**THE MERCHANT VENTURERS’ CHARITY** ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 




THE MERCHANT VENTURERS’ CHARITY 

## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## A message from the chair 

## **Contents** 

**Chair’s message ___________________________________________________________________________________________________________________________________________2 Report of the Trustee _____________________________________________________________________________________________________________________4** Committee members **____________________________________________________________________________________________________________6** Case studies **________________________________________________________________________________________________________________________________________________9 Independent auditor’s report to the Trustee of The Merchant Venturers’ Charity ___________________16 Statement of financial activities _____________________________________________________________________20 Balance sheet _______________________________________________________________________________________________________________________________________________21 Principal accounting policies ___________________________________________________________________________________22 Notes to the financial statements ______________________________________________________________24** 

Supporting communities across Greater Bristol to thrive remains our core objective. 

Across the region, there are countless charities and community group dedicated to addressing specific needs with passion and insight, and our grants help to support their essential work. We learn so much by working with these amazing organisations, gaining knowledge that we use to shape our future strategy for charitable giving so that we can continue to help the many diverse and dynamic communities across Greater Bristol to thrive. 

Without the real, sustained and effective work undertaken by so many people across the region to help their communities, the donations that SMV is able to make would have limited impact. It’s a privilege to be able to work with and support so many inspiring individuals and organisations who never hesitate to put the welfare of others first. 

I hope that you will enjoy reading about just a few of the incredible charities that we’ve had the privilege to support this year. 

Our strategy for the year ahead is to continue to direct the majority of our grants to support the essential work these small locally based organisations are doing to help some of the most vulnerable and disadvantaged in our communities. We continue to build on our place-based giving which focusses on working with a key anchor organisation in an area. These organisations have the local knowledge and expertise to direct funding where it is needed. 

Our charitable funds are generated from investments that provide an income, alongside donations made by individual members of The Society of Merchant Venturers (SMV). 



THE MERCHANT VENTURERS’ CHARITY 

We invite grant applications through our website and the Committee meets four times a year to review applications and award grants. We frequently review the award criteria to make sure that we’re working towards our organisational objective to help overcome inequality and disadvantage within Greater Bristol. 

Details of the organisations we’ve supported most recently can be found here; and if you’d like to know more about how you can help support our charitable giving, or if you’d like to apply for a charitable grant on behalf of your community, group, school or organisation, please get in touch. 

Finally, we note the sad passing of Robert Bourns DL, Robert was Chair of the SMV Charity Committee between November 2020 and November 2024. Robert was an advocate for the power of partnerships and we will endeavour to carry on his legacy through our work. 



**Chris Patterson, Chair of SMV Charity Committee** 

Hartcliffe City Farm in South Bristol provides therapeutic outdoor activities that reduce social isolation and encourage healthier living for volunteers and visitors who learn skills in gardening, food growing and harvesting, as well as caring for the farm’s collection of goats, pigs, chickens and guinea pigs. 




THE MERCHANT VENTURERS’ CHARITY 

## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2024** 

The Trustee presents its report and audited financial statements for the year ended 31 December 2024 for the Merchant Venturers’ Charity (“the charity”). The financial statements comply with current statutory requirements, the governing instrument and the Statement of Recommended Practice for Charities (SORP 2019). 

## **Registered address of the Charity:** 

Merchants’ Hall The Promenade Clifton, Bristol BS8 3NH 

**Charity Number:** 264302 

## Trustee, officers and advisers 

The Trustee of the charity is SMV Trustee Company Limited. 

Listed below are those members who have served on the Board of SMV Trustee Company Limited during the year: 

**Robert Bourns Jonathon Baker Katharine Finn Michael Bothamley Patrick Despard David Freed Gillian Camm (Retired 10 November 2024) Nick Baker (Retired 10 November 2024) Karl Tucker (Retired 10 November 2024)** 

**David Powell Mark Burchfield Heather Frankham Professor Sir Steven West Laura Marshall Tracey Killen** 

**Dr Jacqueline Cornish (Appointed 10 November 2024) Gail Bragg (Appointed 10 November 2024) Martino Burgess (Appointed 10 November 2024)** 



THE MERCHANT VENTURERS’ CHARITY 

## **REPORT OF THE TRUSTEE** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## Names and addresses of other relevant organisations 

## **Auditor** 

Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL 

## **Banker** 

NatWest Bank plc, Trinity Quay 2, 2nd Floor, Avon Street, Bristol, BS2 0PT 

## **Solicitor** 

Womble Bond Dickinson (UK) LLP, 3 Temple Quay, Temple Back East, Bristol, BS1 6DZ 

## **Investment Manager** 

Rathbones Investment Management, 30 Gresham Street, London, EC2V 7QN 

LGT Wealth Management, 15 Queen Square, Bristol, BS1 4NP 

Evelyn Partners Investment Management LLP, Portwall Place, Portwall Lane, Bristol, BS1 6NA (via the Merchant Venturers’ Charities Investment Pool (MVCIP), Charity Number 1053459) 

## Reference and administrative information 

The charity was founded in 1972 and is registered with the Charity Commission (registration number 264302). 

## Structure, governance and management 

## **Governing Document** 

## **Governing Body and Organisational Management** 

The Trustee of the Charity is SMV Trustee Company Limited, a company limited by guarantee. All the members of the Society of Merchant Venturers’ Standing Committee are Directors of SMV Trustee Company Limited. 

The Trustee meets to consider, at least on a quarterly basis, the broad strategy and direction of the charity. 

