Homes & Comrnunlty Agency Registered Numbor.. A3603
Charity Registered Number: 202152
The Society of Merchant Venturers,
Almshouses Charity
Annual report and financial statements
for the year ended 31 December 2023

The Society of Merchant Venturers, Almshouses Charity
Annual report and financial statements
for the year ended 31 December 2023
Contents
Page
Reporl of the Trustee
Independent auditor's report to the Trustee of The Society of Merchant Venturers. Almshouse Charity
Statement of comprehensive income
Balance sheet
12
13
Principal accounting polieies
Notes to the financial slalemenls
14
16

The Society of Merchant Venturers. Almshouses Charity
Report of the Trustee
for the year ended 31 December 2023
The Trustee presents its annual r@port and th8 audited financial statements for the year ended
31 December 2023.
These financial slalemenls have been prepared in accordance with the Trust deed. the Slalement of
Recommended Practice "Accounting by Regislered Social Landlords- lupdated 2019). the Accounting
Direction for Private Registered Providers of Social Housing 2019 and FRS 102.
Trustee, offiGers and advisers
The Truslee of the Charity is SMV Trustee Company Limited.
Listed below are those rnembers who have served on ihe Board of SMV Tnjslee Company Limited during
the year..
Michael Bothamley
Robert Boum5
Jonalhon Baker
Patrick Despard
David Freed
Gillian Camm
Ross Anc811
Martin Thatcher
Dr Steve Allpress
Nick Baker
Karl Tuck
Katharine Finn
David Powell
Mark Burchfieks
Heather Frankham
Professor Sir Steven Wesl
Laura Marshall
Tracey Killen
(Relwed 10 November 20231
{Relired 10 November 20231
(Retired 10 November 20231
(Apwinted 10 knember 2023)
{ApFoinled 10 November 2023)
{ApFKsinted 10 November 2023)
Reglstered address of the Charity
Merchanis. Hall
The Promenade
Clifton
Bristol
BS8 3NH
Charlty Number-. 202152
Houslng Assoclatlon Number: A3e(13

The Society of Merchant Venturers. Almshouses Charity
Report of the Trustee
for the year ended 31 December 2023 (continued)
Names and addresses of other relevant organisations
Auditor
Bishop FlemiNJ. 10 Temple Back. Bristol. BS1 6FL
Banker
Nalwesl Bank plc. 32 Com Street. Brisld. BS99 7UG
Solicitor
wom1￿e Bond Dickinson (UK) LLP. 3 Temple Quay, Temple Back Easl. Bristol. BS1 6DZ
Investment Managers
Evelyn Partrws Investment Managewnenl LLP. Portsvall Place, P(thall Lane, Bristol, BS16NA
(via the Merchant Venturers, Charities Inveslmenl Pwl {MVCIP). Charity Number 1053459}
COIF Charity Funds. CCLA Inveslrnenl Management Ltd, 80 Cheapside, London. EC2V 6DZ
Reference and administrative infonnation
The Almshouses Charity is a Registered S￿181 LandliKd (Homes & Community Agency number A36031
and a charity registered with the Charity CommissH)n (charity regislralion number 2021521.
The information wlh respect lo the Trustee. officers and advisers sel out on page 1 forms part of this report.
Structure, governance and management
Goveming documènt
The Charity is consliluted urKler a Charity Commission Scheme dated 29 May 1985 as amended by a
Scheme dated 8 May 1991. 2 May 1996 and 3 January 2017 and is a registered charity. numb8r 202152.
Governlng body and organisational management
The Trustee of the Charity is SMV Trustee Company Limited. a company limited by guarantee. Al the
members of the Society of Merchant Venturers. Standing Committee are Directors of SMV Tnjstee
Company Limited.
The Trustee meets lo consider. al least on a quarterly basis, the broad strategy. direction and investment
policy of the Charity.
Assisting the Tnjslee are the Care of Older People Sub Committee, the Audit Sub-commillee. the
Inveslmenl Strategy Group. the Finance and Investment sU￿cOmMIttee and the Conflicts of Interest Advisory
Sub-commillee.

