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**Registered number: 00004466 Charity number: 526682**
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2021**
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**THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and Advisers**|1|
|**Trustees' report**|2 - 9|
|**Independent examiner's report**|10 - 11|
|**Consolidated statement of financial activities**|12|
|**Consolidated balance sheet**|13|
|**Charitable company balance sheet**|14|
|**Notes to the financial statements**|15 - 35|
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## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021**
## **Trustees**
Mr C C Hubbard Mr G H Pybus Mr K Siviter Mr N A Moss Mr W R E L Thompson Mr H S Hackney Mr R S W Peach
## **Company registered number**
00004466
## **Charity registered number**
526682
## **Registered office**
Beechlands, Liverpool College, Mossley Hill, Liverpool, L18 8BG
## **Company secretary**
Mr W R E L Thompson
## **President**
The Rt Hon 19th Earl of Derby DL
## **Accountants**
Grant Thornton UK LLP, Royal Liver Building, Liverpool, L3 1PS
## **Bankers**
Barclays Bank plc, 48b and 50 Lord Street, Liverpool, L2 1TD
## **Solicitors**
Brabners LLP, Horton House, Exchange Flags, Liverpool, L2 3YL
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## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **Introduction**
The Trustees, who are also the Directors of the Charitable Company for the purposes of the Companies Act, present their Annual Report together with the Financial Statements of The Liverpool College Foundation, (the Company or Charity) for the year ended 31 August 2021.
The financial statements show the financial affairs of both The Liverpool College Foundation group and the Liverpool College Foundation charitable company. The group consists of the Liverpool College Foundation and the Wilton Trust Fund, for which the Foundation is the Corporate Trustee, and is therefore consolidated as a 100% subsidiary.
The Trustees confirm that the Annual Report and Financial Statements of the group comply with the Charities Act 2011, the Companies Act 2006, The Memorandum and Articles of Association, and Accounting and Reporting by Charities Statement of Recommended Practice (second edition, issued in October 2019) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **History and objectives of The Liverpool College Foundation**
The Liverpool College Foundation was founded in 1840 under its original name Liverpool College and registered in 1869 under the Companies Act 1862 as a company limited by guarantee, No. 00004466 and Registered Charity, No, 526682. Liverpool College was opened by William Ewart Gladstone, the future Prime Minister, whose family were prime movers in the formation of the College and its establishment as an independent school in Liverpool. Its objectives and motto were defined as:
"Non Solum Ingenii Verum Etiam Virtutis" "Not only the Intellect but also the Character" based on "Sound Religion and Useful Learning".
The name of Liverpool College was changed in January 2016 to The Liverpool College Foundation. In this Report, the Company will be referred to as "the Foundation". The Memorandum and Articles of Association of the Foundation, established in 1869 and last revised in January 2018, is the Foundation's governing document and clearly defines delegation, responsibility and accountability in maintaining its Objects:
"To provide for the inhabitants of Liverpool and others, by the establishment and maintenance of Lectures, School, and other like means, an education suited to their wants upon the most moderate terms; and for this purpose instruction in the doctrines and duties of Christianity, as taught by the Church of England, shall be forever communicated, in combination with literary, scientific, and commercial information. Provided nevertheless that no pupil shall be required as a condition of being admitted or remaining as a pupil, to attend or abstain from attending any Sunday School, place of worship, religious observance, or instruction in religious subjects in any school of the College or elsewhere."
The activities of the Foundation are described in detail in this Trustees Report. The original activities as described above have developed over the years, in particular following the transition of Liverpool College from an independent school to an Academy in September 2013. However, the fundamental objects of the Foundation have remained unchanged, which is to provide support to Liverpool College in various ways available to the Trustees. This includes financial support through regular grant funding or for specific projects, the management of land and buildings and other assets made available to the Academy, or through the engagement with alumni and the wider Academy network.
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## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **Structure, governance and management**
The Board of Trustees is the governing body of the Foundation, elected by Foundation Members, and the current Trustees are listed on page 1. The recruitment and appointment of new Trustees is undertaken by the Board of Trustees.
One third of the Trustees retire from office each year and may stand for re-election at the General Meeting. Ken Siviter and Howard Hackney are eligible for re-election as Trustees by Foundation Members at the forthcoming General Meeting.
The specific remits of the Trustees in this year have been:
Chairman Charles Hubbard Business Strategy and Planning Graham Pybus Foundation Members Ric Thompson Estates Charles Hubbard Finance, Treasury and Investment Nigel Moss Educational Development Fund (the 1840) Graham Pybus Archives Ken Siviter The Wilton Trust Howard Hackney 1840 Initiatives Roger Peach Old Lerpoolian Society Ric Thompson Company Secretary Ric Thompson
Mrs Amanda Gemmell has continued to provide invaluable support to the Foundation as Clerk to the Trustees and Accountant.
## **Trustee changes**
Two long-standing and distinguished Trustees chose to retire at the last General Meeting on 20 January 2021, John Robertson and Dr Anne Miller.
John Robertson has served as a Trustee for a period covering more than three decades, until his retirement in January 2021. John’s contribution to the Foundation and to Liverpool College has been immense over this exceptionally long period. Amongst his many achievements he played a significant part in the transition of the College to an Academy, and the development of the 1840. His love of rugby regularly took him from the playing fields of the College to the stands at Twickenham. John too was a former student, leaving in 1951, and has always been a strong supporter of the Old Lerpoolian Society. The Trustees wish him well in his well-deserved retirement.
Dr Anne Miller has served two terms as a Trustee, from December 2007 to September 2009 and then from January 2016 until her retirement In January 2021. Anne’s vast experience as Academic Registrar at the University of Bolton has been invaluable in keeping an independent watch on educational standards and practices, and the Trustees are most grateful for her contribution.
Both John and Anne will be very much missed by the Trustees.
The Trustees actively seek to recruit new Trustees who can offer a wide variety of skills and experience. During the year, the Board of Trustees are delighted to have co-opted Zia Chaudhry and Tom McConnell to the Board and they are eligible for election as Trustees by Foundation Members at this coming General Meeting.
The Foundation provides equal opportunities for all staff.
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**THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **The Foundation's legal commitments**
The Foundation has ownership of the freehold of all the Land and Buildings defined under the three Title Deeds which comprise the complete Mossley Hill estate. On 1 September 2013, the Foundation's main school Liverpool College became an Academy formed under a separate Trust, the Liverpool College Independent School Trust (the Academy), a Company and exempt Charity. The Academy is subject to a Funding Agreement between the Trust and the Secretary of State for Education, with a rolling seven-year notice of termination by either party. Being separate Trusts and Corporate Entities, all relationships between the Foundation and the Academy are on an "arms-length" basis.
Pursuant to these arrangements, the Foundation entered into a number of Legal Agreements, which are now substantial determinates of its governance and management going forward. These legal commitments are described below.
