Th& Livarpool Merchants, Guild Annual Report & Financial Statements Year ended 31 st December 2022 Registered Charity No.206454
The Liverpool Merchants, Guild Flnanclal Statemènts Yèar ended 31st Decembor 2022 Index Page Truste8s' Annual Report Includlng staternent of trustees, rc4JpollvoibilitictJ Audltors, Report 10 Statement of Financial Activitles 11 Comparative Statement of Flnanclal Activltles for the year ended 315t December 2021 12 Slatement of Financial Position 13 Slatemenl of Cash Flows 14-23 Note8 to the Flnanclal Statements
The Liv8rpool Merchants, Guild Page 1 Trustees. Annual Report Year ended 3151 December 2022 The Trustees present thèir Annual Report and the Financial Slalemenls for the year ended 31 December 2022, which have been prepared in aOrdanCe with part 8 01 the Charill&s A¢1 2011. Structure, Gov&rnanc6 and Management The Charity was eslabllshed by ihe wlll of the lale Calherlne Wright In 1868 as "Wright's Inslilulion" end wa8 incorporated along w(Ih all its subsidiary funds by Royal Ch8rter In 1914 as The Llverpool Merchan15' Gulld. 11 is reglslered wllh the Charity Commisslon no. 206454. The Charlly's addrass is 110-114, Duke Street. Liverpool, L1 SAG, The Royal Chart8r w89 8m8nded by 8 Scheme of the Charlty Commlssion in May 1972 whlch exiended the objects of the Gulld and the way6 In whlch benefils could be paid lo benefici8riÈs, 881abllshed a Common Investmenl Fund in respect of 811 of the separat8 funds that comprlsed the Guild, and granted unreslricled powers of Investment. At the same lime the Byelaws were updated lo reflect these Changes. A Supplemental Royal Charter was granted in December 2006 which updated and replaced the original Charler and subsequenl amendment after the Ch8rlty Commission had agreed a Scheme whlch updated the dallnillons of th6 objÈcls of the Charity and the powers of investment. The Board of Manag¢menl wertr also granted power lo provlde Indemnlly In¥Lrran¢e for Ihem8elv88 and a simpllfled proGedure for deallng wllh any future emendmenls lo the Royal Charter was InlroduG8d. In 8ddSllnn In the. Royal P.h8rtfftr the.re. arft 8 sal of Rye.law8 whlr.h de.al wlh admlnlslralivp Hnd managem@nt mgtl&rs. Th8 Byelaw8 were 8xl8nslvaly revisèd in conjunctSon wllh thè granllng of the Supplemental Charter In Docember 2006. In parllcular, the Byelaws recognised a slngle class of membership of the Guild, belng persons paying an annual sub8crlplion of £2.10. Ex-Dffiolo membership of th8 Guild and the Board of Managemonl was, wllh the consènt of thè exl8lln9 offlce holders, brought to an end. The Board of Management of Ihg Gulld Is elected from the membars of tha Gulld. The followlng persons, who are all Iru81ees, have been members of the Board of Management durlng Ihe year-.- Elected members:_ Mr R.J. Carter Mr S.T. Chapple-Glll Mr8 G. Ferrlgno Mr A.T. Morri8 Mr L. Downey Mr K. Head Mr D. 8ailey Mr W M T Roberts Dr C Lewis-Jones Ichalrmanl One Ihlrd of the elècted membgrs are appolnled on an 8nnu81 basls Al the Annual General Meellng. There are two Sub-commlllees appolnled by the Board of Management. FinarKe scomrn1IteO- which deals with the manoggmgnl of the Guild's investments Mr R.J. Carler ICh8irmanl Mr A.T. Morris Mr L. Downey Mr D. Bailey
ThÈ Liverpool Merchants. Gulld Page 2 Trustees, Annual Report Year ended 31sI December 2022 SeleclK)n Sub-Commlllee- whlch deals with the award of pen8ion8 and grants. Mrs G. Ferrigno {Chalrl Mr R.J. Carter Mr S.T. Chapple-Gill Mr K. Head Mr D. Bgiley Mr W M T Roberts Dr C L8wis-Jones New members are recrui16d on the basls of the skllls, relevant experlence or experllse that they are able lo contribute lo the Board of Management. They undergo a short perlod of Inducllon Iralnlng explaining the conslilulion of the Guild, the responsibiliti85 of a Mamber of the Bo8rd of Man8gem8nt and the worklng$ of Ihe $ub.commlllee lo whlch they w511 be allocated. Day to Day Management The day lo day manBgemenl of the Charlty Is condLtcled by Moore INWI LLP In Ihplr capacity as Sebr¥l(Iritts. Rl$k Manag8ment ThB Board of Management has assessed the malor rlsks and unc8rtalnlies faolng the charlly and have Identified Ihesg as:. Security of Assets, Inv95tmenl Po11cles, Fraud, Dlsasler Recovery and Safety durlng Vlslls lo 8en&fielaries A summary of the plan8 and 8traleoy for manaoino Ihe8e rlsks 8re as follows:. 1. Securlty of A8s&Is Safo ¢uslody 8rrangem8nls have b8en tnad8 wlh 18g8rd lo the Gulld'8 Investments such that all share and stock certificates ar8 held by either the New York Mellon Bank or In ele¢lronlc formal by Ralhbone Nomine88 Limited. 2. Inveslmenl Pollcles The Trustees h8ve pul In place 8 written Inv881menl policy and have delegated dis¢rtrlionary management of the Gulld's Investments lo Ralhbone Inve8lmenl Man8gemenl who regularly monitor the performance of the Gulld'8 Inve8tmenl8 whlch performance 18 a180 regularly reviewed al me911ngs L)r Ilie [nance Lommlllee. 3. Fraud Th8 Trustees regularly mgnilor the financlal performance of the Gulld. There is a segregation of dutie8 and. whilst cash balances of Liverpool Merchants, Gulld are frequently managed by both the Secrelarles and the Inveslmenl Managers, the Trustees insist on confirmation that both thè Secretaries and the Investment Managers have adequate professional indemnity and insurance cover In place. 4. 018as18r Recgvery Th8 se¢tar5e6 ensure that dpta back-up procedures are in place together with adequate insurance cover.
Th¢ Liverpool M¢r¢haw]ts' Guild Page 3 Trust8gs' Annual Rgport Year endad 314 December 2022 S. Safely during Visits lo Bengficiaries The Trustees ensure thel pro¢¢durg5 wlh regard to the staff of the Secretsrles vlslllng b&nefi¢iarles at home are slrlclly adhered lo. Objoctlves and Actlv5tlès The objects of lh& Charlty as defin6d by th8 Supplamental Royal Charter of December 2006 aTe.'. To rellev8 Individuals who h8ve bgen a prof88slon81 or sell-8mployed psrson, a person who w¢rkad in 8 supervisory c8P8cily, or 8 trlerical Or non-martual worker, and thelr depend8nls, who ar6 residing in Alerseyside, or who have $0 rgsided for g Gontinuous period of not less Ih8n fifteen yaars, who ar$ not less Ihan lifty arS of age and who ère In condillons ol need, hardship or dlslr8ss, either by paying pgnsions or by making grants or lo?ns of money or providing or poyfng for ilgms. servlcas or facilllles calculated to reduce such need, hardship or cllslress &s afores&ld. To acc8pI and aclmlnlst&r aiiy funds orprop&rty glv61? or b&qu&8lhed to th8 Gulld upon any Iru&t8 for ch8r118bl8 purpos8s whlch. In Ihtt oplnlon of th8 Board of M8nag&ment of the Gulld, Gan b ¢onveni8nlly cerried out and &dmlnlsler@d by the Gulld. senefil lakes the form ol pen51ons or grants of money for speclfic Items of exp&N$e ol such an aMcnI as the Board of Management consider sultable lo Ihe clrcumslances of &ach Indlvidual case. Achlevements and Performanco Penslons wère awarded lo 25 new benellciarles durlng the year12021 301. The cSrcumstances of èxlslino b8neficl8ries ware also rèvlewèd resulllng In an Increase lo Ihelr penslons of £40,700. Total penslons paid during the year amounted lo £960,673. The Sub-commlllèe a180 made payments of grants lolalling £159,344. The number of benefiblarles In reoelpl of pen51on$ al th8 end of tho year was 244 (2021 - 2681, Plans for Futur8 Pgrfods The Llvgrpool Merohants. Gulld oonllnu65 to provlde fundlng toward5 the support of Snd¥pendenl Ilvlng by mgans of th9 prr>vi8lon of 8pecia1181 equlpmenl or re81denllal 8d8ptallon5 for Individuals wllh 8pecSal n$$ds. The prin¢lpal short leTm and long term alms and obleclwes of Thg Liverpool Mèrchat)Is' Gulld are to Increase the numbgr of beneficiarles and poslllve efforts 8r8 81111 belng modo lo @chiovo thi3 alm, Including updallng the Gulld's w8b811e lo facllllale ¢leclronic 8ppIIc8llons. All currenl benef1clarles have recenlly been Informed th81, In addltlon to maklng regular paymonls, The Livarpool Merchants. Guild also make granls availablg for it8ms of excepllonal expendllure. AtJ4ilionally, grants are available lo new appllcanls and thls Is slated both on Ihs Guild's webslte and published In appllcalion guidelines. Marketing A rango of materials. Including a website, posters and brochures, have been produced lo promot¢ the Guild and il is hoped that this will result in an increasp in the number of 8pplic8tions for benefit not only for gran15 19 support independent Ilving bul also for ordinary pensions.
