Liverpool
University
Hospitals
Charity
Liverpool University Hospitals NHS
Charitable Fund
Registered Charity Number 1047988
ANNUAL REPORT
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Royal Liverpool University Hospital
Prescot Street
Liverpool
L7 8XP

Liverpool University Hospital NHS Cliarilable Fund
ANNUAL REPORT
& FINANCIAL STATEMENTS 202312024
Contents
Details
Pa
Foreword
Stateinent of Trustec Responsibililies
Trustee Report .
Financial Sialements 2023/24
14
Stalement of Financial Activities
15
Balance Sheet
16
Cash flow Report .
17
Notes to Ihe Accounis .
Iiidependenl auditor's report io the truslee of
Liverpool University Hospitals N14S Charitable Fund
32
Trustee Report Appendices
36
Appendix A- Governing Document
Appendix B - Investment Management Guidelines
Appendix C - Etliical Investment Guidelines
Page I

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND
Registered Charity No 1047988
ANNUAL ACCOUNTS 2023-24
Tlie Truslee presents tlie accounts of tlie fiinds Iield on Iriist by tlle Liverpool University I4ospitals
NHS foundation Trust.
FOREI WOIID
Tliesc fiiianciic I sllL tciiiciils liave bccii prcpclr¢d by tl)L Triistce iii 2& ccordcliicc iviill tlie Cliarities Act
201 l ai)d tl)c Cliarilics Sialciiiciil of RccoiiiiiiLiided Praclic¢ (SORP) {fRS 102) 2019.
STATUTORY BACKGROUND
Tlie NHS Trust is tlie corporatc triistce of tlic fiiiids licld on triist iiiidcr Pi1f<lgifK2plI 16c of ScliedLile 2 of
tlic NI4S aiid Coii)iiiiiiiily Care Act 1990. Royal Liverpool and BroadLyreen University l-lospilals
NHS Trusi dissolved on the 30 Sepieinber 2019, joining with Ainlrcc Univcrsity l-lospilal
NFIS fouiidalion Trust to become a coinbiiied orgaiiisaiion nained Liverpool Universily
14ospitals N14S foundalioii Trust from I, October 2019.
MAIN PURPOSE OF THE FUNDS HELD ON TRUST
Tlic Inaii) purpose of ilic cljaritoble fiinds l)eld oii triist is to apply iiicome for any cliaritable piirposc
relalii)gi to tlic Nalioiial I4caltli Servicc wliolly or in¢liiily for ilie scrviccs provided by ilic Liverpool
Uiiivcrsiiy Hospitals NFIS Fouiidalion Triist.
Page 2

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND
STATEMEN'T OF TRUSTEE'S RESPONSIBILITIES
Tlie TruslLe is respoi)siblc t.or prcpc1rii)g Ilic Truslecs, Annual report and the financi<il
statcnicnts in accordaiicc witli applicablc l￿wS and rcguilq4 tions.
Tl)e Cliarilieb Act 201 I rcquires ilie trustec to prcpare finiincial btatenients for eucRI finaIi¢ial
ycar. Tlie Irustcc h(28 to prLpare Ilie fiiiuiiciiil %tiltemeiit% iii uccordaiicc iviili Uiiitcd Kiiigdom
Geiicr&illy Acccpled Accouiiliiig Practice (Uiiiled Kiiigydom AccouiitiI)g Staiid£1rd8 c111d
ppIic1c blL 1&1W), incliidiiigi FRS 102 Tlie liinancilll RLporlingv Staiidard pplicrfiblc in Ihc UK
Ind RcpiibliL of Ii'Ll&iiid. TIIL tiiislLC niust not 2£ pprovc tlic fin4illciiil sl41tcmLnts iiiilLss it is
salisficd tlii2t ihcy givc Il IrLIC i1nd f&lir vicw of tlic st4ltc of arr11 il's of tlic cliai'ily IiIid of tlic
iiiconiiii&i rcsourccs aiid &ippIiciilioii ol. rcsoiirLcs, iiicliidiiigi tlie iiiconic aiid expeIidiliirc, ol. tlic
cliiirity lor tliat period,
In prLp¢ll'inbF Ihcsc financiiE I st4ltcmLnls, tlIL Corpor1& Ic TnislLL is i'eqiiired to:
sclect suitlL blc ilccoiinlinb policics rfind i1pply Ihcm con8islcntly.
oI)%LrvL tIIL IIIL'tliod% Liiid i)riiiLiplL'4 iii tliL' Cli4iriliL's SOIIP.
ni&ike judgeincnls cind cstini14 Ics t111¢ t irc rci1soiiablc ¢ind priidcnl.
st41tL' wlictlicr ¢ippIicciblc li ccoiintiiigl sliliid41rd$ 111< vc bccn folloivcd, siibjccl to liny
ni¥?lerial dcpartiircs discloscd ic nd cxpl2¢ incd in tlic finilllcicll stc1tcincnls' and
prcpcirc Ilic finiillci<il st¢ltLmcnls oli tliL &)oinbi concLrn b¢1SiS iinlcss il is inli ppropi'iatc to
prcsiimc tliilt ilic C1114 I'ity will continuc lo opcratc.
Tlie IrLlStLe 1% rc%poiisiblc for kcepiiig LidL'qii&ltL' &iccoiiiiliiigF rLLord,4 thcil cirL' .%iil'liciLiit to %liow
lid L'xpliliTI IIIL LIILirily'% trLlllS%iLIioii% ¢iiid disLlo4¥ iviih r¥il%Ull¢iblc 41LLiif¢)Ly ¢11 ¢llly tiinL IIIL
linaTl¢ic21 position of'tli¢ c1i41rily 1¢ nd ¥lirfibl¥ Ilicin lo ¥nsurL Ili¥il Ili¥ fiii¢illci¢11 slalLmLnls coinply
witli tlic Clinritics Act 2011, Iljc Cli1& rity (Accoiinls nd RLporls) Rcgiiil2s lions 2008 4in(l iliL
provisioiis of Ilic Irust dccd. It is also rcspoiisiblc foi. safcgiiarding tlic asscls of ihc ch<irily (2nd
IIciicL for Icikiiig rLasoiiablL 4lLp.4 for IliL prLvLiitiOll ¢iiid dLtLclioii ot. li.aud uiid otliL'r
irrcgyiiliirilics. Tlic Tnistce coiilirins tliic l il lilis illLi ilie rL%p()ii%ibililiL% sLI oiit ¢il)OVL 11 lid
coinplicd witli the requirL'inLnt.s lor prcp41ringi tIiL Ic cLounls. TIIL fiiiclllLicil %l¢ltLIllLllts sLI oiit oli
Pli gics 25 to 42 qL ttiiclicd liiiV¢ bccn coiiipilcd t'roin aiid ¢irc in 11 LcordaiiLL willi IliL tlll&iiicial
rccords niiiinliiiiicd by tlic Tnislcc.
Tlie 2023124 Aiiniial Ilcport & Accounls h¢ive been approved by tlie Triibt Board, at a Inccting
Ih
lield 011 28 November 2024.
By Order of the Trustee
Signcd,.
Chair .
Dated IE/. ! l ./. I
Daled 161. 11.1. 2.Lk
Financial Trustee .
Page 3

CHARITABLE FUNDS
TRUSTEE REPORT
Introduction
It is with pleasure thai the Trusl presents Ilie tweiity-eiglith annual report for thc Charitable
Funds ofihe Liverpool University 14ospiials N14S foundation Trust.
The Trust is tlie sole corporate Irustec for all cliaritable funds reg7iStered under ihe name of the
Liverpool University 14ospitals NI-IS Cliaritable l-,und, the main charily ol: the Trusl.
The main charity is tlie charity that has been created with purposes wide cnoiigih for <111 other
charilics adiiiiiiisiered by lis Trustec to bc recordcd as special trusts in an iiiiibi'L,Ilu re&yisiration
arrangenieiit.
Tliis report and linancial staicmcnis have been prcpared in accordance with tlie requiremenis
of applicable law and SORP (fRS 102).
Lcgal and Administrative Details
In Junc 1995, the Cli1< rity Comniission issucd an Uinbrclla Charity Rcgistralion Number, undcr
which all the individual charitable funds adniiiiislered by tlic Trustee liave beeii recorded as
spccial irusls. Tlie uiiibrcllcq cliarilablc lund is licld iipon trusi t'or 'any charilable purposc or
purposes relatingy 10 the Natioiial Flealth Service" Special trusts arc fliiids (or property) lield
on separate trusts, on beli¢lifofÉhe charity, for any special purposes ol'tliat charity. These funds
are referred to as restricled fuiids wlierc tlic donor has iinposed a restriction on Iiow or wlierc
or when the Trusiee can apply ilie funds. A schedule ol'tlie special trusts is appended (Appendix
A).
Tlie Liverpool Universily Hospitals Nl4S fouiidalion Trusl is Ihe Corporate Trustee of ilie
Charitable funds &iovcrncd by tlie law applicable to Trusts, principally the Trustec Act 2000
and also tlie Cliaritics Acl 201 I, thc SORP (FRS 102) and thc I'rust Deed.
The registered charity numbcr of the Liverpool Uiiiversity Hospitals NHS Chariiable Fund
is 1047988. The Re&yisiered address is:
Royal Liverpool University Hospital
Prescot Street
Liverpool L7 8XP
The coryorate irustee of Liverpool University Hospitals NHS Foundation Trust also oversaw a
second NHS charity, The Aintree University Hospital Charitable Fund (charity regislration
number 1050542) but this was closed in March 2024.
The charity is administered by the Charitable Funds Committee, which consists of executive
and non-executive directors of the Trust, on behalf of the Trust Board. The committee meets
Page 4

bi-monthly to set and monitor administrative policy and consider spending applications.
Membership of the Charitable Funds committee is decided by the Trust Board as vacancies
arise. Execulive menibers of the Trust Board are subject lo recruitmeni by the Board whereas
Non-Executive members are appointed by NHS England. Meinbers of the Trusl Board and the
Cliariiable Funds Comniillee are not individual irustees under Cliarity Law but act as agents
on belialf of the Corporate Trustee. New Charitable Funds Committee members are provided
with induction literature that includes the conimittee's temis of reference; Trustee's Annual
report and Accounts; previous commillee minutes and tlie Charity Commission booklet CC3,
Ihc l.s.¥eniial Ti'ii.siee.
During 2023/24 tlie Charitable funds Committee comprised of:
Mr Ibraliiin Ismail
Noii-Execulive Dircctor (Coinmiltce Cliair)
Mr David Gilbun
Noii-lxcciilivc Dircctor
Mr Euslace de Soiisa
Non-Execiitive Director
Mr Cliris Mawdsley
Director of Coiiiiniiiiicatioiis & Markctiiig
Mr Robert forster
Deputy Cliief Ixccutive & Cliief finai)ce Officer
Mr David Melia
Cliicf Niirse
Mr Jiiii Gordiicr
Medical Director
Tlie Trust's charitable funds are held dislinct from ihe exchequer funds of ilie Liverpool
Universily Flospilals NI-IS foundatioii Trust. The cliarity's bank accounts are held at:
Natwcst
2, floor
280 Bisliopsgate
Loiidon IC2M 4RB
and
Barclays Bank plc
48B150 Lord Strcct
Liverpool L2 1 TD
The cliaritable funds investmenis are Iield by Bankers Trust, as noininee for the Trustee. The
investmenis are mana&)ed on behalf of the charity by the following two investment managers:
Rathbone Investment
Managemeiit Ltd
Port ofLiverpool Building, Pier Head, Liverpool L3 INW
Barclays Private Bank
I Churchill Place, London El 4 5HP
Page 5

Two further investment manaLyers are no longer engaged with the charity but did manage
investments in the first half of 2023124:
UBS AG
5 Broad&Fate. London EC2M 2AN
Investec Wealth &
Investinent Ltd
100 Old Hall Street, Liverpool L3 (AB
Legial advice is provided to the Truslee by:
14111 Dickinson Solicitors
No I Si Paul's Square
Liverpool L3 9SJ
Thc Trusiee responsibilities, which include the maiiitenance offinancial records appropriate to
Ilie aciiviiies of the funds; tlie esiablishinent and monitorin&) of a system of internal conlrol;
saleguardin&i the asseis of the funds lield on trusl and Iience for taking reasoiiable steps for Ilie
prcvcntion and delection of fraud and other irrc&)ularities; are subject to 'intemal audit"
veril icatioii by:
Mersey Internal Audit Agiency
RcL)atta Place
Brunswick Business Park
Sunimers Road
Liverpool L3 4BL
The appointed auditors are.
Beniiett Brooks & Co Limited
St Georgie's Court
Winningiton Avenue
NoriliwiLlI CW8 4EE
Page 6

