SALISBURY HOUSE Registered Charity No. 526739 TRUSTEES, REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 MITCHELL CHARLESWORTH ACCOUNTAKrs
SALISBURY HOUSE TRUSTEES, REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 CONTENTS Page Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet io Notes to the Financial Statements 11-19
SALISBURY HOUSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and fmancial statements of the charity for the year ended 31 Deceinber 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and Coinply with the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommend¢d Prnclice applicable to charities pi'eparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and R¢publi¢ of Ireland {FRS 102} (as amended for ae¢ollnting periods commencing l January 2019). Reference ond admlnlstratlve Information Tru$tees The following persons were frnstees during ihe year and held the Committee or School GoveTnor appointmcnts indi¢ated'. Mr J Bird Rev Andrew Colmer MIE L Davies Mrs J Griffiths Mrs V Kerr Rev H Lea-wilson Mi% W Mason Mr S Mcclelland Mrs D Owe MrNPye Mr A Rainsay Mr K Swallow Mr P Woodward Mr M Doyle Trustee Ex Officio Trustee Treasurer & Found21ion Governor Trustee Trust¢e Trustee Head Teacher Trustee Trustee President & Foundation Governor Foundation Governor TrLlStee (resigned on 22 February 2024) Secretary & Foundation Governor Trustee (appointed on 15 Febwary 2024) All Thistee5 are instructed in the practice of the Trnst and where they are Foundation Governors of Childwall Church of England Primary S¢hool receive training as provided by the Liverpool Education Authority. Principal Address The Trustees of Salisbury House Childwall Chui'ch of England Primary School Woolton Road L16 OJD Jndependent Examiners Tony Stanley Mitchell Charlesworth Suites C,D,E &F, 14th Floor The Plaza 100 Old Hall Street LiveTpooI L3 9QJ Banker5 HSBC 99, Merseyside 101 Lord Street Liv¢tpool L2 6PG Investment Manager CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Objectives and aetlyities for the public benefit Th¢ Liverpool Orphanage and its endowinents were brought within the provisions of the Salisbury House Foundation by way of a Scheme made by the See1ry of State on I I September 1964 and varied and approved by the Charily Cominissioners on 3 October 1977. The Liverpool Orphanag¢ wa5 originally established in the nineteenth century and later irgulated by further schemes dated 1913 and 1925. By ag]Eernent with the Charity Commissioners the S¢h¢Jn¢ was reorganised on 21 October 1998, whereby the various cndowTnents were restructured into (l) Pennanent Endowment Fund, (2) G¢neral Fund (3) Education and Prize Funds. (4) the Extraordinary Repair Fund, and15} Chapel Fund. Under the terims of the various Schemes. the Trustees are to perrnit the land and buildings owned by the Foundation to be used as a school for girls and boys: aiid it is provided that religious instruction ¢ODSiStent with the dtri¢S of th¢ Church of England shall be given at the school. The TINstees air responsible for the
rnaintenance and insurance of the property, u5in8 incoine frojn the Permanent Endowment. The premises are ¢U)Tently in use by the Childwall Church of England Priinary School. Structurei govtrnance and management Salisbury House is a rcgistered charity, nuillber 526739, and constituted under a Trust Deed dated 21 October 1998. The charity do¢s not actively fundi.a1 and 5¢eks to continue its charitable woi'k through the care[ stewardship of its existing resources. Key managtmeTht personnel The Trustees consider the board of Trustees and Presid¢nt as comprising ihe key manag¢in¢nt peTsonnel of the Charity in chai'ge ofdirecting and contt"olling the chai'ity and running and ope12ting the charity on a day to day basi5. All Ti'ustees give of their time freely aiid no Trustee remuneraiion wa5 paid in the year. Trustees are reqilired to disclose all relevant interests and register thein with the President and in a¢¢ordance with the Trust's policy withdraw from decision where a coiiflict of illterest arises. Ti'ustee descriptions