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 a￿OrdanCe 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 s￿￿comrn1IteO- 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$e ol such an aMc￿nI
as the Board of Management consider sultable lo Ihe clrcumslances of &ach Indlvidual case.
Achlevements and Performanco
Penslons wère awarded lo 25 new benellciarles durlng the year12021 301. The cSrcumstances of
èxlslino b8neficl8ries ware also rèvlewèd resulllng In an Increase lo Ihelr penslons of £40,700. Total
penslons paid during the year amounted lo £960,673. The Sub-commlllèe a180 made payments of
grants lolalling £159,344. The number of benefiblarles In reoelpl of pen51on$ 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
Rese￿8 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 nOn￿omplI8n¢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,c*pl 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 Dlvld*nd$
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 f￿r VIS￿ and hÉv8 dÉ￿rtèd 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 or￿en 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 W1￿1n 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 histori￿1 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, $18Uonery and wgb design elc.
B8nk charps
96D,f571
159,344
5,400
12O.UUU
1,n42,346
136,431
4,884
108,UOU
10,329
10,822
2,362
20
1,253,799
1,322,822
Expendllure on ChaTlllbl? actlvltles18 allocated In proportlon lo the endowed.1ggacy and g6neral fund values a13151
December 2021.
All charl￿ble payments are for th8 beneflt of Indlvlduals. At 31 sl Dec?mber 2022 there were 244 benetlclarle8.12021
2681.
6 Tru8tèas Remuneratlon
No meMb8r of the Board of Managem¢nl or any connecled pgrsons r808ivèd any rernunerallon In rgspecl of ihelr
servlces as Iruslg8s. Addlllonally no m8mber ol the Board of M8n8gemenl or any connectsd persons rèc&ived or
walved any relmbursemenl of expènses.12021- none)
S T Chapplg Glll. 8 mombor of th6 Board of Management Is a consultant lo Ihg firm 8rabners LLP. Mr D. Elailoy, 41so a
rnembeT of the board ol management, Is a partner in the flrm Brabnars LLP. Brabners LLP provide legal services to Ihe
Gulltj. An Ordar has beèn oblain8d from the Charity Commission allowlng the Guild lo ¢ontinue lo ulillse Ihe s8Nlces of
Ihls Ilrm. £nll wa5 charged by Brabner8 durfng Ihe ye8r12021- £1,080). Th8 amounl oulstsndlnG to Brabners LLP al 31
Deogmb&r 2022 was £nll12021 - £nll).
Mr A.T. Morrfs, who Is 8 Trustee of Llverpool Merchants Gulld, IB an employee of Rothbone Inves1rn8nt M8nag8m&nt.
Th18 latter company were appolnted by the management Board of Llvorpool Merchants, Gulld to manage the Gulld's
Invgslmenls on a discrolionary basis with effect from I. Oclober 2013. Agreement lo the ?ppoSntmenl of Ralhbon8
Investment Management was oblalned from the Charlty Comml$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 Va￿8¥ 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 Su￿1￿$ 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
8￿pport 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
T￿re 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
Mer￿Y 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$•ts
To¢¥1
Re5tr1cted Funds
Permanent En￿D￿d Funds
Legacle3 Fund
Unrestrf¢tÈd Funds
Gener81 Fund
Rq8erve Fund
41,637.116
1,829,618
41.637,116
1.829,618
6,835,738
6,e35,738
4,913.836
4.913,BJ6
50,302.472 4.973.836 fj5.276.308
Reslrlcted funds are held lor the speclflc purpo8• ol paylng p8nslons orother b6nellts (o ellolble beno11¢18rte8.
Tho cap1181 of th& permanent ert(kMd fund$ 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 Pon￿on$ and granly 18 Onti￿lY 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. Ag￿erne￿I 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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