Charitable Objects and Purpose
The Charity's umbrella fund has NHS wide objectives as follows:
Thc trustccs shall hold the trust fund upon trust to apply the income, and at their
discretion, so far as mdqy be permissible, the capital, for any charitablc purpose or
purposes relating to tlic National Ilcalth Service.
Object: Donations received by the Charity may be expended on 'any charitable purpose or
purposes relating to the National 14ealth Service wliolly or mainly for the service provided by
University Hospitals of Liverpool N14S foundation Trust.
Thc Charitablc Purpose ol'ilic Cliarity was refreslied on I I Ill .lanuary 2024 to provide gyreater
clarily io donors and suppori deLision niaking wlieii girant lunding:
I"0 support Iii&yli qualiiy patient care and staff liealili and wellbeing beyond that which the
NHS providcs by generatiiig? cliarilable income io:
l. Improve the carc cnvironment and patients, expcricncc.
2, Provide medical equipmcntlsystcms that are in addition to miiiiinum slandards required
of the service.
3. Fund rcsearch, innovation And education programmcs tliat directly coniributc to the
carc of our paliciits.
4. Fund specific staff llnd voluntcer heiilth and wellbeing projects.
Page 7

Annual Report and Accounts
Incoming resources to the Trust's charitable funds iotalled £1,323,000 for the year ended 31
March 2024, a fall of £1,472,000 on Ihe previous twelve months total of £2,795,000. However,
this included nei assets of £99,000 transferred over from the Aintree University l-lospilal
charity and so ihe actual comparable drop in income was £1,573,000 from last year. This was
due to donations fallingF by £155,000 to £625,000 in 2023124 and legyacy income falling by
£393,000 to £339,000 in 2023124.
Included witliin these figjures are:
a) Corporate donations of £248,000 ihe largesl ofwliicli included:
£1 00,000 gyrant from Baker Tilly for Ophthalmic equipment.
£35,000 from Sulclirre's from organisingy a fundraisii)g Ball for the
cliarily (iotal inconie generaicd from the ball was £50,000).
£20,000 froin DSM Dcmoliiions as lead sponsor of the 2023 LUHFT
staff awards.
iv)
£14.000 froni the Police and Crinie Commissioners for tlie Knifesavers
Appeal
b)
Donations froni individuals aniounted to £377,000.
The trusl's donated income policy, which prescribes how donations sliould be collected and
recorded, is showii in Appendix B (section 2).
Legacies from four bequests were received toialling £148,000. A further ninc Icgyacies totalling
£191,000 wci'c also nolified and accounicd for in tlie year cnded 31. Marcli 2024. 1.11¢ largiest
sin&)le bequesis being:
£125,000 notified from the estate of Dorothe Smiih (deceased).
£124,000 received & notified from the eslate of Vera Alden (deceased).
£23,000 notified froin the estate of Arthur Morris Woodhead (deceased).
The total legacies accounied for during 2023124 amounted to £339,000, a decrease of £393,000
on the previous year's figure of £732,000.
Investment income totalling £259,000 was earned during7 the year, a fall of £64,000 on the
previous year's figure of £322,000. Dividends from equÉty stocks and gilts provided £201,000,
and £58,000 was earned from interest on cash balances held (£20,000 in 2022123).
Page 8

Fundraisin
We raise money for the many charitable funds across the Trust and the focus in 2023124 was
to support various initiatives througihout the organisation.
The Charity makes use of fundraisers employed by the Liverpool University 14ospilals NHS
Foundation Trusi, and subject to conlrol and supervision by the14ospilal Trust. There were no
complaints received about tlie fuiidraising activity undertaken during 2023124.
As always, we are extremely &¥rateful to tlie individuals and gjroups who fundraise for our
cliarity and provide any oilier supporl.
The cliariiy also continues io support fuiidraising for tlic Foundation for the Preveniion of
Blindncss Fund resc1¢ rcli cliarily.
cnditure
Direct charitable cxpenditure for Ilie year was £3,339,000 an iiicrease of £1,350,000 on 2022123
spend of £1,989,000. Expeiidilurc accouiited lor iii 2023124 included coiiiributions io Staff
Welfare and Anienities of£531,000; Rcsearcli and Iducation gyranis lotallin&1 £699,000; Patient
Welfare & Aniciiities iotallingi £1,826,000 aiid &yraiits of £283,000 were provided for N14S
Capital projects.
Support costs attributable to the graiiis of£59,000 brouL)ht the total Liranis fig?ure lo £3,398,000.
A further £428,000 (iiicluding £47,000 support costs) was incurred in the cosls of generating
funds for the cliarity, coniprisiiigi £353,000 spent on &yeneraling voluntary iiicome and £75,000
on inveslnient managjemenl costs.
Major grants awarded duringy 2023/24 included:
£I,01 0,000 supporting Macmillan Cancer scrviccs throughout the orgjanisalion.
b)
£548,000 on consuniables for Icadingy cdgye robotic surgjery.
£288,000 to develop a Data Eye digital platfonn for ophihalmic research.
d)
£250,000 to support equality, diversity and inequality programines for staff
throughout the or&7anisation.
£231,000 supporting end of life services through the introduction of SWAN
initiative programmes.
The expenditure invested by the charity in supporting the services provided by the Hospital
Trust has had a positive impact on the quality of care that the Trust is able to provide to its
patients and stakeholders not only currently, but also in the future, meeting the overriding aims
of the charity.
Page 9

Governance costs, the central running costs of the charity that are not apportioned out as
support costs, totalled £78,000. This included salary cosls of £46,000; Audit fees of £19,000,
and esiablishment/other expenses of £13,000. Tliis was an overall fall of £1,000 on last year's
70vernance costs of £79,000, priniarily due to a drop in eslablishment costs.
The overall charity spend in 2023124 was consequently £3,904,000 in tolal (£2,541,000 in
2022123).
Gainsl
losses
on Investment Asscts
Ai ihe start of the 2023124 financial year (I, April 2023), the market value of the investinent
porllolio stood ¢11 £1 0,159,000. Iiivesimcnt lioldingys tolalling £6,655,000 were acqiiired during
the year, while invesiment lioldiiigs willi &2 Clc rryin&? value of £7,564,000 were disposcd of
during the period. The portfolio saw a rise in valuation duriiig 2023124, witli an over<ill
investiiient increase o1'£671,000 in ihc linancial year followingj a loss o1.£343,000 in 2022123.
Tliis rise duringy 2023124 equates to a +6.6 % increase iii Ihe valuc of the porllolio, tliis is a solid
pcrforiiiancc iii coniparison to ilic UK Inarkets, with ihe I",I'SI AII-SHARF up +4.330/0 over
tlie saiiic 12-Inoiith period, and tlie FTSE- 100 up +4.200/0. Ii sliould be noted tliat ilie porifolio
does hc2VC US exposure> c2iid tlic US iiivcstmcni niarkcts saw sigTriiilicani g7ains during 2023124,
willi Ilic Dow Joiies indcx up +19.6 %. Tlic finaiicial year eiidcd witli a closin& b4ilance as at
31 Marcli 2024 of £9,921,000, down by £238,000 from ilie begyjiiniiig ot'tlic fiiiancial year, ¢lS
Iliere was a SiL¥iiilicant aniolint of Iiet casli witlidrawals froiii out ot. tlie portfolios (£909,000)
io Ineet expenditure coiiiiiiilinents.
Realised profitsl(losses) on sales; unrealised niarket revaluations and earned income on
invcsiincnls were apportioncd to individual funds on a quarterly basis iliroLi&hout ilie year.
Below is a grapliical repi'csciil<qlioii higililig?l]linLi tlie rise and fall of the portfolio over ilie last
live years a&yainst the fTSE-All Sli¢?re index, Irom ihc cnd of 2018119 (31 March 2019) to the
end of 2023124 (31 Marcl) 2024);
Tablc I . Five-year Investmenl perform2< nce of Charily portfolio vs fTSE-All Sliare index
25.0%
CHARITY
PORTFOLIO
15.oyo
5.0%
-5.0
r-19 Sep-19
ar-2
I Sep-21 Mar-22
2 Mar-23 Se
-23 Mar-24
-15.0Y.
-25.0Y.
Page 10

Tn relative ternis, the portfolio has increased by 15.9% since 31, March 2019, with a strong
rebouiid in 2020 and 2021 followingi covid related falls in early 2020. This growth also equates
to a significant over perfom]ance against the fTSE-All Share index, which lias risen just 9.0%
over the same five-year period.
The investment portfolio also generated dividend returns of £201,000 in 2023124 (£302,000 in
2022123).
The invesiment g)uidelines operated by the Chariiable Funds Investment Comniittee are shown
in Appendix B & C.
Jndividual fund investment as part of the Invesimeni Pool is reassessed each quarter end. The
aiin is to niaximise the polential for inveslmenl returns taking iiito accounl Ihe sl)ort-lerin
spcnding pallerns of eacl) fuiid. Tlic Charilablc fuiids Iiivcsiinent Coiiimiiiec measurc the
performance of the invcsimcnt nianagjers on a total return basis agiainsi certain bencliniarks,
including longi tcrn) target of CPI +40/0.
Iliiliincc Sheet
The total net assets of ilie Trust's Charitable Funds <lS of 31. Marcli 2024 were £6,542,000, a
drop of £1,910.000 on the previous year's balance of £8.452,000. Overall resources expended
tlirougili cliarilable gyrants and adniinistralion were £2,581,000 Iiigilier than incoine received, but
tlie rise in invesinients of £671,000 reduced the net movenient down.
Tlie cliarily's toial net assets coinprised.
a) total fixed assels of £9,921,000 solely represeiitingy thc value of the investment portfolio
as al 31. Marcli 2024.
b) total current assets of £1,118,000 including:
stocks of £1,000 in respect of fundraising activities, wliicli have been
valued al cost.
debtors of £458,000, including £381,000 for notified legacics, not yet
received.
cash balances of £659,000 being? held to provide cash reserves to each
of our rc&yistered cliaritics to mcct commitments as they arise.
c) creditors falling due within one year of £4,022,000.
d) creditors falling due after niore than one year of £475,000.
Page I

Risk Mana
cmcnt
The Charity has a Risk Managemeni Framework supported by a bespoke Charitable Funds
Risk Re&Fisier (based on the Trustee's Risk Managyemeni Systeni). Both are reviewed
periodically by the Cliariiable Funds Committee (CFC). The major risks to which the charity
is exposed have been identified and considered with systems and processes esiablished to
mitigate tliose risks. Si&Jnificani risks are reported io the Corporate Trustee via the crc's
Cliair's Assurance Report.
Available Resources
rund balances as at 31, March 2024 total £6,542,000. ol. which £82,000 is held as capital in
perpetuiiylendowment fuiids and as sucli cannot bc freely expended.
Tliere is a further £459,000 of funds held in ilie lonn of currcnt asscls (slocks £1,000 and
debtors £458,000) and as sucli tliese resources are not immediately available for expenditure.
This leaves a balance of resources of £6,001,000.
Grant Makin
l)olic
Bids for cl)aritable girants are considered on their individual merits. All girani requesis under
£1 0,000 are considered by a Small Graiits Group. Requesls over £1 0,000 are reviewed by a
Grant Makin&7 Pancl. Any &irant requesis over £50,000 will tlien be considered by the Charitable
Funds Conimittee for final approval. Appendix A has further details of Ihe expenditure policy.
Public Benefit
The Trusiee ensures Ihal all gyranis and speiiding plans contain identifiable public benefits,
whicl) are clear, undcrstandable, aiid Ineet tlic objccis of the P£lrticular charily concemcd (under
the Liverpool University l-lospiials NI-IS Charitable fund uinbrella).
Section 17 01. the Charilies Aci 2011 explains the duty of Trustee to have due regard to the
public benefit in Ilie managienient and decision niakiii&i of the Charity. The Truslee has ensured
thai ihe public benefil requirement is strongily embedded within the procedures and conlrols
the Charity has in place, througli all stages of the grant approval process and tlie moniloring of
grant expenditure afler approval has been gyiven (all &yrant expcnditure is verified before
paynient that tlie speiid rclales to activity set out and approved in the gyrant application).
Future Plans
The Charity will continue to develop its five-year strategy followin&y the merging of the Royal
Liverpool and Broadgreen 14ospitals charity and Ainlree University Hospitals Charity. It will
continue to raise funds to improve patient experience and the care environment. Research and
clinical innovation programmes will be subject to specific campaigns while contributing to the
Page 12

he<llth aiid wellbeiiig of our staff aiid voluntccrs will rcmaiii a core objictivc. Divcrsilying our
fiindrciising portfolio and niakingy best iise of digvital innovations will enable our small team to
acliicvc tlic bcst outLomcs for thc bcncfit ot.our patients and tlicir lovcd oncs.
Conclusion
2023124 has bccn another slronb year for Ihc cli1¢ rity, willi the cliarity beingv <iblc to coininit
ftirtlilr sibinificli nl rcsoiirccs to siippoi1 tlic Hospil421 Tnist in improving thc palicnl cxpcriencc
through invcstmcnt in rcscarch, cquipincnt, slaff iriqininLi & wcllbcing 2cnd scrvicc
devclopIiiciits. Il inust be rccogyiiised tliJt nonc of our acl)jeiieiiicnts would bc possiblc willioiit
tlie liclrd work ¥111d gFLIiLroii% siipport of voliiiilLers' iiidividiial, corpor47te aiid ini%t doiior%. Iiiid
ponsors and Piilron$ 1¢ likc. A vLry warn] 41nd IIccirifLlt Illanks gocs oiit lo all, for iheirdcdication
Ind coi)tiiiiied support ot. IliL Tru.st's cliiirilics,
Pag¢ 13

