Homes & Community Agency Reglstered Number.. A3603 Charity R8gl$tgrgd Nurnber: 202152 The Society of Merchant Venturers, Almshouses Charity Annual report and financial statements for the year ended 31 December 2024
The Society of Merchant Venturers, Almshouses Charity Annual report and financial statements for the year ended 31 December 2024 Contents Pagg Report of the Trustee Independent auditor'5 report lo the Trustee of The kniely of Merchant Venlurers, Amshouse Charily Slalemenl of comwehensive income Balance sheet 12 13 Prinupal accounting policies Notes to the finaal stslemenls 14 16
The Society of Merchant Venturers, Almshouses Charity Report of the Trustee for the year ended 31 December 2024 The Trustee presenls its annual report and the audited financial 5tatefflenls for the year ended 31 December 2024. These financial statements have been prepared in accordance with the Trust deed. the Slalement of Recommended Practice "Accounting by Registered soc1 Landlords" lupdaled 20191. the Accounting Direction for Private Registered Providefs of Social Housing 2019 and FRS 102. Trustee. officers and advisers The Tnjslee of the Charity is SMV Truslee Company Limited. Listed below ar6 those members who have served on the Board of SMV Trustee Company Limiled during the year.. Robert Boums Jonalhon Baker Katharine Finn Michael Bolhamley Patrick De5paTd David Freed Gillian Camm NKk Baker Kad Tucker David Powell Mark Burchfield Heather Frankham Professor Sir Steven West Laura Marshall Tracey Killen Dr Jacqueline Cornish Gail Bragg marti Burgess (Deceased 23 June 20251 (Retired 10 November 2024) (Retired 10 November 2024} (Retired 10 November 2024) {A[)Inted 10 Novefflb 2024} IApwnled 10 November 20241 (Appxjnled 10 Novefflber 2024} Reglstered address of the Charlty Merchanis, Hall The Promenade Clifton Bristol BS8 3NH Charlty Number.. 202152 Housing Association Numbor: A3603
The Society of Merchant Venturers, Almshouses Charity Report of the Trustee for the year ended 31 December 2024 (continued) Names and addresses of other relevant organisations Auditor Bishop FlemirvJ, 10 Temt4e k, Brisld. BS16FL Bankor Nalwesl Bank plc, Trinity aY 2, 2rKI Flw. Avon Street. Brislc4. BS2 OPT Sollcltor Womble Bond Dickinson (UK) LLP. 3 TeMe Quay. Temtde Back East. Bristol. BS160Z Investment Managers Rathbones Investment Marogement, 30 Gresham Sireef, London. EC2V 7QN LGT Wealth Management, 15 Queen Square, Brisld, BS1 4NP Evelyn Partners Inveslmenl Management LLP, Pothall Place, Portwall Lane. Bristol. BSI 6NA (via the Merchanl Venturers. Charities Investrnenl (MVCIP). Charity Nufflber 1053459} COIF Charity Funds, CCLA Inveslmenl Management Lld. 80 Cheapswje. London, EC2V 60Z Reference and administrative infonnation The Almshouses Charity is a Registered SrKial Landlord (Homes & Community Agency numtrer A36031 and a charity registered with the Charity Commission {charity regi8lration number 2021521. The information with respect lo the Trustee. officers and advisers set Cmjt on page 1 forms part of this report. Structure, governance and management Governing document The Charity is consliluted under a Charity Commission Scheme dated 29 May 1985 as amended by 8 Scheme dated 8 May 1991, 2 May 1996 and 3 January 2017 and is a registered charity, number 202152. Gov•ming body and organisational management The Tiuslee of the Charity is SMV Trustee Company Limited. a company limited by guarantee. All the members of the Society of Merchant Venturers, Standing Committee are Directors of SMV Trustee Company Limited. The Tmslee meets lo consKler. at least on a quartety basis, the broad strategy, direction and investment poljcy of the Charity. Assisting the Trustee are the Care of Older People Sub Committee. Ihe Audit Sub-commillee, the Investment Slralegy Group. the Firkince and Irweslmenl Sub£ommittee and the Conflicts of Inleresl Advisory Sub-commillee.
