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ANNUAL REPORTANNUAL REPORT

The trustees have pleasure in presenting their annual report for the year ended 31st March 2016.

Structure, Governance and Management

The Liverpool Institute Educational Foundation is a registered charity number 526626. The present scheme came into effect in August 2002 and is detailed on the "About LIEF" web page. Following the appointment of the new trustees they worked with Liverpool City Council to arrange the transfer of funds previously held by the former Corporate Trustees and to resolve issues relating to assets and artefacts allegedly belonging to the charity.

These funds and issues have been resolved and Liverpool City Council have agreed to ring fence a sum of money to compensate the charity in the event that any assets belonging to the charity are located but remain irrecoverable.

The Charity Commission scheme makes provision for a total of eight trustees and full details are to be found on the “Trustees” web page. The number of Trustees was increased to nine at the annual general meeting held on 3rd October 2016.

Finances

The trustees have unrestricted power of investment and intend to pursue a policy of medium to low risk investments designed to ensure a satisfactory level of income together with a moderate prospect of capital growth. Investment managers have been appointed and an approved scheme for investments has been agreed. The trustees are satisfied that the Charity has adequate resources to achieve it's aims and short term objectives.

Risk Management

The trustees have assessed the risks facing the charity and have taken reasonable steps to mitigate any likely effect on the charity. A risk management policy is reviewed, updated and approved each year at the annual general meeting.

Achievements and Performance

Of the applications which were submitted, 36 were approved with grants totalling 13,550 made in the year. Reserves as at 31st March 2016 are 345,929 compared with 370,554 the previous year.

Responsibilities

Charity law required the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Trust and of its net incoming resources for that period. In preparing those financial statements the trustees are required to; - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in existence.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Basis of Accounting

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Liverpool Institute Educational Foundation's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015)"

Professional Advisors

The Charity's Independent Examiners are Moore Stephens (NW) LLP.

The Charity's principal bankers are Barclays Bank plc.

The Charity’s solicitors are Brabners LLP.

The Charity’s investment managers are Tilney