Liverpool Uiiiversity Hospilals NHS Cliarilable Fund
FINANCIAL
STATEMENTS
2023/2024
Page 14

LIVERPO
L UNIVER
ITY MOSPITAL
NHS CHARITAB
E FUND- FINANCIAL sfATEMENTS 2023124
1411eiTieiil i)f l. illilllciiil ,Iclii'ities for the )'e4qr eii(led 31 rch 2024
2112211J
21I2212J
Re%iri¢icil
£vuo
£ooii
oiiu
lJ64
,J2J
4211
.i)M
J,Jl)N
7¥
7H
J,fk4J
7.7Xt4
77
444
7,71111
Page 15

ARITA
FINAN
IA
Balance Sheet ay at 31 March 2024
T￿￿1 llt
UTrr¢slrlrlvd
Fun(Li 31.VJ.24
Rr51rlrttd F.ndowmtnt
Funds
Funds
31.03.24
31.03.24
TDtlll *t
lJnr¢$iri¢i¢d R¢51n¢t¢il [.nd0￿￿¢nl
Inrrb
-11.03.?.1
I l.OJ.2.3
MJrih
?n?I
£000
£000
IODO
£000
£000
InNL41rnLnl
4¥3
,35?
7b
9.921
9.4?R
74
49J
9,352
70
9.921
657
74
45N
45#
J7b
J¥ry
.s.I
1,497
'lolil C.'urr¢nl AuL'tI
4Y
4,022
7¢1
J,214
IZ,¢J041
444
¥2
7,1117
5¥4
¥,Ib5
¥D
('i¢diiiirx'. Amoun14 fullin¥ Ju¢ un¢r nii>r¢
475
J77
J77
444
6,V16
7,71M
xu
%,451
Tr'umds ufihe C'.hirliy
C'.Mpll•l ￿.￿n￿l:
82
82
tso
80
6,010
7.718
7,7
444
444
5¥4
lolAI th*rlly fund5
444
6.016
82
6J42
984
7,78¥
#u
ts.432
ThL' niil¢% nl JI fumi pJrt vf Ih¥'%L' finan¥iol %lJl¥m¥nt%.
L%I,,/L4
Page 16

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND - FINANCIAL STATEMENTS 2023124
Statement of Cash Flows for the year ended 31 March 2024
Total
2023124
£000
20221?3
£000
Cu¥h flu￿.5 from Oper#ilni Activitie5:
Nei Casl) providcd by {uscd in) 0￿,ratIng acliviliLS
12.105)
11001
C'mih flo115 from ini'e.sling nctlvilie5:
R¢iurns 01) InvL41inLnis
239
322
PTOCLYds from %ulL of iiivLslmLI)15
7,564
2,835
l>urLIIiL4L of Invcstii)11)Is
16.6551
12.829)
Acquisilion ofAIII I ILSS cwll ucqiiirL'd
99
245
Net C115h proi,Ided by (u%cd In) Ini'egilnki it¢ilvltlc8
1.267
573
C.liiinie in cu.¥h nnd cM%h cquli'fftlenli
{11311}
473
C.'u81i und (.'ush equlvnlenly lit (he 51nrl of Ilic yemr
1.497
1.024
C'M4h lind C'.Iiqli equii'nlcnll ill Ilie en(J of Ilie yciir
1,497
Reconeilinllon of nel Inconie I Ic%pcndliur¢l tu nel ¢nih lloii, from Opernling ucllvlil¢s
NLII inwmc / {cxpLndilurL'} LLS p¢r Ilic SQl'.A
Pividends und InlLrL's1 fmn) Invcslmcnl4
11,910)
(89)
{259)
(3221
(Incrc￿￿￿'} I de¢re￿￿e in SIoLk%
{IncrLiiscI I d¢¢r¢4LS¢ in l)Lbiors
176)
354
IncrLELSL / (d¢cTCILscI in Creditors
906
575
RL'valuiition ofinvcslmcnls
(671)
343
l unds I ransfcr froni AUI I
(99)
(961}
Ncl cuyh (outfloiv) I Inflow. from opermilng iiclivilie5
(2,1051
(100)
Pagè 17

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND- FINANCIAL
TATEMENTS 2023124
LIVERPOOL UN'IVERSITY IIOSPITALS N'HS C14ARITABLE Fu￿,D
NOTES TO THE ACCOUNTS
ACCOUNTING POLICIES
Bfjlils of pr¢par4lion
The financiAI Slal¢iii¥nl8 Iia%'¥ bLLn PTLpofLd in a¢cordoii¢c iviili Aclouniing Rcporting b>, Chiiriii¢s'.
Siui¢m¢ni of KLCOllliiiLiidL¢J I)rociiii upplicoblL' to cliariiiLS pfL'pnrin&b ililir accouiil.% iii occordJn¢¢' i%'iili IIIL
l.'iniinLiiII IILpvniiib Staildnrd oppliLablL in IhL Ilk und Ilipublic of ITLlund IFRS 1021 ILffLclii'c l Juniillry
2019 ICliariliLS SUIII>
'I.-11.S 102,1, IhL l.'inilllLilll R¥portiiib .Siaiidard appllLoblL in illi Uk uiid ihL
l£epubliL ol. Ir¢liind aiid ilic CliuriiiLS Aci 20 11.
I.IVLrpool Uiii¥'¢rsiiy 1104pilul$ Nl [% Cliariinbli rtind niccl.s the dLfiiiilioii of u publiL bLnLfil Liiliiy iindir
I".R% IQ2.
A$8Lls lliid linbilill¢'4 UTL inilioll>' TLcngnis¥d lli hi%loricul co81 or Iroilgoclion vuliii iinlL8s oiliLn%'isL $llllid in
IMI CJrfylnki Conccrn
'IIIL 'I'ru5l¢cs IiavL Lttrriid oiil un u.%SL$sillLni und of illi vii•iV Iliul, n(Il iviilisiAiiding IhL iiLI currLI11
Ibl Crlil¢MI Accountlnk.luilKtment¥ li 8tlmAte%
In prLpllrinB i1118¥ fiiiuiiciul 51lllLmcnls. n)oiiugLlI)Ini Ilub IiiudL' judBL'niLnl%, LS1imai¥b an(i llssumptioiis Ilini
¥vuliilllLd uiid bii%L¢J on hi41nri¢nl ¢XPLrliiic￿ Iiiid (IiliLr fiiLlor&. in¢ludinB L.¥PLLliition ol. fiilurL ¢vini.% Iliul
nrL. bLIILvLd lo h¢ r¢a%oiittblc iiiidLT IIIL L'iirrLI)i ¢ir¢uii)%liiiicL%,
KL'Y judgcinLntS COllL'Lrn Ili¢ timing of r¥¢(Trgnilii)11 of ILBll¢y incoiii¥ Diid iliL rLLugnition ofnivuTd% gTanied lo
AssLiS ttnd liobililiL'y UTL iniliiilly rLLogni4id ul jli51oTicnl cost or Iriinsuciion vuluc uiilLqS oIIILfi%'isc Sllll¢d in
IIIL fLILvanl ucLouniinB policy Iiolcl8}.
(¢1 Lnfll). Combln#tlon.¥
Eniiiy ¢ombinulions for public bcnLfit ¢nii¢iLs arc llccounlLd for iii nccordttn¢¢ iviili parogTapli PBE 34.75 or
I'.IIS 102. '1Th¢ combinulion iviih Alll I for till eonsidcrulioii is iii subslanc¥ a gift.'l-h¥ ¥.X¢LS5 of tlic fair voluc
of Ilic U8SLl% rLcLiv¢d ovLr ¢lic fair %'uluL of IliL litsbiliiiL% y.8sunii.d 15 rL'cognisLd o.s n gjin in ili¢ StalLnieni or
riiiancial AcliviliLS, rLprLSLniing ihl sift of Ihc valul oron¢ lniiiy io anoilicr and is TLCObpni¥id as in¢oinL.
Incomc
Thc policies folloivcd. i%liich deal i¥'iih ineomc, volunlury a5sisloncL and donations. a￿..
{A) All incomip8 r¢sourccs Are includcd ira full in tlic Siaicment of FinanciAI Activilies as
soon a5 tiic folloiving ihree factors can bc met..
EniitleniLrkt - ariscs ivlicn a particular rcsouTCC is rCcCiv￿b1c or thc charily's right bccom¢s lcgally
enfor¢¢8blc:
ill C¢rtainly- i¥'hen theic is rca50nable certainty that the incotning resour¢c ivill be rccL'ived..
Pagè 18

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND- FINANCIAL STATEMENTS 2023124
MLasureni¢nl
hcn IhL monLlat)' I'alue of Ihe incoming resources can be measured iviih suificient
{b) Gifts in kind
Assels givcn for dislribuiion by tl)L cl)urily arL includld in IliL StulLmeni of l.inancio1 A¢livili¢s only
Ivh¢n dislribulcd.
Asse(s given for u.4¥ b>, lh¥ Lliarily {c.g. propLrty for it5 oivn occupalion) arL includLd in th¢
Sialem¥nl or rinuncial Aclivilics as incoming resource% %vliL'n rcccivablc.
Gitls mad¢ in kii)d hul oil Iru51 for conversion inlo casli lind suhs¥quLnl uppliculion by Ili¢. ¢l)arily
arL incliidLil ii) tli¢ ac¢oiiii1iiig pcriod in i%'l)icl) Ilic giift is sold,
In all cnscs IhL uin()unl ui ivhiLli gill.% in kiiid Ekr¥ broLi&ilil inl(I IIIL IILC()unt is L'iil)Lr u r¢usoniibl¥ Lslimaic or
ani)uul rlporl if any girls in kind urL fL¢L'lV¢(I diiriiig Il)C ylar. No siicl) bijft.4 Iv¢r¢ r¢ccivLd in Il)¥ currLiII or
priur y¢slr,
(e) Intfinglble Income including donnted servlets An(1 fllcllltics
InlangiblL' incfiinL' IL.bF. IIIL provi4ion or rri¥ llccoinii)odulionl is inLliidLd ii) IIIL iiL'counlq iviih iin equii'iilL'ni
aiiioui)l in nulgioinbi rL'soiifcLts. if Ililri is o finui)cial Lnsl boniL b}, ui)giliLr piirty. 'I'IIL viIIuL pIIiLL(l on 511LI)
iiicoinc i.q Ilic finni)ciiil co%1 ol. Il)L Iliird piirly PTovidii)g Il)L fL'%(iufLCY. In ucLordiincL Iviili Ilic LlihriliL'$
SOIIIJ11,'IIS 1021. gL'iILriil volunlLLr liin¢ is iiol rLLOyIII.%Ld us inLOIIIL or Lxpiiidilurc.
Id) Legntles
LLgyiiLIL.% url uL'L(iuiilLd for ns incoiiiiiig rLSOUTLLS OIICL IIIL rLciipI of iliL ILgyuLy I)LLOliii% probublL. 'I'IIis
'ill h¢ onc¥ ¢onlirniiili()n lili% bLLn rLcLivLd froin Il)L r¢pr¢.5LnlulivL5 01. IIIL LsIIiiL' Iliut payiiiLiII uf IliL'
ILgllLy il'ill hc i))ndc Dr pri)PLrty Iriiii.%lirrL'(I Iiiid once (ill ¢ondili0115 IilliiLIILd lo IIIL ILgiLJCy l)IivL. hLin
(¢1 Intercst recelvnble nnd (Ilvlden(1 S1)coni¢
Iiiicrc.41 oil funds liLld on dLP04iI ftnd dividend ii)cDniL IS iIILludLd i%'hen rL'cLivublc and Ilic uinounl can b
mL￿sUr(￿ rLliubly by ilie cliarily.. Illi5 is iiorniall>' up()n n()lificiiiioi) of Ilic iiilcrL'S1 or dividcnd puid or
piiyublL.
Expendliuro
The funds held on irusl 8ccounl.8 or¥ prLparcd in uccordiincc i%'iili th¢ accruuls concepi. r.xpenditure is
rL'cogni%cd ivl)¢n a liability is incurrL'd iiiid il)crc is a Icgal or con%iructivL obligation lo mak¢ a paymLnl lo ll
il)ird Piiriy, il 15 probublL Ilial SLiIILmLnl ivill bc rcquirLd and (l)e gmounl of lh¢ obligaiion Ci2n be mc1L surcd
rcliabl}'. Grunt coii)n)ilinLnis ar¢ rccogniscd oncc Il)LrL' 15 a ILgal or conslruclivc obligation io make ll
paymcnl lo a third puny.
Page 19

