Reporting Charity: Mercers’ School Memorial Trust (Incorporating The Merrett Bequest)
Trustee’s Annual Report & Financial Statements 2025
Charity Commission Number 1091658
Trustee’s Annual Report & Financial Statements 2025 | 2
CONTENTS
| Trustee’s Annual Report for theyear ended 31 March 2025 | 4 |
|---|---|
| Objects and activities for public benefit | 4 |
| Charitable Activities in 2024/25 | 5 |
| Future Plans | 6 |
| Financial Review | 7 |
| Funding Sources | 7 |
| Listed Investments | 7 |
| Results for the Year | 7 |
| Investment policy | 8 |
| Risk management | 9 |
| Reserves policy | 10 |
| Structure, Governance and Management | 10 |
| Our volunteers | 11 |
| Related parties | 11 |
| Statement of Trustee’s responsibilities | 12 |
| Independent Examiner’s Report | 13 |
| Statement of Financial Activities for the year ended 31 March 2025 | 14 |
| Balance Sheet as at 31 March 2025 | 15 |
| Cash Flow Statement for the year ended 31 March 2025 | 16 |
| Notes to the financial statements | 17 |
| 1 Accounting Policies | 17 |
| 2 Income | 19 |
| 3 Expenditure | 20 |
| 4 Investments | 21 |
| 5 Debtors | 22 |
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| 6 Creditors: Amounts Falling Due Within One Year | 22 |
|---|---|
| 7 Analysis of Funds | 23 |
| 8 Reconciliation of Change In Resources To Net Cash Inflow From Operating Activities | 27 |
| 9 Contingent Liabilities and Contractual Commitments | 27 |
| 10 Related Parties and Connected Charities | 28 |
| 11 Grants | 29 |
| LEGAL & ADMINISTRATIVE INFORMATION | 30 |
Trustee’s Annual Report & Financial Statements 2025 | 4
Trustee’s Annual Report for the year ended 31 March 2025
The Trustee presents the annual report and financial statements for the year ended 31 March 2025 for the Reporting Charity and its linked charities. The financial statements have been prepared in accordance with the accounting principles set out in note 1 to the financial statements and comply with the Charity’s Governing Document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Charity Commission made a uniting direction on 3 June 2021 for Mercers’ School Memorial Trust (incorporating the Merrett Bequest) to be linked to two other charities which share the same trustee. These are the Lady Camden’s Money Legacy for Loans and The Old Mercers’ Benevolent Fund. The linking direction took effect from the start of the charities’ financial year on 1 April 2021.
Objects and activities for public benefit
Mercers’ School Memorial Trust (incorporating the Merrett Bequest)
Objects
To apply the clear income in furtherance of any charitable purposes (including but not limited to the advancement of education and the relief of need) provided that the names of the former Mercers’ School and the Charity are associated with any such grant.
Strategy
To pay the annual stipend for the Mercers’ School Memorial Gresham Professor of Business and to make grants for small school prizes and other educational purposes.
Lady Campden’s Money Legacy for Loans
Objects
To make loans or grants to persons not less than 18 years old requiring financial assistance to enable them to enter a chosen profession, trade or calling, with a preference for freemen of the Mercers’ Company.
Strategy
To continue to make loans in line with the objects of the Charity.
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Old Mercers’ Benevolent Fund
Objects
The Old Mercers’ Benevolent Fund having firstly the object of assisting persons who were pupils or masters at Mercers’ School and the wives and widows, children and other dependants of such persons, being in need of assistance, and secondly the object of assisting any persons whatsoever, being in need of assistance, to make payments for the furtherance of education of themselves, their spouses, children or dependents.
Strategy
To continue to make grants to past pupils or masters of Mercers’ School.
The Trustee confirms that it has complied with its duty under Section 17 Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities and in setting the grant making policy for the year.
Charitable Activities in 2024/25
Grant and Loan Making
Two of the linked charities contribute to the Young People & Education programme co-ordinated by the Trustee.
Mercers’ School Memorial Trust (incorporating the Merrett Bequest)
The Charity’s primary activity this year was to continue to contribute towards the stipend of the Mercers’ School Memorial Professor of Business at Gresham College with a grant of £8,000. Professor Raghavendra Rau was appointed Mercers’ School Memorial Professor of Business at Gresham College for a three-year period from 1 August 2022 to 31 July 2025.