The Liverpool Merchants, Guild Page 4 Trustees. Annual Report Yèar onded 31 December 2022 Flnances The Supplemental Charter ol De¢&mb8r 2006 gr8nled the 808rd of Management power lo Invest funds, employ a prtsfesslonal fund mana9er and to arrange for the iriveslmenls of the Guild lo b¢ held In the name of a nominee in the same manner as Iru81ees ol a trust are permitied to do by the Trusltte Act 2000. Th& c8pltg1 fiJnd3 of the Gulld may also be Investsd In a Common Inveslfflenl Fund es18bll8hed by Scheme of the Charity Commlsslon on 41k May 1972. In March 2007 the Charlly Commis51on approved a Schems whsreby the Previously separAie Domed funds were formolly amalgamated Into a slngle fund enlitled The Liverpool M8rchanls' Guild. The c8pltal of the Gulld is grouped into lour funds.. The Permanent Endowed Fund is rnade up ol all the orlglnal separale funds whlch werè Incorporated Into the Guild 81 the Ilme Ihe original Royal Charter was granted together wilh subsequent beque51s whlch hod 8llpulaled thai th8 capllal was not expendable. Thls fund Ss a reslrloled fund and only Income may be expended in furtheranoe ol the objects ol lh8 Gulld. The Leg8¢lts Fund Is Èlso 8 reslrl¢l8d fund but comprlses bequests to the Guild where ther6 has been no sllpulalion reg8rdlng c,Hpital. Thp whr)Ip af thls fiind Is expp.ndahle nn the nhjprLs of the Gulld aSlhougtri al presoril only the Incgme15 bglng used. The General Fund Is an unrestrlcled fund and cofflprls8$ uncondlllonal bgquesls lo the Gulld. Al present only Income Is beln9 ullllsed vAth any un5pÈnl 1ncorne at th8 ènd ol aach year belng trènslèrrad lo Ihfr Rese8 Fund. The Raserve Fund 18 an Ltnre8lrfctèd lund and comprls88 unspènt Ineome aecumulaled over many y88rs. Part Df Ihe Resèrve Fund has been ullllsed In prevlous years lo finance 108ng lo beneflcl¥Aes to enable them to Carry out essenllal property r8palrs. A further part of th$ Reserve Fund Is Invested lemporarlly. Rathbone Investment MBnagemenl conllnued lo rnanage the Gulld's investments on a dl8crellDnary basls. In accordance with th& param6ters 991 by Ihg Flnanco Commltle&, under the terms of Ihelr appolnlmenl whlch cornmenced on 1st October 2013. The fiJn(Ss have performed 8$ follows durln9 the year.. - B99poke Comp0811e 8enchm8rk- year ¢0 31.12.2022 .13.81% 31.12.2021 31.12.2022 Y•.ag• chan9e Benchmark Common Invèstmènt Fund M&rkel value 47,487.793 43.988,306 Cash held by Ralhbones 49.707.320 46.171.831 Income gener8ted 1.449,522 14.37}0 13.8)%
The Liverpool Merchants, Gulld Page 5 Trustees, ArTrnual Report Year ended 31st December 2022 31.12.2021 31.12.2022 Yrfg& change Benohm8rf¢ Reserve Fund Market value 4,264,744 3,672,207 Cash held by Raihbones 4,768,627 4.060,525 Income gonerated 112.851% (3,81¥. Management fees taken Duriiig the year tlie Common Inve$lnienl Fund and Ihe Re8erva FLtnd l)dd coiiibined realised losses on inve51men18 lolalllng £499,960 and unreallsed losses on inveElmenls amounllng lo £3,950,346. Overall. laklng cash balanGes Into account, the Gomblned value of Ihe Common Investment Fund and the Reserve Fund al 3161 December 2022 amounted lo £50,936,897 which w88 on decre8s6 of £4,339,411 on the comblned value of the Common Investment Fund and the Reserve Fund al 3111 December 2021 In the sum of £55,276,308. There were no legacles or donallons reeelved during the year (2021 The prindpal fundlng $our¢es of the Charity are the investments whl¢h the Charity holds. Durlng the reportin9 perlod Invealmenl income amounted lo £1,544,768 which sum subslanlially covered the Guild'8 expendllura on charilablg a¢llvlll&$ of £1,253,799. Golng Concèrn In accordance wllh the requlremenls of FRS102 SORP, the Tru8le88 have r8vlewed Ihe flninel#l poslllon of the Gulld. Thls revlew has covered a perlod up lo 318t December 2024 and Ihe Trustees of the Guild ar& unanimDusly of the view thal the Charlly Is a gDln9 concarn. Tho Trustees are also unanlmously of the vlew that there are no mater181 uncertalnlles aboul the Charity's ?bilily lo continue. Rèserves Whi181 all charlleble payments are entirely dlscretitinary and there is no Irrevocable commitment for fijrther expendllure, the Board of Man8gemenl conslder that a reasonable level of reserve would equate lo approxSmalely 12 months expenditure. Current free re8erves, £4,317,292, are approxlmalely 36 months ¢xpgndllur@. The Board of Management are comfortable wlth the level of reserves held, parlicularfy in vlew of Its Intention lo actively seek lo Increase the number of ben8fici3ries. Responslbilities Charlly Law requires the B08rd of Man8g8menl lo prepare flnanclal $18t8ments for each financlal year which give a true and fair view of the slate of affairs of the Charity and of 118 flnancial aGlivities for that perlod. In preparlng those fin8nclal stslem6nls the Board of Management Is requlred to:. select sullable accounllng policles and then apply them consistenly- make Judgements and e5timaies ihat ar8 reasonable and prudent., $18te whalher the policies adopted are in accordance with the Statement ol Recomrnended Pr8Ctlcè Charitiès SORP IFRS 1021 issuÈd by the Charity Cornmlsslon and with applicable a¢¢ounlino stsndards subjeci lo any mal&rfal departures dls¢losed and explalned in Ihe financial 51ateTnents.
