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2020-12-31-accounts

Note Restricted Funds Unrestricted Funds 2019
Endowed Legacies General Reserve Total
Funds Fund Fund Fund Funds
6
Income and endowments
from
Donations
and		 legacies
Subscriptions 21 21 21
Income from Investments
UK Investment Income 750,147 32,989 123,167 37,914 944,217 1,226,448
Non UK Investment
Income		 167,764 7,378 27,545 26,486 229,173 229,085
Deposit Interest 27,885 1,226 4,578 426 34,115 15,446
Total Income and endowments 945,796 41,593 155,311 64,826 1,207,526 1,471,000
Expenditure
on
Expenditure
on		 raising funds 4 129,876 5,712 21,324 156,912 161,643
Expenditure
on		 Charitable activities 5 1,101,712 48,450 180,890 1,331,052 1,277,753
Total Expenditure 1,231,588 54,162 202,214 1,487,964 1,439,396
(285,792) (12,569) (46,903) 64,826 (280,438) 31,604
Net Gains/(losses) on investments 10812 1,050,600 46,203 172,498 333,427 1,602,728 6,477,462
Net Income/(Expenditure) 764,808 33,634 125,595 398,253 1,322,290 6,509,066
Transfer ofSpecial Dividends
Transfers
between		 funds 9 285,792 12,569 46,903 (345,264)
Net Movement of Funds 1,050,600 46,203 172,498 52,989 1,322,290 6,509,066
Total Funds Brought Forward 35,627,058 1,565,311 5,848,947 4,291,802 47,333,118 40,824,052
Total Funds Carried Forward 36,677,658 1,611,514 6,021,445 4,344,791 48,655,408 47,333,118

the Year ended 3 1st Dece mber 2019
Restricted Funds Unrestricted Funds
Endowed Legacies General Reserve Total
Funds Fund Fund Fund 2019
6 F F
Income and endowments
from
Donations
and legacies
Subscriptions 21 21
Income from Investments
UK Investment Income 971,257 42,713 159,471 53,007 1,226,448
Non UK Investrnerrt
Income		 168,266 7,400 27,628 25,791 229,085
Deposit Interest 12,184 536 2,000 726 15,446
Total Income and endowments 1,151,707 50,649 189,120 79,524 1,471,000
Expenditure
on
Expenditure
on		 raising funds 133,792 5,884 21,967 161,643
Expenditure
on		 Charitable activities 1,057,596 46,510 173,647 1,277,753
Total Expenditure 1,191,388 52,394 195,614 1,439,396
(39,681) (1,745) (6,494) 79,524 31,604
Net Gains/(losses) on investments 4,936,397 217,089 810,506 513,470 6,477,462
Net Income I Expenditure 4,896,716 215,344 804,012 592,994 6,509,066
Transfers
between		 funds 39,681 1,745 6,494 (47,920)
Net Movement
of		 Funds 4,936,397 217,089 810,506 545,074 6,509,066
Total Funds Brought Forward 30,690,661 1,348,222 5,038,441 3,746,728 40,824,052
Total Funds Carried Forward 35,627,058 1,565,311 5,848,947 4,291,802 47,333,118

31stD ecember 2020
Note 2020 2019
F
Fixed Assets
Investments
and cash		 held by the
Common
Investment
Fund		 10 44,310,617 43,041,316
Current Assets
Debtors & prepayments due within one year 11 258 130
Debtors due after more than one year 11 93,800 96,600
Investments 12 3,962,630 3,154,936
Cash at Bank 336,215 1,086,794
4,392,903 4,338,460
Current Liabilities
Creditors
&accruals due in
less than one year 13 48,112 46,658
Reserve Fund I Net Current Assets 4,344,791 4,291,802
Total Assets less Current
liabilities		 48,655,408 47,333,118
Funds ofthe Charity:
Restricted Funds:
Permanent
Endowed		 Funds 16 36,677,658 35,627,058
Legacies Fund 16 1,611,514 1,565,311
Unrestricted
Funds:
General
Fund		 16 6,021,445 5,848,947
Reserve Fund 15 4,344,791 4,291,802
Total Charity Funds 48,655,408 47,333,118
The Liverpool
Merchants'
Guild		 Page 12
Statement ofCash Flows
Year ended 31stDecember 2020
2020 2019
Reconciliation
ofnet income to net cash		 flow from operating activities
Net income/(expenditure)
for the reporting		 period (as per the statement
offinancial activities) 1,322,290 6,509,066
Adjustments
for:
Net (gains)
/ losses on investments		 (1,602,728) (6,477,462)
Dividends,
interest from investments		 (1,207,505) (1,470,979)
Decrease
in debtors		 2,672 16,902
Increase
/ (Decrease) in creditors		 1,454 (16,419)
Net cash provided
by (used by) operating		 activities ~1,483,837 ~4,438,892
Statement ofCash Flows
Cash Flows from Operating
Activities:
Net cash provided
by (used by) operating		 activities ~1483817
,		 .~1,438,892
Cash Flows from investing
Activities:
Dividends,
interest from investments		 1,207,505 1,470,979
Proceeds from sale of investments 7,546,133 4,318,434
Purchase
of investments		 (8,191,802) (3,834,274)
Net cash provided
by (used by) investing		 activities 561,836 1,955,139
Change
in cash and cash equivalents		 in the the reporting period (921,981) 516,247
Cash and cash equivalents
at the beginning		 ofthe reporting period 2,065,887 1,549,640
Cash and cash equivalents
at the end		 of the reporting period 1,143,906 2,065,887
Made up as to:
Reserve Fund - Current Assets - Cash at bank 336,215 1,086,794
Common
Investment
Fund - Fixed Assets		 - Cash Deposits 807,691 979,093
1,143,906 2,065,887

