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 supe￿IS0rY 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 sour￿5 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 be￿een 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 Fo￿ard
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& Finan￿al 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 prepa￿d 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 (￿l￿nI 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 ro￿lVed 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 De￿mber 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 F￿nd
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