The Llverpool Nierohants, Gulld Page 6 Trustees. Annual Report Year ended 31S1 December 2022 prepare the financial statements on a going concern basis unl8ss it is inappropriale to assume that the Charlly will conllnue In buslness. The Board of Managemenl Ss responsibl? for k¢eplng proper aocounlin9 records whi¢h dlsclose with rÈ8sonable accuracy al any Ilme the fln8nclal position of the charity and lo enable them lo ensure Ihet the financlal slatements comply with the Charities Act 2011 and the Royal Charter of 2006. It Is responsible for $af8guardlng the assets of Ihe Chaiity and hence for 18klng reasonable slep$ lor Ihg prevention and detection ol fraud or other irregularltles. Thg Trustees have ¢omplled wllh Ihe duly In secuon 8 of the 2011 Charities Acl lo hava due rggard lo the guldance on publlc beneflt published by the Charity Commission (Public Benefit). Post Balance Sheet Events The TrLfrSteas havg been closely monllorlng events 81nce the beglnnlng of 2023 and can report that there has been a decrease of 10.6% In th8 level of dlvldend Income genèrated by the GuSld's inveslm$nls comparing the flrsl four nonlhs of 2023 with th& first foLrr months of 2022. Secr•tories The Secretariés of the Gulld are Moore INW} LLP, Ch8rlered Accounlanls, 110-114 Duke Street, Llverpool, L1 SAG. 8ank8rs Tha Gulld's prlnclpal bankers are BarGlay8 Bank PLC, Clly Offlc&, 488 and SO Lord Street, Llverpool, L2 1TD. Invg8tmènt Managers Th@ GLtild's Investment Manager8 are Ralhbone Investment Management, Port of Llverpool Buikllng, Pler H¢ad, Liv$rpool, L3 1 NW. Audltor¥ The Gulld's audSlor8 are BWM, Chartered Accounlanls, Tempe8t, Sulle S.1, Tllhebarn Street, Llverpool, L2 2DT. Solieltors The GuSld'8 8ollcllor8 are Brabners LLP, Horton Hou$0, Excharno¢ F5ags, Llvorpool, L2 3YL. Wèbslte: Mnfftw.Ilver oolm$rch8nts uild.or E-mall: er oolmerchanls ulld.or .uk Telephone and Fax Tel.. 0151 703 1080 Fax.. 0151703 1085 On behalf of the Board of Management 14 fTrJF(r Alr R.J. artgr Chalrman Date . 2023
The Llverpool Mor¢hants' Gulld Page 7 Independent Auditors, Report to tho Trustegs of The Llverpool Mer¢hant$' Gulld Opinion We have audlted the flnancial statements of The Liverpool Merchants, Gulld {the '¢harity'l for the year ended 31 December 2022 which comprise the statement of financial activities. the 8tatsment of financial positiori, the statement of cash flow5 and notes lo the financial statements. including significant accounting policies. The financial reporting framework Ihal has been applied in their prepardtlon Is appllcable law and Llnited Kingdom Accounting Standards, includlng Flnanclal Reporting Standard 102 The Fingncial Reporting St8ndard applicabl8 in the UK and RepubliG of Ireland (United Kingdom Generalty Accepted Accountlng PTactlGe). In ouroplnlon, the finanttlal 8talemenls= give a true and falr vlew of the slate of the charity's affairs as at 31 Decembgr 2C)22 and of Ils In¢omlng resources and appllcallon of resources, for the year then end&d; have been prop8rly prepared In acoordance wlth Unlted KSngdom Generally Accepted Account5ng Pr8clice-, and have been prepared in accordance with the requirement¥ of the Charitiès Act 2011. Bast8 for oplnlon We Gonducted our audlt In accordanoe wlth Inlernallonal Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibllities under those standards are further d88crlbed In Ilie Aud11 s ie&pc>ii&ibllitie& fui Ili(* uudlt tsf Ilitr firi&iits'i&l sl&teriigiil& sgkn'liuii ul our reporl. We are independent of the charlly In accordance wllh the elhlc81 r8quir&ments thal gre relevant Ic our audlt of the flnanclal statements In the UK, Includlnq the FRC'S Elhlcal Star¢dard, and we havo fulfilled our other elhlcal re8ponslbilltl8s In accordance with these requirement8. We belleve that th& audlt evldenco we have obtalned18 sufficlent and approprlate to provld8 a b8s15 for our oplnlon. Concluslons rèlatlng to goln9 conctrn In gudiling the financlal statements, we have concludèd that th8 tru8lee8' use of the golng concern basls of accountlng In the preparatlon of the financial statements Is approprlal8, Based on tho work wa havè porform8d, w• havo not Sd8nlilled any materlal uTh¢$rtalrbll88 relallng to events or conditions that, Indlvidually or collecllvely. may cast slgnlflcant doubt on the ¢harlty's abllity to Gontlnu9 as a golng ¢onG¢rn for a pariod of at least twelve months from whfjn the flnancial statements gre aulhorised for issue. Our responslbllllies and the responslbllllles of the Irustees wllh regpecl to oolng concern are de8cribed In the relevant sections of thls report. Othèr Inforrnallor Th6 olh&r information cornprises the information inttluded in the annual report other than the flnan¢ial statements and our auditor's Teport Ihereon. The trustees are responslble for the other informatlon contalned wlthin the annual report. Our oplnion on the flnanclal 8t8tements does not cover the other information and we do not express any form of assurance concluslon theroon. Our responslblllty 18 to read the other Informatlon and. In doln9 so, consider whelh9r th8 Other Information Is materially inconsistent with Ihe flnanclal slatements or our knowledge obtained in the Course of the audlt, or olherwlse appears lo be malerlally mSsslated. If wg identify such malerfal Inconslstencles or apparent matarial mlsstatements, we are r¢quired to determlne whether thls gives rlse to a material mlsslatement In the flnancial statements themselves. If, based on the work we have performed, we conclude that there is a mgterlal mlsstalemenl of thls other information, we are required to report that fact. We have nolhlng to report In this gard. Matters on whlch we 3re requlred to report by ex¢?ptlon We have nothing lo report in r&sp&¢t of the following matters In relation to whlch the Charitigs (Accounts gnd Rgports) Regulations 2008 r8quire us to report to you if, In our opinlon: the Snlormatlon glven In the financlal statements Is inGonslstent in any mateiial respect wlth the Truslpes. Report: or sufficlent accounllng records have not been kept., or
The Liv&rpool Merchants. Guild Page 8 Independent Auditors. Rgport to thè Trustees of The Liv&rpool Mèrch8nts' Gulld the flnancial statements are not in agreement with the accounting records; or we have not received all Ihg information ?nrJ explanations we requirt for our aud. Responsibilitiès of tnjstees As explalned more fully in the statement of Trus18es' Responslbilities, the trustees are responsibl@ for the preparalSon of th8 financlal slatem8nts and for belng satisfied that they give a true and fair view, and lor such internal oonlrol as th8 Irusl&8s determine is necessary to enable thg preparation of financlal 8tatem6nls that 8r8 free from mat8rlal misststem8nl, whether due to fraud or error. In preparing the flnancial slalemenls, th6 trustees are responsiblo for ass6sslng the ch8rlty'8 ability to continu& a8 a going conc&m, di$¢lo$ing. as applicabls, matters related lo goSng concern and using the going concern basis of accounting unle83 the trust888 either intend lo ¢ease operation$, or have no realistic #llernalive bul lo do so. Avdltor's rosponslbllltles for the audlt of the Ilnancl81 statements W8 h8V8 been appointed as 8udilor$ under section 144 of the Charities Act 2011 2nd raporl In accordance with the Act and rèl&vant régulations made or havinq èff8cI Ihereunder. Our obleclives are lo obtain reasonable assurance about whglh$r the financlal slalemenlg As a whol¢ arg free from mal8rial mSsslalemenl, wh8lher due to fraud or error, and to Issu8 an audllor's report that Includes our oplnion. Reasonable assurance is a hloh level of a58ur8nce, bul Is not a oiiaranlfip. that an giidll onndiic,Ipd Sn 8r.e,nrdancth wSlh l.