The Liverpool Nlerchants. Guild Annual Report & Financial Statemenls Year ended 31 st December 2024 Registered Chaiity No.206454
The Llverpool Merchants. Guild Flnanclal Statements Year ended 31st Docembor 2024 Index Page Ttustees. Annual Report including statement of trustees, responsibilities Auditors. Report 10 Statement of Financial Activities Comparative Statement of Financial Activities for the year erKled 31st Dernber 2023 12 Statement of Financial Position 13 Statement of Cash Flows 14-23 Notes to the Financial Statements
The Llyerpool Merchants, Gulld Page 1 Trustees, Annual Roport Year ended 31At Docomber 2024 The Trustees present their Annual Report and the Finanaal Statements for the year ended 31 December 2024, which have been tKepared in accordance with part 8 of the Charities Act 2011. Structure, Governance and Managemont The Charity was estsblished by the will of the late Catherine Wright in 1868 as 'I¥jhys InStitIon, and was incorporated along with all its subsidiary funds by Royal Charler in 1914 as The Liverwol Merchants, Guild. 11 is registergj with the Charity Commk8sion no. 2154. The Charity's address is 110-114, Duke Street, Liverp1, Ll SAG. The Royal Charter was amended by a Scheme of the Charity Commission in May 1972 which extended the objects of the Guild and the ways in whth benefils could be paid to benefiGiari8s, 8Stablished a Commor) Investment Fund in respect of all of the sep8rate funds that comprised the Guild. and granted unrestricted pjwers of investment. At the same time the Byelaws were updated to reflect these Changes. A Supplemental Royal Charter vrds grant8d in Dernber 2006 whh updated and replaced the original Charter and subsequent amendment after the Charity Commission had agreed a Scheme which updated the definitions of the Obj of the CharTty and the powern of investment The Board of Management were also granted power to provide indemnity Insuran for themsefves and a simplified procedure for dealing wth any future amendments to the Royal Charter was introduced. In addition lo the Royal Charter there are a set of Byelaws which deal with admini%trative and management matters. The Byelaws were extensively revi8ed in conjunction wÈth the granting of th8 Supplemental Charter in December 2006. In paiticuLar, the new Byelaws iecognised a single class of membership ol the Guikl, being persons paying an annual subsCriptn of £2.10. Ex-officio membership of the Guild and the Board of Management was. with the consent of the existing office holders. brought to an end. The Board of Managenknt of the Guikl is eld from the member5 of the Guild. The following persons, who are all knstees, have been members of Ihe Board of Management during the year.- Elected memkrs.'- Mr R.J. Carter Mr S.T. Chapple-Gill Mrs G. Ferrigno Mr A.T. Moffis Mr L. Downey Mr K Head Mr D. Bailey MrWT M Roberts Dr C Lewis-Jones {Chairman) {ResvJned 17 Octoter 2024) One third of the elected members are appointed on an annual basis at Ihe Annual General Meeting. There are Iwo Sub-cornmittees appointed by the Board of maneiL Finance SutrpCommitt- which deals vAth the management of the Guild's investnnts Mr R.J. Carter {Chaimian> Mr A.T. Morris Mr L. Downey Mr D. Bailey
Tha Llverpool MgrGhants' Gulld Pago 2 Trustees, Annual Report Year onded 315t December 2024 Selection Sub-committee- which deals wlth the award of pensKsns and grants. Mrs G. Ferrigno (Chairl Mr R.J. Carter Mr S.T. Chappl&Gill Mr K. Head Mr D. Bailey MrWTM ROrtS Dr C Lewis-Jon8s {Resigned 17 OGtober 2024) New members are recruited on the basis of the skjlls, relevant eXpernCe or exFertise that they are able to contribute io the Board of Management. They undergo a short perd of induction training explaining the constitution of the Guild. the responsibilities of a Member of the Board of Management and the workiNJs of the sub-committee to whth they will be allocated. Day to Day Management The day to day management of the Charity is conducted by Monetta LLP in their ¢apaoity as SecretaTies. Rl8k Managemènt The Board of Management has asseswj the major risks ar)d UnrtaIntieS facing the charity and have ident5fied these as.'_ Security of Assets, Investment Policies. Fraud. Disaster Recovery and Safety during Visits lo Beneficiaries A summary of the plans and strategy managing these risks are as follows:. 1. Security ofAssets Safe custcJy arrangements have been made with regard to the Guild's investments such Ihat all share and stock certifutes are held by either Ihe New York Mellon Bank or in electronic format by Ralhbone Nominees Limited. 2. Inveslment Policies The Trustees have put in pLace a written inveslNnt pollcy and have de*ated discretionary management of the GUi,S investments to Rathbone Investment Management who regularfy monitor the performance of the Guild's investments whKh FerformaThx is also regularly reviewed at meetings of the Finance Committee. 3. Fraud The Trustees regularly monitor the financial perfOrrnan of Ihe Guikl. There is a segregation of duties and, whilst cash banCeS of knverpool Merchants. Guihl are frequently managed by bolh the Secretaries and the Investment ManwJers, the Trustees insist on confimialH)n Ihat both the Secretaries and the Inveslment Managers have adequate professional indemnity and insurance cx)ver in place. 4. Disaster Recovery The Secretaries ensure that data back4xp procedures are in ple tcgeiher with adequate insurance cover.
The LlveTpooI Merchants, Gulld Page 3 Tru8tee8' Annual Report Year end 31H¢ December 2024 5. Safety during Visits to BenearleS The Tnjstees ensure that procedures wlth regard to the staff ofthe Secretaries V[sn9 beneficiaries at home are slricdy adhered to. Objectives and Actlv5tle8 The objects of the Charity as defined by the Supplemental Royal Charter of December 2C()6 are:_ To relieve indivtduals who hav8 a professional or881f-employed petson, a pefftn who worked In a sUSOry capacity, or 8 clenc81 or non-m8nu81 wx%ker, and their dependants, who are residing in MerseysKle, or who have so resided for a continuou8 peii(xl of not less than fifteen yea, who are not 18SS than rrfty y88rs of 8ge and who in conditions of need, hardship or distress. either by paying pensions or by maling grants or loans of money or prowding or paying for items. 8gThices or facilities Galculated to reduce such need. hardship ordthss as aft)saId. To aGcepI and administerany fvnds orpropety given orbequeathed to tho Guild upon any tnjsts for charitable pu@oses which, in the Opini¢ of the 808nl of Management of the Guild, can be ConvenntlY C8ni6d out and adMinisted by the Guild. Benefft takes form of pensions or graTts of money for speufic iterrE of exFense of such an amount as the Board of Management consider suitable to the circuMstare5 of each individual case. A¢hioverngnts and Performance Pensions were awarded to 25 new beneficiarie8 during the year (2023 - 131. The circumstances of existing beneficiaries were also reviwed resU.g in an infftase to their pensions of £59.200 Total pensions paid during the year amunled lo £821,013. The SulFCommittee also rnade payments of grants lotalling £137,553. The number of benefiaaries in rlpt of pensions al the end of the year was 213 (2023 - 2131. Plans for Future Periods The Liverpool Mer¢hants' Guild Continues to provide fundiThJ tthvards the support of independent living by means of the provisKJn of specialist equiprrknt or reSential adaptations for individuals with special needs. The principal short temi and long term aims and obJVe8 of The Liverpool Merchants, Guild are to increase the number of benefIar and posttsve efforts are still being male to achieve this aim, including UFKlating the Guild's websrte to facilitate electron application5. All current beneficiaries have reltty been informed tha( in wJditK)n lo making regular payments. The LDierrKM)l Merchants, Guild also make grants available for items of exceptional expenditure. Additsonally, grants are available to new applKants and this is stated tth on the Guild's websrte and published in application guidelines. Marketing A range of materials. including a website. r#)sters and brcchures, have been produced to promote the Guild and it Is hoped that this will result in an increase in the number of applutions for benefi't not only for grants to support independent Iwing but also for ordinary pensions.
