## **YORK MUSEUMS AND GALLERY TRUST** 

Company Registration No. 04381647 Registered Charity No. 1092466 

## **York Museums and Gallery Trust** 

**(A Company Limited by Guarantee)** 

**Trustees’ Report and Financial Statements** 

**Year ended 31 March 2023** 

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**YORK MUSEUMS AND GALLERY TRUST** 

## TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 

## Contents 

OFFICERS AND PROFESSIONAL ADVISORS ........................................................................................................................... 3 TRUSTEES’ REPORT ............................................................................................................................................................. 4 INDEPENDENT AUDITOR’S REPORT ..................................................................................................................................... 6 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES .................................................................................................... 18 CHARITY STATEMENT OF FINANCIAL ACTIVITIES ............................................................................................................... 19 CONSOLIDATED BALANCE SHEET ...................................................................................................................................... 20 CHARITY BALANCE SHEET ................................................................................................................................................. 21 CONSOLIDATED CASH FLOW STATEMENT ......................................................................................................................... 22 NOTES TO THE FINANCIAL STATEMENTS ........................................................................................................................... 23 

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**YORK MUSEUMS AND GALLERY TRUST** 

## **OFFICERS AND PROFESSIONAL ADVISORS** 

The Trustees who served during the year and subsequently were: 

## **TRUSTEES** 

J. Grierson (Chair) 

P. Ashton 

A. Dean 

S. Daubeney 

S. Furlong 

M. Haworth (Resigned 24.11.22) 

A. Kirkby (Appointed 01.12.22) 

M. Lowe 

A. Malik (Resigned 02.05.23) 

D. Myers 

- K. Nesbitt 

S. Orr (Appointed 01.12.22) 

A. Scott 

- D. Willcocks 

## **COMPANY SECRETARY** 

P. Lambert 

## **PRINCIPAL OFFICERS – KEY MANAGEMENT PERSONNEL** 

R. King – Chief Executive (Resigned 08.08.22) K. Blacker -Chief Executive (Appointed 02.01.23) 

- P. Lambert – Head of Strategy, Finance and Corporate Services 

## **REGISTERED OFFICE** 

St Marys’ Lodge, Marygate, York, YO30 7DR 

## **INDEPENDENT AUDITORS** 

Beever and Struthers One Express, 1 George Leigh Street, Manchester, M4 5DL 

## **BANKERS** 

HSBC Bank plc PO Box 26, 13 Parliament Street, York, YO1 8XS 

## **SOLICITORS** 

Browne Jacobson LLP Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ 

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**YORK MUSEUMS AND GALLERY TRUST** 

## **TRUSTEES’ REPORT** 

For the year ended 31 March 2023 

## **Chair’s Foreword** 

## **Introduction** 

It gives me great pleasure as the Chair of Trustees for York Museums Trust to present the 2022-23 annual report and accounts. 

This year has been marked by an encouraging and continued recovery from the substantial impact of the pandemic on income, operations and visitor numbers. We have been supported through this significant change by an incredible team of dedicated staff and volunteers who have helped us to be resilient, within a challenging external context, to continue to deliver outstanding activities and a warm welcome to all. 

The new Chief Executive, Kathryn Blacker, joined York Museums Trust in January 2023. Kathryn has brought a breadth of experience of positive organisational transformation, gained in different sectors in media, museums and, most recently, as Chapter Steward at York Minster. Kathryn has a reputation for, and commitment to, working collaboratively with other organisations across York and North Yorkshire.  The Senior Leadership Team provided a successful bridge of support between the previous Chief Executive, Reyahn King’s, departure in summer 2022 and Kathryn’s arrival, steering the Trust carefully through a period of continued change. The Trust outperformed its audience and income targets for the year. Visitor numbers were more than 429,000 across the three main venues, ahead of the forecast of 365,000 and 93% above the previous financial year. Overall visitor number yield and tight cost control enabled the Trust to perform better than its forecast with an outturn of almost £5.2m and reserves of £943,000. This position is even more remarkable given the impact of rising running costs and broader cost-of-living challenges. 

During November Arts Council England renewed the National Portfolio Organisation (NPO) status of York Museums Trust. The package of support will be £3.7m from April 2023 to March 2026 (£1.25m annually). This was excellent news and reflected the confidence that the Arts Council has placed in the collections and valuable activities delivered by York Museums Trust. 

The Yorkshire Museum reopened its doors following a period of closure with a fanfare marked by the launch of the Ryedale Hoard exhibition. On display for the very first time the hoard, which was found in North Yorkshire, contains some of the area’s most significant Roman objects, including an 1,800-year-old bust of Roman Emperor Marcus Aurelius. The purchase of the Ryedale Hoard was made possible thanks to the generosity of Richard Beleson, the Art Fund, several individual donors and with the help of David Aaron Ltd. 

York Art Gallery has rebuilt a rich programme which attracted audiences of almost 129,000 and diversified our visitor profile to encompass younger people.  ‘Body Vessel Clay: Black Women, Ceramics & Contemporary Art’, curated and conceived by Dr Jareh Das in partnership with Two Temple Place, explored work by three generations of black women artists working with clay. Two Aesthetica Art Prize exhibitions provided a celebration of contemporary art. ‘Sin’ organised with the National Gallery, brought together works of art which span the centuries. ‘Marvellous & Mischievous: Literature’s Young Rebels’, a British Library touring exhibition, put the spotlight on famous rebels in children’s literature. New permanent exhibitions included ‘Treasures from the Stores’ with highlights from York Art Gallery’s own collections ranging from pieces by Ethel Walker to Andy Warhol, whilst ‘Wall of Women’ opened in March 2023. The new display in the Centre of Ceramic Art, celebrates the innovation and creativity of women working with clay from the early 20th century to the present day. 

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**YORK MUSEUMS AND GALLERY TRUST** 

At York Castle Museum the programme included ‘Castles of the Future’ with Bricklive, the introduction of ‘Mechanical Marvels’, ‘Ghosts on Kirkgate’ in collaboration with the York’s Ghost Merchants in late October, and ‘Christmas at York Castle’. ‘The Tiger Who Came to Tea’ exhibition and associated activities, delivered in partnership with Seven Stories, brought young families into the Museum. The overall programme supported the venue in exceeding its visitor targets and income for the year. 

The focus on community engagement ranged from Teenage Art School in collaboration with local arts organisation Mediale at York Art Gallery to the completion of a pilot community research project in the Hull Road and Tang Hall area of York, with the support of City of York Council and Make It York. The year also marked the return of a self-led schools’ programme across all three sites and the launch of a review to establish a new approach to formal learning delivery in the future. York Museums Trust is committed to reflecting policies both locally and nationally through Arts Council’s Let’s Create Strategy that help to deepen its role in the local community and encourage both creativity and participation. 

