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2025-08-31-accounts

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

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 2025

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

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 2-12
Independent examiner's report 13-14
Consolidated statement of financial activities 15
Consolidated balance sheet 16
Charitable company balance sheet 17
Notes to the financial statements 18-35

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

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 2025

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
Mr T H McConnell
Dr T S Kinloch
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
Chartered Accountants
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

Page 1

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

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 (LFC, the Company or Charity) for the year ended 31 August 2025.

The financial statements show the financial affairs of both the group headed by The Liverpool College Foundation and the Liverpool College Foundation charitable company. The group consists of the Liverpool College Foundation and the Thomas Ryder Wilton Bequest (TRWB), for which the Foundation is the sole Corporate Trustee. As a result, the Charitable Company is considered to have control and, therefore, TRWB is 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 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 motto was and still remains "Non Solum Ingenii Verum Etiam Virtutis" i.e. "Not only the Intellect but also the Character" and is 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."

Page 2

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Activities and Objectives

The activities of the Foundation are described in detail later 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 (“the Academy”) in various ways available to the Trustees - this support includes:

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, along with the principal office address. 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.

The specific remits of the Trustees in this year have been:

Charles Hubbard − Chairman, Estates
Nigel Moss − Business Strategy and Planning, Finance, Treasury and Investment
Ric Thompson − Foundation Members, Old Lerpoolian Society, Company Secretary
Howard Hackney − The Wilton Trust
Graham Pybus − Educational Development Fund (the 1840)
Roger Peach − 1840 Initiatives / The Lerpoolians
Ken Siviter − Archives
Tom McConnell − The Lerpoolians
Tom Kinloch − Mentoring and Fundraising

Mrs Amanda Gemmell has continued to provide invaluable support to the Foundation as Clerk to the Trustees and Accountant.

The Trustees continue to seek to recruit new Trustees who can offer a wide variety of skills and experience. The Foundation provides equal opportunities for all staff.

Page 3

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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:

Other Legal Agreements placing obligations on the Foundation and shaping the continuing relationship between the Foundation and the Academy are:

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Archives and Heirlooms

The Foundation has granted to the Academy the use and safekeeping of an inventory of Heirloom Assets, e.g. 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.

The Foundation has contributed significantly to the establishment of the Academy with long-term ongoing public benefit:

The Foundation's 1840 Fund and the Wilton Trust Fund both give support to the Academy for Pupil Prizes and Educational Development initiatives.

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Activities of the Foundation in 2024/2025

We have continued to build on the Foundation’s work of the previous years with the following key activities:

i) The LCF Investment Fund

The LCF Investment Fund (or the Fund) was established in December 2015 with investment from the Foundation's cash resources with St James's Place (SJP). The LCF Investment Fund holds both:

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 part (v) of this section of the Trustees’ 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.

A grant of £250,000 was made in July 2020 from the SJP Fund 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. This building was named the Noel Chavasse VC Pool house and has already proved to be an invaluable additional resource for the Prep School.

The Trustees are committed to provide an annual grant funding resource to the Academy from the Educational Development Fund in relation to the Foundation’s legacies and bequests. Such funding will be made only once approved pursuant to a rigorous process of review of appropriate funding applications by the Academy which must meet certain pre-agreed criteria. During the financial year to 31 August 2025 total funding of £13,699 was provided to the Academy under this resource (2024: £22,000).

The performance during the year is reported under the Financial Review heading below.

Page 6

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

ii) The Wilton Trust Fund

The Foundation is the sole Corporate Trustee of the Thomas Ryder Wilton Bequest (TRWB), a separate charitable fund, registered charity number 529915. As a result, the Foundation is considered to have control and, therefore, TRWB is consolidated as a 100% subsidiary. The assets of TRWB are managed by the Foundation but remain subject to the objectives and principles of TRWB. The TRWB funds have previously been classified within these consolidated accounts as an endowment fund, but are now classified as an unrestricted but designated fund. The assets of TRWB are also known as the Wilton Trust Fund.

The Wilton Trust Fund comprises funds which the Trustees have invested in specific investment funds, with the aim of providing benefit to pupils and past pupils of Liverpool College (“the Academy”). In recent years this funding has provided support to the Academy’s Gifted and Talented programme. 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.