To support Gresham College’s forward planning, in March 2025 a three-year grant totalling £33,000 was awarded to support the Mercers’ School Memorial Professor of Business role, which will be paid in equal instalments from 2025/26 – 2027/28.
The Charity also granted a grant of £200 each to 13 of the Trustee’s Associated Schools and Colleges to be used for Mercers’ School Memorial prizes at those schools.
Lady Campden’s Money Legacy for Loans
No new loans were made during 2024/25.
Old Mercers’ Benevolent Fund
No new grants were made during 2024/25.
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Future Plans
Phase 2 of the collaborative Philanthropy Framework coordinated by the Trustee started on 1 April 2023 and will run until 31 March 2028. The Charity’s strategic framework was reviewed during the year and it was agreed that the Mercers’ School Memorial Trust (incorporating the Merrett Bequest) will continue to contribute to the framework by providing funds for Gresham College and the Young People & Education Programme.
In 2025, recipients of Mercers’ Arts Awards (who are individuals who have graduated from a postgraduate or masters course at one of the three partner institutions, Trinity Laban Conservatoire of Music and Dance, University of the Arts London, and West Dean College of Arts and Conservation and are at the start of their careers in the arts and heritage sectors) were invited to apply for loan funding from Lady Campden’s Money Legacy for Loans . So far no applications have been received and consideration is being given to other routes to find eligible beneficiaries beyond the Mercers’ Company.
The Old Mercers’ Benevolent Fund will continue to apply the income and capital to its beneficiary group. The Trustee will now manage all requests directly following the winding up of the Management Committee.
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Financial Review
Funding Sources
The Charities generate income from their investments, donations and interest from loans. During the year, two donations were received (2025: £53,000, 2024: £7).
Listed Investments
There were total gains of £6,813 on stock market investments during the year (2024: £62,399).
The portfolios produced a total return, after fees, of +4.2% over the year to 31 March 2024, behind the CPI +4% target return of +6.9%. Strong returns were seen in major asset classes, especially equities, driven by large US technology companies over 2024. Markets experienced a pullback in the first quarter of this year, largely due to rising geopolitical tensions and the re-emergence of protectionist trade policies.
The Trustee continues to monitor the performance of the portfolios and the market.
| Investment Fund | 12 months to March 2025 |
Since Inception August 2023 |
|---|---|---|
| Mercers’ School Memorial Trust Endowment Fund | 4.2% | 14.2% |
| LadyCampden’s MoneyLegacyfor Loan Endowment Fund | 4.2% | 14.3% |
| PrimaryComparator: CPI + 4% | 6.9% | 16.5% |
| SecondaryComparator: Sarasin Endowment Fund | 4.9% | 10.4% |
Results for the Year
Total income for the year was £72,350 (2024: £17,917); total expenditure for the year was £12,017 (2024: £12,315). Net gains on investments were £6,813 (2023: £62,399) resulting in net gain for the year of £68,001 (2024: £68,001).
Financial position
Net assets at the end of the year were £980,950 (2024: £913,804). These were represented by endowment and unrestricted funds.
Fundraising
The Charity does not undertake any fundraising.
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Investment policy
Mercers’ Schools Memorial Trust (incorporating the Merrett Bequest) and Lady Campden’s Money Legacy for Loans
In accordance with the Scheme, the Trustee has the power to invest in such stocks, shares, and property as appropriate to meet the objectives of the Charity.
The investment policies reflect the need to generate a sufficient financial return for the charity to fulfil its objectives, with an appropriate time horizon, while managing risk and reflecting the charities’ stance on ethical investments.
Both investment policies are income generating portfolios and capital can not be used to supplement income. The portfolios are managed on a balanced risk approach for income growth and capital growth.
The investment performance is compared against relevant benchmarks (see Financial Review above).
The Charity has a policy of responsible investment, positively screening to invest in companies that can demonstrate socially responsible values and sustainable growth, and negatively screening companies or sectors that are not in line with the charitable objects of the Charities. As such, the following areas are excluded from our investments:
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tobacco
-
gambling
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pornography
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high interest lending
The Trustee is considering the objectives to be set in relation to net zero and will amend the investment policy and strategy accordingly when an agreed stepped approach is approved. The Trustee is satisfied that its policy and objective is being met.
Old Mercers’ Benevolent Fund
In accordance with the Scheme, the Trustee has the power to invest in such stocks, shares, and property as appropriate to meet the objectives of the Charity. With only limited funds and the need to be able to provide rapid support, the Charity does not currently have investments.