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND - FINANCIAL STATEMENTS 2023124
(a) Cost of raising funds
The cost of generating funds are the costs associated ivith generating income for the funds held on trust. It
will also include Inveslnienl management costs which consist of direct fees and a proportion of support
cosls (see note 5.2).
(b) Crants payable
Grants payable are payments, made lo third parties (including NHS bodies) in Ihe furtlierance of ihe funds
Iield in accordance willi ihe trust's charilable objectives. They are accounled for on an accruals basis where
Ihe condilions for their paymenl hav¢ been met or where a tliird party has a reasonable expectation thai Ihey
vill receive the grant. Tl)is includes grants paid to N14S bodies.
(c) Allocation of Overliend llnd Support Costs
Thes¢ are accounted for on an accruals basis and liave been allocaled based upon lime spent or tlie nalure of
the activity (see i)Olc 5.1) belween Charitable Activitie5 and Governancc Costs. Oiice allocation ai)dlor
apportioninent ofoverliead and siipport costs has been Inade betiveen Charitable Activities and Governancc
costs, the cost atlributablc to Cliaritablc Aclivities is apportioned across those activities in proportion to
lotal Spend.
(d) Governunce Costt>
Governance costs coniprisc all cosls Incu￿ed in the govcrni& nce of tlic cliarity. Tlicsc costs include costs
related to stalutory audit togictlicr iviili an apportioiinieiit of ovcrllead and support COSts.
(e) Irrecoveriible VAT
Irrecoverable V A T is cliargyed as a c05t ag)ainsi ihe activity for which the expenditure was incurred.
Structure of funds
Wl)ere tliere is a legal restriction on Ihe purpose to ivhich a fund may be used, the fund is classified in ihe
accouiits as a reslricted fund. funds ivliere the capital is lield io generate income for charilable purposes
and cannot ilself be speiit are accounted for as endoivmeni funds. Other fuiids are classified as unrestricted
funds. funds wl)icli arc noi legyally reslricled bul wl)ich the Truslee has cliosen to eamark for set purposes
are designated funds. The major funds held ivitliin these categories are disclosed in nole 12.
Tangible Fixed Assets
The charity has no tangible fixed asset&
Page 20

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND - FINANCIAL STATEMENTS 2023124
Investment Fixed Assets
Investment fixed assets (excluding cash) are shown at fair value, which is deterniined by iheir market
value.
i) Quoted stocks and shares are included in the balance sheet at mid-market price, ex-div.
li) Other investment fixed assets are included at Trustee's best estiinate market value.
Reulised gthins and losses
All gains and loss¢s are taken lo tlie Siatemenl or rinancial Activities a5 they arise. Realised gyains and
losses on inveslmenls are calculatcd as the differeiice betiveen sales proceeds and opening market value (or
date of purchase if later). Unrcalised gains and losses are calculated as tlie differcncc between Inarket
valuc at tl)c year-ciid ai)d opei)ing inarkcl valu¢ (or date of purLhase if later).
Intnnglble Fixed Assets
The charity lias no inlangible fixed asset&
Stock
Siock is included ot tlie lower of cost or net realisablc value.
Debtors
Trade and other debtors are recognised at cost, beingTr ihe seltleinent amount due. Prepayments are valued at
tlie aiiiount prepaid net.
1.11
Cash tht bank and in hllnil
Cash at bank aiid in haiid includes casli held in ihc Livcrpool Universily l-10spilals NI-IS Cl)arilable fund's
account and ihc amounls lield in tlie ' ii)come' accounts witliin the Cliarily'5 inveslineiit portfolios.
1.12
Crcditors &nd provisions
Creditors and provisions are recog?nised ivhere the chariiy has a present obligation resuliing from a past
evenl that ivill probably result in the Iransfer of funds lo a third party and the amount due to settle ihe
obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at iheir
settlement amounl.
1.13
Change in the Basis of Accounting
There has been no change in the basis of accounting.
Page 21

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND - FINANCIAL STATEMENTS 2023124
1.14
Prior Year Adju.stments
There has been no change to the accounls of prior years.
i.ls
Pooling Scheme
Ali official poolinLJ scheine is operated for inveslments covering all funds registered under the
umbrella agreeinenl. The scheine was registered wilh the Charity Commission on 26 ' March 2002.
Related Party Transactions
Durin&i ilie year none ol the Trust Board or meinbers of the key management staff or parties relaled io
thein has uiidertoken any Inatcrial iransactions witli the Liverpool University Hospitals NI-IS
roundalion Trusl.
The charitable Irust has Inade revenue and capitlll payineiits to the Livcrpool Univcrsily Hospilals NHS
roiiiidaiioii Trust, wljose Trust Board meinbcrs (wliosc naiiies arc listcd bcloiv) also rcprcsciit tlic
Corporate TrLislee.
Further deiails of related party iraiisactions can bc fouiid in note 18.
Trust Board Membcrs
D Flory
Chair
M Eastwood
Non Executive Director
S Samuels
Non Execulive Dircctor
E de Sousa
Non Executivc Director
I Ismail
Non EAeculive Director
ProfT Walley
Non Execulive Director
D Gilburt
Noii Executive Director
14 Ciirine
Non Executive Dircctor (rcsigncd 19tli December 2023)
IE
J Bird
Non Exccutive Director (appointcd 15th April 2024)
ChiefExeculive Officer
J Suinner
D Mclia
ChiefNurse
J Gardner
Executive Medical Director
R Forster
Deputy Chief Executivc o￿leer & Chief finance Officer
H Barnett
Chief People Officer
B Weslon
ChiefDelivery o￿lcer
P Turkington
Executive Managing Direclor- Aintree (appointed 9th May 2023)
N Hudson
Executive Managing Director- RLUH (appointed 9th May 2023)
Page 22

LIVERP
NIVER
ITrH
AL
NHS CHARITABLE F
ND- FINA
IAL
TATEMENT
Donations &
IAgACits
esirieii'd
2023-24
Trunds
2023-24
2023-24
Fund$
2023-24
Total
2022.•3 Funds
liuMds
unds
£ouo
D0n)lions
100
525
625
780
LebTroci¢s
339
339
732
Total
loo
864
964
TrHdinR Aclliltles
Ilnrestrlelt
2023.24
Resltlrlrd
2023.24
.ndowmtn¢
2023-24
Toi*l
2023.24
Total
?022-13 1.'unJs
un¢lJ
unds
£IKK>
£0
l undiuisin8
Invutnient Inconie
IJ
vJirl¢iL¥J
2023-24
.ndowmtnt
202>24
2023-24
run(li
2023-24
Toinl
21J22-23 1.-und¥
£(M
£00
£000
£ouo
Diyidcnds Dnd ini¢$imLni Inict¢41
201
201
302
tjtsnk Ini¢r¢5l
J8
58
20
'rotal
322
Don*ilon from Allll
[lnr￿lflCÈth1
2U23-24
Rcjtrlcltd
2(J23.24
.ndowmeni
2023-24
21123.24
I,'und$
£ouo
und%
7022-23 1.'und$
£¢>oo
£000
I'rnnsf¢y iii frvm AlJ14 Lhniily
99
901
99
91)
961
Exiirndliure on
R•lilnE
Ilnri'slrlclt
2023-24
'tt(lowmtnl
2(bZJ-24
2023.24
2023.24
Total
2022.23 l.'und5
£0(
£000
rundraisinu C051S
Invc51mcnl MonJg¢mgni
10
337
333
360
73.
7.1
08
TolHI
IB
410
428
4?8
Lxpcndliure
Chthrlirtble Aeiii'itir
lIthr￿trIctCd
RrAlrlcie
2023-24
TolAI
2023-24
ndj
2023-24
Fttnd¥
2023.24
ToiDI
2022.23 1 unJ5
nds
£000
£000
Poti¢nt5 Wcifnrc & omeniiies
139
1,719
1.858
523
Welfare & llmcnilics
23
517
540
430
Rc5caTch & Education
16
695
198
Coniribulions lo Nll.S Capital
65
224
289
883
Toilll
243
3J98
2.034
Page 23

IA
Expendllure Oiber
Ilnroirltted
201>24
£wo
Resirl¢1r￿ 2023-
24 Funds
TotAI
2112J.14 Fundx
Total
2022-27 Fund5
2023.24 Tr'undi
GoYemJncc
78
79
ToiAI
78
78
Y9
Appllrilon 10
AIID¢*lrd ta
R¢yldu¥l for
Appnrllnn
Totil
2023.24 Tr'und5
2022.2.1 Funds
SalAnes
Tini¢ Sp¢ni
46
CJOI'¢man¢¢
CJOI-emniic¢
(ioi¢min¢e
10
7fj
170
hpptsrilDn of
t)Irrrl ('oili
support C￿11%
202J-24
2022-23
£0￿
330
2.1
.160
24
68
Sub. T￿111
381
47
428
42ft
1.826
1.8S8
J23
540
430
R¢sebr¢h
099
198
fontnbuiioni i• Nlls f4pliAI
281
289
Sub. Tulil
3J39
J J98
2.Ib34
7B
79
T•i•l F.¥prndliurt
J.720
184
J.904
2.141
Page 24

LIVERP
Nl
ITYH
PITAL
NH
ND. FINANCIAL
TAT
MENTS 2023r24
GrAnis 10
rants io
SiipiJDrt eniii
2023.24
£000
Ttsttsl
2023.24
T)'pc
5J
24
2023-24
2022.23
£000
Ptsiirnt8 IV¢lfDr¢ & omMiiiies
1.826
32
521
Stll*FWtlfw¢ &. wn¢ns1i¢5
519
12
430
ReseBr¢h
699
12
198
283
289
88.3
Toi•l
J J27
59
3J98
2,0.A4
C?fAnis I
T0141
2022.23
£000
1023.24
£000
2.721
1.9B4
lJnii'cTiiiy of l.i¥'¢rpwl
40
95
2.024
('li*niex In
RNourie% Av*ll•blt
for l.'hHrlty Ilst
R*xtrltltd
201J.24
F.ndowmeni
21I2J.24 I'undi
£000
2023.24
'und¥
2023.24
£000
£o(H)
IA9}
AiJ¢ly
7 Th¢r¢ no fixed ass¢ii ofilie ¢litsriiy
Page 25

OL UNIVER
ITYH
PITAL
RITABLE F
ND- FINAN
TATEMENT
20231
An81)'sis ofiiixe
èlssct Ini'tstmtnts
2023.24
2022-23
£000
I'.ixed Ass¢1 Invisini¥nts'.
£000
Mark'ei valu¢ ai 31 Mllrch 2023
9.700
CiiftLd froni AUII
8(18
LL55.' Disposols oi corryÈng valuc
17.4641
12.8351
Add,. Acquisiiions oi ¢ost
2.829
NLI goiii I Ilossl on rwvalualioii
671
1343)
MaTkcl vnluk ui 31 MRrcli 2024
9.921
10.159
I lisloric cost ui 31 Miirili 2024
¥,746
9.332
8.2 Markei VDIUL ft131 Mar¢li'.
Ilild in Uk
£iioo
2023.24'1'ulAI
2022.23 Ti)Inl
£000
£000
IIiv¢51niL'nis lisli(l 011 tlIL. %inck l..xcliDngi
9.718
9,7111
9.900
Cush hLld ILS part ofilie invL.qimLlli piirtfolio
203
203
259
9,921
10,159
Inil Ili18n¢c ci'cn15
NunL
Page 26