%A8 IIIKI will alway.8 dftlerl A malerlAI misstatemonl when It oxlsls. Ml$sl8lemanis can arlse from fraud or error and are consldered malerlal if, Indlvidually or In the aggregate, they could reasonably be expected lo InlvenG8 Ihe ¢Gtsnomlc éeclslons of u8ers 18k8n on the basls of these flnanclal 8lal8menls. Irregularftles, includlng fraud, are In81ances of non-compllance wlth laws and regulgtlon8. Wa deslgn procedures In line with our respon5ibllities, outlinecj 8bDv8, to deteel malerlal misstatements In respect ol Irregularilles, Includlng fraud. The extent to which our procedures are capable of deltctlng Irrègularitlas, Includlng fraud, Is detail8d below. Extenl to whlch the audlt wos considered capable of detectlng Irregularltle8, In¢ludlng fraud Our 8pproach to Identlfylng and assesslng the risk5 of malerla5 mlsslatement In respect of Irregul8rltles. Includlng fraud and non-compllancg wllh laws and r8gulallens, was as follows: the engagement partner ensured Ihol the engagement team collectlvely had the approprlale oompglence, capabllllSes and skllls lo Identify or r8eognlse non-compllanee with applicable law5 and regulations- we i¢entified the laws and regulations appliceble to the ¢harfly through dlscusslons with Irust88s gnd other managemont., w& focused on specKic laws and regulatlons whlch wg consldered may hav& a dlrect material effect on the linancial ¥tat8ments or Ihg operations of thè charity, Includlng ts%81ign legislstion and clata protection, anti-bribery, employmgnt and health and safety leglsl81ion; W8 assessed the extent of compliance with th8 laws and regulations idgnlified above through maklng enqulrles of management and Inspecting legal corr8sponden¢e-, and Identlfied laws regulations were ctsmmunlcated withSn the audil team regularly and the team remained alert to Instances of non-compllance throughout the audlt. We assessed the susceptibillty of the charlty's financlal statements to material misstatement. Inoludlng obtalnlng an understandlng of how fraud mlghl oocur. by: maklng enouiries of management as to where they consldered there was Susceptibility to fraud. thelr knowledge of actual. suspected and alleged fraud.. and consldering the intem81 controls in plAce to mitigate rlsks of fraud and non-compllance with laws and regulations. To address the risk offrÈud through man8gemenl bias and override of controls, we.. performed analylioal procedures to identify any unusual or unexpected r8lallonshlps',
The Liverpool Merchants. Guild Pa9e 9 Independent Audltors. Report to the Trustees of The Llverpool Merchants, Gulld lesEed Journal entries lo Idenllfy unusual transactions; assessed whether judgements and assumptions made In determining the accountlng estimates were indicative of potentlal blas,. and invesligatod the ralionale behlnd signlficant or unususl transactions. In response to the ri8k of irregulaTttie5 and nOnomplI8n¢e with laws and regulallons, we deslgned pro¢edure$ whi¢h included. bul were not limitsd to.. agreeing financial statement disclosur@s to underlying supporting docijmentstlon., readlng the minutes of meetlngs of those charged wilh governance.. and enquiring of management as to actual and polentlal lillgatlon and clalms. There are Inherent Ilmltatlons our audlt procedur85 described abovè. The more removed that laws and regulations are ffom flnancl81 transactions, the less Ilkely ft Is that we would becom$ aware of non-compllance. Audltlng standards also limit tho audit procodures requlred to identlfy non-compllance wllh laws and rogulalions lo enquiry of thg trustees and olheT management and tha Inspacllon of regulatory and legal corr8spondgn¢e, if any. Material misstalornents Ihal arlse due to fraud can b8 harder to detect than those that ariso from error as Ih8y may Involve dellberats concealm8nt or colluslon. A furthsr descrlptlon of our responsibllllies Is avallable on the Flnanclal Reportlng Coun¢ll'$ webslte al.. hllps.'Ilwww.frc.or .uklaudllorsr&s onslbllSlle8. Thls de8cripliDn forms part of our audllcr'8 repDrt. Other m8tter8 Your allgnllon is drawn to th8 fact Ihal the charlly has prepared flnanclal 51alemenls In accordance wllh "AcGounllng and Reportlng by Chgrllles.. Slalem8nl of Recommended Practic8 appllcable lo ohgrlll8s prep8rlng Ih8lr accounts In accordance with the Financlal Reporting Standard applicable In the UK and Republlc of Ireland IFRS 1021 las amended) In preference lo the Accounllng and Reporllng by CharSllas.' Slalernent of Recommended Pracllce Issued on 1 April 2006 whlch Is referred lo In the oxlanl regulalionB bul has now bpen wllhdrawn, This has be8n done In order for Ihe ilnanclal 8lalemenls lo provlde a Irue and falr vlew In accordance wllh G&nerally Accepted Accounting PpGtiGg. Use of our audlt rgPQrt Thls report Is made golely lo tho oharity's trustees as a body. In accordance wllh part 4 of the Charities (Accounts and RepDrtsl R6gulatlDns 2008. Our audll work has been undertakén so that we mlght slgtg lo the charlly's trustees those mattors we are requi to slate lo them In an auditor¥' report and for no other purposo. To the fullest oxlent permitted by 18w, we do not ac,cpl or as%iime responsibility to onyong olhgr than the charity and lh¢ e.harily' IriiAIp.ftA a8 body, for our audit work, for this report, or for the opinions we have fomied. UKA BWM 0411012023 Chartered A¢countants statutory ALsdltor Tempest, Sulle 5.1 12 Tllhebarn Street Liverpool L2 2DT BWM Is eligible for appoinlrrienl &5 audllor of the charlty by vlrtue of Ils ellglblllty for appolnlmenl as auditor of a company under of section 1212 of the Companies Act 2006
The Llverpool Merchants. Guild Statement of Financial Activities Year ended 31st December 2022 Page 10 Restrictèd Funds Unrestrleted Funds 2021 Endowed Fund8 Le9a¢ie$ Fund General Fund Re5eTve Fund Total Funds Incom8 and •ndowments from Donations and legacies Subs¢ripUons Incomg from Investments UK InY¢¥lment Inwm6 Non UK Inveslmant Incom8 Deposit Inlgrfyst 19 19 19 894,874 214,943 39,354 9,453 146,929 35,291 14,7f57 43,825 42,773 8,8B7 1.124.782 1,198,237 302,460 265,247 117,526 54,631 Total Income and 8ndowmants 1,1Sg,754 52,762 197,008 95,265 1,544,787 1.518,134 ExpÈndlturè on Expèndlturs on r81slno funds E%ptndlture on Charttobl a¢llvllièg 149,063 1,037.770 6,555 24,47S 170.391 180,093 1,253,79g 187,439 1,322,822 Total Expendltur6 1,186,833 52.103 194.886 1,I33,8P2 1,510,2fj1 Net (losses) I galn8 on Investments l 0 & 12 13,110,342) 1136,78s} Isio,8871 1692,4921 14,450.3061 8.813.027 Net {Exp8ndlturel I Income 13,097,421) 1138,216) 1508,5471 1597,2271 14,339,4111 6,820,900 Transfar ol Sp•d81 Dlvldnd$ Transfor$ bètw•8n funds 112,9211 1589} 12.1401 1S,830 Net Movement of Funds 13,110,342) 1136,78¥1 1510,6871 Its81,597) 14,339,4111 6,620,900 Total Funds Brought FoThvard 41,837,116 1,829,618 8,835,738 4,973.638 55,27e,308 48,855,408 Total Funds Carrled Forward 38,526,774 1,692,833 6,325,051 4392,239 50,930,897 55,276,308 Foi an analysls tsf tha comparalivo floures for the yèar ended 31 Decèmber 20218&8 pog$ 11 The notes on pages 1410 23 form part ol those financial stalemenis.
The Liverpool Merchants, Guild Comparative Statement of Financlal Actlvltles For the Year ended 31st December 2021 Pagè11 Restri¢led Funds Unrastrlcted Funds Endowed Funds Legacles Fund Genoral Fund Reserve Fund Total 2021 Income and endowments from Donallons and legaoles Subscrlplions Incoma from Inv&stm8nts 19 UK Investment Inwma Non UK Investment Ineome Depo$il Inlèr¢$l 959.397 190.384 45,209 42,192 8,373 1,988 157.523 31.259 7.423 39,125 35,231 11 1,198,237 265,247 54,631 Total Income and endowments 1,194,990 82,553 196,224 74,36Y 1,518,134 Expendlturo on Expendllure on r?i51ng funds Exp¥iidllur¥ uii Cli¥ril¥bl¥ ¥ulivlll Total Expendlture 155,143 1,094,Q99 6,823 48,161 25,473 179,772 187,439 1,322,822 1,260,042 54,974 205,245 1,510,281 (55,0521 12,4211 19,0211 74,367 7,873 Net Gainsl(losses) on Investments 4,959,458 218,104 814.293 621,172 6,613,027 Net Incorne l Exp8ndlture 4,g04,408 21 S,683 805,272 695,539 6,620,900 Transfers b8tween funds 55,052 2,421 9,021 166,494} Net Movement of Funds 4,959,458 218,104 814293 $29,045 8,620,900 Total Funds Brought Forward 36,677,e58 1,811,514 6.021,445 4,344,791 48,655,408 Tot81 Funds Carried Forward 41,637.116 1,829,618 6,835,738 4,973.836 55,276,308 The note9 on pages 1410 23 form part of thes& financial statements.
The Liverpool Merchants, Guild Statement of Flnanclal Posltlon P8gè12 31st December 2022 Note 2022 2021 Fixed Assets Inveslrnents and Ga3h held by the Cornmon Inve5tmer¢l Fund 10 4e.544.058 50,302,472 Current Assets Oeblor¥ & prepayments due wllhin one year Debtors due after more than one year Inveslrnents Cash al Bank 11 11 12 332 74,948 3,672,207 695,571 4,443,056 307 84,909 4.264,744 685,652 5,035,&12 Current Llabllitles Croditors & 8ccrua18 due In less than one year 13 5D,817 61,776 Reserve Fund l Net Current Ass&ts 4,392,239 4,973,836 Total Assets less Current Ilabllltles 60,936,897 56,276,308 Funds of the Charlty: Restrlcted Funds. Perm8nenl Endowed Funds Legacles Fund 16 38,528,774 I,e92,833 41,e37,11e 1,829,818 Unrtsstrlcted Funds,. General Fund Reserve Fund 16 15 6,325,051 4,392,239 6,83S,738 4.973,836 Total Charity Funds SO,936,897 65.276.308 Approved on behalf of the Board Man8g&menl on....... RJ Carter..... Chairman Mrs G Ferrigno Trust88 Th8 notes on pages 14 to 23 form part of these financial statements.
