| Charity registered number 1158110 Principal office Badgers Oak Farm Cublington Road Aston Abbotts Buckinghamshire HP22 4RU Accountants Magma Audit LLP Chartered Accountants Unit 2, Charnwood Edge Business Park Syston Road Leicester LE7 4UZ Bankers Hampden & Co 9 Charlotte Square Edinburgh EGH2 4DR |
Page 1
THE LIVESEY FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the financial statements of the Charity for the period 1 January 2020 to 31 December 2020.
Objectives and activities
Objectives and aims
The trust was established under a Trust Deed executed on 28 November 2013. The trust's objects and principal activities are to hold the capital and income of the trust fund, upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, for the promotion of urban or rural regeneration in areas of social and economic deprivation by all or any of the following means:
(a) the relief of poverty;
(b) the relief of unemployment;
(c) the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;
(d) the provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help
(i) in setting up their own business; or
(ii) to existing businesses;
(e) the creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms;
(f) the provision of housing for those who are in conditions of need and the improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving local authorities or other bodies of a statutory duty to provide or improve housing;
(g) the maintenance, improvement or provision of public amenities;
(h) the preservation of buildings or sites of historic or architectural importance;
(i) the provision of recreational facilities for the public at large or those who by reason of their youth, age infirmity or disablement, poverty or social and economic circumstances, have need of such facilities;
(j) the protection or conservation of the environment;
(k) the provision of public health facilities and childcare;
(l) the promotion of public safety and prevention of crime; such other means as may from time to time be determined subject to the prior consent of the
(m) Commission.
Public benefit
In setting the objectives of the charity and planning our activities the trustees have given careful consideration to the Charity Commission's general guidance on public benefit and have complied with the duty in section 17 of the Charities Act 2011.
Achievements and performance
Main achievements of the Charity
Since our previous statement, The Livesey Foundation (TLF) has been very active in initiating and supporting charitable initiatives largely in Darwen, Lancs.
Despite the COVID-19 pandemic TLF has continued with a satisfying year and will proceed with exciting projects taking shape.
Aside from the ongoing contributions and success of Pauline Lau, Whitehall Park Bowling Club, Darwen Jubilee Tower, Holker House (Darwen Heritage Centre) and Over Darwen House (Darwen Job Creation Hub) from our last report, we have added a number of further charitable projects in Darwen to our list and continue to look for other community based causes to support.
Page 2
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
Work at Over Darwen House
This has been a huge project for The Livesey Foundation, and the Trustees are pleased to report that the initiative has now created a good number of jobs in Darwen and is playing an important role in the overall regeneration of the Town Centre.
Originally the only branch and Head Office of the Over Darwen Building Society, this merged with the Britannia Building Society in 1981, which was then taken over by the Co-Operative Bank in 2009. The branch at 22-26 Railway Road, Darwen was finally closed in 2015.
We decided to bring this town centre building back into harness for the town as a job-creation/business hub, and agreed to buy the building at a cost of £130k. We then spent a further £168k giving it a full refurbishment, new roof, etc., to turn it into WORK@OverDarwenHouse:
Facebook link: Work@Over Darwen House Website: www.overdarwenhouse.co.uk Article from Lancashire Life – June 2019
At WORK are Nathan Ince-Sargeson, Antonia Hayward, Leanne Postlethwaite, Carly Baldwin, Sarah Suthers and Clare Bimson .
Page 3
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
Clare points out that Darwen, with its good transport links and welcoming atmosphere, is becoming an increasingly popular place to live. In order to meet that demand, many new homes, roads and even a school are being built.
However, if the council is successful in its bid for a government grant of £675 million, Darwen will undergo a complete overhaul, creating retail and business opportunities. Fingers remain crossed but that doesn't mean that the town isn't already benefiting from some great businesses.
Once famous for its role in the cotton industry, Darwen has known its fair share of difficulties in recent times but hopes are high that will soon be a distant memory and the WORK Entrepreneur Centre is playing a role in that. Here, people just starting in business can, at a very modest daily cost, rent a hot desk or an office.