The Foundation is committed to the following Legal arrangements:
- An Agreement regarding the Discharge of the Debt arrangement between the Foundation and Barclays Bank, the institution of a re-placement grant from the Department for Education (DfE) to the Foundation,repayable within 12 months of the termination of the Funding Agreement between the Academy and theDfE, and the Security against this Loan obtained from the Foundation in favour of the DfE.
- The Legal Charge on the Freehold Property of the Foundation in favour of the DfE arising from the above Security commitment.
- Agreement regarding the Transfer Arrangements from the Foundation to The Academy covering Employees, Included Assets, the shares of Liverpool College Enterprises Ltd, Contracts, Employee and Pupil Records and the List of Excluded Assets.
- Agreement regarding the Lease of the Foundation's Land and Premises by the Academy at a peppercorn rent for a Term of 125 years, or on the earlier Termination of the Funding Agreement, and a Supplementary Agreement re the Use of the Land and Premises by the Academy. Under the terms of this Lease, the Academy as the "The Tenant" is responsible for the full insurance, upkeep, repair and maintenance of all the land and buildings comprising the Estate and for obtaining the consent of the Foundation as "The Landlord" for any proposed structural alterations or variations of the Property.
Other Legal Agreements placing obligations on the Foundation and shaping the continuing relationship between the Foundation and the Academy are:
- The Memorandum & Articles of Association of the Academy and the appointment of its Members and Governors.
- The Funding Agreement between the DfE and the Academy.
- A Memorandum of Understanding with the Diocese of Liverpool regarding the classification of the Academy as a Church of England School.
The Foundation has granted to the Academy the use and safekeeping of an inventory of Heirloom Assets, eg Trophies, Portraits, Pictures, Plaques, Honours Boards and Archives, which were excluded from the above Transfer Agreement. A formal Agreement to this effect has been put in place.
The Foundation has also granted the Academy the right to use the Name and Insignia of Liverpool College within the terms of the Objects as defined in The Academy's Memorandum and Articles of Association.
## **Public benefit**
The Trustees have given due consideration to the Charity Commission's published guidance on the operation of the public benefit requirement.
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## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
The Foundation has contributed significantly to the establishment of the Academy with long-term ongoing public benefit:
- The grant of a 125 year Lease to the Academy on all its Land & Buildings, coterminous with its Funding Agreement with the DfE, at a peppercorn rent, valued in the Academy's Accounts on the date of grant at £32m
- The gifting of Assets under the Transfer Agreement at a depreciated book value of £1.5m, in business value terms worth significantly more
- Expenditures of £289,000 incurred in the setting-up of the Academy
- The grant of the use of the Name and Insignia of Liverpool College
- The use and safekeeping of an inventory of Heirlooms
The Foundation's 1840 Fund and the Wilton Trust Fund both give support to the Academy for Pupil Prizes and Educational Development initiatives.
## **Activities of the Foundation in 2020/2021**
We have continued to build on the Foundation’s work of the previous years with the following key activities:
## **The LCF Investment Fund**
The LCF Investment Fund (or the Fund) was established in December 2015 with funds invested with St James's Place (SJP), with a total investment of the Foundation's cash resources of £720,000. The LCF Investment Fund holds both:
- The general cash reserves of LCF
- The invested cash of the 1840 Fund.
All the monies are held within a number of Sub funds comprising an LCF General Cash Reserves Sub fund and 1840 Sub funds each relating to the purpose for which the money was donated. The 1840 Sub funds are detailed under the next heading of this Report.
The Trustees continue to regard the most important issue in the management of the Fund to be our choice of investments and our spread of risk. We have adopted a strategy based on a wide spread of investment funds and underlying investments, both by way of asset classes and global geography, in order to manage risk and return appropriate to the Fund. SJP execute the strategy but do not manage the Fund on a discretionary basis. The Fund is ring fenced in the name of the Foundation and therefore forms no part of SJP's assets. The Trustees use SJP's significant investment expertise and resources with the aim of maximising the return on the Fund. It is our intention to retain and grow capital in the Fund in order to continue to generate gains and support activities for the future. We monitor the performance of the Fund regularly and meet with SJP during the year to review performance and adjust our investments according to our view on prospective market returns.
As described in last year’s report, the Trustees approved and made a grant of £250,000 in July 2020 to provide critical additional funding to the Academy to enable it to complete the building of a new four classroom block in its Prep School. We are pleased to report that this new building has been named the Noel Chavasse VC Pool house and has already proved to be an invaluable additional resource for the Prep School.
In April 2021, a further £70,000 was invested in the Fund from surplus cash resources.
The performance during the year is reported under the Financial Review heading below.
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## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **The LCF Educational Development Fund — the 1840**
The management of the LCF Educational Development Fund (the 1840) has continued in accordance with the policy previously established. The Trustees are very mindful of fulfilling the intentions of those who have made donations to the 1840 and of ensuring that money is not advanced to pay for anything which should genuinely be funded from other sources.
The Sub funds of the 1840 currently are:
- The Original 1840 General Donations
- Academy School Named Prizes
- The LCF Vice Presidents' Prize
- The Collin Thompson Imagineering Prize
- Chapel Refurbishment
- Design & Technology Refurbishment
- The Brenikov Bursary for Music
- The Gladstone Leadership & Management Programme
- Music
- Science
## **The Lerpoolians**
We described in last year’s report that we had made strong progress with the development and launch of The Lerpoolians, a website which is aimed at supporting the Academy in a number of ways. These include the strengthening of our relationships with the Old Lerpoolian Society, whose members are alumni of Liverpool College; the installation of a more accurate and modern method of Membership Record keeping and Communication; and the proper organisation, storage and presentation of the Archives.
We are pleased to report that further improvements and developments have been made during the last year. Regular communications are being posted and this has engaged an increase in membership. We are also delighted to report that the Old Huytonians (alumni of Huyton College, the Academy’s former sister school) have joined The Lerpoolians and this too will widen the engagement.
## **Estate**
Work continues to ensure that the approval and licencing processes required under the Lease between the Foundation and the Academy to fulfil the Landlord's and the Tenant's obligations are fully established.
The development of the Estate has continued, to accommodate a new Boarding House from September 2021 by the conversion of Beechlands and to create facilities for higher pupil numbers in the Prep School.
## **The Wilton Trust Fund**
As described in previous years’ reports, the Foundation is the sole Corporate Trustee of the Wilton Trust Fund, a separate charitable fund whose assets are held in the Thomas Ryder Wilton Bequest, registered charity number 529915. The Wilton Trust Fund is managed under the operational umbrella of the Foundation and is therefore treated as a subsidiary undertaking of the Foundation, but has been included as a separate endowment fund which remains subject to the objectives and principles of the Thomas Ryder Wilton Bequest.