RP
Rl
ND. FINAN
IAL
TATEMENT
20
Total ai al 31
4lilRC.'112024
£O(H)
An*l}sis of DeblDrs
MARCII 2023
£000
Amollnls falling du¢ i%iihin on¢ }ear'.
Pr¥p?>in¢nis
Accrued income
4.46
-182
Toial d¢bioT% fallinb du¢ i%iiliin on¢ >¢aT
4.48
382
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TO11il debtors fli Ilinb diie llncr MOTC Ilinn one >Cii T
Toinl dehiorn
Anily&li Ofcrtdli￿rS
41AIIC'II 2024
£oNJ
MARCII 202.1
£ODO
916
Ac¢ruals
2,298
4.022
A¢rrun15
475
'I'otxl crtdlilrs
4,497
Page 27

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND- FINANCIAL STATEMENTS 2023124
AD#ly$is bf Fundi
12
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Page 28

RPO
L UNIVER
ITYH
PITALS NHS
HARITABLE FUND. FINAN
IAL
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023124
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Page 29

LIVERPOOL
NIVERSITY HOSPITALS NHS CHARITABLE FUND- FINANCIAL STATEMENfs 2023124
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ij
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Page 30

LIVERPOOL UNIVERSITY HOSPITALS NHS CHARITABLE FUND- FINANCIAL STATEMENTS 2023124
Organls•LIoTrs
Nimt. naivr¢ ofconncciion.
2021.24
2022-23
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SI￿ 41 11)¥5.7.1?
Page 31

Independent auditors, report to the trustee of the Liverpool University
Hospitals NHS Charitable Fund
Opinion
We have audited the financial statements of the Liverpool University Hospitals NHS Charitable Fund
(the 'charity'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities,
the Balance Sheet, the Statement of Cash Flows and Notes to the Financial Statements, including a
summary of significant accounting policies. The financial reporting framework that has been applied
In their preparatlon Is applicable law and United Kingdom Accounting Standards, including FRS 102
"The Financial Reporting Standard applicable in the UK and Republlc of Ireland" (United Kingdom
Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and falr vlew of the state of the charity's affairs as at 31 March 2024 and of its
incoming resources and appllcation of resources for the year then ended;
have been properly prepared in accordance with United Klngdom Generally Accepted
Accountlng Practlce; and
have been prepared in accordance with the requlrements of the Charitles Act 2011.
Basls for oplnlon
We have been appolnted as audltor under section 149 of the Charltles Act 2011 and report In
accordance wlth regulatlons made under section 154 of that Act. We conducted our audit Sn
accordance wlth International Standards on Auditing IUKI {ISAs (UKI) and applicable law. Our
responslbilities under those standards are further descrlbed in the Auditors, responsibilities for the
audit of the financlal statements sectlon of our report. We are independent of the charity Sn
accordance wlth the ethlcal requlrements that are relevant to our audlt of the financial statements in
the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In
accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Concluslons related to golng concern
In audltlng the financial statements, we have concluded that the trustee's use of the 80ing concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the charity's ability
to continue as a going concern for a period of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to goln8 concern are described
in the relevant sections of this report.
Page 32

Independent auditors, report to the trustee of the Liverpool University
Hospitals NHS Charitable Fund {continued)
Other Informatlon
The trustee is responsible for the other information. The other information comprises the information
included in the Annual Report, other than the financial statements and our Independent Auditors,
Report.
Our opinion on the financial statements does not cover the other Information and, except to the
extent otherwise explicltly stated in our report, we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
Information and, in doing so, conslder whether the other information is materially inconslstent with
the financial statements or our knowledge obtained in the course of the audit, or otherwlse appears
to be materially misstated. If we Identify such material Inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement In the
financial statements themselves. If, based on the work we have performed, we conclude that there Is
material misstatement of this other informatlon, we are required to report that fact.
We have nothing to report In thls regard.
Matters on whlch we are requlred to report by exceptlon
We have nothlng to report in respect of the followlng matters where the Charltles {Accounts &
Reports) Regulations 2008 requlres us to report to you if, In our oplnion:
adequate accountlng records have not been kept; or
the flnancial statements are not In agreement with the accountlng records and returns; or
certaln dlsclosures of trustee's remuneratlon specified by law are not made; or
we have not received all the informatlon and explanations we requlre for our audit.
Responslbllltles of the trustee
As explained more fully in the Statement of Trustee's Responsibllitles, the trustee is responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such internal control as the trustee determines Is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease
operations, or have no realistic alternative but to do so.
Page 33

Independent auditors, report to the trustee of the Liverpool University
Hospitals NHS Charitable Fund (continued)
Auditors, responsibilities for the audlt of the financial statements
We have been appointed as auditors under Section 149 of the Charities Act 2011 and report in
accordance wlth the Act and relevant regulations made or having effect thereunder. Our objectives
are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors, report that includes
our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audit
conducted in accordance with ISAS (UK) will always detect a material misstatement when It exists.
Misstatements can arise from fraud or error and are considered material if, indivldually or in the
aggregate, they could reasonably be expected to Influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance wlth laws and regulatlons. We design
procedures in line with our responsibilities, outllned above, to detect materlal mlsstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of detectlng
Irregularities, including fraud, is detailed below.
Based on our understandlng of the charlty and sector, we Identifled that the principal risks of non-
compliance with laws and regulations related to UK tax leglslatlon and regulations whlch govern the
preparation of financial statements, and we consldered the extent to which non-compliance might
have a material effect on the financlal statements. We also consldered those laws and regulatlons that
have a direct impact on the financial statements such as the Charltles Act 2011. We evaluated
management's Incentives and opportunities for fraudulent manipulatlon of the financlal statements
{Includln8 the risk of override of controls), and determined that the principal rlsks were related to
postin8 inappropriate journal entries to Increase Incomlng resources, through management blas In
manipulation of accounting estimates or accounting for significant transactlons outslde the normal
course of operations. Audit procedures performed included:
Enquiry of management around actual and potentlal litigation and clalms and Instances of
non-compliance with laws and regulations;
Auditing the rlsk of management overrlde of controls, through testing journal entries and
other adjustments for appropriateness, testing accounting estimates (because of the rlsk of
management bias), and evaluating the rationale for significant transactions outslde the
normal course of operatlons;
Reviewing financial statement disclosures and agreeing to supportlng documentatlon to
assess compliance with applicable laws and regulations; and
Review of trustee meeting minutes.
A further description of our responsibilities is available on the Financial Reporting Councll's website
at: htt
www.frc.or
auditorsres
onsibilities. This description forms part of our auditors,
report.
There are inherent limitations in the audit procedures described above. We are less likely to become
aware of instances of non-compliance with laws and regulations that are not closely related to events
and transactions reflected in the financial statements. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or
through collusion.
Page 34

## **Independent auditors' report to the trustee of the Liverpool University Hospitals NHS Charitable Fund (continued}** 

## **Use of our report** 

Charities Act 2011 and for no other purpose. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by iaw, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a body, for our audit work, for this report, or for the opinions we have formed. Ponratt Bd + Co Cinticl **Jason Leach FCA (Senior Statutory Auditor)** 

Bennett Brooks & Co Limited 

Chartered Accountants and Statutory Auditors 

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 St George's Court 

Winnington Avenue Northwich Cheshire CW8 4EE 

5 December 2024 

Page 35 



Liverpool
University
Hospitals
Charlty
Appendix A
Liverpool
University
Hospitals
Charity
Governing Document
Page 36

Liverpool
University
Hospitals
Charlty
Table of Contents
Page
About LUH Charity
Charitable Purpose
Governing LUH Charity
The Charitable Funds Committee
38
38
39
40
The Grant Making Panel
The Small Grants Group
LUH Charity Grant making Process - Summary
Decision Making
Managing Conflicts of Interest
Types of Funds Held
Details on financial accounting and statutory returns
Ethical, Sustainable Investing
Managing Risk
Policies and Procedures
40
40
41
43
43
44
45
46
46
47
Due diligence, monitoring and verification of end use.
Closing LUH Charity.
Appendices
48
48
49
Terms of Reference
Charitable Funds Committee Terms of Reference
Grant Making Panel
Small Grants Group
Essential Information for the Corporate Trustee
and Charitable Funds Committee Members
50
54
56
58
Trustee Checklist
59
Page 37

Liverpool
University
Hospitals
Charlty
1 . About Liverpool University Hospitals, Charity
Liverpool University Hospitals, Charity (LUH Charity) is registered with the Charity
Commission #1047988 and has a Corporate Trustee - the Liverpool University Hospitals
NHS Foundation Trust Board. The principal office is in England, located at Liverpool
University Hospitals Charity, Royal Liverpool Hospital, Mount Vernon Street, Liverpool, L7
8YE.
Its trustee arrangements have been established by the Secretary of State for Health and
Social Care under NHS legislation and LUH Charity is established for charitable purposes
relating to the NHS and the individuals responsible for ensuring that trustee duties are
fulfilled are appointed by the NHS.
LUH Charity was formed on 1 st April 2022 through the transfer of the assets of The Aintree
University Hospital Charitable Fund to the Royal Liverpool & Broadgreen University
Hospitals NHS Trust Charitable Fund through:
the completion of a transfer deed
the closure of The Aintree University Hospital Charitable Fund
the renaming of this combined charity to Liverpool University Hospitals NHS Charitable
Funds
the rationalisation of the funds to reflect the new site-based structure (Aintree,
Broadgreen, Royal).
deregistering of the multiple linked charities
2. Charitable Objects and Purpose
Object: Donations received by LUH Charity may be expended on 'any charitable purpose
or purposes relating to the National Health Service wholly or mainly for the service provided
by Liverpool University Hospitals NHS Foundation Trust.
The Charitable Purpose of LUH Charity was refreshed on 11th January 2024 to provide
greater clarity to donors and support decision making when grant funding..
To support high quality patient care and staff health and wellbeing beyond that which the
NHS provides by generating charitable income to:
1. Improve the care environment and patients, experience,
2. Provide medical equipmenusystems that are in addition to minimum standards
required of the service.
3. Fund research, innovation and education programmes that directly contribute to the
care of LUHFT patients.
4. Fund specific staff health andlor wellbeing projects.
Page 38

Liverpool
University
Hospitols
Charlty
3. Public Benefit
In both fundraising and grant making, the Trustee (and its delegates) ensure that the public
benefit requirement is met..
Benefit must be identifiable and capable of being proved by evidence where necessary
and which is not based on personal views.
Benefit the public in general, or a sufficient section of the public and not give rise to more
than incidental personal benefit.
4. Governing LUH Charity
Charlty Commlsslon
Secretary of State for
Health and Social Care
Corporate Trustee
Charltable Funds Commlttee
ran
nB
ane
The Charlty Commlsslon
The Charity Commission is responsible for:
registering eligible organisations in England and Wales which are established for only
charitable purposes.
taking enforcement action when there is malpractice or misconduct.
ensuring charities meet their legal requirements, including providing information on
their activities each year,
making appropriate infonnation about each registered Gharity widely available to the
public
providing guidance to help charities run as effectively as possible.
providing online services for charities.
Pase 39

Liverpool
University
Hospitals
Charlty
The Corporate Trustee
The Board of Directors of Liverpool University Hospitals NHS Foundation Trust (voting
members) is the Corporate Trustee and in this role:
the Board has a shared understanding of and commitment to LUH Charity's purposes
and can articulate these clearly.
the Board can demonstrate that LUH Charity is effective in achieving its charitable
purposes and agreed outcomes,
It18 responslble for,.
Approving LUH Charity's Annual Report, Financial Statements and Charity
Commission annual return
Delegating selected authorities, as set out below, to the Charitable Funds Committee
Appointing or removing members of the Charitable Funds Committee
Approving the Governing Document or any amendments made therein.
Receiving and reviewing the Charity Commission Trustee Checklist
Undertaking any training necessary to remain compliant with its obligations as the
Corporate Trustee.
Closing LUH Charity.
5. The Charltable Funds Committee (CFC)
The Charitable Funds Committee is convened with delegations from the Corporate Trustee
and is responsible for the governance of LUH Charity, ensuring it complies with the
requirements of the Charity Commission and other relevant regulatory and statutory
frameworks, The committee also ensures that charitable donations are administered
efficiently and legally and directed promptly towards appropriate charitable activity in
accordance with the donor's wishes.
While this Committee has been established by the Board of Directors to carry out specific
functions as described, it is important to note that the Board retains ultimate responsibility
for discharging its duties and responsibilities as LUH Charity's Corporate Trustee. To that
end, the Board of Directors has absolute discretion over the activities and decisions of the
Committee.
The Terms of Reference for the Charitable Funds Committee are available at appendix la.
The Grant Making Panel
This committee supports the Charitable Funds Committee with the assessment of grant
applications to ensure that funds are disbursed appropriately and in a timely manner.
The Charitable Funds Committee has delegated authority to the GMP to review and
approve grant applications >£1 OK and <£50K inc. VAT. It further reviews all bids more than
£50K to ensure appropriateness ahead of the applicant presenting to the quarterly CFC.
I Charity Governance Code
Page 40