York Museum Gardens welcomes over a million visitors a year. The historic and stunning gardens are a vital green lung in the centre of the city which supports the health and wellbeing of both residents and visitors. Reflecting the Trust’s commitment to improving environmental sustainability the gardens’ team has increased biodiversity with new planting schemes, the introduction of polytunnels to grow and nurture plants on site to reduce travel miles and the creation of a new orchard as a joint initiative with York Philosophical Society. Event highlights included the Roman Festival during July, the hosting of ‘Ghosts in the Garden’ with York Bid in October and participation in Make It York’s ‘Ice Trail’ during February. 

The achievements throughout the last year have been a testament to the support of trustees, staff, funders, partners, visitors, patrons and donors. We have ended the financial year with much to look forward to over the coming 12 months. The Trust will continue to build on its resilience to deliver social, cultural and economic impact through its inspiring spaces, collections and activities. 

I would also like to thank the Board of Trustees for their support throughout the year, and in particular those Trustees who have retired. 


James Grierson, Chair Date: 7[th] November 2023 

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**YORK MUSEUMS AND GALLERY TRUST** 

## **Strategic Report** 

The Trustees, who act as directors for the purpose of company law, present the audited consolidated financial statements for the year ended 31 March 2023. 

## **Our purpose and activities** 

York Museums Trust’s (‘YMT’) was set up in 2002 to cherish the collections, building and gardens entrusted to us, presenting and interpreting them as a stimulus for learning, a provocation to curiosity and a source of inspiration and enjoyment for all. 

Our vision is: 

Connecting and inspiring people with the stories, histories, cultures and art of York and North Yorkshire. 

Our mission is: 

Championing curiosity, inspiring creativity and creating opportunities for people to flourish as we collaborate to tell stories about our collections and places. 

Our priorities are: 

## Building and sustaining a flourishing organisation by: 

- Delivering innovative public programming supporting an audience-focused, inclusive, visitor-first approach, which also builds profile and reputation; 

- Driving visitor income, meeting and exceeding enterprise and fundraising targets, managing expenditure; 

- • Identifying, developing and delivering a Masterplan and associated capital projects, to provide the best care for the collections and places we care for on behalf of the City; 

- Investing in our people ensuring we recruit, retain and develop a high performing team which celebrates diverse experiences and voices; and 

- Tackling and adapting to climate change, understanding our carbon footprint and making incremental changes towards a net-zero future. 

YMT carries out its mission through a broad range of activities, centred around but not limited to our main sites – York Art Gallery (YAG), York Castle Museum (YCM), Yorkshire Museum (YM) and York Museum Gardens (YMG). 

## **Overview of our operating activities** 

The reporting period of 2022/23 represented the first period where all of our sites have been able to open for the whole year since the global pandemic in March 2020. We were pleased to welcome back visitors in large numbers which boosts admissions income, and secondary spend in retail and cafes. We have not yet achieved the visitor numbers we experienced before 2020 at YCM and YM and we had budgeted for the year accordingly. At YAG visitor numbers are over 70% higher than we expected as we continued with the model of allowing free access to the site and the permanent displays and charging for the temporary exhibitions we ran in the year. 

In 2022/23 we put on four such exhibitions: _Beyond Bloomsbury: life, love and legacy; Body, Vessel, Clay: Black Women, Ceramics and Contemporary Art; SIN: An exhibition organised by the National Gallery, London with York Museums Trust; Marvellous and Mischievous: Literature’s Young Rebels_ 

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**YORK MUSEUMS AND GALLERY TRUST** 

Our reported visitor numbers for the last three years in the context of reduced numbers because of Covid-19 in 2020/21 and to a lesser extent in 2021/22 are: 

|**York Castle Museum**<br>**Yorkshire Museum**<br>**York Art Gallery**<br>**Total**|**2022/23**<br>**2021/22**<br>**2020/21**<br>224,557<br>108,807<br>8,328<br>75,866<br>26,859<br>Nil<br>128,849<br>85,947<br>12,478<br>429,272<br>221,613<br>20,806|
|---|---|



## **Fundraising** 

We had National Portfolio Organisation (NPO) Funding from Arts Council England (ACE) for the five year period April 2018 to March 2023, providing an annual income of £1.25m each year during this period. We successfully bid in 2022 for further NPO funding for the period April 2023 to March 2026 at the same level of income of £1.25m per annum. 

Individual donors have continued their support for YMT’s core work, with gifts secured onsite and online. We have in place a Patron giving programme and a regular supporters scheme which was launched in mid 2022. Gift Aid has improved with the new charging models at YCM and YM which give visitors a 12 month admissions pass as part of the entrance fee. 

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. We seek charitable gifts from our visitors and stakeholders to make our ambitious vision for the future possible, in line with the legislative definition of fundraising as “soliciting or otherwise procuring money or other property for charitable purposes.” This does not involve widespread solicitation of the general public to acquire new donors. The generous contributions that we receive are presented in our accounts as “Donations and Legacies” and include gifts from individuals, legacies and grants. 

All our fundraising activity is managed internally, by a small department of employed fundraising specialists, without involvement of commercial participators, external fundraisers, or third parties. The day to day management of all income generation is delegated to the executive team, who are accountable to the Trustees. YMT is not bound by any regulatory scheme but does comply voluntarily with the Fundraising Regulators Code of Practice. 

We have received no complaints in relation to fundraising activities. Our terms of employment require staff to behave reasonably at all times. By complying with the Fundraising Regulators Code of Conduct and GDPR we have procedures in place to prevent complaints and address them should they arise. 

## **Financial Review** 

YMT had expected to make a substantial financial loss in 2022/23 because of the uncertainty of visitor numbers returning post pandemic. The financial performance proved better than predicted and we ended the year making a small financial loss. The reasons for a better than forecast financial position were: 

- The increase in visitor numbers was greater than expected and we achieved a higher yield per visitor; 

- • High staff turnover post pandemic which meant we carried a greater number of vacancies through the period than planned; 

- Tight controls on expenditure in the face of both inflation and significantly increased energy costs and ; 

- A better performance from our Enterprises business than planned. 



**YORK MUSEUMS AND GALLERY TRUST** 

The net deficit for the year on general unrestricted funds (before transfers between funds) was £78,767 (2022: net surplus of £153,749).  The Trustees decided to allocate £47,526 (2022: allocate £5,232) from the general unrestricted fund to designated funds. The net movement in funds for the general unrestricted fund for the year was thus £126,293 (2022: £148,517). 