The Wilton Trust Fund continues to support the Academy’s Gifted and Talented programme through a package funded from income generated from the Wilton Trust Fund’s investments. This programme comprises a comprehensive and outstanding range of activities and events on a daily basis which provide opportunities for a significant number of students to enrich their education outside the main curriculum.
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## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
The Wilton Trust Fund is currently invested with M&G in two underlying funds, the Equities Investment Fund for Charities (Charifund), which is primarily invested in UK equities, and the Charibond Charities Fixed Interest Fund (Charibond), a portfolio of gilt edged and other fixed interest stocks and deposits designed to produce a high income whilst preserving capital value. The combined funds seek primarily to generate income returns, whilst maintaining its capital, to provide the funding to support the Gifted and Talented programme.
The Trustees carry out a review of the investment fund at least annually and to date have concluded that no amendments should be made to the investments held. However, following the most recent review, it was agreed that alternative funds would be considered and the Trustees are currently undertaking a process to assess a range of options.
The performance during the year is reported under the Financial review below.
## **Financial review**
The group made a surplus for the year ending 31 August 2021 of £331,298 (2020: deficit £391,442). This is due to a number of factors.
Following the significant falls in value suffered by the financial markets during the first six months of 2020 due to the impact of the Covid-19 pandemic, the markets have recovered with substantial increases in value. Accordingly, the LCF Investment Fund valuation increased during the year by £122,831 (2020: decrease £30,275). A further investment of £70,000 was made in April 2021, and as a result the Fund recorded a blended return of 19% during the year. Overall, the fund valuation accordingly increased during the year from £626,119 to £818,950 at 31 August 2021.
The Wilton Trust Fund valuation also increased significantly during the year by £102,349 (representing 15% of the fund valuation at 31 August 2020) (2020: decrease £97,889), from £696,152 to £798,501 at 31 August 2021. Dividend income totalling £28,999 (2020: £33,006) was also distributed during the year, enabling a grant of £28,000 (2020: £34,891) to be made to the Academy to support its Gifted and Talented programme.
Donations received during the year were £120,742 (2020: £2,311). This included a bequest of £117,884 from the estate of JAB Johnson, which has been added to the General Fund.
In addition to the grant for the Gifted and Talented programme, grants of £12,400 were allocated during the year (2020: £14,500). This included a further £5,900 to support the development of The Lerpoolians website, as outlined above. Total administration and governance costs for the year (excluding the recovery of bad and doubtful debts, the release of impairment charge and stock write off) was £18,595 (2020: £18,708).
As at 31 August 2021 the group's total funds were £1,997,061 (2020: £1,665,763), which the Trustees consider to be satisfactory.
## **Land and Buildings Valuation and Contingent Liability**
On 31 July 2013 the Foundation granted to the Academy a lease, for a term of 125 years, of the whole c. 26 acre school campus and the buildings thereon comprising the school accommodation on what is effectively a full repairing and insuring lease at a peppercorn rent. Unless the Funding Agreement was to be terminated early the Foundation would not have possession of the campus until the expiry of the lease term. Accordingly, the Foundation's interest in the property comprising the campus in these accounts, following the grant of the lease, is valued at the discounted value of that reversionary right on the date of expiry. The initial valuation was therefore £232,000 and is subject to an annual release of the impairment charge. As at 31 August 2021 the valuation was £305,000 (2020: £293,000).
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**THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **Reserves policy**
The Foundation aims to maintain in available cash coverage of 2 months of running costs. At the financial year end the Foundation held sufficient cash and accessible funds to meet this requirement.
## **Risk Management**
The Trustees have reviewed the risks and uncertainties underlying the Foundation's operations. In their opinion adequate policies and processes have been put in place to ensure that exposure to financial or operational risk is minimised. With regard to the two investment funds it should be noted that the value of the funds' investments can go down as well as up.
## **Restricted Fund**
The Fund of the 1840 Foundation is held under the direct management of the Trustees for use for Educational Development. The 1840 Fund now stands at £525,021 (2020: £433,738).
## **Plans for forward periods**
The Foundation's work is focused on:
- The overall direction, organisation and management of the Foundation as a registered Charity and Limited Company under the terms of its Memorandum and Articles of Association
- The Foundation's role as Landlord under the Lease of its Freehold Land and Buildings to the Academy
- The management of its Financial Assets and Funds
- The management of the Educational Development Fund – the 1840 – and the Wilton Trust Fund
- The Foundation's obligations under all Legal Agreements
- Its relationships with the Academy.
In terms of specific objectives in the next year, the Board of Trustees will be particularly focused on:
- Reviewing the general strategy of the Foundation to ensure the most effective support for the Academy
- Continuing the effective management of the LCF Investment Fund and The Wilton Trust Fund
- Implementing the way forward on the 1840 Fund
- Strengthening the relationships of the Foundation with the Academy and working with it to implement academic initiatives brought forward for support which are within the Foundation’s means
- Continuing to seek to recruit new Trustees to provide succession to the existing Board.
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## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **Trustees' responsibilities statement**
The trustees (who are also directors of The Liverpool College Foundation for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group 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 in the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
25/1/2022
This report was approved by the Trustees on and signed on their behalf by:
**Mr C C Hubbard** Chairman
Date: 25/1/2022
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## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LIVERPOOL COLLEGE FOUNDATION**
## **Independent Examiner’s Report to the Trustees of The Liverpool College Foundation (‘the charity’)**
I report on the accounts of The Liverpool College Foundation (the “charity”) for the year ended 31 August 2021, which are set out on pages 12 to 35.
## **Independent examiner’s statement**
In connection with my examination no matter has come to my attention:
- which gives me reasonable cause to believe that in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act 2011;
- to prepare accounts which accord with the accounting records; and
- to comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charity. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Respective responsibilities of corporate trustee and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees considers that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act 2011;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011; and
- to state whether particular matters have come to my attention.
Your attention is drawn to the fact that the charity’s trustees have prepared the charity’s accounts in accordance with the Statement of Recommended Practice ‘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) issued in October 2019 in preference to the Statement of Recommended Practice Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005)’ issued in April 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008 but has been withdrawn. I understand that the charity’s trustees have done this in order for the charity’s accounts to give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
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## **INDEPENDENT EXAMINER'S REPORT TO THE CORPORATE TRUSTEE OF THE LIVERPOOL COLLEGE FOUNDATION**
## **Use of this report**
This report is in respect of an examination carried out under section 145 of the Charities Act 2011. This report is made solely to the charity's trustees, as a body, in accordance with the regulations made under section 154 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 an independent examiner's report and for no 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.