Liverpool
University
Hospitals
Charlty
The terms of reference for the Grant Making Panel are available at appendix 1 b.
The Small Grants Group
The small Grants Group meets monthly and is designed to more frequently approve small
applications which are often patient experience related and therefore time sensitive. The
SGG has delegated authority from CFC to approve grant applications less than £1 OK inc.
VAT.
The terms of reference for the Small Grants Group are available at appendix 1 c.
Emergency Grants up to £1 OK only
Emergency grants can be provided to support patients and their carerslloved ones in
specific circumstances, such as end of life and to support complex discharge.
The Head of Fundraising has discretionary approval up to £1 k inc. VAT.
All other requests must be approved by the Director of Communications or Director of
Finance in case of absence.
In all cases, emergency approvals must be accompanied by an application form and be
reported through the Small Grants Group for completeness.
Page 41

Liverpool
University
Hospitols
Charlty
LUH Charity Grant making Process - Summary
Declarations of interest in any of the applications being considered will be taken at the
beginning of all meetings. Members of any of the panels that work in that service or have
any associated interest will be excluded from the decision-making process for that bid.
pp
car
on
or
un
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Bld appI￿ratIOnS revlEw¢d bl.rnoni*lybv
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ov•r £50K
Commlltee declslon makln£ bastd on
mairlx scoro
Smill GAn15 Group
Dlds ovri ÉSOK reviewed by GM Ctiee lo
Revlew b¥ Giant MJklnR Commillrt lor
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IlpprovalslRrle(IlonslRr4ursts IOT moro
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V Follow up dales dlaristdlor HOF io lollow up on
ouleOrnCS lor ￿￿￿￿nnUal Imp•<t report, 5n¥51￿ tp
CFC lo prt5onl chlrllablo slory
Ip lolluw up ori outcomes for
bl-•nnual Impi(t roporl
Follow up dales diaFlstd lor HOF 10 follow
up on oui£onits lor bl.4nnual Imp4tl
rèport, Invlted to CFC to pre5•nt
(h•iltable story
Page 42

Liverpool
University
Hospitals
Charlty
6. Decision making
When decisions are made, members of the Charitable Funds Committee must:
Act within the legal responsibilities representing the corporate trustee.
act within LUH Charity's purposes
act within committeelgroup powers as described in this governing document.
act in good faith, and only in LUH Charity's interests
ensure members are sufficiently informed, taking any advice if required.
take account of all relevant factors and ignore any irrelevant factors.
manage conflicts of interest (see below)
reference the decision-making matrix provided for grant making decisions.
Declslon maklng on 'exchequer' and 'charitable' spendlng:
There is a clear open, and independent process of decision making by the Charitable
Funds Committee (and its delegates) to support decisions to apply charitable funds in a
specific way:
The Charitable purpose of LUH Charity solely guides decision making on grant-funding.
Decisions are made in the interests of LUH Charity to further its charitable objectivel
purposes.
An assessment of the public benefit is considered.
An assessment of how far LUHFT NHS duty of provision extends.
The scoring matrix is used as a core assessment tool and the threshold should be
reached or exceeded.
An appeals proGess enables rejected applications to be assessed independently.
7. Managing Conflicts of Interest
LUH Charity recognised that there are two common types of conflict of interest..
Flnanclal confllcts: These conflicts happen when a member representing the
corporate trustee, or person or organisation connected to them, could gain financially
or secure something of value from a committee decision.
Loyalty conflicts: These conflicts happen when the representative might not be able
to make decisions that are best for LUH Charity.
Declarlng conflicts of interest.
The Corporate trustee maintains and updates a register of interests of Board members,
from whom members of the Charitable Funds Committee are selected. It also adopts
the NHS Managing Conflicts of Interest Policy. The register of Board Members,
interests is available to view here,. Board of Directors- Re
ister of Interests . Liver
ool
Universi
Hos
itals NHS Foundation Trust
liver
oolft.nhs.uk
At Charitable Funds Committee, and its delegated Grant Making Committee and Small
Grants Group, the chair should ask attendees to identify, declare and record conflicts at
the start of all meetings as a standard agenda item.
Page 43

Liverpool
University
Hospitals
Chorlty
Managing conflicts of interest.
At all times corporate trustee representativeslmembers of the Charitable Funds
Committee or its delegated committeeslgroups will act in the best interest of LUH
Charity
As a minimum, the conflicted member should..
leave relevant discussions.
not take part in the decision or vote
not be counted in the quorum.
Recordlng confllcts of interesL
The Chair will instruct that the following are recorded:
what the conflict was.
who or what it affected.
when it was declared
how it was managed.
Managlng serlous confllcts of Interest.
Serious conflicts may occur where the majority of the members have a conflict - this is
especially relevant to NHS charities with a corporate trustee. This could include..
the majority of members have a commercial interest in LUH Charity decision.
the decision involves significant money or risk, and there is a conflict,
In these types of situations, the Charitable Funds committee will consider the following
options:
remove the conflict.
change the plan.
ask the corporate trustee to nominate an additionallreplacement member that is not
affected by the conflict.
take legal advice.
in very high-risk cases ask the Charity Commission to authorise the decision.
8. Funds held by LUH Charity
LUH Charity holds three types of funds:
Restricted funds - these must be used for specific purposes such as:
specifications by the donor(s) at the point of donation - including bequests.
by the terms of a public appeal
the terms of a grant
endowment funds, permanent endowment, or expendable endowments
The Charity Commission specifies: Funds should only be classified as restricted, if they are
subject to trust£ In praGtiGal and accounting tenns the implication is that donations should
htt
www.chari
Section2 Fund accountlng
sertion d $353 of the Charlties Act 2011
50r
.or
Page 44

