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 fina￿al 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 soc￿1 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 TeM￿e 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. re*lecta￿e for a further 3 years and, in special
circumstances, tenure can be extended. The induc*Jon ￿￿OCe&S for any n￿Y apwnled member indudes an
initial meeliro and sile v￿11$ with the Chaimian.
The Confiicts of Interest Advisory sU￿rnm￿tee cOm￿se$ of two irKJivKluals wlh no COn￿ct￿n 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 sUt￿cOMmittee
appropriate.
Accounting support i5 pfovKled ty the Socaety of Merch￿1 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 aCcomm￿saIlon 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 ex￿1
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, ir￿luding 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) y￿S of res(xrn expend￿1 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 reSe￿e largel.
The ￿venue reserve also incIL￿e5 the proceed5 of sale of St Nthdas wth 8urton's Almshouse1£830,0001
and Merchants. AmshcxJse {£620.000) wh￿h wll used for reprovision.
The Extraordinary Repair Reserve of £394,693 al 31 December 202412023.. £374,404) w0v￿e$ 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 p￿pared
the financial slalemenls on a ￿Ing concern basis.
Governance and Financial Wiability
In accordance wilh tho Accounting Drect￿n F)rNale Registered Providers of s￿la1 Housing 2019. the
Trustee certifies compliance wilh the goVerna￿e 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 pro￿ed5
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. i1￿udITyj 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 praCt￿e 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 ap￿￿ble, 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 preparat￿n of financial statements that are free from
material misstslemenl, whether due lo fraud or e￿Or.
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 resS￿n51b1lhie9 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 r￿t 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 prc￿edureS 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 i￿l￿ded 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 COm￿lan￿ 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 i￿luded the following-.
reviewing the financial statement disclosures and leslin9 to supporting documentation lo asse55
compliance with provI￿onS of relevant laws and regulations described as having a direct effect on
the financial slalements..
reviewing the financial slalemenl disdosures and testing Io SuFVC￿tlng 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￿-and*lhIcslaudiIors-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 betr￿n 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*eC￿n for Pfivale Registered ProvKlers of Social Housing
2019.
The accounting p￿￿eS 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 liabilit￿S are iniiialy recLwised al IN"Storical cost or transaction value unless Othe￿Ise
slated in the relevant accounting ￿licY.
Basis of accounting
The financial slalemenis have been ￿epared under the historical cost convenlh)n. as modffj￿d by the
revaluation of fixed asset investments. and in accordance wth the Statement of Recommended Practice
"Accounting and Reportiro by Chaithes ISORP 20191" appl￿ble to charities preparing Iheir accounts in
accordance wlh Financial ReF¥xtiro Standard applicaÈ4e to the UK and Rep{J￿IC 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 sKJnrf￿n1 doubt on the ability of Ihe charity
lo conlinue as a wing concem. The Trustee makes t￿8 assessmenl for a penod of ￿1ve months from Ihe
dale of approval of the financtd stalements.
Under all the scenarios reviewed. the charity has Slrffi￿ent reserves lo enatAe il lo continue as a g)ing concern
for the foreseeaNe future. For Ihts reason. rt continues to adopt the wing con￿rn basis in ￿eparIng the
financial statements.
CritiGal a¢￿untIng Judgements and key sources of èstimation uncertainty
In aptAying charity's ￿ntIng p(1￿leS, 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 ￿e￿laIM)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 ac￿Unt 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 aUthOr￿ed 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 appro￿late.
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 reg￿tered as a charty and as such lax exemption
applies lo the ir￿orne arising from and expended on charitable activit￿S 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 res￿entS 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 irre￿Verthe 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 i￿ludeS amounls historically di￿lOSed 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 v￿lUrerS. char￿eS Investment Poc4 ("MVCIP") (Charity
Number 1053459).
The current asset investment represents the w(teeds of sale of St N￿hOlaS wlh Burton's in 2(X)7 and the
proceeds of sale of Merchants. Amsh￿Jse 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 y￿ve
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 inCu￿ed a real1C￿allon of saaries and overhead costs of £15.20112023' £14,372}from the SOc￿ty
of Merchant Venturers. lo c£sver the servKes il pyovides in relation lo the fflanagement aThl adM￿lStratIon 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 deta￿S 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 S￿le(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 VentU￿r$. 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 throu￿Out the
year12023.' 8 fully (￿pIed).
Residonts, rgnts
Residents rents are sel using ihe legislat￿￿ wh￿h wesuths a fOrrn￿a of CC￿Sumer PrKe Index {CPII + 1%.
Wl)ere necessary, all or pwl of the rent can be redairT￿d. 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