Michael J Delf FCA Grant Thornton UK LLP Chartered Accountants Liverpool
Date: 7/2/2022
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## **THE LIVERPOOL COLLEGE FOUNDATION**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021**
|**Note**
**Income and**
**endowments from:**
Donations and
legacies
2
Investments
3
**Total income and**
**endowments**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net income /**
**(expenditure)**
**before**
**gains/(losses)**
Net gains/(losses) on
Investments
15
Net gains/(losses) on
Fixed assets
14
**Total gains and**
**losses**
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds
brought forward
**Total funds**
**carried forward**|**Unrestricted**
**funds**
**2021**
**£**
120,742
-
**120,742**
22,373
**22,373**
**98,369**
30,148
8,900
**39,048**
**137,417**
499,615
**637,032**|**Restricted**
**funds**
**2021**
**£**
-
-
**-**
2,150
**2,150**
**(2,150)**
92,683
**92,683**
**90,533**
457,238
**547,771**|**Endowment**
**funds**
**2021**
**£**
-
28,999
**28,999**
28,000
**28,000**
**999**
102,349
**102,349**
**103,348**
708,910
**812,258**|**Total**
**funds**
**2021**
**£**
120,742
28,999
**149,741**
52,523
**52,523**
**97,218**
225,180
8,900
**234,080**
**331,298**
1,665,763
**1,997,061**|_Total_
_funds_
_2020_
_£_
_2,311_
_33,006_|
|---|---|---|---|---|---|
||||||_35,317_|
||||||_298,595_|
||||||_298,595_|
|||||||
||||||_(263,278)_|
||||||_(128,164)_|
||||||_(128,164)_|
||||||_(391,442)_
_2,057,205_
_1,665,763_|
The financial activities above include £120,742 (2020: £2,311) income and £24,523 (2020: £263,704) expenditure relating to the charitable company.
The notes on pages 15 to 35 form part of these financial statements.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee) REGISTERED NUMBER: 00004466**
## **CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2021**
|**Note**
**Fixed assets**
Tangible assets
**14**
Investments
**15**
**Current assets**
Stocks
**16**
Debtors
**17**
Cash at bank and in hand
**Creditors:**amounts falling due within one year
**18**
**Net current assets**
**Net assets**
**Charity Funds**
Endowment funds
**19**
Restricted funds
**19**
Unrestricted funds
**19**
**Total funds**|**2021**
**£**
**353,900**
**1,617,451**
**1,971,351**
**-**
**-**
**78,993**
**78,993**
**(53,283)**
**25,710**
**1,997,061**
**812,258**
**547,771**
**637,032**
**1,997,061**|_2020_
_£_
_333,000_
_1,322,271_|
|---|---|---|
|||_1,655,271_|
|||_8,090_
_4,488_
_47,210_|
|||_59,788_
_(49,296)_|
|||_10,492_|
|||_1,665,763_|
|||_708,910_
_457,238_
_499,615_
_1,665,763_|
The group’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The Trustees consider that the group is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“the Act”) and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
25/1/2022
The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf, by:
**Mr C C Hubbard Mr N A Moss** Chairman Treasurer
The notes on pages 15 to 35 form part of these financial statements.
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## **THE LIVERPOOL COLLEGE FOUNDATION**
## **(A company limited by guarantee) REGISTERED NUMBER: 00004466**
## **CHARITABLE COMPANY BALANCE SHEET AS AT 31 AUGUST 2021**
|**Note**
**Fixed assets**
Tangible assets
**14**
Investments
**15**
**Current assets**
Stocks
**16**
Debtors
**17**
Cash at bank and in hand
**Creditors:**amounts falling due within one year
**18**
**Net current assets/(liabilities)**
**Net assets**
**Charity Funds**
Restricted funds
**19**
Unrestricted funds
**19**
**Total funds**|**2021**
**£**
**353,900**
**818,950**
**1,172,850**
**-**
**-**
**51,063**
**51,063**
**(39,110)**
**11,953**
**1,184,803**
**547,771**
**637,032**
**1,184,803**|_2020_
_£_
_333,000_
_626,119_|
|---|---|---|
|||_959,119_|
|||_8,090_
_4,488_
_17,561_|
|||_30,139_
_(32,405)_|
|||_(2,266)_|
|||_956,853_|
|||_457,238_
_499,615_
_956,853_|
The company’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The parent company has taken advantage of section 408 of the Company Act 2006 and has not included its own Statement of Financial Activities in these financial statements. The parent company’s increase in funds for the year was £227,950 (2020: reduction £300,396).
25/1/2022
The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf, by:
**Mr C C Hubbard Mr N A Moss** Chairman Treasurer
The notes on pages 15 to 35 form part of these financial statements.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. Accounting Policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the second edition 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)(issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Liverpool College Foundation (formerly Liverpool College) 'the Company' or 'the Charity' 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.
The presentational currency of the financial statements is the pound sterling 'GBP'. The amounts included in the financial statements are rounded to the nearest £1.
## **1.2 Company status**
The Company is a company limited by guarantee. The members of the Company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £5 per member of the Company.
The registered office is Beechlands, Liverpool College, Mossley Hill, Liverpool, L18 8BG.
The principal activity is the overall direction, organisation and management of the Foundation as a registered charity and Limited Company under the terms of its Memorandum and Articles of Association as set out in the Trustees' report.
## **1.3 Going concern**
The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis, having reviewed net income and cashflow forecasts for the foreseeable future which is not less than 12 months from the date of approval of these financial statements.
## **1.4 Basis of consolidation**
The group financial statements consolidate those of the charitable company and its subsidiary undertaking drawn up to 31 August 2021 using the purchase method of accounting.
A separate Statement of Financial Activities for the charitable company has not been presented because the Foundation has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. Accounting Policies (continued)**
## **1.5 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 Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Endowment funds comprise the Wilton Trust Fund. In accordance with its trust deed, income can be used for unrestricted purposes and its capital is restricted as a permanent endowment in charity law.
Investment income, gains and losses are allocated to the appropriate fund.
## **1.6 Income**
All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## D **onations and legacies**
Donations and legacies are included in the Statement of Financial Activities when the Group becomes entitled to them and all pre-conditions have been met.
## **Grants**
Grants of a revenue nature are included in the Statement of Financial Activities once all conditions are met.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. Accounting Policies (continued)**
## **1.7 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.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Group. Governance costs are those incurred in connection with administration of the Group and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Group’s operations, including support costs and costs relating to the governance of the Group apportioned to charitable activities.
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.
## **1.8 Statement of cash flows**
No statement of cash flows is presented, as under FRS 102 the Group is exempt from producing such a statement by virtue of its size.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. Accounting Policies (continued)**
## **1.9 Tangible fixed assets and depreciation**
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. The impairment charge written back relates to the granting of a 125 year peppercorn lease to Liverpool College Independent School Trust on 31 July 2013. The value of the Group’s interest in the property at 31 August 2021 represents the discounted value (using a discount rate of 4% and assuming no growth) of the reversionary right in 117 years (2020: 118 years).
Heirlooms are not depreciated and are included at valuation (see 1.17).