The Llverpool Merchants, Guikl Page 4 Trustees. Annual Report Year ended 3151 December 2024 Flnanc88 The Supplemental Charter of December 20[ granted the Board of ManwJement power to invest funds, employ a profeSonal hJrKI manager an(J to arraTrJe for the investments of the Guild to te held in the name of nomineè In the same manner as trustees of a trusl are Fkrmitted lo do by th8 Trustee Act 2000. Tha capltal ftjnds of the Guild may also be invested in a Common Investment Fund established by a Scheme of the Char'ty CommiOn 41P May 1972. In March 2007 Ihe Charity Commi88ion appruved a Scheme whethy the previously separat8 named fvnds were fomially amalgamated Into a single fund entilled The LNerpcol Merchants. Guild. The c8pltal of Ihe GLikl 1$ groupgj into four fvTrJ$: The Pem)anenl End¢Jwed Fund is mwje up of all fhe original separnle funds wer? incorporated irrto the GLJild at th8 time original Royal Charter was grant together with 8ub8equenl bequests which had stipulated that the capital was not expendae. This fund is a restrict fijnd and only income may be expendgd In furtherance of the leCts of the Guild. The Legacies Fund 18 alBO a restricted fvnd but comprises bequests to thg Guild where there has b8en no 8tipulation regardlng capltal. The thole of this luTrJ is exatre ¢)n Ct1 of the Guild aMrugh at present the income is beiThJ used. The General Fund is an vnrestricthl a1 mpriseS uncondthona bewest8 tr) the Guild. At pre8ent only income is being utiliseil with any unspent Irfne at the etxl of each year bèing tran5ferrEd lo the Reserve Fund. The ReseNe FurKI is an Unrestrict fun¢J a1 comwise8 unspent income ac£urnukted over many years. Part of the Reserve Fund has been utilised in previous years to finance loans to beneficiaries to enable them to carry out eSSenal property repairs. A fijrther part of the Reserve Fund is invested t8mporarily. Ralhtone Investment PAanagement continued to manage the Guild's inveslmenls on a distyetion8ry basi8, in accordancè with the parameters sel by the Finance Committee. uTrder 18rms of their appolntsnenl %thlch commerKed 1st October 2013. The fiJnds have pwfomied as fdlows during the year.- Be8poke Ccfflposrte Benchmark-year lo 31.12.2024- 11.7% 31.122023 31.122024 YAge Chan Benchma Common Inv•skn•nt FuDd Market value 47,052,405 49,467,973 Cash held by RathtJ)nes 410 169 777.018 47,462,574 50.244,991 Income generated 1.384,202 8.8% 11.7%
The Llverpool Merchants, Gulld Page 5 Trust¢e$' Annual Roport Year ended 31¥t December 2024 31.112023 31.112024 %-age Chan Boncl¥na Rgseryo FurKI Market value 4,154.410 4,753.401 Cash held by Rathbones 4,060,525 4,823,303 Income generated 21.02% 11.7% Management fees taken During the year the Common Investment Fund and the Reserve Fund had t))mbined realised gains on investments totalling £235.997 and unrealised gains on invesinpnts anKJunting lo £2,676,513. Overall. takin9 cash balances into accoun( the ¢ombined value of the ComnK)n Investment Fund and the Reserve Fund at 3161 December 2024 amounted to £55,716,830 which was an increase of £3:089,627 on the combined value of the Common Investment Fund and the Reserve Fund at 31Bt December 2023 in the sum of£52,627.203. There were no legacies or donations receNed during the year {2023 - nill. The principal fiJndirKJ sources of the Charity are the investrnents whth the Charity holds. During the reporting period investment income arnounted to £1.491,287 which sum sub5tanlially covered the Guild's expenditure on charitable activities of £1.118.818. Golng Conc8m In aGGordance with the requirements of FRS102 SORP, fhe Trustees have reviewed the financial position of the Guild. This review has coverJ a period up to 31st DeCeMr 2025 and the Trustees of the Guild are unanimously ofthe viw that the Charity is a going concem. The Trustees are also unanimusty of the view Uwl there are no material uncertaintie5 about the Charty's ability to continue. R¢seNe8 Whilst all charitable payments are entirety discretionary and there is no irrevocable commitment for rther expenditure, the Board of Management tX)nSKJer that a reasonable level of reserve would equate to approximately 12 monlhs expendrture. Current free reserves. £5,604.028. are appr0matelY 51 months expenditure. The Board of Management are Comfortab with the kvel of reserves hekl, particularly in view of its intention to actively seek to increase the number of nerlaries. Responsibllltl88 Charity Law requires the Board of Management to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charty and of lis financial activitie$ for that period. In preparing those financial statements Ihe Board of Management 1$ requirgj to.'- select suitable accounting 118$ and then apt4y Ihem cSiSten. make judg8m8nts and estimates that are rea8Lmable and prLKlent. st8ta whether the policies a¢k>pta are in 0[dance with Ihe Statement of Recomrnended Practice 'Charities SORP IFRS 1021 Issued by the Charty Commission and with appIlble accounting standards suty'& to ary material departures disdosed arml explain@d in th8 financial statements.
