The Liverpool Mer¢hanls' Guild Annual Report & Financial Statements Year ended 31 st December 2023 Registered Charity No.206454
The Liverpool Merchants. Gulld Financial Statements Year endtrd 31st Deeèmber 2023 Index Page Trustees, AnnLJal Report including statement of trustees, responsibilities Auditors, Report 10 statement of FinanGial Activities Comparative Statement of Financial Activities for the year ended 31st December 2022 12 Statement of Financial Position 13 Statement of Cash Flows 14-24 Notes to the Financial Statements
The Liverpool Merchants, Gulld Page 1 Trustee5' Annual Report Year ended 31st December 2023 The Trustees present their Annual Report and the Financial Statemen15 ft)r the year entled 31$1 December 2023, which have been prepared In accordancè with part 8 of the Charities Act 2011. Structure, Governance and Management The ChaFity was established by the will of the late Catherine Wright in 1868 as "Wright's Instilulion" and was incorporated along with all its subsidiary funds by Royal Charter in 1914 as The Liverpool Merchants, Guild. 11 is registered with the Charity Commission no. 206454. The Charity'5 address 15 110-114, Duke Street, Lwerpool, L15AG. The Royal Charter was amended by a Scheme of the Charity Commission in May 1972 which extended the objec15 of the Guild and the ways in which benefits could be paid lo beneficiaries, established a Common Investment Fund in respect of all of the separate funds Ihal comprised the Guild, and granted unreslricled powers of inve51menl, At the same tirne the Byelaws were Ljpdaled lo reflect Ihese changes. A Supplemental Royal Charler was granted in December 2006 which updated and replaced the original Charter ancl subsequent amendment aftpr the Charity Commission had agreed a Scheme which updated the definitions of the objects of the Charity and the powers of investment. The Board of Management were also granted power lo provide indemnity insurance for themselves and a simplified procedure lor dealing with any future amendments lo the Royal Charter was introduced. In addition to the Royal Charter there are a sel of Byelaws which deal with administrative and management mallers. The Byelaws were extensively revised in conjunction with the granting of the Supplemental Charter in December 2006. In particular, the new Byelaws recognised a single class of meTnbership of the Guild, being persons paying an annual subscription of £2.10. Ex-officio membe15hip of tho Guild and the Board of Management was, with the consent of the existing office holders, brought to an end. The Board of Management of the Guild is elected from the members of the Guild. The following persons. who are all trustees, have been members of the Board of Management during the year'.- Elected members'.- Mr R.J. Carter Mr S,T. Chapple-Gill Mr5 G. Ferrigno Mr A.T. Morris Mr L. Downey MrK. Head Mr D. Bailey MrWT M Roberts Dr C Lewi5-Jones Ichairman) One third of the elected members are appointed on an annual basi5 al the Annual General Meeting. There are Sub-commillees appointed by the Board of Management, Finance Sub-Commillee- which dea15 Wlth the management of the Guild's investments Mr R.J. Carter Ichairmanl Mr A.T. Morri8 Mr L. Downey Mr D. Bailey
The Liverpool Merchants, Guild Pagè 2 Trustees, Annual Report Year ended 315t December 2023 Selection Sub-Commitlee- which deals with the award of pensions and grants. Mrs G. Ferrigno (Chairl Mr R.J. Carter Mr S,T. Chapple-Gill MrK. Head Mr D. Bailey MrWT M Roberts Dr C Lewis-Jonès New members are recruited on the basis of the skills, relevant experience or expertise that they are able lo contribute lo the Board of Management. They undergo a short period of induction training explaining the CDnslilulion of the Guild, the responsibilities of a Member of the Board of Management and the workings of the sub-¢Dmmillee lo which they will be allocated. Day to Day Management The day lo day management of the Charity is conducled by Monetla LLP in their capacity as Secretaries. Risk Management The Board of Management has assessed the major risks and uncertainties facing the charily and have identified these as'.- Security of Assets, Investment Policies, Fraud, Disaster Recovery and Safely during Visits to Beneficiaries A summary of the plans and slfftlegy for managing these risks are a5 follows'.- 1. Security of Assets Safe custody arrangements have been made with regard lo the Guild's investments such that all share and stock certificates are held by either the New York Mellon Bank or in ele¢tronic formal by Ralhbone Nominees Limited. 2. Investment Policies The Trustees have pul in place a written investment policy and have delegated dlscretionary management of the Guild's investments to Ralhbone Investment Management who regularly monitor the performance of the Guild's investments which performance is also regularly reviewed al meetings of the Finance Committee, 3. Fraud The Trustees regularly monitor the financial performance of the Guild. There is a segregation of duties and, whilst cash balances of Liverpool Merchants, Guild are frequently managed by both the Secretaries and the Investment Managers. the Trustees insi51 on confirmation that both the Secretaries and the Investment Managors have adequate professltsnal indemnity and insurance cover in place. 4. Disaster Recovery The Secretaries ensure that data back~up procedure5 are in place together with adequate insurance Gover.
The Liverpool Merchants, Guild Page 3 Trustees, Annual Report Year ended 31st December 2023 S. Safety during Visits to Beneficiaries The Trustees ensure that procedures with regard lo the staff of the Secretaries visiting beneliciaries at home are strictly adhered lo. Objectives and Activities The objects of the Charity as defined by the Supplernenlal Royal Charter of December 2006 are.'_ To relieve inclividuals who have been a prDfessional or self-employed person, a person who worked a supeIS0rY cap8cily, or a clerical or non-manual worker, and th@ir dependants, who &r& residing in Mers8yside, or who have so resided for a conlinuous period of not less than fifteen years, who ar8 not lesb fhan fifty Yea tsf age and who are in conditions of need, hArdship or distress. eilhgr hy paying pensions or by making granls or loans of money or providing orpaying for items, services or facilities calculated to r8duc& such need, hardship or distress as afor&said. To acc8Pt and admffnister any lunds orproperty given or bequeathed to the Guild upon any trusts for charitable purposes which, in the opinion of the Board of Management of the Guild. can be conveniently cerried otjl and administered by the Guild. Benefit lakes the form of pensions or grants of money for specific Items of expense of such an amount as the Board of Management consider suitable lo the circumstances of each individual case. Aehievements and Performance Pensions were awarded lo 13 new beneffciaries during the year12022 251. The circLJmstances of existing benèficiaries were also reviewed resulting in an increase lo their pensions of £33.900 Tr)lal pensions paid during the year amounted to £862,055. The Sub-committee also made payments of grants tolalling £103,883. The number of beneliciaries recelpt of pensions al the end of the year was 21312022 - 2441. Plans for Future Perlods The Liverpool Merchants, Guild continues to prDvide funding towards the support of independent living by means of the provision of specialist equipment or residential adaptations for individuals with special needs, The principal short temi and long term aim5 and objectives of The Liveipool Merchants, Guild are lo Increase the nurllber of beneficiaries and positive efforts are still being made to achieve this aim, including updating the Guild's website lo facililale electronic application5. All current beneficiaries have recently been infDrmed that, in addition lo making regular payments, The Liverpaol Merchants, Guild also make grants available for items of exceptional expenditure. Additionally, gran15 are available lo new applicants and this is staled both on the Guild's website and published in application guidelines. Marketing A range of materials, including a website, p051ers and brochures, have been produced lo promote the Guild and il is hoped that this will iesull in an increase in the number of applications for benefit not only for grants to support independent living bul also for ordinary pensions.