The Wilton Trust Fund is invested in a portfolio managed by Rathbones, who took over the management of the fund from Investec in April 2025, following its merger with Investec Wealth & Investment Limited in 2023. The fund is invested in a widely spread portfolio, with a risk profile at the high end of the Medium Risk level and balanced investment objectives. The broad objective is to maintain a balance of approximately 60% in equities (spread over UK, Europe, North America and other regions) with approximately 40% in a combination of fixed income, cash, property and alternatives. The objective of the portfolio is to generate returns through a combination of income and capital growth.

The Trustees carry out a review of the investment fund at least annually.

The performance of The Wilton Trust during the year is reported under the Financial review below.

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

iii) The Lerpoolians

The Lerpoolians website made significant progress this year, notably achieving the milestone of signing up its 2,000th member. The inclusion of the Old Huytonians (alumni of Huyton College, the Academy’s former sister school) has also broadened engagement. This progress reflects the strengthening of connections among the various membership groups, which include alumni, parents, teachers and Friends of Liverpool College. The website utilises a dedicated software package that integrates membership management, event planning, ticket sales, mentoring and fundraising.

In addition, the website aims to support the Academy in several ways, including promoting its events, publishing news related stories and providing, where possible, volunteers to assist wherever needed. The website publishes at least one story each week.

The Trustees continue to explore ways in which the Lerpoolians can benefit the Academy. This year, efforts have included fundraising to upgrade the Chapel Organ.

iv) Archives

A dedicated team of archivists made significant progress this year in organising, storing, and presenting the Liverpool College Archives. Their work has included:

Further work and resources will continue to be allocated to this vital area.

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

v) 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:

vi) 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 continues, to create further facilities for higher pupil numbers throughout the school campus.

Page 9

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Financial review

The group made a surplus for the year ending 31 August 2025 of £32,206 (2024: £91,447).

The LCF Investment Fund’s underlying valuation increased during the year by £68,570 (2024: £81,424). After withdrawing £62,500 during the financial year to provide cash funding for the Foundation (2024: £7,500), the fund’s valuation at 31 August 2025 was £810,132 (31 August 2024: £804,062).

The Wilton Trust Fund is invested in a portfolio managed by Rathbones, who took over the management of the fund from Investec in April 2025, following its merger with Investec Wealth & Investment Limited in 2023. During the year, this fund generated income of £24,556 (2024: £20,263), whilst the underlying capital valuation increased during the year by £13,937 (2024: £74,802). A total funding grant of £39,235 (2024: £35,000) was made to the Academy to support its Gifted and Talented programme and expenses of £7,221 were incurred during the year (2024: £9,894). At 31 August 2025 the Rathbone fund valuation was £755,825 (31 August 2024: £766,553).

Donations received during the year were £3,613 (2024: £660), which included a bequest of £1,000 (2024: £Nil).

In addition to the grant for the Gifted and Talented programme, grants of £24,515 were made during the year (2024: £32,060). This included £13,699 funding to the Academy from the Educational Development Fund (2024: £22,000). Total administration and governance costs (excluding the recovery of bad and doubtful debts and the release of the impairment charge) were £31,443 (2024: £34,137).

At 31 August 2025 the group's total funds were £1,964,273 (2024: £1,932,067), which the Trustees consider to be satisfactory.

Land and Buildings Valuation and Contingent Liability

On 31 July 2013 the Foundation granted to the Academy, for a term of 125 years, a lease 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. At 31 August 2025 the valuation was £357,000 (2024: £343,000).

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.

Page 10

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 £575,676 (2024: £535,771).

Strategic objectives

i) Overall focus

The Foundation's work remains focused on:

ii) Strategy and plans for forward periods

In September 2023, the Trustees completed a comprehensive review of LCF’s overall strategies and policies, with the aim of isolating and reassessing the key functions and targets for the Trustees to focus on as their prime strategic objectives over the next 5 years. As a result, the Trustees established key strategic objectives as set out below to ensure the most effective support for the Academy. During the year under review, positive progress has been made in relation to all these objectives:

Page 11

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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’ annual 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:

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.

29/1/2026

This report was approved by the Trustees on and signed on their behalf by:

Mr C C Hubbard

Chairman

Date:

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Independent Examiner's Report to the Trustees of The Liverpool College Foundation (‘the Charity’)

I report to the trustees on my examination of the accounts of The Liverpool College Foundation ‘the Charity) for the year ended 31 August 2025, which are set out on pages 15 to 35.