tnay coine under several titles.. Tiustee, Ex OtTicio Trustee. Foundation Govemor. Tr¢asurer & Foundation Governor, President & Foundation Gov¢rnor. All Trustee5 are instructed in the practice of the Trust and where they are Foundation Goveinors of Childwall Chuich of England Priinary School receive training as provided by the Liverpool Education Authority. Dcvelopmenl, Activities and AchievemeDIs Each of the various Fuiids has been used during the year to the best advantage and the grants made have been appreciated greatly by the recipients. FiNanciHI Review The Trustees were pleased to provide Education Fund grants amounting to £11,425 (2022.. £2,131). There were no grants fi'oin the Prize Fund (2022.. £540) or Chapel Fund (2022.. £596) in the year. The Endowment Fiind expenditure ainounted 10 £8,658 eoinprising £7.346 insurance cost5 and £1,312 heat puinp repair {2022'. insiirance £6,804 and 5en50ry rooin £1 1.000). General expeiis¢s comprised Governance costs of £2,104 {2022.. £1,808 Govei'jiance costs and £2,100 Surveyor's fee5). The total income in the year was £38,184 aiid the total expenditure ainoiinted to £22,249, resulting in a surplus {befoiE investment gainsllossesl iji the year of £15,935. At 31 De¢eti)ber 2023 the total fllnds under the Trustees, Inanageinent was £5,214,220 (2022.. £5,110,1 I I). Tru5tte5' Responsibilities In relatlon to the fin&ncial statements The cliarity I'rustees are responsible foi. preparing a Trustees. annual report and financial sratements in accoi'd(ince with applicable law and United KinLdoin Accounting Standards (Unitcd Kingdoin Generally Accepted Accounting Practice). The law applicable to cl)arities in Englaftd 2nd Wale5 requires the charity Trusle¢s to prepare financial stateinent5 for each yeai. which give a true and fair view of the state of affairs of the chai'ity and of the incoming resoiii'ces and application of resources, of the chw'ity for that period. In preparing the financial statements. the Trustees are reqiiiTed to.. select suitable accounting policies and apply thein consistently., observe the meihods and principles of the Charities SORP. Inake judgeinellt5 and estiinates that are Ira50nable and prudent., state whethej. applicable accountinbj standards hav¢ been followed. subject to any mat¢i'ial departure5 that Inust be disclosed and explained in ihe financial statements. prepare the financial statements on the going conceill basi5 unless it is inappropriate to presume that the charity will Continue in business. The Tru5tee5 are responsible for keeping propel accounting records that disclose with reasonable accuracy at any tiine the f]nancial position of the charity and lo enable them to ensure that ihe financial ststements comply with the Chai"ities Act 2011, the applicable Charities (Accounts and Reports) Regulations. and the provisions of the Trust deed. They ar¢ also responsible for safeguarding the assets of the charity and taking reasonable steps lor the preventton and detection of fraud and other i¢gUlaritIeS.
Investment poliey And performanee The Trusiees have aligned their investment policy with that of th¢ Charities Official Investsnent Fund Managers. On original investment the capital of the various funds were allocated.. 75 /0 in Equity Units yielding growth over the long terin 250/0 in Fixed Interest Units aimed to provide a high incom¢ yield Monies deemed to be required for building projects are placed on depositwith COIF and accumulated incojne balall¢¢s are on bank dep)sit. Reserves Policy The Extraordinary R¢pair Fund reserve is requared to meet the Trustees. contribution to new building costs. Depending upon Government Policy at the time the Trustees consider a required contribution by thetn of lOO/ of rcplacement building costs to be a reasonable target. The Trustees endeavour to distribute the accuinulaled incom¢ within the restricted funds and seek to make known the availability of the grants. Finally, the General Fund reserves are held at a level to meet the ongoing administratiot] of the Trust together with anticipated supplements io the other