The Liverpool Merchants, Guild Page 4 Trustees, Annual Report Year ended 31$l December 2023 Finances The Supplemental Charter of December 2006 granted the Board of Management powar lo Invest funds. employ a professional fund manager and lo arrange for the investments of the Guild to be held in the name of a nominèe in the sarne mannor a5 Iiuslees of a tiusl are permilled lo do by the Trustee Act ?DOO. The capital funds of the Gulld may also be invested In a Common Investment Fund established by a Scheme of the Charity CommisSIOn Dn 41h May 1972. In March 2007 the Charity Commission approved a Scheme whereby Ihe previously separate named ftjnds wère formally arnalgafftated into a single fund enlilled The Liverpoc>l Merchants, Guild_ The capital of Ihe Guild is grt>uped into four funds.. The Permanent Endowed Fund Is made up of all the c)riginal separate funds which were incorpDrated into Ihe Guild al the lime the orloinal Royal Charter was granted together with subsequent bequests which had slipulaled that the capital was not expendablB. This fur>d is a reslricled fund and only inGome may be expended in furtherance of the objects of the Guild. The Legacie5 Fund is also a reslricled fund bLJI comprises bequests lo the Guild where there has been no slipulalion regarding capital. The whole of this fund is expendabla on the obje¢ls of Ihe Guild although at present only the Income is being used. The General Fund is an unrestricted fund and comprises unconditional bequests lo the Guild. Al present only incoTNe is being ulilised with any unspent Income at the end ol each year being transferred to the Reserve Fund. The Resetwe Fund is an unreslricled fund and comprises unspent income accumulated over many years. Part of the Reserve Fund has been ulilised in previou5 years to flnance loans lo beneflciori6s lo enable them to carry out essential property repairs. A further part of the ReseNe Fund is invested Ipmporarily. Ralhbone Inve51menl Management continued ID manage the Guild's investments on a discretionary basis, in accordance with the parameleTS sel by the Finance Commlllee, under the terms of Ih&ir appointment which commenced on 1st Ocltsber 2013. The fund5 have performed ag follows dtjring the year. Be5PDke Composite Benchmark- year lo 31.12.2023 = 10.86% 31.12.2022 31.12.2023 °k-agÈ change Benchmark Common Investment FurEd Market value 43,988.31% 47,052,405 Cash held by Ralhbones 2 183 525 410 169 46,171,831 47,482,574 Income generated 1,479,167 6.000 10.86'/0
The Liverpool Merchant5, Gulld Page 5 Trustees, Annual Report Year ended 3151 December 2023 31.12.2022 31.12.2023 %-age change Benchmark ReseNe Fund Market value 3,672,207 4.154,410 Cash held by Rathbones 388318 4,060,525 222 500 4,376,910 Income generated 111502 10,54% 10.86. Management fees taken During the year thè Common Investment Fund and the Flsserve Fund had combined realised losses on investments lolalling £38,445 and unrealised gains on investments amounting lo £1,421,862. Overall, taking cash ba13nce5 inlo account, the combined value ol the Common Investment Fund and the Reserve Fund al 313t December 2023 amounted lo £52.627.203 which was an increase of £1,690,306 on the combined value of the Common Investment Fund and the Reserve FLJn(J at 31 December 2022 in the sum of£50,936,897, There were no legaci&s or donations received during the year12022 nill. The principal funding sour5 of the Charity are the investments which the Charity holds. DLJring the reporting period investment income amounted lo £1,590,669 which sum subslanlially covered the Guild'5 expenditure on charitable activities of £1,101,153. Going Concern In accordance with the requiremen15 of FRS102 SORP, the Trustees have reviewed the linan¢ial posiliork of the Guild. This review has CDvered a period up to 315l December 2024 and the Trustees of the Guild are unanimously of the view that the Charity is a golng concem. The Trustees are also unanimously of the view that there are no material uncertainties about the Charity's ability lo cun*inue. Reserves Vvhilsl all charitable payments are entirely discredonary and there is no irrevocable commitment lor further expenditure, the Board of Management consider that a reasonable level of reserve would equate lo approximately 12 months expenditure. Curfftnl free reserves, £4,960,666, are approximately 46 months expenditure. The Board of Management are comfortable with the level of reserves held, particularly in view of its intention to actively seek to Increase the number of beneficiaries. Responsibilities Charity Law requires the Board of Management ID prepare financial statèments lor each financial year which give a true and fair view of the slate of affairs of the Charity and of its financial activities for that period. In preparino those financial slalements the Board of Management is required to.'_ select suitable accounting policies and then apply them consislenlly., rnake judgements and estimates that are reasonable and prudent,. state whether the policles adopted are In accordance with the Slalemenl of Recommended Pra¢ll¢e Charities SORP (FRS 102115sued by the Charity Commission and with applicable 8¢counling standards subject lo any material departures disclosed and èxplalned in the financial slalemenls.