The Society of Merchant Venturers. Almshouses Charity Report of the Trustee for the year ended 31 December 2024 (continued) Governing body and organisational management (continued) The Charity is a Registered Social Landord and. under the supervision of the Trustee. is managed by the Ca of Older People Sub-committee of the Sw"ety of Merchanl Venturers. the members of which are.. Dr Jxqueline Comish (Chair) Caroline Duckworth Charles Griffilhs Edward Ware David Marsh Sir Jay Tidmarsh Chris Pallerson David Freed Helen CurrK8 The Sub-committee meets al least quartefty lo oversee and administer the rnanagemenl of the Charity and lo consKler and subsequently recommend and gain approval from the Trustee for broad operational and strategic issues. The tenure of membership is 3 years. relectae for a further 3 years and, in special circumstances, tenure can be extended. The inducJon OCe&S for any nY apwnled member indudes an initial meeliro and sile v11$ with the Chaimian. The Confiicts of Interest Advisory sUrnmtee cOmse$ of two irKJivKluals wlh no COnctn lo either SMV or SMV TCL who can advise on areas where a confiict of interest rnighl arise. As detailed in note 16. the Society of Mefchant Venluws provKled administrative services lo the charities of which SMV TCL was Iruslee and las pemirtled by the Charity Commission) m&Je a charge for these. The Conflicts of Interest Advisory Sub-commillee has revwed Ihese charges arwj made a recommendation lo the board of SMV TCL that the proposed charges are, in the coinKsn of the members of the sUtcOMmittee appropriate. Accounting support i5 pfovKled ty the Socaety of Merch1 Venturers. Finance department. Recruitment and training of the Trustee The Directors of SMV Trustee Company Limited are elected annually from vthhin the membership of the Society and are appraised of ihe general duties of a Iruslee. In the event of signrficanl changes lo legislation or best practice, further relevant training is undertaken. The management and strategy of the Charity are considered in greater detail by the Care of Older People Suwommillee. The members of this Sub- Committee bring with them the necessary fTrnancial, property and care skills that enable them lo deal both with more immediate issues as well as to assess, monitor and make the necessary recommendations for the future strategic direction and well-being of the Charity.
The Society of Merchant Venturers. Almshouses Charity Report of the Trustee for the year ended 31 December 2024 (continued) Risk management In the light of the Corporate Govemance ldance contained within Ihe Stalemenl of Recommended Practice 2019'Accounling and Rep(Kting by Charilies.. the Tnjslee examined the major risks faced by the Charity. The Trustee continues to monitor and manage ongoing risks relaliThJ to areas such as achievement of the charitable objects and the proleclK)n of Ihe charily's asseis. Systems are in place lo monitor and corslrol these risks and lo mitigate the impact that they have on the Charity. The risk register is reviewed and updated as required but not fewer than on a bi-annual basis by Management and by the Care of Older People Sub-committee. 11 is feviewed by the Merchant Venturers Audit Committee and is noted by the Trustee. The Charity is relianl on the income from ils investments and on the AKome from residents lo enable il lo provide aCcommsaIlon in the furtherance of ts charilatdeobjectives. The charity dces however have feseNes in signrficant excess of its nUal expenditure and therefcfe rf required it could meel expeThJiture from these reserves. Objectives and activities The Trustee confirms that il has referred to Ihe guidance contained in Ihe Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. Objects of the Charity The objects of the Charity. thfined in Ihe Charity CommissK)n Stheme. whKh shwld be referred lo for ex1 details, are.. 'To provide Amshwses for rmr persons of gocKI charader lexcept in special cases to be approved ty the Charity CLKnmis5K)nl are inhabitanls of the City of BristrA.' During the year the Charity has continued lo provide accommodation for older people in accordance with the term5 of the Scheme via the 12 self-conlained accommodation units. Aims and intended impact The aim of the Charity is to provide affordable, suitable and fil for purpose accommodation for persons of good character. The Trustee has given careful consideration to the level of fees sel for the Almshouse and ha5 adhered lo the legislation which prescribes a formula of Consumer Price Index ICPII + 1Vo. This enables residents lo meet their fees for rents wholly from Housing Benefil or Universal Credit Iwhere they are eligible individuals). Objectives for the year This year the focus has been ensuring Ihal the Almshouse is operated. equipped and maintained lo meet both current and future social housing requirements.