Responsibilities and basis of report

As the charity trustee of The Liverpool College Foundation (who is also the director of the Charitable Company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that, no matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect:

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.

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Our report is made solely to the Charitable Company's trustees, as a body, in accordance with section 154 of the Charities Act 2011. Our work has been undertaken so that we might state to the Charitable Company's trustees those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's trustees as a body, for our work or for the independent examiner’s report, or for the opinions we have formed.

Signed: Dated: 29/1/2026 Michael J Delf FCA Grant Thornton UK LLP Chartered Accountants Liverpool

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

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 2025

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
14
Total gains and losses
Net movement in funds
Reconciliation of funds:
Total funds
brought forward
Net movement in funds
Total funds
carried forward		 Unrestricted
funds
2025
£
3,613
24,556
28,169
61,905
61,905
(33,736)
26,708
26,708
(7,028)
1,373,896
(7,028)
1,366,868		 Restricted
funds
2025
£
-
-
-
16,565
16,565
(16,565)
55,799
55,799
39,234
558,171
39,234
597,405		 Total
funds
2025
£
3,613
24,556
28,169
78,470
78,470
(50,301)
82,507
82,507
32,206
1,932,067
32,206
1,964,273		 Total
funds
2024
£
660
20,263
20,923
85,702
85,702
(64,779)
156,226
156,226
91,447
1,840,620
91,447
1,932,067

The financial activities above include £3,613 (2024: £660) income and £15,449 (2024: £16,248) expenditure relating to the charitable company.

The notes on pages 18 to 35 form part of these financial statements.

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

CONSOLIDATED BALANCE SHEET AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current liabilities
Net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 2025
£
405,900
1,565,957
1,971,857
55,707
55,707
(63,291)
(7,584)
1,964,273
597,405
1,366,868
1,964,273		 2024
£
391,900
1,570,615
1,962,515
30,087
30,087
(60,535)
(30,448)
1,932,067
558,171
1,373,896
1,932,067

The group’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with the provisions of FRS 102 1 A – small entities.

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 charitable 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.

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf, by:

C Charles Hubbard Chairman Date: 29/1/2026

Nigel A Moss Treasurer Date: 28/1/2026

The notes on pages 18 to 35 form part of these financial statements.

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

CHARITABLE COMPANY BALANCE SHEET

AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current liabilities
Net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 2025
£
405,900
810,132
1,216,032
36,030
36,030
(45,387)
(9,357)
1,206,675
597,405
609,270
1,206,675		 2024
£
391,900
804,062
1,195,962
17,338
17,338
(46,794)
(29,456)
1,166,506
558,171
608,335
1,166,506

The company’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 1 A – small entities.

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 £40,169 (2024: £41,276).

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf, by:

C Charles Hubbard Chairman Date: 29/1/2026

Nigel A Moss Treasurer Date: 28/1/2026

The notes on pages 18 to 35 form part of these financial statements.

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Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. Accounting policies

i) 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.

ii) Company status

The charitable company is a company limited by guarantee, without share capital, incorporated in England and Wales. 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 registered number is: 00004466 and the charity number is: 526682.

iii) 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.

iv) Basis of consolidation

The group financial statements consolidate those of the charitable company and its subsidiary undertaking drawn up to 31 August 2025 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.

Page 18

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Accounting policies (continued)

v) 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. This includes the Thomas Ryder Willton Bequest fund.

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.

Investment income, gains and losses are allocated to the appropriate fund.

vi) 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.

Donations 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.

Investment income

Bank interest and dividends are included in the statement of financial activities when receivable.

vii) 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.

viii) 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.

Page 19

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Accounting policies (continued)

ix) 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.

x) 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 2025 represents the discounted value (using a discount rate of 4% and assuming no growth) of the reversionary right in 113 years (2024: 114 years).

xi) 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.

