SALISBURY HOUSE Registered Charity No. 526739 TRUSTEES, REPORT AND UNAUDrrED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 MITCHELL CHARLESWORTH ACCOUN'FANTS
SALISBURY HOUSE TRUSTEES> REPORT AND FINANCIAL STATEMENTS For the year elided 31 Decembei- 2024 CONTENTS Page Trustees, Report Independenl Examiner's Report Statement of Financial Activities Balance Sheet io Notes to the Financial Statements 11-20
SALISBURY HOUSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Tru5tee5 present their annual report and fancIal statements of the charity for the year ¢nded 31 D¢c¢mber 2024. Thc financial statements have been pi"epared in accordance with the accounling policies set out in note I to the accounts and comply with the Charities Act 2011 and Accounting 2nd Reporting by Charities: Statement of Rtcoinmended Practice applicable to charities preparing their a¢count5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (a5 am¢nd¢d for accounting periods com2nencing l January 2019). Reference and administrative informatio Trustees The following persons were Trustees during the year and held tlie Cominittee or School Governor appointments indiLated.. Mr J Bird Rev Andrew Cohner Mrs L D3vie5 Mrs J Gi'iffiths Mrs V K¢Tr R¢v H L¢a-Wi150n Mrs W Mason Dr S Mcclelland Mrs D Owen MrNPye Mr A Ramsay Mr K Swallow Mr P Woodward Mr MA Doyle Trustee Ex Officio Truslee Treasurer & Foundation Governor Trustee (deceased 9 April 2025) Trustee Trustee Head Teacher Trustee Trustee President & Foundation Governor Foundation Governor Trustee (deceased 14 Deceinber 2025) Secretary & Foundation Governor Trustee (appointed 15 Februaiy 2025) All Tmstees are instructed in the practice of the Trust and where they are Foundation Governors of Childwall Churcl) of England Prllnary School receive training as provided by th¢ Liverpool Education Authority. Principal Addr¢$$ The Trustees of Salisbury House Childwall Church of England Primary School Woolton Road L16 OJD Ind¢pend¢nt Ex4rnitter5 Tony Stanley Mitchell Charlesworth Suites L,D,E &F, 14rf1 Floor Th¢ Plaza 100 Old Hall Street L&verpool L3 9QJ Bankers HSBC 99, Merseyside 10 l Lord Street Liverpool L2 6PG Investment Manager CCLA SenatOT Hous¢ 85 Qucen Vidoria Street London EC4V 4ET Objectives and activities for the publie benefit The Liverpool Orphanag¢ and its endowmertts were brought within the provisions of the Salisbury House Foundation by way of a Schem¢ Inade by the Secretary of State on I I Septeinber 1964 and varied and appmved by the Charity Cominission¢r5 on 3 October 1977. The Liverpool Orphanage was originally established in the nineteenth century and later regulated by fijrther schemes dated 1913 and 1925. By agreement with the Charity Commissioner5 the Scheine was reoi'ganised on 21 October 1998, whereby the various endowments were restructured into (l) Permanent Endowment Fund. (2) General Fund (3) Education and Prize Funds, {4} the Extraordinary Repair Fund, And {5) Chapel Fund. Under the tems of the various Schemes, the Trnstees are to perniii the land and buildings owned by the Foundation to be used as a school for girls and boys. and it is provided that religious instruction consistent wilh the doctrines of the Church of England shall be given at the school. The Trustees are responsible for the