The Society of Merchant Venturers. Almshouses Charity Report of the Trustee for the year ended 31 December 2024 (continued) Strategles to achleve the objectives The future short and long-term maintenance needs of the Almshouse have been considered in the light of changing requirements of the residents. The Wmshouse should receive sufficient investment lo meet expeclalions of future residents. Achievements and perfonnance Throughout the year the Atmshouse has provided 12 flats lo those in need al social housing rates. Occupants of this close-knit community enjoy all the advantages of a historic building and selling bul located in an inner-city environment. The Trustee continues to monrtor and maintain the building for the benefit of the residents and improve units. as Ihey become vacant. Financial review The operating deficit for the year was £119.594112023.' £32,824 surplus). The slalemenl on page 12 shows a lolal comprehensive income IOT the year of £123,466 {2023'. £220,248 surplusl- The decrease from 2023 10 2024 is due lo higher maintenance and running costs. alongside a more modest unrealised gain in the market value of investments in 2024 compared lo 2023. Investment policy and perfomiance The Trustee has delegated investment management to the Merchant Venturers. Finance and Investment Sub-commillee. including the investment and performance of the financial assets., Ihe appoinlmenl of appropriate Fund Managers and moniloring their performance- and lo recommend lo the Trustee optimum strategy for financial inveslment. The Merehanl Venturers Finance and Investment Sub-committee's policy is to increase income whilst preserving the real value of the investments. The income provths unrestricled funds lo enaLle the Trustee lo pursue the objects of the Charity, irluding plans for the fuiure. The funds continue lo be invested in The Merchant Venturers, chan.lies Investment Pod I"MVCIP'I (Charity Number 10534591. though markets conduded 2024 on a subdued note. equilies demonstrated robust performance over the calendar year, with the US as the slandoul performer largely driven by the "magnificent 7° mega cap tech stocks. Amid political inslability in Germany and France, European equities. along with emerging market stocks struggled owing lo concems that proposed US larrfts might trigger a Irade war and hinder growth in other regions. Meanwhile. bond markets reacled negatively lo the pro-gr0, higher-inflalion narrative. US elections, which ushered in Donald Trump's second adminislralion significantly inffluenced markets. The lolal return of the inveslmenl rtfoliO in the yearwas a gan of 3.4% versus the UK CPl+30/o benchmark of +5.4 /0 {2023: gain of 5.05% versus the composile benchmark gain of 10.38%). Reserves policy The Truslee aims as far as wssible lo mauitain tV*L) yS of res(xrn expend1 in the revenue reserve. Al 31 December 2024 the revenue reserve was at £2.241.96412023.. £2.141.2101. Based on 2024 costs, two years of resources would equate io £362.558. Exduding the investments hdd for repmvision, the revenue reseTre balance al 31 December 2024 was £542.224. which is higher than the reSee largel. The venue reserve also incILe5 the proceed5 of sale of St Nthdas wth 8urton's Almshouse1£830,0001 and Merchants. AmshcxJse {£620.000) whh wll used for reprovision. The Extraordinary Repair Reserve of £394,693 al 31 December 202412023.. £374,404) w0ve$ for major maintenance and repair of an extraordinary arKJ irregular nature. The Trustee transfers £1,230 into the Extraordinary Repair Reserve on an annual basis. This po]icy is subject lo annual review.
The Society of Merchant Venturers, Almshouses Charity Report of the Trustee for the year ended 31 December 2024 (contlnued) Going concern The financial slalemenls *e been prepared on a wing (x)rtem ba515 which the Trustee conswjers lo be appropriate for the reasons. The Trustee has consxlered dwnside scenarios induding a siiualion where income is signfficanuy reduced. The Charity has current assets considerably in excess of its liabilities and, even wth a signfficanl fall in income. has sufficient resources to meet rts liabilities as they fall due. Conseqvenlly. the Trustee is conftlenl that Charity wll have sutficient lunds lo meet ils liabilities as they fall due for al least 12 months from the dale of apwoval of the financial stslements and therefore has ppared the financial slalemenls on a Ing concern basis. Governance and Financial Wiability In accordance wilh tho Accounting Drectn F)rNale Registered Providers of sla1 Housing 2019. the Trustee certifies compliance wilh the goVernae and finanual V'lIty slaThJard. Future plans Following an acknowledgemenl of the need lo plan for and meet changing needs ané expeclations a strategic review of the future of the Almshouses was corKlucled during 2023. 11 is planned lo use the proceeds of the sale of Merchants. Almshouse in 2014 together with the proed5 of the sale in 2007 of Si Nicholas wlh Burton's Almshouse, in the re-provision of new almshouse accommodation. During 2024 a further review of opportunities within the area of benefit has been undertaken. In 2025 the Trustee will Continue to expl opportunit$ to wcKk in partnership with other Charitie5 10 achieve this aim.