funds. Risk rnaThagement The Trustees I'eview the Major risks at tri-annual meetings and have established sy5t¢ms to minimise these risks. Reeruitmenl of new Trustees Reciuittnent of Trustees is Carried out to appoint trustees in keeping with the best interests of the TTUSt. New Trustees are recruited on the basis of their prof¢5sional skills and work experience. Prospectiv¢ Ti'llstees are approached if they have a professional skill or Televant work experience, that the Trust¢¢s b¢liev¢ would benefit the Trustee board, or if a new TTU5te¢ Is required to replace a Trustee with a particular prof¢ssion or skill. Trairtlng Upon appointmei]t, new Trilstees are provided with a file of information on the history of the Trust and its responsibilities toward5 th¢ whool. Safeguarding Trustees should keep up-to-date with Safeguarding changes in line with school governor training. Tn]gtees do not require DBS checks to be made as they do not perform any regulated activity with adults or ohildren. Nevertheless, where TNstees hold governor positions with Childwall Church of England Primary School, they are required to have a DBS check carried out ihrough school processes and to read and sign acknowledgfflnent of the school's Safeguarding Policy. Non-DBS-¢heeked Trustees who are on school preinise$ where pupils are still present must rnake sure that they are a¢¢oinp&nied at all times by a member of school staff, or DBS-checked Trustee. Open and Positive Culture The Trust pY(Trmotes a fair, open attd positive culture. All Twstee5 are able to repoit toncerns, confident that they will be heard and responded to. Concern should be reported io th¢ Secretary of the T]st in confidence for investigation by a quorum of Trustees, independent of the ¢on¢ern raised. Plans for the future The Trustees will continue to provide the premises for Childwall Chur¢h of England PTimary Sehool and in particular accumulate a resource towards the replacement of the building. Th¢y will continlle to support pupils and former pupils in their personal and academic development and a¢hiev¢in¢nts through awards and grants.
Public Benefit I'he ¢harity's Trustees have complied with the duty in section 17{5) of the Charities Act 2011 to have due regard to public benefit 8uidanc¢ published by the ch'ty Cojnmission. On behalf of the Trustee5 NPye ]4esident 27 Mar¢h 2025
DIDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SALISBURY HOUSE TRUST I report to the Tru5t¢¢s on ]ny examination of the account5 of Salisbury House {the charity) for the year ended 31 Deeemb¢r 2023. This report is made solely to the charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been und¢rtaken $0 that I might state to the charity's Trustees those inatteTS l am required to state to thein in an Independent Examinerfs report and for no other puwose. To the lIest 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 ¢xamination, for this report, or foT the opinion5 1 hav¢ fgrmed. Re5ponsibilitie5 and basis of report As the Trustees of the charity you are responsible for the preparation of the ac¢ounts in accordance with the requir¢inents of the Charitie5 Act 2011 (the 201 l Act). I report in resP¢Ct of iny examination of the charity's accounts Carried out under section 145 of the 201 l Act. In carrying out Iny examination I have followed all the appli¢abl¢ Directions given by the Charity Commission under section 145{5)(b} of the 2011 Act. Independent examineT'S StAtement Your attention 15 drawn to the fact ihatihe chariry has PiEpared accounts in accordance with Ac¢ounting and Reporting by Charilie5 preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting 8nd Reporting by Charities.. Statement of Rolended Pra¢ti¢¢ issu¢d on l April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has bcen done in order for accounts t(> provide a true and fair view in accordance with Generally Accepted Accounting Prdctice etyective for repoiting p¢riods beginning on or after l January 2015. I have completed my examination. I confllTr that no matt¢r5 have Come to my attention in connection witli the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 130 of the 201 l Act; or the a¢c(Trunts do not a¢cord with those records. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fail view which is not a Inatter considered as part of an independent ¢xaminalion. I have no concerns and have ¢ome across no other matters in connection with the examination to which attention should be drawn in this report in ordei. to enable a PTop¢r understanding of the accounts to be reached. ChdL5w Mr Tony Stanley ACA Mitchell Charlesworth Suites C, D, E &F, 14 Floor, the Plaza 100 Old Hall Street Liverwol L3 9QJ Dated.. 01.04.2025