## **1.10 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net gains on investments’ in the Statement of financial activities incorporating income and expenditure account.
## **1.11 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **1.12 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.
## **1.13 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. Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. Accounting Policies (continued)**
## **1.14 Operating leases**
Rentals under operating leases are charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
## **1.15 Investment income**
Dividends are included when receivable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the Bank.
## **1.16 Financial instruments**
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial liabilities.
Finance costs and gains or losses relating to financial liabilities are included in the statement of financial activities. The carrying amount of the liability is increased by the finance cost and reduced by payments made in respect of that liability. Finance costs are calculated so as to produce a constant rate of charge on the outstanding liability. Debt issue costs are offset against the debt and amortised over the term of the loan.
## **1.17 Heritage assets**
Heirlooms represent a collection of historic trophies, portraits, pictures, plaques, honours boards and archives. These assets are not subject to depreciation and are revalued periodically.
## **1.18 Significant adjustments and key areas of estimation uncertainty**
The trustees consider there to be no items in the financial statements where they have had to make significant judgements in the process of applying the Charity's accounting policies or key sources of estimation uncertainty.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **2. Income from donations and legacies - Group**
|Donations
_Total 2020_|**Unrestricted**
**funds**
**2021**
**£**
**120,742**|**Unrestricted**
**funds**
**2021**
**£**
**120,742**|**Restricted**
**funds**
**2021**
**£**
**-**|**Endowment**
**funds**
**2021**
**£**
**-**|**Total**
**funds**
**2021**
**£**
**120,742**|_Total_
_funds_
_2020_
_£_
_2,311_|
|---|---|---|---|---|---|---|
|||_2,311_|_-_|_-_|_2,311_||
## **3. Investment income - Group**
|Investment income
_Total 2020_|**Unrestricted**
**funds**
**2021**
**£**
**-**|**Restricted**
**funds**
**2021**
**£**
**-**|**Endowment**
**funds**
**2021**
**£**
**28,999**|**Endowment**
**funds**
**2021**
**£**
**28,999**|**Total**
**funds**
**2021**
**£**
**28,999**|_Total_
_funds_
_2020_
_£_
_33,006_|
|---|---|---|---|---|---|---|
||_*_|_-_||_33,006_|_33,006_||
## **4. Analysis of resources expended by expenditure type - Group**
|**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Endowment**
**funds**
**£**
Charitable activities
**13,373**
**2,150**
**28,000**
Governance costs
**9,000**
**- **
**- **
Total
**22,373**
**2,150**
**28,000**
_2020:_
_Charitable activities_
_252,254_
_2,150_
_34,891_
_Governance costs_
_9,300_
_- _
_- _
_Total_
_261,554_
_2,150_
_34,891_
|**Total**
**2021**
**£**
**43,523**
**9,000**
**52,523**
_289,295_
_9,300_
_298,595_|_Total_
_2020_
_£_
_289,295_
_9,300_
_298,595_|
|---|---|---|
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **5 Analysis of charitable activities expenditure - Group**
|**Unrestricted**
**fund**
**£**
**Restricted**
**fund**
**£**
**Endowment**
**fund**
**£**
Grants payable
**10,250**
**2,150**
**28,000**
Support costs
**3,123**
**- **
**- **
Total
**13,373**
**2,150**
**28,000**
_2020:_
_Grants payable_
_262,350_
_2,150_
_34,891_
_Support costs_
_(10,096)_
_- _
_- _
_Total_
_252,254_
_2,150_
_34,891_
|**Total**
**2021**
**£**
**40,400**
**3,123**
**43,523**
_299,391_
_(10,096)_
_289,295_|_Total_
_2020_
_£_
_299,391_
_(10,096)_
_289,295_|
|---|---|---|
## **6. Governance costs - Group**
|Accountancy costs
_2020_|**Unrestricted**
**funds**
**2021**
**£**
**9,000**|**Restricted**
**funds**
**2021**
**£**
**-**|**Endowment**
**funds**
**2021**
**£**
**-**|**Total**
**funds**
**2021**
**£**
**9,000**|_Total_
_funds_
_2020_
_£_
_9,300_|
|---|---|---|---|---|---|
||_9,300_|_-_|_-_|_9,300_||
## **7. Analysis of grants payable - Group**
|**Unrestricted**
**fund**
**£**
**Restricted**
**fund**
**£**
**Endowment**
**fund**
**£**
Grants to institutions
**10,250**
**2,150**
**-**
Endowment grants
**- **
**- **
**28,000**
Total
**10,250**
**2,150**
**28,000**
_2020:_
_Grants to institutions_
_262,350_
_2,150_
_-_
_Endowment grants_
_- _
_- _
_34,891_
_Total_
_262,350_
_2,150_
_34,891_|**Total**
**2021**
**£**
**12,400**
**28,000**
**40,400**
_264,500_
_34,891_
_299,391_|_Total_
_2020_
_£_
_264,500_
_34,891_
_299,391_|
|---|---|---|
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **7. Analysis of grants payable – Group (continued)**
Grants were made to Liverpool College Independent School Trust (LCIST) to fund the following programmes:
|Classroom buildings
Website development
Gladstone Leadership and Management Programme
Brenikov Music scholarship
School prizes
Gifted and Talented programme|**2021**
**£**
**-**
**5,900**
**4,350**
**750**
**1,400**
**28,000**
**40,400**|_2020_
_£_
_250,000_
_8,000_
_4,350_
_750_
_1,400_
_34,891_
_299,391_|
|---|---|---|
The Gifted and Talented programme is funded from the Wilton Trust Fund.
## **8. Support costs – Group**
|**Support costs – Group**||||
|---|---|---|---|
|Administration costs
Bad and doubtful debts recovered
Impairment charge written back
Stock written off|**Charitable**
**activities**
**£**
**9,595**
**(2,562)**
**(12,000)**
**8,090**|**Total**
**2021**
**£**
**9,595**
**(2,562)**
**(12,000)**
**8,090**|_Total_
_2020_
_£_
_9,408_
_(8,504)_
_(11,000)_
_-_|
||**3,123**|**3,123**|_(10,096)_|
Support costs for 2020 comprise charitable activities.
## **9. Trustee remuneration and expenses - Group**
During the year, no Trustees received any remuneration (2020: £Nil) or benefits in kind (2020: £Nil). During the year, Trustees received reimbursement of expenses amounting to £nil (2020: £2,877).
## **10. Staff costs - Group**
No persons were employed by the Group during the current or prior year.