'The building used to be the old Co-op Bank but these days it's filled with clean lines, Wi-Fi and the smell of fresh coffee but, more importantly, it's filled with a real friendly and supportive buzz,' says Sarah Suthers, who uses the centre for her work with the charity, The Together Trust. Others there are developing companies dealing with anything from social media and human resources to film-making and a there is a fitness coach who uses the space to see clients.
These are the next generation but Darwen has plenty of well-established privately owned businesses that can provide fabulous role models.
The building has been open for nearly three years and provides ultra low cost accommodation for new businesses to help them become established, take on staff, and then move into their own premises in due course. We have created a strong support network for these fledgling businesses, and there is an ethos of mutual support, community contribution and “putting something back”.
In addition to community services, training, coaching, etc., our primary aim is job creation. The town’s coat of arms has the motto “absque labore, nihil” – without work there is nothing.
By creating jobs in the town, we help prosperity, spending in the high street, lower unemployment, and all the social benefits that this brings.
Page 4
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
I am pleased to report that the businesses in WORK have already created dozens of jobs, and we are targeting many more. Here is an example testimonial.
ARTISAN INVESTMENTS LIMITED
“Artisan Investments Ltd are an original tenant from the outset of Work at Over Darwen House having taken our first office back in June 2017 .
We sit here near 3 years later having invested £ 400k developing a town centre bakery into a thriving all day Cafe and Wine Bar employing up-to 20 people in peak period , we have 5 full time staff at the moment along with 7 part time .
The support from Work at Over Darwen House has underpinned the success of the business , it is true to say that Artisan would never have even got off the ground were it not for the support of staff , business mentors and indeed other tenants of Work at Over Darwen House .
For us, now is the time to move on to pastures new and vacate our office to allow a new business to come along and inject enterprise in to our community in creating new jobs and services in the best interests of Darwen .
- I am in no doubt that the support offered by all the team at Work at Over Darwen House has far reaching and positive benefits for the whole town and community, I for one will be eternally thankful for the friends and support Artisan received at the outset and ongoing through our tenancy.
Best wishes and good luck to all at Work at Over Darwen House.”
The project is managed by Lisa Edge who runs “Lancashare” which is aimed at encouraging local businesses to deal more with local businesses rather than go out-of-area. She is also a trustee at Darwen Heritage Centre and is committed to the regeneration of her home town.
NB This is a purely not for profit job creation initiative, using a closed bank branch for positive social benefit. All of the revenues raised in the building are used to cover costs such as business rates, heat, light and power, wifi, etc.,
-
The total establishment cost of £298k was assisted in part by Blackburn With Darwen Council and The Lloyd Trust who we thank for their support in getting WORK off the ground they contributed £10k and £13k respectively.
-
We estimate the total input cost from The Livesey Foundation to date to be £310k.
Following COVID-19 we have reassessed the building and it’s likely future ability to create large numbers of jobs as a co-working space. Over a period of six months we have gradually emptied ODH as all the tenant businesses found alternative premises or gravitated to working from home.
The building will be repurposed for best community impact once we see the likely outcome of the significant “Darwen Town Deal”. But in the meantime it has been utilised (free of charge) by Blackburn With Darwen Council as a 30 minute COVID-19 Test Centre for the town.
Page 5
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
Holker House
The Livesey Foundation acquired this refurbished heritage stone building in the town centre in March 2016 at a cost of £270k. It was bought with the intention of creating a much-needed heritage centre/museum for the town, and to become a hub for community causes.
We brought together a team of local historians, community leaders, town councillors, etc., and I am delighted to report that Darwen Heritage Centre is now a real “thing” for the town.
Website: www.darwenheritagecentre.org.uk Facebook Link: Darwen Heritage Centre Charity Commission Registration Number: 118 3239
See the DHC website for a view of the amazing history of the town, the special displays and themes, plus all the community uses that the building is tasked for.