Page 20

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Accounting policies (continued)

xii) 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.

xiii) Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

Page 21

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Income from donations and legacies – Group

LCF
Unrestricted
funds
TRWB
Unrestricted
funds
£
£
2025
Donations
3,613
-
2024
Donations
660
-
. Investment income – Group
LCF
Unrestricted
funds
TRWB
Unrestricted
funds
£
£
2025
Investment income
-
24,556
2024
Investment income
-
20,263
. Analysis of resources expended by expenditure type – Group
LCF
Unrestricted
funds
TRWB
Unrestricted
funds
£
£
2025
Charitable activities
6,389
46,456
Governance costs
9,060
-
15,449
46,456
2024
Charitable activities
7,248
44,894
Governance costs
9,000
-
16,248
44,894		 Restricted
funds
£
-
-
Restricted
funds
£
-		 Total
funds
£
3,613
660
Total
funds
£
24,556
- 20,263

Restricted
funds
£
16,565
-		 Total
funds
£
69,410
9,060
16,565 78,470
24,560
-		 76,702
9,000
24,560 85,702

3. Investment income – Group

4. Analysis of resources expended by expenditure type – Group

Page 22

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5. Analysis of charitable activities expenditure – Group

LCF
Unrestricted
funds
£
2025
Grants payable
7,950
Support costs
(1,561)
6,389
2024
Grants payable
7,500
Support costs
(252)
7,248
. Governance costs – Group
LCF
Unrestricted
funds
£
2025
Accountancy costs
9,060
2024
Accountancy costs
9,000		 TRWB
Unrestricted
funds
£
39,235
7,221
46,456
35,000
9,894
44,894
TRWB
Unrestricted
funds
£
-
-		 Restricted
funds
£
16,565
-
16,565
24,560
-
24,560
Restricted
funds
£
-		 Total
funds
£
63,750
5,660
69,410
67,060
9,642
76,702
Total
funds
£
9,060
- 9,000

6. Governance costs – Group

Page 23

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Analysis of grants payable – Group

2025
Grants to institutions
Designated grants
2024
Grants to institutions
Designated grants		 LCF
Unrestricted
funds
£
7,950
-
7,950
7,500
-
7,500		 TRWB
Unrestricted
funds
£
-
39,235
39,235
-
35,000
35,000		 Restricted
funds
£
16,565
-
16,565
24,560
-
24,560		 Total
funds
£
24,515
39,235
63,750
32,060
35,000
67,060

Grants were made to Liverpool College Independent School Trust (LCIST) to fund the following programmes:

Gifted and Talented programme
Educational Development Fund – general funding
Website development
School prizes
Music award (Brenikov Music Scholarship fund)		 2025
£
39,235
13,699
7,950
2,195
671
63,750		 2024
£
35,000
22,000
7,500
2,210
350
67,060

8. Support costs – Group

Administration costs
Fund management fees
Bad and doubtful debts recovered
Impairment charge written back		 Charitable
activities
15,184
7,199
(2,723)
(14,000)
5,660		 Total
2025
£
15,184
7,199
(2,723)
(14,000)
5,660		 Total
2024
£
17,976
7,161
(2,495)
(13,000)
9,642

Support costs for 2025 comprise charitable activities.

9. Trustee remuneration and expenses – Group

During the year, no Trustees received any remuneration (2024: £nil) or benefits in kind (2024: £nil). During the year, one Trustee was reimbursed a total amount of £301 (2024: £657) for expenses directly incurred in relation his Trustee’s role.

Page 24

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

10. Staff costs – Group

No persons were employed by the Group during the current or prior year (2024: none).

11. Independent Examiners remuneration – Group

Governance costs comprise the Independent Examiner’s remuneration of £7,485 (2024: £7,425), and accounts preparation of £1,575 (2024: £1,575), as set out below:

Independent Examination fee – Foundation
Accounts preparation – Foundation
Independent Examination fee – TRWB
Independent Examination fee – prior year		 2025
£
5,025
1,575
2,460
-
9,060		 2024
£
4,725
1,575
2,340
360
9,000

12. Operations of subsidiary undertaking

As described in the Trustees’ Report, the Foundation is the only corporate trustee of The Thomas Ryder Wilton Bequest (charity number: 529915) (TRWB) and is therefore considered to have control. TRWB is accordingly considered to be a subsidiary of the Foundation. A summary of the results of TRWB is set out below:

Investment income
Charitable activities
Net (expense)/income
Net gains / (losses) on investments
Net movement in funds		 2025
£
24,556
(46,456)
(21,900)
13,937
(7,963)		 2024
£
20,263
(44,894)
(24,631)
74,802
50,171

The net assets and liabilities of TRWB were:

Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net assets
General unrestricted funds		 2025
£
755,825
19,677
(17,904)
757,598
757,598		 2024
£
766,553
12,749
(13,741)
765,561
765,561

Page 25

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

13. Tangible fixed assets – Group and company

Cost or valuation
At 1 September 2024 and 31 August 2025
Depreciation and impairment
At 1 September 2024
Impairment charge written back
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property

£
4,889,073
(4,546,073)
14,000
(4,532,073)
357,000
343,000		 Heirlooms
£
48,900
-
-
-
48,900
48,900		 Total
£
4,937,973
(4,546,073)
14,000
(4,532,073)
405,900
391,900

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 2025 represents the discounted value (using a discount rate of 4% and assuming no growth) of the reversionary right in 113 years (2024: 114 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 at least every five years. A valuation was last 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, and accordingly the Trustees have determined that this should remain the valuation at 31 August 2025.

