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||Note|Restricted|Funds|Unrestricted|Unrestricted|Funds||2020|
|---|---|---|---|---|---|---|---|---|
|||Endowed|Legacies|Seneral||Reserve|Total||
|||Funds|Fund|Fund||Fund|Funds||
|||6||6||2|6|8|
|income snd endowments<br>from|||||||||
|Donations and legades|||||||||
|Subscrlptlons||||19|||19|21|
|Income from Investms rds|||||||||
|Ult Investment<br>buarrre||959.397|42.192|167523||39,I25|l,l98,237|9442I7|
|Non UK Investment<br>Income||190,384|8,373|31,259||35,231|266,247|229,173|
|Deposit Interest||46,209|1,988|7,423||11|54,631|34,115|
|'I'otal Income and endowments||1,194,990|52,553|'t96,224||74,387|1,818,134|1 207,528|
|Expenditure<br>on|||||||||
|Expendlbse on raising funds|4|155,143|6,823|25,473|||187,439|156,912|
|Expenditure<br>on Charitable acbviea|6|1,094,399|48,161|179,772|||1,322,822|1,331,052|
|Total Expenditure||1,250,042|54,91'4|205,245|||1,510,281|1487,964|
|||(55,052)|(2,421)|(9,021)||74,367|7,873|(280,438)|
|Net Galrts/(losses)<br>on Investmenta|10tt 12|4,959,468|218,104|814,293||62'l,172|6,613,027|1,602,728|
|Net Income I(Expenditure)||4,904,406|216,683|806,272||895,539|6,820,900|1,322290|
|Transfer ofSpecial Dividends|||||||||
|Transfers betweenfunda|||2,421|9,021||(66,494)|||
|Net Movement ofFunds||4,959,458|218,104|814r293||829,045|8,820,900|1,322,290|
|Total Funds Brought Forward||36,677,658|1,611,514|8,021,445|4,344,791||48,855,408|47,333,118|
|Total Funds Carried Forward||41,637,'l18|1,829,618|8,836,736|+973,836||55,278,308|48,655,408|





## 

|the Year ended 3|1stOece|mber 2020||||||
|---|---|---|---|---|---|---|---|
||||Restricted|Funds|Unrestricted|Funds||
||||Endowed|Legacies|General|Reserve|Total|
||||Funds|Fund|Fund|Fund|2020|
||||6|6|6|6|6|
|Income and endowments<br>from||||||||
|Donations<br>and legacies||||||||
|Subscrlptlons|||||21||21|
|Income from Investments||||||||
|UK Investment|Income||750,147|32,989|123,167|37,014|044,217|
|Non UK Investment<br>Income|||167,764|7,378|27,545|26,486|229,173|
|Deposit Interest|||27,885|1,226|4,578|426|34,115|
|Total Income and|endowments||946,796|41,593|1SS,311|64,826|1,207,626|
|Expenditure<br>on||||||||
|Expenditure<br>on|raising funds||129,876|5,712|21,324||166,912|
|Expenditure<br>on|Charitable|activities|1,101,712|48,450|180,890||1,331,052|
|Total Expenditure|||1,231,5S8|64,162|202,214||1,487,964|
||||(285,792)|(12,669)|(46,903)|64,826|(280,438)|
|Net Gains((losses)|on Investments||1,050,800|48,203|172,498|333,427|1,602,728|
|Net Income IExpenditure|||764,808|33,634|126,695|398,263|1,322,290|
|Transfers between|funds||286,792|12,569|46,903|(345,264)||
|Net Movement of|Funds||1,050,600|48,203|1?2,498|52,989|1,322,2SO|
|Total Funds Brought Forward|||35,627,068|1,665,311|5,848,947|4,291,802|47,333,118|
|Total Funds Carried Forward|||36,677,858|1,811,514|6,021,446|4,344,791|48,866,408|