Assisting the Trustee are the Investment Strategy Group, the Finance and Investment Sub-Committee, the Charity Sub-Committee and the Conflicts of Interest Advisory Sub-Committee. 

The Investment Strategy Group meets quarterly and is responsible for deciding asset allocation and the investment strategy taking into account the recommendations from the Finance and Investment SubCommittee, past and projected investment performance and future capital and revenue requirements. 

All applications and appeals are overseen by the Charity Sub-Committee. 

The Conflicts of Interest Advisory Sub-Committee was established in 2021 and comprises of two individuals with no connection to either SMV or SMV TCL who can advise on areas where a conflict of interest might arise. 

As detailed in note 15, the Society of Merchant Venturers provided administrative services to the charities of which SMV TCL was trustee and (as permitted by the Charity Commission) made a charge for these. The Conflicts of Interest Advisory Sub-Committee has reviewed these charges and made a recommendation to the board of SMV TCL that the proposed charges are, (in the opinion of the members of the Sub-Committee) appropriate. 

The charity is constituted under a trust deed dated 15 May 1972 and is a registered charity, number 264302. 



THE MERCHANT VENTURERS’ CHARITYTHE MERCHANT VENTURERS’ CHARITY 

**6** 

Day to day running of the charity is delegated by the Trustee to a Sub-Committee (the Charity Sub-Committee), the Members of which who served during the year were: 


**Chris Patterson** 

**(Chair)** 


**Gail Bragg** 




**Robert Bourns Michael Bothamley Dennis Burn (Deceased 23 June (Retired 10 November 2025) 2024)** 




**Karl Tucker** 

**Jonathon Baker** 

**Trevor Smallwood** 


**Dayrell McArthur** 


**Kathryn Bishop** 


**Nicholas Lee** 


**Sue Blatchford (Appointed 10 November 2024)** 





**Kathryn Bishop Katharine Finn Dr Jackie Cornish Catherine Look (Appointed 10 (Appointed 10 (Appointed 10 (Appointed 10 November 2023) November 2024) November 2024) November 2024)** 


The charity does not have any employees, but management, financial and administrative duties are performed by the Society of Merchant Venturers, further details are included in note 14. 

**Caroline-Jane Duckworth** 



THE MERCHANT VENTURERS’ CHARITY 

## **REPORT OF THE TRUSTEE** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## Recruitment and training of the Trustee 

The Directors of SMV Trustee Company Limited are elected annually from within the membership of the Society and are appraised of the general duties of a trustee. In the event of significant changes to legislation or best practice, further relevant training is undertaken. The members of the Investment Strategy Group and Finance and Investment Sub-Committee bring with them skills and experience of the financial investment sector. Members of the Charity Sub-Committee reflect the Merchant Venturers strong interest in grant making and charitable activities to enhance the quality of life for all, particularly the young, aged and disadvantaged. They possess experience and a high degree of interest and motivation in meeting the objectives of the charity. New members are provided with copies of previous minutes, together with Sub-Committee terms of reference and criteria for the consideration of grants, which in turn are reviewed on a regular basis by the Board of SMV TCL. 

## Objectives and activities 

The charity’s mission is to Help Communities across Greater Bristol to Thrive. 

Supporting those most in need and at disadvantage will remain a fundamental driver as our grant making becomes more strategic with the charity purposefully supporting charities and community groups to become self-sustaining. Grants will be directed towards helping charities to develop a more robust operational model that enables them to thrive and support growing numbers of individuals. The strategic approach will seek to deliver long-term positive change at a local level that allows communities to break out of a cycle of poverty. 

The Vision and Mission for the charitable giving is: 

## **Vision** 

To be recognised as a charity that understands and supports the needs of local deprived communities with grants and signposted advice so that where possible they can become self-sustaining. 

## **Mission** 

To understand and support the following local groups: 

- Support disadvantaged and deprived communities in Bristol, North Somerset, South Gloucestershire and Bath & North East Somerset. 

- Place based approaches for deprived areas (for example Withywood and Hartcliffe) to support long term strategies for renewal of the areas. 

- Collegiate School, in conjunction with the school’s endowment trust. 

Our grant programme can support charitable and community activities, projects and services that fulfil the following: 

- Aim to improve the lives of local people by addressing specific needs and disadvantages within their communities 

- Address the concerns and priorities of the people they seek to benefit 

- Where possible include the active involvement of people from within the community in designing and delivering the activity 

- Complement existing local charitable and community activities 

Our grant programme is primarily targeted at small not-for-profit organisations or community groups with charitable aims. Applicants must be based and working in Bristol, Bath & North East Somerset, North Somerset or South Gloucestershire. 



## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2024** 

Whilst there is no limit to the size of organisation that can apply, we will prioritise our funding where it can make the greatest impact. 

Organisations applying need not be registered charities but do need to have charitable purposes, have a management committee comprising at least three unrelated people, a set of rules under which the organisation operates and a bank account in the name of the organisation, with at least two signatories. They would also be required to share their safeguarding policy if applicable. Community Interest Companies (CIC) and social enterprises will be supported where: 

- their work has a demonstrable social benefit 

- the organisation has a minimum of three directors (Registered at Companies House), the majority of whom are not paid employees. The majority should also be unrelated. 

- the salaries and benefits of any paid director must be approved by a majority of non-executive directors and must be reasonable and proportionate to the work they do and the financial position of the organisation 

## **Objects of the charity** 

The objects of the charity, defined in the Trust deed which should be referred to for exact details, are for the benefit of such charitable institution or institutions or such charitable purpose or purposes and in such proportions and manner as the Trustee in its absolute discretion may think fit. 