The Ll¥erpool Merchants, Gulld Pago 8 Truslee¥' Annual Report Year ended 314t D8Gomber 2024 prepare the IlnanC stateTrtn18 C a going IxHKem basis unless fj5 inapprowiato to assLne that the Chwrty wll cctin In buslness. The Board of Manaoement is re8ponsible kewro pr(4)or accoling records vthich dlscloso wlh rèascnable acGuracy at any time the Ilnanch81 position of the charity and to enable th8m to ensurè Ihat the financial 8talements cornpty with the charies Act 2011 and Royal Charter of 20C6. It is responsible for safeguarding the assets or the Charity arKI he taklng re880nable steps for the proventlon Bnd detection of fraud or other Irregulariti85. The Truste&8 have complied with the duty in secllon 8 of the 2011 Charities Act to have ¢Jue 9rd lo the guldgnce on public tnefil puhlished by the ChaTrty c0nyni5sl (Publk Benefftl. Post Balance Shetst Events The Trustees have en closely m(ltOring events since the bg3inning of 2025 and can report that there has Bn a decrease of 9.79% in the level of dmdencl InMe generdted by the Guild's invesbnents comparing the fit months of 2025 with the first six months of 2024. Soerntarf8S The Secretaries of the Guild are Monetta LLP. Chartered ACUnt2nts, 110-114 Duke Stree( LiverpDOI, L15AG. Bankern The Guild's principal bankers are Barctays Bank PLC. City Office, 48B and 50 Lord Street, LNerpool. L2 1TD. Investsngnt Manager8 Th8 Guild's Investniènt ManerS are Rathbone InvestrrEnt •Aarragemen( Port of Liverpool Building, Ppar Head, LNerpDol, L3 1 NW. Auditors The Guild's auditor5 are Mttchell Charleswoth (Audit) Limrw, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ. Sollcitor8 The Guild'5 sollcilors ar8 Brabners LLP. Horton House. Exchange Flags. LNerpool, L2 3YL. Webslte: vMw.INe ClMerChan uild.o E-mall." info ve oolmerchants uild. .uk TBlgphone and Fax Tel.. 0151703 1080 Fax.. 0151703 1085 On behalf of the Board ol Management t4fa IrR.J. Carter Chaimwi ..2025
The Ltverpool Morchants, Gulld Pago 7 Independgnt Audltorn, Report to the Tntee$ of Th8 Livorpool Merchants, Gulld Opinlon We have audited the fi'nancial ststements of The Ltverpool Merchants, Guild (the 'charTty') for the year ended 31 December 2024 which comprise the statement of tinanci81 activities, the statement of financial position, the Statement of cash flows and notes to the fin8nci81 statements, including significant accounting policies. The financid reFK)rting framework that has been applied in their preparation 18 applicable law and United lfjngdom Accounting Standards. including Financial R8porting Stsndard 102 Thg Fin8nG181 Reporting Stand8rd applicable in the UK 8nd Republic of Ireland (Unitod Trfjngdom Generally Accepted Accounllng Practice). In our opinion. the financial stats[nIs'. give a true and fair view of the state of ihe charity's affairs as at 31 December 2024 and of its incoming resour and application of resources. for the year then ended", have been properly prepar1 in accordance with United Kingdom Generally Accepted Accounting Practice; arKI have been prepared in accordan with the requirements of the Charities Act 2011. Ba813 for opinlon We conducted our audit in accordan with Inlemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in th8 Audi10S responsibilities for the atrt of the financial statemgnts sli0n of our reporL We are independent of the charity in accordance with the ethical requirements that are revant to our audit of the fi'nanaal stslements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in atxordarbce these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. ConcluBlons rglatlng to goiry concern In auditing the finanal statements. we have concluded that the truste8s' use of the going concem basis of accounting in the preparatK)n of ihe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condthons th8( individually or collectNely. may cast significant doubt on the charity's ability to Continue as a going Ix)ncem a period of at least e1Ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibiltties of the trustees with respecl to going concern are described in the relevant sections of this rep)TL Other infomiation The other information comprises the information included in the annual report other than the financial staternents and our auditorfs report thereon. The trustees are responsible for the other infomiation contained wtthin the annual reporL Our opinion on the financial statements does not cover the other information and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infom]ation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge oblained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent malorial misstatements, we are required to determine whether this give8 rise to a rnatla1 misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatsment of this other information, we are required to report that fracL We have nothing to report in this regard. Mattorn on whlch wè are required to report ty WACOn We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulats"ons 2008 require us to report io you if, in our opinion: the infomiation given in the financial Statements is inconsistent in any material respect th the Trustees, Report,. or sufficient accounting records have not been kepL'
The Liverpool Merchants. Guild Page 8 Independent Auditorn. Report to the Trn8teeg of The Ltverpool Mgrchants. Gulld the financial statements are not in agreement wtth the accA)unbng records,. or we have not received all the information and explanations we require for our audlL ReSpons5[lS ol truste As explained more llY in the statement of Trustees, Responsibiltbes, the trustees are responsible for the preparation of the financial Statements and for being satisfied that they give a true and lair view. and for such intemal control as the trustees detemiine 1$ nece55ary to enable th8 preparation of financial staternents that are free from material mi85taternenL whether due to fraud or error. In prepating the financial statements, the trustees are responsible for assessing the charity's ability to conlinue as a going concern, disclosing, as appIable. matters related to going concern and sing the going concern basis of accounting unless the trustees either intend to cease operations. or havo no realistic altemative but to do so. Audltorfs re8pon8ibillties for the audlt of ts financlal Blatements We have been apry)inted as auditors under tiOn 144 of the Charities Act 2011 and report in accordar)ce with the Act and relevant regulations made or having efft thereunder. Our objeclNes are to obtain reasonable assurance aut whether the financial statements as a whole are free from malerial misstatement whether due to fraud or error, and to issue an audito¢s report that indudes our opinion. Reasonable assuranc£ is a high 1 of assurance but is nol a guarantee that an audit conducted in accordance wilh ISAS IUKI wll aways detect a material wllsstatement when it exists. Misstatements can arise from fraLKI or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial sfratenErrts. Irregularities. including fraud, are instances of non-complian with laws and regulations. design prcKedures in line wrth our responsibilities. oudined above, to detect material misstatements in respect of IrgUIaTItie8, including fraLKI. The exlent to which our procedures are capable of detecting IrregUritieS, induding fraud, is detailed below. Extgntto whl¢h the aud5twas consldtsred capable of detecflng iYrngularlll•s, Ineludlng fraud Our approach lo identifying and assessing the risks of material misstatement in respect of irregularitie8, including fraud and non-compliance th laws and regulations. was as follows.. engagement partner ensured that the eroagement team collectively had the appropriate competence. capabilities and skills to idenlify or recognise non-compliarbce with applicable laws and regulations- we identified the laws and regulations applicable to the charity through discussions wlth trustees and other rnanagernent we f(Kused on specific laws and regulations which we considered may have a direct m2teTial effect on the financial ststements or the operabons of the charity, induding taxation legislabon and data protectton. anti-bribery. employrnent and health and safety legislation-, • we assessed the exient of compliance with the laws and regulations identified above through making enquirie8 of management and inspecting legal correspondence- and identified laws and regulations were communicated within the audit team regulady and the team remained alert to instances of non4ompliance throughout the audit. We assessed the susceptibility of the charity's financi81 statemenls to material misstatemen( including obtsining an understanding of how fraud might rcur, by: making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of tual, suspected and alleged fraud; and considering the internal controls in place to mttigate iisks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to Klentify any unusual or unexpected relationships,.
