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 De￿rnber 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 InSti￿tIon, 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. 21￿54. The Charity's address is
110-114, Duke Street, Liverp￿1, 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 D￿ernber 2006 wh￿h 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 subsCript￿n 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 el*d 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 man￿e￿iL
Finance SutrpCommitt*- which deals vAth the management of the Guild's investn￿nts
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 RO￿rtS
Dr C Lewis-Jon8s
{Resigned 17 OGtober 2024)
New members are recruited on the basis of the skjlls, relevant eXper￿nCe or exFertise that they are
able to contribute io the Board of Management. They undergo a short per￿d 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 Un￿rtaIntieS 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 custc*Jy 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 inveslN*nt 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 ba￿nCeS 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 pl￿e tcgeiher with adequate insurance
cover.

The LlveTpooI Merchants, Gulld
Page 3
Tru8tee8' Annual Report
Year end￿ 31H¢ December 2024
5. Safety during Visits to Bene￿arleS
The Tnjstees ensure that procedures wlth regard to the staff ofthe Secretaries V[s￿n9 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
sU￿￿SOry 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 Conven￿ntlY
C8ni6d out and adMiniste￿d 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 circuMstar￿e5 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 r￿lpt 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 reS￿ential adaptations for individuals with special
needs.
The principal short temi and long term aims and obJ￿￿Ve8 of The Liverpool Merchants, Guild are to
increase the number of benefI￿ar￿ 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 rel￿tty 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 t￿th 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 profeS￿onal 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 Commi￿On 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 expenda￿e. 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 ex￿￿atr￿e ¢)n ￿ Ct1￿ of the Guild aMr￿ugh at
present the income is beiThJ used.
The General Fund is an vnrestricthl a￿1 ￿mpriseS uncondthona bewest8 tr) the Guild. At pre8ent
only income is being utiliseil with any unspent Ir￿f￿ne at the etxl of each year bèing tran5ferrEd lo the
Reserve Fund.
The ReseNe FurKI is an Unrestrict￿ fun¢J a￿1 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 eSSen￿al 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 cover*J a period up to 31st DeCeM￿r 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 appr0￿matelY 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 ￿ner￿laries.
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 ￿11￿8$ and then apt4y Ihem c￿SiSten￿.
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 appIl￿ble
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 assL*ne
that the Chwrty wll cc￿tin￿ In buslness.
The Board of Manaoement is re8ponsible ￿ kewro pr(4)or acco￿ling 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 chari￿es 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 t*nefil 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 In￿Me generdted by the Guild's
invesbnents comparing the fi￿t months of 2025 with the first six months of 2024.
Soerntarf8S
The Secretaries of the Guild are Monetta LLP. Chartered AC￿Unt2nts, 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 Man￿erS 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
C￿lMerChan
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 Tn￿tee$ 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 prepar￿1 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
Audi10￿S responsibilities for the at￿rt of the financial statemgnts s￿li0n of our reporL We are
independent of the charity in accordance with the ethical requirements that are re￿vant 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 finan￿al 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 rnat￿la1 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 WAC￿On
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￿[l￿S 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 appI￿able. 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 eff￿t thereunder.
Our objeclNes are to obtain reasonable assurance a￿ut 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 Ir￿gUIaTItie8, including fraLKI. The exlent to which our procedures are capable of
detecting IrregU￿ritieS, 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 r￿cur, 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 m8￿hants, 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 Ir￿g￿lantieS 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 prC￿edureS required to identify
non4ompliance with laws and regulations to enquiry of the trustees and other management and
the InSp￿tIon of regulatory and legal CO￿espondenCe. 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 Financ￿1 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 COIT￿anIeS 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
ExpeTKl1￿re 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 D￿rnt￿ 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 Fo￿ard
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
s5,716￿30
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 Managem￿tt 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 In￿me to not cash flow from 0￿ratIng
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 opern￿ng 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 finan￿al statements ha￿ b￿1 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(Mrwnd￿I Pr&11￿.. AC￿untIng and Reportkng
by Charities prepa￿n9 th￿r a(uunts in acLordancs vith the Finantaa Ret*Niing Standard appl￿ble in the UK and Republic of
Irdand IFRS 1021 Clhe SORP'I. FRS 102.. The Fina￿￿al 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 or￿Y 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 Rep￿￿ng Standard a￿lc￿le in the UK 8nd Republic of Irl&and IFRS 1021 issued on 16th Juty
2014 rather than the Accounting And RÉpowilr¥J by Charit*s: Statement of R8Cx)m￿￿nded Prdcfice eff8Ctnie from 1st April 2005
whith has slnce been withdrawn.