The Livtsrpool Merchant5, Guild Page 6 Trustees, Annual Report Year ended 3151 December2023 prepare the Iinanclal slalemenls on a going coneern basls unless il is inapproprfale lo assume that the Charity wlll continue in business. The Board ol Management is responslbl? for keeping proper accounting records which disclose with reasonable a¢¢uracy al any lime the financial posiliDn of the charity and lo enable them lo ensure that the financial slalemenls comply Nlh the Charities Act 2011 and the Royal Charter of 2006. 11 is responsible for safeguarding the assets of Ihp Charity and hence Ior taking reasonable steps for the prevention and detecllon Df fraud DT olher irregularities. The T¥uslees have complied with the duly in section 8 of the 2011 Charities Act lo have due regard lo the giJidanc& on public benefit published by the Charity Commission (Public Benelill. Post Balance Sheet Events The TrLtslees have been closely monitoring events since the beginning of 2024 and call report that there has been a decrease of 5°A in the level of dividènd income generated by the Guild's investments comparing the first eight molllhs 012024 with the first eight months of 2023. Secretaries The Secretaries of the Guild are Monella LLP, Chartered Accountants, 110-114 Duke Street, Liverpool, L15AG, Bankers The Guild's principal bankers are Barclays Bank PLC. City Office, 48B and 50 Lord Street, Liverpool. L2 1TD. Investmpnt Managers The Guild'5 Investment Managers are Rathbone Investment Management, Port of LlverpoDI Building, Pier Head, Liverpool, L3 1 NW. Auditors The Guild's auditors are Mitchell Charlesworth (Audit) Limited, Tempest, Suite 5.1, Tilhebarn Street. Liverpool, L2 2DT. Solicitors The Guild's solicitors are Brabners LLP. Horton HoLJse, Exchange Flags, Liverpool, L2 3YL. Webslte: www.live oolmerchanls uild.or E-mail: inf liver oolmerchanls uild,or .uk Telephone and Fax Tel= 0151703 1080 Fax.. 0151 703 1085 On behalf of th oard of anagement Mr R,J. Carter Chairman Dale 2024
The Llverpool Merchants, Guild Independent ALtditors' Report to the Trustees of The Llverpool Merchants, Guild Page 7 Opinlon We have audited the financial stalemenls of The Liverpool Merchants, Guild (the 'charily'l for the year er)ded 31 December 2023 which cotnprise the statement of financial activities, the statement of financial posillon, the statement of cash flows and notes to the financial slalemenls, including significant accounting policles. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdorn Generally Accgpted Accounting Praclice}. In our opinion, the finanoial statements.. give a true and fair view of the slate of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnion We conducted our audit in accordance wilh International standaids on Auditing {UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the finanttial slalements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slan(lard, and we have fulfilled our other ethical respDnsibililies in accordance with these requiremenls. We believe that the audlt evidence we have obtained is sufFicient and appropriate lo provide a basls for our opinion. Conclusions relating to going concern In auditing the financlal statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or Conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period Of al least twelve months from whe the financial statements are aulhorised for issue. Our responsibilities and the rèsponsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the annual report other than the financial slalements and our audilorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and we do not express any foim of assurance conclusion thereon, Our responsibility is lo read the other information and, in doing so. consider whether the other ir)formalion is maleri3lly inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olheTwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misstalemenl in the financial statements themselves. If, based on the work we have performed, wè conclude that there is a material rnisslalement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we arÈ require(J to report by exceptlon We have nothing lo report in respecl of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinlon.. the information given in Ihe financial statements is inconsistent in any material respect with the Trustees, Report,. or sufficient accounting record5 have not been kept- 01
The Llverpool Merchants, Guild Page 8 Independent Audltors, Report to the Trustees of The Liverpool Merchants, Guild the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. R8sponslbllities of truste6s As explained more fully in the statement of Trustees, Responsibilities, the Iruslees are responsible for the preparation of the financial statements and for being salisfled that they give a true and fair view, and for such inlernal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free fiom material misstalemenl, whether due lo fraud or error. In preparing Ihe financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intelld lo cease operations, or have no realistic allernalive but lo do so. Audltorfs responslbilltles for the audlt of the financlal statemunts We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordarsce with the Act and relevant regulations made or having Èffect thereunder. Our objectives are to obtain reasorsable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when it exists. Misslatemenls can ar(se from fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be expected lo inflltence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities, inclLtding fr8ud. The exlenl to which our procedures are capable of detecting irregularities, including fraud, 15 detailed below. Extent to which thp audit was considered capable of detecting irregularitios. includlng fraud Our approach to identifying and assessing Ihe risks of material rnisstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagemelll team collectively had the appropriate competence, Gapabililies and skills lo identify or recognise non-cornpliance wilh applicable laws and regulations-, we identified the laws and regulations applicable to the charity through discLEssions with trustees and other management. we focused on specific laws and regulations which we considered may have a direct material effect on the financlal statements or the operatior¢s of the charity, including taxation legislation and data protection, anli-bribery, employment and health and safely legislation., we assessed the extent of compliance wilh the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.. and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo inslan¢es of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial Statements to materlal misstatement, including obtaining an undeistanding of how fraud might occur. by= makirig enquiries of management a5 to where they considered there was susceplibilily to fraud, Iheir knowledge of actual, suspected and alleged fraud., and considering the internal conlrols in place lo mitigate risks of fraud and non-compliance with laws and regulations. To addres5 the Fisk of fraud through management bias and oveiiide of controls. we.. performed analytical procedures to identify any unusual or unexpected relationships.,
The Llverpool Merchants, Guild Independent Auditors, Report to the Trustees of The Liverpool Merchants? Gulld Page 9 tested journal entries tD identify unusual transactions,, assess2d whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias., and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulalions, we designed piocedures which included, but were not limited lo.. agreeing financial statement disclosures lo unclerlying supporting documenlalion,. reading the minutes of meetings of those charged with governance,. and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedure5 required lo identify non-compliance with1aw5 and regulation5 to enquiry of the trustee5 and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting CounciS's website al.. htlps:Ilwww.frc.o .uklauditorsres onsibilities. This description forms part of our auditor's report. other matters Your allenlion is drawn lo the fact that the charity has prepared financial statements in accordance with Accounting and Fieporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in acGordance with the Financial Reporting Standard applic8ble in the UK and Republic ol Ireland IFRS 102)" las amended) in preference lo the Accounting and Reporting by Charities.. Slalement of Recommended Praclice issued on 1 April 2005 which is referred to in the extant regulations but has now been wilhdrawn. This has been done in order for the financial slalemenls to provide a true and fair view in accordance with Generally Accepted Accounting Practice. Use of our audÈt r8POrt This report is made solely lo the charity's Iruslees as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so thal we might state to the charity's trustees those matters we are required to slate lo them in an guditors, report and for no other purpose. To the fullest exlenl pèrmitted by law. we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. PJlitchell Charlesworth (Audit) Limlted Chartered Accountants statutory Auditor Tempest, Suite 5.1 12 Tilhebarn Street Liverpool L2 2DT Mitchell Charlesworth (Audit) Limited is eligible for appointment as auditor of the charity by virtue of ils eligibility for appoinltnenl as auditor of a company under of seclion 1212 of the Companies Act 2006
The Liverpool Merchants, Guild Statement of Financial Activities Year ended 31st December 2023 Page 10 Note Re5trlcted Funds Unrèstrlcted Fund8 2022 Endowed Funds Legacies Fund General Fund Reserv• Fund Totsl Funds Income and endowments from Donations and legacies Subscriptions Incomè from Investments UK Investment Incorne Non UK Inve51menl Income Oeposil Interest 19 19 19 955,982 232.203 36,121 42,041 10,212 1,588 I S6,963 38,126 5,931 50.945 4e,830 13,727 1,205,931 327,371 57.367 1,124,782 302,460 117.526 Total Income and endowments 1,224,306 53.841 201.039 111,502 1,590,688 1,544,787 ' penditure on Expenditure on raising funds Expenditure on Charitable acliviliès 151,176 911,424 6,848 40,082 24,822 149,647 182,646 1,101.153 180,093 1.253,7g9 Total Expenditure 1,062,600 46.730 174,469 1.283,799 1,433,892 Net gains I Ilossesl on investments 10 & 12 872,D16 38,349 143.176 329.876 1,383,417 14,45Q.3061 Not Income l (expenditur81 1,033,722 45,460 169,746 441,378 1,690,306 14,339.4111 Transfer of Special Dividends Transfers beeen funds 1161,7061 17,1111 126,5701 195,387 Net Movement of Funds 872,016 38,349 143,176 636,765 1.690,306 14,339.4111 Total Funds Brought Forward 38,526,TT4 1.692,833 6,325,051 4,392,239 50.936,897 55,276,308 Total Fund5 Carried Forward 39.398,790 1,731,182 6,468,227 S,029.004 52,627,203 50,936,897 For an analysis of Ihe comparative figures for the year ended 31 December 2022 soe page 11 The notes on pages 14 10 23 form part ol these financlal slalemonls.