Page 26

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Fixed asset investments – The Group

Investments at market value
The LCF Investment Fund
The Wilton Trust Fund
Movement in market value
At 1 September 2024
Additions
Disposals
Revaluations
Movement in cash balances held in fund
At 31 August 2025
Market value by asset class
Equities:
UK
Europe
North America
Other
Total
Fixed interest / cash
Other		 The LCF
Investment
Fund
£
804,062
-
(62,500)
68,570
-
810,132
108,360
111,166
259,790
106,426
585,742
183,999
40,391
810,132		 2025
£
810,132
755,825
1,565,957
The Wilton
Trust
Fund
£
766,553
73,602
(107,473)
13,937
9,206
755,825
124,176
53,811
171,666
109,872
459,525
184,968
111,332
755,825		 2024
£
804,062
766,553
1,570,615
Total
£
1,570,615
73,602
(169,973)
82,507
9,206
1,565,957
232,536
164,977
431,456
216,298
1,045,267
368,967
151,723
1,565,957

Page 27

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Fixed asset investments (continued)

The Company

The charitable company's investments are represented by the LCF Investment Fund above.

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 (SJP) 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. At 31 August 2025 the valuation of the LCF Fund was £810,132, and approximately 28% of the overall fund valuation comprised investment in fixed interest, cash and property, with 72% invested in equities.

The historical cost of the SJP portfolio at 31 August 2025 was £420,000 (2024: £482,500).

Page 28

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Fixed asset investments (continued)

The Wilton Trust Fund

As described in the Trustees’ Report, the Foundation is the sole Corporate Trustee of the Thomas Ryder Wilton Bequest, a separate charitable fund, whose assets are also known as the Wilton Trust Fund.

The Wilton Trust Fund comprises funds which the Trustees have invested in specific investment funds, with the aim of providing benefit to pupils and past pupils of Liverpool College (“the Academy”). In recent years this funding has provided support to the Academy’s Gifted and Talented programme. 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.

The Wilton Trust Fund is invested in a portfolio managed by Rathbones, who took over the management of the fund from Investec in April 2025, following its merger with Investec Wealth & Investment Limited in 2023. The fund is invested in a widely spread portfolio, with a risk profile at the high end of the Medium Risk level and balanced investment objectives. The broad objective is to maintain a balance of approximately 60% in equities (spread over UK, Europe, North America and other regions) with approximately 40% in a combination of fixed income, cash, property and alternatives. The objective of the portfolio is to generate returns through a combination of income and capital growth.

At 31 August 2025 the valuation of the Rathbones Fund was £755,825 (2024: £766,553). 39% of the overall fund valuation comprised investment in fixed interest, property, cash and cash alternatives, with 61% invested in equities.

The historical cost of the Rathbones Fund portfolio at 31 August 2025 was £681,710 (2024: 716,100).

15. Creditors: Amounts falling due within one year – Group and company

Accruals
Grants payable		 Group
2025
£
22,603
40,688
63,291		 Company
2025
£
22,603
22,784
45,387		 Group
2024
£
22,871
37,664
60,535		 Company
2024
£
22,871
23,923
46,794

Page 29

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds

Statement of funds – Group current year

Unrestricted funds
Designated funds:
Education Development Fund
General funds:
General Fund
Designated funds:
Wilton Trust Fund
Restricted funds
Liverpool College 1840 Foundation
Brenikov Music Scholarship
Total of funds		 Balance at
1 September
2024
£
363,009
245,326
765,561
1,373,896
535,771
22,400
558,171
1,932,067		 Income
£
540
3,073
24,556
28,169
-
-
-
28,169		 Expenditure
£
-
(15,449)
(46,456)
(61,905)
(15,894)
(671)
(16,565)
(78,470)		 Gains /
(Losses)
£
-
12,771
13,937
26,708
55,799
-
55,799
82,507		 Balance at
31 August
2025
£
363,549
245,721
757,598
1,366,868
575,676
21,729
597,405
1,964,273