The Llverpool Merchants, Guild statement of Cash Flows Page 13 Year ended 31st December 2022 2022 2021 Reconciliatlon of net Income to net cash flow from operatlng actlvltles Net (expenditure) l incDmé for thÈ reportlng period las per the 3tatemont of financlal actlvitiesl Adjustments for.. (4,339,411} 6,620,900 Net loss@s l {galnsl on Investments Divldends, Interest from Investmènts 4,450,306 (6.613,0271 11,518,115) 8.842 11,544,768) Decre8se In debtors 9,938 Decrease I Increase In credllors (10,9591 13,664 Net cash provlded {used byl operatlng actlvltles 1434 81)4 1,487,736 Statement of Cash Flows Cash Flows from Opgratlng Actlvltles: Ngt ca$h provlded lu$ed by) operatlng actlvllles 1,434,8Q4 1487 736 Cash Flows from Investlng A¢tlvltlès', Dividend?. Interest from Inve31rnents Proceeds from sale of Investments 1,644,768 5,48S,803 (5,844,085} 1,518,115 6,624,629 (4,298,583) Purchase of Inv881ments Net cash provlded by {u8ed byl Inv&stlng actlvltles 1,186,486 3844 1S1 Change In cash and cagh equlvalents In the the roportlng perlod 1248,408) 2,356,425 Cash and cash equlvalents at the beginning of the reportlng perlod 3,500,331 1,143,906 Cash and cash equivalents at the end of thè raportlng period 3,251,923 3.500 331 Mad? up as to: Reserve Fund- Current Assets- Cash at bank 895,571 685,6S2 Common Investment Fund- Flxed Assets- C8gh Deposlts 2,556,352 2.814,679 3,251,923 3.500,331 The notes on pages 14 to 23 fomi p8rt of these finanoial statements.
The Llverpool Merchants. Gulld Notes To The Finan¢ial Ststements Page 14 Year ended 31st December 2022 1 Ac¢ounting Poll¢les Legal status Liverpool Merchants, Gulld Bonslltules o publlc benefrt ¢ntlty a8 defined by FRS 102. Sttope and basis of the financlal statements The ftnanclal slal¢m¢nts have be8n prepared under the hlstorfc81 cosl convenllon. 88 modlffed by me m8lu8lion of Investments at m£rkÉl valuè, 8nd arè In accord8nce wllh the Slal8ment of Recommended Practicè.. Accounting And R8POrting by CharlUes preparing thelr accounts In ac¢or(lanc8 the Flnanc1&1 Rgportlng Standard applicabla In the UK and Republlc of Irgland IFRS 1 D21 I'lhe SORP'I, FRS 102: The Financial Rèptsrtirg Standard appllcable in Ihe UK and Republic ol Ireland I'FRS 102,1, tha Chsiilies Ad2011 and UK Generally Accepled Prnctlce as It applles from f January 2019. The financial statements have been preparsd to glv8 A'trua and fr VIS and hÉv8 dÉrtèd from th8 Charilles (Accounls and Reports) R8gu18Ions 2008 only lo IhÉ Éxtenl quired lo prowlde 8'lrue and frdirv1e. Thls dep8rture has Invovled followlng the Accounllng and R8portln9 by Charities.. Statement of Recommended Practice applicable to chari1Se8 prep8rlng their a¢counl8 in accordan th the Fln8n¢lal R$portln9 Standard appllcable in the UK and Republlc of ITla8nd IFRS 1021 issued on 16th Jvly 2014 rather than the Aceounting and Reporting by Charitie8.' Ststement of Recommended Practic¥ effecllve from 1st Aprfl 2005 whlch has slnc8 b8en wlthdrawn. The flnancial slatsmenls have been prep8r¢d on 8 golng ¢on¢ern ba$ls. Thls Is 61scu$sed In Ihe TwsleeB' report 81 pgge S under the headins 'going concern.. Incomlng Resources In¢w8 arlBlng on the Cornmon Inve81rnenl Fund Snv861ments16 8llocat8d lo each fund in proporfon to the v¥lu• of Ihe lund6 81 318t Dacambar 2021. Investrnent Incoma Dlvldend8 and bank Interest 8re Included aB Incomlng resources wh8n thoy 8re racelved. L•gacles 8nd DonatlonB Rqcolved Lggacles and don8llons are recognlsed upon r?celpl oren It Is probable that they M411 bè recelvod. Recelpt Is normally probable when.. Ihtsrtr has been 9rant Df probate.. the ox*ctors have 8sleblished Ihal Iherg ere sufficlenl BsGel8 In the est8le, after 3etUlng any IlablllU$$. lo psy the legatry: any condlllons 8tiach8¢J lo the legacy are ellher wllhln the control of the chadty or h8ve baen mg1. Taxatlon The Gulld 1$ a reglslered ChArity and 1$ not Ilablg lo UK taxsllorn on Its chAritabl& gctlvltles and 18 not reo181ored for VAT piirpospf. Fxpftndltsirg18 slAled Inp,IiiBlvft ol any Rppllr.abl8 VAT Pèns5ons and Grants All charftabl8 payments ar& made for thè bénafit of individuÈls who matst th8 ctherfio for eleglbllity as $8t out In thè Guild's Byelaw$ 8nd R8gulalions And a made for the rgllel of hardshlp or need. All awards 8r8 mad8 &t ihe discrellon ol the Board of Man8gemenlwhlch ¢Joeg not ontsr Into any commllmenl lo renew or repeal any pgyment, Charftable payments are accounl$d for as and whgn patd. Loans to Beneficlarles Lo8n8 are grantod lo beneficiaries for the wrpose of fundlng essential proporty rnalntenance or repairg. They are interest free and a iepayable when the beneficiary c¢ose¥ t¢ O¢¢UPy Ihe property involvèd. Loans are only made from th8 Re8erv8 Fund. Investm911ts Inve51rnenls held as fixed assets and current assets are all listed on a recogni?ed stock exchange and are Induded In th8 financlal statements at market value. Those ftivestments which are hold as current sssets arè part of the Res¥8 Fund and ale hi9hly Ilquld Investments whith are readlly rèAIIs8ble.
The Llverpool Merchants. Guild Notes To The Financial Statements Page15 Year ended 31st December 2022 Accounting Policies {cont) Investment Gains and Losses Reallsed and unrealised galns and losses on the Common Investrnent Fund investments are allocated lo @a¢h ¢ap1181 fund In allquot portions. Gains or losses arising on investmgnls of the Reserve Fund 8r8 Irg818d as additions or reductions ID that fund and are available lo 8et off again31 future expenditur8. Fund A¢countlng Followlng advlce from the Charlty Commisslon In June 1972. the Guild's pital funds were reclassified from a single permanent endowed capllal a¢Unt Into reslricled and unreslri¢led fvnds. Restricted funds have be8n further subdivide¢J Into permanent and expendable funds. Funds in existence in June 1972, the date of implèmentation of the scheme by the Charlty Commlssicsn. have been classified as permanent endowed funds and any addlllons lo Ihc¢se funds slnce that dale have been Irealed as addltlons lo thè permanent endowment. New fvnds recelved slnce June 1972 have been ¢lassifed as reslricled or unrestricted funds accordlng lo the terms or condluons attachlng lo Ihe bfyquesl lo the Gulld. Delalls of the varfou8 fund8 are 381 out in Nolos 18 arid 17. All funds Glo$sified as festrSGled are held for the $peGlflo purpose of paying pen81ons or oth$r b•n$fls lo ollglble benellclarles. Debtor8 du• after more Ihen ono ygar D8blorB due after more than one year comprise loans to beneficlarles, both secured and vnse¢ured. AS theo Is no certalnly when these amounts wlll bg recovered Iha net present value. Iherfrfore. ¢annc*l be measurèd. Currènt As8•t8- Investments Current ass8t Snv8stm8nts represent stocks and sharès quoted on recognised stock 8xchange8. Suoh stocks and 8hor¢s can bè Smmèdialely stsld In exchange for cash which is recèivable on the ordlnary settlgmenl tgrms of tho Stock exchange in quesllon and have been r8v8lued on the ba818 of prlces quoted on th& rglovonl Slo¢k Ex¢honge. Current Assets- Cash at Bank Cash al bank reprasenls rnonles held olther al Barclays Bank or with Ralhbonè Inveslmenl M8n8g8menl. Such monles are Imrnedlalely avalloble and no notlce perlod Is Tequlred for access lo same. Currant Llabllltles . Cr•dltors & Accruals Creditors and provisions are normally recogni3ed al their settlement amcunl after allowing for any trada d1scounis due. Flnanc5al Instruments The charlty has glecled to apply the provlsSons of Seollon 11 'Bas1¢ FlnancS8l Inslrurnenls. and Section 12'01her Financial Instruments Issues. gf FRS 10210 all of Its flnanclal inslrL¢menls. Financial instruments are reoognised in the charity's balance sheet when the charity becornes paty to the conlraGtual provisions of the instrument. Flnancial assets and Ilabililles are offset. with the nel amouT)Is presented in the financial slalements, whèn thère is a legally enforceable right lo sel off th8 recognised amounts and there is an inlenliDn lo settlè on a nèt basis or to r8alise the 8sset and Sèttle the liability simultaneously. Ba$lc flnan¢lalgs$ets Basic financial assets, which include debtors and cash and bank balances, are ini118lly measured at transaction prf¢e induding Iransa¢lion costs 8nd a subseouenlly Carried al amortised cost uslng thg effective Interest meihod unless the arrangomenl conslilutes a financlng Iransadon, where the transaction Is measured at the present value of the lulure re¢elpts dlscounted at a market rale of Inleresl. Finandal assets classified as receivable within one year ar8 not amortised.