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|The Liverpool Merchants'<br>Guild||||||||Page 13|
|---|---|---|---|---|---|---|---|---|
|Statement ofCash Flows|||||||||
|Year ended 31st December 2021|||||||||
||||||||2021|2020|
|Reoonciliatlon<br>ofnet income to net cash flow from operating||||||acgvltles|||
|Net Income for the reporgng<br>period (es per the statement|||||of|financial|||
|activities)|||||||6,620,900|1,322,290|
|Adjustments<br>for:|||||||||
|Nst (gains) on investments|||||||(6,613,027)|(1,802,728)|
|Dividends,<br>Interest from Investments|||||||(1,618,116)|(1,207,506)|
|Decrease in debtors|||||||8,842|2,672|
|increase<br>In creditors|||||||13,664|1,454|
|Net cash provided (used by) operating|activities||||||~4487736|~4.483847|
|Statement ofCash Flows|||||||||
|Cash Flows from Operating<br>Activities:|||||||||
|Net cash provided (used by) operating|activities||||||~1,487736|~4483817|
|Cash Flows from investing<br>Activities:|||||||||
|Dividends,<br>Interest from investments|||||||1,518,115|1,207,606|
|Proceeds from sais ofinvestments|||||||6,624,629|7,546,133|
|Purchase ofinvestments|||||||(4,298,683)|(8,191,802)|
|Net cash provided<br>by (used by) Investing||activities|||||3844.181|661836|
|Change<br>in cash and cash equivalents|in|the the reporting|||period||2,356,425|(921,981)|
|Cash and cash equivalents<br>at the beginning|||ofthe reporting|||period|1,143,906|2,085,887|
|Cash snd cash equivalents<br>at the end|ofthe||reporting|period|||3,600.331|1,143,906|
|hllade up as to:|||||||||
|Reserve Fund - Current Assets - Cash|at|bank|||||685,662|338,215|
|Common<br>Investment<br>Fund - Fixed Assets||- Cash Deposits|||||2,814,679|807,691|
||||||||3,600,331|1,143,906|





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|||||Note|Restricted|Funds|Unrestrtcted|Funds||
|---|---|---|---|---|---|---|---|---|---|
||||||Endowed|Legacies|General|Reserve|Total|
||||||Funds|Fund|Fund|Fund|Funds|
||||||5|8|8|8||
|Subscrlptlons|||||||19||19|
|UK Investment|Income||||%9,397|42,192|157,523||1,159,112|
|Non UK Investment<br>Income|||||190,384|8,373|31,259||230,016|
|Deposit Interest|||||45,209|1,988|7,423||54,620|
||||||1,194,990|52,553|198,224||1,443,767|
|Expenditure<br>on|raising funds||||155,143|6,823|25,473||187,439|
|Expenditure<br>on|charitable|acitvltles|||1,094,899|48,161|'l79,772||1,322,822|
||||||1,250,042|54,974|205,245||1,610,261|
|Net deficit before gains snd tosses, to be||||transferred|55,052||9,021|(66,494||
|Fixed Aseste||||||||||
|Investments||||||||||
|Common<br>Investment<br>Fund||||||In UK|Outside<br>UK|Total|2020|
|||||||||2021||
||||||||8|||
|Market Value 1slJanuary||2021||||28,063,426|15,439,500|43,602,926|42,062223|
|Acquisltlons||||||1,885,641|1,743,213|3,628,854|6,991,486|
|Dlsposals||||||(3,743,172)|(1,892,870)|(5,635,842)|(6,820,084)|
|Realised Gains|/ (losses)|||||269,836|173,M6|443,421|619,531|
|Unrsallsed<br>gains/( losses)||on|revaluation|of Investments||3,479,516|2,068,919|5,548,434|749,770|
|Market Value 31stDecember|||2021|||29,965,246|17,532,547|47,487,793|43,502,926|
|Cost at 31stDecember 2021||||||20,921,241|11,363,714|32,274,956|27,089,832|
|Investment<br>Cash Deposits||||||||||
|Cash at Bank||||||2,814,679||2,814,679|807,691|
|Total Common|Invsstmsnt||Fund Investments|||32769925|17&532547|50j302&472|44&310 6'l7|