The Ljverpool Merchants, Guild Page 9 Independent Audltors, Report to the TNsteeg of The Llv8rp¢>ol m8hants, Gulld tested joumal entries to identify unusual tranwtions.. assessed whether judgements and assumptions made in determining Ihe a¢¢ounting estimates were indic8tive of potential bhqs". and investigated the iatioDale behind significant or unusual tranwtions. In response to the risk of IrglantieS and non-compliance with laws and regulatiorbs, we designed procedures which included, but were not limited to.. agreeing financial statement disdosures to underfying supporting doBumentstion' reading the rninutes 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 8udit procedures described above. The more relnoved that laws and regulations are from financial transactions, the less likely it is thal we would become aware of non-compliance. Avditirng standards also lirnil the audit prCedureS required to identify non4ompliance with laws and regulations to enquiry of the trustees and other management and the InSptIon of regulatory and legal COespondenCe. rf any. MateTlal rnisstatements that aTise du6 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 18 available on the Financial Reporting Council's webslte at.. https=I .frc.o .uklauditor5res onsibilities. This d8SCTiPtion forms part of our auditor's reporL other matters Your attention is drawn to the fact that the charity has prepared financial ststeffEnts in rdance with "Accounting and Reporting by Charities.. Statement of Recommended PraclKe applicable lo charities preparing their acc(xJnts in a(LOrdan wtih the Financ1 Reporting Standard applicable in the UK and Republ of Ireland IFRS 102). las amended) in preference to the Accounting and Reporting by Charities.. Statement of Recommend&1 practi issued on 1 April 2005 which is referred to ill the extant regulations bul has now teen withdrawn. This has been done in order for the financial statemerrts to provide a true and fair view in accordance with Generally Accepted Accounbng Practice. Us9 of OUT audlt report This report 18 made Solely to the charity's trustees as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnight stats to the charity's trustees those matters we are required to state to them in an auditors, report and for no other PUTpose. To the lIest exient permitted by law. we do not accept or assume responsibilty to anyone other than the charty and the charity's trustees as a tmjdy, for our audit work. for this report. or for the opinions we have formed. Mitchell Charfesworth (Audit) Limited 2911012025 Accountants statutory Auditor The Plaza, 100 Okl Hall Street Liverpool L3 9QJ Mitchell Charlesworth (Audit) Limited is eligib for appointment as auditor of the charity by virtue of its eligibilty for appointsnent as auditor of a company under of section 1212 of the COITanIeS AGt 2006
The Llverpool Merchants. Guild statement of Financial Activities Y8ar ended 31st December 2024 Page10 Rgstrictsd Fund$ Unr8stri¢tod Funds 2023 Endowod Lggaclgs Ggneral Rosor¥g Fund* Fund Fund Fund Totsl Fund8 Incomè and endowm•nts from Don8tlons and IWes Subscripllons Income from Inve8tm•nts UK InveslTnenl Inwffle 17 885.340 38.935 145.364 11.450 42.749 1.749 56,272 34,497 1,125.911 349.06D 16,316 1.205.931 327.371 57,367 Non UK Investment InrhJm& DeposVI Interest 10.655 Total Income and endowm8nts 1.156,359 $0.854 189.879 94.212 1.491,304 1,590,688 ExpeTKl1re on Expenditure on raising funds Expenditure on Charitable a¢b'vrties 161.707 928.046 7.111 40.725 26.551 152.047 195.369 1,118,818 182,648 1.101,153 Total Exponditure 1.1)87,753 47.836 178,$9B 1.314,187 1,283.799 Net gains on investments 9&11 2,28,848 89223 333,116 481,323 2,912.510 1,383,417 Net Incom 2,(7.454 2241 344.397 S55, 3,089.627 1,690,3r Transfer of Special Diwdends Transfers bptween funds 188.6061 (3.0161 (11.281) Net Movement of Funds 1028 89.223 333.116 638.44(1 3.089.627 1,690.3( Total Funds Brought Forward 39.398.Th) 1.731,182 6.468.127 5,029,004 52,627,203 50,936.897 Total Funds Carrted Forward 41N27,638 1,820,40S 6,801,343 6,667A44 SS,716,830 62,627,203 For an anatysiG ofthe o)mparthe ffigUre$f the year end 31 Drnt 2023 see e 11 The notes on pages 14 10 23 part of these ffinanLial statements.
The Liverpool Merchants, Guild Comparative Statement of Financial Activities For the Year ended 31st December 2023 Page11 Restricted Funds Unrestricted Funds Endowed Funds Legacios Fund Ggngral Fund Rosorve Fund Total 2023 Income and endowments from Donations and legaaes Subsuiptions Income from Invgslments UK Investment Income Non UK Investment Income Deposit Interest 19 19 955,982 232,203 36,121 42,041 10.212 156,963 38.126 5,931 50,945 46,830 13,727 1,205,931 327.371 57,367 Total Income and endowments 1,224306 53,841 201,039 111,502 1,590,688 Expondlturo on Expenditure on raising funds Expenditure on Charitable activities Total Expenditure 151.176 911,424 24.822 149,647 182.646 1,101,153 40,082 1,062.600 46,730 174,469 1,283,79 Net (Iop•ses) on investments 872.016 38,349 143.176 329.876 1,383,417 Net Income l Expenditure 1,033,722 45,480 169.746 441.378 1,690,3( Transfers between fund5 1161,7C6} rt,1111 (26,5701 195.387 Net Movement of Funds 8n,016 38,349 143,176 636,765 1,690,306 Total Funds Brought Forward 38,526,774 1.692,833 6,325,051 4.392,239 50,936,897 Total Funds Carried Foard 39.398.790 1.731.182 6.468227 6,029,004 52.627.203 The notes on pages 14 to 23 fomi part of these financial statements.
Tho Liverpool MerGhants' Guild statsment of Flnancial Positlon Pago 12 31st Decemb9r 2024 Nots 2024 2023 Fixed Assets Investments and cash held by Ihe Common Investment Fund 50.049,386 47,598,199 Current Assets Debt018 & prepayments due withln one y8ar t)ebtors due after more than Me year Investrnents Cash at Bank 10 10 11 102 63.416 4,753.401 906,610 5.723,529 393 68,338 4,154,410 858,802 5,Q81,743 Current Liabillties Credtlors & accruals due in te5s than one year 12 ,085 52,739 Rasorve Fund l Net Current Assots 5,667,444 5,029,004 Total Assets less Current Ilabilities s5,71630 52,627,203 Funds of the CharRty: Restrlcted Funds: Pennanent EndLNved Funds Lgga¢ies Fund Unrestricted Funds: General Fund Reserve Fund 15 15 41,427,638 1.820,405 39.398,790 1,731,182 15 14 6,801,343 5.667,444 6,468,227 5,029,(X)4 Total Charity Funds 55,716030 52,627,203 Approved on behalf of the Board of Managemtt on . ChaiTman Mrs G Fer[n0 ...... Trustee The notes on pages 14 to 23 fom part of thes6 financial 8latement8.