Net movement in funds on designated funds was an increase of £1,007,412 (2022: an increase of £1,084,500) and net movement in funds on restricted funds was a decrease of £43,711 (2022: a decrease of £392,431). 

The Pension Fund has a gross accounting surplus for the year of £5,575,000 (2022: gain £2,441,000). In line with FRS 102 requirements York Museums and Gallery Trust has recognised as an asset on the balance sheet to the extent that it is able to recover the surplus, either through reduced contributions in the future, or through refunds from the plan.  The scheme’s actuary has confirmed that they can demonstrate no economic benefit arising to York Museums and Gallery Trust from an ‘asset ceiling’ calculation comparing the present value of future service costs to the present value of future contributions. The actuary has also confirmed that any refunds from the plan are contingent on future events. Accordingly, the financial statements do not recognise the pension asset position, restricting the surplus to £nil, and reducing actuarial gains to £2,672,000. 

During the year the charity received restricted donations, grants and income from charitable activities for specific activity and expenditure which resulted in restricted funds of £202,864 held at the end of the year (2022: £246,575). 

The unrestricted general funds of the group, excluding fixed assets not represented by matching designated funds, at 31 March 2023 were a surplus of £893,116 (2022: £903,430). 

The Trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations for the foreseeable future as described in the going concern section of the report below. 

## **Plans for future periods** 

We have produced a business plan for the 2023/24 period and defined the key outcomes and measures and activities we want to achieve in this period. We have also prepared for ACE an Activity Plan and Investment Principles Plan aligned to the #Let’s Create strategy. All of these plans align to our priorities: 

- Delivering innovative public programming supporting an audience-focused, inclusive, visitorfirst approach, which also builds profile and reputation; 

- Driving visitor income, meeting and exceeding enterprise and fundraising targets, managing expenditure; 

- Identifying, developing and delivering a Masterplan and associated capital projects, to provide the best care for the collections and places we care for on behalf of the City; 

- Investing in our people ensuring we recruit, retain and develop a high performing team which celebrates diverse experiences and voices; and 

- Tackling and adapting to climate change, understanding our carbon footprint and making incremental changes towards a net-zero future. 

## **Principal Risks and Uncertainties** 

## **Funding** 

Management and the Trustees formally review the risks through the use of a risk register and a risk management process. This includes scrutiny of the risk register by the Audit and Risk Committee and submission of the risk register to the Board each quarter. 

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**YORK MUSEUMS AND GALLERY TRUST** 

Funding risk is always significant for YMT. We received as a National Portfolio Organisation £1.25m per year for the four year period 2018 to 2023 from Arts Council England. We have secured further funding for the 2023 to 2026 period at the same level but with inflationary pressures this does not allow us to deliver as much. We also continue to receive £0.3m per annum from City of York Council which has been at this level for 6 years with no inflationary increase. 

The balance of our funding we have to generate ourselves through our admissions and Enterprises activities. Trustees have given consideration to the appropriate policies, procedures and systems to mitigate the YMT's exposure to the major risks. The key financial risk is the ability to generate sufficient income from visitor numbers, and other external funders, to cover expenditure incurred in fulfilling the obligations and liabilities as well as the vision, mission and priorities of the group. YMT has in its plans for 2023/24 its strategy of investing in public programmes, engagement, visitor experience, income generation, digital and capital developments in order to mitigate the future financial risks. 

## **Cost of Living crisis** 

Since the start of 2022 a number of global events have occurred which contribute to an economic situation with high inflation, increases in interest rates and large increases in energy costs. We have been able to fix some of our energy costs but at rates significantly higher than pre 2022. These inflationary pressures impact consumer confidence, visitor numbers and spend. The same pressures impact significantly on our employment and supplier costs. Our ability to raise admission prices, our primary source of income, is limited by what prices visitors are prepared to pay. 

## **Going Concern** 

In determining that YMT and its subsidiary are going concerns the Board gives consideration to the risks and uncertainties facing each entity, with particular reference to liquidity and solvency issues that might impact viability. The Board receives management accounts and 12 month forward cash flow forecasts on a regular basis. The Board reviews forecasts for a period not less than the 12 months following the date the financial statements are to be issued. If solvency and liquidity issues present significant and material risks and uncertainties to YMT then the forecast period under review will be extended. 

The Board reviews and scrutinises the budget and budget forecasts in a separate meeting each year. In setting the 2023/24 budget the Board looked at a range of scenarios which stress test the robustness of the budget. Management examine the monthly management accounts each month to ensure YMT is trading to plan and are aware of the measures needed to reduce outgoings if we do not remain on track. In the current financial climate YMT have been unable to set a balanced budget, and have forecast a loss for the year of £0.3m. The Board considers future years look equally challenging and have asked for a review of YMT’s business model to improve its sustainability in the longer term. 

On 26 September 2023 YMT confirmed the existence of RAAC in the roof construction in part of the York Castle Museum (YCM). This has resulted in the partial closure of the site. We are continuing to welcome visitors at YCM and our retail and café concession remain fully open. However our revenues will be impacted and there are inspection and potential remedial work costs. We have informed CYC and we confirm we would be able to draw on their letter of credit if the impact on cash and reserves proves to be significant. Trustees have considered the financial impact of RAAC in forming a view on going concern. 

In order to ensure that YMT maintains a positive reserves position YMT has in place a Letter of Credit from City of York Council dated 19 September 2023 for £1m which expires on 31 March 2025. 

In conclusion the Board considers York Museums Trust to be a going concern, and as such, the financial statements have been prepared on a going concern basis. 



**YORK MUSEUMS AND GALLERY TRUST** 

## **Public Benefit** 

YMT provides public benefit as a charity by making available its Collections, Buildings and Gardens to all members of the public. Our Trustees have complied with their duty in accordance with the UK Charities Act 2011 to follow the Charity Commission’s guidance on the operation of this public benefit. YMT has free access to our gardens and, where we charge for access at our other sites we have a range of free entry and substantial discounts for those on lower incomes, younger people, and free entry for York’s children. 

## **Structure, Governance and Management** 

## **Constitution** 

The charity was formed as a company limited by guarantee on 26 February 2002. The company registration number is 04381647. 

The charity registered with the Charity Commission on 14 June 2002 – registration number 1092466. It is governed by the Memorandum and Articles of Association dated 26 February 2002. 

The charity has a trading subsidiary, York Museums and Enterprises Limited, a company limited by shares, registered company number 04466798. 