The Society of Merchant Venturers, Almshouses Charity
Report of the Trustee
for the year ended 31 December 2023 (continued)
Governing body and organisational management (continued)
The Charity IS 8 Registered Sccd Landlord and, under the superviS￿n oftheTrustee. is managed by the Care
of Older Peop￿ Sub-committee oflhe SOc￿ty of Merchant Venturers, the members of which are..
Dr J&queline Cornish {Ch8ir}
Caroline Duckworth
Anne Nisbet (Resigned 10 November 20231
Charles Densham (Resigned 10 November 2023)
Mary Prior (Resigned 10 Novemb& 2023)
Charfes Griffiths
Anthony Br￿ (Retired 27 January 2023>
Edward Ware
David Marsh
Sir Jay Tmlmarsh
Chri5 Pallerson (Apwinled 10 November 20231
David Freed (Apwnled 10 November 20231
Helen Curr¢e (Appointed 10 November 2023)
The Sub-commiilee meets at Eea51 quartertyto oversee and administer the efficEnl Mana￿ment oflhe Charity
and lo consider and subsequenlly recommend arKI gain approval from the Trustee for broad operational and
strategic issues. The [enU￿ of membership is 3 years, rtrelectable for a further 3 years and, in special
circumstances. tenure can be extended. The iThlucb￿ FxcKess for ary appM)inted member indudes an
initsal meeting and site visits with the Chairman.
The Confiicls of Inleresl Adviscwy Sub£ommittee comprises of ￿ indwK4uals with no cOnr￿ct￿n lo either
SMV or SMV TCL who can advise on areas where a Confl￿ of interest might arise.
As detailed in note 16. Ihe Society of Merchant Venturers provided ￿ministrative servi￿5 to the charities of
which SMV TCL was Iruslee aThY (as pem)itted by the Charity Commission) made a charge for these. The
Conflds of Interest Advisory Sub-commitiee has reviewed ihese d)arges arKI made a r￿mmendation lo Ihe
board of SMV TCL that proposed chaw are. in the opinKsn of the fflembers of the SutFCommillee
approwiale.
Accounting support is provKled by the Scxiety of Merchant Venlurets. Finan￿ department.
Recruitment and tralning of the Trustee
The Directors of SMV Truslee Company Limited are elected annually from within the membership of the
Society and are appraised of the general duties of a Iruslee. In the event of significant changes lo legislalion
or best praelice, further relevant training is undertaken. The management and strategy of the Charity are
considered in greater detail by the Care of Older People Sub-commillee. The members of Ihis Sub-
Committee bring with them the necessary financial. property and care skills that enable them lo deal both
with more immediate issues as wdl as lo assess. monrtor arKI make the necessary recommendations for
the future slralegic direction and well-being of the Charity.

The Society of Merchant Venturers. Almshouses Charity
Report of the Trustee
for the year ended 31 December 2023 (continued)
Risk management
In the light of the Corporale Govwnance guidance contained wrthin the Statement of Remmmended
Practice 2019"Accounling and Reporting by Charities". the Trustee examined the major risks faced by the
Charity.
The Tnjslee continues lo monitor and manage ongoing risks relating lo areas such as the achievement of
the charitable objects and the Pfoteclion of the charity's assets. Systems are in place to monitor and control
these risks to mitigate the impact that they may have on the charity in the future.
The Merchanl Venture￿. Audit Committee is responsible for assessing the swe and effectiveness of the
systems and processes established by management lo Kjerntrfy, assess. manage and monitor the financial
and non-financial risks. The risk register is reviewed and updated as required and no less frequently than
twice yearly by Management and by the Care of Older People Sub-commttlee. 11 is reviewed by the
Merchant Venturers. Audit Committee and is noted by the Trustee.
The Charity is relk3nl on the income from its inveslmenls and on the income from residents lo enable il lo
provide accommodation in the fvrtheran￿ of ils charit2tAe objectNes. The charity does however have reserves
in significant excess of rts annu￿ expenditure and theref(￿e rf required il coijld meet expenditure from these
reserves.
Objectives and activities
The Trustee confirms that il has referred to the guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the Charity s aims and objectives and in planning future
aclivilies.
Objects of the Charity
The objects of the Chty. defined in Ihe Chanty Commisston SdEme, whith should be referred lo for exact
details, are..
'To provide Almshouses for persons of char￿ter who (except in special cases to be approved by
the Charity Commission) are inhabrtants of the City of Bristol.-
During the year the Charity has continued lo provide accommodation for older people in accordance with
the terms of the Scheme via the 12 $eW-contained aCcoMm(MJat￿n units.
Aims and intended impact
The aim of the Charity is to provide affordable. suilable and fil for purpose accommodation for persons of
good character. The Trustee has given careful consideration lo the level of fees sel for the Almshouse and
has adhered lo the legislatson which presuibes a formula of Consumer Price Index {CPII + 1°/0. This
enables re$￿entS lo meet their fees for rents Wh￿lY from Housing Benefit or Universal Credit (where they
are eligible individuals).
Objectlves for the year
This year the focus has been ensuring that the Almshouse is operated, equipped and maintained lo meet
both current and future social housing ￿quIrements.