SALISBURY HOUSE STA TFMENT OF FINANCIAL ACTIVITIES For the yeai. ended 31 December 2023 Note Unrestrieted Endowment Restricted Designated Fund Funds Fund5 Funds Total 2023 Tot%LI 2022 Incorne and endowments Inv¢stinent income 7,655 Total Income Expenditure Expenditure OD Charitable activities Educatson Other expenditure 11.425 11,425 3,267 21,774 Total Expendlture Net gainsl(losse5) on investments r4el ga5n51{losses) on fixed assets 2,166 8.658 11,425 22,249 25,041 10 15.576 46,884 14.174 11,540 88,174 (131,891) 270 925 Net (expenditureylneome 21,065 55,730 8,562 18,752 104,109 (396,515) Fund5 81 l January 2023 289,331 4,404 435 209 786 206559 5 110 111 5506626 Flld5 at JI Decernbei. 2023 16 310397 4,460,164 218.348 225 311 5,214 220 5 110 111
SALISBURY HOUSE cOARATIvE STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 Deceinber 2022 Note Unr¢stri¢ted Endowment Restrlcted DeSigated Fund Funds Funds Funds Total 2022 Total 2021 Income and ¢ndowment$ Investment income 5,999 15,877 31.342 Tot21 ineome 4,515 Expenditure Expenditure on charitable a¢tivltles Education Other ¢xpendlture 3,267 3.267 21.774 8,441 Total Expenditure 3,970 17,804 3267 (68,904) (21,398) 270 925 25.041 8,441 Net (lossesygains on investments Net (lossesygains on fixed assets 10 (24,785) (16,804) (131,891) 270 925 121,368 Net (expenditure)lincome (22,756) (341,756) (19,714) {12,289} (396,515) 142,211 Fund5 81 l January 2022 312087 4746 191 229 500 218,848 5,506 626 5 364,415 Fund5 8131 Detember 2022 16 289331 4 404 435 209,786 206,559 5,110.111 5.506,626
SALISBURY HOUSE BALAf4CE SHEET At 31 Deceinber 2023 Note Unrestricted EndowmeTht R¢51ricted Designated Fund Funds Funds Fund5 Total 2023 Total 2022 Tangible Fixed Assets Land & Buildings Investinents 3,815.000 568,248 3,815,000 3,815,000 138.886 1,082,626 994.453 10 200 713 174,779 200713 4,383 248 174,779 138 886 4,897,626 4 809 453 Current Assets Bank 113596 113.596 82,560 82,560 43,952 86,425 326.533 326.533 323,436 323 436 Current Liabilities CJEditors 383 22,778 Net Current Assets 109684 76.916 316594 300,658 Totgr assets less curi'ent liabilities 310,397 4 460,164 218,348 5 214.220 5 110 111 The Funds of the Charity: Unrestricted Funds Endowment Funds Restricted Funds Designated Funds Revaluation Rescrve Total charity funds 12 13 14 15 310.397 310,397 289,331 2,141,477 2,085,748 218,348 209.786 225,311 206.559 2,318,687 2.318.687 5,214.220 5,110,111 2,141,477 218.348 225,311 2.318687 4,460,164 16 310.397 218.348 225,31 The notes at pages I I to 19 foi'it) pa]t of these accounts. Approved by the Trustees on [Ncl and signed on theii. behalf by.. 11 fvl(YvLlo15 NPye President 10
SALISBURY HOUSE NOTES TO THE FINANCIAL STA TEMENTS For th¢ y¢aT ¢nded 31 D¢¢emb¢r 2023 l. Chllrlty Informatton Salisbury House is a UK registered charity. The principal address 66 Childwall PaAt Avenue, Liverpool, L16 OJQ. l Accounting Polieles Basis of preparatlom And assessment of golng eoneern The accounts {financial stateinent$) have been prepared under the historical ¢ost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notels) to these accoiints. The financial statem¢nts have been prepared in accoTdan¢e with th¢ Stateinent of Recognised Practice.. Accounling and Reptsrting by Charitie5 prepaTing their a¢counls in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2022 and the Financial Reporting Siand8rd 2pplic8ble in the United Kingdom and Republic of Ireland (FRS102). effective I January 2019) and the Charities Act 2011. At