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Risk management
The Trustee acknowledges its responsibility for the management of risks faced by the Charities. A review is undertaken regularly by the Trustee to identify, assess and mitigate those risks.
The Trustee, in considering the governance, management, operational, financial and environmental risks, is satisfied that there is no material exposure and that there are procedures in place to mitigate such risks.
The Trustee has agreed clear lines of delegation and authority, and the Trustee and its staff are involved in the recognition of risk in all their activities.
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Reserves policy
The reserves policy was reviewed by the Trustee during the year and integrates the objectives, responsibilities, risk management, liquidity, and reporting and monitoring processes for managing the reserves.
The primary reason for holding the reserves for the Charity is to ensure that the conditional committed beneficiary grants are fulfilled, and that the grant making budgets for next year are available to ensure the ability to plan for further grants to beneficiaries.
The free reserves of the Charity comprise the unrestricted funds of the linked charities less the unavailable assets (e.g. loans to beneficiaries) and comprise the following:
| Lady | ||||
|---|---|---|---|---|
| Mercers’ | Campden’s | Old Mercers’ | ||
| School | Money Legacy | Benevolent | ||
| Memorial Trust | for Loans | Fund | Total | |
| £ | £ | £ | £ | |
| Total unrestricted funds | 31,335 | 148,750 | 88,668 | 268,753 |
| Less unavailable assets | - | - | - | - |
| Reserves: | ||||
| Conditional committed grants | 33,000 | - | - | 33,000 |
| 2024 grantmaking allocations | 2,600 | - | 5,000 | 7,600 |
| Total allocated reserves | 35,600 | - | 5,000 | 40,600 |
| Free reserves / (reserves deficit) | (4,265) | 148,750 | 83,668 | 228,153 |
Structure, Governance and Management
The Wardens and Commonalty of the Mystery of Mercers of the City of London (more commonly known as The Mercers' Company), which is a body corporate formed by Royal Charter in 1394, is the Trustee of the Charity and is the controlling party. The Mercers' Company’s governing body is the Court of Assistants. The Master Mercer was PLR Lane until July 2024, Dr DGM Powell until July 2025 and xx from July 2025. The Clerk to the Mercers’ Company is RM Abernethy.
The Mercers’ Company acts as trustee for several charities and has established a governance committee for each charity. The members of the Charity’s Governance Committee are:
Wg Cdr MG Dudgeon OBE DL (Chairman until 31 August 2025) Mr BJ Parkinson
Mr GC Matthews (from 1 September 2023)
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The Charity Governance Committee reviewed the Charity’s grant making strategy, investment policy and reserves policy during the year. The Charity’s Governance Committee also delegated certain matters to a number of the Trustee’s specialist committees:
|Function
||Delegated Body
||
|---|---|
|Loans|Young People & Education Committee
Heritage & Arts Committee|
|Oversight of investment management
~~|~~
~~|~~|Investment Committee
~~|~~
~~|~~
~~|~~|
|Overview of risks and financial management
~~|~~|Audit Committee
~~|~~|
The Charity is supported by the staff of the Mercers’ Company, who are appropriately trained and qualified. These administrative services are provided by the Trustee under a service agreement, which is reviewed by the Governance Committee every 5 years and with charges reviewed
annually. The following members of the Mercers’ Company’s senior management are involved in the provision of services:
Mr RM Abernethy (Clerk to The Mercers’ Company)
Ms SMA Hedley-Dent (Deputy Clerk to The Mercers’ Company) Mr JRA Christie (Finance Director)
The Standards & Appointments Committee meets on a regular basis to keep the skills and composition of the committees and succession planning under review.
The Trustee applies the principles of the Charity Governance Code so far as is possible given that it is sole corporate trustee. The Trustee undertook a self-assessment against the Charity Governance Code in 2023/24 and identified areas in which it can further improve its practice to reflect the Governance Code principles.
Our volunteers
The Charity relies on members of The Mercers' Company volunteering their time to sit on committees, review grant requests, visit applicants and grantees, and attend events involving beneficiaries. In keeping with recommended practice, an estimate of the numbers of hours that Committee members give to the Charity free of charge during the year has been undertaken resulting in approximately 1.4 hours of voluntary time.
Related parties
The Charity works closely with the Trustee and the other charities with which the Trustee is involved.