Inaintenance and insurance of the property, using incoine froin the Pemianent Endowme¥Lt. The preinises are currently in use by the Childwall Church of England Primaiy School. Structure? governanee Ell8n8g¢rnent Salisbury H0115e is a registeird charity, number 526739. and constituted undei. a Trust Deed dated 21 October 1998. The charity does not actively fundraise and seeks to eontinue its charitsble work through the careful stewardship of its existing resources. Key management per50nvel The Trustees eonsideT the board of Tiwstees and President as cotnprising the key Inanageinent personnel of the charity in charge of directing and controlling the charity and riinning and operating the charity on a day to day basig. All Trllst¢es give of their tiine freely and no Tn]stee iEmuneration was paid in the year. Ti'ustees are required to disclose all levant interests and register ihem w'ith the PresÈd¢nt and in accordance with the Trusi's policy wiihdi8w froim decision where a conflict of interest arises. Trustee descripiions may come under several titles.. Triistee. Ex Offieio TTUStee, Foundation Governor, Treasurer & Foundation Governor, President & Foundation Governor. All Trustees are instructed in Ihe practte of the Trust and where they are Found8tion Governors of Childwall Church of England Primary School receive training as provided by the Liverpool Education Authority. Developn)enl, Acliylties Aehievenjents Each of the varioiis Funds ha5 beell used during the year to the best advantage and the giants Jnade have been appreciated greatly by the iEcipients. VinaDcial Review The Ti'ustees were pleased to provide Education Fund grants ainoiinting lo £2,978 {2023: £11,245) and Chapel Fund grants of £Nil {2023.. £Nil}. Theie were no grants froin the Prize Fund {2023.. £Nil). The Bndowment Fiind expenditui'e amounted to £20,545 comprising £8,365 insurance ¢ost5 and £12,180 donated to the school to cover the cost of a minibus (2023.. insurance £7,346. heat piiihp repair £1,312). General expenses coi1)prised Governance c95ts of £2,700 (2023.. £2.1041. The total incoine in the year was £41,465 and the total expenditure amounted to £26,285, resulting in a surplus (before investtnent gainsllosses) in the year of £15,180. At 31 Dccember 2024 the total funds under the Ti'ustees, InaE]ageinent was £5,254.596 {2023.' £5.214.220). Trustees, Responsibilities in relation to the finaclaI statements The charity Trustees are responsible for preparing a Trustees, annual report and financial stateinent5 in accordance with applicable law and United Kingdo1 Accountiiig Standards (United Kingdoim Generally Accepted AcCountig Practice). The law applicable to charities in England and Wales require5 the charity Ti'ustees to prepare fir]ancial stateiments foi. each yearwhich give a ti'ue and fair view of the state of affairs of the charity and of tl)e incoinin8 resoiirees and application of IEsources. of the charity for that period. In prepai'ing the financial statements, the Trustees are required to.. select suitable a¢couniing policie5 and apply thein consistently,. observe the Inethods aiid pi'inciples of the Charities SORP,. Inake judge1entS and e5tiinates that are IEasonable and prudent., srate wli¢theT applicable accounting standards have been followed, subject to any Inaterial departures that must be disclosed and explained in the financial statements,. prepare the financial statemenis on the going concei'n basis LiTrless it is iiiappropriate to presuine that the charity will ¢ontinu¢ in business. The Ti'usiees are responsibl¢ for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the chai'ity and to enable theim to ensuiE that the financial slatemenls cotnply with the Chai'ities Act 2011, the applicable Charities (Accounts and Repoils) Regulations, and the pi'ovisions of the Trust deed. They are also responsible for safeguarding the as5et5 of the charity and taking reasonable steps for the prevention and detection of fraud and othei. irre8ularitie5.