## 



## 

|ea|r ended 31stDe|cember 2021|||||
|---|---|---|---|---|---|---|
||||Value||Value||
|10|Fixed Assets (cont}||31,12,2021||31.12.2020||
||UK Investments||8||6||
||Fixed Income||404,429|1.36|417,339|1.49|
||Banks||'l,706,920|5.70|1,328,808|4.73|
||Beverages||'I,630,544|BA4|I, I62,712|4rl4|
||Food and Drug Retailers||1,924,642|6.43|2,039,702|7,27|
||General Financial||870,320|2.24|665,112|2.37|
||General Industries||577,000|1.93|488,600|1.74|
||Global Investments||4,010,282|1639|4,518,984|IB.ID|
||Health||||679,500|2.42|
||Infrastructure<br>Funds||2,523,280|8.42|1,931,256|6.88|
||Investment<br>Trusts||1,033,725|3A5|1,396,863|4.98|
||Life Assurance||1,327,890|4A3|1,286,280|4.58|
||Media and Photography||2,361,220|7.88|1,811,250|6,45|
||Mining||1,357,628|4.53|2,220,659|7.91|
||Oil and Gas||2,861,574|9.65|2,216,181|7.89|
||PharmaceuOcals||1,804,084|6.02|1,397,857|4.98|
||Precious Metals||603,200|2.01|||
||Private Equity Stock||626,241|2.09|632,443|1.90|
||Real Estate Holding|and Development|||409,122|1.46|
||Software &Computer Services||'l68,055|0.66|414,520|1AS|
||Support Services||1,712,701|5.72|1,203,568|429|
||Telecommunication|Services|2S9,824|0.97|312,233|1,11|
||Tobacco||687,703|1.96|582,220|2.07|
||UK Investment<br>Grade Bonds||384,433|1.28|408,222|1A6|
||Water &Gas||789,551|2.65|644,425|2.31|
||||29,965,246|100.00|28,083,426|100.0D|
||Investments<br>outside the UK||||||
||Asia||1,688,131|9.62|1,663,147|10,77|
||Europe Investment|Trusts|2,315,119|13.20|1,987,360|12.74|
||Japanese||1,986,991|11.22|1,886,685|'l2.22|
||USShares||11,564,306|65.96|9,863,300|62,59|
||Emerging<br>markets||||269,018|1.68|
||||17,532,647|100.00|16,439,5DD|100.00|
||Total Quoted Investments||47,487,793||43&02,928||





## 

## 

|Debtors|||2021|2020|
|---|---|---|---|---|
||||5|f|
|Due within one year|Other debtors||307|258|
||||307|000|
|Dus after more than|Secured loans to beneficiaries||66,228|72,947|
|ons year|Unsecured|loans to beneficiaries|18,681|20,853|
||||04,009|03,000|



## 

## 

|Quoted Investments<br>In UK||202'I||2020|
|---|---|---|---|---|
|Market Value 1stJanuary 2021||3,962,630||3,154,936|
|Acqulsl0ons||669,729||1,200,316|
|Dlsposals||(988,787)||(726,049)|
|Realised gains/(losses)||93,667||(20,558)|
|Unrsallssd<br>galnson<br>revaluation|ofinvestments|527,505||353,985|
|Market Value 31st December|2021|4,264,744||3,9623630|
|Cost at 31stDecember 2021||BII70700|,|, 3330,000|