The Society of Merchant Venturers, Almshouses Charity
Report of the Trustee
for the year ended 31 December 2023 (continued)
Strategies to achieve the objectives
The future short a￿1 long-lerm maintenance needs of the Almshouse have been considered in the light of
changing requirements of the residents. The Almshouse should receive sufficient investment to meet
expectslions of future residents.
Achievements and performance
Throughout the year the Amshouse has provided 12 flat5 to those in need al social housing rates.
Occupants of this close-knil community enjoy all the advantages of a historic building and setting bul located
in an inner-cily environment. The Trustee continues to mnitor and maintain the building for the benefit of
the residents and improve units. as they become vacant.
Financial review
The operating surplus for the year was £32.824 {2022.' £580 deficit).
The statement on page 12 shows a lolal comprehensive income for the year of £220,24812022-. £407.835
deficit). The increase from 2022 10 2023 is due lo increased rental and investment income. alongside
unrealised gain in the market value of invesknents in 2023 compared to an unrealised loss in 2022.
Investment pollcy and perforniance
The Trustee has delegated investment management lo Ihe Merchant Venturers. Finance and Investment
Sub-commillee, including the investmenl and performance of the financial assets.. the appointment of
appropriate Fund Managers and monitoring their perfomiance.. a￿1 lo recommend to the Trustee optimum
strategy for financial investment.
The Merchant Venturers Finance and Inv&8lment Sutkcommiliee's wlicy is to increase income whilst
preserving the real value of the investments. The income provkyes unrestricted funds lo ena￿e the Trustee lo
pursue the ob]"ecis of the Charty. induding plans for the future. The funds continue to be invested in The
Merchant Venturers. Charities Investment Pool {"MVCIP'I (Charity Number 10534591.
During 2023 a lug of war behveen inflation and inleresl rates played out across conlinenls. Many central
banks had the delicate task of curbing inflation without il slrfling the economy. The UK grappled with sticky
inflation. and this posed challenges lo both consumers and policymakers. Al the start of Ihe year Consumer
Price Inflation ICPII hil a record 10.7¥. by October il had declined lo 4.6Qk bul il remained higher than the
US13.2%1 and the eurozone {2.9Yol. 2023 saw the lowest percenta￿ of slocks outperforming the index
oveT the past 25 years, with the 'Magnificenl Seven. driving equf(y returns in 2023 with returns dwarfing
the US and International market returns. Developed equity valualions {led by the US markell are close
again to previous peaks.
The total return of the inve$lmenl portfolio in the year was a gain of 5.05% versus the benchmark of 10.38%
12022.. loss of 10.6% versus the benchmark loss of 8.1 %).
Reserves policy
The Trustee aims as far as possible lo maintain tsvo yews of resources expended in the revenue reserve. Al
31 De￿rnber 2023 the revenue reserve was al £2.141.21012022". £1,981.643).
The revenue reserve also includes the t￿(￿d$ of sale of St Nicholas with Burton's Almshouse1£830.0001
and Merchants, Amshouse (£620.fXJO) wh￿h wll be used for reprovisN)n.
The Extraordinary Repair Reserve of £374,404 at 31 D￿mber 2023 12022.. £332,092> provides for malc
Maintenan￿ and Tepair of an extraordinary arKI irregular nature. This polw is subject to annual review.
The Trustee transfers £1,230 into the Extraordinary Repair Reserve on an annual basis.

The Society of Merchant Venturers, Almshouses Charity
Report of the Trustee
for the year ended 31 December 2023 (continued)
Golng conc•rn
The financia slalements have been prepared on a ￿Ing co￿eM basis wh￿h the Trustee COn5KJers lo be
appropriate for the followrKJ r￿￿OnS.
The Trustee has prepared cash flow forecasts for a per￿ of 12 months from the date of approval of these
financial slalements wh￿h ind￿ale that. tsknng accounl of reasonabty kwible downsides. the charity wll
have S￿￿￿ten1 funds to meel rts Ikqbilities as they f￿1 due for that pericmj.
The downside scenarios consKSered by the Trustee i￿ude a situalion whwe ￿COrne is signfficanlly
reduced. The Charity has current assets considerabty in excess of its llabililies and. even with a signffjicant
fall in income, has sufficient res￿rGe$ lo meet its liabrfilies as they fall due tIW￿jgh0Ul the forecast period.
Consequenuy, the Trustee is confKlenl Ihal Charity will have SLrfficienl funds lo meet rts liabili(ies as they
fall due for at least 12 monlhs from the dale of approval of the finatKial sialements and therefore has prepared
the financial slalements on a going corwn basis.
Govemance and Flnancial Wiability
In accoTdance with the Accounting Direction for Privale Registered Providers of Social Housing 2019. the
Trustee certifies compliance wilh the govemance financk41 viability standard.
Future plans
Following an ackn￿edgeMent of the need lo plan for and meet changing needs and expeclalions a
strategic review of the future of the Amshouses was conducted during 2023.
1115 planned to use the proceeds of the sale of Merchants. Almshouse in 2014 together with the proceeds
of the sale in 2007 of St Nicholas wlh Bvrlon's Almshouse, in the re-proviston of new almshouse
accommodation. During 2023 a further reV￿W of opportunities wthin the area of benefit has been
undertaken.
In 2024 the Trustee will continue lo explore opportunit￿$ to in partnership with other Charities to
achieve this aim.

The Society of Merchant Venturers, Almshouses Charity
Report of the Trustee
for the year ended 31 December 2023 (continued)
Accounting and reporting responsibillties
Statemgnt of Trustee's responslbilitlos In respect of tho Trustee's Annual Rèport and the financlal
statements
Under charity law. the Iruslees are responsible for preparing a Trustees. Annual Report and the financial
5talemenls in accordance with appluble law and regulations. The Iruslees are required lo wepare the
financial statemen15 in accordance with UK Accounling S￿ndards. including FRS 102 The Fina￿181
Reporting Standard appIl￿ble in the UK and Republic oflrgland.
The financial slalemenls are required by law lo give a tnJe and fair view of the stale of affairs of the charity
and of the incoming resources and application of resources for that period.
In preparing these financial slaternenls. generally accepted accounting practu entails Ihal the Iruslees..
select suitable accounting policies and then apply them con51slently'.
make judgements 2nd estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Standard5 and the Slalement of Recommended Practice have
be8n followed, subject lo any material departures disdosed ar)d explained in the financial statements.,
stale whether Ihe financial statements comply with the trust deed. subject lo any material departures
disdosed and explained in the financial slalemenls:
assess the charity's ability to continue as a going concwn, disclosing. as applicable, mallers related lo
going concern," and
use the going concem basis of accounting unles5 they either intend to liquidate the charity or lo cease
operations, or have no realistic allemalive but lo do so.
The trustees are required lo ael in accordance with the trust deed of the charity, wlhin the framework of
trust law. They are responsible for keeping accounting records which are sufficient lo show and explain
the charity's transactions and disclose at any lime. with reasonable accuracy, the financial posilion of the
charity al that lime, and lo enable the trLTrStees lo ensu￿ that. where any statements of accounts are
prepared by them under section 13211 } of the Charities Act 2011, those statements of accounts comply
with the requirements of regulathons under that provision. They are responsible for such internal control as
they determine is necessary lo enable the preparation of financial stalemenls Ihal are free from material
misslalement, whether due lo fraud or e￿Or. and have general responsibility for taking SLJch steps as are
reasonably open lo Ihem lo safeguard the assets of the charity and to prevent and detect fraud and other
irregularities.
The Irtjslees are responSi￿e for the maintenance and integrity of the financi81 and other information
included on the charity's website. Legislation in the UK governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictK)ns.
Slgned for and on behalf of the Trust
M Bothamley
Director
Mercljants, H*ll. The Promenide. Clifion. Brisiol. ￿ 3NH
Dale..
1 2014