Jnvestment policy athd performance The Trustees have aligned their investjnenl policy with that of the Charities Official Investment Fund Managers. On original investlYl¢Dt thc capital of the various fvnds were allocated: 75 /0 in F4uity Units yielding growth ovei. the IoDg term 250/0 in Fixed Int¢i'est Units aimed to provid¢ a high inctsme yield Monies deemed to be required for building projects are placed on dekx>sit with COIF and accumulated income balance5 are on bank deKK)sit. Reserves Policy The Extraordinary Repair Fund reserve is i'equired to ineet the Trustees, contribution to new building costs. D¢pending upon Governinent Policy at the tllne the Trustees consider a required contribution by thejn of100 of replaceinent building costs to be a reasonable ta]get. The Trustees endeavour to distribute the accujnulaled in¢oine 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 m¢¢1 the ongoing adtninistration of the Trust together with anticipated supplements lo the other funds. Rlsk m&rtagement The Trustees rcvjcw th¢ major risks at tri-annual Ineetings and have established systeins to minimise these risks. Recruitment of new Trustees Recruitment of Trustees is Caled out to appoint trustees in keeping with the best interests of the Trust. New Trustees are recruited on the basis of theiT prOfelOn&1 skills and work eXrience. Prospective Trustees are approached if they have a professional Skill or r¢lev8nt work expcrience, that ihe Trustees believe would benefit the Ti'ustee board. or if a new Trustee is required to replac¢ a Trustee with a particular profession or skill. TraIlg Upon appoiftbnent, new Trustees are provided with a f21e of infomiation on the histoiy of the Trust at)d its responsibilities towards the school. Safeguarding Trustees should keep up-to-date with safeguarding changes in line with school governor training. Trttstees do not require DBS checks to be made as they do not perfonn any regulated activity with adults or hildren. Neveiiheless, whei'e Trustees hold govei'nor positions with Childwall Church of England Primary School, they are i"equired to have a DBS check carried out through school processes and to read and sign acknowl¢dgeinent of the school's Safeguarding Policy. Non-DBS-cheeked Trnstees who are on school preinise5 where piipils are Still present Inu5t Inake sure that they ar¢ accoinpanied at all times by a meinber of school staff, oi. DBS-¢h¢¢ked Trustee. Open and Positlve clture The Trust proinotes a fair, open and positive culture. All Ti'ustees are able to report con¢¢rn5, confident that they will be heard and responded to. Concei'n should be reported to the Secietary of the Trust in ¢onfidence for investigation by a quorum of Trustees, independent of the concern raised. Plan5 for the future The Trustees will continue to provide the PTanises for Childwall Church of England Primary School and i particular accumulate a resource toward5 the replacemeni ofrhe building. They will continue to support pupils and fonner pupils in their personal and a¢ad¢mic development and achievejnents through awards and grants.
Public Benefit The charity's Trustees have complied with the duty in section 17(5) of the Charities Aet 201 I to have due regard to public benefit guidance published by the Charity Commission. On behalf of the Trustees 11(cL(Il NPye President 12 May 2026
tNDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SALISBURY HOUSE TRUST I rew)rt to the Trustees on my examination of the accounts of Salisbury House (the charity) for the year ended 3 I December 2024. Thi5 report is made solely to the charity's Trustees, as a body. in ac¢ordan¢¢ with Seetion 145 of the Charit1¢5 Act 2011. My examination ha5 been undertaken so that l rnight state to the charity's Trustees those Jnatt¢rs l am required to state to them in an Independent Exajniner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibiliLy lo anyone other than the charity and the charity's Trustees as a body, for my examination, for this report. or for the opinion5 1 have form¢d. Responsibilities and basis of report A$ th¢ Trustees of the ¢harity you are responsible for the preparation of the accounts in a¢eordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of Iny examination of the charity'5 a¢¢ounts ¢airied tsllt under section 145 of the 2011 Act. In arrying out Iny Qxamillation I have followed all the applicable Directions given by the Charity CoiJmÉs5ion under section 145{5)(b) of tlie 201 l Act. Independent examiner'5 statement Your attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with th¢ Fsnancial Repoiling Standard applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reporting by Charitl¢5.' Stateihent of Retommended Practice issued on l April 2005 which is referred to in the exiant regulations but has now been withdrawn. l understand thatthi5 has been done in order for accounts to provide a tNe and fair view in a¢cordan¢¢ with Generally Accepted Accounting Practic¢ effective for reporting perÈods beginning on or after l January 2015. I have completed my examination. I confIrni that no matters have come to my attention in connection with the exainination giving ine cause to believe that in any matei'ial respect: accounting rec02xls were not kept in respect of the charity as required by section 130 of the 2011 Act; or the accounts do not accord with those re¢ords,' or the accounts do not comply with the applicable requirements concerning the form and ¢ontent of accounts set out in the Charities (Accounts and Reports} R¢gulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an ind¢pendent exaininatioii. I have no ¢on¢erns and have come across no other matters in Connection with the examinatiort to which attention should be drawn in this report iti order to enable a proper und¢r5tanding of the accounts to be reached. Mr Tony Stanley ACA Mitchell Charlesworth Suites C, D, E &F, 14di FIooT, the Plaza 100 Old Hall Street LiYeTpooI L3 9QJ Dated.. 13 m.ay. 2.Q.2F.