3 Donations and Legacies and Legacies 2020
6		 2019
f
Legacies - see page 5 for details
Donations - see page 5 for details
4 Expenditure on Raising funds 2020
f		 2019
6
Investment Management fees 156,912 161,643
156,912 161,643
5 Expenditure on Charitable activities 2020 2019
6
Pensions 1,107,163 1,014,475
Grants 107,313 143,833
Auditors'
remuneration		 4,656 4,482
Secretaries fees 108,000 108,000
Legal Costs 2,550
Postage and stationery and web design 3,920 4,413
1,331,052 1,277,753

ofthe other fund s and is m ade up as follo ws:
Note Restricted Funds Unrestricted Funds
Endowed Legacies General Reserve Total
Funds Fund Fund Fund Funds
6 6
Subscriptions 21 21
UK Investment Income 750,147 32,989 123,167 906,303
Non UK Investment
Income		 167,764 7,378 27,545 202,687
Deposit Interest 27,885 1,226 4,578 33,689
945,796 41,593 155,311 1,142,700
Expenditure
on		 raising funds 129,876 5,712 21,324 156,912
Expenditure
on		 charitable acitvities 1,101,712 48,450 180,890 1,331,052
1,231,588 54,162 202,214 1,487,964
Net deficit before gains and losses, to be transferred 285,792 12,569 46,903 (345,264)
Fixed Assets
investments
Common
investment
Fund		 In UK Outside
UK		 Total 2019
2020
8 F
Market Value 1st January 2020 29,615,798 12,446,425 42,062,223 36,245,852
Acquisitions 3,009,361 3,982,125 6,991,486 3,550,024
Disposals (3,720,726) (3,099,358) (6,820,084) (3,697,645)
Realised Gains / (losses) 291,118 228,413 519,531 519,531
Unrealised
gains/( losses)		 on revaluation of Investments (1,132,125) 1,881,895 749,770 5,444,461
Market Value 31st December 2020 28,063,426 15,439,500 43,502,926 42,062,223
Cost at 31st December 2020 16,378,678 10,691,154 27,069,832 26,501,360
Investment
Cash Deposits
Cash at Bank 807,691 807,691 979,093
Total Common Investment Fund Investments 28,871,117 15,439,500 44,310,617 43,041,316

ear ended 31stDec m ber 2020
Value Value 0/
10 Fixed Assets (cont) 31.12.2020 31.12.2019
UK Investments 6
Fixed Income 417,339 1.49 1,553,099 5.24
Banks 1,326,608 4.73 1,557,532 5.26
Beverages 1,162,712 4.14 1,293,002 4.37
Food and Drug Retailers 532,220 1.90 1,005,112 3.39
Food Producers
and		 Processors 888,282 3.17 879,889 2.97
General
Finacial		 665,112 2.37 450,680 1.52
Global Investments 4,518,964 16.10 3,705,549 12.51
Health 679,500 2.42 824,625 2.78
Household
Goods		 619,200 2.21 580,110 1.96
Infrastructure
Funds		 1,931,256 6.88 1,909,153 6.45
Investment
Trusts		 1,396,663 4.98 1,536,200 5.19
Life Assurance 1,285,280 4.58 1,423,380 4.81
Media and Photography 1,811,250 6.45 1,305,025 4.41
Mining 2,220,659 7.91 2,089,582 7.06
Oil and Gas 2,215,181 7.89 2,618,693 8.84
Pharmaceuticals 1,397,857 4.98 1,651,260 5.58
Private Equity Stock 532,443 1.90 475,888 1.61
Real Estate Holding and Development 409,122 1.46 565,686 1.91
Software 8Computer Services 414,520 1.48 831,773
Support Services 1,692,158 6.03 1,268,717 4.28
Telecommunication Services 312,233 1.11 378,893 1.28
Tobacco 582,220 2.07 613,985 2.07
UK Investment
Grade		 Bonds 408,222 1.45 394,461 1.33
Water &Gas 644,425 2.30 703,504 5.18
28,063,426 100.00 29,615,798 100.00
Investments
outside		 the UK
Asia 1,663,147 10.77 1,883,527 15.13
Europe Investment Trusts 1,967,350 12.74 2,242,410 18.02
Japanese 1,886,685 12.22 1,726,121 13.87
Overseas
High Yield		 Bonds
US Shares 9,663,300 62.59 6,279,157 50.45
Emerging
markets		 259,018 1.68 315,210 2.53
15,439,500 100.00 12,446,425 100.00
Total Quoted Investments 43,502,926 42,062,223