The Livesey Foundation is proud to have initiated the Darwen Heritage Centre, and to host it in Holker House. Genuinely contributing to the solid fabric of this important Lancashire cotton town.
Darwen Cricket Club
We were approached by Darwen Cricket Club in the past who were renovating their pavilion and facilities. It is an important community hub, and so we have contributed towards their project.
Whitehall Park Bowling Club
Situated within Whitehall Park, the bowling club is self-sufficient other than a £500pa grant from the local council. It is a social hub for the older residents of the southern part of Darwen, and very active in encouraging new and younger members to participate in the sport of crown green bowls.
The Livesey Foundation have been approached in the past to help them fund the cost of a new specialist lawn mower, which we did.
Page 6
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
Darwen Food Share
In our view Darwen Town Centre has been lacking a “soup kitchen”, a place for people in crisis, on the breadline, homeless or near homeless, to get a free hot meal.
This initiative has been grasped by Jenny Hearle, a family member, of The Livesey Foundation Trustees, and she has created:
Darwen Food Share
CIC Number 119 14644 Facebook Page Darwen Food Share
DFS launched (initially on a Monday evening) on 29th April 2019, and has quickly become a “thing”. Local businesses, restaurants and shops are actively supporting the project with financial help from The Lloyd Trust, a full team of volunteers and guest numbers are growing each week to over 20.
Moving forward, we plan to signpost individuals and appropriate agencies, dependent upon their specific needs, and offer a free service such as haircuts during the evening.
This is a much needed “missing-link” for people in crisis in Darwen and The Livesey Foundation are proud to be helping Darwen Food Share financially and otherwise.
DFS has been suspended during COVID-19 and effectively has been replaced by a food parcels service. We look forward to resurrecting DFS during 2021.
Page 7
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
Darwen Tower
In 2018 the most prominent local landmark had its 120th Anniversary in a very poor state of repair. We decided that it should be handed to the next generation in a better condition than we found it.
Working with The Friends of Darwen Tower (now part of Darwen Rotary Club) we initiated and funded a project to create a limited edition of 120 bronze cast models to be sold for £120 each. All have successfully sold, with the cast numbers 1 and 120 to be auctioned by Rotary in due course. In 2018 The Livesey Foundation paid £1,700 for the design/set up, and then funded the production costs which were repaid when the models were sold. Net contribution to the Rotary Fund was circa £10k and they are now up to £80k in total. A further £250k has been raised from the “Darwen Town Deal” fund and planning consent has been granted for the major renovations to complete in 2021.
This is the major restoration of a council owned, listed, heritage building, which towers over the moorland landscape and the town. We are proud to have played a part in this project.
Page 8
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
Community Helping Hands
Pauline Lau started Helping Hands delivering food parcels to families. For the first six months of the project , and to help it get off the ground, The Livesey Foundation paid £100 per week by way of support. During those initial days, it was registered as a charity and a good social media presence developed meaning it was able to grow support the people of Darwen in need.
Other Sponsorships and projects
Sponsorship of Tracey Spencer a Para-Driving GB team competitor in her bid to be selected and compete at the World Equestrian Games in 2022. Support has been in the form of training bursary and equipment purchase.
There have been a number of smaller individual donations to support Cancer Research and Suicide Awareness in men, and these will continue alongside the larger projects we have and look to take on.
Total charity expenditure this year was £27,316 (2019: £33,221).
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves policy
The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the level of unrestricted funds which have been neither committed nor invested in tangible fixed assets held by the charity should be sufficient to cover the proposed expenditure of the charity in the following year. The reserves of the charity are reviewed annually to ensure that they are sufficient to meet the charity's working capital needs in light of the charity's commitments. At the year end the reserves balance totalled £588,432.
Structure, governance and management
Constitution
The Livesey Foundation is a registered charity, number 1158110. The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The charity is governed by its memorandum and articles of association dated 28 November 2013. There are no restrictions on the operation of the charity or on its investment powers, other than those imposed by general charity law.