The Society of Merchant Venturers. Almshouses Charity Report of the Trustee for the year ended 31 December 2024 (continued) Accounting and reporting responsibilities Stalemenl of Trustee's responsibilitios in respgct of thg Trustee's Annual Report and the financial statements Under charity law. the trustees are responsible for preparing a Trustees. Annual Report and the financial slalemenls in accordance with applicable law and regulations. The Iruslees are require¢J lo prepare the financial 5talemenls in accordance wilh UK Accounting Slaridards. i1udITyj FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements are required by law lo give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources for that period. In preparing these finanoal ststements. generally accepled cOunting praCte entails that the trustees: select suitable accounting poliues and then apply them consistently,. make judgements and estimates that are reasonable and prudent-. stale whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed. subject lo any material departures disdosed and explained in the financial stalemenls,. stale whether the financial slalemenls compty with the trust deed. 5ubje¢l to any material departures disclosed and explained in the financrdl stalemenls.. assess the charity's abilty lo continue as a going concern. disdosing. as apble, mallers related lo gv)ing concern" and use the going concern basis of accounting unless they either inteThJ lo liquidate the charity or to cease operations, or have no realistic allernalive bul lo do so. The Iruslees are required to act in accordance with the trust deed of the charity, wthin the framework of trust law. They are reswnsible for keeping accounting records which are sufficient lo show and explain the charity's transactions and disclose al any lime, vAth reasonable accuracy. the financial position of the charity at that lime. and to enable the Iruslees lo ensure that. where any slalemenls of accounts are prepared by them under section 132111 of the Chartlies Act 2011. Ihose slalemenls of accounts comply with the quIrementS of regulations under that provrsion. They are responsible for such internal control as they determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl. whether due lo fraud or error, and have general responsibility for taking such steps as are reasonably open lo them lo safeguard the assets of the charrty and lo prevent and delect fraud and other irregularrties. The trustees are responsible for the maintenance and integrity of the financial and other information included on the charity s website. Legislation in the UK governing the preparalitin 2nd dissemination of financial statements may differ from legislation in other jurisdictions. Signed for and on behalf of the Trustee J Baker Director MerchY4nts' Mall. The Promenade. Clifton. Bristol, &S8 3NH Dale.. 06 yvts)E 30x5
Independent Auditor's Report to the Trustee of The Society of Merchant Venturers, Almshouses Charity Opinion We have audited the financial statements of The Society of Merchant Venturers. Almshouses Charity I'lhe harily") for the year ended 31 December 2024 which comprise (he Sialement of Comprehensive Income, Balance Sheet and notes lo the financial statements. induding 5unrficanl accounting policies. In our opinion the financial 51atemenls'. give a true an(J fair view of the slate of Ihe charity's affairs as at 31 December 2024 and of ils incoming resources and application of resources for the year then ended" have been properly prepared in accordance with UK accounb.ng standards. includiThJ FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.. and have been property prepared in accordance with the Charities Act 2011. Basls for opinlon We conducted our audit in accordan with InlematK)nal Standards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independenl of the charity in accordance with the ethical requirements that are relevanl lo our audit of the financial slalemenls in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical resp)nsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprlale lo provide a basis for our opinion. Con¢lu$lons relatlng to going concern In auditing the financial slalements. we have eonduded that the Trustee's use of the going concem bas1S of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed. we have not identified any malerial uncertainties relating to events or conditions that. individually or collectively. may cast significanl doubl on the charity's ability lo continue as a wing concern for a perio(J of at least Iwefve monlhs from when the financial slalemenls are aulhorised for issue. Our responsibilities and the reswnsibilities of the Tfuslee with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the infomialion induded in the Trustee's annual report. other than the financial slalemenls and our auditor's port Ihereon. The Trustee is responsible for the other information contained within Ihe report. Our opinion on the financial statements does not cover the other information and. except lo the extent otherwise expliolly ststed in Jr rep. we do not express any fom) of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so. consider whether the olher informalion is materially inconsistent with the financial slalements or our knowledge obtained in the course of ihe audil or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparenl materi81 misstatements, we are required to determine whether this gives rise to a malerial mtsslatement in the financial slatemenls themselves. If. based on the work we have performed. we conclude that there is a material misslalement of this other informatson, we are required lo report Ihat fact. We have nothing lo report in this regard.