## **Grant making policy** 

Where possible, the charity looks to achieve its aims in partnerships with others. Principles and criteria for the allocation of grants are applied and are reviewed periodically by the Charity Sub-Committee and, subsequently, by the Trustee. The grants approved during the year are shown in note 2 to the financial statements. Applications for grants are considered by the Charity SubCommittee supported by the professional advice of the Quartet Community Foundation. When awards are made, they are based on the applying institution’s cause and financial situation and the principles set by the Trustee for the allocation of income. . 

- the organisation has an asset lock and designated asset lock body with objectives which are both charitable and similar to the CIC 

- the organisation is limited by guarantee, rather than limited by shares. 

The Trustee confirms that it has referred to the guidance contained within the Charity Commission’s general guidance on public benefit when reviewing the charity’s objectives and activities. 



THE MERCHANT VENTURERS’ CHARITYTHE MERCHANT VENTURERS’ CHARITY 

**9** 

## **SUPPORTING COMMUNITIES ACROSS GREATER BRISTOL** 

We feel incredibly privileged to work with and support many fantastic organisations across Bristol, including the following: 

## Babbasa 

Babbasa is behind the OurCity2030 initiative, which aims to support 2,030 young people from low income households in Bristol into median salary roles by 2030, increasing representation in the workplace and creating a new generation of role models for society. 

SMV helped to fund the Employers’ Forum which provides professionals working in HR, recruitment and EDI (equality, diversity and inclusion) roles, with an opportunity to troubleshoot their challenges around inclusion and recruiting diverse talent; and the Youth Practitioners’ & Educators’ Forum, which in May held an event in Hengrove in direct response to the incidents of knife crime. 

## Easton Jamia Masjid 

Easton Jamia Masjid is one of the largest mosques in the south west of England. SMV provided a charitable grant to support its Mosque Adult Care Support Activity Day project, designed to address food insecurity and social isolation among older members of the local community. 

The project provided weekly meals and transportation for 25-30 participants, ensuring they had reliable access to healthy food and opportunities for social interaction regardless of mobility issues. Regular attendees of the sessions reported feeling less isolated and more connected to their community and benefitted from improved mental and physical health and wellbeing. 



**10** THE MERCHANT VENTURERS’ CHARITYTHE MERCHANT VENTURERS’ CHARITY 

## Hartcliffe City Farm 

This community farm in South Bristol provides therapeutic outdoor activities that reduce social isolation and encourage healthier living for volunteers and visitors who learn skills in gardening, food growing and harvesting, as well as caring for the farm’s collection of goats, pigs, chickens and guinea pigs. 

SMV funded a new coordinator role tasked with recruiting 37 new volunteers and running the programme’s wellbeing sessions. Amongst the many activities delivered by the team of volunteers, the market garden was completely replanted and now provides a wide range of vegetables that the volunteer groups enjoy at shared meals. The Spring Fayre, which volunteers helped to deliver, welcomed 500 people from the wider community for music, maypole dancing and sheep shearing demonstrations. 


## Sunflower Collective 

Sunflower Collective fosters holistic development and wellbeing among young people in the community by providing inclusive and enriching after-school club sessions, where children aged 5-15 can explore their creativity, build meaningful connections, and develop essential life skills. 

Funding was provided to support costs of providing three after-school club sessions per week at St Paul’s Adventure Playground in Spring and Summer 2024 which included creative arts, mental health workshops, sensory areas, and outdoor play for 400 children. 




THE MERCHANT VENTURERS’ CHARITYTHE MERCHANT VENTURERS’ CHARITY 

**11** 

## Bath Philharmonia 

Bath Phil is an orchestra committed to transforming lives through the joy of live orchestral music. Among its initiatives, it works with Carers Support Centre to reach young carers from across the region, who are encouraged to explore orchestral musical instruments, take creative risks as a break from their caring responsibilities. The programme is open to all, no matter the age, background or musical experience. 

Funding supported an orchestral music residency for young carers aged 9-17, removing economic barriers to taking part. During the programme, participants would develop musical learning and skills, contributing to their wellbeing and enhancing social skills. More experienced young carers mentor the younger ones and all participants benefit from a collaborative learning environment that encourages shared creative risk, listening and support. 

## SWALLOW 

SWALLOW supports teenagers and adults with learning disabilities to live life independently, resulting in better health outcomes, increased employability and reduced social isolation. 

Funding was provided to upskill its staff team in Makaton, to enhance communication between staff and its members. Makaton is a speech method using gestures, pictures and written words to help people communicate. It’s used by people with learning or communication difficulties, including children, adults, and people with autism. 

The grant funded four days’ Makaton training for 16 staff members. Since the training, Makaton has been used in support services, groups and courses. 



THE MERCHANT VENTURERS’ CHARITY 

## **REPORT OF THE TRUSTEE** 

**FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **INCOME FROM INVESTMENTS** 

## **FINANCIAL SUPPORT FROM SMV MEMBERS** 


**----- Start of picture text -----**<br>
2023 2024 2023 2024<br>£276,893 £226,697 £163,833 £220,600<br>**----- End of picture text -----**<br>


## Achievements and performance 

The Trustee is pleased to report that the charity continues to meet its objects by donating to community and social needs as well as educational causes. Amounts pledged during the year are shown on pages 17 & 18, which the Trustee is pleased to report show an increase on prior year. Grants have been allocated to a number of organisations and charities all serving the wider community as summarised below. 