The Liverpool Merchants, Guild Notes To The Financial Statements Page 16 Year ended 31st December2022 Accountlng Pollcles {contl Other flnHnGl41 assets Other financlal assets, Indudlng Investments In equity InslwmÈnts whlch a not subsldiartès, assodoles orlolnl venIu, are Inlllally measured at fair value, which is nonmally the transaction price. Svch assets gie subsequently carried at fair value and the changes in fair va)ue are re¢ogni88d in proflt or Ioss, 6x¢opI that Invoslrnents In 8qulty In8trurn8nts that are not publlcly trgdèd and whttse fair values cannot be measured r81i8bly are rneBsured at cost less impgirment. Impairm•ntoifin•n¢ial a$s•ts Financlal assets, olher than Ihtsse held at lalr valu8 through profil anrS loss, are assessed for Indlcatorg ol Impalrmenl al traeh reporting end date. Flnanc1818S8&t8 Br8 Imp8lrad where thère Is obl8ctlva èvldenca that. as A rnsult ol onè o¥ morè ov8nt$ that occurred after the inlual recognllion of the linanclal asset, the esllmalad futu1¢ cash flows have b88n aff8ct6d. If èn asset Is impaired, the Impairment losB is the diff8rence between the earrying amount and ¢he prosenl valLte of thg estimated Cash flows dlscounled at the 88sel'$ 0rf9lnal effecilve Intgrest rala. Thè imp8irmenl loss 1$ recognlsed In profil or loss. If tha Is a d8croas8 In Ihè Imp8irm8nl loss arising from an event occurring 8ft&r thè Impalrmenl was recognlsod. the Impalimenl 53 reversed. The reversal Ss such th31 Ihe curr8nl corryln9 amount doe$ not exceed what th? c8rrying amounl would h8ve begn, hod the imp8lrmenl not pr8vlotJ91y béèn rèeognlsad. Tha Impalrmenl reversal 1$ r•cognlsed In proflt OT lu¥y. Derdcognltlon offlnenclalassets Fin8nd81 a$s¢ls #r& dèra¢ognls&d only when the contrgelual rfghts to th8 cash fltrw8 from th& asstl explre or are settled, or when tho ¢harity Irsnslers Ihts financlal 89561 and svbstantlally all the rfsks 8n(I rew8rds ol ownershlp to another onlily, or11 ¥ome slgnincant fisks and rewards of ownershlp are r¢talntd but control t)1 th¥ g69•1 ha6 tr8nsterred to arKJth¢r porty thal Is able to sell the asset in ils enllrely lo an unrelated Ihlrd party. ¢las$llloollon of flnanclol Il•bllltl¢$ Fln8ncl81 Ilabllliles and eqvlly Instruments are classified 8¢Cordlng to substance of the cttnlrgctual arr&ngement8 enler8d Snlo. An eqully In¥lrum8nl Is 8ny cgntr8¢1 Ihgt evld8nces 8 resldual iniere¥t In th8 agBOts ol the charfty ¥fter 8&slc flnencA81118bllltle 8851¢ financlal liabilibEs, Includln9 crodltors and bank loans, are Inltially A¢ognlsed at transacilon price unlDss the thrrangement conslltules g flnancing tr8ns8Ction, where the debt Inslrum8nl Is measured al the pr888nl VAlua of lh8 lulure peymenls dl8¢guntsd at 8 marf(et rotg of intgr98t. Finsncial liabilities dasslfied as payabl¢ wllhln one ye8r 8re not amorfsod. Debt instrumenls ar? SLibse.qLienlly carrled at amortlsed c.081, 1181no tha •ff8c.livrt Int(*rast rate rnethod. Trade credltors are obllgatlons to Pay lor goods or 8ervlces Ihal hav8 be8n acquired in the ordlnary course ol businass from supplier8. Amount¥ poyabl¢ are ¢las¥lfi?d as ¢urranl liabili118s 11 payment Is due W11n one year or les5. 11 nDI, Ihey are presented as non-eurr&nt 118bllitles. Trade credltors ere recognlsed InlU8IIy at trAnsactlon pric8 and subsequ¢ntly mèasured 8l aM0$8d cosl uslwj the effectlve Interesi method. Deresognltlon olfln8n¢l?1118bllllles Financial Ilabiliti95 are dorgW9ni$Fd when th¢ ¢h¥rity's ¢ontradual obllgallonB explre or ar8 disGharged or cancelled. Judgements 8ndkey 8our¢es of e$llJnodon uncertalnly In ihe appllcatlon ol Ihe charlws accountlng po1ictè#. the trustees Bre requlred to makè judgements, estimates ¥nd asÈumpllons about thè earrying amount of assets and 15abilllies that are not readily apparent from other sourc¢J. The ps¢im8tes ond &s9gciatsd assumptlons are based on histori1 oxperlen¢¢ ond oth8r factors that are consldered to bg relgvanl. Actual results may differ from thes8 estimales. The estlmates and underlylro assumpllon8 ar8 revlewed on an ongolng bAsls. Revisions to OGc£Junilng estimat8s are recoGni5ed in the P8riDd sn which thp estimate Is revlsed where the rwision 8ffaets only that perfod, in the period ol the r&vislon and fulvre periods where the revision affeci8 both current and future periods.