Independent Auditor's Report to the Trustee of
The Society of Merchant Venturers, Almshouses Charity
Opinion
We have audited the financial statements of The Sc¢iety of Merchant Venturers. Almshouses Charity {"the
harily'l for the year ended 31 December 2023 which comprise the Slalemenl of Financial Activitie5.
Balance Sheet and notes lo the finanaal slalements. induding ¥ignrficant aCC￿nI1￿g policbes.
In our opinion the financial slalemenls-.
give a true and fair view of the stale of the charily's affairs as al 31 December 2023 and of ts incoming
resources and application of resources for the year then ended-
have been properly prepared in accordance with UK ￿COunting Standards. including FRS 102 The
Financial Rep￿ing Standard appllcable in the UK and Republic of Ireland", and
have been properly prepared in accordance wilh the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Siandards on Audiling IUKI IISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in Ihe Auditor's
responsibilities for the audit of the finan￿al statements section of our reporl_ We are independent of the
charity in accordan￿ with the ethical requirements that are relevant lo our audit of the financial slalemenls
in the UK. induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in
accordance with these requi￿r[ben1S. We believe that the audit evidence we have obtained is sufficient
and appropriate lo provide a basis for tyjr opinion.
ConGlusions ralating to going Concern
In auditing the financial slalemenls. we have concluded that the Trustee's Use of the going fA)ncern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not tden11f￿d any material uncertainties relating to events
or conditions that. individually or collectively. may casl significant doubt on the charity 5 ability lo continue
as a going concern for a period of al least iwelve months from when the financial statements are authorised
for issue.
Our responsibilities and Ihe responsibilities of the Tnjslee with respect to going concem are described in
the Televanl sections of this report.
Other information
The other information comprises the information induded in the Trustee's annual report, other than the
financial slatemenls an(J our audilor's report Ihereon. The Trustee is responsible for the other infomialion
onlained wrthin the report. Our opinion on the financial slalemenls does not cover the other infomialion
and, except lo the exlenl otherwise explicilly sialed in our report. we do not express any form of assurance
conclusion Ihereon.
Our responsibility is lo read the other infomation and, in doing so. consider whether the other information
is materially inconsislenl with the financial slalemenls or our knowledge obtained in the coursè of the audit
or otherwise appears lo be materially misstated. If we idenltfy such material ineonsislencies or apparent
material misslalemenls. we are required lo determine whether this gives rise lo a m21erial misslatemenl in
the financial slalemenls themselves. If. based on the work we have performed, we condude that there is a
material misstatefflenl of this other information. we are required lo re￿Irl that fact.
We have nothing to repom in this regard.

Independent auditor's report to the Trustee of
The Society of Merchant Venturers. Almshouses Charity (continued)
Matters on whl¢h we are required to report by oxception
We have nothing lo report in respect of the following matters in relation to which the Charitieg {Accounls
and Reports) Re9ulalions 2008 require us to report lo you rf. in our opinion=
the information given in the financial statements in¢onsislenl in any material respect wilh the
Trustee's report.. or
the charity has nol kept adequale accounting records.. or
the financi81 statements are not in agreement wth the accounting records and returns., or
we have not received all the information a￿1 explanations we require for our audit.
Responsibiliti8s of th8 Trustoe
As extdained more fully in the Trustee's responsibilities statement. the Trustee 15 responsible for the
preparation of financial slalemenls which give a true and fair view. and for such internal control as the
Trustee determines is necessary lo enable the preparalion of financial statements that are free fro
material misslatemenl, whether due lo fraud or error.
In preparing the financial slatemenls, the Trustee is responsible for assessing the charity's ability to
continue as a going concern. disclosing, as applicable. matters related lo going concern and using the
going concem basis of accounting unless the Tru51ee either intends to liqvidale the charity or lo cease
operations. or have no realistic altematrve but to do so.
Audltor's responsibilities for the audit of the financial staternents
We have been appointed as auditor under section 144 of the Charities Acl 2011 and report in accordance
with regulations made under section 154 of that Act.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are
free from material misslalemenl, whether due to fraud or error, and lo issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit
conducted in accordance with ISAS {UK} will always detect a material misslalemenl when il exists.
Misslalemenls can arise from fraud or error and are considered material rf. Individual￿ or in the aggregate.
they could reasonably be expected lo influence the economic decisions of users taken on the basis of these
financial slalements.
Irregularities, including fraud. are instances of r￿n-CoM￿l8nce with laws and regUlat￿n$. We design
procedures in line with our respon5ibiltties. outlined above. to delecl material misststemenls in respect of
Ir￿gu1a[lt￿s, including fraud. The exlenl lo which our procedures are capable of delecling irregularilies,
including fraud is delailed below.
In idenlrfying and assessing risks of material misslatemenl in respect of irregularities. induding fraud and
non-compliance with laws and regulations. we considered the following..
the nature of the sector, contrd environment and the charity's perfomiance."
results of our enquiries of managemenl and the Trustee Board. induding the (x)mfflillees charged
with governance over the charity's finance and contrLrf. aLhJul their own identification and
assessment of the risks of irregularities-.
any mallers we identified having obtained and reviewed the charity's documentation oflheir policies
and procedures relating to. identrfying, evaluating and complying with laws and regulations and
whether they were aware of any instances of non-Com&￿1anCe." delecling and responding lo the
risks of fraud and whelher they have knO￿edge of any aclual. suspected or alleged fraud," the
internal controls estsblished to miligale risks of fraud or noncompliance with laws and regulations",