## **Governance Code** 

The Charity Governance Code, endorsed by the Charity Commission and other industry bodies, was launched in 2017. The Trustees have ensured we are compliant with the code. The code asks charities to "apply or explain". We have no matters to report. In 2021 under the chair of the Audit and Risk Committee the board set up a “Good Governance Group”. The group consisted of members of the board and there was a work plan that covered the 2022/23 period and regular reports were made back to the board on areas for improvement which the board then adopted. Several task and finish groups worked on the planned activity. The purpose of the group was to ensure that YMT adopts the Governance Code and actively uses its principles. 

_Organisational Purpose:_ Trustees reviewed and revised the vision and mission of the organisation in 2019/20. The Board considers and revises the priorities for the organisation in this context as part of the strategic planning conversation each year. The Board met in November 2021 to consider the outcomes to be achieved and these were identified in the 2022/23 Business Plan. Trustees have updated the mission, vision and priorities in 2023 and these are reflected in this report. 

_Leadership:_ The Board meets six times each year, four times to examine quarterly performance and twice for workshops / deeper dives into strategic issues. We have an annual strategic Board away day to consider areas of change and to review performance against our objectives and priorities. Communication between board members and the committees, as well as communication across the wider organisation and with key stakeholders has been and remains a priority for the Trustees. In the period under review the Board established a private pre meeting, in person, at each Board to enable matters of strategic importance to be considered. 

_Integrity:_ All trustees complete annual declarations of interest and are required to advise of any changes during the course of the year. The Board receives an annual safeguarding report, and the Audit and Risk Committee reviews risks at each meeting. The Audit and Risk Committee also reviews the annual health, safety and wellbeing report. 

_Decision Making, Risk and Control:_ The terms of reference for the board and the board sub groups are reviewed and updated each year and the work of each is reported to the quarterly board meetings. The board receives a CEO report each quarter which includes the financial position and monitors performance against KPI’s. One of the Board members has been appointed as the Senior Independent Board Member and the Audit committee reviews key policies such as Whistleblowing and their effectiveness. 

_Board Effectiveness:_ In considering nominations and appointments the nominations committee ensures that the board has the right skill sets and experience. Training is highlighted and offered to Board members where 

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appropriate. Trustees are appointed for an initial three year term which is renewable for a further period of three years. In September 2022 led by the Good Governance Group the Board agreed to undertake a Board Effectiveness Review programme. In the year under review of the board a questionnaire was completed by each Board member and the findings have been addressed and inform the Board activity for subsequent periods. 

_Equality, Diversity and Inclusion:_ The Board has this area as a standing item at each meeting. It receives regular reports on its own diversity and that of the wider organisation. The opportunity to create a more diverse and inclusive board is included in the brief for all board recruitment activity. The Good Governance Group has ensured that the YMT EDI roadmap includes trustees. EDI training offered to all staff and Trustees in 2022/23 and this included active bystander training. Trustees have also developed their own EDI Charter. One of the trustees has joined the YMT EDI change group which consists of a cross section of all staff to show visible Board leadership on this important agenda. 

_Openness and Accountability:_ Key stakeholders (City of York Council and Yorkshire Philosophical Society) are part of the board constitution. In addition the board invites representatives from ACE to attend each meeting and the papers are shared with ACE as part of the funding agreement. The Board receives regular reports on how the organisation is engaging with its audiences and the wider community and how the programme of activity is developed. 

## **Method of election of Trustees** 

The Board of Trustees shall consist of two individuals nominated by the Local Authority, one individual nominated by the Yorkshire Philosophical Society and such other persons elected by the Trustees of the charity. The Trustees have the power to appoint any person to be a Trustee, but so that the total number of Trustees does not exceed the permitted maximum of fifteen at any time. 

The Trustees, who are also directors under Company law, who served during the year and subsequently are listed on page 3. None of the Trustees have any financial interest in the company. 

All Trustee appointments are advertised externally and the nominations committee oversees this process and ensures the range of skills, experiences and diversity of the board is appropriate to meet the needs of the charity. 

## **Trustee induction and training** 

New Trustees undergo a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making process, the business plan and recent financial performance of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. 

## **Organisation** 

The Board of Trustees administers the charity. A Chief Executive is appointed by the Trustees to manage the day to day operations of the charity. The Board meets six times per annum and there are four committees which meet as follows: 

## _Finance and General Purposes Committee_ 

Meets approximately six times per year, or as required, with the Chief Executive and Head of Strategy, Finance and Corporate Services to monitor and guide progress against the business plan. 

## _Audit and Risk Committee_ 

Meets four times per year to consider reports from external auditors, examines risk management and the internal control environment. 

## _Remuneration Committee_ 

Meets at least annually and sets pay of senior executives and approves annual pay increases for all staff. 

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## **YORK MUSEUMS AND GALLERY TRUST** 

## _Nominations Committee_ 

Meets annually and as required. The Nominations Committee reviews the structure, size and composition of the Board and is responsible for identifying and nominating for approval to the Board, candidates to fill board vacancies. 

## **Pay policy for senior staff, including key management personnel** 

The Trustees consider that the Board of Trustees, the Chief Executive Officer and the Head of Strategy, Finance and Corporate Services comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 8 to the Financial Statements. 

The pay of the senior staff is reviewed annually by the Remuneration Committee and percentage changes are normally the same as for other members of staff, taking into account general inflation and the Trust’s financial position. 

## **Investment powers and policy** 

The Memorandum and Articles of Association of the charity permit the Trustees to invest the monies of the Trust not immediately required for its purposes in such investments, securities or property as may be thought fit. The Trust’s investments are presently limited to group companies and UK Banks with a credit rating of A or better. 

## **Reserves policy** 

The financial impact of the cost of living crisis on the Trust is discussed on page 9. The general reserve at 31 March 2023 of £1,073,322 represents between two to three months of YMT’s operating costs. The trustees accept that at the current time it is still not appropriate to set a reserves target and that the Letter of Guarantee from CYC gives additional assurance to draw the confidence that YMT can continue to trade for the foreseeable future. 

The Pension Reserve is shown as £nil as the pension fund at 31 March 2023 is in surplus by £2.9m.  The Pension Fund is not managed or controlled by YMT and after consultation with the scheme’s actuary the Trustees have decided that there is insufficient evidence to support the recoverability of the plan’s surplus, and therefore have not recognised the actual pension asset position restricting the surplus to £nil, and reducing actuarial gains by the same amount. When in deficit, the Fund is shown in unrestricted reserves as a long term liability under FRS102. 

Restricted funds of £202,864 were held at the year end and are held under trust law so can only be used for particular purposes, as specified or agreed with the donor. The majority of the restricted funds are gifted for use in either acquisitions of objects or to develop and produce our programme and offer. 