The Liverpool Merchants. Gulld Notes To The Financial Statements Page 17 Year ended 31st December 2022 3 Donations and Logaoies 2022 2021 Le9ades- see page 5 for dets113 Donotlons- see page 5 for details 4 Expandltura on Ralslng funds 2022 2021 Inve$lrnanl Management fees 180,093 187,439 180,093 187,439 5 Expondltur¢ on Charltable a¢tlvltle$ 2022 2021 Pftn8lan.g Grants Audllors. remuntsrallon Secrelarles leas Legal C08ts Postago, $18Uonery and wgb design elc. B8nk charps 96D,f571 159,344 5,400 12O.UUU 1,n42,346 136,431 4,884 108,UOU 10,329 10,822 2,362 20 1,253,799 1,322,822 Expendllure on ChaTlllbl? actlvltles18 allocated In proportlon lo the endowed.1ggacy and g6neral fund values a13151 December 2021. All charlble payments are for th8 beneflt of Indlvlduals. At 31 sl Dec?mber 2022 there were 244 benetlclarle8.12021 2681. 6 Tru8tèas Remuneratlon No meMb8r of the Board of Managem¢nl or any connecled pgrsons r808ivèd any rernunerallon In rgspecl of ihelr servlces as Iruslg8s. Addlllonally no m8mber ol the Board of M8n8gemenl or any connectsd persons rèc&ived or walved any relmbursemenl of expènses.12021- none) S T Chapplg Glll. 8 mombor of th6 Board of Management Is a consultant lo Ihg firm 8rabners LLP. Mr D. Elailoy, 41so a rnembeT of the board ol management, Is a partner in the flrm Brabnars LLP. Brabners LLP provide legal services to Ihe Gulltj. An Ordar has beèn oblain8d from the Charity Commission allowlng the Guild lo ¢ontinue lo ulillse Ihe s8Nlces of Ihls Ilrm. £nll wa5 charged by Brabner8 durfng Ihe ye8r12021- £1,080). Th8 amounl oulstsndlnG to Brabners LLP al 31 Deogmb&r 2022 was £nll12021 - £nll). Mr A.T. Morrfs, who Is 8 Trustee of Llverpool Merchants Gulld, IB an employee of Rothbone Inves1rn8nt M8nag8m&nt. Th18 latter company were appolnted by the management Board of Llvorpool Merchants, Gulld to manage the Gulld's Invgslmenls on a discrolionary basis with effect from I. Oclober 2013. Agreement lo the ?ppoSntmenl of Ralhbon8 Investment Management was oblalned from the Charlty Comml$sion. Rathbone Inveslrnenl M8nagemÈnt received remuneration Included in Ihese 8¢¢0unls amounting to £180,093. {2021 £187.4391. The amount outstanding io Ralhbone Investment Managemertt at 31 D?cembeT 2022 was £45209.12021- £49,109). 7 Employees The Liverpool Nlerchants. Guild does not have any employees and does not provlde any rallr8menl or post employrnenl benefits to anyone.12021- nonel
The Liverpool Merchants. Guild Notes To The Financial Statements Year ended 31st December 2022 Page18 8 Transfer of SpÈclal Dlvldènds No speoial dlvldends or similar income have b8an receiv8d csuring the year whi¢h wo(tir$ a transfgr bettveen income and ¢apltal. The Gulld sllll conslders11 approprlale lo make a transfer when such income arlse8. Th? ¢8p5181 funds would ihen have bean cradiled in proportilln to thè fund Va8¥ 81 lh& end of thè previous ya8r. g Transfer between funds Al the ¢nd of ¢¥¢h year transfers sre mafse to OT from th2 Re5etV8 Fund In respect of the Su1$ or (18fi¢ll of Incoma on each of the other funds and is made up as follows.. Note Ro$lri¢téd Funds Unrestrlcled Fund Endowed Funds LegBcles Fund G•rt•ral Fund Rese Fund Total Funds Subscrfpllon5 IIK Invftslm8nl Incomè 19 19 894,874 214,943 89.937 39,354 9.453 3,955 148,929 35,291 14,767 1,081,157 259,887 108.6S9 Nen UK Inve8lmenl In¢om D8posII Inlere¥l 1,199.754 52,782 197,008 1,449,522 Expendllure on r81slng fund8 Exppndllur• on ¢h•ril•ble 8¢llvllle$ 149,063 1,037,770 8,555 45,e38 24,475 170,391 180.093 1,253,799 1.186.833 52,193 194,866 1.433.892 Nel deficll before galn8 8nd10sses, to b& tran3ferred 12,921 589 2,140 15.630 10 Flxed A8set# Invgstm8nt Common Inveslmenl Fund InUK Oul?Ide UK Total 2022 2021 Mark&l Value 161 January 2022 Acqulsitlons Disposals Reallsed Ilossesl I98Sn8 Unr8allsed I losses) l 981ns on revaluallgn of Inveslments 29,955.246 17,532,547 47,467,793 43,SQ12,926 3.603,345 1,772,757 5.376,102 3,628,854 12,760,718> 12,357,057) 15,117,775) 15,83S,8421 1240,5831 122>.4911 1470,0741 443.421 11.327.503) 11,980,237) 13.287,74QI 5,$48.434 Market Value 31st Dec8mb8r 2022 29,229.787 14,758,519 43,988,306 47,487,793 Cost 813181 December 2022 17,425,579 10,917,667 28,343,246 32,274.955 Investment Cash Deposlts Cash st Bank 2,556,352 2,556,352 2,814,679 Total Common Investment Fund Investmgnts 31.786,13> 14,758,519 46,544,658 50,302,472
The Liverpool Mor¢hants' Gulld Notes To The Financial Statements Page19 Year ended 31st December 2022 Valu8 31.12.2022 Value 31.12.2021 10 Fix#d Assets Iconti UK Investm¢nt$ Fixed Incame Government Securllles Banks Beverage8 Commodllles Food and Drug Relall&r8 General FinanBlal G&neral Induslrl8s Global Investments nfraslructure Funds Investment Trusts Llfe Assurance Medlg and Photography Mlnlng 011 and Gas Ph8rmar.eiilic.aly Preclou8 Mela15 Private Eqully Slock Softwar8 & Computer Servlces 8pport Servlces TelecommunScallon Servlces rob8cco UK Investment Grade B¢nd5 Water & Gas 323,038 482,966 2,051,637 1,474,600 726,658 1,797,624 1.11 1.65 7.02 6.04 2.49 6.15 404,429 1.35 1,706,920 1,630,544 5.70 5.44 1,924,642 870,320 577,000 4,610,282 2,523,280 1,033,726 1,327,890 2,361,220 1,367,828 2,861,574 1,8Q4,084 603,200 826,241 168,055 1.712,701 289,824 S87,703 384,433 789,551 6.43 2.24 1.93 15.39 8.42 3.45 4.43 7.88 4.53 9.55 o? 2.01 2.09 0.56 5.72 0.97 1.96 1.28 2.65 551,80Q 3,408,364 2,268.668 73g.200 1,141,200 1,490,236 1,617,721 4,108,321 1,444,0.q4 647,300 519,752 38,756 1,385,770 217,484 705,523 1,348,172 743,063 1.89 11.66 7.76 2.53 3.90 6.10 6.53 14.05 494 2.21 1.78 0.13 4.74 0.74 2.41 4.61 2.58 29,229,787 100.00 29,955,246 100.00 Invo$tmenls outslde the UK Asia Europe Investment Tnisls Japan88e US Shareg 1.589,113 2,012,305 1,744,075 0,413.026 10.77 13.83 11.82 63.78 1,68fj,131 2,315,119 1,966,991 11,se4,306 9.82 13.20 11.22 65.98 14,758,519 100,00 17,532,547 100.00 Total Quotod Inv8stmÈnts 43,988,306 47,487,793 Tre were no IndSvidual direct holdin9s that represented more than 6VD of the total value of fixed and currer¢l asset investmen15 at 31 $1 December 2022.
The Llverpool Merchants, Guild Not6s To The Flnancial Statements Page 20 Year ended 31st December 2022 10 Flxed Assets {¢ontl All investments are Investments in quoted securitles or unit Irusls. These havo been revalued at 31st Dècembor 2022 on th8 basis of pric8S qltoled on the r81evanl Stock Exthang8 or by the lund manager. All of Ihe fixed asset Inv8slm8nts are held In dirgct furthgranca of the charity's objects. 11 Dèbtors 2022 2021 Due wtlhln one yeor Other debtors 332 332 307 307 Due aller more thar) one y&8r SeGurtd loans Its b&n$fl¢larle$ Unsecured loan8 lo bgnelici3fl&g 56,265 18,681 74,946 66.228 18,681 84,909 Loan? to b9noflcS8des gro Intsrg$1-fr¢o and h8vo no flxgd dale for repayment. A8 there Is no certalnly 88 to when108n8 to benellclarl¢8 wlll be recovgr8d, th8 nat present value of those loan Cannot b8 measured 12 Curr•nt As$gt Inv•8tm•nts Quoted Inveslmenls In UK 2022 2021 Market Value 181 January 2022 Acqulsitlons DIspo8als Reali88d (losses) l oain8 Unre8llsed (losses} I g8lns on r8valugtlon of Investments 4,264,744 467,983 1368,0281 129.886} 1862.6061 3,962,630 669,729 1988.787} 93,667 527,505 Markgt Valu8 31st D¢¢¥mbvr 2022 3,672,207 4,264,744 Cost at 31st Dècember 2022 3,249,D06 3,078,185 Current asset Investments represenl the temporary Investment of prevlous ac¢umulatlons of Income. All Inveslmenls are investments In quoted securitie*. These have b8en r8valued a131st December 2022 on Iha basss of prfces quotsd on the relgvant Stock Exchange.