## **Risk management** 

In the light of the Corporate Governance guidance contained within the Statement of Recommended Practice 2019 “Accounting and Reporting by Charities”, the Trustee examined the major risks faced by the charity. 

The Trustee continues to monitor and manage ongoing risks relating to areas such as the achievement of the charitable objects and the protection of the charity’s assets. Systems are in place to monitor and control these risks to mitigate the impact that they may have on the charity in the future. 

The Merchant Venturers’ Audit Committee is responsible for assessing the scope and effectiveness of the systems and processes established by management to identify, assess, manage and monitor the financial and non-financial risks. The risk register is reviewed and updated as required and 

not less often than on a bi-annual basis by the Management team and by the Merchant Venturers’ Audit Committee on behalf of the Trustee and is noted by the Trustee. 

The charity is reliant on the income from its investments and on the financial support provided by members of the Society of Merchant Venturers to enable it to fund donations in the furtherance of its charitable objectives. The charity does, however, have designated reserves in significant excess of its annual expenditure and therefore if required it could meet expenditure from these reserves. 

## **Financial review** 

The financial statements set out on pages 20 to 31 cover the activities of the charity. The Statement of Financial Activities shows the gross income from all sources and the split of activity between restricted and unrestricted funds. 

The charity is reliant on the income from its investments of £226,697 (2023: £276,893) and on the financial support provided by members of the Society of Merchant Venturers and others of £220,600 (2023: £163,833). These income figures include the restricted funds detailed in note 10. 



THE MERCHANT VENTURERS’ CHARITY 

## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Investment policy and performance** 

The Merchant Venturers’ Finance and Investment SubCommittee is responsible, on behalf of the Trustee, for the investment and performance of the financial assets, the appointment of appropriate Fund Managers and monitoring their performance and to recommend to the Trustee optimum strategy for financial investment. 

The Merchant Venturers’ Finance and Investment SubCommittee’s policy is to increase income whilst preserving the real value of the investments. The income provides funds to enable the Trustee to pursue the objects of the Charity, including plans for the future. The funds continue to be invested in the Merchant Venturers Charities Investment Pool (“MVCIP”) (Charity Registered Number: 1053459). During the year MVCIP appointed LGT and Rathbones to provide investment management services and the portfolio was transferred in specie from Evelyn Partners to the two new advisers. 

Although markets concluded 2024 on a subdued note, equities demonstrated robust performance over the calendar year, with the US as the standout performer largely driven by the “magnificent 7” mega cap tech stocks. Amid political instability in Germany and France, European equities, along with emerging market stocks struggled owing to concerns that proposed US tariffs might trigger a trade war and hinder growth in other regions. Meanwhile, bond markets reacted negatively to the pro-growth, higher-inflation narrative. US elections, which ushered in Donald Trump’s second administration significantly influenced markets. 

The total return of the investment portfolio in the year was a gain of 3.4% versus the UK CPI+3% benchmark of +5.4% (2023: gain of 5.05% versus the composite benchmark gain of 10.38%). 

## **Reserves policy** 

The Trustee’s policy takes account of (a) the liabilities which would be faced by the charity if it were to cease operating, (b) the financial ‘cushion’ it would need in order to have time to respond to a serious but possible funding crisis without immediately losing capacity, and (c) any longer term objectives which might require significant investment. 

At 31 December 2024 the Trustee’s policy was to have unrestricted cash available equivalent to 6 months of unrestricted expenditure to take account of liabilities the charity may face if it were to cease operating and the financial cushion it may need to respond to a funding crisis without losing immediate capacity. As at 31 December 2024 unrestricted cash was £332,757, the charity therefore had surplus cash reserves compared to target based on 2024 expenditure which would equate to £213,255. Cash reserves have been put to work on a deposit account. 

The Trustee’s policy is to use the charity’s investments and income generated from them to continue to back projects which are for the benefit of the citizens of the Greater Bristol area. Income from this will provide long term ongoing support for projects identified by the Trustee which benefit the Greater Bristol area. As at 31 December 2024 unrestricted funds were £6,277,256, the charity therefore has sufficient reserves to support ongoing projects. 

The policy and target is reviewed on an annual basis by the Trustee to take account of the development of the charity and a review of the changing risks it faces, particularly in respect of income. 

The capital comprising the restricted funds is invested and income is used in accordance with the restrictions of the funds (see note 10). At 31 December 2024 the restricted funds were £1,141,931 (2023: £1,146,767). 



THE MERCHANT VENTURERS’ CHARITY 

## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Going concern** 

The financial statements have been prepared on a going concern basis which the Trustee considers to be appropriate for the following reasons. 

The business model of the charity is such that its charitable activities are limited to those which it has sufficient funds to support from the excess of funding received over the costs of administering the charity. The charity has sufficient cash available for the specific commitments detailed in notes 6 and 7 and no further committed costs beyond its fixed costs of operation which are detailed in notes 2 and 3. 

Consequently, the Trustee is confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. 

## **Future plans** 

The strategy of the charity for the year ahead is to continue to direct the majority of our grants to support the essential work small locally based organisations are doing to help some of the most vulnerable and disadvantaged in our communities. In addition it is building on its place based giving which focusses on working with a key anchor organisation in an area. These organisations have the local knowledge and expertise to direct funding where it is needed. This type of multi-year funding allows for a longerterm approach to be taken to help solve some of the most intractable problems. 