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **11. Independent Examiners remuneration - Group**
Governance costs comprise the Independent Examiners remuneration of £7,500 (2020: £6,300), and accounts preparation of £1,500 (2020: £3,000), as set out below:
|Independent Examination fee - Foundation
Accounts preparation – Foundation
Independent Examination fee – The Wilton Trust – current year
Independent Examination fee – The Wilton Trust – prior period|**2021**
**£**
**4,200**
**1.500**
**2,100**
**1,200**|_2020_
_£_
_5,100_
_3,000_
_1,200_
_-_|
|---|---|---|
||**9,000**|_9,300_|
## **12. Taxation - Group**
## **Factors affecting tax charge for the year**
The Company and its subsidiary undertaking have been granted charitable status and are thus exempt from corporation tax in respect of their charitable activities.
## **13. Operations of subsidiary undertaking**
A summary of the results of the Wilton Trust Fund is set out below:
|Investment income
Charitable activities
Net income/(expense)
Net gains/(losses) on investments
Net movement in funds
The net assets and liabilities of the Wilton Trust Fund were:
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net assets
Endowment funds||**2021**
**£**
**28,999**
**(28,000)**
**999**
**102,349**
**103,348**
**2021**
**£**
**798,501**
**27,930**
**(14,173)**|_2020_
_£_
_33,006_
_(34,891)_
_(1,885)_
_(97,889)_
_(99,774)_|
|---|---|---|---|
||||_2020_
_£_
696,152
29,649
(16,891)|
|||**812,258**|_708,910_|
|||**812,258**|_708,910_|
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Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **14. Tangible fixed assets - Group and company**
|**Cost**
At 1 September 2020 and 31 August 2021
**Depreciation and impairment**
At 1 September 2020
Revaluation for the year
Impairment charge written back
At 31 August 2021
**Net book value**
At 31 August 2021
_At 31 August 2020_|**Freehold**
**property**
**£**
**4,889,073**|**Heirlooms**
**£**
**40,000**||**Total**
**£**
**4,929,073**|
|---|---|---|---|---|
||**(4,596,073)**
**-**
**12,000**|**-**
**8,900**
**-**||**(4,596,073)**
**8,900**
**12,000**
**(4,575,173)**|
||**(4,584,073)**|**8,900**
**48,900**|||
||**305,000**|||**353,900**|
||_293,000_|_40,000_||_333,000_|
The impairment charge written back relates to the granting of a 125 year peppercorn lease to Liverpool College Independent School Trust on 31 July 2013. The value of the Company's interest in the property at 31 August 2021 represents the discounted value (using a discount rate of 4% and assuming no growth) of the reversionary right in 117 years (2020: 118 years).
Heirlooms represent a collection of historic trophies, portraits, pictures, plaques, honours boards and archives. These assets are not subject to depreciation and are revalued periodically. A valuation was carried out in November 2021 by F Turner & Sons, Auctioneers & Valuers, Liverpool which valued the heirlooms on an open market valuation basis at £48,900. Accordingly, this represents an increase in the valuation of £8,900, which the Trustees have determined should be reflected in the valuation at 31 August 2021.
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## **THE LIVERPOOL COLLEGE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **15. Fixed asset investments - The Group**
|**Market value**
At 1 September 2020
Investments
Revaluations
At 31 August 2021
**Investments at market value comprise:**
The LCF Investment Fund
The Wilton Trust Fund
Total market value
All the fixed asset investments are held in the UK.|**The LCF**
**Investment**
**Fund**
**The Wilton**
**Trust Fund**
**Total**
**£**
**£**
**£**
**626,119**
**696,152**
**1,322,271**
**70,000**
**-**
**70,000**
**122,831**
**102,349**
**225,180**|**The LCF**
**Investment**
**Fund**
**The Wilton**
**Trust Fund**
**Total**
**£**
**£**
**£**
**626,119**
**696,152**
**1,322,271**
**70,000**
**-**
**70,000**
**122,831**
**102,349**
**225,180**|**The LCF**
**Investment**
**Fund**
**The Wilton**
**Trust Fund**
**Total**
**£**
**£**
**£**
**626,119**
**696,152**
**1,322,271**
**70,000**
**-**
**70,000**
**122,831**
**102,349**
**225,180**|
|---|---|---|---|
||**818,950**
**798,501**
**1,617,451**|||
|||**2021**
**£**
**818,950**
**798,501**|_2020_
_£_
_626,119_
_696,152_
_1,322,271_|
|||**1,617,451**||
|||||
## **The Company**
The charitable company's investments are represented by the LCF Investment Fund above.
Page 25
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **15 Fixed asset investments - The Group (continued)**
The Charity invests in a wide spread of investment funds, focused on a mixture of capital, growth and income, whose underlying investments comprise a broad mixture of investments listed both in the UK and overseas.
All investments are carried at their fair value. Investment in equities are all traded in quoted public markets. Holdings in common investments funds are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in the Trustees’ Report.
The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Charity has a significant exposure to international companies, the values of which, together with their yields are exposed to exchange rate risk when converting the holdings into sterling.
Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so the ability to buy and sell quoted equities and stock is anticipated to continue. The Charity’s investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments held for the longer term yield a total return and historic studies of quoted financial instruments have shown that volatility in any particular five year period will normally be corrected.
## **The LCF Investment Fund**
The LCF Investment Fund is invested with St James's Place in a wide range of managed funds with the objective of generating growth. These funds cover equity markets in the UK, Europe, North America and Asia, whilst being balanced by property funds and a significant holding in fixed interest and cash. As at 31 August 2021 approximately 33% of the overall fund valuation comprised investment in fixed interest, cash and property, with the remainder invested in equities.
## **The Wilton Trust Fund**
The Wilton Trust Fund comprises two underlying funds invested with M&G, designated for charities. These comprise the Equities Investment Fund for Charities (Charifund), which is primarily invested in UK equities, and the Charibond Charities Fixed Interest Fund (Charibond), a portfolio of gilt edged and other fixed interest stocks and deposits designed to produce a high income whilst preserving capital value. As at 31 August 2021 the valuation of The Wilton Trust Fund comprised approximately 65% in the Charifund (2020: 59%) and 35% in the Charibond (2020: 41%).
Page 26
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **16. Stocks - Group and company**
|Liverpool College 175 years of history books|**2021**
**£**
**-**|_2020_
_£_
_8,090_|
|---|---|---|
The trustees have considered it appropriate to write off the residual cost of books held and recognise income from further sales when proceeds are received.