SALISBURY HOUSE STATEMENT OF FINAf4ciAL ACTIVITIES For the year ended 31 December 2024 Note Unrestricted EndoTrvrnent Restricted Deslgnated Fund Funds Funds Funds Total 2024 Total 2023 ID£ome and endowments Investiment incoine 18.651 Total income 18.651 41,465 Expellditure Expenditure on charitable #ctivÈties Ediication Other expendlture 2,978 2,978 23,307 11,425 10,824 Total Expeiidlture 2.762 20,545 2,978 26,285 22,249 Net g9insl(losses) o investments Net gginsl{105ses) o rixed 85sets 10 4,843 13,056 4,125 3,173 25,197 88,174 Net (expenditure)lincorne 10,341 1,162 7,478 11,395 40.376 104,109 Funds fit l JiNuary 2024 310397 4 460 164 218348 5 214220 5 110 111 Funds At 31 Deeember 2024 16 320 738 4 471,326 225,826 236.706 5,254,596 5,214,220
SALISBURY HOUSE COMPARATIVE STATEMENT OF FINANCJAL ACTtvrrJES For the year ended 31 De¢ember 2023 Note Unre51ricled Endowment Restricted Designated Fund Funds Funds Funds Total 2023 Total 2022 Incorne and endowments Investhnent incoine 7.655 17,504 7,212 38,184 Total ineome 31,342 Expenditure Expenditure on charitable activities Education Other expertdltre 11,425 11,425 3.267 21,774 Total Expenditure 2,166 8,658 11,425 22.249 25,(Ml Nel gainsl{lossesl on investments Not g#lnsl{losses) on fixed assets 10 15,576 46,884 14,174 11,540 88,174 {131,891) 270,925 Net (expenditure)lincome 21,065 55,730 8,562 18,752 104,109 1396,515) Funds at l January 2023 289331 4.404.435 209.786 206,559 5.110,111 5,506 626 Funds 8131 Decernber 2023 16 310,397 4460 164 218 348 225311 5214220 5 110111
SALISBURY HOUSE BALANCE SHEET Ai 31 De¢¢inber 2024 Note Ullre5trict¢d Endoivrnellt Fund Funds Restricted Designated Funds FndS Total 2024 Total 2023 Tgnglble Flxed Assets Inveslinent Property Investments 3,815,000 581,304 3,815,000 3,815.000 1 107.823 1.082.626 10 205.556 178 904 142 059 205,556 4,396.304 178904 142.059 4,922.823 4.897,626 Current Assets Bank 120 594 120 594 359 016 359 016 326 533 326 533 Current Liabilitie5 Creditors 5,412 18,664 27.243 Net Current Assets 75,022 46,922 331,773 316594 Tolal 8sset5 less eurrent 320.738 4.471,326 225 826 236 706 5 254 596 5.214.220 The Fund$ of the Chgrity.. UnrcstTlCted Funds Endowinent Funds Restricted Funds Designated Funds Revaluation Resei've Total ehayity funds 12 320,738 320.738 310.397 13 2,152,639 2,152.639 2,141,477 14 225,826 225,826 218,348 15 236.706 236,706 225,31 2,318,687 2,318,687 2,318,687 16 320,738 4,471,326 225 826 236 706 5,254,596 5,214,220 10
SALISBURY HOUSE BALANCE SHEET At 31 December 2024 The notes at pages I I to 20 foi'jn part of the5¢ ac¢ounts. Approved by the Trustees on 12 May 206 and signed on their behalf by.. Trl Pye President I P '&ENJI
SALISBURY HOUSE IVOTES TO THE FINANCIAL STA TEMENTS Foi. the yeai. ended 31 tkceinber 2024 Charity Information Sali5biiry House i5 a UK registered charity. The principal address 66 Childwall Park Avenue, Liverpool, L16 OJQ. 2. Aceounting Pollcles Basis of preparatlon and #ssessmtnt ofgoing eoDcern The accounts Ifjnancial staleinents) have been prepared under the historical cost ¢onv¢ntioD with iteJll5 recogni5ed at cost oi. transactlon value unless otherwise stated in th¢ relevant nutel5) to these accounf5. The fanCIal statejnents have been pi'epared ill accordance with the Stateinent ol. Recognised Practice.. Aceoiinting and Repoiting by Chai'ities preparing their accoLint5 in accoi'dance with the Financial Reporting Standai'd applicabl¢ iti the UK and Republic of Iieland IFRS102) issued on 16 July 2023 and the F inaneial Repoiling Standard applicable in the United Kingdoin and Republic of Ireland IFRS102), effective I Januaiy 20191 and the Charities Act 2011. At the tije of appi'oving the accounts the Trustees have a rvdsonable expectation that the chai'ity has adequate re50uiees to continue in operational existence foi. tlie foreseeable future. Thus, the Ti'ustees continue to adopt the 'going concern, basis of aicounting in PJEpai'ing the accollnls. The