## **Auditor** 

The Board appointed Beever and Struthers to conduct the 2021/22 and the 2022/23 audit in accordance with section 485 of the Companies Act 2006. To ensure compliance with best practice on appointing auditors an audit tender is in process in September 2023 and an appointment for the 2023/24 audit will be made at the AGM in November 2023. 

## **Statement of disclosure to the auditor** 

In so far as the Trustees are aware: 

- there is no relevant audit information of which the charitable company’s auditor is unaware; and 

- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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**YORK MUSEUMS AND GALLERY TRUST** 

## **Statement of Trustees’ responsibilities** 

The Trustees (who are also directors of the charity for the purposes of Company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. 

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).  Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period. 

In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any 

- material departures disclosed and explained in the financial statements; and 

- charitable company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. 

The Trustees’ report, was approved by the Board and signed on its behalf by: 

Signature: 


Name: James Grierson 

Date: 7[th] November 2023 

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**YORK MUSEUMS AND GALLERY TRUST** 

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF YORK MUSEUMS AND GALLERY TRUST** 

## **Opinion on the financial statements** 

## **Opinion** 

We have audited the financial statements of York Museums and Gallery Trust (“the charitable company”) for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Cash Flow Statement and the Notes to the Financial Statements.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the Group’s and of the Parent Charitable Company’s affairs as at 31 March 2023 and of the Group’s incoming resources and application of resources and the Parent Charitable Company’s incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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 Group and the Parent Charitable Company in accordance with the ethical requirements 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 related to going concern** 

In auditing the financial statements, we have concluded that the Trustees’ 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 Group and the Parent Charitable Company'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 Trustees with respect to going concern are described in the relevant sections of this report. 

14 



**YORK MUSEUMS AND GALLERY TRUST** 

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF YORK MUSEUMS AND GALLERY TRUST (continued)** 

## **Other information** 

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon.  The Trustees (who are also the directors for the purposes of company law) are responsible for the other information.  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 audit or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report, which is included in the Trustees’ Report, has been prepared in accordance with applicable legal requirements. 

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

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustee’s report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion; 

- adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or 

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

- certain disclosures of Directors’ remuneration specified by law are not made; or 

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

15 



**YORK MUSEUMS AND GALLERY TRUST** 

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF YORK MUSEUMS AND GALLERY TRUST (continued)** 

## **Responsibilities of Trustees** 

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees 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 Trustees are responsible for assessing the Group’s and the Parent Charitable Company’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 Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so. 

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

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. 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 

In identifying and addressing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: 

- We obtained an understanding of laws, regulations and guidance that affect the Group and Charitable Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.  Key laws, regulations and guidance that we identified included the Companies Act 2006, tax legislation, health and safety legislation and employment legislation. 

- We enquired of management and reviewed correspondence and Trustee meeting minutes for evidence of noncompliance with relevant laws and regulations.  We also reviewed controls the Trustees have in place, where necessary, to ensure compliance. 

- We gained an understanding of the controls that the Trustees have in place to prevent and detect fraud.  We enquired of the Trustees about any incidence of fraud that had taken place during the accounting period. 

- The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. 

- We reviewed the financial statements disclosures and supporting documentation to assess compliance with relevant laws and regulations. 

- We enquired of the Trustees about actual and potential litigation and claims. 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud due to management override of controls we tested the appropriateness of journal entries and assessed whether the judgments made in making accounting estimates were indicative of a potential bias. 

16 



**YORK MUSEUMS AND GALLERY TRUST** 

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF YORK MUSEUMS AND GALLERY TRUST (continued)** 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.  For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. 

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: 

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members 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 Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Sue Hutchinson FCCA (Senior Statutory Auditor) For and on behalf of 

Beever and Struthers Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL 

Date: 29 November 2023 

17 



**YORK MUSEUMS AND GALLERY TRUST** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES** 

(Incorporating income and expenditure account) 

For the year ended 31 March 2023 

|**Note**<br>**INCOME FROM:**<br>**Charitable Activities**<br>Income from charitable activities<br>2<br>Funding provided by City of York Council<br>6<br>Funding provided by Arts Council England<br>7<br>**Donations, Legacies and General Grants**<br>Donations and legacies<br>3<br>Other grants receivable<br>5<br>**Other Trading Activities**<br>Income generated by subsidiary<br>**Investments**<br>Interest receivable<br>4<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>**Raising Funds**<br>Costs incurred by subsidiary<br>**Charitable expenditure**<br>Charitable expenditure<br>10<br>**Total charitable expenditure**<br>**TOTAL EXPENDITURE**<br>Net gains on Investments<br>**Net (expenditure) before taxation**<br>Taxation charge<br>12<br>**Net (expenditure) after taxation**<br>**Other recognised gains/(losses):**<br>Actuarial gain on defined benefit scheme<br>25<br>Transfer between funds<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Fund balance brought forward<br>Net movement in the year<br>Fund balance carried forward|**General**<br>**Funds**<br>**2023**<br>**£**<br>3,231,741<br>306,710<br>-<br>326,123<br>-<br>1,231,423<br>1,940<br>5,097,937<br>980,052<br>4,196,652<br>4,196,652<br>5,176,704<br>-<br>(78,767)<br>-<br>(78,767)<br>-<br>(47,526)<br>**(126,293)**<br>1,199,615<br>(126,293)<br>1,073,322|**Designated**<br>**Funds**<br>**2023**<br>**£**<br>18,051<br>-<br>-<br>-<br>-<br>-<br>-<br>18,051<br>-<br>1,729,670<br>1,729,670<br>1,729,670<br>-<br>(1,711,619)<br>-<br>(1,711,619)<br>2,672,000<br>47,031<br>**1,007,412**<br>2,876,922<br>1,007,412<br>3,884,334|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>26,281<br>-<br>1,597,851<br>1,750<br>370,386<br>-<br>-<br>1,996,268<br>-<br>2,040,474<br>2,040,474<br>2,040,474<br>-<br>(44,206)<br>-<br>(44,206)<br>-<br>495<br>**(43,711)**<br>246,575<br>(43,711)<br>202,864|**Total Funds**<br>**2023**<br>**£**<br>3,276,073<br>306,710<br>1,597,851<br>327,873<br>370,386<br>1,231,423<br>1,940<br>7,112,256<br>980,052<br>7,966,796<br>7,966,796<br>8,946,848<br>-<br>(1,834,592)<br>-<br>(1,834,592)<br>2,672,000<br>-<br>**837,408**<br>4,323,112<br>837,408<br>5,160,520|**Total funds**<br>**2022**<br>**£**<br>1,747,849<br>308,910<br>2,021,077<br>280,170<br>685,117<br>599,945<br>93|
|---|---|---|---|---|---|
||||||5,643,161|
||||||430,182|
||||||6,813,393|
||||||6,813,393|
|||||||
||||||7,243,575|
||||||-<br>(1,600,414)<br>-|
||||||(1,600,414)<br>2,441,000<br>-|
||||||**840,586**|
||||||3,482,526<br>840,586|
||||||4,323,112|



A fully detailed Statement of Financial Activities for the year ended 31 March 2022 is shown in note 29. The notes on pages 23 to 44 form part of the accounts. 