Page 9
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management (continued)
Methods of appointment or election of Trustees
During the lifetime of the settlor the power of appointing new trustees shall be vested in the settlor. A new trustee or new trustees may be appointed at any time (either by way of replacement or addition), but so that the total number of trustees shall at no time exceed 5.
A trustee shall cease to hold office if he:
(a) is disqualified from acting as a trustee by virtue of s178 of the Charities Act 2011;
(b) is determined by HM Revenue & Customs to be a person who is not a fit and proper person to be a 'manager' within the meaning of Schedule 6 to the Finance Act 2010 and the Trustees (other than the trustee in question) resolve that his office be vacated; or
(c) is absent without the permission of the Trustees from all their meetings held within a period of six months and the Trustees (other than the Trustee in question) resolve unanimously that his office be vacated.
Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
Over Darwen House will be repurposed once the COVID-19 need has been satisfied and we have a clear understanding of what the central funding for the town centre development will look like. We are currently in negotiation to buy the building for St John Ambulance to secure its future in Darwen. More purchase negotiations with The Night Safe Charity to help secure an additional property to create a further children's centre. The Darwen Food Share is looking to expand into another evening during the week taking it to two nights per week supplying hot meals for those in need.
Page 10
THE LIVESEY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the 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 irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
H Livesey Trustee
Date: 26 October 2021
Page 11
THE LIVESEY FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent Examiner's Report to the Trustees of The Livesey Foundation ('the Charity')
I report to the charity Trustees on my examination of the financial statements of the Charity for the year ended 31 December 2020 which comprise of the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in this report and for not other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audited consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Signed: Luke Turner Magma Audit LLP Chartered Accountants Unit 2, Charnwood Edge Business Park Syston Road Leicester LE7 4UZ
Dated: 26 October 2021 ACA FCCA
Page 12
THE LIVESEY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure 6 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 27,985 8,007 35,992 27,316 27,316 8,676 579,756 8,676 588,432 |
Total funds 2020 £ 27,985 8,007 35,992 27,316 27,316 8,676 579,756 8,676 588,432 |
Total funds 2019 £ 16,000 8,237 24,237 33,221 33,221 (8,984) 588,740 (8,984) 579,756 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 23 form part of these financial statements.
Page 13
THE LIVESEY FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2020
| Note Fixed assets Tangible assets 9 Investment property 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
15,046 3,622 18,668 (5,681) |
2020 £ 157 575,288 575,445 12,987 588,432 - 588,432 588,432 |
6,057 992 7,049 (4,637) |
2019 £ 2,056 575,288 |
|---|---|---|---|---|
| 577,344 2,412 |
||||
| 579,756 | ||||
| - 579,756 |
||||
| 579,756 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
H Livesey Trustee
Date: 26 October 2021
The notes on pages 15 to 23 form part of these financial statements.
Page 14
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Livesey Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 15
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.4 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Fixtures and fittings
33% straight line
1.5 Social investment property
Property may be classed as a programme related investment property only when it is held specifically to enable a third party to under take particular activities using the property that contribute to the investing charity's charitable purpose. The property may be calssed as a mixed motive investment when it is held for a combination of financial return it generates and the contribution its use by another charity or third party makes to the investing charity's purposes. Social investment properties are measured initially at cost, including related transaction costs. The properties are subsequently stated at fair value at the Balance Sheet date.
Subsequent expenditure is added to assets carrying amount only when it is probable that the future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs an maintenance costs are charged to the Statement of Financial Activities during the financial period in which they are incurred.
Any movement in the fair value of the properties is reflected within the Statement of Financial Activities for the year.
1.6 Taxation
The Charity is exempt from tax on its charitable activities.