The Liverpool Merchants, Guild Comparative Statement of Financial Activities For the Year ended 31st December 2022 Page 11 Restricted Funds Unrestrlcted Funds Endowed Funds Legacies Fund General Fund Reserve Total Fund 2022 Income and endowments from Donations and legacies Subscriptions Income from Investments UK Investment Income Non UK Investment Income Deposit Interest 19 19 894,874 214,943 89,937 39,354 9,453 3,955 146,929 35,291 14,767 43,625 42,773 8,867 1,124,782 302,460 117,526 Total Income and endowments 1,199,754 52,7fj2 197.006 95,265 1,544,787 Expenditure on Expenditure on raising funds Expenditure on Charitable activities Total Expenditure Net (losses) on investments 149.063 1,037,770 6,555 45,638 24,475 170,391 180.093 1.253,799 1.186.833 52.193 194,866 1,433,892 13,110,342) 1136,7851 1510,6871 1692,4921 (4,450,306) Net Income l Expenditure 13,097.421} 1136,2161 {508,5471 1597,2271 {4,339,411) Transfers between funds {12,9211 15691 (2,1401 15,630 Net Movement of Funds 13,110,342) 1136,7851 1510,6B71 1581,5971 14,339,411) Total Funds Brought Forward 41,637,116 1,829,618 6,835,738 4,973,836 55.276,308 Total Funds Carried Foard 38,526,774 1,692,833 6,325,051 4,392,239 50,936,897 The notes on pages 14 10 23 foim part of these financial slatemenls.
The Liverpool Mer¢hants' Guild Statement of Financial Position Page 12 31st December 2023 Note 2D23 2022 Fixed Assets Investments and cash held by the Common Investrnenl Fund 10 47.598,199 46,544,658 Current Assets Debtors & prepayments due within Dne year Debtors due after more than one year Investments Cash at Bank 393 68,338 4,154.410 858,6D2 5,081,743 332 74,946 3,672,207 695.571 4.443,056 11 12 .Current Liabilities Creditors & accruals due in less than one year 13 52,739 50,817 Reserve Fund l Net Current Assets Total Assets less Current liabilities 5,029.004 4,392,239 52.627,203 50,936,897 Funds of the Charity: Restricted Funds: Permanent Endowed Funds Legacies Fund 16 16 39,398,790 1,731,182 38.526,774 1,692,833 Unrestrictsd Funds.. General Fund Reserve Fund 16 6,468,227 5,029,004 6,325,051 4,392,239 Total Charity Funds 52,627,203 50.936,897 Approved on behalf of the B08rd of Management on ..Ll..: I r). x.o.LL RJ Carter......... Chairm2ll Mrs G Ferrigno . Trustee The notes Dn pages 14 to 23 form part of these financial statements.
The Liverpool Merchants, Guild Statement of Cash Flows Page 13 Year ended 31st December 2023 2023 2022 Reconciliation of net in¢ome to net cash flow from operating activities Net income l {expenditure) for the reporting period {as per the statement of financial activities) 1,690.306 14,339,411) Adjustments for: Net (gains) I losses on investment5 Dividends, interest from investments Decrease in debtors {1,383,4171 11,590,689) 6,547 4,450,306 11,544,768) 9,938 Increase I Idecreasel in creditois 1,922 110,959) Net cash provided (used by) operating activities 1.275,311 11,434,894 statement of Cash Flows Cash Flows from Opgrating Activities: Net cash provided (used by} operating activitie5 1,275,311 1,434,894) Cash Flows from investing Activities: Dividends, interest from investments Proceeds from sale of investments Purchase of investments 1,590,669 8.354,412 110,517,297) 1,544,768 5,485.803 (5,844,085) Net cash provided by (used by) investing activities 572,216 1,186,486 Change in cash and cash equivalents In the the reporting period 11,847,527) {248,4081 Cash and cash equivalents at the beginning of the reporting period 3,251,923 3,500,331 Cash and cash equivalents at the end ofthe reporting period 1,404,396 3,251,923 Made up as to: Reserve Fund - Current Assets - Cash at bank Common Iriveslfflenl Fund - Fixed Assets- Cash Deposits 858,602 695,571 545,794 2,556.352 1,404,396 3,251,923 The notes on pages 1410 23 form part of these financial slalements.