## Accounting and reporting responsibilities 

## **Statement of Trustee’s responsibilities in respect of the Report of the Trustee and the financial statements** 

Under charity law, the trustees are responsible for preparing a Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period. 

In preparing these financial statements, generally accepted accounting practice entails that the trustees: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements; 

- state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements; 

- assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and 

- use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 



THE MERCHANT VENTURERS’ CHARITY 

## **REPORT OF THE TRUSTEE** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. 

SMV made a grant to support Bristol Beacon’s Creative Learning and Engagement programme that supp orts musical initiatives for Bristol residents of all ages.30,000 young people receive immersive access to opportunities to learn and make music, and perform in orchestras and ensembles on a world-class stage. 

The trustees are responsible for the maintenance and integrity of the financial and other information included on the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Signed for and on behalf of the Trustee 

## **Jonathon Baker, Director** 

Merchants’ Hall, The Promenade, Clifton, Bristol, BS8 3NH 

**Date:** 6 June 2025 



THE MERCHANT VENTURERS’ CHARITY 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE MERCHANT VENTURERS’ CHARITY** 

## Opinion 

We have audited the financial statements of the Merchant Venturers’ Charity (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Balance Sheet, and notes to the financial statements, including significant accounting policies. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with UK accounting standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ ; 

- have been prepared in accordance with the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Trustee’s annual report, other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information contained within the report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and 



THE MERCHANT VENTURERS’ CHARITY 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE MERCHANT VENTURERS’ CHARITY** 

Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Trustee’s report; or 

- the charity has not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of the Trustee** 

As explained more fully in the Trustee’s responsibilities statement, the Trustee is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. 

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: 

- the nature of the sector, control environment and the charity’s performance; 

- results of our enquiries of management and the Trustee Board, including the committees charged with governance over the charity’s finance and control, about their own identification and assessment of the risks of irregularities; 

- any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations; 



THE MERCHANT VENTURERS’ CHARITY 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE MERCHANT VENTURERS’ CHARITY** 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries. We identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries. 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011 and tax legislation. 

Our procedures to respond to risks identified included the following: 

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of income; 

- enquiring of the Trustee and management and those charged with governance concerning actual and potential litigation and claims; 

- performing procedures to confirm material compliance with the requirements of its regulators; 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty. 

Located in Lawrence Weston, the Rock Centre offers resources and services to help the community stay healthy and feel connected. SMV funded a series of sessions that offered a range of activities, such as arts and crafts, befriending groups, gentle exercise, sociable coffee mornings, healthy eating, and even chiropody. 



THE MERCHANT VENTURERS’ CHARITY 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE MERCHANT VENTURERS’ CHARITY** 

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- reading minutes of meetings of those charged with governance and reviewing internal control reports; and 

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 

A further description of our responsibilities is available on the FRC’s website at: htps://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilites-for-the-audit-of-the-f/ descripton-of-the-auditor%E2%80%99s-responsibilites-for. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charity’s Trustee, 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 might state to the charity’s Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed. 


**Chris Trantham FCA (Senior Statutory Auditor)** 

For and on behalf of 

**Bishop Fleming LLP** 

Chartered Accountants Statutory Auditors 10 Temple Back Bristol 

BS1 6FL 

**Date:** 3 September 2025 

_Bishop Fleming LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006_ 



THE MERCHANT VENTURERS’ CHARITY 

## **THE MERCHANT VENTURERS’ CHARITY (CHARITY NUMBER 264302)** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** 

||Note|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|2024|2023|
|||£|£|**£**|£|
|Income from:||||||
|Donatons||182,407|38,193|**220,600**|163,833|
|Investments|1|190,739|35,958|**226,697**|276,893|
|**Total income**|10|373,146|74,151|**447,297**|440,726|
|**Expenditure on:**||||||
|**Charitable actvites**||||||
|Community and social|2|(400,806)|(757)|**(401,563)**|(349,217)|
|Education|2|(18,481)|(79,024)|**(97,505)**|(90,452)|
|Total charitable activities||(419,287)|(79,781)|**(499,068)**|(439,669)|
|Other|3|(7,223)|-|**(7,223)**|(7,418)|
|**Total expenditure**||(426,510)|(79,781)|**(506,291)**|(447,087)|
|**Net income/(expenditure)**||(53,364)|(5,630)|**(58,994)**|(6,361)|
|Gains/(losses) on investment assets|4|4,017|794|**4,811**|40,526|
|**Net movement in funds**||(49,347)|(4,836)|**(54,183)**|34,165|
|**Reconciliaton of funds:**||||||
|Total funds brought forward||6,326,603|1,146,767|**7,473,370**|7,439,205|
|Transfers between funds||-|-|**-**|-|
|**Total funds carried forward**|9|6,277,256|1,141,931|**7,419,187**|7,473,370|



The statement of financial activities includes all gains and losses recognised in the year. 

The results presented above relate wholly to the continuing activities of the charity. 

The accompanying notes form an integral part of these financial statements. 

There is no difference between the net incoming resources for the year stated above and their historical cost equivalent. 