Details of related parties and connected charities are given in note 10 of the financial statements.
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Statement of Trustee’s responsibilities
The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee is responsible for the maintenance and integrity of the Charity and financial information included on the Trustee’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Hat Cah,
____ _____ Ms AES Hohler Mr RM Abernethy Master Clerk to the Mercers’ Company 13 November 2025
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Independent Examiner’s Report
TO THE TRUSTEE OF THE MERCERS’ SCHOOL MEMORIAL TRUST (INCORPORATING MERRETT BEQUEST)
RESPONSIBILITIES AND BASIS OF REPORT
I report to the trustees on my examination of the accounts of the above Charity (“the Trust”) for the year ended 31 March 2024.
As the Charity's trustee, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
- [THE ACCOUNTS DID NOT COMPLY WITH THE ] APPLICABLE REQUIREMENTS CONCERNING THE FORM AND CONTENT OF ACCOUNTS SET OUT IN THE CHARITIES (ACCOUNTS AND REPORTS) REGULATIONS 2008 OTHER THAN ANY REQUIREMENT THAT THE ACCOUNTS GIVE A ‘TRUE AND FAIR’ VIEW WHICH IS NOT A MATTER CONSIDERED AS PART OF AN INDEPENDENT EXAMINATION.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
____ E Densham MA FCA
13/11/2025 Date ______
-
[THE ACCOUNTING RECORDS WERE NOT KEPT ] IN ACCORDANCE WITH SECTION 130 OF THE CHARITIES ACT; OR
-
[THE ACCOUNTS DID NOT ACCORD WITH THE ] ACCOUNTING RECORDS; OR
Mercers’ School Memorial Trust (Incorporating The Merrett Bequest)
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Statement of Financial Activities for the year ended 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| Funds | Funds | Total Funds | Total Funds | ||
| Notes | Notes £ |
£ | £ | £ | |
| Income | |||||
| Investment income | 2 | 19,324 | 19,324 - |
19,324 | 19,324 17,711 |
| Interest charged on | 26 | - | 26 | 199 | |
| loans | |||||
| Voluntarydonations | 2 | 53,000 | 53,000 - |
53,000 | 53,000 7 |
| Total income | 72,350 | - | 72,350 | 17,917 | |
| Expenditure | |||||
| Raising funds: | 3 | ||||
| Investment management costs |
(75) | 3,384 | 3,384 3,309 |
3,309 32 |
|
| Charitable activities | 3, 11 | (15,326) | - | (15,326) | (12,347) |
| Total expenditure | (15,401) | 3,384 | (12,017) | (12,315) | |
| Net (losses)/gains on investments |
4 | - | 6,813 | 6,813 6,813 |
6,813 62,399 |
| Net movement in | |||||
| funds | 56,949 | 10,197 | 67,146 | 68,001 | |
| Fund balances | |||||
| brought forward at 1 | 7 | 211,804 | 211,804 702,000 |
702,000 913,804 |
913,804 845,803 |
| April | |||||
| Fund balances carried | Fund balances carried | ||||
| forward at 31 March | 268,753 | 712,197 | 980,950 | 913,804 |
All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above. There is no difference between the net movement in funds for the year stated above and the historic cost equivalent.