## **17. Debtor – Group & company**
|Amounts recoverable|**2021**
**£**
**-**|_2020_
_£_
_4,488_|
|---|---|---|
## **18. Creditors: Amounts falling due within one year**
|Accruals
Grants payable|**Group**
**2021**
**Company**
**2021**
_Group_
_2020_
_Company_
_2020_
**£**
**£**
_£_
_£_
**15,632**
**15,632**
_16,327_
_16,327_
**37,651**
**23,478**
_32,969_
_16,078_|
|---|---|
||**53,283**
**39,110**
_49,296_
_32,405_|
Page 27
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. Statement of funds**
## **Statement of funds - Group current year**
|
**Unrestricted funds**
**Designated funds**
Education Development Fund
**General funds**
General Fund
Total Unrestricted funds
**Endowment funds**
Wilton Trust Fund
**Restricted funds**
Liverpool College 1840
Foundation
Brenikov Music Scholarship
Total of funds|**Balance at**
**1 September**
**2020**
**£**
**356,788**|**Income**
**£**
**1,700**|**Expenditure**
**£**
**-**||**Gains/**
**(Losses) **
**£**
**-**
**39,048**
**39,048**
**102,349**
**92,683**
**-**
_______
**92,683**
**234,080**|
**Transfers**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
_________
**-**||**Balance at**
**31 August**
**2021**
**£**
**358,488**|**Balance at**
**31 August**
**2021**
**£**
**358,488**|
|---|---|---|---|---|---|---|---|---|---|
||**142,827**|**119,042**|**(22,373)**||||||**278,544**|
||**499,615**|**120,742**|**(22,373)**||||||**637,032**|
||**708,910**
**433,738**
**23,500**
|**28,999**|**(28,000)**|___|||||**812,258**|
|||**-**
**-**
__________
**-**|**(1,400)**
**(750)**
__________
**(2,150)**||||||**525,021**
**22,750**
|
||___________
**457,238**|||||||___|_______
**547,771**|
||**1,665,763**|**149,741**|**(52,523)**|||**-**||**1,997,061**||
Page 28
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. Statement of funds (continued)**
## **Statement of funds - Group prior year**
|_Unrestricted funds_
_Designated funds_
_Education Development Fund_
_General funds_
_General Fund_
_Total Unrestricted funds_
_Endowment funds_
_Wilton Trust Fund_
_Restricted funds_
_Liverpool College 1840_
_Foundation_
_Brenikov Music Scholarship_
_Total of funds_|_1_|_Balance at_
_September_
_2019_
_£_
_354,488_|_Income_
_£_
_2,300_|_Expenditure_
_Gains/_
_(Losses) Transfers_
_£_
_£_
_£_
_-_
_-_
_-_
_(261,554)_
_(12,110)_
_(8,728)_
_(261,554)_
_(12,110)_
_(8,728)_
_(34,891)_
_(97,889)_
_8,728_
_(1,400)_
_(18,165)_
_-_
_(750)_
_-_
_-_
_-_
_(2,150)_
_(18,165)_
_- _
_(298,595)_
_(128,164)_
_-_|_Expenditure_
_Gains/_
_(Losses) Transfers_
_£_
_£_
_£_
_-_
_-_
_-_
_(261,554)_
_(12,110)_
_(8,728)_
_(261,554)_
_(12,110)_
_(8,728)_
_(34,891)_
_(97,889)_
_8,728_
_(1,400)_
_(18,165)_
_-_
_(750)_
_-_
_-_
_-_
_(2,150)_
_(18,165)_
_- _
_(298,595)_
_(128,164)_
_-_|_Expenditure_
_Gains/_
_(Losses) Transfers_
_£_
_£_
_£_
_-_
_-_
_-_
_(261,554)_
_(12,110)_
_(8,728)_
_(261,554)_
_(12,110)_
_(8,728)_
_(34,891)_
_(97,889)_
_8,728_
_(1,400)_
_(18,165)_
_-_
_(750)_
_-_
_-_
_-_
_(2,150)_
_(18,165)_
_- _
_(298,595)_
_(128,164)_
_-_|_Expenditure_
_Gains/_
_(Losses) Transfers_
_£_
_£_
_£_
_-_
_-_
_-_
_(261,554)_
_(12,110)_
_(8,728)_
_(261,554)_
_(12,110)_
_(8,728)_
_(34,891)_
_(97,889)_
_8,728_
_(1,400)_
_(18,165)_
_-_
_(750)_
_-_
_-_
_-_
_(2,150)_
_(18,165)_
_- _
_(298,595)_
_(128,164)_
_-_|_Balance at_
_31 August_
_2020_
_£_
_356,788_|
|---|---|---|---|---|---|---|---|---|
|||_425,208_|_11_|_(261,554)_|_(12,110)_|||_142,827_|
|||_779,696_|_2,311_|_(261,554)_|_(12,110)_|||_499,615_|
|||_799,956_|_33,006_|_(34,891)_|_(97,889)_|||_708,910_|
|||_453,303_
_24,250_|_-_
_-_|_(1,400)_
_(750)_|_(18,165)_
_-_|||_433,738_
_23,500_|
|||_477,553_|_-_|_(2,150)_|_(18,165)_||_- _|_457,238_|
|||_2,057,205_|_35,317_|_(298,595)_|_(128,164)_||_-_|_1,665,763_|
Page 29
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. Statement of funds (continued)**
## **Statement of funds – Charitable company current year**
|**Balance at**
**1 September**
**2020**
**Unrestricted funds**
**Designated funds**
Education Development Fund
**356,788**
**General funds**
General Fund
**142,827**
Total Unrestricted funds
**499,615**
**Restricted funds**
Liverpool College 1840
Foundation
**433,738**
Brenikov Music Scholarship
**23,500**
**457,238**
Total of funds
**956,853**|**Balance at**
**1 September**
**2020**
**Unrestricted funds**
**Designated funds**
Education Development Fund
**356,788**
**General funds**
General Fund
**142,827**
Total Unrestricted funds
**499,615**
**Restricted funds**
Liverpool College 1840
Foundation
**433,738**
Brenikov Music Scholarship
**23,500**
**457,238**
Total of funds
**956,853**||**Income **
**1,700**|**Expenditure**
**-**|**Expenditure**
**-**|**Gains/**
**(Losses)**
**-**|**Transfers**
**-**
**-**
**-**
**-**
**-**||**Balance at**
**31 August**
**2021**
**358,488**|
|---|---|---|---|---|---|---|---|---|---|
||**142,827**
**499,615**||**119,042**||**(22,373)**|**39,048**|||**278,544**|
||||**120,742**||**(22,373)**|**39,048**|||**637,032**|
||**433,738**
**23,500**||**-**
**-**||**(1,400)**
**(750)**|**92,683**
**-**|||**525,021**
**22,750**|
||**457,238**||**-**||**(2,150)**|**92,683**|**-**||**547,771**|
||**956,853**||**120,742**||**(24,523)**|**131,731**|**-**||**1,184,803**|
Page 30
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
Commercial in confidence
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. Statement of funds (continued)**
## **Statement of funds – Charitable company prior year**
|_Unrestricted funds_
_Designated funds_
_Education Development Fund_
_General funds_
_General Fund_
_Total Unrestricted funds_
_Restricted funds_
_Liverpool College 1840_
_Foundation_
_Brenikov Music Scholarship_
_Total of funds_|_Balance at_
_1 September_
_2019_
_354,488_||_Income_
_2,300_|_Expenditure_
_-_|_Gains/_
_(Losses)_
_-_|_Transfers_
_-_
_(8,728)_
_(8,728)_
_-_
_-_|_Transfers_
_-_
_(8,728)_
_(8,728)_
_-_
_-_|_Balance at_
_31 August_
_2020_
_356,788_|
|---|---|---|---|---|---|---|---|---|
||_425,208_||_11_|_(261,554)_|_(12,110)_|||_142,827_|
||_779,696_||_2,311_|_(261,554)_|_(12,110)_|||_499,615_|
||_453,303_
_24,250_||_-_
_-_|_(1,400)_
_(750)_|_(18,165)_
_-_|||_433,738_
_23,500_|
||_477,553_||_-_|_(2,150)_
_(263,704)_|_(18,165)_||_-_|_457,238_|
||_1,257,249_||_2,311_||_(30,275)_||_(8,728)_|_956,853_|
Page 31
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **Notes**
## **i) Unrestricted funds**
The General Fund and the Education Development Fund are unrestricted. The Education Development Fund has been invested for income and growth.