the time of approving the accounts th¢ Tnjstees have a reasonable exp¢¢tation that the charity has adequate resources to continue ifi operational existence for the foiEsceable future. Thus, the Ti'usiees continue to adopt the 'going concern. basis of accounting in preparing (he accounts. The accounts are prepared in sterling, which is the functional ciirrency of the trust. Monetary amounts in these financial statejnents are rounded to the nearest £. The accounts hav¢ d¢parted from the Charities (Accounts and Report$) Regulations 2(K)8 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recoinmended Practice for charities applying FRS 102 rather than the version of th¢ Statement of Recominended Practice which 15 referred to in the Regulations but which has since b¢en withdrawn. The Charity has tsken advantage of the provisions in the SORP for Charities applying FRS 102 Uwjate Bull¢lin I not to prepair a Stateinent of Cash Flows. In¢orne recogThition All incoine will b¢ recogni5ed once the trust has entitleinent to the income, it is probable that the incoine will b¢ received and the amount of income i'eceivable can be ineasured reliably. Interest on ndS held on deposit is included when receivable and the amount can be Ineasured r¢liably by the trust,. this is norinally upon notification of the interest paÉd or payable by th¢ bank or investment manager. Expenditure recognition Liabilities are IE¢ognised as expenditure as soon as there is legal or constructive obligation committing the charity to ihat expenditure, it is probable thai settlement will be required and the amount of th¢ oblÈgation can be Ineasured Irliably. All expendiiure is accounted for on an accruals basis. All expenses including govertyance ¢051$ are allocated or apportioned to the appli¢able expenditure headings. Grants payable are payinents Inade lo Current or fomer pupils in financial need to enabl¢ them to further their education, or prizes awarded to ¢urrent pupils for attaininent in soine area. e.g. attendance. Grants are accrued once the r¢cipi¢n( has been notified of the grant award. b) d) Grant maklng polley The trust has cstablished its gt2nt making policy to achieve ir$ objecis for the public benefit. Irreeoverable VAT Irrecoverable VAT is charged against the expenditur¢ heading for which it was incurred.
SALISBURY HOUSE NOTES TO THE FINANCIAL STA TEMENTS For the year ended 31 December 2023 Allocallon ofsupport and governanee cost$ Governance cost5 comprise all costs involving the public accoLintability of the charity and its ¢oJi)pliance with regulation and good practice. These cosis include costs related lo independent exainination and legal f¢¢s together with an apw)rtionment of overheads. g) Charitable actlvitles Cost5 of charitable activitie5 include grants made, goveimance costs and other relevant expenditure. FIKed asset iNvestments h) Investtnents are a forin of basi¢ financial instruinent and are initially recognised at their trdllsaction value and Subsequently measured al their fair value as at the balance sheet dat¢ sing the closing quoted market price. The slaiement of financial activities incliides the net gains and losses arising on revaluation and disposals throughout the year. The Inain fomi of financial risk faced by the charity is thal of volatility in equity Inarkets and investment markets due to wider economie conditions, the attitude of investors to investinent risk, and changes in sentiinent concerning eqiiities and within particular sectors or sub sectors. Impairment of fExed assets At ea¢h reporting end date, the charity reviews the carrying amounts of ils tangible assets to deteiTnine whether there is any indication thai those assets have suffered an iinpaii"Inent loss. If any such indication exists, the recoverable amouni of the asset 15 estiinated in order to (Itten1n¢ the extent of the impainiient loss (if any). Land and bulldings The property at Woolton Road, Liverpool, is capilalised at valuation. Realised gains and losses All gait]s and losses are taken to the Siatenient of Finan¢ial Activities as they arise. Realised gains