ac¢oiints are piEpaiEd in sterling, which is ihe funLtional cuffeiicy of the ti'llst. Monetary ainounts in these fJnan¢ial stateinenls are rouiided to tlie nearest £. The accounts have depailed from the Charities {Aecounts and Reports) Regulations 2008 only to the extent iequired to provide a true and fair view. This departiire has involved following the Siateiiien¢ of Recoininended Practice for Lharilie5 applying FRS 102 rather than the version of the Stateinent of Recominended PractlLe which is iefei'red to in the R¢gulattons but which has since been withdrawn. The Charity has taken advantage of the provisions in the SORP for Chai'ities applying FRS 102 Update Bulletin I not to prepare a Slateinent of Cash Flows. Incoine recognition All incoiiie will be recognised once the ti'ust has entiileinent to the incoine, it is probable that the incoine will be received and the ainount of incoine IEceivable can be Ineasured b) Interest on funds held on deposi( is ittcluded when receivable and the ainount can be Ineasured i¢li¢ibly by the Iiiist; this is noTmally ilPDn notilication of the intejesl paid or payable by the bank or investment Inanager. Expenditure recognition Liabililies are iecognised as expenditure as soon as theie is legal oi. constructive obligation oiniiiitting the Charity to that expenditure. it is probable that settleinen( will be required and tl)¢ amount of the obligation can be Ineasured reliably. All expendilui'e S accounied for on an aLcruals basis. All expenses including gov¢m3n¢¢ costs are allocaLed or apporiioned (o the applicable expenditui'e headings. Grants payable aTe payinent5 Inade to cyi'rent or foiiner pupils in financial need to enable them to further their education, 91. prizes awarded to ¢iiirent pupils for attaininent in some 8IEa, e.g. attendAtace. Grants are accrlled oTr¢¢ the r¢¢ipient has been notified of the grant award. d) Grant making policy The tri1 has established its grant It)aking policy to aehieve it5 object5 foT the public benefit. Irrecoverable VA T Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 12
SALISBURY HOUSE NOTES TO THE FINANCIAL STA TEMENTS For the year ended 31 December 2024 Allocation of support and governance costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include cost5 related to independent ¢xarnin?tion and legal fees together with an apportioNnent of overheads. CharltAble Aetlvltles Costs of charitable activities include grants made, govemance costs and other relevant expenditure. Flxed asset investrnents h) Investments are a fonn of basi¢ finan¢ipl instsment and are initially recognised at their transaction value and subsequently Ineasured at IheiT fair value as at the balance sheet date using the closing quoted market price. The statement of finallcial activities includes the net gains and losses arising on revaluation and disp05a15 throughout the ye8r. The main for1 of financial risk faced by the charity is that of volatility in equity markcts 2nd inve5ttnent mai'kets due to wider etonomic conditions, the attlde of investors lo investinent risk, and changes in sentiment concerning equities and within particular sectors OT sub sectors. Impairment of fixed asse(s At Cach reporting end date, the charity reviews the carrying ainoiints of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in ordei. to determine the extent of th¢ ijnpairment loss (if any)- Inv¢5tfflent Property The property at Woolton Road, Liverpool, is capitali$¢d at valuation. Reali5ed gain5 and lo$$e$ All gains and losses are taken to the Statement of Finan¢ial Aclivities as they arise. Realised gains and losses on investments are calculated as the diff¢r¢nce between sales proceeds and theii. opening catrying value or their pui'chase value if acquired 5ubsequenl to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their ¢ai'iying value. Realised and unrealised investment gains and losses are combined in the Stateinent of Financial Activities. Taxation