Page 30

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Statement of funds – Group prior year

Unrestricted funds
Designated funds:
Education Development Fund
General funds:
General Fund
Designated funds
Wilton Trust Fund
Restricted funds
Liverpool College 1840 Foundation
Brenikov Music Scholarship
Total of funds		 Balance at
1 September
2023
£
362,349
245,796
715,390
1,323,535
494,335
22,750
517,085
1,840,620		 Income
£
660
-
20,263
20,923
-
-
-
20,923		 Expenditure
£
-
(16,248)
(44,894)
(61,142)
(24,210)
(350)
(24,560)
(85,702)		 Gains /
(Losses)
£
-
15,778
74,802
90,580
65,646
-
65,646
156,226		 Balance at
31 August
2024
£
363,009
245,326
765,561
1,373,896
535,771
22,400
558,171
1,932,067

Page 31

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Statement of funds – Charitable company current year

Balance at
Income
1 September
2024
£
£
Unrestricted funds
Designated funds:
Education Development Fund
363,009
540
General funds:
General Fund
245,326
3,073
608,335
3,613
Restricted funds
Liverpool College 1840 Foundation
535,771
-
Brenikov Music Scholarship
22,400
-
558,171
-
Total of funds
1,166,506
3,613
Statement of funds – Charitable company prior year
Balance at
Income
1 September
2023
£
£
Unrestricted funds
Designated funds:
Education Development Fund
362,349
660
General funds:
General Fund
245,796
-
608,145
660
Restricted funds
Liverpool College 1840 Foundation
494,335
-
Brenikov Music Scholarship
22,750
-
517,085
-
Total of funds
1,125,230
660		 Expenditure
£
-
(15,449)
(15,449)
(15,894)
(671)
(16,565)
(32,014)
Expenditure
£
-
(16,248)
(16,248)
(24,210)
(350)
(24,560)
(40,808)		 Gains /
(Losses)
£
-
12,771
12,771
55,799
-
55,799
68,570
Gains /
(Losses)
£
-
15,778
15,778
65,646
-
65,646
81,424		 Balance at
31 August
2025
£
363,549
245,721
609,270
575,676
21,729
597,405
1,206,675
Balance at
31 August
2024
£
363,009
245,326
608,335
535,771
22,400
558,171
1,166,506

Page 32

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds (continued)

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) Unrestricted – designated funds

The Wilton Trust Fund

iii) Restricted funds

a) The Liverpool College 1840 Foundation

b) The Brenikov Music Scholarship

Page 33

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

iv) Analysis of net assets between funds

i) Analysis of net assets between funds – the Group

Current year - 2025
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Prior year – 2024
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year		 Unrestricted
funds
£
405,900
855,854
55,707
49,407
1,366,868
391,900
916,311
30,087
35,598
1,373,896		 Restricted
funds
£
-
710,103
-
(112,698)
597,405
-
654,304
-
(96,133)
558,171		 Total
funds
£
405,900
1,565,957
55,707
(63,291)
1,964,273
391,900
1,570,615
30,087
(60,535)
1,932,067

ii) Analysis of net assets between funds – the charitable company

Current year - 2025
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Prior year - 2024
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year		 Unrestricted
funds
2025
£
405,900
100,029
36,030
67,311
609,270
391,900
149,758
17,338
49,339
608,335		 Restricted
funds
2025
£
-
710,103
(112,698)
597,405
-
654,304
-
(96,133)
558,171		 Total
funds
2025
£
405,900
810,132
36,030
(45,387)
1,206,675
391,900
804,062
17,338
(46,794)
1,166,506

Page 34

Docusign Envelope ID: CE8D5796-2E26-4929-8B8A-0109B101E2D3

THE LIVERPOOL COLLEGE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. 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.

18. Capital commitments

The group had no capital commitments at 31 August 2025 or 31 August 2024.

19. 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.

20. Related Party Transaction

The Thomas Ryder Wilton Bequest is considered to be the charitable company’s subsidiary as The Liverpool College Foundation is the only corporate trustee of the charity. As a result, The Liverpool College Foundation is considered to be the charity’s parent due to its control. During the year The Liverpool College Foundation wholly incurred all administrative costs for its subsidiary company.

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