The Liverpool Merchants. Guild Statement of Cash Flows Page 13 Year ended 31 st December 2024 2024 2023 Recon¢lllation of net Inme to not cash flow from 0ratIng activltlos Net Income for th& roporting perfod las per the statement of rinancial a¢tivltles) Adjustments for. 3.089.627 1,690.306 Net gains on investments Dividend5, interest from investrnents 12,912,510) {1,491.287} 5,213 (1,383,417) (1.590,669) 6,547 Decrease in debtors Increase in creditors 1,922 Net cash usod by opernng activities 1,305,611 1.275,311 Statement of Cash Flows Cash Flows from Operating Activities: Net cash used by operating activitses 1.305,611 1,275,311 Cash Flows from investing Activities: Dividends, interest from investments Proceeds from sale of invesbnents Purchase of investments 1,491,287 17.310.922 117,412,971) 1,590.669 8,354,412 110,517,297) Not cash provided by (usod by) investing a¢tiYities 1,389,238 572,216 Change In cash and cash aquivalents in the the reporting pèriod 83,627 (1,847,527) Cash and cash equivalents at the beginning of the reporting pariod 1.404,3 3,251,923 Cash and cash oqulyalents at the end of the reporting period 1,488,023 1,404,396 Made up as to: Reserve Fund- Current Assets- Cash at bank 906,610 858,602 Common Investment Fund - Fixed Assets- Cash Dwsits 581,413 545,794 1,488,023 1,404,396 The notes on pages 14 to 23 form part of these financial sfatements.
Tho Liverpool Merchants, Guild Notes To The Financial Statemènts Pago 14 Year 8nded 31st December 2024 Accountlng Pollcles Logal status Liverpool Merchants, Gulkl Ix)nsbtutes a publK benefft entity as dgfined by FRS 102. Scope atid bas1$ ofthe financlal 8tstom9nts The finanal statements ha b1 prepar{ uTrder the historical c¥)sl ention. as modrfied by the revaluallon of investments al rnarftet value. and are in acccKtsrKe %%lth Ihe Statement of ReC(MrwndI Pr&11.. ACuntIng and Reportkng by Charities prepan9 thr a(uunts in acLordancs vith the Finantaa RetNiing Standard applble in the UK and Republic of Irdand IFRS 1021 Clhe SORP'I. FRS 102.. The Finaal R8Wting Stsndard applicable in Ihe UK and RepulAK of Ireland I'FRS 102,1, the Charities Acl 2011 arKI UK Generdlly Accepied Practi¢% 8s it applies from 1 January 2019. The financial 81alements have twn prepared to gNe a Inje and fair View and have departed from the Charities (Accounts and Repx)rtsl Regulations 2008 orY to the extent required to WOVKle a'true and fair vithrf. This departure has invovled following the Accounting and R8porting by Charities.. Slatem¥rt of RecxlnmerK prdCti applicable to ¢harilles preparing their acwunts in accordarK% with the Financial Repng Standard alcle in the UK 8nd Republic of Irl&and IFRS 1021 issued on 16th Juty 2014 rather than the Accounting And RÉpowilr¥J by Charits: Statement of R8Cx)mnded Prdcfice eff8Ctnie from 1st April 2005 whith has slnce been withdrawn. The finanal stalamènts have been wepared on a golrwJ Ixsis. This is disuJss8d in the Tru81ees' report al page S undBr the heading 'going (tsnc8m'. Incomlng Rgsource$ Inclxne arising on the Common Investm1 Fund inv8Stments is l(ated lo eath fvnd in lo the value of the ndS at 31st December 2023. Investsnent Income Divblends and bank inlerpst are included as inr>)ming r8SCrtJrw en tlw are received. Legacies and Donallons Recèivgd LegaCS and donatTOnS are reu)gnis8d UFM rwipt or %then it 15 [babIe thal y11 be Te¢%ived. Rec£ipt is nom)ally probable en= . there has been gr8nt of prrjbate: . the exectors hav8 eSt8blished thatthere are SLfftient assets in the eate, after settling any labililies. to pay the legacy.. . any tXKKlilions alta¢hl lo the cY are either wilhin the of thaityor have been met. Taxatlon The Guild is a registered Chaiity and is not liable to UK 12X8tion on its chaTilable aclnrities aThJ Ss not registe1 for VAT purtKJses. Eypenditure is ststed IncluWe of any appli(¥e VAT. Pènslons and Grdnts All charitable panents are made for the benefft of IndNwJuals K) meet the uiloria for eleglyllty as set out in the Guild's ByeEaws and Regulations and are made for the rdief of hardship or need. All aVdrds are made at th8 dis(etion of the Board ol Management which does not 8nt8r into any mMitMent to rer£w or repeal any payfflenL Charitable payments are accounted for as and when pakl. Loans to Bonoficiarfes Loans are grdnted to bgn8fidaries for the puryjose ol fvndirwj essential PfDperty mairttenance or repairs. They Interest free and are repayable en the bonefiLa8ry Se$ to oc(yJpy the prosw involved. LOalk are OlY made from th@ Réserva Fund. Invg$1mgnts Investments h8ld as fixed assets and ¢urrent assets ar8 all fisted a reoJJnis8d sloc exchange aTwJ are induded in the finwKial statements at market vdue. Those invèstments which are held as assets *e part of the Reserve FuThJ arnl are highty liquid investments whlch are readily realisab.
The Liverpool Merchants. Gulld Notes To The Flnancial Statements Pagg16 Year ended 31st Decornber 2024 Accounting Policies (cont) Inv98tsnent Galns and Lossos Realised and unrealised gain5 arKI kjsses on the Common IMSent Fd inveslments are allo(sled to each capTtal fund in aliquot poruons. Gains or t05ses arising on inveskn8ntg of the Re8eThe Fund are treated as addhSons or redtiOnS to that fund and are available lo set off against fvture exndlIre. FutKI Accountlng Fc41owing advice from the Charty Commisskn In June 1972, the Guild's capital funds were red8sslfied from a sirole pemanant endowed capital account into restrict and uniest[ed fiJrKl8. Re5fricted knnds have been further subdivided into p8rm3nènt and expendatle funds. Funds in oxl8t8nce in June 1972. th8 date of implemenlthon of the Bceme ty th& Charty Commi88ion, have been da$$lfied as [manent endowed frjnds and any addibons to those fvnds since that dato hav• bèèn trèated as additions lo the pemianenl 8ndowTnenl. New fvnds received Since June 1972 have been ckssifed as rastrictod or unre8tri¢ted fijnds acwding lo the or condibons atlathirKJ to the bequest to the Guild. DetaS of th& varitmjs ndS are set oui in Notes 15 and 16. AM funds d888ified as restricted are hekl for tho specTfic purpose of payirg p8nsions or ottr benefi3 to elIglIe t¢nefi¢i0ri9S. D&btern due after mor9 th•n one year Oebtors due after more than one year comprise loans lo benefiaaries, both sèeAJred and Unsred. As there is no certainly when these amounts will recovered th& net wesentvalue. therefor•, be measured. Current Assots - Investments Current asset investments r¢wesent stod(8 and shares quoted on Tecognised slock exchanges. Such stocks and share5 fn be immediately sold in excang8 foi ca8h whith 13 rE1Vable on the ordinary settlement terTllS of the stock exchangg in qu8Stion and have been reu on the basi8 of quoted on the rn18vant St(x ExcaFVJe. Currnnt Assets . Cash at Bank Cash at bank repr&s8nts monies hekj erther at Barcw Bank or tyth Rath)ne Investrnenl Management. Such monies are immediatdy availab18 and no notKe perKrfJ is required fora$$ lo same. Currerrt LiahllltS9s - cr8d1t0 & Accruals Credriors and pro$10n5 are rmal re¢cgni$¢d al tsir selllement amount after allowing for any trade discoun18 due. Financl81 In8lruments Th& charity has electsd to apY the pwsw)n8 of 11 'BasK Financ4al Instrumènts, 8nd Sedon 12'0ther Financial Instruments 188ues' tsf FRS 102 to all of its financlal in8trurn8nts. Finandal in8truments are recognis8d in the thariws baLance Sheet when Ihe charity become8 party to the contractual prwsions of the irtruMent. Financial assets and Ilabilrfae8 are offset, ith Ihe net ar)Unts present in the financial statements. when therg 13 a legally enforceabte rigm to set off the recognised amounts and 1h&r8 t8 an intenn to settle on a nel basis or to reallse the asset and s8tYe the lialxlity simullaner5ty. Basic financlalassels Basic finala1 a8sets, whi¢h include debtors cash and bank balan15. are initialty measured 8t trans2otion prlce including transaction (x)sts and are 5ubsequenly CArried 8t anN)rtIsl cost using the effective intsrest méthod unl88S the arrangement n8"tU8 3 financing transacth)n. where the tr8nsactw)n is [rSured at the psent value of thè future receipts discounted al a market rate of interesL Finanria assets da5srfd a8 receivable within year arsj not amortised.