i) k) The chaTity benefits from various exemptions from taxation afforded by tsx legislation and is noi liable to COTP012tion tax on income and gains falling within these exeimptions. Restricted funds Restricted funds are used for the purposes specified by the donor. Expenditure which ineets the criteria is identified to the fund. Unrestricted funds Unrestrtcted funds are donations and any other income Irceived or g¢nerdted for the objects of thc charity without further specified purpose and are ayailable as separat¢ nds. Design*ted fund The designate fi]nd holds earn]arked resources towards the development and ieplacement of the preinises. A transfer of costs and funding is made when developinents in progress are compl¢t¢d and fully funded by the conti'ibuting parties. Grants received p) Grants re¢eived towards capital expenditure on the building are included in the financial stat¢m¢nts when received. 13
SALISBURY HOUSE NOTES TO THE FIIVANCIAL STA TEMENTS For the yedr ended 31 DeceJnbeT 2024 q) Endoiyrnent funds Incoining resources f¥oin endowineni funds are restricted. Financial Instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruinenls. and Section 12 '0iher Financial Instruinents Issues, of FRS 102 to all of its financial insthilinents. Finaiicial instruinents are reeognised in the charity's balance sheet when the charity beeoines party to rhe contractual provisions of the in5triiin¢nt. Financial assets and liabilities are offset, with the nel amounts presented in the financial Statements, when there is a legally enforceable light to set off the ieeognised amounts and there is an intention to settle on a net basis or to iealise the asset and settle thejsability simultaneously. Basic financial assets Basic financial assets, whicli ineliide debtors and cash and bank balances, are initially Ineasui'ed ai Iransaciion prite includinLF transaction costs and are subsequently caiiied at amoiiised ¢ost using the effective interest method unless the arrangeinent ¢onstitiite5 a financing h'an5action, wliere tlie ti'ansaction is Ineasured at the pirsent value of ihe future IE¢¢ipt5 discounted at a market rate of interest. Financial assets classifjed as receivable within one year are not amortised. Basic financial instrufflents Basic financial liabiliiies. including creditors and bank loans are initially rwognised at trydn5aCtion price unless th¢ ari?ng¢ment Constitutes a financing transaction, where the debt instsuinent is Iiieasui'ed at the pi'esent value ot'the future i'eceipls discounted at a Jnaj'ket J'ate of inteiESt. Financial liabilitie5 ¢lassified as payable within one year al'e noi ainortised. Debt iiistruinenls are subsequently carried al amortised cost, Using tht effective interest rate Ineihod. Trade creditors are obligations to pay for good5 or services that have been acquired in the ordinary course of operations fro1 supplie13. Aillounts payable al'e classified as ciii'rent liabiliiies if payinent is dlle within one yeai. or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pi'ice and 5ubseqLiently Imeasiii'ed at ainortised cost using the effective intei'est Inethod. DereeognxtioN of fin8llCi81 liabilities Financial liabilities air deircogRised when the chai'ity's contractual obligations expir¢ or air discharged or caneelled. Critic81 aecounting estlmates and Judgements In the application Of the chai'ity's ac¢ounting policies, the Trustees are required to Inake jlldgements. estiinates and as5llmptions about the canying ainount of assets and liabilities that are not readily apparent from other souire5. The estiinates and associated assuinptions are based on histoi'ieal experience and other factors that are considered to be relevant. Actudl results Inay éiller froni these estimates. 14