Trustee’s Annual Report & Financial Statements 2025 | 15
| Balance Sheet as at 31 March 2025 | Balance Sheet as at 31 March 2025 | Balance Sheet as at 31 March 2025 | Balance Sheet as at 31 March 2025 |
|---|---|---|---|
| 31 March 2025 31 March 2024 Notes £ £ £ £ ~~Se~~ ee ee ee |
|||
| Fixed assets | |||
| Investments | 4 | 712,197 | 712,197 702,650 |
| Current assets | |||
| Debtors | 5 | 20 | 1,018 |
| Cash at bank and in hand | 269,177 | 210,786 | |
| Total current assets | 269,197 | 211,804 | |
| Creditors: amounts falling due within one year |
6 | (444) | (650) |
| Net current assets | 268,753 | 268,753 211,154 |
|
| Total net assets | 980,950 | 980,950 913,804 |
|
| The funds of the Charity: | |||
| Endowment funds | 7 | 712,197 | 712,197 702,000 |
| Unrestricted income funds | 7 | 268,753 | 268,753 211,804 |
| Total Charity funds | 980,950 | 980,950 913,804 |
The attached notes on pages 17 to 30 form an integral part of these financial statements. The financial statements on pages 14 to 30 were approved by the Trustee on 13 November 2025 and signed on its behalf by: Hartel (ul
Ms AES Hohler Master 13 November 2025
Mr RM Abernethy Clerk to the Mercers’ Company
Trustee’s Annual Report & Financial Statements 2025 | 16
Cash Flow Statement for the year ended
31 March 2025
| Notes | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Cash flows from operating activities: | |||
| Net cash provided by / (used in) operating activities | 8 | 41,811 | (5,858) |
| Cash flows from investing activities: | |||
| Dividends received | 19,314 | 19,314 18,466 |
|
| Purchase of investments | (1,277) | (664,734) | |
| (Decrease)/increase in cash held by investment | (1,457) | 8,525 | |
| managers | |||
| Proceeds from sale of investments | - | - 655,968 |
|
| Net cash provided by investing activities | 16,580 | 16,580 18,225 |
|
| Change in cash and cash equivalents in the financial year |
58,391 | 12,367 | |
| Cash and cash equivalents at the beginning of the financial year |
210,786 | 198,419 | |
| Cash and cash equivalents at the end of the financial year |
8 | 269,177 | 210,786 |
Trustee’s Annual Report & Financial Statements 2025 | 17
Notes to the financial statements
1 Accounting Policies
ACCOUNTING BASIS
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Charity constitutes a public benefit entity as defined by FRS 102. The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern.
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CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances prevailing.
INCOME
Interest on bank accounts and dividends from investment funds are reported on an accruals basis and included as receivable on the due dates. Income from endowment investments is unrestricted. Donations are recognised when there is entitlement and the amount can be measured with sufficient reliability. Legacies are recognized when there is entitlement and the amount can be measured with sufficient reliability. Gifts in kind are included at an estimate of their market value at the date of receipt. Income relating to the future subsequent financial period is carried forward as a creditor in the balance sheet and shown as deferred income.
EXPENDITURE
All expenditure is included on an accruals basis. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to it, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged to the Statement of Financial Activities (SOFA) as incurred. Support costs relate to staff time and facility costs incurred by the Mercers' Company on behalf of the Charity and are recharged to the Charity on an accruals basis. Support costs have been allocated between activities based on estimated breakdowns of staff time and grant making activity. This includes time spent on the governance arrangements, relating to the general running of the Charity.
GRANTS
Grants payable are charged in the period when the offer is conveyed to the recipient except in cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
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INVESTMENT GAINS AND LOSSES
Unrealised gains and losses for the period reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward. Unrealised and realised investment gains or losses are shown net on the face of the SOFA.
INVESTMENTS
Investments are stated at their market value at the balance sheet date. The Trustee is of the opinion that this valuation is appropriate for the purpose of these financial statements. Cash held by investment managers is recognised as part of investments.
FUNDS
The Charity has two types of funds:
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[ENDOWMENT - WHERE THE CAPITAL IS HELD IN PERPETUITY TO GENERATE UNRESTRICTED ] DISTRIBUTABLE INCOME;
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[UNRESTRICTED - WHERE THE FUND IS NOT RESTRICTED AS TO USE OTHER THAN IN FURTHERING THE ] OBJECTS OF THE CHARITY.
TAXATION
The Charity is a registered Charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.
2 Income
Investment income was generated from the Endowment Funds managed by Sarasin & Partners (2025: £19,324; 2024: £17,711). No bank interest was received.
A donation of £52,000 was received from The Mercers’ Company to the Lady Campden’s Money Legacy for Loans (2024: nil).
A legacy of £1,000 was received by the Old Mercers’ Benevolent Fund during the year (2024: £7).
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3 Expenditure
a) Analysis of total expenditure:
| a) Analysis of total expenditure: | ||||||
|---|---|---|---|---|---|---|
| Support & | ||||||
| Raising | Grant- | governance | Total | Total | ||
| Further | funds | making | costs | 2025 | 2024 | |
| notes | £ | £ | £ | £ | £ | |
| Investment management costs | (3,384) | - | 75 | (3,309) | (32) | |
| Charitable activities | 11 | - | 13,600 | 1,726 | 15,326 | 12,347 |
| (3,384) | 13,600 | 1,801 | 12,017 | 12,315 |
b) Analysis of support and governance costs
| Charitable | Charitable | ||||
|---|---|---|---|---|---|
| Raising funds | Activities | Total | Total | ||
| Basis of | 2025 | 2024 | |||
| apportionment | £ | £ | £ £ |
£ | |
| Staff costs | Staff hours | - | 859 | 859 859 |
859 |
| Office administration | Staff hours | 75 | 867 | 867 942 |
428 |
| 75 | 1,726 | 1,726 1,801 |
1,287 |
c) Analysis of governance costs
| c) Analysis of governance costs | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Staff & support costs | 737 | 431 |
There were no employees during the year (2024: nil). The Trustee has not received any emoluments or reimbursements during the year for acting as a Trustee (2024: nil). No Trustee indemnity insurance costs have been paid by the Charity (2024: nil). The Independent Examiner has not received any fee during the year (2024: nil).