The finan￿al 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 Investm￿1 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
LegaC￿S and donatTOnS are reu)gnis8d UFM rw*ipt or %then it 15 [￿babIe thal ￿y￿11 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 e*ate, after settling any labililies. to pay the legacy..
. any tXKKlilions alta¢h￿l 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 registe￿1 for VAT
purtKJses. Eypenditure is ststed Inclu￿We of any appli(¥￿e VAT.
Pènslons and Grdnts
All charitable pa￿nents 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 O￿lY 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 IM￿S￿￿ent F￿d 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 red￿tiOnS
to that fund and are available lo set off against fvture ex￿ndlI￿re.
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 Bc*eme ty th& Charty Commi88ion, have been
da$$lfied as ￿[manent endowed frjnds and any addibons to those fvnds since that dato hav• bèèn trèated as additions
lo the pemianenl 8ndowTnenl. New fvnds received Since June 1972 have been ckssifed as rastrictod or unre8tri¢ted
fijnds acwding lo the or condibons atlathirKJ to the bequest to the Guild. Deta￿S of th& varitmjs ￿ndS are set oui in
Notes 15 and 16.
AM funds d888ified as restricted are hekl for tho specTfic purpose of payirg p8nsions or ott*r benefi3 to elIg￿lIe
t¢nefi¢i0ri9S.
D&btern due after mor9 th•n one year
Oebtors due after more than one year comprise loans lo benefiaaries, both sèeAJred and Uns￿red. As there is no
certainly when these amounts will recovered th& net wesentvalue. therefor•, be measured.
Current Assots - Investments
Current asset investments r¢wesent stod(8 and shares quoted on Tecognised slock exchanges. Such stocks and share5
f*n be immediately sold in exc*ang8 foi ca8h whith 13 r￿E1Vable on the ordinary settlement terTllS of the stock exchangg
in qu8Stion and have been re￿u￿￿ on the basi8 of quoted on the rn18vant St(x* Exc*aFVJe.
Currnnt Assets . Cash at Bank
Cash at bank repr&s8nts monies hekj erther at Barcw Bank or *tyth Rath￿)ne Investrnenl Management. Such monies
are immediatdy availab18 and no notKe perKrfJ is required fora￿$$ lo same.
Currerrt LiahllltS9s - cr8d1t0￿ & Accruals
Credriors and pro￿$10n5 are r￿mal￿ re¢cgni$¢d al tsir selllement amount after allowing for any trade discoun18 due.
Financl81 In8lruments
Th& charity has electsd to ap￿Y 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 ir￿truMent.
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 inten￿n to settle on a nel basis or to reallse the
asset and s8tYe the lialxlity simullaner￿5ty.
Basic financlalassels
Basic fina￿la1 a8sets, whi¢h include debtors cash and bank balan1￿5. are initialty measured 8t trans2otion prlce
including transaction (x)sts and are 5ubsequenly CArried 8t anN)rtIs￿l cost using the effective intsrest méthod unl88S the
arrangement ￿n8￿"tU￿8 3 financing transacth)n. where the tr8nsactw)n is [r￿Sured at the p￿sent value of thè future
receipts discounted al a market rate of interesL Finanria assets da5srf￿d 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 a￿1$, 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 trad￿1 and whose fair values r￿nn￿ be Measur￿ relithy a￿ It￿su[ed al cnsl less impalrrn￿tt.
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.
Finan￿al 8ss8Is 8re impaxed where ￿re is obj￿￿Ve evK*rKe 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 ca￿y7ng 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 c￿l￿n9 aftw the itnpaiimenl ¥Yas recognised, th&
impalmienl is reversed. The r￿ers￿ is suth th81 thè current caTh￿ng amount does Th)1 exce￿ what the rarrying amount
w¢xdd have be￿, had the 1mpalrrn￿t rnt previously Lw) TWI￿1. The impainnent reversal is reo)gnlsed In profft or
loss.