Independent auditor's report to the Trustee of
The Society of Merchant Venturers, Almshouses Charity (continued)
As a result of these procedures, we considwed the opportunrties and incenlNes that may exist within the
organisalion for fraud, which induded incorrect recognition of revenue. management override of controls
Using manual journal entries. We identified the g￿atest potential for fraud as incorrect recognition of
revenue and management override using manual journal entries.
In common with all audits under ISAS {UKI. we are also required lo perform specrfic procedures lo respond
lo the risk of management override. We also obtained an urbderslanding ol the legal and regulatory
frameworks that the charity operates in. focusing on provisions of Ihose laws and regulations that had a
direct effect on the delerminalion of material afflounts and disdosures in the financial statements. The key
laws and regulations we considered in this context included the Charities Acl 2011 and tax legislation.
In addition. we considered provisions of other laws and regulations that do not have a direct effeel on the
financial slalewnenls bul complia￿e with whth may be fundamental lo the charity's ability lo operate or lo
avoid 8 material penalty.
Our procedures to respond to risks identrfied included the followng..
reviewing the financial statement discfosures and testing lo supporting documentation lo assess
compliance wrth provisions of relevant laws and regulations described as having a direct effect on
the financial statements-.
reviewing the financial slatemenl disclosures and testing lo supporting d(￿Mentation lo assess
the recognit￿n of income..
enquiring of the Trustee an(J management and those charged with WYernan￿ concerning actual
and potential liluation and claims-.
performing procedures lo confirm material Compliance with the requirements of ils regulators,.
performing analytical procedures lo idenlfy any unusual or unexpected relationships that may
indicate risks of material misstslemenl due lo fraud."
reading minutes of meetings of those charged with g0vemar￿e and reviewing internal control
reports,. and
in addressing the risk of fraud Ihrough management overrKle of controls. testing the
appropriatenes5 of journal entries and other adjustments", and assessing whether the judgements
made in making accounting eslimales are indicalNe of a potential bias.
Vve also communicaled relevant idenltfied laws an(J regulalions potential fraud risks lo all engagement
team members, and remained alert to any indications of fraud or rK)n-compliance with laws and regulations
throughout the audit.
Our audit prwedures were destgned to fespond lo risks of malerral mis5talement in the financial
slalemenls, recognising that the risk of not detecting a material misslalemenl due lo fraud is higher than
the risk of not dete¢ling one resulting from an error. as fraud may Involve deliberate concealment by. for
example, forgery. misrepresentations or through collusion. There are inherent limitations in the audit
procedures performed and the further removed non-compliance with laws and regulations is from the events
and transactions Ieftecled in the finawal statemen15. the less likely we would become aware of it.
A further desuiplion of our reS￿nSIbIlitieS is available on the FRC'S websrte at..
hll s'.Ilwww.frc.or
.ukfflibra
Islandards-codes-
lic lau(iil-assuonce-and4lhicslaudilors-res onsibililies-
for-Ihe-audiU. This description fomis part of our auditor's rewrt.
10

Independent auditor's report to the Trustee of
The Society of Merchant Venturers, Almshouses Charlty {contlnued)
Use of our report
This report is made solely lo Ihe charl￿$ Truslee. as a t￿y. in accordance with Part 4 of the Charities
(Accounls Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo
the charily's Trustee those mallers we afe required lo slate to them in an audilorfs report and for no other
purFK)se. To the fullest extent pemiitted by law. we do not a¢cepl or assume respon5ibilily lo anyone olher
than the charity and the charity's Trustee as a body. f￿ our audit work, for this report, or for the opinions
we have formed.
ckn<
Chrls Trantham FCA Isenior Statutory Audhorl
For and on behalf of
Bishop Fleming LLP
Chartered Accounlanls
Sialulory Auditors
10 Temple Back
Bristol
8S1 6FL
Dale.. k .TLIL% loA*
Bishop Fleming LLP is eligible lo act as an auditor in temis of section 1212 of the Companies Act 2006