and losses on investinents are calculated as the diffeien¢e between sales proceeds and their opening caiTying value or their puicha5e valiie if acquired subs¢qiEent to the first day of the financial ye2T. lJnrealised gains and losses ale calculated as the difference between the fair value at the year end and their carrying valEie. Realised and unrealised investment gains and losses are coinbined in the Stalen)ent of Financial Activities. Taxatlon J) The charity benefits from various exemptions froin taxation afforded by tax legislatEon and is not liable to corporation tax on income and gains falling within these exeinplions. Restricted funds Resh'icted fiinds are used for the piitposes specified by the donor. Expenditure which meeis the critei'ia 15 identified to the ftind. Unrestricted funds Uniestricted funds are donations and any otheT incoine received or generated for the objects of the eharity without fLiriher specified purpose and ar¢ available as sepaixte funds. Dtsignated fund The designate fund hold5 earjnarked resources towai'ds the development and replaceinent of the preinises. A ti'ansfer of costs and fuiiding is Jnade when developinents in progr¢5s are cojnpleted and fully funded by the contributing parties. Grants received p) GTants received towards capital expenditure on the building ar¢ included in the financial 5tateJnent5 when received. 12
SALISBURY HOUSE NOTES TO THE FINANCIAL STA TkMEIVTS For the year ended 31 D¢cember 2023 q) Endowm¢Dt fullds Incoming resources froin endowment funds ar¢ r¢stricted. Financi41 in$trument5 The Charity has elected to apply the provision5 of Se¢tion I I 'Basic Financial Instruments, and Section 12 '0thei' Financial Instti]Inents Issues, of FRS 102 to all of its financial instruinents. Financial instruinents are re¢ognised in the charity's balance sheet when the chlty becomes party to the ¢ontractual provisions of the instruinent. Financial assets and liabilities are offset, with the net amounts Presented in the financial statein¢nts, when ihere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basi5 or to realise the asset and settle the liability Sllnultaneously. Basle finaneial asscts Basic financial assets, which Tnclude debtors and cash and bank balances, are initially m¢3sured at Iransaction pi'ice including transa¢tion costs and are subsequently carried at amoi1ised cost using the effective interest meihod unless the arrangemeni constitutes a financing transaction, where the transaction is measured at the present value of the future receipt5 discounted at a Inai'ket rate of interest. Financial assets classified as receivable within one year aTe not ainortised. Basic financial Instruments Basic financial liabilities, in¢luding credirors atkd bank loans are initially recognised at transaction price unless the arrangement constitutes a financing trAnsaction, where ihe debi nstruinent is ineasured at the present value of the future receipts dIOUnted ai a market rate of interest. Financial liabilities classified as payable within one year are not OrtISed. Debt instruments are subsequentSy carried at amoitised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have beet) acquired in the ordinary coui'se (Trf operations froin suppliers. Amoynts payable are classified as cuir¢nt liabilities if payment is due within one year or le55. If not, they are presented as non-¢un*nt liabilities. Trade creditors are recognised initially at transaction pi'ice and subsequently measured at amoilis¢d cost using the effective inteTest In¢thod. Dereeognition of financial liabllities Financial liabilities aTe derecognised when the charsty's contractual obligations expire or ar¢ discharged or cancelled. Critical accountÉng estlmates and judgements lrt the application of the charity's accounting wlicies, the Trustees are Irqllir¢d to make judgements, estimates and assuinptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estiinates and associated assumptions are based on historical experien¢e and other factors that are considered to be relev8nt. A¢tual rcsulis may differ from thes¢ estliates.