SALISBURY HOUSE NOTES TO THE FIJVANCIAL STA TEMENTS For the year ended 31 D¢¢¢inber 2024 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting ¢stiinates are recognised in the period in which the estimate is revised where the IEvision affects only that peri(Kl, OT in th¢ period of the r¢vision and future periods where the revision affects both current and future peri(Kls. There were consEdered to be no critical accounting estimates or judgements applied in the preparation of these financial stateinenl5. t} Cssh and eash equiv8lenls Cash and cash equivalenls include cash in hand. deposits held at call with banks, other short-temi liquid inveslinents with original maturities of three months OT less. 3. Related party transactions and Trustees, expenses and remuneration The Trustee5 all give freely of their tim¢ and expertise without any forni of remuneration or other benefit in $h or kind (2023.. £nil}. There were no related paty transactions in ihe year. 4. Investment income 2024 2023 Income from COIF Charities lrtvestsnent Fund Incoine from COIF Charities Ethical Investment Fund Incoine from COIF Charitie5 Fixed Interest Fund Income from COIF Charitie$ D¢posii Fund Interest on cash deposits 27.469 246 2,258 8,288 27.086 241 2,004 6,794 Alloealion of governance costs 2024 2023 Independent examination fee 2,700 2,104 2,700 The Trustees have decided to Ineet all governance costs fvom unrestTiCt¢d funds and so no allocation or chdrge is made to resti'i¢ted fvnds for any governance Telated cost5. All govemance costs are allocated to general expenses. 15-
SALISBURY HOUSE NOTES TO THE FIIVANCIAL STA TEMENTS For the year ended 31 December 2024 6. Analysis of cbarilable expendlture Unrestricted Fund Endowment Funds Restricted Designated Funds Funds Total 2024 Total 2023 Education Other expenditur¢'. Insui'ance Minib115 doiiation Repairs & Maintenance GeneTal expenses (note 5) Bank chai'ges 2,978 2.978 11,425 8,365 12,180 8.365 12,180 7,346 1,312 2,700 62 2,700 2,104 62 62 26 285 22 249 2.762 20,545 2023 11,425 7. Analysis of remiiner4tion of key managemenl personnel The Trust considers its key Imanagement peOnnel coinprise the Tru5tee5 2nd the President. None of the Trustees received any reimuneiation irÈ the year {2023'. £nil). Also, none of th¢ Trustees received any expenses in the year (2023.. lnil). Employees There were no employees duiing the year (2023- nil). Investment Propei'ty Freehold property sitiialed at Childwall ChuTch of England Primaiy School, Woolton Road, LiveTPQOI.. At31 tkcember 2024 At l January 2024 Moveinent in Year At cost 1,496,313 1,496,313 Unrealised gain on Revaluation on 30 Novejnber 2004 on 18June2010 on 6 October 2024 1,162,970 1,426,642 {270,9251 1,162,970 1,426,642 (270,9251 3 815.000 3 815,000 16
SALISBURY HOUSE OTES TO THE FINANCIAL STA TEMENTS For the year ended 31 Deteinber 2024 Contributing elernent5: Resoui'ces of tlie Trustees of Salisbury Hous¢ Grants from Liverpool Education Committee Grants froim the Depathnent for Education and Skills School Resources Arising on Revaluation 565,507 565,507 242,919 242,919 655,054 655,054 32,833 2318687 3815,000 32,833 2,318,687 3 815,000 Th¢ freehold propety was valued on 6 October 2024 by Eddison5. The propety was valued at £3,815,000 current market value based on Depreciated Replacement Value basis. 10. Fixed Asset Jnvestments 2024 2023 Market value at l January 2024 Unrealised Revaluation {L05s) I Surplus 1,082,627 25,196 994,453 88,174 Market value at 31 December 2024 1 107823 1082,627 Inve5ttnent at fair value Cornprised: All investments are carried at their fail. value. Liquidity risk is anticipated to be low as all assets arc traded and the cominitment to intervention by central banks and maTket regulators has ¢ontinu¢d to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The Trust's investment5 )TC mainly traded in markets with good liquidity and high trAding volumes. The Trust has no material investment holdings in Inarkets subject to ¢xchange controls or trading restrictions. The Trust Inanages these investinent i'isks by retaining expert advisors and operating all investment policy that provides for a high degree of diversifEcation of holdings within investinent classe5 that ar¢ quoted on recognised stock exchanges. Original cost Market value 2024 Markel value 2023 Charities official Investment fund incorne shares COIF Ethi¢al invesimeni income units Chariti¢5 official Investment fund Fixed Interest shar¢s 293,052 5,000 98,025 1,008,930 8.660 90,233 986.641 8,429 87,556 396 077 1.107,823 1082 626 17
