The new head of a group for wealthy business people with more than 400 years of history in the city says they are still relevant to the people of Bristol today.

The Society of Merchant Venturers is an organisation for successful people who want to give something back to the Bristol community.

But it has faced criticism over the years for allegedly being a "secret society", for having no ethnic minority members and few women.

Chairman of Wessex Water Colin Skellett was appointed the new master of the group in a Charter Day service at Bristol Cathedral yesterday.

Asked about the Venturers' alleged secrecy, Mr Skellett, 64, of Bath, said: "I think that was probably fair comment 10 years ago. But now our membership is published and people are welcome on doors open day.

"We now have a number of female members. We have no members from ethnic minorities, unless you include the Welsh, but anyone can become a member of the society if they are a successful business person who wants to put back into the community.

"As master, I am particularly keen on our work with the Prince's Trust encouraging young entrepreneurs to move into the business world."

The annual service included a ceremonial procession of merchants in morning dress, a celebration of the society being granted its charter by Edward VI in 1552.

It was attended by hundreds of children from the schools the society supports, Colston's Girls' School and the Merchants' Academy.

Every pupil was given 10p, the modern equivalent of a shilling, and a current bun in a Charter Day tradition that has been observed for hundreds of years.

Mr Skellett said: "Since we launched the £29 million Merchants' Academy in Withywood in September 2008, there has been strong progress.

"A year after moving into the state sector, Colston's Girls' School has seen incredible demand for places. The £11.2 million investment to further develop the school is well under way."

Another priority for the society is the care of the city's older residents through its support of organisations such as the St Monica Trust, Cote Charity and its own almshouses.

The society currently has 69 members, four of whom are women.

The outgoing master was former executive chairman of First Group Trevor Smallwood, and other members include Tobacco Factory architect George Ferguson.

The Bristol-born slave trader of the late 1600s Edward Colston was also a member.