Independent auditor's report to the Trustee of The Society of Merchant Venturers, Almshouses Charity (continued) Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to whi¢h the Charities (Accounts and Reports) Regulations 2008 require us lo report lo yiyj rf. in our opinion.. the information gwen in Ihe financial stalemenls is inconsislenl in any material respect with the Trustee's report.. or the charily has not kept adequate accounting records.. or the financial statements are not in agreement wth the accounting records and returns- or we have not received all the infomialion and explanations we requi for our audit. Rasponsibilities of the Trustee As explained more fully in the Trustee's responsibilits.es statement. the Trustee 1$ responsible for the preparation of financial slalements which gNe a true and fair view, and tor such internal control as the Trustee determines is necessary lo enable the preparatn of financial statements that are free from material misstslemenl, whether due lo fraud or eOr. 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 lo going concern and using the going concern basis of aeeounling unless the Trustee either intends to liquidate the charity or lo cease operations, or have no realistic alternative bul to do so. Auditor's resSn51b1lhie9 for the audit of tho financial statements We have been appointed as audil(K under section 144 of the Charil¢es Act 2011 and report in accordance with regulations made under section 154 of that Acl. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error. and 10 Issue an auditor's report that includes our opinion. Reasonable assurance is a hwJh level of assurance. but is rt a guarantee that an audit conducted in accordance wlh ISAS {UKI will always delect a material misslalement when il exists. Misslalemenls can arise from fraud or error and are considered material if. individually OT in the aggregate, they could reasonably be expected lo influence the econom decisions of users taken on the basis of these financial stalemenls. Irregularities, induding fraud. are instances of non-compliance with laws and rwwlations. We design procedures in line with our responsibilities. outlined above. lo delecl material misstalemenls in respect of irregularities. induding fraud. The exlent lo which our procedures are capable of delecling irregularities. including fraud is detailed below. In identifying and assessing risks of material misslalement in respect of irrewlarilies, including fraud and non-compliance with laws and regulations. we considered the following.. the nature of the sector, control environment and the charity's perfomance.. results of our enquines of management and the Trustee Board, including the commillees charged with govemance over the charity's finance and control. about their own idenlificalion and assessment of the risks of irregularib"es.' any mallers we idenlrfie¢J having obtained and reviewed the charity's d(xumenlalion of their policies and procedures relating to.. Klenlifying. evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.. delecling and responding lo the risks of fraud and whether they have knowledge of any aclual. suspected or alleged fraud,. the internal controls established lo mrtigale risks of fraud or noncompliance with laws and regulations.,
Independent auditorfs report to the Trustee of The Society of Merchant Venturers, Almshouses Charity (continued) As a result of these procedures. we considered Ihe opportunilies and irttnlives that may exist within the ganisalion for fraud, which included incorrect recognition of revenue, managemenl override of controls using manLJal journal entries. We identified Ihe greatesl polenlial for fraud as incorrect recognition of revenue and management override vsing manual journal enlries. In common with all audits under ISAS (UK). we e also required to perfom specific prcedureS to respond lo the risk of management override. We also obtained an understanding of the legal and regulatory frameworks Ihal the charity operates in, focusing on provisions of IIKJse laws and regulations that had a direct effect on the deleminalion of material amounts and disclosures in the financial stalemenls. The key laws and regulations we considered in this context ilded the Charities Acl 2011 and lax legislation. In addition. we considered provisions of other laws and regulalions that do not have a direct effect on the financial statements but COmlan wilh which may be fundamental lo the charity s ability to operate or lo avoid a material penalty. Our procedures lo respond to risks identified iluded the following-. reviewing the financial statement disclosures and leslin9 to supporting documentation lo asse55 compliance with provIonS of relevant laws and regulations described as having a direct effect on the financial slalements.. reviewing the financial slalemenl disdosures and testing Io SuFVCtlng documentation lo assess the recognition of income,. enquiring of the Trustee and management and those charged with govemance concerning actual and p)lenlial liligalK>n and claims.. performing procedures lo confirm malerial compliance with the reouiremenls of 115 regulators., performing analytical procedures lo identify any unusua or unexpected relalionships that may indicate risks of material misslalemenl due lo fraud- reading minutes of meetings of those charged with wvernance and reviewing intemal control reports., and in addressing