The Llverpool Merchants, Gulld Notss To The Financial Statements Pagg 16 Year endod 31st December 2024 Accounting Policies (cont) Odw flnanclal assets Other financial a1$, indudSng Investments in equity instrurrthls vthich are not sub81(fiaries, a880crales orjoint ventules, are initially measured al fair value, whith Is nomially the tramsaction price. Suth assèts ar8 subsequently caffled at fair value the thanges in fair value are recognised in profft or hJs5. except that inveslments in equity instsuments that are rK)I publldy trad1 and whose fair values rnn be Measur relithy a Itsu[ed al cnsl less impalrrntt. Impairn7ent of flnanclal assets Flnancial assets, oiher than those held at lair value through wofrt loss. assessed for indicators of impaimient at èa( reportlng end dale. Finanal 8ss8Is 8re impaxed where re is objVe evKrKe Ihat. as a resuli of one or mrAB events that o¢curred after the initial re(x)gnition of the ffin8nci asset, the estirnaled fvture cash Ilows have been affthd. If an a5sel is impairad, thè Impaimienl loss is diff8r8ncè bthfftn the cay7ng amjnt and 1he prgsenl value of the estimated cash flows discounl&J al the &8seYs original effectiv8 int8resl rate. The impairrrEnt loss is rwniwj in profft or loss. If there 18 a decreas8 in the imp8im)ent loss arising from an event cln9 aftw the itnpaiimenl ¥Yas recognised, th& impalmienl is reversed. The rers is suth th81 thè current caThng amount does Th)1 exce what the rarrying amount w¢xdd have be, had the 1mpalrrnt rnt previously Lw) TWI1. The impainnent reversal is reo)gnlsed In profft or loss. Fmanc4al assets arè derecognlsed onty %tsthen the contrial rights lo tho flow8 fr(xn the asset expire or ar8 s8tllod. or when the charriy transfers the financ#81 a8set aNJ Substantia all the risks and re¥Ydrd5 of cwnership to another entity, or if some slgnificanl risks aThJ rewards of ownèrship are retained but ojntrol of the asset has transfeffed lo anothei party that is able lo sell the a55el in its entirety lo an unrelated third paty. Cl8s8ifi¢ation of )7nanclal Ilabllldes Financial li8bllllies and wuity instrurnents arg daSSif ac(x>rding to the substance of Ihe (traUal arrangements entered into. An gqulty Instmment is any Djntraci that eM(Jen(Th 8 rnsidual interest in the aets of the charbty after deducting all i)f rts liabilitS. Baslc fin4nclal Ilabllil Basic financlal li8tm18S, induding ueditors and bank kla, are initially rwJyJnis&d at transaction price unl&ss the arrangement conslilutes a finan(arvJ ItanswAMin. vrtwe the debt instrumart Is measur1 al the present valug of the fulure payments discryjnted al a market fate of interest. FinarKval fialIes c]assifi8d as payable wthin one year are not ortised. Debt instruments are subsequen15y carried at amortd (xt. using the effective inleresi rate thOd. Trade crediiors are obligation5 to pay for goLKIs LK serviw that hava wulred in the ordinary o)urse of kyjsiness Irom suppliers. Arnounts payable arg clasSTrf as Thent liabilities rf payment is due withln one year or less. If not. they 8r8 prÉsénted as non-current liabilttyes. Trade Creilitots are regnised Initity al transaction and subsequently measured 81 amor18ed cost Ung the effecl've interest met. Dere¢ognldon of ffnanGialliabllltles Flnandal liabllilies are derecognised ¥then the tharitys ObSgatiLts expire are dischatued or cancelled. Judgements andkeysourees of estimtion uncertw.nty In the applicztion of charity's enIIng th8 trustees are required to make ludgemonls, estimate5 and assumptions about thg caTrying arrwjunl of assets and Itabilitiès that are not readily apparent from Dther sources. Tho esllmates and associated assumptions are based on histor1 eOnCe 8nd other factors that are Gonsidered lo be levanl. Adual resutts may drfferfrom these 68timates. The estimates and urerlYIg assurnptvjns are remthved on an Otoing basi8. Revisions lo accounting estimates are rwnlsed in the period in 1¢h fhe estiwnate is revwl where the rewsion affects Dnty that rIod. or in the period of Ihe revtsion and future per•Jds where the vIsJn affects both [rrent and ftrture periods.
Thé Liverpool Merchant5, Gulld Notes To The Financlal Statements Page 17 Year ended 31st December 2024 3 Expendlture on Ralslng funds 2024 2023 Investment Management fees 195,9 182,646 195,369 182,646 4 Expendlture on Charftable actlvltles 2024 2023 Pensions Grants Auditors, renwneration Sretaries fees Postage. stailonery and web d8sign 8tc. 821,013 137,553 6,000 147,800 8,652 882,055 103,684 5,670 126,000 3,744 1,118,818 1.101.163 Expendlture on CharititrAe activities is allated in proportlon to the endoEd, legacy and general fund values at 31 st December 2023. All charitable payments are for the of indiwduals. At 31st Decerrtjer 2024 there were 213 beneficlarfes.12023 '. 2131. 6 Tru8tse8 Remuneratlon No member of the Board of Management or any connected pernS receiv any remunoration in respect of thelr seNces as INslees. AdditlLxlly rn member of the Board of Management or any connected persons received or waived any reimbursement of 8xpenses. {2023- rnne) 6 Employe8S The Liverpool Merchants, Guild does not have any employee5 and (knes not W07de any reurement or post employment benefits to anyone. (2023- nIY) 7 Transfer of Spoclal Dlvidends No special dlvldend8 or similar income have been received during the year whith requir8 a transfer between income and caprtal. The Guild stlll considers rt appropri8te lo make a transfer when suth income arises. The capltal funds would then have been creditgd in prcwrbon to the volues at the end of the pOU8 year.