The LNerpool Merchants, Guild Notes To The Financial Statements Page 14 Year ended 31st December 2023 1 Accounting Policles Legal stalu8 Liverpool Merchants, Gulld conslilules a public benelit entity as defined by FRS 102. Sttop& and bas13 of tho financial staternents The linancial statements have been prepaièd under the historical cost eonvenlion. as modified by thè revaluation of IllVEStmenls at market value, and are in aceordance wilh thE Slalemènt ol Recomrnended Pf8¢1ice'. Accounting and RepDrtlng by Charities pieparing their accounts in aecoidance wilh Ihe Financial Reporting Standard applicable in the UK and Republic ol Ireland (FRS 1021 Clhe SORP'I. FRS 102.. Th& Finanal Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1, the Charllies Act 2011 and UK Generally Accèpted Praclico as il applies from 1 January 2019, The financial stalpmènls have been prepad lo give a'lrue and fair view, and have departed from the Charities (Aecounls and Reports) Regulations 2008 OFTrly lo the exteDt required to pfovide a'lrue and fair vievl. This departure has invovled following Ihe Accounting and Reporting by Chaiilies.. Slaletnenl ol Recomtnended Prarlice applicablc lo charities preparing their accotJnl.8 In accordance with the Financial Reporting Slandard applicable in the UK and Rèpublic of Irleand IFRS 1021 issued on 16th Jvly 2014 rather than the Accounting and Reporting by Charities.. Stalernenl of Recommended Practice effecllve from 1st April 2005 which has slnce been withdrawn. The financial slalemenls h8V6 been prepared on 8 going conGBin basis. This is discuss8d in the Tiuslees, rèport al page 5 under the heading 'going eoncern,. Incoming Resources Incomé arising on the Common Investment Fund inveslrnenls is allocaled10 88ch fund In proportbon to the value of the funds 81 31st December 2022. Investment Incomè Dividends and bank interest are included as incotning resources when they are received. Legacies and Donations Received Legacies and donallons are reGQgnised upon receipt or when il is probable that they will be received. Recelpl is norrnally probable when.. Iherg has been granl ol probate.. the execlors have established th31 there are sufficient a5so18 in the eslale, after sellling any liabilities, to pay thelggacy.. any condition8 attached to the legacy are either within the control of the charity or have been tnet. Taxation The Guild is a reglslered Charity and is not liable lo UK taxAtion on ils charitable aciiviiies and is not registered for VAT purposes. Expenditure is slated inclusivé of any applicable VAT. Pensions and Grants All charil3blè paymen15 are made for the benefit o)f individuals who meet the Grileria for elegibilily as set out In the Guild'5 Byelaws and Regulations and arè made fvr the relief of hardship or need. All awards are made al the discretion of the Board Df Mariagemenl which does not enter into any commilfflenl lo ienaw or repeat any payment. Gharitable payments are accounted ft)r as and when paid. Loans to Ben&fielaries Loans are granted lo beneficiaries for the purpose of funding essential property maintenance OT repairs. They are interest free and are repayable when the beneficlary ceases lo occupy the property involved. Loans are only made frorn tho Reserve Fund. Investments Investments held as fixed assèts and (lnI assets are all listed on a recognised stock exchange and are included in the ftnancial statementg al markèt value, Those invÈslmenls which are h81d as current assets are part of the ReseNe Fund and are highly liquld investments whlch are readily realisable.
The Liverpool Merchants, Guild Notes To The Financial Statements Page 15 Year ended 31st December 2023 Accounting Policie5 (cont) InvÈ5tment Galns and Losse5 Realised and unrealised gain3 and losses on the Common Investment Fund investmen15 are allocatéd ID each capitsl fund in aliqLJOt portions. Gains or losses arising on investments of the Reserve Fund are tfeated as additions or reductions lo that fund and are available lo set off against future expenditu. Fund Accountiny Following advice from the Charity Commisslon in June 1972, the Guild's e2pilal funds were reclassified from a single permanent endowed capital accDunt into restricted and unreslricled funds. Restricted funds have been further subdivided into permanent and expendable funds. Funds in existence in June 1972, the dale of implemenlabon of the scherlle by the Charity Commission. have been dassified as perrnanènt endowed funds and any additions lo those funds since that daté have been Iieated as additions lo the pemianenl endowment. New funds Tecelved since Junè 1972 have been classifed as reslriGled or unrestricted funds according lo thè terms or conditions Blla¢hing lo the bèquest lo the Guild. Details of the various funds are set out i Notes 16 and 17. All funds classified as reslricled are held for the speciliG purpose of paylng pensions or other benefis to eligible benèficiaries. Debtors due aftgr more then one year Debtors due after more than one y9ar Gomprise loans lo ben8ficiaries, both secured and unsecured. As ther6 is no C8rtainly when these amunls will be recovered the nel present value. therefore. cannot be measured. Current Assets - Invèstments Cuirent asset investments represent stocks and sh8r6s quoted on recognised stock exchanges. Such stocks and shares can be immedlatèly sold in exchange for cash which is receivable on the ordinary selllement terms of tho stock èxchange in question alld have been revalued on the basis of prices quoted on the relevant Stock Exchange. Curr•nt Assets - Cash at Bank Cash at bank represents monies held either al Barclays Bank or wllh Rathbone Investment Management. Such monie5 are immèdiately available and no notice p&iiod is required for access to ssme. Current Liabllities Creclltors & A¢crua15 Creditors provisions are normally recognised al their settlement amount after allowing for any trade otiscounls due. Flnancial Instruments The ch8rity has elected lo apply the provisions of Secllon 11 'Basic Financial Inslwmenls, and Section 12 '0ther Flnancial Instruments Issue8, of FRS 102 to all of ils financial instruments. Financlal instruments are recognised in the chariW5 balance sheet en the charity become5 party lo the conliaclual provisions DI the inslrumenl. Financial agsets and liabilities are offset, wllh the nel amounts presented in the financial slalements, when there is a legally enforceable right 10 Set off thè r2cogni58d amoun15 and there is an intention to settle On a nel basis or lo realise the asset and sèttle the liability simullanÈously. Basic financlal assets Basic financial assets, which includ8 debtors and cash and bank balancBS, are inllially measur8d al transaction price including transaction costs and arÈ subsequently carried al amortised cost using the 6ffectlve interègl method unless the arrangement con5tllules a linanclng transaGtion, wherè the transaction is measured at the presènt value of the future receipts discounled at a markét rale of interest. Financial assets olassifled as receivable within one year are not arnortised.