Ihe iisk of fraud through management override of controls. lesling the appropriateness of joumal entries and olher adjuslmenls- and assessing whether the judgements made in making accobjnling eslimales are irHdicalive of a potential bias. We also communicated relevanl idenirfied laws and regulations and potential fraud risks lo all engagement team members. and remained alert lo any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed lo respond lo risks of material misstalemenl in the financial stalemenls, recognising that the risk of nol delecling a material misslalemerbl due lo fraud is higher than the risk of not delecling one resulting from an error, as fraud may involve ijeliberate concealmenl by. for example, forgery, misrepresentslions or through collusion_ There are inherent limitations in the audil procedures performed and the lurther removed non-compliance with laws and regLtlalions is from the evenls and transactions reflected in the financial slalemenls, the less likely we would become aware of it. A further description of our responsibililies is available on the FRC'S website al". htt '.Ilwww.frc.or .ukllibrar 151andards-codes- lic 1aud1t-assuran-andlhIcslaudiIors-reS for-the-audiu. This description forms part of our auditor's report. 10
Independent auditor's report to the Trustee of The Society of Merchant Venturers, Almshouses Charity (continued) Use of our report This report is made solely lo the chartys Tnjslee, as a body, in accordance with Parl 4 of the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might slate lo the charity's Tfuslee those matlers we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law. 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 fomied. Chris Trantham FCA (Senlor Statutory Auditor) For and on behalf of Blshop Fleming LLP Chartered Accounlanls Slalulory Auditors 10 Temple Back Bristol BS1 6FL Dale. 7 July 2025 Bishop Fleming LLP is digible to act as an auditOT in terms 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 2024 Notes 2024 2023 Turnover Rental income 119,201 6,463 114,958 110.934 Services charges Less.. Rent losses from voids 5,810 120,528) Net conlritxjtion 110.706 96,216 Olher rental income 50,979 62.538 161.685 158,754 Operating costs Services 72,648 52,926 16& Management Routine maintenance 19.754 18,793 54,211 86.657 Depreciation 2,220 1181.279} (19,594) (125,930) 32.824 Operatlng {deficltysurplus Unrealised gainlllossl on investments Unrealised gainlllossl on investments of designated reserves Net revaluation surpluslldeficit Inleresl receivable and other income 2.425 18,369 1Q& 14 19,059 41,082 21,484 59,451 122,087 128,588 Interest payable and similar expenses (511) {6151 Total comprehensive incomel{deficit) for the year 123.466 220,248 The results presented above rdale wholty lo conlwing activities. There is no difference betrn the deful on ordinary activities for the year as stated above and their historical cost equivalenls The accompanying notes Icm part of the finarria slalements. 12
The Society of Merchant Venturers, Almshouses Charity Balance sheet at 31 December 2024 Notes 2024 2023 Fixed assets Housing properties Investments 1,969 1.524.104 1,969 1,522.957 Total flxed assetg 1.526.073 1,524.926 Current assets Debtors 33,822 58.019 Investments 1.699,740 1.698.462 Extraordinary repair reserve investments 10 394,693 628.171 374.404 Cash al bank and in hand 487.933 2,7S6A26 2,618,818 Croditors: arnounts falling duo within ono yoar Net current assets 11 147.2001 (31,911) 2,709,226 2,586.7 Net assets 1235.299 4,111.833 Capital and resofV•S Capital account Inveslmenl revaluation reserve 12 873,576 725,068 394.693 873.576 13 722,643 Extraordinary repair resave Revenue reserv8 14 374,404 15 2,241.962 2,141.210 Total capital and reserves 4.235.299 4.111.833 The financial sialemenls on pages 12 10 22 were apyoved by ts Trustee on 06 ThIAPt are signed on its behalf by". .bL fv kk- Jonathon Bakor Director Katharine Flnn Director The accompanying notes fcym part of the financial stslemenls. 13
The Society of Merchant Venturers, Almshouses Charity Principal accounting policies Prosentatlon of financial slatements The financial stalemenis have been pyepared in acc¢xdance wth the historical cost convention as modified by the revaluats'on of inveslmenls. They com with the Slalefflenl of Reix)mmended Practice for Accounting by Registered Sory'al Larnllords ISORP} (20181. the Finanaal RepN)rting Standard applicable in the UK an Republic of Irela {FRS102) and the AccountwvJ D*eCn for Pfivale Registered ProvKlers of Social Housing 2019. The accounting peS Ihal the Charity has adopted to delemine the am¢xJnls induded in respect of maleTial items shown in the balance sheet and also lo delerwnine the income and expermlilure have been applied n5islenlly in the current precedirKJ year and are 0w. The Soryety of Merchant Veniurers. Almshouses Charrty meets the definition of a public benefit entity under FRS 102. Assets and liabilitS are iniiialy recLwised al IN"Storical cost or transaction value unless OtheIse slated in the relevant accounting licY. Basis of accounting The financial slalemenis have been epared under the historical cost convenlh)n. as modffjd by the revaluation of fixed asset investments. and in accordance wth the Statement of Recommended Practice "Accounting and Reportiro by Chaithes ISORP 20191" applble to charities preparing Iheir accounts in accordance wlh Financial ReF¥xtiro Standard applicaÈ4e to the UK and Rep{JIC of Ireland (FRS 1021. Golng Concem The Trustee has cons¢dered whether the use of going eoneem