The Society of Merchant Venturers, Almshouses Charity
Statement of comprehensive income
for the year ended 31 December 2023
Notes
2023
2022
Turnovor
Rental income
110,934
S,810
120.528)
103.811
Service5 charges
Less.. Rent losses from voids
6.274
{18,669)
Nel contribution
%,216
62.538
91,416
Other rental income
44.350
158.754
135.766
Operatlng ¢OSts
Swvlces
52.926
56,896
16&
17
Management
Routine maintenance
18,793
54.211
17,191
50,499
11,760
Oeprecialion
(125.930)
32.824
1136.3461
15801
Opgrating surplusl{deficlt}
Unrealised gainllloss) on investments
Unrealised gainl(loss) on investments
of designated reserves
Net revaluation surplusl{deficit)
Interest receivable and other
income
18,369
{488,4261
10&
14
41.082
{32.7301
{521,1561
59.451
128.588
114,299
Interest payable and similar
expenses
1615)
{398)
Tolal comprehensive incom91{dofi¢itl for thg yoar
220.248
1407,8351
The results rKesenled above relate wlM)Hy to (x)nliwir¥J ￿tivrt￿.
The￿ is no difference between the def￿11 on (ffdinary aclwilies for Ihe yew as slated above and their his￿Cal
cost equivalents.
The accompanying notes fomi part of rinancia slatemenls.
12

The Society of Merchant Venturers, Almshouses Charity
Balance sheet
at 31 December 2023
Noles
2023
2022
Flxed assets
Housing propeAies
Investments
1,969
1,522,957
1,524,926
1,514,273
Total fixed assets
1.514.273
Current assets
Debtors
58.019
36.886
Investments
1.698.462
1,688.777
Extraordinary repair reS￿e
investments
10
374.404
332.092
Cash at bank and in hand
487.933
341.518
2.618.818
2.399.273
Credltors: amounts falllng due
wlthln one year
Net current as$et$
11
131.9111
(21,961)
2.586,907
2.377.312
N8t assets
4.111.833
3.891.585
Capital and reserves
Capital account
Investment ￿valUation reserve
873,576
873.576
13
722,643
374,404
2,141.210
704.274
Exlracffdinary repair reserve
Revenue resefve
14
332.092
15
1,981.643
Tolal capital and reseples
4.111.833
3,891,585
The financial slalemenls on pages 12 10 22 V•we approved by the Trustee on y Ic4land are signed
on ils behalf by-
14kn_4 AIGg-
Mlchael Bothamley
Oirector
Robert 8ourn$
Director
The accompanying note5 fomi part of the financk41 slatemenls.
13

The Society of Merchant Venturers, Almshouses Charity
Principal accounting policies
Presentation of financial statements
The financial slalemenls have been Fwared in accordance wrth historical cost convention as modified by
(he revaluation of inveslmerrts. They comF4y the Slalemenl of Recomwnended Practice for Accounting by
Registered Social Land1c￿dS {SORPI 12018). the Finanual Retxxting Standard apt4icable in the UK and
RepU￿1C of Ireland IFRS102) the Acc￿n￿'r￿j DireC￿n for PrNale Registered Providers of Social Housing
2019
Th8 accounlirvJ pol￿eS that the Ch&ity has adopted to deterMIr￿ the am¢JJnls indLMJed in respect of material
items shown in Ihe balan￿ sheel aThY also lo delemiine Ihe Ir￿ome and expenditure have been ap￿ie￿
consistently in current aTrY preceding year and *e ￿0w.
The Society of Merchant Venturers, Almshouses Charity meets the definilKsn of a put4ic benefit entity under
FRS 102. Assets and liabililies are irwlialy recoJntsed al hi8torica cost or transaction vaue unless otherwise
slated in the rdevanl accounting pdry.
Basls of accountlng
The financial slalemenls have been wepared under the historica cost Convent￿n. as modrfied by the
revaluation of fixed asset inveslmenls, and in acc(Ydance wlh the Statement of Recommended Practice
"Accounting and Reportiro by Charities ISORP 2019)" appI￿ab￿ lo chaT11￿$ weparing their accounts in
accordance wlh Financial ReFX)rbrvJ Stsndard a￿A￿able lo the UK and Republic of Irdand (FRS 102).
Going Concern
The Truslee has considere(J the use of g)iNJ cx)ncem is appropriate. i.e. whether there are any
material uncertainlEs related lo evenls ￿ condthns that may cast significant doubl on the ability of the charity
lo conlinue as a going concern. The Truslee makes this assessment for a period of twelve months from the
dale of apyoval of the financia statements.
Under all the scenarios revi&ved, charity has sufficienl reswves lo enable il to contliue as a g)ing concern
for the foresee3t￿e fijlure. For this reason. it continues lo adopt the g)ing concem basis in preparing the
finanaal statements.
Critical accounting judgqmgnts and k•y sour¢es of estimation uncertainty
In applying the chanty's accounting w91￿les. the Trustee ts requtred to make judgements, eslimales and
assumpbons about the carrying amounts of assets and liabilit*s that are not reayly apparent from other
sources. Actual results may drffer from these eslimates.
Turnover
Tumover represents rental income afKI mainlena￿e (£￿tribut￿)n$ reCeIva￿e. All lumover ¢5 derived from
operations in the Uniled Kin￿10m.
ExpeDdlture
Expenditure is accounted for on an accruals basis. inclusNe of irrecoverable VAT. and is recognised when
there is a legal or conslruclive obligation lo pay for expenditure.
Housing properties
The almshouse is staled at origina cost less accJJmulated depr￿latI)n.
14