Trustee’s Annual Report & Financial Statements 2025 | 21
4 Investments
The change in value during the year analysed by fund is made up as follows:
| Movement | Revaluation | 31 March | ||||
|---|---|---|---|---|---|---|
| 1 April 2024 | Purchases | Sales | in cash | gains | 2025 | |
| £ | £ | £ | £ | £ | £ | |
| Mercers’ School | ||||||
| Memorial Trust (inc | ||||||
| The Merrett Bequest) | 180,461 | 328 | - | - 373 |
1,750 | 182,912 |
| Endowment | ||||||
| Investment Fund | ||||||
| Lady Campden’s | ||||||
| Money Legacy for Loans Endowment |
522,189 | 949 | - | - 1,084 |
5,063 | 529,285 |
| Investment Fund | ||||||
| 702,650 | 1,277 | - | - 1,457 |
6,813 | 712,197 | |
| Historical cost | 648,077 | 650,811 |
Holdings of total investments within Endowments Investment Funds, both managed by Sarasin & Partners, include:
| Partners, include: | ||
|---|---|---|
| £ | % | |
| Sarasin Endowments Fund Class A Inc | 710,118 | 99.7% |
| Cash | 2,079 | 0.3% |
| 712,197 | 100.0% |
Net investment gains during the year totalled £6,813 (2024: £62,399). All investments are held in the United Kingdom. The Trustee believes that the carrying value of the investments is supported by their underlying net assets.
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5 Debtors
Debtors are made up as follows:
| Debtors are made up as follows: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Dividends receivable | 20 | 11 |
| Loans to beneficiaries | - | 1,007 |
| 20 | 1,018 |
6 Creditors: Amounts Falling Due Within One Year
Creditors are amounts falling due within one year and are made up as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Investment manager fees | - | 650 |
| Other creditors | 444 | - |
| 444 | 650 |
Trustee’s Annual Report & Financial Statements 2025 | 23
7 Analysis of Funds
Summary of fund movements, composition and analysis are as follows:
Mercers’ School Memorial Trust (incorporating The Merrett Bequest)
| 1 April | Investment | ||||
|---|---|---|---|---|---|
| 2024 | Income | Expenditure | Gains | 31 March 2025 | |
| £ | £ | £ | £ | £ | |
| Endowment Funds | 521,707 | - | 2,515 | 5,063 | 529,285 |
| Unrestricted Funds | 32,036 | 14,406 | (15,107) | - | 31,335 |
| 553,743 | 14,406 | (12,592) | 5,063 | 560,620 | |
| 1 April | Investment | ||||
| 2023 | Income | Expenditure | Gains | 31 March 2024 | |
| £ | £ | £ | £ | £ | |
| Endowment Funds | 476,347 | - | 87 | 45,273 | 521,707 |
| Unrestricted Funds | 30,503 | 13,238 | (11,705) | - | 32,036 |
| 506,850 | 13,238 | (11,618) | 45,273 | 553,743 |
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Unrestricted | Endowment | Total | ||
| Funds | Funds | Total | Funds | Funds | £ | |
| £ | £ | £ | £ | £ | ||
| Quoted investments |
- | 529,285 | 529,285 | - | 522,189 | 522,189 |
| Net current | ||||||
| assets / | 31,335 | - | 31,335 | 32,036 | (482) | 31,554 |
| (liabilities) | ||||||
| 31,335 | 529,285 | 560,620 | 32,036 | 521,707 | 553,743 |
Trustee’s Annual Report & Financial Statements 2025 | 24
Lady Campden’s Money Legacy for Loans
| 1 April | Investment | ||||
|---|---|---|---|---|---|
| 2024 | Income | Expenditure | Gains | 31 March 2025 | |
| £ | £ | £ | £ | £ | |
| Endowment Funds | 92,080 | - | 869 | 1,750 | 148,750 |
| Unrestricted Funds | 180,293 | 56,944 | (274) | - | 182,912 |
| 272,373 | 56,944 | 595 | 1,750 | 331,662 | |
| 1 April | Investment | ||||
| 2023 | Income | Expenditure | Losses | 31 March 2024 | |
| £ | £ | £ | £ | £ | |
| Endowment Funds | 87,559 | - | (15) | 17,126 | 92,080 |