18 



**YORK MUSEUMS AND GALLERY TRUST** 

## **CHARITY STATEMENT OF FINANCIAL ACTIVITIES** 

(Incorporating income and expenditure account) 

For the year ended 31 March 2023 

|**Note**<br>**INCOME FROM:**<br>**Charitable Activities**<br>Income from charitable activities<br>2<br>Funding provided by City of York Council<br>6<br>Funding provided by Arts Council England<br>7<br>**Donations, Legacies and General Grants**<br>Donations and legacies<br>3<br>Other grants receivable<br>5<br>**Investments**<br>Interest receivable<br>4<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>**Charitable expenditure**<br>Charitable expenditure<br>10<br>**Total charitable expenditure**<br>**TOTAL EXPENDITURE**<br>Net gains on Investments<br>**Net (expenditure) before taxation**<br>Taxation charge<br>12<br>**Net (expenditure) after taxation**<br>**Other recognised gains/(losses):**<br>Actuarial gain on defined benefit scheme<br>25<br>Transfer between funds<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Fund balance brought forward<br>Net movement in the year<br>Fund balance carried forward|**General**<br>**Funds**<br>**2023**<br>**£**<br>3,483,547<br>306,710<br>-<br>326,123<br>-<br>1,506<br>4,117,887<br>4,196,652<br>4,196,652<br>4,196,652<br>-<br>(78,765)<br>-<br>(78,765)<br>-<br>(47,526)<br>**(126,291)**<br>1,199,587<br>(126,291)<br>1,073,296|**Designated**<br>**Funds**<br>**2023**<br>**£**<br>18,051<br>-<br>-<br>-<br>-<br>-<br>18,051<br>1,729,670<br>1,729,670<br>1,729,670<br>-<br>(1,711,619)<br>-<br>(1,711,619)<br>2,672,000<br>47,031<br>**1,007,412**<br>2,876,922<br>1,007,412<br>3,884,334|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>26,281<br>-<br>1,597,851<br>1,750<br>370,386<br>-<br>1,996,268<br>2,040,474<br>2,040,474<br>2,040,474<br>-<br>(44,206)<br>-<br>(44,206)<br>-<br>495<br>**(43,711)**<br>246,575<br>(43,711)<br>202,864|**Total Funds**<br>**2023**<br>**£**<br>3,527,879<br>306,710<br>1,597,851<br>327,873<br>370,386<br>1,506<br>6,132,206<br>7,966,796<br>7,966,796<br>7,966,796<br>-<br>(1,834,590)<br>-<br>(1,834,590)<br>2,672,000<br>-<br>**837,410**<br>4,323,084<br>837,410<br>5,160,494|**Total funds**<br>**2022**<br>**£**<br>1,806,592<br>308,910<br>2,021,077<br>280,170<br>685,117<br>89|
|---|---|---|---|---|---|
||||||5,101,955|
||||||6,813,393|
||||||6,813,393|
|||||||
||||||6,813,393|
||||||-<br>(1,711,437)<br>-|
||||||(1,711,437)<br>2,441,000<br>-|
||||||**729,563**|
||||||3,593,521<br>729,563|
||||||4,323,084|



A fully detailed Statement of Financial Activities for the year ended 31 March 2022 is shown in note 29 The notes on pages 23 to 44 form part of the accounts. 

19 



**YORK MUSEUMS AND GALLERY TRUST** 

## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION** 

As at 31 March 2023 

## **BALANCE SHEET - Consolidated** 

|**Note**<br>**FIXED ASSETS**<br>Tangible fixed assets<br>13<br>**CURRENT ASSETS**<br>Stock<br>15<br>Debtors<br>16<br>Cash at bank and in hand<br>17<br>CREDITORS: falling due <1 year<br>18<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>CREDITORS: falling due >1 year<br>19<br>**NET ASSETS EXCLUDING PENSION LIABILITY**<br>Defined benefit pension scheme liability<br>25<br>**NET ASSETS**<br>**FUNDS**<br>Unrestricted Funds<br>General unrestricted funds<br>21<br>Designated Funds<br>21<br>Pension Fund<br>Programme Funds<br>Strategic Fund<br>Infrastructure Fund<br>Property Fund<br>Total Designated Funds<br>Restricted Funds<br>22|**2023**<br>**£**<br>3,688,541<br>3,688,541<br>96,148<br>751,620<br>2,099,292<br>2,947,060<br>(1,401,755)<br>1,545,305<br>5,233,846<br>(73,326)<br>5,160,520<br>-<br>5,160,520<br>1,073,322<br>-<br>2,189<br>24,500<br>349,311<br>3,508,334<br>3,884,334<br>202,864<br>5,160,520|**2022**<br>**£**<br>4,530,398|
|---|---|---|
|||4,530,398|
|||76,912<br>729,664<br>2,119,012|
|||2,925,588|
|||(1,263,337)|
|||1,662,251|
|||6,192,649<br>(26,536)<br>6,166,113|
|||(1,843,000)|
|||4,323,113|
|||1,199,615<br>(1,843,000)<br>2,189<br>26,065<br>385,095<br>4,306,573|
|||2,876,922<br>246,575|
||||
|||4,323,112|



The notes on pages 23 to 44 form part of the accounts. 