is appropriate, i.e. whether there are any material uncertainties related lo events or condrtions that may east sKJnrfn1 doubt on the ability of Ihe charity lo conlinue as a wing concem. The Trustee makes t8 assessmenl for a penod of 1ve months from Ihe dale of approval of the financtd stalements. Under all the scenarios reviewed. the charity has Slrffient reserves lo enatAe il lo continue as a g)ing concern for the foreseeaNe future. For Ihts reason. rt continues to adopt the wing conrn basis in eparIng the financial statements. CritiGal a¢untIng Judgements and key sources of èstimation uncertainty In aptAying charity's ntIng p(1leS, the Truslee ts reouired lo make judgements, eslimales and assvmplions about the carrying amounts of assets arKI Iwbililies that we rK)t readily apparent from other sources. Aclual results may drffer from these esb"males. Turnover Tumover represents rental income and Maintenan contributions receNable. All lurnover i8 derived from operalws in the United Kingdom. Expendlture 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 propBrties The almshouse is staled al original cost less actumulated elaIM)n. 14
The Society of Merchant Venturers, Almshouses Charity Principal accounting policies (continued) Fixed assets and deweciation Depreciation is chwged so as lo write off assets on a straight-line basis over the expected useful economic lives of the assets concemed. The annual rates used for this purpose have been: Freehold properties Building improvements Fixtures and fillings 10% 20% Land is not depreciated. Assets with a cost of less than £1.000 are WTitten off to expeThliture during the year. Investmenls Both current and fixed asset investments are staled at bid-market value in accordance with FRSIO2. The income and expenditure acUnt includes the nel gains and losses arising on revalualions and disposals during the year. Extraordinary repair reserve An amount is transferred annually from revenue to this reserve to provKJe for major expenditure of an extraordinary nature Inoles 10 and 14). The am(nI so transferred is aUthOred by ts Charily Commiss. Irrecoverable VAT Any irrecoverable VAT is charged to the income and expenditure aecounl or capilalised as parl of the cost of the related a55et, where approlate. Cash flow statement A slalemenl of cash flows has not been prepared as the charity has taken advantage of the exemption available in the SORP for smdler charrties. Taxation The Society ofmerchanl Venturers. Amshouses Charity 15 regtered as a charty and as such lax exemption applies lo the irorne arising from and expended on charitable activitS and lo its inveslmenl income and gains. 15
The Society of Merchant Venturers, Almshouses Charity Notes to the financial statements for the year ended 31 December 2024 Rental income from residents Wthin the rental itKome from resentS is £6,463 relating to Serv charg2512023: £5,810), of which £2.709 relates lo gas wharges based on usage {2023: £2.0561. Trustee's emoluments The Trustee did nol receive any emdumenls or reimtyjrsemenl of expenses in respect of services during the year12023'. nil). nor had any neffiCIal terest ary contract with the Charity during Ihe year or in the prior year. Employee information The Charity had no employees in either 2023 or 2024. Hvwever. a recharge is made by the Society of Merchant Venlurers and The Cole CFwity as disdosed in notes 16 and 17. Interest receivable and other income 2024 2023 Investment income 101,462 20,625 124,545 4.043 Other income 122,088 128.588 Interest payable and similar charges 2024 2023 Bank interest and charges 511 615 511 615 16
The Society of Merchant Venturers, Almshouses Charity Notes to the financial statements for the year ended 31 December 2024 (Deficit)Isurplus on ordinary activities 2024 2023 {DeficitySurplus on ordinary activilies is slaled after charging.. Audit fee 7.416 7,396 Depreciation on owned assets 2,220 The audit fee excludiw irreVerthe VAT was £6.18013)23.' £6,163). Fixed assets - Almshouses Building improvemgnts Flxtures and flttlngs Land and buildings Total Cost Al 1 January 2024 Additions 164.744 265.287 28,491 458,522 2.220 {4.1391 26,572 2.220 Disposals At 31 Decamber 2024 {4,1391 456,603 164.744 265,287 Accumulated d•preciation At 1 Janu?ry 2024 Charge for the year Disposals At 310e¢emb8r 2024 164.744 265.287 26.522 456,553 2.220 {4.139} 24.603 2,220 (4,139) 454.634 164.744 265.287 Net book valuo Al 31 December 2024 1.969 1.969 At 31 December 2023 1,969 1,969 All 0pertIeS are freehdd and held for the wrposes of WOVKling supported housng. Accumulated depreciation iludeS amounls historically dilOSed as Social Housing Grant. which relate back lo deprecia14.on of deemed c051 exduding granls received on the oriqbnal recognition of Ihe property. 17
The Society of Merchant Venturers. Almshouses Charity Notes to the financial statements for the year ended 31 December 2024 Investments Fixed asset Inv8stm8nt 2024 2023 Market value Al 1 January Additions al c051 1,522,957 1,514,273 Revaluation 1,147 1,524,104 8.684 At 31 December 1,522.957 Hlstorl¢al ¢o$t 868.776 868,776 Current assot investment 2024 2023 Market value At 1 January Revaluation 1,698,462 1,278 1,688,777 9.685 At 31 December 1,699,740 1,698.462 Historical cost 1,630,000 1,630,000 The funds continue to be invested in The Merchant vlUrerS. chareS Investment Poc4 ("MVCIP") (Charity Number 1053459). The current asset investment represents the w(teeds of sale of St NhOlaS wlh Burton's in 2(X)7 and the proceeds of sale of Merchants. AmshJse in 2014 arKJ does not form part of the endowment fund of the Charity. The Charity is acl'vety looking for the best use of these funds for new Almshouses lo meet ils objectives. Variations in the markel value oflhe investments are sh(hvn byway of movement in the inve51menl revalualK)n reserve (see mle 13). Debtors 2024 2023 Amounts falling due within one year: Rent 1,007 19,805 Other debtors 22,979 29.105 Prepaymenls and accmed income 9,836 9,109 33,822 $8.019 18