The Liverpool Merchants, Guild Notes To The Financial Statements Page 16 Year ended 31st December 2023 Accountlng Policies {contl other fffnanclal assets Other financial assets, including Investments in èouity instruments which are not subsidiaries, associates orjoinl venture5, are initially measured al fair value. which is normally Ihe Iran5aclion piice. Such assets are subsequently carried al 181f value and the changes in fair value are recognised in profil or Ios5. except thal inveslments in equity instruments that 8re not PLJblicly traded and whose faif values cannot bB mea5ufBd reliably are meaguréd al cost less impaimenl. Impairment of linanclal assets Financial assets, olhÉr than those held al fair value through profil and loss. are assessed for inc5icalors of Impairment al each repottinu end date. Financial assets are irnpaired where there is objective evidence that. a5 a r8sult of one or more evenls that occurred after the initial recognition of the linan¢ial asset. the eslimaled lulure cash flows have been alfected, 11 an asset Is impaired, the irnpairment loss is the difference between the carrying amount and the present valve of Ihe estimatèd cash flow5 discDunted al the asset's original effective interest iale. Th8 itnpairment loss is recogllisBd in profil or loss. If Ihere is 3 decrease in the impairment loss arising from an evenl occurring after the impairment was recognised, the irnpaimient is reversed. The reveisal is such that the currènt tt8rrying amount does llot exceed what the carrying amount would have been, had the impairmenl not pieviously been recognised. The itllpairment reversal is recognised In profil or loss. Derecognilion otfinaneial asset5 Finanaal assèts are derecognised onty when the contractual rights to thè cash flows from the asset expire or are sellled, or when the chaiily Iransfprs the financial 8S$91 and subslanlially all the risks and rewards of ownership lo another entity, or il some significant risks and rewards of ownership are rÉtain6d bul control of the asset has transfèrred to another party that is able lo sell the asset in its enllrety lo an unrelalÈd third party. Classlflcatlon of financial lialjilities FinanLial liabilities and equity insliumenls are Classified according lo the substance of the contractual arrangements entered into. An equity insliumenl is any Gontra¢l that evidences 8 rèsidual interest in the assets of the charity after deducting 011 of its liabilities. B45ic financial Ilabilities Basic financial liabilities, including creditors and bank loans, are initially recognised al transaction price unless the arrangement constitutes a linaneing Iran5actioD, where the debt instrument is measured at the present value of Ihe futur paymenls discounted al a market rale of interest. Financial liabllilies classilied as payable v¢ilhin one year ale nol amortised. Debt inslrumen15 are subsequently carrlèd at amortised cost, it5ing the efFeclivé interest rale method. Tr8de creditors ore obligations to pay lor goods or services that have been acquired in the ordinary course of business from suppliers. Amounts paysble are classified as current liabilllies il payment is due within one year or less. 11 not, they are presented as non-currenl liabilities. Tr8de creditors are reco9nised initially al transacb'on piice and subsequ¢nlly easured at amortised cost using the effèctive intere51 method. Derecognltlon of financlalllabllities Financial liabilities are deiecognised %vhen th@ charity's conlraBlual obligations expirtr or are dischaiged or cancelled. Judgements and key sources of estimatlon uncertaAnty In the appllcation of the charit¢s acGounling policies, thè trustees ar8 fequired lo make ju4Jgemenls, eslimalès and assumptions aboLJI the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimaleg snd associated assumptions are based on historical expertence and oth81 factors that are collsidered lo be relevant. Actual results rnay differ from these estimates. The eslimales and underlylng assumptions are reviewed on ongoing basis, Revisions lo accounting estirnales are tecognlsed in the peiiod in which the estimate is rev15ed where the revision affects only that P8riod, or in the perlod ol thè revision and future periods where the revislon affects both Gurrenl and future periods.
The Liverpool Merchants. Gulld Notes To The Financlal Statements Year ended 31st December 2023 Page 17 3 Donations and Legacles 2023 2022 Legacies- see page 5 for details Donations- see page 5 for details 4 Expendlture on Raislng fund5 2023 2022 Snveslmenl Management fees 182.646 180,093 182,646 180.093 5 Expenditure on Charltable activities 2023 2022 Pensions Grants Auditors. remuneration SeGretaries fees Postage, slalionery and web design elc. Bank charges 862,055 103,684 5,670 126,000 3,744 960,673 159,344 5,400 126,000 2,362 20 1,101,153 1,253,799 Experiditure on Charllible aclivili8s is allocated in proportion to the endDwed, legacy and general fund values al 31st December 2D22. All charitable payments are for the benefit of indlvlduals. Al 31 December 2023 there were 213 benefi¢iaries.12022 2441. 6 Trustees Remun&ration No memb&r of the Board of Management or any connected per5DnS received Any remuneration in respect of Ihelr services as Iru5tee5. Additionally no member of the Board of Management or any connected persons rolVed or walved any ¥eimburs2menl of expenses. (2022 - none) S T Chapple Gill, a member of the Board of Management is a consultanl lo the firrll Br8bners LLP. Mr D. Bailey, also a member of the board of management, is a partner in the firm Brabners LLP. Brabners LLP provide legal services lo thè Guild. An Order has been obtained Irom the Charity Commission allowing the Guild ID continue lo ulilise the services of this firm. £nil w8s charged by Brabners durfing the year12022 - £nil}. The amount oulslanding to Brabners LLP al 31 December 2023 was £nil12022 - £nill. Mr A.T. Morris. who 15 a Trustee of LlveTpooI Merchants Guild. was an employee of Ralhbone Investmonl Management Irelired 30 June 20231. Thls laller company weie appointed by the management Board of Liverpool Merchants. Guild to manage the Gulld's investments on a discretionary basis with effect from 1° O¢lober 2013, Agrettmenl to the appointment of Ralhbone Investment Management wa8 obtained from the Charlly Commlssion. Ralhbone Investment Management received remuner8tion included in these accounts 8mouTiling lo £182,646. {2022 - £180,093). The amount outstanding IL) Ralhbone Investment Management al 31 Docember 2023 was £48,657.12022~ £45,2091- 7 Employeès The Liverpool Merchants, Guild does nol have ariy employees and doe5 not provide any retirement or post employment benefits lo anyDne.12022 - none)