Liverpool
University
Hospitals
Churlty
be presumed to be unrestricted (and not subject to a 'trust) unless the donor plaGes an
unequivocal restriction on it, for example by saying it must be used, or 'can only be used,
for a specified purpose or by giving to a specific appeal. For a particular donation to be
treated as restricted requires positive evidence of restriction. In most cases trustees should
make this classification only where there is written evidence of an intention to restrict, for
example a will, a letter from a donor, tenns of a grant, appeal literature.
Note: Employees of the NHS Trust are not entitled to solicit funds for restricted purposes
that they have themselves decided, for example to fund research that they are conducting.
If a donor imposes such a restriction it will fall to the corporate trusteelcharitable Funds
Committee to implement the restriction
Unrestricted funds (General Purpose Fundls)
These are funds which are given to LUH Charity (whether solicited or unsolicited) without
any restrictions imposed by the donor or grant maker.
They could include proceeds of an appeal, provided that a disclaimer to the effect that the
appe81 proceeds may be used for other purposes of LUH Ch8rity in th8 8V8nt th8t the
8ppeal purposes cannot be fulfilled.
Unrestricted funds are the funds of a charity that may be spent at the discretion of the
Charitable Funds Committee or its delegates, in furtherance of the objectives of LUH
Charity in which the funds are held, without any distinction between capital and income.
Deslgnated funds
The Charitable Funds Committee or its delegates may exercise discretion to set aside part
of the unrestricted funds for designated purposes.
Designation of funds may also be used where donors have expressed a preference
without imposing a 'trust'.
Designated funds remain unrestricted since the Charitable Funds Committee can
remove the designation at any time.
Designated funds continue to be held ultimately for the overall purpose of LUH Charity.
9. Details on financial accounting and statutory returns
The corporate trustee is responsible to ensure LUH Charity's:
assets are properly used.
funds are spent effectively.
financial affairs are well managed.
The Charitable Funds Committee, under delegated authority from the corporate trustee, is
responsible for grant making (according to charitable object and purpose), reviewing LUH
Clas$5fying funds Sectlon 6.2 https://www.Eov.uk/government/publlcatlons/nhs-charlties-guldance/nhs-charlties-
guldance
S Section b. The agency of staff in receiving donations NHS tharities
uidance- GOV.UK
ov.uk
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Charity's financial position, its investment policy and performance and reviewing the
reseNes policy and status.
It also reviews statutory returns for presentation to the corporate trustee (the annual report,
accounts and Charity Commission annual return.) It also reviews all financial risks (risk
register), appoints LUH Charity's auditor and authorises any internal audits.
As detailed in the cycle of business, a finance and investment update are a permanent
agenda item. Grant making reports, according to delegated limits set out in this document,
are received for assurance and grant applications beyond delegated limits are
approvedlreturned by the committee. The risk register is received per cycle and any
elevated or new risks are escalated as described in section 11.
10.
Ethical, Sustainable Investing
The corporate trustee and its delegates are responsible for ensuring that LUH Charity's
funds are invested in an ethical, sustainable manner and that the highest levels of corporate
governance are observed.
An investment policy is in place and investment advisors are appointed by the Charitable
Funds Committee. A regular investment update is received according to the cycle of
business. Elements that the committee will consider when reviewing investments include
Impact on,.
climate
employment practices
sustainability
human rights
community impact
executive compensation
board accountability.
Managing risk
LUH Charity manages risk using the corporate trustee's organisational risk management
system, together with a risk management policy. Key elements include, but are not
restricted to, significant risks to the delivery of LUH Charity's strategic objectives (see also
Trustee Checklist in the appendices) e.g,
current strategic plan and forward planning
use of resources
operating costs management
reputational risks
supervision of fundraisers
delegated limits and decision making
capacity and capability of inhouse fundraising team
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safeguarding
volunteer management
arrangements with commercial partners
donor due diligence
third party agreements
counter fraud and crime
compliance with statutory obligations
effectiveness of financial controls
essential policies.
Overview and assurance:
All risks are reviewed at monthly Charity team meetings.
Risks 10+ are reported to Charitable Funds Committee meetings.
Risks 12+ are also escalated to the Corporate Trustee via the CFC Chair's assurance
report.
12. Policies
The following core policies are in placelin development at LUH Charity which adopts the
poIiGies of the Corporate Trustee unless indicated.
Safeguarding (adultslchildren)
Volunteering (volunteer services)
Complaints and Concerns
Media and social media policy
Managing VIP and Celebrity Visits
Managing Conflicts of interesu Anti-Fraud, bribery and corruption
Reserves Policy
Investment policy
Income policy
Fundraising policy
Expenditure policy
Research policy
Privacy policy
Equality Impact analysis
Data Protection
Whistleblowing
Register of Corporate Trustee member interests
Refusals, Refunds and Returns policy.
Risk Management Policy - LUH Charity
Gifts in Kind SOP
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13. Due Diligence, Monitoring and Verification of End Use
The Charitable Funds Committee members andlor its delegates have effective processes
in place to provide adequate assurances about the identity of donors, particularly
substantial donors, and to verify this where it is reasonable and necessary to do so. This is
embedded in LUH Charity fundraisinglaccounting practice (with the assistance of NHS
Counter Fraud if required) and the teams ensure..
they know who those individuals are.
where the risks are high, appropriate checks are carried out.
they are able to demonstrate that charitable funds have been used for the proper
purposes for which they were intended.
there is an audit trail showing the expenditure of funds by the applicant.
the funds were received by the applicant and if the applicant forwarded those funds on,
there is an audit trail to show this.
the applicant has actually delivered the project and charitable work expected.
LUH Charity's funds have been used for the purposes for which they were intended,
and the beneficiaries identified by LUH Charity have benefitted.
any concerns that need to be dealt with are identified.
14. Closure or dissolution of LUH Charity
In the event that LUH Charity needs to be dissolved, the following applylare in place:
1. A rlngfenced reserves fund is held to cover winding up costs including operating
costs including pay, non-pay, governance, insurance, professional fees and any
redundancy payments if applicable,
2. The ability to transfer the balance of funds to another charity (or other charities)
with objects that are the same or similar to LUH Charity's own, for the general
purposes of the recipient charity (or charities),. or to any charity for use for particular
purposes which fall within LUH Charity's objects.
3. The winding up decision must be recommended by the Charltable Funds
Committee to the Corporate Trustee for resolution.
4. Prompt notification to the Charity Commisslon that LUH Charlty has been
dissolved and submit LUH Charity's final accounts.
6 Charity Commission
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Appendices
1. Terms of Reference
a) Charitable Funds Committee
b) Grant Making Panel
c) Small Grants Group
2. Essential Information for the Corporate Trustee and CFC
3. Trustee Checklist
4. Version control tracker
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Llverpool University Hospitals NHS Foundation Trust
Charitable Funds Committee- Terms of Reference
Authority/Constitution
The Committee is constituted as a standing committee of the Trust's Board of Directors. Its constitution
and terms of reference shall be as set out below, subject to amendment at future Board of Directors,
meetings.
The Committee is authorised by the Board to act within its terms of reference. All members of staff are
directed to co-operate with any request made by the Committee,
3. The Committee is authorised by the Board of Directors to instruct professional advisors and request
the attendance of individuals and authorities from outside the Trust with relevant experience and
expertise if it considers this necessary or expedient to the carrying out of its functions.
4. The Committee is authorised to obtain such internal information as is necessary and expedient to the
fulfilment of its functions.
Board of
Directors
. Board ol Truslees
.Approves Ch8rllable Funds Commlllee terms ol reference.
Annual Report and Flnanclal Slalemenls
Charitable
Funds
Committee
. Ensures Ihe requlremenls of Ihe Charlly Commlsslon and other
relevant requlalory and slalulory Irameworks are complledwllb
. Ensures charllable donallorss are admlnlslered elllcleniiyanfj
10 rlalel
.Approves grant appiicallons of more than
Chief Finance
Officer
.Treasurer lo the Charllable Fund5 Commlllee
. Ensures mananemenl and accounllnA arianllemenl8 are
ompllanl wllh le
L8￿110n
Purpose
5. To ensure the requirements of the Charity Commission and other relevant regulatory and
statutory frameworks are complied with and to ensure that charitable donations are administered
efficiently and legally and directed promptly towards appropriate charitable activity in
accordance with the donor's wishes.
6. The Committee will ensure that risks relevant to the Committee's purpose are minimised through
the application of the Trust's risk management system via LUHFT Charity's Risk Register. This
will include but not be restricted to the consideration of significant risks to the delivery of the
Trust's strategic objectives, through review and scrutiny of the relevant risks from the Board
Assurance Framework (BAF) and the divisionallcorporate risk registers requiring consideration
in accordance with the risk management poliGy.
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Liverpool University Hospitals NHS Foundation Trust
Duties
7. In order to fulfil its role, the Committee will undertake the following:
Maintain and approve appropriate policy documents to ensure that the legal and
administrative duties of the Corporate Trustee are met on behalf of the Board of Directors.
Monitor charitable funds, approve the creation of new funds within the umbrella fund and
ensure a periodic review of existing funds takes place.
Ensure appropriate procedures are in place to control expenditure and ensure it is in
accordance with the objectives of the funds.
Establish a strategy for charitable funds and, on the basis of professional advice,
determine an investment policy within this strategy.
Review the Annual Report and Financial Statements and ensure consistency with the
Charity Commission's Statement of Recommended Practice.
Receive the auditors, report on the Annual Report and Financial Statements and
recommend their formal approval to the Board of Directors.
Oversee the administration of the Charity and ensure its spending is in accordance with
the objectives set by the Board of Directors as Corporate Trustee and supports the delivery
of the Trust's strategic priorities: Great Care; Great People; Great Research & Innovation;
and Great Ambitions.
Ensure proactive management of the pipeline of funding applications and that the
Charity's income does not accumulate unless there is a specific future use in mind,
Act in the best interests of the Charity and in such manner as meets the
requirements of the Charity Commission.
Establish and maintain a charitable funds risk register.
Authorise charitable funds expenditure over £5000.
Refer any matters of concern to the Trust's Board of Directors.
8. Whilst the Committee has been established by the Board of Directors to carry out specific
functions as noted in this document, it is important to note that the Trust retains ultimate
responsibility, via its Board of Directors, for discharging it duties and responsibilities as the
Charity's Corporate Trustee. To that end, the Board of Directors has absolute discretion over
the activities and decisions of the Committee.
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Liverpool University Hospitals NHS Foundation Trust
Membership
9. The Committee shall be composed of the following members:
Non-Executive Director (Chair)
b, Non-ExeGUtive Director
c. Chief Finance Officer
d, Chief Nurselmedical Director (shared membership)
e. Director of Communications
10. The following are required to attend and participate in the meetings of the Committee in a non-
voting capacity:
a. Assistant Director of Finance (with responsibility for Charitable Funds)
b. Finance Manager (Charitable Funds)
c. Head of Fundraising
d. Chief People Officer
e. Director of Strategy
f. Divisional representative (at the request of the Committee)
g. Professional Investment Advisorlmanager (at the request of the Committee)
h. Internal or External Audit (at the request of the Committee)
11. The Committee will be deemed quorate when 2 out of 5 members including the Non-Executive
Director (chair) are present (tele-conferencing will be permitted, if necessary).
12. Members of the Board of Directors to attend one meeting a year as a minimum ex officio.
13. Other management or clinical staff may be co-opted or requested to attend for specific agenda
items as necessary,
Requirements of Membership
14. Members of the Committee must attend at least 75 % of all meetings each financial year but
should aim to attend all scheduled meetings. Attendance at the Committee will be recorded
and monitored.
Equality Diversity & Inclusion
15. In conducting its business, the Committee will at all times seek to promote its commitment to
equality and diversity by the creation of an environment that is inclusive for both our workforce,
patients and service users including those who have protected characteristics and vulnerable
members of our community.
Reporting
16. The minutes of all meetings of the Committee shall be formally recorded and submitted to the
following meeting for approval.
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Llverpool Universlty Hospltals NHS Foundation Trust
17. The Committee will report to the Board of Directors after each meeting via an assurance report
which will provide an overview of the discussions at the meeting, details of any matters in
respect of which actions or improvements are needed and decisions taken.
18. The Committee will report annually to the Board of Directors in respect of the fulfilment of its
functions.
in connection with these terms of reference. This will include an evaluation of its
performance according to a standardised framework and process.
Administration of Meetings
19. Meetings shall ordinarily be held quarterly with additional meetings held on an exceptional
basis at the request of the Chair.
20. The Director of Corporate Affairslcompany Secretary will make arrangements to ensure that
the Committee is supported administratively. Duties in this respect will include taking minutes
of the meeting and providing appropriate support to the Chair and Committee members.
21. Agendas and papers will be circulated at least 5 working day8 (or 4 working days plus a
weekend) in advance of the meeting.
22. Minutes will be circulated to Committee members as soon as is reasonably practicable.
Review
23. The Terms of Reference of the Charitable Funds Committee shall be reviewed by the
Committee and submitted to the Board of Directors for review and approval at least annually.
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Liverpool University Hospltals NHS Foundation Trust
Liverpool University Hospital Charity
Grant Making Panel
Terms of Reference
Authoritylconstitution
The Grant Making Panel is constituted by the Charitable Funds Committee (CFC). Its terms
of reference shall be as set out below, subject to amendment at future CFC meetings.
All members of staff are directed to cooperate with any request made by the Committee.
Purpose
To ensure the requirements of the Charitable Funds Committee are complied with to ensure
that charitable funds applications are received, reviewed, assessed and
approvedldeferredlrejected in line with the assessment process.
Membershlp
Assistant Director of Finance (Chair)
Executive Managing Director (Aintree Hopsital) andlor Executive Managing
Director (Royal Hospital) or a nominated deputy
Chair of Medical Board
Chair of St Paul's Eye Research Foundation
Associate Director Organisational Development
Head of Research and Innovation
Head of Fundraising
Finance Manager- Charity
In attendance
Assistant Charity Accountant
Other management or clinical staff as required at the request of the panel.
The panel will be deemed to be quorate when the Chair, at least one Executive Managing
Director, at least one Head of Medical or Research or Innovation, the Charity Finance
Manager and the Head of Fundralsing OR their nominated deputies are present.
Dutles
The Grant Making Panel will convene bi-monthly to.,
Receive charitable funds grant applications that are >£10K including VAT.
Review and assess applications and make recommendations to the CFC for
applications that exceed £50K inc. VAT.
Reach consensus to approveldeferldecline applications based on the establishment
matrix.
Escalate any issues or concerns to the Charitable Funds Committee
Review risk(s) associated with grant decisions and escalate if necessary.
Act in the best interests of the Charity
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Liverpool University Hospltals NHS Foundation Trust
Delegated authority
The Grant Making Panel has delegated authority from the Charitable Funds Committee to
approve funding applications up to £50K inc. VAT.
Reporting
The decisions of all meetings of the Panel shall be formally recorded on an established
template and submitted to the Charitable Funds Committee for assurance andlor escalation
where required.
Administratlon of Meetings
Meetings shall ordinarily be held bi-monthly with additional meetings held on an exceptional
basis at the request of the Chair and will be held either in-person or by electronic means.
All applications will be submitted to the Panel at least three working days before the meeting,
together with the standard assessment matrix.
Decisions will be recorded and any escalationsladditions to the Charity Risk Register
submitted to the subsequent Charitable Funds Committee.
Review
The Terms of Reference of the Grant Making Panel will be reviewed at least annually.
Verslon Control Schedule
Date
Verslon no
Maln changes proposed
Date approved by
CFC
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Llverpool University Hospltals NHS Foundation Trust
LUH Charity Small Grants Group
Terms of Reference
Authoritylconstitution
The Small Grants Group is constituted by the Charitable Funds Committee (CFC). Its terms
of reference shall be as set out below, subject to amendment at future CFC meetings.
All members of staff are directed to cooperate with any request made by the Committee,
Purpose
The Small Grants Group meets monthly and is designed to quickly approve small
applications which are more often patient experience related and therefore time sensitive.
The SGG.,
Ensures the requirements of the Charitable Funds Committee are complied with to
ensure that charitable funds applications are received, reviewed, assessed and
approvedldeferredlrejected in line with the assessment process.
Has delegated authority from CFC to approve grant applications less than £1 OK inc.
VAT.
Provides assurance through a comprehensive small grants, outcomes report
provided to the next available Charitable Funds Committee as per the cycle of
business.
Membershlp
Assistant Director of Finance Chair
Associate Director of Organisational Development
Director of Fundraising - St Paul's
Head of Fundraising
Finance Manager - Charity
Clinical representative x 1
In attendance
Assistant Charity Accountant
Other management or clinical staff as required at the request of the Group.
The panel will be deemed to be quorate when the Chair, the Charity Finance Manager and
the Head of Fundraising OR their nominated deputies are present.
Duties
The Small Grants Group will convene monthly to:
Receive charitable funds grant applications that are up to £1 OK including VAT.
Reach consensus to approveldeferldecline applications based on the establishment
matrix.
Escalate any issues or concerns to the Charitable Funds Committee
Review risk{s) associated with grant decisions and escalate if necessary.
Act in the best interests of the Charity
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Liverpool Universlty Hospitals NHS Foundation Trust
Delegated authority
The Small Grants Group has delegated authority from the Charitable Funds Committee to
approve funding applications up to £1 OK inc. VAT.
Reporting
The decisions of all meetings of the Group shall be formally recorded on an established
template and submitted to the Charitable Funds Committee for assurance andlor escalation
where required.
Administration of Meetlngs
Meetings shall ordinarily be held monthly with additional meetings held on an exceptional
basis at the request of the Chair and will be held either in-person or by electronic means.
All applications will be submitted to the Group at least three working days before the
meeting, together with the standard assessment matrix.
Decisions will be recorded and any escalationsladditions to the Charity Risk Register
submitted to the subsequent Charitable Funds Committee.
Revlew
The Terms of Reference of the Small Grants Group will be reviewed at least annually.
Ver8lon Control Schedule
Date
Verslon
no
Maln changes proposed
Date approved bv
CFC
22.4.24
Added to Small Grants Group TOR
Associate Director of Organisational
Development
Director of Fundraisin
St Paul's
Added to Grant Making Panel TOR
Chair of St Paul's Eye Research
Foundation
Associate Director Organisational
Development
22.4.24
Title change.. Chair of Medical Board
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Liverpool University Hospitals NHS Foundatlon Trust
Essential Information for the Corporate Trustee and Charitable Funds
Committee Members
O LUH Charity's objectslpurposes as set out in its governing document.
/ LUH Charity's aims and objectives.
O Assurance that all of LUH Charity's activities further or support its purposes.
O The extent to which LUH Charity benefits the public by carrying out its purposes.
/ Evaluation of the charitable funds committee effectiveness
0 Annual cycle of business in place including accounts, reports, presentations, applications
and other materials
rf Periodic skills, knowledge and experience evaluation of the Charitable Funds Committee
members
0 Communications plan for those with an interest in LUH charity - donors, supporters,
beneficiaries, partners, staff and volunteers.
O Sufficient oversight and knowledge of the activities of external people and organisations
acting on LUH Charity's behalf.
O Access to any required guidanceladvice to ensure decisions are made In the best interests
of LUH charity and its beneficiaries.
O Management of conflicts of interests
O Management of risk
rf Assurance on the safeguarding process and policy,
See also,. The Essential Trustee - Charity Commission
7 Charil
ovemance finance and resilience.. 15
ueslions trustees should ask - GOV.UK
ov.uk
The essential trustee: what
ou need to know what
ou need to do- GOV.UK
www.
ov.uk
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Llverpool University Hospitals NHS Foundation Trust
Trustee Checklist
Taking responsibility for LUH Charity's Fundraising: A Checklist for Trustee(s)
Plannin
effectivel
We have set or a
reed our fundraisin
strate
It reflects:
our charit
's values
the resources we use and the costs we incur in our fundraisin
the ke
financial and re
utational risks we ma
face
We discuss it at our meetin
monitor
ro
ress
' mana
etheke
risks
s so that we can:
ervisin
our fundraisers
We have considered and decided which fundraising issues we will not
dele
ate.
We have effective systems in place so that:
Our in-house fundraisin
staff..
know what the
are su
osed to do, via written role descri
are doin
the
ob successfull
tions
Our recruited volunteers.,
. know who the
re
ort to and who to a
roach with
roblems or concerns
understand the boundaries within which they must work when representing
our charit
Our arran
ements with an
commercial artners:
• full
com
I with relevant le
al re
uirements
are in our charit
's best interests
ro
riate due dili
ence is undertaken
our fundraisin
values and ex
ectations are communicated
the costs are
ustifiable and can be ex
lained
ro
er control is ke
t of the mone
raised
the fundraisin
communications to be used are reviewed
•com
liance with the a
reement is monitored
•an
conflicts of interest are reco
nised and dealt with.
Protecting our charity's reputation, money and other assets
We have effective s
stems in
lace so that:
the reputational risks our charity may face in its fundraising are identified,
assessed and mana
likely donor, supporter and public perception is considered when income
ex
ectations and other
oals are considered
the legal rules and recognised standards which apply to our fundraising are
followed
we have considered whether our a
our values are communicated to the
the costs of our fundraisin
are mana
eal should have a seconda
ur
eo
le who work on our fundraisin
ed and ex
lained
ose
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Liverpool Universlty Hospitals NHS Foundation Trust
our fundraisin
finance is
lanned and monitored
effective financial controls are in
lace and followed
risks of financial crime and fraud are reduced
our charit
is alerted to an
sus
icious donations
our charity can stop (or authorise) any unauthorised fundraising activity
which is usin
its name
serious incidents are re
orted to the Commission,
our data, name, ima
elo
o and intellectual
ro
ert
olice and other a
are
rotected
encie
Following the law and recognised standards
We have effective systems in place so that..
the Code of Fundraising Practice and other resources are used to find out
about the legal rules and recognised standards which apply to our fundraising
these rules and standards are followed
Be open and accountable.
We have effective systems in place so that..
any legal rules and requirements that apply to how our charity reports on an
accounts for its fundraisin
are com
lied with
our open and accessible complaints procedures are followed if concerns ar
raised about our fundraisin
our fundraising aims and achievements are clearly communicated to the
ublic and to donors and su
orters
Page 60