1.7 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Page 16
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.11 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2. Critical accounting estimates and areas of judgment
There are no material key judgements or sources of estimates or uncertainty for this charity.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
3. Income from donations and legacies
| Unrestricted funds 2020 £ Donations including gift aid 27,985 Total 2019 16,000 Investment income Unrestricted funds 2020 £ Rental income 8,007 Total 2019 8,237 |
Total funds 2020 £ 27,985 16,000 Total funds 2020 £ 8,007 8,237 |
Total funds 2019 £ 16,000 |
|---|---|---|
| Total funds 2019 £ 8,237 |
||
4. Investment income
Page 17
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
5. Analysis of grants
| Grants paid Total 2019 |
Grants to Individuals 2020 £ 4,670 3,900 |
Total funds 2020 £ 4,670 3,900 |
Total funds 2019 £ 3,900 |
|---|---|---|---|
6. Analysis of expenditure by activities
| Resources expended Charitable activities Total 2020 Total 2019 |
Direct costs 2020 £ - 13,684 13,684 11,194 |
Grant funding of activities 2020 £ - 4,670 4,670 3,900 |
Support costs 2020 £ 4,083 4,879 8,962 18,127 |
Total funds 2020 £ 4,083 23,233 27,316 33,221 |
Total funds 2019 £ 13,087 20,134 |
|---|---|---|---|---|---|
| 33,221 | |||||
Analysis of direct costs
| Depreciation Rates and water Insurance Light and heat |
Total funds 2020 £ 1,899 141 2,232 9,412 13,684 |
Total funds 2019 £ 2,394 1,141 2,123 5,536 |
|---|---|---|
| 11,194 |
Page 18
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Postage and stationery Repairs and maintenance Bank charges Sundries Other interest Tax paid Governance costs |
Total funds 2020 £ - 3,739 99 1,032 12 96 3,984 8,962 |
Total funds 2019 £ 342 4,057 142 983 - - 12,603 |
|---|---|---|
| 18,127 |
7. Independent examiner's remuneration
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 3,120 | 2,160 |
| Fees payable to the Charity's independent examiner in respect of: | ||
| Taxation compliance services | 864 | 660 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .
Page 19
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|---|---|
| 9. Tangible fixed assets Cost or valuation At 1 January 2020 At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Fixtures and fittings £ 13,172 |
| 13,172 | |
| 11,116 1,899 |
|
| 13,015 | |
| 157 | |
| 2,056 |
Page 20
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. Social investment property
| Valuation At 1 January 2020 At 31 December 2020 |
Social investment property £ 575,288 |
|---|---|
| 575,288 |
The Trustees do not consider the market value of the property at 31 December 2020 to be materially different from the carrying value in the accounts.
11. Debtors
| Other debtors | 2020 £ 15,046 15,046 |
2019 £ 6,057 |
|---|---|---|
| 6,057 |
12. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2020 £ - 677 5,004 5,681 |
2019 £ 1,200 677 2,760 |
|---|---|---|
| 4,637 |
Page 21
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
13. Statement of funds
| Statement of funds | ||||
|---|---|---|---|---|
| Statement of funds - current year Unrestricted funds General funds Statement of funds - prior year Unrestricted funds General funds |
Balance at 1 January 2020 £ 579,756 Balance at 1 January 2019 £ 588,740 |
Income £ 35,992 Income £ 24,237 |
Expenditure £ (27,316) Expenditure £ (33,221) |
Balance at 31 December 2020 £ 588,432 |
| Balance at 31 December 2019 £ 579,756 |
| 14. | Analysis of net assets between funds |
|---|---|
| Analysis of net assets between funds - current period |
| Unrestricted funds 2020 £ Tangible fixed assets 157 Investment property 575,288 Current assets 18,668 Creditors due within one year (5,681) Total 588,432 |
Total funds 2020 £ 157 575,288 18,668 (5,681) |
|---|---|
| 588,432 |
Page 22
THE LIVESEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ 2,056 575,288 7,049 (4,637) 579,756 |
Total funds 2019 £ 2,056 575,288 7,049 (4,637) 579,756 |
|---|---|---|
15. Related party transactions
Included in other creditors is the balance of £617 (2019: £617) owing to D Livesey, a Trustee of the charity.
During the year, donations were received of £19,388 (2019: £16,000) from D Livesey, a Trustee of the charity.
Page 23