**REGISTERED CHARITY NUMBER: 526383**
## **Report of the Trustees and**
## **Unaudited Financial Statements for the Year Ended 31 August 2023**
**for**
**The Liverpool Blue Coat School Foundation**
Matthews Sutton & Co Ltd Chartered Certified Accountants 48 - 52 Penny Lane Mossley Hill Liverpool Merseyside L18 1DG
**The Liverpool Blue Coat School Foundation**
## **Contents of the Financial Statements for the Year Ended 31 August 2023**
||**Page**||
|---|---|---|
|**Report of the Trustees**|1 to|3|
|**Independent Examiner's Report**|4||
|**Statement of Financial Activities**|5||
|**Balance Sheet**|6||
|**Notes to the Financial Statements**|7 to|12|
|**Detailed Statement of Financial Activities**|13||
## **The Liverpool Blue Coat School Foundation**
## **Report of the Trustees for the Year Ended 31 August 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Significant activities**
Over the past twelve months, the Foundation has continued to provide support to the School. With regard to the Charity Commission's guidance on the subject, the Trustees consider all activities to be for the public benefit.
School Report
The school continues in its aim to educate children from years 7 to 13 inclusive. The school's examination results are published on its website each year and its national and local rankings can be found in the Sunday Times each year.
## **FINANCIAL REVIEW**
## **Financial position**
The Foundation aims to maximize income from both its investments and its functional property whilst minimizing costs, enabling it to provide as much support as possible for its beneficiaries.
## Results
In summary, total incoming resources amounted to £49,104 (2022: £45,838), and total resources expended amounted to £60,300 (2022: £63,853).
As at 31 August 2023, The Liverpool Blue Coat School Foundation had total resources of £3,418,903 of which £2,148,786 was represented by fixed assets, £1,251,335 by investments valued at market value, £26,538 by current assets less current liabilities of £7,756.
Page 1
## **The Liverpool Blue Coat School Foundation**
## **Report of the Trustees for the Year Ended 31 August 2023**
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The Charity's capital is invested in marketable investments or held in cash. As there are no specific restrictions under the governing deed, the Trustees have full discretion over the investments and so have delegated Rathbones Investment Management to have full discretionary day to day control of the investments.
They have agreed objectives with the Investment Manager to secure a reasonable growth in income consistent with the long term preservation of capital in real terms. Investment decisions should be made based on the views of a prudent person in accordance with the standard of investment criteria relating to suitability and diversification. These objectives are reviewed annually.
The Trustees wish to ensure that the objectives outlined above are achieved with an acceptable risk. This implies the need for diversification of investments of the Charity to include a range of assets, including fixed interest stocks, UK and overseas shares.
Investments comprise of holdings in UK, large overseas listed companies, unit and investment trusts including those investing in major international markets and also fixed interest securities. The portfolio can therefore include a proportion of medium sized or smaller UK companies and has exposure to international markets.
The Investment Managers are required to operate within the constraints applying to trusts governed by the Trustee Act 2000.
The Investment Managers provide regular reports to the Trustees who review the performance of the portfolio and of the Investment Managers at least twice a year. The performance during the period under review was deemed rather unsatisfactory and the trustees are considering the appointment of another wealth manager.
The Charity also owns one investment property, this being the former Headmaster's House.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Charity constitution**
The Charity is an unincorporated association and is governed by its Trust Deed. In addition, the Trustees have complied with the duty in Section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission.
## **Recruitment and appointment of new trustees**
Under the conditions of the Blue Coat School Foundation, there are facilities for the Foundation Trustees to appoint 51 Guardians, 12 of which are nominated as Trustees. These Trustees, nominated to serve a term of four years, have a legal responsibility for the Foundation under law.
The Trustees meet at regular intervals to manage the affairs of the Foundation.
The Trustees resolved on 27/02/2024 to make changes to the number of trustees and this will be reported in the 2024 accounts.