The Society of Merchant Venturers, Almshouses Charity
Principal accounting policies (continued)
Fixad assets and depreciation
Depreciation is charged so as lo write off assets on a slraighl-line basis over the expected useful economic
lives of the assets concerned. The annual rates used for this purpose have been..
Freehold properties
Building improvements
Fixtures and fillings
10%
20%
Land is not ¢Yeprecialed.
Assets with a cost of less than £1,0(M) are written off lo expenditure during the year.
Investments
Both current and lixed asset investments are slated al bKI-market value in accordance with FRS102.
The income and expenditure account indudes the nel gains and k)sses arising on r8valualions and
disposals during the year.
Extraordinary repair r￿er¥e
An amount is transferred annually from revenue lo this reserve to provhle major expenditure of an
extraordinary nature Inoles 10 and 14). The amount so transfeTred is authorised by the Charity Commission.
Apportionment order
The apportionment order recoups capital expenditu￿ on the renovation of the St Nicholas with Burton's
Almshouses from 20 August 1996 10 27 October 1997 {r¥)le 12). Payment was made over 25 years by way of
annual contributions pursuant ofa Charity ComMiss￿n orderdated 2 May 1996 and is invested in the Merchant
Venturers. Charth'es Invesfftnl Pocl I"MVCIVI {Charity Number 10534591.
Irrecovefable VAT
Any irrecoverable VAT is charged lo the income and expenditure a¢¢ouni or capitalised as parl of the cost
of the related asset. where appropriate.
Cash flow staternent
A slalemenl of cash flows has nol been prepared as the charity has laken advantage of the exemption
available in the SORP for smaller charilies.
Taxallon
The Society of Merchanl Venturers. Amshouses Charity is registered as a charity and as such lax exemption
applies lo the income arising from and expended on charitable activil￿S and lo its investment income and
gains.
15

The Society of Merchant Venturers, Almshouses Charity
Notes to the financial statements
for the year ended 31 December 2023
Rental income from residents
Wrthin the rental incc*me from reswjents is £5,810 relating to Serv￿ charges12022: £6,274).
Trustee's emoluments
The Trustee did ml r￿1ve any emolumerts LY raM￿rSeMent of expenses in rest*d of servKes during the
year12022'. nil}. n¢x had any beneficia interest in any contract wilh the Charity durirKJ Ihe year or in the prv)r
year.
Employee informatlon
The Charity had no employees in ether 2022 or 2023. H¢yNever. a recharge is m*Je by the Society of
Merchant Venlurers and The Cote Charty as disclosed in notes 16 and 17.
Interest receivable and other income
2023
2022
Investment income
124.545
4,043
128,588
114.013
Other income
286
114,299
Interest payable and similar charges
2023
2022
Bank interest and charges
615
398
615
398
16

The Society of Merchant Venturers, Almshouses Charity
Notes to the financial statements
for the year ended 31 December 2023
(Deficit)Isurplus on ordinary activities
2023
2022
{DeficilllSurplus on ordinary activities is slated after charging..
Audit fee
7.396
5.316
Depreciation on owned assets
11.760
The audit fee exduding vecovwable VAT was £6.163 (2022: £4.4301.
Fixed assets - Almshouses
Building
improvements
Fixtures
and
flttlngs
Land and
bullding8
Total
Cost
At 1 January 2023
Additions
164.744
265,287
26,522
456.553
1.969
At 310ecember 2023
164,744
265,287
28,491
458.522
Accumulated depreclatlon
At 1 January 2023
Charge for the year
At 31 December 2023
164.744
265.287
26,522
456,553
164.744
265.287
26.522
456,553
Net book value
At 31 Oecember 2023
1.969
1.969
Al 31 December 2022
AJI properties we freehokl and held for the wrposes of provMJing supp)rted housing.
Accumulated depwialion ir￿l￿deS amounts historically disdosed as Sc¢ial Housing Grant. which relate b￿k
lo depreciation of deemed cost excluding ganls received on the original recognition of the propety.
17

The Society of Merchant Venturers, Almshouses Charity
Notes to the financial statements
for the year ended 31 December 2023
Investments
Flxed asset Investment
2023
2022
Market valu•
Ai 1 January
Additions at cosl
1.514,273
1,140,381
604,800
{230,9081
1,514,273
Revaluation
8.684
At 31 December
1,522.957
Historlcal cost
868,776
868,776
Current assgt inv95tmont
2023
2022
Market value
At 1 January
Revaluation
1.688,777
1,946,295
(257,5181
1,688,777
9,685
At 31 December
1,698,462
Historical cost
1.630.000
1.630,000
The funds continue lo be invested in The Merc*ant Venturers, Charities Irweslmenl I"MVCIP"I {Charty
Number 1053459}.
The current assel inveslmenl re￿￿ents the woceeds of saTe of Si Nicholas with Burton's in 2007 and the
proceeds of sale ol Merchants, Amshouse in 2014 does fomi part of the endowment fund of the
Charity. Tr Charity is activdy IwkirKJ for best use of these furkys new Almshouses to meet ils
d)jeclives.
Variations in the markel value of Ihe investrnents are shcwm by way of movement in the investment revaluation
reswe {see Th)le 13).
Debtors
2023
2022
Amounts falling due withln one year:
Rent
19,805
29.10S
39
Other debtors
32.337
4,510
Prepayments and accrued income
9.109
58,019
36,886
18