The Liverpool M8rchants' Gulld Notes To The Financlal Statements Year ended 31st December 2024 Page 18 8 Transfer botwoen funds At the end of year transfers are m* lo orfrom the Reserve Fund In resp&t oflhe surplus or dthl of income on each of the other fijnds and is made up as fdlows.. Restsicted Fund5 Unrnstrfcted Funds Endowed Legacles Gèneral Funds Fund Fund Reserva Fund Totsl Fund8 Sub8cripb'on8 UK Investment Income 17 17 885.340 38,935 11,450 145,364 42,749 1.749 5e,272 34,497 3,443 1,125,911 349,LKO 16,316 Non UK Investment ItTh>)me Dey)81t Interest 10.655 1,156,359 50,854 189,879 94,212 1,491,304 Expenditure on raising funds Expenditure on charitable acrtwti8s 161.707 926.046 7,111 40.725 26,551 152,047 195,369 1,118,818 1.087,753 47,836 178,598 1,314,187 Net sulUS before gains and l)sseg, to be transleed 68,6C 3,018 11,281 182,9051 g Fix1 Assets Invastments Common Investment Fund InUK Outside UK Total 2024 2023 Market Value 1st January 2024 A¢qui5itions DispDsa18 Realised (losse81 I galns Unrealised gains on revaluatiL of Investments 29.093.024 17,959,381 47,052,405 43,988,306 3,576,388 11.826,965 15.403,353 9.591,870 (9,e55,813) (5,583,159) (15.438,9721 (7,581,312) 273,721 {149,495) 124,226 20,823 21,868 2,305,093 2,328,961 1,032,718 Market Value 31st December 2 23.109.IB8 26.358.785 49067,973 47,052,405 Cost al 31st Decemlxr 2024 16,887,718 20.880.967 37.788.685 33.869.355 Inv951mgnt Cash Dewslts Cash at Bank $81,413 581,413 545,794 Total Common Invostmwt Fund Invgstmgnts 23.690.601 26.358.785 50,049,386 47,598,199
The Liverpool Merchants. Guild Notss To The Financial Statements Year ended 31st December 2024 Pagg 19 Value 31.12.2024 Value 31.12.2023 9 Fixed Assots (cont) UK Investments Government Securitses Banks Beverages Commodities Global Investments InfrastruGture Funds Investrnent Banking & Brokerage Life Assurance Media and Photography Mining Oil and Gas Overseas Index Linked GoVernt Bond5 Personal Care, Drug and Grocery Phamaceub'cals Precious Metals Private Equity Sto¢k Support Services Tobacco UK Investment Companies UK Index Link&J Government Bcnds UK Investment Grade Bonds UK Investment Grle Bonds- HvJher Qualty Water and Gas 1,570,928 678,180 1,025.150 753.572 2:1&8.440 1,583.850 69J.642 299,390 1,088,700 8*,557 2,807,259 823.258 919,833 1,004,928 472,800 391,745 944,445 619,2(X) 6.80 2.93 4.44 3.26 9.46 6.85 2.99 1.30 4.71 3.88 12.15 1,923.654 1,532,355 1,153,824 810,108 2,668,089 2,075,481 6.61 5.27 3.97 2.78 9.17 7.13 416,984 1,057.400 1,477,912 4,018,391 458,775 1,809,037 1,387,923 394,120 443,610 1,140,798 493,533 852,775 465,397 1,961,791 1,762,857 788,210 1.43 3.63 5.08 13.81 1.58 6.22 4.77 1.35 1.52 3.92 1.70 2.93 1.60 6.74 3.98 4.35 2.05 1.70 4.09 2.68 1.900.389 1.744.172 707,750 8.22 7.55 3.05 2.73 23.109.188 1(rf).00 29,093,024 100.00 Investmonts outside the UK Asia European Investments Japanese US Shares 1.635.070 2.133.055 2.454,630 20.136.030 6.20 1,496,780 2,623,722 1,930,098 11,908,781 8.33 14.61 10.75 66.31 9.31 76.39 26,358.785 100.00 17,959,381 100.00 Totsl Quotod Investments 49,467,973 47,052,405 There were no individual direct ho]diry that represented more than 5% of the total value of fixed and current asset investments at 31st December 2024.
The Liverpool Merchants. Guild Notes To The Financial Statements Pag& 20 Year ended 31st December 2024 Fixgd Assels (conti All inveslrnents are investments in quoted secuTities or unil trusts. These have been revalued at 31st Decembèr 2024 on the basis of prices qU0j on the relevant Stock Exchange or by the fund manager. All of the fixed asset investrnents are hekl in direct furtherance of the ch8ritls obJ"ects. 10 Debtors 2024 2023 Due hthIn one year Other debtot5 102 102 393 393 Due after more than Secured loans lo bentharies unsred h)ans to beneflarieS 51.184 12,232 63,416 51,184 17,154 68,338 one year Loans to neficIalle$ are interest-free ar have no frAed date for repaymenL As there is no certainty as to when k)ans to beneficiari8s will be recovered, the net present value of those losns cannot be measured 11 Currant Assot Investmgnts Quoted Investsments in UK 2024 2023 Market Value 1st January 2024 Acquisitions Disposals Realised gains I110sses) Unrealised gains on revalualion of inveslments 4,154,410 2,009,618 (1,871,950) 111.771 349.552 3.672,207 925.427 {773,1001 159,268) 389,144 Pliarket Value 31st DgC9mber 2024 4,753,401 4.154,410 Cost a13151 DeTrmber 2024 3,840,303 3.265,986 Current asset investments represent the temporary investrnenl of prevy)u8 UMUL9tions of in¢ome. All investments are investments in quoted securities. These have been revalued at 31st December 2024 on the basis of prw quoted on the relevant stc** Exchange.