## 

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## 


|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|12|Current Asset investments||||||(cont)|||||
|||||||||Value||Value||
|||||||||31.12.2021||31,12,2020||
|||||||||f||f||
||Banks|||||||162,437|3.81|126,822|3.18|
||Household<br>Goods|||||||19,660|0.46|20,280|0.51|
||Fixed Income|||||||186,OBO|4.34|190,968|4.82|
||General<br>Industries|||||||96,205|2.23|80,619|2.03|
||Infrastructure<br>Funds|||||||51,926|1.22|||
||Investment<br>Trusts|||||||44,303|1.04|85,217|2.16|
||Media and Photography|||||||183,860|4.31|146,OOO|3.66|
||Water and Gas|||||||40,272|0.94|32,670|0.83|
||Oil &Gas|||||||68,499|1.37|45,100|1.14|
||Pharmaceutlcals|||||||296,606|8.95|242,832|8.13|
||Private Equity Stock|||||||62,977|1.48|53,644|1.36|
||Software & Computer|||Services||||63,021|1.48|47,300|1,19|
||Support Services|||||||44,260|1.04|||
||Telecommunications||Services|||||107,167|2.51|116,442|2,91|
||Europe Investmsnt|Trusts||||||304,093|7.13|463,883|11.45|
||USShares|||||||2,084,796|48.88|1,827,355|41.0/|
||Japanese|||||||460,720|10.80|437,380|11.04|
||Emerging<br>Markets|||||||||269,018|6.54|
|||||||||4,264,744|100.00|3,962,630|100.00|
|13|Creditors - amounts||dus|||within one year|||2021||2020|
||Accruals||||||||61,776<br>61776,||48,112<br>46,112|
|14|Capital Funds|||||||||||
||||||||||||f|
||Balance 1stJanuary||2021||||||43,788,167||43,041,316|
||Net (outgoing)<br>/ incoming|||||resources for ths year|||(68,494)||(346,264)|
||Transfer from Reserve|||Fund|||||66,494||346,284|
||Realised investment||gains|||/ (losses)|||443,421||(4,919)|
||Unrealfssd<br>gains on|revaluation|||||of invsstm ants||5,648,434||749,770|
||Balance 31stDecember|||||2021|||49,778,222||43,786,167|
|15|Reserve Fund|||||||||||
||||||||||f||f|
||Balance 1stJanuary||2021||||||4,344,791||4,291,802|
||Nst Incoming resources|||for the|||year||74,387||64,826|
||Transfer (to) from Capital|||||I unde|||(60,494)||(345204)|
||Realised gains/(losses)||||on disposal ofinvsstmenls||||93,687||(20,668)|
||Unreal ised gains on|revaluation|||||of investments||527,605||353,985|
||Balance 31stDecember||||2021||||4,972,8114||4844791|





## 

## 

|Ye|ar ended 31stDe|cember 202'I|||
|---|---|---|---|---|
|16|Capital Funds||||
||||2021|2020|
|||||8|
||Restrloted<br>Funds||||
||Permanent<br>Endowed|Fund|41,637,116|36,677,668|
||Legacies Fund||'i,829,618|1,611,614|
||Unrestricted<br>Funds||||
||General Fund||6,836,738|6,021,446|
||Total Capital Funds||60,302,472|44 313417|





## 



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## 

|There are|no other relat|ed parly transaction|s.||||
|---|---|---|---|---|---|---|
|Financial|instruments||||2021|2020|
|Canylng amount offlnsndal assets|||||||
|Debt Instruments<br>measured<br>at amorflsed cost|||||||
||Debtors||||84,909|93,800|
||Cash held||||3,600,331|1,143,906|
||||||5, 55515|5557M|
|Instnunents|measured|at fair value through|SOFA||||
||Investments|held by Reserve|Fund||4367L744|3.982,630|
||Invesbnsnts|held by Common|Investment|Fund|47.487,793|43,502,926|
||||||51,75,|.555575|
|carrying amount offinanrxal<br>llablfltiss|||||||
|Measured|et amorflsed|cost|||||
||Accrusls||||. 7|55,1|