The Liverpool Merchants, Guild Notes To The Financlal Statements Page 21 Year ended 31st December 2022 12 Current Asset Investments (conti Value 31.12.2022 Volue 31.12.2021 Banks Government Securiti88 Household Goods Fixed Income Gfineral Indu$lrl8s Infraslruclure Funds InvBslment TTusts M8dl8 and Photography Wat8r and Gas 011 & Ga8 Phorma¢8uIIcgls Prlval8 Cqulty 4Jlock Softsvare & Computer Sepjlces Support Service3 Telecommunloatlons Servlc8S CDmmodlll8$ UK lrtveslmgnl Grade Bonds Europ8 Invèslmenl Trug18 US Shar&s Jap8ne8è 197,364 53,663 17,837 147,817 91,047 48,848 31.680 54,868 37,901 84,057 225,190 52,268 14,533 30,600 80,410 66,248 127,193 289,523 1,6S6,280 364,88D 5.37 1.46 0.49 4.03 2.48 1.33 0.86 1.49 1.08 2.29 6.13 1.42 0.40 0.83 2.19 1.80 3.46 7.88 45.10 9.94 182,437 3.81 19,660 185.060 95,205 51,928 44,3tk3 183,860 40,272 58.499 296,$06 62,977 63,021 44,250 107,157 0.46 2.23 1.22 1.04 4.31 0.94 1.37 6.95 1.48 1.48 1.04 2.51 304,093 2,084,796 460,720 7.13 48.88 10.80 3,672,207 100.00 4,264,744 100.00 13 Credltors- amounts duo wlthln on• y•ar 2022 2021 Accrua18 50.817 50,817 61,776 61,776 14 Capll*l Funds Balance 1st January 2022 Nel Incomlng I loulgoingl resources for the year Transfer lo I from Reserve Fund Realised Investment IIDssesl I galns Unreali88d (loss8sl I gain8 on revaluation of inveslrneni8 B818n¢e 31st December 2022 49,778,022 15,630 115,6301 1470,0741 13,287,740) 46.020.208 43,786,167 {66.4941 86,494 443,421 5,548,434 49,778,022 15 Reserve Fund Balance 1st January 2022 Nel In¢oming resources for the yegr TransfeT from I (lol from Capltal Funds Realised {losse81 I galns on disposal of inv88lmenls Unreallsed Ilossesl I gains on revaluation of inv6slments Balane• 31st D?cefflber 2022 4,973,836 95,265 15.630 129,8861 1662,6061 4,392,239 4,344,791 74,367 166,4941 93,667 527.505 4,973,836
The Liverpool Merchants. Gulld Notes To The Financial Statemenls Page 22 Year ended 31st December 2022 18 Capltal Funds 2022 2021 Restrlcled Funds Permanent Endowed Fund 38,626,774 41,637.116 Legacles Fund 1,892,833 1,829,618 Unrestrleted Funds General FLrnd 6,325,051 6,835,788 Total Capltal Funds 46,644,658 50,302,472 In March 2007 the Charlly Commi88lon approved a scheme whereby the indivldu81 narned funds that h8d comprlsed the Permanent Endowed Fund were formally 8malgamaled Into one slngle fund enllled The Llverpool Merchanl8' Gulld. Th6 following Is a115t of funds that now comprlse th$ Llverpool Merchants, Gulld Pgrmanenl Endowed Fund'.- Mrs W M Allen Fund Amerlcan Chamber of Commerce Fund Mlss Olivla Alh8rton fund Mrs James Barrow Fund Thomas Bartlell Fund Mrs E E Bartley Fund Frederic Bowden Fund Jame8 Lord Bowes Fund Mrs Anna 8rancker Fund Frank Brocklehur81 Fund John Bury Annuity Fund William Cliff Fund C H Collie Fund Aileen Congrieve Fund John Cropper Fund John G & Mary Dobson Fund Emma Ellislon Fund Isolin8 G8& Fund General & Roger Lyon Jgne$ Fund Andrew Gibson Fund Isabel Grace Hall Fund Harrlson Fund John Hill Fund Wllllam lrnrle Llverpool Clerks Bènevolent Fund E Alan Johnston Fund Hel8n Johnglon Fund Johnston Famlly Fund Kathleen Steward Kendall Fund Anita G Lawrence Fund Miss Henriella McKay Fund Thomas Moss Fund Esslé Newberry Fund Thomas Wllliam & Alice Eleanor 08k8holl Memor181 Fund The Mlsses Paton Fund MerY RlchardBon Fund Lucie Amelia Ridley Fund Frank Rlgby Fund John Winser Sheriff Fund W H Shlrley Fund W M Simpson Fund Henry Tale Fund Charfes & Kate Thorne Fund The Wllllam Henry & Harrlel Wall Fund Frank & Gwen While Fund Mr & Mrs Georgè Wilson Fund J Markè W¢X)d Fund
The Liverpool Merchants. Guild Notes To The Financial Statemènts Page 23 Year ended 31st December2022 1T Summary of Ntt Assets by Funds- 31 Decembor2022 Flxed Assets CuTfgnt Assets Total Restrlcted Funds Permanent Endowed Funds Legacies Fund Unrestrlcted Funds Gènèr•1 Fund Reserve FuThJ 38,526.774 1,692.633 38,526.774 1,892,833 6.325.051 6.325.051 4,392.239 50,936,897 4,392,239 4,392,239 46.544.6S8 Summary of Net Assats by Fund¥- 31 Docember 2D21 Flxod Assèts Curront As$•ts To¢¥1 Re5tr1cted Funds Permanent EnDd Funds Legacle3 Fund Unrestrf¢tÈd Funds Gener81 Fund Rq8erve Fund 41,637.116 1,829,618 41.637,116 1.829,618 6,835,738 6,e35,738 4,913.836 4.913,BJ6 50,302.472 4.973.836 fj5.276.308 Reslrlcted funds are held lor the speclflc purpo8• ol paylng p8nslons orother b6nellts (o ellolble beno11¢18rte8. Tho cap1181 of th& permanent ert(kMd fund$ moy not bè èxpond¢d, ¢nly th• intom• 9ri$Srto on Ihow funds rnay b& ulill80(5 In the payment of pen61on8 or other benefits lo benèficieries. Unrestrtcted lund5 may be utlllsad for any purpose ol the Gulld. 18 Commltmont$ Payment of Ponon$ and granly 18 OntilY dus¢ffjllonary. The 808rd of M8nagam8nt Is of Ihè oplrtl¢n Ihol Ihort wore no cornmitmenl8 for ?Ilher rovenue or cgplljl PendIture 013151 December 202212021- £nlll. 19 Related Partle5 S T ChJppltt Glll, a mernber ofthe 808rd of Managgmgnl 1$ a con6uii#nl to lh¢ Ilmi 8r8bn$r8 LLP. Mr D. Balley, also 8 mèmber ol tha board of m8Nag?manl, Is 8 P8rtner In th8 flrm 8rabners LLP. &abn8rs LLP provid8 IBgal se[Ce$ to Ihe Gulld. An Ordor has bogn oblalné(5 from thè Ch8rlty Comml55Ion 8llowlng th8 Gulld lo e¢nllnuè lo ullliso the seTrl¢e8 01 th18 Ilrrn. Enll woo ehnrgcd by BrobnopJ during tho yoor12021 E1,0801. Tho omounl Outslondlng lo Brobnors LLP 0131 Decgmbgr 2022 w8s £nil12021 £nlll. Mr A.T. MorrlB. who 1$ a Trust ol Llverpool Merchants Gulld. 18 an employee ol Rathbono Invesimert Man8gem4ni. Th18 Lqller cornp8ny were appolnt8d by Ihe management Board of Llverpool Merchants. Guild to manage Ihe Guild's Inveslm&nl$ on 8 dls¢reiionary basls 4th eflael from 1 October 2013. AgerneI lo the appolnlmentol R91hbone Investment Management was oblalne¢J from the Charfty Commlssion. Ralhbone InveslmeDI Management reG81ved rernuneiallon Induded in thtts• acounly ?mounllng ¢0 £180,093.12021 . £187.43Ql. The amount outstanllng Ralhbone Investm¢ ManagemEnl at 31 December2022 WES £45,209.12021 - £49,109). Thor• &r¢ nts otk¢T related p8rly Iransèclions. 20 Financial initrum¢nt$ 2022 2021 rrying 4mQUnt of finanGIHI assots Debt Instiuments measured al 8mort188d CDSI Debtors 74,946 3.251,923 84.gD9 3,500.331 Cash h¢ld 3,326.869 2,585.240 Inslrumenls m888ured * fair v8luethr¢tsgh SOFA Investments held by RèseNe Fund Inveslments held by Common Investment Fund 3.672.207 43,988.306 4,2e4.744 47,487.793 47.660.513 51,752,537 Carrying arnount of finonGial liabilltles Measured ai amortised cost AGcruals 50.817 61.776
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