These financial statements of York Museums and Gallery Trust, company registered number 04381647, were approved and authorised for issue by the Board of Trustees on 7[th] November 2023 and were signed on its behalf by: 


Signed: 

## Name:_James Grierson 

Date:    7[th] November 2023 

20 



**YORK MUSEUMS AND GALLERY TRUST** 

## **CHARITY STATEMENT OF FINANCIAL POSITION** 

As at 31 March 2023 

## **BALANCE SHEET - CHARITY** 

|**Note**<br>**FIXED ASSETS**<br>Tangible fixed assets<br>13<br>Investments<br>14<br>**CURRENT ASSETS**<br>Stock<br>15<br>Debtors<br>16<br>Cash at bank and in hand<br>17<br>**CREDITORS**: falling due <1 year<br>18<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**CREDITORS**: falling due >1 year<br>19<br>**NET ASSETS EXCLUDING PENSION LIABILITY**<br>Defined benefit pension scheme liability<br>25<br>**NET ASSETS**<br>**FUNDS**<br>Unrestricted Funds<br>General unrestricted funds<br>21<br>Designated Funds<br>21<br>Pension Fund<br>Programme Funds<br>Strategic Reserve<br>Infrastructure Fund<br>Property Fund<br>Total Designated Funds<br>Restricted Funds<br>22|**2023**<br>**£**<br>3,668,777<br>1<br>3,668,778<br>-<br>1,433,949<br>1,306,739<br>2,740,688<br>(1,248,973)<br>1,491,715<br>5,160,494<br>-<br>5,160,494<br>-<br>5,160,494<br>1,073,296<br>-<br>2,189<br>24,500<br>349,311<br>3,508,334<br>3,884,334<br>202,864<br>5,160,494|**2022**<br>**£**<br>4,530,398<br>1|
|---|---|---|
|||4,530,399|
|||-<br>1,684,116<br>1,355,418|
|||3,039,534|
|||(1,403,849)|
|||1,635,685|
|||6,166,084<br>-|
|||6,166,084|
|||(1,843,000)|
|||4,323,084|
|||1,199,587<br>(1,843,000)<br>2,189<br>26,065<br>385,095<br>4,306,573|
|||2,876,922<br>246,575|
||||
|||4,323,084|



The notes on pages 23 to 44 form part of the accounts. 

21 



**YORK MUSEUMS AND GALLERY TRUST** 

## **CONSOLIDATED CASH FLOW STATEMENT** 

For the year ended 31 March 2023 

|Net (expenditure) after taxation<br>Interest Receivable<br>Depreciation<br>Pension service costs<br>(Increase) in stocks<br>(Increase) in Debtors<br>Increase in Creditors<br>Net Cash Inflow from Operating Activities|**2023**<br>**£**<br>(1,834,592)<br>(1,940)<br>877,878<br>829,000<br>(19,236)<br>(21,956)<br>185,208<br>14,362|**2022**<br>**£**<br>(1,600,414)<br>(93)<br>885,062<br>893,000<br>(6,644)<br>(100,149)<br>73,231|
|---|---|---|
|||143,992|



|**CASH FLOWS FROM INVESTING ACTIVITIES**<br>Interest Receivable<br>Purchase of tangible fixed assets<br>(Decrease)/ increase in cash and cash<br>equivalents<br>Cash and cash equivalents at the start of<br>the year<br>Cash and cash equivalents at the end of<br>the year<br>27|**2023**<br>**£**<br>1,940<br>(36,020)<br>(34,080)<br>(19,720)<br>2,119,012<br>2,099,292|**2022**<br>**£**<br>93<br>(35,915)|
|---|---|---|
|||(35,822)|
|||108,170<br>2,010,842|
|||2,119,012|



22 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

For the year ended 31 March 2023 

## **NOTE 1 ACCOUNTING POLICIES** 

York Museums and Gallery Trust, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having share capital. There are currently 13 Trustees who are also members of the company. Each member has undertaken to pay a contribution to the assets in the event of winding up a sum not exceeding £1. York Museums and Gallery Trust is a registered charity. The registered office is shown on page 3. 

## **Basis of accounting** 

The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS102)), the Financial Reporting Standard application in the UK and Ireland (FRS102) and the Companies Act 2006. The particular accounting policies adopted are described below. 

The Financial Statements are prepared under the historical cost convention. 

On the grounds that the Subsidiary’s reserves are consolidated into the Charitable Company’s group accounts the Charitable Company has taken advantage of certain exemptions covered by Section 1.11 of FRS 102 as follows: 

- Exemptions from presenting a statement of cash flows as a primary statement to the financial statements 

- Exemption from disclosing the carrying amounts of each category of Financial Assets and Financial Liabilities at the reporting date as required by Section 14.41 of FRS 102 

## **Preparation of accounts – going concern basis** 

The principal financial risk facing the charity and its trading subsidiary (together “the group”) is the ability to generate sufficient income from visitor numbers and external funding to cover expenditure incurred in fulfilling the objectives of the group. The Trustees have reviewed the cash position of the group and cash forecasts at the date of signing the financial statements for at least one year and are satisfied that the group will be able to meet all of its financial commitments. 

In setting a budget for 2023/24 management and trustees have run through different options and visitor scenarios. This has resulted in a prudent assessment of the likely income and therefore of the financial needs for the year which predict a small but affordable loss in 2023/24. 

We continue to operate tight financial controls over each item of expenditure in the Trust as well as a pay and recruitment freeze. We have put together cash flows and budgets to cover the subsequent financial years 2024/25 and 2025/26. The financial guarantee given by CYC that extends to March 2025 provides the trust with a large amount of financial headroom and security. This has enabled management and Trustees to conclude that the going concern basis is appropriate. 

As a consequence, the Trustees believe that the group is well placed to manage its financial risks successfully despite the current uncertain economic outlook. After making enquiries, the Trustees have a reasonable expectation that the group has adequate reserves to continue in operational existence for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements. 

## **Basis of consolidation** 

These financial statements consolidate the results of the charity and its wholly-owned subsidiary undertaking, York Museums and Enterprises Limited, drawn up to 31 March each year and consolidated on a line by line basis. The results of the subsidiary undertaking are disclosed in note 14. 

23 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **Income** 

Income is recognised in the statement of financial activities when there is evidence of entitlement, receipt is probable and its amount can be measured reliably. 

Income from admission fees, commercial activities and interest receivable is included in the period in which the group is entitled to receipt. 

Income from donations, legacies and grants, including capital grants, is included in income when these are receivable, except as follows: 

- When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. 

- When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in income until the pre-conditions for use have been met. 

When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in income of restricted funds when received. 

## **Gift Aid from Subsidiary** 

Gift aid income received from York Museums and Enterprises Limited is recorded on an accrual basis, under the agreed deed of covenant in place between the two entities. 

## **Expenditure** 

Expenditure is included in the statement of financial activities on an accruals basis, inclusive of any VAT which cannot be recovered. 

Charitable expenditure and support cost comprise direct expenditure including direct staff costs attributable to the activity. When support costs cannot be directly attributable they have been allocated to activities on a basis consistent with use of the resource. Fundraising costs are those incurred in seeking voluntary contributions for the Trust. Management and administration costs (support costs) are those incurred in connection with the management of the Trust’s assets, organisational administration and governance costs regarding compliance with constitutional and statutory requirements. 

The method used in the analysis of support costs is allocation by head count. 