## **Risk management**
The Trustees have reviewed the major risks facing the Charity and have taken action to ensure that there are procedures and policies in place to address these risks.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
526383
Page 2
**The Liverpool Blue Coat School Foundation**
## **Report of the Trustees for the Year Ended 31 August 2023**
## **Principal address**
Church Road Wavertree Liverpool Merseyside L15 9EE
## **Trustees**
Mrs L Lynch R Richardson C Hurst R Owen (resigned 27.5.24) K Caulkin M Walker
## **Independent Examiner**
Matthews Sutton & Co Ltd Chartered Certified Accountants 48 - 52 Penny Lane Mossley Hill Liverpool Merseyside L18 1DG
Approved by order of the board of trustees on 27 June 2024 and signed on its behalf by:
Mrs L Lynch - Trustee
Page 3
## **Independent Examiner's Report to the Trustees of The Liverpool Blue Coat School Foundation**
## **Independent examiner's report to the trustees of The Liverpool Blue Coat School Foundation**
I report to the charity trustees on my examination of the accounts of The Liverpool Blue Coat School Foundation (the Trust) for the year ended 31 August 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
Gareth Evans
Matthews Sutton & Co Ltd Chartered Certified Accountants 48 - 52 Penny Lane Mossley Hill Liverpool Merseyside L18 1DG
27 June 2024
Page 4
## **The Liverpool Blue Coat School Foundation**
## **Statement of Financial Activities for the Year Ended 31 August 2023**
|Unrestricted
fund
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
-
Investment income
2
42,754
**Total**
42,754
**EXPENDITURE ON**
Raising funds
7,207
**Charitable activities**
School Development
53,093
**Total**
60,300
Net gains/(losses) on
investments
(34,258)
**NET**
**INCOME/(EXPENDITURE)**
(51,804)
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
1,127,155
**TOTAL FUNDS CARRIED**
**FORWARD**
1,075,351|Restricted
funds
£
845
5,505
6,350
-
-
-
(5,114)
1,236
193,530
194,766|Endowment
fund
£
-
-
-
-
-
-
-
-
2,148,786
2,148,786|31.8.23
Total
funds
£
845
48,259
49,104
7,207
53,093
60,300
(39,372)
(50,568)
3,469,471
3,418,903|31.8.22
Total
funds
£
1,565
44,273
45,838
7,369
56,484
63,853
(63,733)
(81,748)
3,551,219
3,469,471|
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
## **The Liverpool Blue Coat School Foundation**
## **Balance Sheet**
## **31 August 2023**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
5
-
**Investments**
Investments
6
716,004
Investment property
7
355,000
1,071,004
**CURRENT ASSETS**
Cash at bank
12,103
**CREDITORS**
Amounts falling due within
one year
8
(7,756)
**NET CURRENT ASSETS**
4,347
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
1,075,351
**NET ASSETS**
1,075,351
**FUNDS**
9
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Restricted
funds
£
-
180,331
-
180,331
14,435
-
14,435
194,766
194,766|Endowment
fund
£
2,148,786
-
-
2,148,786
-
-
-
2,148,786
2,148,786|31.8.23
Total
funds
£
2,148,786
896,335
355,000
3,400,121
26,538
(7,756)
18,782
3,418,903
3,418,903
1,075,351
194,766
2,148,786
3,418,903|31.8.22
Total
funds
£
2,148,786
867,511
355,000
3,371,297
106,149
(7,975)
98,174
3,469,471
3,469,471
1,127,155
193,530
2,148,786
3,469,471|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 June 2024 and were signed on its behalf by:
L Lynch - Trustee
The notes form part of these financial statements
Page 6
**The Liverpool Blue Coat School Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
**The Liverpool Blue Coat School Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2023**
## **2. INVESTMENT INCOME**
|Rents received
Other rental income
Dividends and interest
Deposit account interest|31.8.23
£
11,770
7,000
29,263
226
48,259|31.8.22
£
13,910
7,000
23,358
5|
|---|---|---|
|||44,273|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
School Development
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
-
40,911
40,911
7,369
56,484
63,853
(65,967)
(88,909)
1,216,064
1,127,155|Restricted
funds
£
1,565
3,362
4,927
-
-
-
2,234
7,161
186,369
193,530|Endowment
fund
£
-
-
-
-
-
-
-
-
2,148,786
2,148,786|Total
funds
£
1,565
44,273
45,838
7,369
56,484
63,853
(63,733)
(81,748)
3,551,219
3,469,471|
|---|---|---|---|---|
Page 8
continued...
**The Liverpool Blue Coat School Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2023**
## **5. TANGIBLE FIXED ASSETS**
|**COST**
At 1 September 2022 and
31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 September 2022
Additions
Disposals
Revaluations
At 31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022
There were no investment assets outside the UK.
Cost or valuation at 31 August 2023 is represented by:|Freehold
property
£
2,148,786
2,148,786
2,148,786
Listed
investments
£
867,511
187,364
(108,211)
(50,329)
896,335
896,335
867,511|
|---|---|
## **6. FIXED ASSET INVESTMENTS**
|||Listed|
|---|---|---|
|||investments|
|||£|
|Valuation in|2022|212,061|
|Cost||684,274|
|||896,335|
Page 9
continued...