The Society of Merchant Venturers. Almshouses Charity Notes to the financial statements for the year ended 31 December 2024 10 Investments held on account of the extraordinary repair reserve The investments held on account of the extraordinary repair reserve are hdd by COIF. Withdrawals from the reserve must be approved by the Trustee and income arising from the inveslmenls is accumulated in the reserve. The investments are stated al tsir markel value on 31 December 2024. Their hislorKal cost is £74.22412023. £72.994). 2024 2023 Market value Al 1 January Additions at cost 374,404 332,092 1.230 1.230 Revaluation lo market yve 19,059 394,693 41,082 At 31 December 374.404 11 Creditors: amounts falllng due within one year 2024 2023 Trade creditors 28,872 2,500 15,828 10.827 Other creditors 2,500 18.584 Accruals an(J deferred income 47,200 31,911 19
The Society of Merchant Venturers, Almshouses Charity Notes to the financial statements for the year ended 31 December 2024 12 Capital account Al l January 2024 Transfer from income and expen(lilure account At 31 December 2024 873.576 873,576 The capital account and fixed assel investrnent revalualK)n reserve fomi the endowmeni fijnd of the Charity. 13 Investment revaluation reserve Current asset Flxed asset investment Investment Total At 1 January 2024 Revaluation lo markel value 68.462 654.181 722,643 1.278 1,147 2,425 At 31 December2024 69.740 655.328 725,06B Movements on the investment revaluation reserve represent thanges in the market value of the Current and fixed asset inveslmenls held on account of the share of the Charity in Ihe Merchanl Venturers, Charities Investmenl Pod (see note 81. 20
The Society of Merchant Venturers, Almshouses Charity Notes to the financial statements for the year ended 31 December 2024 14 Extraordlnary repair reserve Al 1 January 2024 Transfer from income and expenditure account Investment revaluation for year At 31 December 2024 374,404 1,230 19.059 394,693 15 Revenue reserve Al 1 January 2024 Surplus on ordinary actNities for year Transfer lo extraordinary repair reserve At 31 December 2024 2,141,210 101.982 {1,2301 2.241.962 16 Transactions with related parties Soclety of Merchant Venturers The Charity inCued a real1Callon of saaries and overhead costs of £15.20112023' £14,372}from the SOcty of Merchant Venturers. lo c£sver the servKes il pyovides in relation lo the fflanagement aThl adMlStratIon of the Charity, of which £97 is oulsiandiTrJ al the year-eThJ {2023". £nill. Merchant Venturers. Charlilos Investment Pool (MVCIP) SMV Trustee Company Limiled ts Ihe TnJstee of MVCIP and the ultimate controlling paty ol The Society of Merchant Venturers, Almshouses Charity. For detaS of investments held and irwme received from investments in MVCIP. see notes 4 and 8. Al 31 t)ecember 2024 the tharity was owed £22,979 by MVCIP 12023.. £29.105). 17 Connected charity The Cole Charily {Regislered Charity Number 2572371 is a connected charity under the definition of the Charilie5' SORP 2019 as il has related obiecls and the same Truslee as The Sle(Y of Merchant Venturers, Am5houses Charity. Furlher information can be obtained from the Charity's registered address detailed on page 1 of the Report of the Truslee. The Society of Merchant Venturers. Mmshouses Charily incurred a charge of £10,10712023.. £9,710} for the services of the Almshouse Manager and Ihe maintenance officw during the year. Al 31 December 2024 £2,52712023.' £nil) was owed by The Society of Merchant Venturers, Almshouse Charity lo The Cole Charity relating lo these services. The Cole Charity recharged The Society ol Merchant Venlurer5' Almshouse Charity for variou5 services during Ihe year including," the cost of a Chaplain of £nil12023." £2751, the cost of a annIng certification of £7,55812023'.£.'nill of which £6,910 was oulslanding at 31 December 202412023.. £nill and other sundry items al a cost of £1,023 {2023.. £354}. At 31 December 2024 £48212023.. £3091 was oulstanding 21
The Society of Merchant Venturers, Almshouses Charity Notes to the financial statements for the year ended 31 December 2024 The Cole Charily also recharged The Society of Merchant VentUr$. Almshouse Charity for insurance premiums during the year of £14.360 with £nil outstanding as at 31 December 2024. In 2023 The Society of Merchant Venlvrers. Almshouse Chariiy recharged The Cole Charty £241 for insurance in the year with £nil outstanding at year end. The Society of Merchant Venturers, Ajmshouse Charity reeharsEd The Cole Charity £1,524 for a unil of accommodation {2023: £16,013). At 31 December 2024 £9712023. £16,013) was oulslanding. 18 Owned l Managed units (Social Housing) Number of unlts as al 31 Decembor 2024 The Charity owns 12 units for disadvantawl kwle of which 10.5 have been fulty occupied throuOut the year12023.' 8 fully (pIed). Residonts, rgnts Residents rents are sel using ihe legislat whh wesuths a fOrrna of CCSumer PrKe Index {CPII + 1%. Wl)ere necessary, all or pwl of the rent can be redairTd. From 1 April 2024 renl for the Almshouse was £199.97 per week. The charging of rents produced a contritNJlion net of voKls over the year of £110,706 (2023". £96.216I. 22