11 Debtors 2020 2019
8 8
Due within one year Income tax recoverable
Other debtors 258 130
258 130
Due after more than Secured loans to beneficiaries 72,947 72,947
one year Unsecured loans to beneficiaries 20,853 23,653
93,800 96,600
Loans to beneficiaries are interest-free and have no fixed date for repayment.
As there is no certainty as to when loans to beneficiaries will be recovered, the net present value ofthose loans
cannot be measured
12 Current Asset Investments
Quoted
Investments		 in UK 2020 2019
6
Market Value 1stJanuary 2020 3,154,936 2,978,006
Acquisitions 1,200,316 284,250
Disposals (726,049) (620,789)
Realised gains/(losses) (20,558) 90,349
Unrealised
gains/( losses) on revaluation		 of investments 353,985 423,120
Market Value 31st December 2020 3,962,630 3,154,936
Cost at 31st December 2020 3,239,806 2,627,127

12 Current Asset Invest ment s (cont)
Value Value 0/
31.12.2020 31.12.2019
6
Banks 125,822 3.18 111,376 3.53
Household
Goods		 20,280 0.51 19,000 0.60
Fixed Income 190,968 4.82 354,360 11.23
Investment
Trusts		 85,217 2.15 95,980 3.04
Media and Photography 145,000 3.66 55,825 1.77
Water and Gas 32,870 0.83 35,883 1.14
Oil 8 Gas 45,100 1.14 49,518 1.57
Pharmaceuticals 242,832 6.13 294,581 9.34
Private Equity Stock 53,544 1.35 47,857 1.52
Software
& Computer		 Services 47,300 1.19 100,998 3.20
Support Services 80,619 2.03 68,145 2.16
Telecommunications Services 115,442 2.91 140,088 4.44
Europe Investment
Trusts		 453,883 11.45 357,648 11.34
US Shares 1,627,355 41.07 763,047 24.19
Japanese 437,380 11.04 345,420 10.95
Emerging
Markets		 259,018 6.54 315,210 9.99
3,962,630 100.00 3,154,936 100.00
Creditors
-amounts		 due within one year 2020 2019
6 6
Accruals 48,112 46,658
48,112 46,658
14 Capital Funds
Balance 1stJanuary 2020 43,041,316 37,077,324
Net (outgoing)
/ incoming		 resources for the year (345,264) (47,920)
Transfer from
/ (to) Reserve Fund		 345,264 47,920
Realised investment gains / (losses) (4,919) 519,531
Unrealised
gains
/ (losses)		 on revaluation of investments 749,770 5,444,461
Balance 31st December 2020 43,786,167 43,041,316
15 Reserve Fund
6
Balance 1stJanuary 2020 4,291,802 3,746,728
Net incoming
resources for the year		 64,826 79,525
Transfer (to) / from Capital Funds (345,264) (47,920)
Realised gains
/ (losses) on disposal		 of investments (20,558) 90,349
Unrealised
gains
/ (losses)		 on revaluation of investments 353,985 423,120
Balance 31st December 2020 4,344,791 4,291,802

16 Capital Funds
2020 2019
6 F
Restricted
Funds
Permanent
Endowed		 Fund 36,677,658 35,627,058
Legacies Fund 1,611,514 1,565,311
Unrestricted Funds
General
Fund		 6,021,445 5,848,947
Total Capital Funds 44,310,617 43,041,316

There are no other relat ed
party transactio		 n s.
20 Financial instruments 2020 2019
Carrying amount offinancial assets
Debt instruments
measured
at amortised		 cost
Debtors 93,800 96,600
Cash held 1,143,906 2,065,887
1,237,706 2,162,487
Instruments measured at fair value through SOFA
Investments held by Reserve Fund 3,962,630 3,154,936
Investments held by Common Investment Fund 43,502,926 42,062,223
47,465,556 45,217,159