**The Liverpool Blue Coat School Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2023**
## **7. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 September 2022
and 31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
At 1.9.22
£
**Unrestricted funds**
General fund
1,127,155
**Restricted funds**
Prize Fund
10,643
School Development Fund
9,499
Sir Alan Tod Travel Scholarship Fund
173,388
193,530
**Endowment funds**
Endowment Fund - Buildings
2,148,786
**TOTAL FUNDS**
3,469,471
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
42,754
(60,300)
**Restricted funds**
Prize Fund
231
-
School Development Fund
845
-
Sir Alan Tod Travel Scholarship Fund
5,274
-
6,350
-
**TOTAL FUNDS**
49,104
(60,300)|31.8.23
£
7,756
Net
movement
in funds
£
(51,804)
42
845
349
1,236
-
(50,568)
Gains and
losses
£
(34,258)
(189)
-
(4,925)
(5,114)
(39,372)|£
355,000
355,000
355,000
31.8.22
£
7,975
At
31.8.23
£
1,075,351
10,685
10,344
173,737
194,766
2,148,786
3,418,903
Movement
in funds
£
(51,804)
42
845
349
1,236
(50,568)|
|---|---|---|
Page 10
continued...
**The Liverpool Blue Coat School Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2023**
## **9. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Prize Fund
School Development Fund
Sir Alan Tod Travel Scholarship Fund
**Endowment funds**
Endowment Fund - Buildings
**TOTAL FUNDS**|At 1.9.21
£
1,216,064
10,965
7,933
167,471
186,369
2,148,786
3,551,219|Net
movement
in funds
£
(88,909)
(322)
1,566
5,917
7,161
-
(81,748)|At
31.8.22
£
1,127,155
10,643
9,499
173,388|
|---|---|---|---|
||||193,530
2,148,786|
||||3,469,471|
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Resources|Gains and|Movement|Movement|
|---|---|---|---|---|---|---|
||resources|expended||losses|in funds||
||£|£||£||£|
|**Unrestricted funds**|||||||
|General fund|40,911|(63,853)||(65,967)|(88,909)||
|**Restricted funds**|||||||
|Prize Fund|118||-|(440)||(322)|
|School Development Fund|1,566||-|-||1,566|
|Sir Alan Tod Travel Scholarship Fund|3,243||-|2,674||5,917|
||4,927||-|2,234||7,161|
|**TOTAL FUNDS**|45,838|(63,853)||(63,733)|(81,748)||
Page 11
continued...
**The Liverpool Blue Coat School Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2023**
## **9. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|||Net||
|---|---|---|---|
|||movement|At|
||At 1.9.21|in funds|31.8.23|
||£|£|£|
|**Unrestricted funds**||||
|General fund|1,216,064|(140,713)|1,075,351|
|**Restricted funds**||||
|Prize Fund|10,965|(280)|10,685|
|School Development Fund|7,933|2,411|10,344|
|Sir Alan Tod Travel Scholarship Fund|167,471|6,266|173,737|
||186,369|8,397|194,766|
|**Endowment funds**||||
|Endowment Fund - Buildings|2,148,786|-|2,148,786|
|**TOTAL FUNDS**|3,551,219|(132,316)|3,418,903|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Resources|Gains and|Movement|Movement|
|---|---|---|---|---|---|---|
||resources|expended||losses|in funds||
||£|£||£||£|
|**Unrestricted funds**|||||||
|General fund|83,665|(124,153)||(100,225)|(140,713)||
|**Restricted funds**|||||||
|Prize Fund|349||-|(629)||(280)|
|School Development Fund|2,411||-|-||2,411|
|Sir Alan Tod Travel Scholarship Fund|8,517||-|(2,251)||6,266|
||11,277||-|(2,880)||8,397|
|**TOTAL FUNDS**|94,942|(124,153)||(103,105)|(132,316)||
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 August 2023.
Page 12
## **The Liverpool Blue Coat School Foundation**
|**Detailed Statement of Financial Activities**|||
|---|---|---|
|**for the Year Ended 31 August 2023**|||
||31.8.23|31.8.22|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|845|1,565|
|**Investment income**|||
|Rents received|11,770|13,910|
|Other rental income|7,000|7,000|
|Dividends and interest|29,263|23,358|
|Deposit account interest|226|5|
||48,259|44,273|
|**Total incoming resources**|49,104|45,838|
|**EXPENDITURE**|||
|**Other trading activities**|||
|Investment management fees|7,207|7,369|
|**Charitable activities**|||
|Insurance|4,435|6,171|
|Mast Tower income released to the school|7,000|7,000|
|Secretarial services|962|765|
|School Development Fund released to the|||
|school|40,000|41,828|
||52,397|55,764|
|**Support costs**|||
|**Governance costs**|||
|Accountancy and legal fees|696|720|
|Total resources expended|60,300|63,853|
|**Net expenditure before gains and losses**|(11,196)|(18,015)|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments|10,957|6,190|
|**Net expenditure**|(239)|(11,825)|
This page does not form part of the statutory financial statements
Page 13