SALISBURY HOUSE NOTES TO TIIE FINANCIAL STA TEMENTS For the year ended 3 1 December 2023 The estijnates and underlying assuinption5 are reviewed on an ongoing basis. Revisions to a¢counting estimares are recognised in the pei'iod which the estiinate is revised where the revision affects only that riod, or it] the period of the ievision and future perEods where the revision affects both curi'ent ai)d future periods. Ther¢ were Considered to be no critical accounting estlinates or judgements applied in the preparation of these financial statements. t) Cash and eAsh equivalent$ Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-tenn liquid itjvestinents with original inatUTlti¢s of three Inonths or less. 3. Related party transactlons attd Tru$tee5' expenses And remuneration The Tjustees all g>ive freely of their tiine and expeitise without any foiin of reinuneration or other benefit in cash or kind (2022.. £nil}. TheJE were no related paty transactions ill the year. Inve5ttRent Éncome 2023 2022 Incoine froin COIF CharÉties Investinent Fund Incoine froin COIF Charities Ethical Investinent FILnd Income froill COIF Chariti¢s Fixed Interest Fund Incoine froin COIF Chat'ities Deposit Fund Intei'est on cash deposits 27,086 241 2,004 6,794 2,059 38,184 23,302 178 2,354 5,287 222 31,342 Alloe4tiun of governance Costs 2023 2022 Independent exainination fee Siii'veyor's fee 2,104 1,808 2,100 2,104 3.908 The Trustees have decided lo Ineet all govemance eosts froin unTestricted funds and so no allocatio or chai'ge is It)ade to Jtsti'icled funds for any governance related costs. All governance costs are allocated to general expenses. 14
SALJSBURY HOUSE NOTES TO THE FINANCIAI. STA TFMEIVTS For th¢ y¢ai' ended 31 December 2023 Analysis of charitable expenditure Unrestricted Endownent Restricted Designated Fund Funds Funds Funds Total 2023 Total 2022 Education other expenditure.. Insurance Repairs & Maint¢nanc¢ General expense5 (note 5) Bank chai'ge5 11,425 11,425 3.267 7,346 7.346 6,804 1,312 1,312 11,000 2.104 62 2,104 62 3,908 62 2022 17,804 3.267 7. Analysis of remuneration of key management personnel The Trust consideTs its k¢y InpnageInent personnel comprise the Trustees and the President. None of the Trustees r¢¢eived any remuneration in the year (2022.. £nil). Also, none of the Trustees received any ¢xp¢nses in tht year12022= £nil). Employees There were no einployees during the y¢w' (2022.. nil}. L#nd and Blllldln%s Fr¢¢hold propety situated at Childwall Church of England PrIary School, Woolton Road, Liverpool.. At31 December 2023 At l January 2023 MoveiMen¢ in Year At eost 1,496,313 1,496,313 Unrealised gain on Revaluation on 30 Noveinber 2004 on 18 June2010 on 6 October 2023 1,162,970 1,426,642 (270,925} 1.162,970 1,426,642 (270,925) 3 815 000 3 815000 15
SALISBURY HOUSE NOTES TO THF FINANCIAL STA TEMENTS For the year ended 31 Decejnber 2023 Contributing elements; ResourLts of the Trllstees of Salisbury House Grants froin Liverpool Education Coininittee Grants froin the Department for Education and Skills Scliool Resources Arising on Revaliiatio 565,507 565,507 242,919 242,919 655,054 655,054 32,833 2318687 3,815,OUO 32,833 2318,687 3,815,000 The freehold property was valued on 6 October 2023 by Eddisons. The pi'opety was valued at £3.815,000 crrent market value based on Depreciated Replacement Value basis. 10. Fixed Assel Inve5t]Nent$ 2023 2022 Market value at l January Unreali5ed Revaluation {Loss) / Surplus 994,453 88,174 1,126,344 (131.891} Market value at 31 Deceillber 1,082,627 994,453 Inve4tment at falr value Comprised: All inve5ttnents are carried at their fair value. Liquidity risk is anticipated to be low as all assets are Iraded and the ¢oininitinent to intervention by Central banks and Inarket regulatols has continued to pmvide for Lirderly trading in the markets and so their ability to buy and sell qiioted equities &lld stock is anticipated io continue. The Trust's investments are Inainly tTaded in inarkets with good liqiiidity and high trading voluiMe5. 1.he Ti'ust has no Inalerial snyestment holdings in mai'kels subject to exchange controls or trading r¢sb'ictions. The Ti'ust inanages these investiment risks by Irtaining expert advisor5 and operating an investsnent policy that provides foi. a high degiee of diversification of holdings within investmcnt classes that are quoted on recognised srock exchanges. Original eogt Market value 2023 Market value 2022 Charities 01ClaI Investment fiind income shares COIF Ethical investinent incoiiie units Charities official Investmeni fund Fixed Interest shares 293,052 5,000 98,025 986,641 8,429 87,556 903,610 7,675 83,168 396 077 1082 626 994 453 16