The Liverpool Merchants, Guild Notes To The Financial Statements Year ended 31st Decernber 2023 Page 18 8 Transfer of Special Dividends No special dlvidends or slmilar Sncome have been received durfng the year whlch require a Iransler between in¢ome and capllal, The Guild still considers il appropriate lo mak? 8 transfer when such income arises. The capital fund8 would then have been credited in proportion to the fund values 81 the end of the previous year. 9 Transfer betwgen funds Al the end ol each year transfers are made to or from the ReseNe Fund in respect of the surplus or deflcil of income Dn each of the other funds and is made up as follows.. Note Restrictod Funds Unrestricted Funds Endowed Funds Legacies Fund General Reserve Fund Total Funds Fund Subscriptions UK Investment Income 955,982 232,203 36,121 42.041 10,212 1,588 156,963 38,126 5,931 50,945 46,830 13,727 1,205,931 327,371 57,367 Non UK Investment Income Deposlt Interest 1,224,306 53,841 201,039 111,502 1,590,688 Expendllure on raising funds Expendllure on charllablè acitvilies 151,176 911,424 6,648 40,082 24,822 149,647 182,646 1,101,153 1,062,600 46,730 174,469 1,283,799 Nel surplus before gains and losses, to be transferred 161,706 7.111 26,570 1195,3871 10 Fixed Assets Investments Common Investment Fund InUK Outsidè UK Total 2023 2022 Market Value 1st January 2023 Acquisitions Disposals Realised Ilossesl I gains Unrealised (losses) I galns on Valuation of Inveslmellts Market V81ue 31st Dember 2023 29,229.787 14,768,519 43.988,306 47,487,793 5,389.484 4,202,38 9,591,870 5,376,102 15,368,908) 12,212,404) 17,581,312) 15,117,775) 170,7191 91,542 20,823 {470,0741 (86,6201 1.119,338 1,032,718 13,287,740) 29,093,024 17,959,381 47,052,405 43.988,306 Cost al 31st December 2023 20,350,155 13,519.200 33.869.355 2B,343.246 Investment Cash Dèposits Cash al Bank 545,794 545,794 2,556,352 Total Common Investment Fund Investwngnts 29,638,818 17,959,381 47,598,199 46,544.658
The Liverpool Merchants, Guild Notes To The Financial Statements Year ended 315t December 2023 Page 19 Value 31.12.2023 Value 31.12.2022 10 Fixed Assets Icontl UK Investments Fixed Income Govemment Securities Banks Beverages Commodities General Industries Global Investments Infraslrucluie Funds Life Assurance Media and Photography Mining Oil and Gas Overseas Index Linkecl Government Bonds Personal Care, Drug and Gracery Pharmaceuticals Precious Metals Private Equity Stock Software and Computer Seryices Support Services TelecommunicaliDn Services Tobacco UK Investment Companies UK Index Linked Government Bonds UK Investment GTade Bonds UK Investment Grade Bonds - Higher Quality Water and Gas 323,038 482,966 2,051,637 1,474,600 726,658 551,800 3.408,364 2,268,668 1,141,200 1.490,236 1.617,721 4,106.321 1.11 1.65 7.02 5.04 2.49 1.89 11.66 7.76 3.90 5.10 5.53 14.05 1,923,654 1,532,355 1.153,824 810,108 6.61 5.27 3.97 2.78 2,668.089 2,075,481 415.984 1,057,400 1,477,912 4.018,391 458,775 1,809,037 1,387,923 394.120 443,610 9.17 7.13 1.43 3.63 5.08 13.81 1.58 6.22 4.77 1.35 1.52 1,797,524 1,444,034 647,300 519,752 38,756 1,385,770 217,484 705,523 739,200 6.15 4.94 2.21 1.78 0.13 4.74 0.74 2.41 2.53 1,140,798 3.92 4g3.533 852,775 465,397 1,961.791 1,762.857 788,210 1.70 2.93 1.60 6.74 6.06 2.73 525,061 823,111 743,063 1.80 2.82 2.55 29,093,024 100.00 29,229,787 loo,00 Investments outside the UK Asia European Investrnenls Japanese US Shares 1,496,780 2,623,722 1,930.098 11,908.781 8.33 14.61 10.75 66.31 1,589,113 2,012,305 1,744,075 9.413,026 10.77 13.63 11.82 63.78 17,959,381 100.00 14,758,519 100.00 Total Quoted Investments 47,052,405 43,988,306 There were no individual direct holdings that represented more than 6'h of the total value ol fixed and curffnt asset investments al 31st December 2023.
The Liverpool Merchants, Guild Notes To The Financial Statements Page 20 Year ended 31st December 2023 10 Ftxed Assets (conti All investments are investments in quoted securities or unil Irusls. These have been revalued al 31 sl December 2023 on the basis of prices quoted on the relevant Stock Exchange or by the fund manager. All of the fixed asset invèstments are held in direct furtherance of the charity's objects. 11 Debtors 2023 2022 Due wllhin one year Other debtors 393 393 332 332 Due after more than Secured loans lo bgneficiaries Unsecured loans to beneficiaries 51,184 17,154 68.338 56,265 18,681 74,946 one year Loans to beneficiaries are inleresl-free and have no fixed dale for repayment. As there is no cetlainty as to when loans lo beneficiaries will be recovered, the net present value of those loans cannot be measijred 12 Current Asset Investments Quoted Investments in UK 2023 2022 Market Value f sl January 2C$23 Acquisitions Disposals Realised (losses) 1 gains Unrealised Ilossesl I gains on revaluation of investments 3,672,207 925,427 1773.1001 {59.2681 389,144 4,264,744 467,983 1368,0281 (29,8861 (662,6061 Market Valug 31st December 2023 4,154,410 3.672,207 Cost at 31st December 2023 3,265,986 3,249,006 Cuirent asset investments represent the temporary investment of previous accumulatlons of income. All investments are investments in quoted securities. These have been revalued at 31st December 2023 on the basis of piices quoted on the relevant Stock Exchange.