endix B
LIVERPOOL UNIVERSITY HOSPITALS NHS FOUNDATION TRUST
ICHARITAIILE INVESTMENT MA.NAGEMENT GUIDELINES
INVESTMENT OBJEcfivES
To maximise total return through a diversified portfolio to an an acceptable level of risk, assets
should be invested in a diversified portfolio which does not have excessive exposure to any
specilic sector or industry. The portfolio should take into consideration ethical, health and
sustaina bility issues relevant to the Trust.
The portfolio should be in compliance with the Trust's investment powers as interpreted by
the Trustee and in accordance with the strateL'Y agreed with the Trustee from time to time.
In due course, the Trustee may amend the objectives and strategy.
INVESTMENT PORTFOLIO
1.2.1 The Charity's investment portfolio is administei'ed by a professional Investment Management
firin ori a discretionary basis and the manaiyement of the portfolio is delegated to the
Charilable Funds Committee. The admini5tratiun of the portfolio is put out to tender every 5
years.
1.2.2 The Trustee has determined that the objective of holding the investment portfolio is to secure
a long ierm total return on investments.
1.2.3 The total return target is CPI +4Yo over the lon8 term
1.2.3 In order to discharge Its duties appropriately, the Trustee has approved the following
Stateinent of Policy which the contracted Investment Management firm must adhere to.
STATEMENT OF POLICY
l The prime investment objective will be to maximise financial returns within the context of
achieving a maximum total growth between "Iiicome Yield" and "Capital Growth"
bl The portfolio will be invested in a diversified multi-asset class portfolio and may invest in the
following asset classes:
Cash or near cash instruments, including Money Market Funds
Fixed Income Investments., Government, Supranational and Corporate (individual
bonds should not have a credit rating lower than BBBI
UK Government securities, International sovereign securities & supranational bonds
Listed Equities: UK & G lobal
Structured Notes
Collective Investment Funds
Exchange Traded Funds IETFI
Infrastructure
PagTe 61

Commodities
Real Estate
Alternative Investments
Diversif iers
c} The Trustee has defined the overall level of risk in the portfolio as moderate, This means that
while iiidividual investments may carry higher or lower levels of risk, a balanced approach to
risk is required.
dl It is intended that the maximum value of one equity holding will not materially exceed 7.5Y
of the total equity value within the portfolio.
el It is inlended that the maximum value of one Collective investment fund or ETF will not
materi<illy exceed IO¢/o of the total equity value within the portfolio.
f l The portfolio should be diversified by asset class, geography and sector.
gl Speculative or hazardous investments will not be made. These include futures, options and
contracts for differences,. including Contingent Liability Transactions, as these investments
carry excessive risk.
h) The following trading arrangements will not be entered into..
Trading "adventures"
Collective Investment Scheme5 which are not regulated Collectlve Investment
Schemes including Schemes operated by us or Associates
il Careful consideration will be given to any ethical, health and sustainability Issues arising in
respect of investments. Where it is felt that 7¢ n investment is in conflict with the Charity's
objectives andlor Government policies, no investment will be made (Please refer to Ethical
Inveslnient Policv)
j} As a niinimum requirement, portfolio valuations will be presented to Charitable Funds
Committee meeting's twice a year. (The Committee is able to informally access ad-hoc on-line
valuations basis based upon the previous workin8 day's closing position, and also receive
quarteily valuation reports.)
kl Any ii)vestment which is not immediately realisable (within 10 days) requires approval from
the Cliaritable Funds Committee. These should be minimised and only approved where there
are significant benefits and minimal risk of requiring these funds prior to realisation.
PERFORMANCE AND STRATEGY REVIEW
1.4.1 The Charitable Funds Committee will review the portfolio at each Committee meeting and
receive a performance presentation from the Investment Management firm on an annual
basis, as a minimum.
1.4.2 The performance of the portfoliolsl will be evaluated against a suitable benchmark measure
approved by the Trustee.
Long Term Target: CPI +4%

1.4.3 On an annual basis, the Charitable Funds Committee will review a three year income and
expenditure plan in order that short, medium and long-term investment objectives can be
determined.
1.4.4 Charity investment objectives and portfolio strategy will be reviewed annually and at any time
that Ihe Charitable Funds Committee deem it appropriate. However, amendments to the
inveslnient strategy must be approved the Board of Directors, as the Corporate Trustee.
1,4.5 Where it is considered that funds are likely to be spent within the next six months, they should
not be made available for investment within the portfolio.
1.4.6 The issues on which the Chief Finance Officer shall be required to provide advice to the
Charitable Funds Committee shall include:
the formulation of Investment policy which meets statutory requirements and
Department of Heath guidance with regard to income generation and the
enhancement of capital value,. and which complies with any restrictions on
investment choice contained within a ny relevant charitable deeds;
the appointment of advisers, brokers and, where appropriate, investment fund
managers and:
the Chief Finance Officer shall recommend the terms of such appointments; and for
which
written agreements shall be signed by the Chief Executive;
pooling of investment resources and the preparation of a submission to the Charity
Commission for them to make a scheme;
the participatlon by the Trust in cominon investment funds and the agreement of
terms of entry,
Review
This policy will be reviewed on an annual basis.

endix C
LIVERPOOL UNIVERSITY HOSPITALS NHS FOUNDATION TRUST
CHARITABLE ETHICAL INVI:, STMENT GUIDELINES
ETHICAL & SUSTAINAILITY OBJECTIVES
Tlie purpose of this document is to set out how we wish for the investment portfolios to be
managed in accordance with the values of the Trust. The Trust wish for the portfolio to reflect
the values and ethics of the Charity.
ETHICAL RESTRICTIONS
1,6.1 The trust wish for the portfolio to exclude direct holdings in certain sectors- below is the list
of direLt holding exclusions, their definitions arid thresholds.
Alcohol..
All companies deriving 5Yo or more revenue from the production of alcohol-related products,
or tliose deriving 150/0 or more aggregate revenue f rom the production, distribution, retail
and SLlI)ply of alcohol-related products,
Gambllng:
All companies derivin8 5Yo or more revenue from ownership ofoperation of gambling-
related business activities, or those deriving 15Yo or more aggregate revenue from 8ambling-
related business activities.
Tobacco:
All companies classified as a "Producer" or those that derlve 5Yo or more aggregate revenue
f rom the production, distribution, retail and supply of tobacco-related products.
Adult Entertainment:
All companies deriving 5¥0 or more revenue from the production of adult entertainment
matei'icils, or those deriving 15¥0 or more aggregate revenue from the production,
distril)Iition and retail of adult entertainment.
Armaments:
Conventional Weapons: All companie5 derivinLy 5Yo or more from the production of
conventional weapons, or those that derive 15Yo or more aggregate revenue from weapons
systeins, components, and support systems and services. Nuclear Weapons: All companies
that manufacture nuclear warheads or missiles, components, or delivery platforms for use in
nuclear weapons. Controversial Weapons:
All companies with any ties to controversial weapons, including companies involved in the
manufacturer and production of cluster munitions, landmines, depleted uranium
manufacturer, biological and chemical.
Civilian Firearms: All companies classified as a "Producerf,, or those that derive 5Yo or more
revenue from the distribution of civilian firearms.

Fossil Fuels:
Any investment in f055iI fuels should be done on a best of sector basis from an
environmenta I perspective. This will include all companies that have proven and probable
coal reserves and/or oil and natural gas reserves used for energy purpose5. Reserves are
considered to be used for energy purposes in the case of companies with the following
Global Industry.Classification Standa rd IG ICSI classification:
lal OIS, Gas and Consumable Fuels Industry Ibl Fnergy Equipment and Services Industry Icl
Utilities Sector Idl Diversified Meta Is and Mining Sub-lndustry.
ENVIRONMENTAL, SOCIAL & GOVERNANCE
1.7.1 The TrLISt requires the portfolio manager to consider Environmental, Social and Governance
IESGI factors when constructing the portfolio and making investment decisions.
1.7.2 The manager shall vote and engage with the underlying companies to promote best practice
and long-term sustainability.
1.7.3 The nianager shall provide, upon request, reports on ESG, Voting & Engagement relevant to
our investment portfolio.
UNITED NATIONS SUSTAINABLE DEVELOPLMENT GOALS (UN SDGS)
1.8.1 The portfolio will be invested in a globally diversified multi-asset class portfolio, subject to the
ethiccil restrictions outlined above and consi(leration of ESG factors. The trust is keen to
maximi5e risk-adjusted return on the investments and where possible have a positive
influence on the world.
1.8.2 To this end, the portfolio manager is required to consider the 17 UN SDGS when making an
inveslnient decision. How a company is seekiiig to address at least one of these goals and
supporting the aims of the UN SDGS.
REVIEW
1.5.1 This policy will be reviewed on an annual basis.