SALISBURY HOUSE NOTES TO THE FINAIVCIAL STA TEMENTS For the year ended 31 December 2023 I l. Analysis of turrent liabillties Total 2023 Totsl 2022 Accrual for.. Independent Examination fee Surveyor's fee EdUtIOn grants Prizes Chapel Fund Insurdnce Sensory Roo]n 3.912 1,808 2,100 1,628 540 596 5,106 383 5,644 9,939 22,778 12. Unrestricted funds 2023 2022 At l January Movement in Fund5'. In¢oming Expenditure, gaÉns, losses. & transfers At 31 Deceinber 289,331 312,087 7,655 5,999 310397 289331 IJ. Endowment Funds Movement in Fwids Atljan 2023 Incoming Expendiiure, gains, At 31 Dec 2023 losses, & transfth% Perinanent Endownent Fund Expendabl¢ Endowjnenl Fund Total Endowment Fund 4,233,150 171285 4404435 4,233,150 227014 4,460,164 38,225 Atljan 2022 Incoining Exp¢ndih]re, gains, At 31 Dec 2022 losses, & trdnsfei Pent]an¢nt Endowment Fund Expendable Endowment Fund Total Endowment Fund 4,504,075 242,117 4 746 192 (270,925) 86.709 357 634 4,233,150 171,285 4 404 435 15,877 15,877 The Endowment Fund r¢lat¢s to the original endowment and income ai'ising thereon. Expendithre for the maintenance. security and insurance of the property is inet from income arising. 17
SALISBURY HOUSE NOTES ro THE FJNANCL4L STAfEMEivrs Foi. the year ended 31 Deceinber 2023 14. Reslric(ed Funds Moveinent in Funds At l Jan 2023 Incoining Expendituie, gain5, losseg, & traiisfers At 31 Dec 2023 Education Fund Prize Fund Chapel Fund 177,264 20.202 4,905 589 320 5,813 (818) 2.217 181.351 23,008 209,786 218,348 Moyeinent in Funds Ac l J8n 2022 Incoming ExpenditUTe, gain5, 105ses, & transfers At 31 Dec 2022 Education Ftjnd Prize Fund Chapel Fund 193,073 22,670 13.757 229 500 4,140 565 247 4,951 (19,948) (3,0331 177,264 20,202 12,320 209,786 (24,665) The Education Fund is to be used lo promote the edueation of persons under the age of 25 who are piipils or forimer pupils of Childwall Church of England Pi'iinary Schuol, who air in need of financial 3551Stun¢e. The Prize Fund 15 to be iised for the award of aiinual prizes to pupils or foriner pupils of Childwall Church of England Pi'imary School in JEcognition of their achieveinents. The Chapel Fund is to be used io acqiiire equipinent, IEligious artefacls, furnitUJE and other items which Inay, froin time to tiine, be deteijnined for the purposes of Christian worship, teaching and fellowship. IS. Designated Funds 2023 2022 At l January 206,559 218,848 Moveinent in Funds.. Incoining Expenditure, gains. losses, & transfeTS 7,212 1,540 4,515 (16.8041 At S l December 225311 206,559 The Extraordinary Repair Fund has been earjnarked by the Trustees towards the developinent and the Teplaceinent of the school preinises when the existing building is DO longer economic or viable.
SALISBURY HOUSE NOTEY TO THE FINANCIAL STA TEMENTS For the year ended 31 December 2023 16. AnRIy5is of net assets between fund$ Tangible fixed assets Net Current Investtnents Asset5 Total Restri¢ted Fllnds Education Fund Prize Fund Chapel Fund 145,847 20,503 8,429 174,779 35,504 2,505 5,559 43,569 23,008 13.988 218,348 Endowment Fund 3,815,000 568,248 76,916 4,460,164 Designated Fund 138,886 86,425 225,311 3,815,000 881,913 206,910 4,903,823 General Fund 200,713 109,684 310,397 3,815,000 1,082,626 316.594 5,214,220 17. Fin#nei41 IRstrumtnts 2023 2022 Carrying amount of financi81 asset5 Debt insiruinents measured at ainoilised cost Instruments measured at fair value through the SOFA 326,533 323,436 1,082,626 994,453 Carrying amount or rinaneial liabilities M¢asiir¢d at ainortised cost 9,939 22,778 19