SALISBURY HOUSE NOTES TO THE FINANCIAL STA TEMENTS Foi. the yeai. ended 31 December 2024 I l. Analysts of current liabilities Total 2024 Total 2023 Accrual for.. Independent Exaininarion fee Ediication grants Insurance Minibus 5,412 3,167 6,484 3,912 383 5,644 12. Umrestricled lunds 2024 2023 At l Jaiillaiy MovenTreJit in Funds.. Incoming Expenditure Gains 310,397 289,331 8,260 12,762) 4,843 320 738 7,655 {2,166) Ar 31 Deceinber 310.397 13. Endowment Funds Moveinent ITI Funds At31 Dec 2024 At l Jan 2024 Incojning Expenditure Gains Peiinanent Endowinent Fund Expendable EndOw1ent Fund 4,233,150 4,233,150 227014 13,056 13,056 238 176 4471.326 Ttslal Endown)ent Fund 4 460 164 Moveinent in FLinds At31 Dec 2023 At l Jan 2023 In¢oining Expenditure Gains Pennanent Endowinent Fund Expendable EndowEnent Fund Total Endowment Fund 4,233,150 4,233,150 171285 17,504 17,504 8.659 8.659 46,884 46,884 227.014 4 460 164 4,404 435 The Endowment Fund relates to the original endowinent atkd in¢oine ai'ising thereon. Expenditure for the tnaintenante, 5ecu¥ity and insurance of the property is Inet from incoine arising.
SALISBURY HOUSE NOTES TO TIIE FIJVANCIAL STA TEMENTS For th¢ year ended 31 December 2024 14. Restrleted Funds Mov¢Jnent in Funds At31 De¢ 2024 At l Jan 2024 Incomtng Bxpenditure Gains Education Fund Prize Fund Chapel Fund 181,351 23,008 5,352 622 357 (2,934) 3,420 474 187,189 24,104 44 231 218348 {2,978 225 827 Movement in Funds At31 Dec 2023 At l Jpn 2024 Ineoming Expendire Goins Educaiion Fund Prize Fund Chapel Fund 177,264 20.202 4.905 589 320 {12.561) 11,743 540 1,677 596 754 181,351 23,008 209.786 218 348 The Education Fund i5 to be used to pi'omot¢ the education of persons under the age of 25 who are pupils or former pupils of Childwall Chui'ch of England Priinary School, who are in need of financial a5SiStance. The Prize Fund is to be used for the award of annual prizes to pupils or fomjer pupils of Childwall Church of England Priinary School in recognition of their achievements. The Chapel Fund is to be used to acquire equipinent, religious artefacts, furniture and other items which Inay. froin tim¢ to time, be deiermined for the purposes of Christian worship, teaching and fellowship. 15. Designated Funds 2024 2023 At l January 225,311 206,559 Movemeni in Funds.. Incoining Gains 8,222 7,212 11.540 225.311 At 31 December 236,706 The Exh'aordinary Repair Fund has been ¢arniarked by the Trustees towards the d¢velopinent and th¢ replacement of the school premises when the existing building 15 no longer economic or viable. 19
SALISBURY HOUSE JvorES TO THE FINANCIAL STA TEMENTS For the year ended 31 Deceiiiber 2024 16. Analysi5 of net assets between lunds Tangible rixed assets Net Current Inveslinents Assets Total Restrleted Funds Education Fund Prize Fund Chapel Fund 149,267 20.977 8,660 178,904 39,058 2,587 5,277 46,922 188,325 23,5&1 13,937 225,826 Endowment Fund 3,815,000 581,304 75,022 4.471.326 De5ign2ted Fund 142.059 94,647 236,706 3.815,000 902,267 216.591 4,933,858 Gelle1 Fund 205,556 115,182 320,738 3,815,000 1,107,823 331,773 5,254,596 17. Financial Instruments 2024 2023 Carrying Amollnt of fiN8ncig1 assets Debt instiuinenls Ineasured at ainoi1ised C05t IDsttuinents measured at faii. value through the SOFA 359.016 326,533 1,107,823 1,082,626 Carrying oUnt of fingmcial liabilities Measui'ed at atnortised cost 27,243 9.939 18. Post BalaRce Sheet Events Childwall Church of Englalld Priinary School joined the Belong MuliTr Acadeiny Ti'ust aftei the year- end date. 20-