| Unrestricted Funds | 163,182 | 4,679 | (158) | - | 180,293 |
| 250,741 | 4,679 | (173) | 17,126 | 272,373 |
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Unrestricted | Endowment | Total | ||
| Funds | Funds | Total | Funds | Funds | £ | |
| £ | £ | £ | £ | £ | ||
| Quoted investments |
- | 182,912 | 182,912 | - | 180,461 | 180,461 |
| Net current | ||||||
| assets / | 148,750 | - | 148,750 | 92,080 | (168) | 91,912 |
| (liabilities) | ||||||
| 148,750 | 182,912 | 331,662 | 92,080 | 180,293 | 272,373 |
Trustee’s Annual Report & Financial Statements 2025 | 25
Old Mercers’ Benevolent Fund
| 1 April 2024 | Income | Expenditure | 31 March 2025 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Unrestricted Funds | 87,688 | 1,000 | (20) | 88,668 |
| 1 April | ||||
| 2023 | Income | Expenditure | 31 March 2024 | |
| £ | £ | £ | £ | |
| Unrestricted Funds | 88,212 | - | (524) | 87,688 |
| 2025 | 2024 | |||
| Total | Total | |||
| £ | £ | |||
| Net current assets | 88,668 | 87,688 |
Trustee’s Annual Report & Financial Statements 2025 | 26
Total Funds
| 1 April | Investment | ||||
|---|---|---|---|---|---|
| 2024 | Income | Expenditure | Gains | 31 March 2025 | |
| £ | £ | £ | £ | £ | |
| Endowment Funds | 702,000 | - | 3,384 | 6,813 | 268,753 |
| Unrestricted Funds | 211,804 | 72,350 | (15,401) | - | 712,197 |
| 913,804 | 72,350 | (12,017) | 6,813 | 980,950 | |
| 1 April | Investment | ||||
| 2023 | Income | Expenditure | Gains | 31 March 2024 | |
| £ | £ | £ | £ | £ | |
| Endowment Funds | 639,529 | - | 72 | 62,399 | 702,000 |
| Unrestricted Funds | 206,274 | 17,917 | (12,387) | - | 211,804 |
| 845,803 | 17,917 | (12,315) | 62,399 | 913,804 |
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Unrestricted | Endowment | Total | ||
| Funds | Funds | Total | Funds | Funds | £ | |
| £ | £ | £ | £ | £ | ||
| Quoted investments |
- | 712,197 | 712,197 | - | 702,650 | 702,650 |
| Net current | ||||||
| assets / | 268,753 | - | 268,753 | 211,804 | (650) | 211,154 |
| (liabilities) | ||||||
| 268,753 | 712,197 | 980,950 | 211,804 | 702,000 | 913,804 |
Trustee’s Annual Report & Financial Statements 2025 | 27
8 Reconciliation of Change In Resources To Net Cash Inflow From Operating Activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Net income for the financial year (as per the statement of financial activities) |
67,146 | 68,001 |
| (Gains)/losses on investments | (6,813) | (62,399) |
| Dividends receivable | (19,324) | (17,711) |
| Decrease in debtors | 1,008 | 6,331 |
| (Decrease)/Increase in creditors | (206) | (80) |
| Net cash provided by / (used in) operating activities | 41,811 | (5,858) |
ANALYSIS OF CASH AND CASH EQUIVALENTS
| ANALYSIS OF CASH AND CASH EQUIVALENTS | ||
|---|---|---|
| 2025 | 2025 2024 |
|
| £ | £ £ |
|
| Cash in hand | 269,177 | 269,177 210,786 |
9 Contingent Liabilities and Contractual Commitments
The Charity had the following contingent liabilities at the end of the year (2024: £3,000):
| 2026 | 2027 | 2028 | |
|---|---|---|---|
| Beneficiary | £ | £ | £ |
| Gresham College | 11,000 | 11,000 | 11,000 |
Trustee’s Annual Report & Financial Statements 2025 | 28
10 Related Parties and Connected Charities
The following related parties and charities have common management and are therefore regarded as connected:
Becket House Limited (dormant) Charity of Sir Richard Whittington Charter 600 Charity
Earl of Northampton's Charity Longacre Estates Limited (dormant) Longmartin Investments Limited Longmartin Properties Limited Maiden Trading Limited (dormant)