Fmanc4al assets arè derecognlsed onty %tsthen the contr*ial 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 (￿tra￿Ual arrangements
entered into. An gqulty Instmment is any Djntraci that eM(Jen(Th 8 rnsidual interest in the a￿ets of the charbty after
deducting all i)f rts liabilit￿S.
Baslc fin4nclal Ilabllil
Basic financlal li8tm1￿8S, 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 measur￿1 al the present valug of the fulure
payments discryjnted al a market fate of interest. FinarKval fia￿lI￿es c]assifi8d as payable wthin one year are not
ortised.
Debt instruments are subsequen15y carried at amort￿d (x*t. 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 re￿gnised Initi￿ty al transaction and subsequently
measured 81 amor18ed cost U￿ng the effecl've interest met￿.
Dere¢ognldon of ffnanGialliabllltles
Flnandal liabllilies are derecognised ¥then the tharitys ObSgatiL￿ts expire ￿are dischatued or cancelled.
Judgements andkeysourees of estimtion uncertw.nty
In the applicztion of charity's ￿e￿nIIng 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 histor￿1 e￿￿OnCe 8nd other factors that are Gonsidered lo be
levanl. Adual resutts may drfferfrom these 68timates.
The estimates and ur￿erlYI￿g assurnptvjns are remthved on an Ot￿oing 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 ￿vIs￿Jn 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
S￿retaries 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 all￿ated in proportlon to the endo*Ed, 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 per￿nS receiv￿ any remunoration in respect of thelr
seNces as INslees. AdditlLx*lly 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 W0￿7de 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 p￿￿OU8 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 su￿lUS before gains and l)sseg, to be transle￿ed
68,6C
3,018
11,281
182,9051
g Fix￿1 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 GoVern￿￿t 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 Gr￿le 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 qU0￿j 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 h￿thIn one year
Other debtot5
102
102
393
393
Due after more than
Secured loans lo bentharies
uns￿red h)ans to benef￿larieS
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
Phama￿ul1Cals
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 D￿Ornb9r 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 Pern￿nent 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
Kath￿en Stewart Kendall Fund
Anita G ￿rence Fund
Miss Henrigtta McKay FurKI
Thomas Moss Fund
Essie Newberry Fund
Thomas Willh3m & Al￿ E￿anor 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 Ge￿ge Wilson Fund
J Ma￿e W￿1 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 purpc*e of payng Fensions ￿0th@r b8nerts to ellglb* i￿nefi(￿ar18$.
Thé capllal of Ihe Fe￿a￿ent end0%￿d fvnds may be expend￿1. (￿ty th6 inm ar￿ing on these ￿ndS may be utlised in
payment of pgn8tons or otherbenefrts to beneficaaries.
Unrestricted funds may b& ukn'lisÉd for any purKK>se ol Ihe Guld.
17 Commitments
Payment of pénglons and grants is entirely ￿L￿etionary. The &)ard of Managem8nl is of the O￿nIOn that there were no
commithients for either rovenue or ￿[ital e>FeThI￿re at 31st D￿MI￿ 202412023-£nli .
18 Rglated Partles
S T Ch8pple Gill. a member ol the Board of Management is a consumant to the fimi Brdbners LLP. Mr D. Bailey, 8180 8
m8mbèr ol the board of management. is a parbw in the firwn B[Bb[￿ LLP. Brab￿r$ LLP prowde legal servic&s to the Gulld.
An Order has b8en obknwj from the Charity commi￿on 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 D￿mber 2024 was
£nil12023- £nlll.
MrkT. Morris. is a Trustee of lJvorrMX)l MetL*8nts Guild. was an eM￿0yee of Ralhbone Investment Flanagemenl (Tvlired
30 June 20231. Thi5 latter company wer8 Sp￿.nIe￿ by the manager￿l 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¥r*nt 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 De￿Mb￿ 2(r23 Was £46.657.12022- £45,209).
There are ot￿r rèlated party tran5acbons.
19 Flnanclal Instrum&nts
2024
2023
Carylng amount of flnancl*l aAÈets
Debt insbuments rneasur￿ at anK)rtIs￿l ￿$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