## **ii) Restricted funds**
## **a) The Liverpool College 1840 Foundation**
- The Liverpool College 1840 Foundation is for educational development and has been invested for income and growth.
- These funds comprise a number of historic donations. The detailed restrictions attached to these funds vary in nature.
## **b) The Brenikov Music Scholarship**
- The Brenikov Music Scholarship is to be invested for income and growth, with a commitment to use 3% of the capital annually to fund music lessons for pupils who show talent in music but who cannot afford music lessons.
## **iii) Endowment funds**
## **The Wilton Trust Fund**
- The Wilton Trust Fund is an endowment fund established to promote or further the education of students of Liverpool College Independent School Trust (the Academy). It is invested to generate income and maintain capital.
- The Trustees have agreed that this fund should support the Academy's Gifted and Talented Programme, a wide-ranging programme of activities which is structured to provide opportunities for all students throughout the Academy.
Page 32
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **20. Analysis of net assets between funds**
## **Analysis of net assets between funds - the Group – current year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Analysis of net assets between funds - the Group**
_Tangible fixed assets_
_Fixed asset investments_
_Current assets_
_Creditors due within one year_|**Unrestricted**
**funds**
**2021**
**£**
**353,900**
**201,005**
**51,063**
**31,064**|**Restricted**
**funds**
**2021**
**£**
**-**
**617,945**
**-**
**(70,174)**|**Endowment**
**funds**
**2021**
**£**
**-**
**798,501**
**27,930**
**(14,173)**|**Endowment**
**funds**
**2021**
**£**
**-**
**798,501**
**27,930**
**(14,173)**|**Total**
**funds**
**2021**
**£**
**353,900**
**1,617,451**
**78,993**
**(53,283)**|
|---|---|---|---|---|---|
||**637,032**|**547,771**|**812,258**
_Endowment_
_funds_
_2020_
_£_
_-_
_696,152_
_29,649_
_(16,891)_|**812,258**|**1,997,061**|
||**– prior year**
_Unrestricted_
_funds_
_2020_
_£_
_333,000_
_100,857_
_30,139_
_35,619_|_Restricted_
_funds_
_2020_
_£_
_-_
_525,262_
_-_
_(68,024)_|||_Total_
_funds_
_2020_
_£_
_333,000_
_1,322,271_
_59,788_
_(49,296)_|
||_499,615_|_457,238_|_708,910_||_1,665,763_|
Page 33
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **20. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - the charitable company – current year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year|**Unrestricted**
**funds**
**2021**
**£**
**353,900**
**201,005**
**51,063**
**31,064**|**Restricted**
**funds**
**2021**
**£**
**-**
**617,945**
**-**
**(70,174)**|**Total**
**funds**
**2021**
**£**
**353,900**
**818,950**
**51,063**
**(39,110)**|
|---|---|---|---|
||**637,032**|**547,771**|**1,184,803**|
_Analysis of net assets between funds - the charitable company – prior year_
|_Tangible fixed assets_
_Fixed asset investments_
_Current assets_
_Creditors due within one year_|_Unrestricted_
_funds_
_2020_
_£_
_333,000_
_100,857_
_30,139_
_35,619_|_Restricted_
_funds_
_2020_
_£_
_-_
_525,262_
_-_
_(68,024)_|_Total_
_funds_
_2020_
_£_
_333,000_
_626,119_
_30,139_
_(32,405)_|
|---|---|---|---|
||_499,615_|_457,238_|_956,853_|
Page 34
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
## **THE LIVERPOOL COLLEGE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **21. Contingent liabilities**
In July 2013 the Company received £2,500,000 from the Department for Education (DfE). The money is repayable in the event that the Funding Agreement between Liverpool College Independent School Trust and the DfE is terminated.
## **22. Capital commitments**
The group had no capital commitments at 31 August 2021 or 31 August 2020.
## **23. Liverpool College Independent School Trust (LCIST)**
The activities of the main school were transferred from the Company to LCIST to operate an Academy from 1 September 2013.
On 31 July 2013, the Company granted a 125 lease of the whole school campus and the buildings thereon at a peppercorn rent. During that year, a grant of £2,500,000 was received from the Department for Education. The loan is repayable in the event that the funding agreement between LCIST and the Department for Education is terminated.
Page 35
DocuSign Envelope ID: 3FA291F1-0728-47DE-B20F-A13A2E8C8D20
## **THE LIVERPOOL COLLEGE FOUNDATION**
## **(A company limited by guarantee)**
## **DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021**
|**Income**
Foundation income and legacies
Income from investment funds
**Total Income**
**Less: Expenditure**
Administration costs
Bad debts recovered
Governance Accountancy costs
Governance Accountancy costs – prior years
Endowment grants
Classroom buildings grant
Other grants
**Total Expenditure**
**Net income / (expenditure) from charitable**
**sources**
**Other income and expenditure**
Impairment charge written back
Gains/(Losses) on revaluations of investment
assets
Gain on revaluation of heirloom assets
Stock of history books written off
**Total Other income and expenditure**
**Net income/(expenditure) for the year**|**120,742**
**28,999**|**2021**
**£**
**149,741**
**(56,433)**|_2,311_
_33,006_|_2020_
_£_
_35,317_
_(309,595)_|
|---|---|---|---|---|
||**9,595**
**(2,562)**
**7,800**
**1,200**
**28,000**
**-**
**12,400**||_9,408_
_(8,504)_
_9,300_
_-_
_34,891_
_250,000_
_14,500_||
||**12,000**
**225,180**
**8,900**
**(8,090)**||_11,000_
_(128,164)_
_-_
_-_||
|||**93,308**||_(274,278)_|
|||
**237,990**||
_(117,164)_|
||||||
|||**331,298**||_(391,442)_|
THIS SCHEDULE IS NOT FOR PUBLICATION
Page 36