THE MERCHANT VENTURERS’ CHARITY 

## **THE MERCHANT VENTURERS’ CHARITY (CHARITY NUMBER 264302) BALANCE SHEET AS AT 31 DECEMBER 2024** 

||Note|**2024**||2023||
|---|---|---|---|---|---|
|||**£**|**£**|£|£|
|**Fixed assets**||||||
|Investments|4||**7,115,934**||7,106,873|
|**Current assets**||||||
|Debtors|5|**54,972**||65,374||
|Cash at bank|6|**566,298**||464,470||
|||**621,270**||529,844||
|**Creditors: amounts falling due within one year**|7|**(196,454)**||(97,797)||
|**Net current assets**|||**424,816**||432,047|
|Creditors: amounts falling due after more than one||||||
|year|8||**(121,563)**||(65,550)|
|**Net assets**|||**7,419,187**||7,473,370|
|Funds||||||
|Unrestricted|9||**6,277,256**||6,326,603|
|Restricted|10||**1,141,931**||1,146,767|
||9||**7,419,187**||7,473,370|



The financial statements on pages 20 to 31 were approved by the Trustee on and were signed on their behalf by: 


**Jonathon Baker Director** 

**Katharine Finn Director** 

**Date of approval:** 6 June 2005 

The accompanying notes firm an integral part of these financial statements. 



THE MERCHANT VENTURERS’ CHARITY 

## **THE MERCHANT VENTURERS’ CHARITY PRINCIPAL ACCOUNTING POLICIES** 

## Presentation of financial statements 

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom, the accounting regulations issued under the Charities Act 2011 and the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in October 2019. 

The accounting policies that the charity has adopted to determine the amounts included in respect of material items shown in the balance sheet and also to determine the income and expenditure have been applied consistently in the current and preceding year and are shown below. 

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **Basis of accounting** 

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, and in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102). 

## **Going Concern** 

The financial statements have been prepared on a going concern basis which the Trustee considers to be appropriate for the following reasons. 

and 7 and no further committed costs beyond its fixed costs of operation which are detailed in notes 2 and 3. 

The Trustee has reviewed the cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the charity will have sufficient funds to meet its liabilities as they fall due for that period. 

Consequently, the Trustee is confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. 

## **Critical accounting judgements and key sources of estimation uncertainty** 

In applying the charity’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 

## **Voluntary income** 

Donations to the charity are included in the financial statements in the year in which they are received. 

## **Investment income** 

Dividends and interest on investments are included as income in the financial statements on an accruals basis. Distributions from the investment in the MVCIP are treated as income in the period in which they accrue. 

The business model of the charity is such that its charitable activities are limited to those which it has sufficient funds to support from the excess of funding received over the costs of administering the charity. The charity has sufficient cash available for the specific commitments detailed in notes 6 



THE MERCHANT VENTURERS’ CHARITY 

## **THE MERCHANT VENTURERS’ CHARITY PRINCIPAL ACCOUNTING POLICIES** 

## **Expenditure** 

- (a) All expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT, and is recognised when there is a legal or constructive obligation to pay for expenditure. 

- (b) Expenditure on charitable activities relates to the grants and donations and supporting administration costs made by the Trustee in accordance with the objects of the charity. Grants and donations payable are charged to the statement of financial activities in the year when the offer is conveyed to the recipient, except where the offer is conditional, such grants being recognised as expenditure when the conditions attaching to the grants are fulfilled. Where applicable, grants offered subject to conditions which have not been met at the year end, are noted as a commitment, but not accrued as expenditure. 

## **Restricted funds** 

The restricted funds comprise donations earmarked by the donors for specific purposes. Income arising thereon is credited to the relevant fund. The aim of each restricted fund is set out in note 10 to the financial statements. 

## **Investments** 

Investments in MVCIP are stated at bid value at the balance sheet date. This is in accordance with FRS102. 

The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. 

## **Cash flow statement** 

A statement of cash flow has not been prepared as the charity has taken advantage of the exemption available in the SORP for smaller charities. 

- (c) Governance costs relate to the strategic management of the charity and its assets, and compliance with constitutional and statutory requirements. 

All costs have been directly attributed to one of the functional categories of resources expended in the statement of financial activities. 



THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 1 Investment income 

Investment income may be analysed as follows: 

|Investment income may be analysed as follows:|||
|---|---|---|
||**2024**|2023|
||**£**|£|
|**Unrestricted funds**|||
|Distributions from MVCIP|**190,739**|233,989|
||**190,739**|233,989|
||**2024**|2023|
||**£**|£|
|**Restricted funds**|||
|Distributions from MVCIP|**33,217**|40,774|
|Bank interest|**2,741**|2,130|
||**35,958**|42,904|



## 2 Charitable activities – unrestricted fund 

Donations and gifts comprise: 

||Direct grants|Support costs|**2024**|2023|
|---|---|---|---|---|
||£|£|**£**|£|
|Community and social|386,073|14,733|**400,806**|250,472|
|Education|17,802|679|**18,481**|13,838|
||403,875|15,412|**419,287**|264,310|



Where support costs cannot be directly attributed to a particular area, they have been allocated prorata based on the value of direct grants as shown above. 



THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 2 Charitable activities – unrestricted fund (continued) 

Analysis of direct charitable activities - donations and gifts approved from the unrestricted fund. 

||**2024**|2023|
|---|---|---|
|**Community and social**|**£**|£|
|Bristol Beacon|**-**|50,000|
|Babbasa|**20,000**|20,000|
|Clifton Down Charitable Trust (note 15)|**16,538**|22,750|
|Hartcliffe & Withywood Community Partnership|**20,000**|-|
|St Pauls Carnival (Bristol)|**20,000**|10,000|
|Alive Activities Ltd|**-**|5,000|
|Bluebell Care Trust|**-**|5,000|
|Bristol Refugee Rights (BRR)|**-**|5,000|
|Creative Youth Network|**-**|5,000|
|Jacari|**-**|5,000|
|Women’s Work Lab CIC|**-**|5,000|
|Coexist Community Kitchen CIC|**-**|5,000|
|Shirehampton Methodist Church JTE Hub|**-**|5,000|
|XTND Improving Futures|**-**|5,000|
|Bristol Horn Youth Concern|**-**|5,000|
|Mothers for Mothers|**-**|5,000|
|The Bristol Ensemble|**-**|5,000|
|The Wheels Project|**-**|5.000|
|Caring in Bristol|**-**|5,000|
|Hawkspring|**-**|5,000|
|Southmead Development Trust|**-**|5,000|
|HMS Prince of Wales Affiliation|**-**|5,000|
|Carers Support Centre Bristol and South Gloucestershire|**-**|5,500|
|Easton Jamia Masjid Garden|**5,000**|-|
|Bristol (Adventure) Unit of the Sea Cadets|**5,000**|-|
|Hartcliffe City Farm|**5,000**|-|
|Vision North Somerset|**5,000**|-|
|Southmead Project|**5,000**|-|
|Self Injury Support|**5,000**|-|
|Sunflower Collective|**5,000**|-|
|Bath Philharmonia|**5,000**|-|
|Bristol Tree Craft|**5,000**|-|
|Fight Against Blindness|**5,000**|-|
|St Pauls Advice Centre|**5,000**|-|
|The Matthew Tree Project|**5,000**|-|





THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 2 Charitable activities – unrestricted fund (continued) 

||**2024**|2023|
|---|---|---|
|**Community and social**|**£**|£|
|Jamaican Street Studios CIC|**5,000**|-|
|Science Creates Outreach|**5,000**|-|
|Southmead Somali Association|**5,000**|-|
|Period Friendly Places|**5,000**|-|
|Ablaze|**5,000**|-|
|The Inspire Arts Trust|**5,200**|-|
|Young Bristol|**10,000**|-|
|Jacobs Wells Baths|**14,500**|-|
|Bristol Legacy Foundation|**75,000**|-|
|Black South West Network|**23,063**|-|
|Youth Strategy|**8,250**|-|
|Other gifts each less than £5,000|**88,522**|43,265|
||**386,073**|236,515|
||2024|2023|
||£|£|
|Education|||
|Venturers Trust Endowment Fund|11,313|7,563|
|Collegiate School|6,489|5,504|
||**17,802**|**13,067**|



All donations and grants approved have been awarded to institutions in the year. 

Details of restricted expenditure during the year are provided in note 10. 

## 3 Other support costs 

|3<br>Other support costs|||
|---|---|---|
||**2024**|2023|
||**£**|£|
|Audit fee|**6,600**|6,796|
|Professional fee|**420**|424|
|Insurance|**203**|198|
||**7,223**|7,418|



The audit fee excluding irrecoverable VAT was £5,500 (2023: £5,663) 

The charity had no employees (2023: nil). However, a recharge is made by the Society of Merchant Venturers to recover costs as discussed in note 15. 



THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 4 Fixed asset investments 

|4<br>Fixed asset investments||||
|---|---|---|---|
||**Unrestricted**|**Restricted**||
||**funds**|**funds**|**Total**|
||£|£|£|
|**Cost**||||
|At 1 January 2024|4,535,501|925,054|5,460,555|
|Additions|4,250|-|4,250|
|**At 31 December 2024**|4,539,751|925,054|5,464,805|
|**Revaluation**||||
|Unrealised gains at 1 January 2024|1,516,730|129,588|1,646,318|
|Net gain arising on revaluation in the year|4,017|794|4,811|
|**Unrealised gains at 31 December 2024**|**1,520,747**|**130,382**|**1,651,129**|
|||||
|**Market value at 31 December 2024**|**6,060,498**|**1,055,436**|**7,115,934**|
|Market value at 31 December 2023|6,052,231|1,054,642|7,106,873|



Investments for both the designated and restricted funds are held in the MVCIP. Further information may be obtained in the Financial statements of MVCIP, Charity Number 1053459. 

## 5 Debtors 

|Financial statements of MVCIP, Charity Number 1053459.<br>5<br>Debtors|||
|---|---|---|
||**2024**|2023|
||**£**|£|
|Distribution from MVCIP – unrestricted (note 9)|**43,199**|54,681|
|Distribution from MVCIP – restricted (note 9)|**7,523**|9,529|
|Other debtors – restricted|**4,250**|1,164|
||**54,972**|65,374|



## 6 Cash at bank 

Included within cash at bank is an amount of £197,382 (2023: £177,280) which relates to restricted funds. 

## 7 Creditors: amounts falling due within one year 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Other creditors|**143,692**|30,519|
|Grants and donations payable|**52,762**|67,278|
||**196,454**|97,797|





THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 8 Creditors: amounts falling due after more than one year 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Grants and donatonspayable|**121,563**|65,550|



## 9 Analysis of funds 

|9<br>Analysis of funds||||
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**funds**|**funds**||
||£|£|£|
|**Movement in funds**||||
|At 1 January 2024|6,326,603|1,146,767|7,473,370|
|Net incoming/(outgoing) resources|(53,364)|(5,630)|(58,994)|
|Investment revaluation|4,017|794|4,811|
|**At 31 December 2024**|**6,277,256**|**1,141,931**|**7,419,187**|
|**Representation of fund balances**||||
|Fixed asset investments|6,060,498|1,055,436|7,115,934|
|Cash and bank balances|368,916|197,382|566,298|
|Debtors|47,449|7,523|54,972|
|Liabilities|(199,607)|(118,410)|(318,017)|
||**6,277,256**|**1,141,931**|**7,419,187**|
|||||
|Unrealised investment gains|**1,520,747**|**130,382**|**1,651,129**|





THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 10 Restricted funds 

The restricted funds of the charity comprise the following balances of donations held in Trust to be applied for specific purposes: 

||**Balance at**|**Incoming**|**Expenditure/**|**Gains/(Losses)**|**Balance at**|
|---|---|---|---|---|---|
||**1 January 2024**|**resources**|**Transfer**|**on investments**|**31 December**|
||||||**2024**|
|**Movement in funds**|£|£|£|£|£|
|A M McWatters Fund|14,739|469|(464)|11|14,755|
|Harry Crook Bursary Fund|126,915|3,822|(7,155)|87|123,669|
|SMV Scholarship Fund|667,660|22,937|(31,000)|526|660,123|
|Youth Fund|84,702|2,364|(138)|50|86,978|
|Denis Burn Bequest|29,277|777|(545)|15|29,524|
|Wertheimer Trust|123,582|3,474|(1,503)|73|125,626|
|The Brown Fund|76,630|7,116|(110)|32|83,668|
|VT Hardship Fund|2,127|-|-|-|2,127|
|Ross Ancell Fund|6,250|-|-|-|6,250|
|Sponsorship for Masters Fund|12,500|-|(12,500)|-|-|
|Outward Bound|2,385|31,998|(25,164)|-|9,219|
|Bleed Kit|-|227|(235)|-|(8)|
|Ben Jacobs’s Crowdfunding|-|767|(767)|-|-|
|Think Pacific - internship|-|200|(200)|-|-|
||**1,146,767**|**74,151**|**(79,781)**|**794**|**1,141,931**|



The A M McWatters Fund provides funds for Christ Church Clifton, Clifton College, Bristol and the Dolphin Society. 

The Harry Crook Bursary Fund is for the provision of bursaries and scholarships to pupils of Collegiate School (formerly Colston’s School). 

The SMV Scholarship Fund currently provides bursaries and scholarships to pupils of Collegiate School. 

The Youth Fund provides funds to support the youth of the greater Bristol area. 

The Denis Burn bequest enables pupils at Merchants’ Academy to nominate a charity to make a donation to on Charter Day. 

The Wertheimer Trust promotes education at one or more of the following institutions, namely the Faculty of Engineering at Bristol University, Collegiate School and Montpelier High School. 



THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 10 Restricted funds (continued) 

## **The objects of The Brown Fund are:** 

- to relieve elderly, sick and disabled persons and to preserve and protect the good health of such persons; 

- the welfare of sick and neglected animals and the prevention of cruelty to animals; 

- the relief of poverty among and to preserve and protect the good health of former members of the Armed Forces in the United Kingdom (and in particular members of the Royal Air Force of whatever rank); 

- the relief of poverty and financial hardship. 

The VT Hardship Fund was established to provide support to Venturers Trust pupils and their families experiencing hardship. 

The Ross Ancell Fund was established to support education activities. 

The Sponsorship for the Masters Fund was established to support a Masters degree. 

The Ben Jacobs’s Crowdfunding Page Fund was established to support the journey as a UK Contingent to represent Bristol at Roverway 2024 in Norway. 

The Think Pacific - internship programme in Bali Fund was established to support the registration fee for the internship. 

Support costs for the restricted funds of £2,211 (2023: £1,961) are included within the Expenditure shown above. 

## 11 Trustee’s remuneration 

No director of SMV Trustee Company Limited received remuneration or reimbursement of expenses for their services to the charity during the year (2023: £nil) nor had any beneficial interest in any contract with the charity during the year (2023: none). 

## 12 Taxation 

The Merchant Venturers’ Charity is registered as a charity and as such tax exemption applies to the income arising from and expenditure on charitable activities and to its investment income gains. 

The Outward Bound Fund was established to support Outward Bound Hardship Grant. 

The Bleed Kit Fund was established to support secondary schools the resources needed should an undesirable serious injury event ever happen. 



THE MERCHANT VENTURERS’ CHARITY 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## 13  Transactions with Related Parties 

## **Society of Merchant Venturers** 

The charity incurred a reallocation of salary costs of £13,354 (2023: £12,432) from the Society of Merchant Venturers, to cover the services it provides in relation to the management and administration of the charity, of which £nil was outstanding at the year-end (2023: £nil). 

## **Collegiate School, Montpelier High School and Merchants’ Academy** 

Some members of the Society of Merchant Venturers are also Governors of these three schools. The charity has a number of restricted funds held for the benefit of these schools. For details of these funds and the movements in them see note 10. 

## **Merchant Venturers’ Charities Investment Pool (MVCIP)** 

The charity’s Trustee is also the Trustee of MVCIP. For details of the investments held, income received from these investments and balances outstanding at the yearend see notes 1, 4 and 5. 

## **Clifton Down Charitable Trust** 

Seven members of the Society of Merchant Venturers are also Directors of Clifton Down Charitable Trust Limited. For details of donations paid to Clifton Down Charitable Trust Limited see note 2. 

The Avon Gorge & Downs Wildlife Project is 25 years old this year. It was originally set up to secure the outstanding wildlife interest of the Bristol side of the Avon Gorge and Clifton and Durdham Downs, and to raise awareness and understanding of this unique location and its importance for people and wildlife. 



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