The Society of Merchant Venturers, Almshouses Charity
Notes to the financial statements
for the year ended 31 December 2023
10 Investments held on account of the extraordinary repair reserve
The investmen15 hekl on account of the exLwdin¥y repair reserve are hdd by COIF. Withdrawals from the
reserve musl be approved by Ihe Trustee and iw)me arisiThJ from Ihe inveslmenls is accumulated in the
reserve. The invesiments are slated al their market vth on 31 December 2023. Their histor￿1 cost is
£72,994 {2022. £71,764)
2023
2022
Markel value
Al 1 January
Additions at cost
332,092
363.592
1,230
1.230
Revaluation to market value
41,082
(32,7301
332.092
At 31 Decgmber
374.404
11 Creditors: amounts falling due within one year
2023
2022
Other creditors
13.327
5.793
Accnjals and deferred income
18,584
16.168
31,911
21,961
19

The Society of Merchant Venturers. Almshouses Charity
Notes to the financial statements
for the year ended 31 December 2023
12 Capital account
Al 1 January 2023
Transfer from income and expendtture accounl
At 31 Decernb8r 2023
873.576
873,576
The capital a(xx)unl arKI fixed asset investment revahjalicffl reserve the endowment fund of the Charity.
A transfer from incoffle and expenditure has historically been made under an aptxxtionment order bthich has
now ceased {see ￿)Un￿n9 pdiciesl.
13 Investment revaluation reserve
Current
asset Flxed asset
Inveslment Investment
Total
Al 1 January 2023
Revaluation lo market value
58.777
645.497
704,274
18.369
9.685
8.684
At 31 December 2023
68.462
654,181
722,043
Movements on the inveslfflenl revaluation reserve represent changes in the market value of the ojrrenl and
fixed asset investments held on ￿ount of the share of the Charity in the Merchant VentU￿r$. Charities
Inveslmenl Pool (see wle 81.
20

The Society of Merchant Venturers, Almshouses Charity
Notes to the financial statements
for the year ended 31 December 2023
14 Extraordinary repair reserve
Al 1 January 2023
Transfer from income and expenditure account
Inveslmenl revaluation for year
At 31 December 2023
332,092
1.230
41.082
374.404
15 Revenue reserve
Al 1 January 2023
Surplus on ordinary aclNilies for year
Transfer lo extraordinary repair reserve
Transfer lo capital account
At 31 December 2023
1,981,643
160.797
11,2301
2.141,210
16 Transactions with related parties
Society of Merchant Venturers
The Charity incurred a reallocalion of salaries and overhead costs of £14.37212022.. £13.005I from the Society
of Merthant Venlurefs. to cover the servKes il wovNJes in relation to the management and administration of
the Charity, of which £nil is ¢xrtslaTrJing al the year*nd12022." £nill.
Merchant Venturers. Charltles Investment Pool (MVCIP)
SMV Trustee Company Limited is the Trustee of MVCIP a￿1 the ultimate contr(Aling paty of The Society of
Merchant Venturers, Mmsh)uses Charity. For delals of inveslmenls hdd arKJ income received from
investments in MVCIP. see notes 4 and 8. At 31 December 2023 the was owed £29,105 by MVCIP
12022.. £nil).
17 Connected charity
The Cole Charily (Registered Charity Number 2572371 is 2 connected charity under the definition of the
Charilies. SORP 2019 as il has related objeels and the same Trustee as The Society of Merchant Venturers,
Almshouses Charily. Further inforn)alion can be obtsined from the Charity'$ registered address delailed on
page 1 of Ihe Report of the Trustee.
The Society of Merchant Venturers. Almshouses Charity incurred a charge of £9.710 {2022'. £9,796) for the
services of the Almshouse Manager and the maintenance officer. At 31 December 2023 £nil {2022.' £nill
was owed by The Society of Merchant Venturers. Amshouse Charity to The Cole Charity relating lo these
services. The Cole Charity rechaTged The Society of Merchant Venturers. Njmshouse Charity for various
services during the year including,. the cost of a Chaptain of £27512022.. £1.054} and other sundry items al
a cost of £35412022." £6.2251. At 31 December 2023 £30912022.. £522} was oulslanding. The Society of
Merchant Venturers, Altnshouse Charity recharged The Cote Charity £45.702 for insurance in the year
{2022 £nil and £16.013 for a unil of accommodation (2022.. £nill. At 31 December 2023 £16,01312022..
£nill was oulslanding.
21

The Society of Merchant Venturers, Almshouses Charity
Notes to the financial statements
for the year ended 31 December 2023
18 Owned l Managed units (Social Housing)
Nvmbgr of units as at 31 December 2023
The Charity owns 12 units for disadvantaged people of whth 8 have been fulty t￿j￿d throughout the year
12022: 12 fully occupied)-
Regldents, rents
Residents rents are sel using the legislation whth t￿*￿$ a formula of CorLsumer Price Index (CPI) + 1 %.
Vvhere ne￿$Sary. all or part of the Trnl can be redaimed. From 1 Awl 2023 rent for the Amshouse was
£186.10 perweek.
The charging of rents produced a contribution nel of voids over the year of £96.216 (2022.. £85.1421.
22