The Liverpool Merchants, Guild Notes To The Financial Statements Page 21 Year ended 31st December 2023 12 Currènt Asset Investrnents {contl Valu 31.12.2023 Value 31.12.2022 Fk¥ed Incom Government Securities Banks Commodities General Industries Infraslruclure Funds Media and Photography Oil and Gas Overseas Index Linked Govemment Bonds Personal Care, Dru9 and Giooery Pharmaceutical3 Private Equity Stock Software and Computer Services Support Services TelecDmmunicalions Servic&s UK Investment Companies UK Index Linked Government Bonds UK Investment Grade Bonds UK Investment Grade Bonds- Higher Quality Water and Gas EurL)pean Investments US Shares Japanese 147,817 53,663 197,364 66.248 91.047 48,848 54,868 84.057 4.03 1.46 5.37 184.629 130.219 73,856 4.44 3.13 1.78 1.8Q 2.48 1.33 38,902 0.94 1.49 2.29 82,509 41,525 16,802 217,851 44.611 1.99 1.00 0.40 5.24 1.07 17.837 225,190 52,268 14,533 30,800 80,410 31,6eo 0.49 6.13 1.42 0.40 0.82 2.19 37,200 0.90 36,547 42,124 231,849 183.388 40.204 184,949 2,129,025 438,220 0.88 0.86 1.01 5.58 65,633 6fj,560 37,901 289,523 1.656,280 364,880 1.79 4.41 0.97 4.45 51.25 1.68 1.03 7.88 45.10 10.55 9.94 4,154,410 100.00 3.672,207 100.00 13 Creditor5 - amounts due within onè year 2023 2022 Accruals 52,739 52,739 50,817 50,817 14 Capital Funds Balance 1st January 2023 Nel incoming resources lor the year Transfer lo Reserve Fund Re8llsed investment gains I Ilossesl Unrealised gains l (losses) on revaluation of investments Balancè 31st Dec&mbar 2023 46,544,658 795,387 (195,3871 20,823 1,032,718 47,59B,199 50,302,472 15,630 115,6301 1470,074) (3,287,740) 46,544.658 15 Reserve Fund Balance 151 January 2023 Net incoming resources for Ihe year Transfèr from from Capital Fund5 Realised Ilosse51 on disposal of investments Unrealised gains J Ilossesl on revaluation of investrn6nls Balance 31st DeGgmbar 2023 4,392,239 111,502 195,387 159,2681 389,144 5.029,004 4,973,836 95,265 15,S3D 129,8861 1662.6061 4,392,239
The Liverpool Merchants, Guild Notes To The Financial Statements Page 22 Year ended 31st December 2023 16 Capltal Funds 2023 2022 Restricted Funds Permanent Endowed Fund 39,398,790 38,526,774 Legacie5 Fund 1,731,182 1,692,833 Unrestricted Funds General Fund 6,468.227 6,325,051 Total Capital Funds 47,598,199 46,544,658 In Maroh 2007 the Charity Commission approved a scheme whereby the individLJal named funds that had comprised the Permanent Endowed Fund were formally amalgamated into one single fund enlilled The Lnierpool MeTchanls' Guild. The following is a list of funds that now cornprise the Liverpool Merchants, Guild Permanent Endowed Fund'.- Mrs W M Allèn Fund American Chamber of Comtnerce Fund Miss Olivia Alherton fund MTS James Barrow Fund Thomas Bartlett Fund Mrs E E Bartley Fund Frederic Bowden Fund James Lord Bowes Fund Mrs Anna Brancker Fund Frank Brocklehursl Fund John Bury Annuity Fund William Cliff Fund C H Collie Fund Aileen Congrieve Fund John Cropper Fund John G & Mary Dobson Fund Emma Elliston Fund Isolina Gee Fund General & Roger Lyon Jones Fund Andrew Gibson Fund Isabel Grace Hall Fund Harrison Fund John Hill Fund )Nilliam Imrie Liverpool Clerks Benevolent Fund E Alan Johnston Fund Helen Johnston Fund Johnston Family Fund Kathleen Steward Kendall Fund Antta G Lawrence Fund Miss Henrietta M¢Kay Fund Thomas Moss Fund Essie Newberry Fund Thomas William & Alice Eleanor Oaksholl Memorial Fund The Misses Paton Fund Mercey Richardson Fund Lucie Amelia Ridley Fund Frank Rigby Fund John Winser Sheriff Fund W H Shirley Fund W M Simpson Fund Henry Tale Fnd Charles & Kale Thorne Fund The William Henry & Harriet Wall Fund Frank & Gwen While Fund Mr & Mr5 George Wilson Fund J Marke Wood Fund
The Liverpool Merchants, Guild Notes To The Financial Statements Page 23 Year ended 31st Decernber 2023 17 SuTnmary of Net Assets by Funds- 31 December 2023 Fixed Assets Current Total Assets Restricted Funds Permanent Endowed Funds Legacies Fund Unrestricted Funds General Fund Reserve Fund 39,398,790 1,731,182 39,398,790 1,731,182 6,468,227 6,46B,227 5,029,004 52,627,203 5,029,004 5,029,004 47,598,199 Summary of Net Assets by Funds- 31 December2022 Fixed Assets Current Assets Total Restrlcted Fund5 Permanent Endowed Funds Legacies Fund Unrestricted Funds General Fund Reserve Fund 38,526,774 1,692,833 38,526.774 1,692,833 6,325,Q51 6,325.051 4.392,239 50,936,897 4,392,239 4,392,239 46,544.658 Restricted funds are held for the specifiG purpose of paying pensions or other benefits lo eligible beneficiaries. The capital of the permanent endDwed funds may not be expended, only the income arising on thesè funds may be utilised in the payment of pensions or other benèfits lo beneficiaries. Unrestricted fund5 may be utilised for any PLJrpose of the Guild. 18 Commitments Payment of pensions and grants is entirely discretionary. The Board of M2nEgemenl is of the opinion that there were no commitments for either revenue or capital expendiluie al 315t December 202312022 - £nill. '.9 Related Parties S T Chapple Gill, a member of the Board of Management is a consultant lo the firm Brabners LLP. Mr D. Bailey, also a member of the board Df management, is a partner in the firm Brabners LLP. Brabners LLP provide legal services lo the Guild. An Order has been obtained from the Charity Commission allowing the Guild to continue lo ulilise the Services of this firm. £nil was charged by Brabners during the yeai12022 £nil}. The amount oulslanding lo Brabners LLP at 31 DeGember 2023 was £nil12022 - £nill. Mr A.T. Moyris, who is a Trustee of Liverpool Merchants Guilcl, was an employee of Ralhbone Investment Management Irelired 30 June 20231. This laller company were appointed by the management Board of Liverpool Merchants, Guild lo manage the Guild's investments on a discietionary basis with effect from 1, October 2013. Agreement to the appointment of Ralhbone Investment Management was obtained from the Charity Commission. Ralhbone Investment Managetnenl received remuneration included in these accounts amovnling to £182,646.12022 - £180,093). The amount outstanding lo Rathbone Investment Management 2131 December 2023 was £46,657.12022 . £45.2091. There are no other related party transactions.
The Liverpool Merchants, Guild Notes To The Financial Statements Page 24 Year ended 31st December 2023 20 Financial instruments 2023 2022 Carrying amount of financial assets Debt instruments measured at amortised cost Debtors 68.338 1,404.396 74,946 3,251,923 Cash held 1,472,734 3,326.869 Instruments measured al fair value through SOFA Investments held by Resetve Fund Investments held by Common Investment Fund 4,154,410 47,052,405 3,672,207 43,988,30e 51.206,815 47,660,513 Carrylng amount of flnancial liabilities Measured al amorb'sed cost Awruals 52,739 50.817