The Liverpool Merchants. Guild Notes To The Financial Stslements Pag8 21 Year ended 31st December 2024 11 Curr9nt Assgt Invgstsnents (cont) Valuo 31.12.2024 Value 31.12.2023 Govemmenl Securilies 145,8 33,612 54,858 44,520 21.167 65.453 69.561 78.293 3.07 184,629 130,219 73,856 Banks Commoditles Global Invesknents Infrastructure Funds Investment Banking & Brokerage Oil and Gas Overseas Index Linked Government Bonds Personal Care, Drug arKI Grocery Phamaul1Cals Private Equity St(K* Support Services UK Investment Companies UK Index Linked Govemmenl Bonds UK Investment Grade Bonds UK Invesknenl Grade Bonds- Higher Qualty Water and Gas 0.71 1.15 3.13 1.78 0.45 1.38 38,902 82,509 41.525 16,802 217.851 44,611 37,200 36,547 42,124 231.849 183,388 40,204 184,949 2,129,025 438,220 1.99 1.00 1.65 0.40 5.24 1.07 0.90 0.88 1.D1 5.58 4.41 0.97 4.45 51.25 10.55 136.084 39.395 108.655 2.86 0.83 2.29 225.004 179,616 36,100 656,083 2.308.447 550.663 4.73 3.78 0.76 1380 48.56 11.58 European Investments US Shares Japanese 4753.401 100.00 4.154.410 100.00 12 Creditors - amounts due wlthln one year 2024 2023 Amals 56.085 56.085 52,739 62,739 13 Capital Funds Bakn¢e 1st January 2024 Nel incoming resources for the year Transfer to Reserve Fund Realised investrnenl gains Unrealised gains on revaluation of inveslments 8alan¢e 31st DOrnb9r 2024 47.598.199 82.905 182,9051 124.226 2.326,961 50.049.386 46,544,658 195,387 1195,3871 20,823 1,032,718 47,598,199 14 Reserve Fund BaL8nce 1st January 2024 Nel incoming resources for the year Transfer from from Capital Funds Realised gains I (losses) on disposal of investments Unreali8ed gains on revaluation of inve5tinents Balance 31st Dgcembar 2024 5,029,004 94,212 82,905 111,TT1 349,552 5.6VW4 4,392,239 111,502 195,387 159,2681 389,144 5.029.004
The Liverpool Merchants, Guild Notes To The Financial Ststements Pago 22 Year ended 31st December 2024 15 Capltal Funds 2024 2023 Rostrtctsd Funds Permanent Endowed Fund 41,427,638 39 J98.790 Legacies Fund 1020,405 1,731,182 Unrestrlcted Funds General Fund 6,801,343 6rt68,227 Total Capilal Funds 50,049,386 47,598,199 In March 2007 the Charity Commission approved a scheme vthereby the individual named funds that had comprised the Pemianent Endow&J Fund were formalty 2malg8matsd into one single fvnd entiled The Liveipool Mer¢hants' Guild. The following is a list of funds that now comprise the LiverwJ Merchants, Guikl Pernnent Endowed Fund:_ Mrs W M Allen Fund Ameri¢an Chamber of Commer* Fund Miss Ollvla Atherton furKI Mrs James Barrow Fund Thomas Bartlett Fund Mrs E E Bartley Fund Frederic Bowden Fund James Lord Bowes Fund Mrs Anna Brancker Fund Frank Brocklehurst 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 Gener81 & Roger Lyon Jones Fund AndrewGibson Fund Willkgm Imrie Liver[] Clerks Benevolent Fund E Alan Johnston Fund Helen Johnston FUTh Johnston Famity Fund Kathen Stewart Kendall Fund Anita G rence Fund Miss Henrigtta McKay FurKI Thomas Moss Fund Essie Newberry Fund Thomas Willh3m & Al Eanor Oaksholl Memorial Fund The Misses Paton Fund Mercey Richardson Fund Lucie Amdia R"wJley Fund Frank RMJby Fund J(Ihn Winser Sheriff Fund W H Shirley Fund W M Simpson Fund Henry Tate Fund Chades & Kate Thorne Fund The William Henry & Harriet Watt Fund Frank & Gwen White Fund Mr & Mrs Gege Wilson Fund J Mae W1 Fund Isabel Grace Hall Fund Harrison Fund John Hill Fund
The Liverpool Merchants. Gulld Notes To The Flnancial Statements Pago 23 Year ended 31st December 2024 16 Sumrnary of Net Assets by Fund8- 31 D•eèmbw 2024 Flxed Currnnt As$èts Total Re9trtcted Fund8 Pemianenl Endo1 FuThJ8 Legac$ Fund Unrestrfcted Funds General Fund Reserve Fund 41.427.638 1.820.405 41,427.638 1,820.405 6.801.343 6,801,3 5,667,444 55,716,830 s,7,444 50.049,386 5.687,444 Summary ofNet Assets ty Funds - 31 Docgmber 2023 Flxed CuThent T¢)tsl Restrlcted Funds Permanent Endowe(l Funds Legaaes Fund Unrg¥trfcted Funds Ceneral Fund RÈsarve FUTh 39,398.790 1.731.182 39.398,790 1.731,182 6.488,227 6,468,227 S.029,4 52,627.203 5,029,004 5,029,004 47,598,199 Restrthd fuThJs a hekl forth8 purpce of payng Fensions 0th@r b8nerts to ellglb inefi(ar18$. Thé capllal of Ihe Feaent end0%d fvnds may be expend1. (ty th6 inm aring on these ndS may be utlised in payment of pgn8tons or otherbenefrts to beneficaaries. Unrestricted funds may b& ukn'lisÉd for any purKK>se ol Ihe Guld. 17 Commitments Payment of pénglons and grants is entirely Letionary. The &)ard of Managem8nl is of the OnIOn that there were no commithients for either rovenue or [ital e>FeThIre at 31st DMI 202412023-£nli . 18 Rglated Partles S T Ch8pple Gill. a member ol the Board of Management is a consumant to the fimi Brdbners LLP. Mr D. Bailey, 8180 8 m8mbèr ol the board of management. is a parbw in the firwn B[Bb[ LLP. Brabr$ LLP prowde legal servic&s to the Gulld. An Order has b8en obknwj from the Charity commion allowng thè Guild to Continue to ul'lise the setVTces of this fim). £nil was thargad by Br8bn8TS duriTrJ the year {2023 - £nill. The amwnt ouistsnthng to Brabners LLP at 31 Dmber 2024 was £nil12023- £nlll. MrkT. Morris. is a Trustee of lJvorrMX)l MetL8nts Guild. was an eM0yee of Ralhbone Investment Flanagemenl (Tvlired 30 June 20231. Thi5 latter company wer8 Sp.nIe by the managerl Board of knverpool Merchants, Guild to manage the Guld's invesbnents on a discretfonary baw8 effert from 1° Odober 2013. Agreement tr) the apKX)int¥rnt ol R8thbonè Investment Management was obtwwl from the Charity Cornmission. Rathbone Inveslment Management ieceive rernuneration included in these acthunts amounu to £182,64e. 12022 - £180,0931. The arnounl outstsnding to R81hbone Investment Management at 31 DeMb 2(r23 Was £46.657.12022- £45,209). There are otr rèlated party tran5acbons. 19 Flnanclal Instrum&nts 2024 2023 Carylng amount of flnancl*l aAÈets Debt insbuments rneasur at anK)rtIsl $t Debtors 83,416 1.488,1Y23 68,338 1,404,396 Cash hald 1.551,439 1.472,734 Instrurnents Theasured attstrvalue through SOFA Investments held by Reserve Fund Investments held by Common Inve51wnent FurKI 4.753,401 49.467,973 4.154,410 47.052,405 54.221,374 s1.21,818 Carrylng amount ol financlal Ilabllllles Me8sur8d at amort'sed co81 AccnJ81s .085 52,739