Mercers’ Company Housing Association
St Paul’s Schools Foundation
The Mercers' Charitable Foundation The Mercers' Company
The principal address of the above entities is:
6 Frederick’s Place London EC2R 8AB
There were a number of transactions with related parties where the Trustee nominates governors, appoints governors to the entity or there is common management and so are considered connected:
| connected: | ||
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Entity | £ | £ |
| Grant to Abingdon School | 200 | 200 |
| Grant to Bute House Preparatory School for Girls | 200 | 200 |
| Grant to College of Richard Collyer | 3,200 | 200 |
| Grant to Culloden Primary School – A Paradigm Academy | 200 | 200 |
| Grant to Dauntsey’s School | 200 | 200 |
| Grant to Gresham College | 8,000 | 8,000 |
| Grant to Hammersmith Academy Trust | 200 | 200 |
| Grant to Holy Trinity & St Silas C E Primary School | 200 | 200 |
| Grant to Madeley Academy | 200 | 200 |
| Grant to Peter Symonds College | 200 | 200 |
| Grant to Sandwell Academy | 200 | 200 |
| Grant to The Hall School | 200 | 200 |
| Grant to Thomas Telford School | 200 | 200 |
| Grant to Walsall Academy | 200 | 200 |
| Administration costs charged by The Mercers’ Company (2025: £444; 2024: nil outstanding at year end) |
1,732 | 1,212 |
Trustee’s Annual Report & Financial Statements 2025 | 29
11 Grants
Listed below are all charitable grants made during the year:
| Listed below are all charitable grants made during the year: | |
|---|---|
| 31 March 2025 | |
| Mercers’ School Memorial Trust(incorporatingThe Merrett Bequest) | £ |
| Abingdon School | 200 |
| Bute House Preparatory School for Girls | 200 |
| College of Richard Collyer | 3,200 |
| Culloden Primary School - A Paradigm Academy | 200 |
| Dauntsey's School | 200 |
| Gresham College | 8,000 |
| Hammersmith Academy Trust | 200 |
| Holy Trinity & St Silas C E Primary School | 200 |
| Madeley Academy | 200 |
| Peter Symonds' College | 200 |
| Sandwell Academy | 200 |
| The Hall School | 200 |
| Thomas Telford School | 200 |
| Walsall Academy | 200 |
| Total (2024: £10,600) | 13,600 |
| 31 March 2025 | |
| Old Mercers’ Benevolent Fund | £ |
| No grants were made in 2025 | - |
| (2024: £500) | |
| 31 March 2025 | |
| £ | |
| Total grants | 13,600 |
| (2024: £11,100) |
Trustee’s Annual Report & Financial Statements 2025 | 30
LEGAL & ADMINISTRATIVE INFORMATION
LEGAL STATUS
INDEPENDENT EXAMINER
The Merrett Bequest was founded by the will of Julia Fernande Henriette Merrett in 1959. The Charity operates under a scheme of management dated 7 March 1997 as amended by a further Scheme dated 31 October 2018. In June 2017, the Trustee
resolved to change the name of the Charity to Mercers’ School Memorial Trust (Incorporating The Merrett Bequest).
E Densham MA FCA The Vintners’ Company Vintners’ Hall Upper Thames Street London EC4V 3BG
BANKERS
Lady Campden’s Money Legacy for Loans operates under a scheme of management dates 16 March 1961 and a resolution made under section 74 of the Charities Act 1993 on 24 July 1998.
The Old Mercers’ Benevolent Fund operates under a Declaration of Trust dated 2 May 1980.
The linking direction was made on 3 June 2021. The registered Charity number is 1091658.
Barclays Bank PLC 1 Churchill Place London E14 5HP
INVESTMENT MANAGERS
Sarasin & Partners Juxon House 100 St Paul’s Churchyard London EC4 8BU
PRINCIPAL ADDRESS
6 Frederick’s Place London EC2R 8AB