## **Collections** 

York Museums and Gallery Trust are the Managing Trustees of the collections. However, City of York Council are the Custodian Trustees and so none of the collections are included in fixed assets. 

## **Tangible fixed assets** 

When purchased, tangible fixed assets are initially included at the cost of acquisition, including costs that are directly attributable to bringing the asset into working condition for their intended use. Individual fixed assets costing £5,000 or more are capitalised. 

Donated, functional fixed assets are included at a valuation made by the Trustees. When the use of these assets is unrestricted they are included in a designated fund reflecting their book value. The relevant fund is reduced over the useful economic life of the asset in line with its depreciation. 

No value is shown in the accounts for assets occupied and used by the Trust under license from the City of York Council. 

Long term exhibition equipment is capitalised as a fixed asset. Temporary exhibition costs are written off as expenditure in the year it is incurred. 

24 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives and depreciation is charged monthly. A full month’s depreciation is charged in the month of acquisition, none in the month of disposal. Depreciation is charged at the following rates: 

Freehold Property : 4% per annum Leasehold Property Improvements : 4% - 24% per annum Displays : 12% - 36% per annum Vehicles and other equipment : 10% - 24% per annum Including: IT equipment : 36% per annum Fixtures and Fittings : 20% per annum 

Depreciation is not provided on assets in the course of construction until the asset is available for use in the business and has been transferred to the appropriate asset category. 

## **Stock** 

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price. Provision is made for obsolete, slow moving or defective items where appropriate. 

## **Financial Instruments** 

The Charity and group only have financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **Staff Costs Accounting Policy** 

Employee benefits – staff costs 

The costs of short term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period. 

– Employee benefits pension costs 

The charity contributes to the North Yorkshire Pension Fund, a multi-employer defined benefit scheme. For defined benefit schemes the amounts charged to operating surplus are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the statement of financial activities account if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately within other recognised gains and losses. 

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the group, in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on high quality corporate bond of currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each statement of financial position date. The resulting defined asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the statement of financial position. 

25 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **Funds accounting** 

Funds held by the charity are either: 

- Unrestricted general funds – these are funds that can be used in accordance with the charitable objects at the discretion of the Trustees 

- Designated property fund – this is the net book value of assets purchased using restricted funds. These assets are not subject to restrictions on use, however there may be recourse to funders upon sale or disposal. 

- Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

- Designated pension fund – this represents the actuarial deficit of YMT’s section of the North Yorkshire Pension Fund. 

- • Designated other funds – these are funds designated by the Trustees for specific purposes from unrestricted reserves. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Operating leases** 

Rentals applicable to operating leases when substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. 

## **Taxation** 

The company is a registered charity and has no liability to corporation tax on its charitable activities. 

The trading subsidiary is liable to corporation tax on its taxable profits. Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. 

## **Critical Accounting Estimates and Judgments** 

In the application of the group’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. 

## **Defined benefit pension scheme** 

The charity is a member of a multi-employer defined benefit scheme. The Trustees use the scheme actuary to determine both the present value of the obligation under the scheme, and also the fair value of assets owned, to determine the overall deficit in the scheme attributable to the charity. The actuary uses certain critical assumptions, such as discount rate, mortality and expected rates of return when setting the deficit recovery plan for the scheme at each triennial review. Full disclosure of the assumptions used by the independent third party is provided in note 25. 

FRS 102 requires that defined benefit plan surpluses are recognised only to the extent that they are recoverable either through reduced contributions in the future or through refunds from the plan. The accounting valuation of the North Yorkshire Pension Fund at 31 March 2023 identified an accounting surplus of £2.9m. 

The scheme’s actuary has confirmed that they can demonstrate no economic benefit arising to York Museums and Gallery Trust from an ‘asset ceiling’ calculation comparing the present value of future service costs to the present value of future contributions. The actuary has also confirmed that any refunds from the plan are contingent on future events. Accordingly, York Museums and Gallery Trust judges that there is insufficient evidence to support the recoverability of the plan’s surplus and therefore has not recognised the pension asset position, restricting the surplus to £nil, and reducing actuarial gains by the same amount. 

26 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **NOTE 2** 

## **INCOME FROM CHARITABLE ACTIVITIES** 

|**Group**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Admission Income<br>2,878,560<br>YMT Card Income<br>-<br>Miscellaneous<br>353,181<br>Consolidated<br>3,231,741<br>Gift Aided Donation<br>from Subsidiary<br>251,806<br>Charity<br>3,483,547<br>**NOTE 3**<br>**DONATIONS AND LEGACIES**<br>**GROUP AND**<br>**CHARITY**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Gift Aid Donations<br>282,695<br>Donations and<br>Legacies<br>43,428<br>326,123<br>**NOTE 4**<br>**GROUP**<br>**INTEREST**<br>**RECEIVABLE**<br>**Group**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Bank interest<br>1,940<br>1,940<br>**CHARITY**<br>**INTEREST**<br>**RECEIVABLE**<br>**Charity**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Bank interest<br>1,506<br>1,506<br>**NOTE 5**<br>**GRANTS RECEIVABLE**<br>**GROUP AND CHARITY**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Ruffer Art Fund<br>-<br>Art Fund<br>-<br>Arts Council England<br>-<br>Craft Potters Charitable<br>Trust<br>-<br>City of York Council<br>-<br>British Museum (PAS)<br>-<br>The American Art Fund<br>-<br>HMRC CJRS<br>-<br>Yorkshire Philosophical<br>Society<br>-<br>Headley Trust<br>-<br>University of Leeds<br>-<br>FOYAG<br>-<br>Decorative Arts Society<br>-<br>Museums Association<br>-<br>Omicron Hospital &<br>Leisure<br>-|**Group**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>18,051<br>18,051<br>-<br>18,051<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**Group**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>**Charity**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Group**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>26,281<br>26,281<br>-<br>26,281<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>1,750<br>1,750<br>**Group**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**Charity**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>(495)<br>299,448<br>-<br>1,000<br>1,500<br>38,892<br>9,222<br>-<br>750<br>9,619<br>750<br>-<br>-<br>2,000<br>-|**2023**<br>**£**<br>2,878,560<br>-<br>397,513<br>3,276,073<br>251,806<br>3,527,879<br>**2023**<br>**£**<br>282,695<br>45,178<br>327,873<br>**2023**<br>**£**<br>1,940<br>1,940<br>**2023**<br>**£**<br>1,506<br>1,506<br>**2023**<br>**£**<br>(495)<br>299,448<br>-<br>1,000<br>1,500<br>38,892<br>9,222<br>-<br>750<br>9,619<br>750<br>-<br>-<br>2,000<br>-|**Group**<br>**Unrestricted**<br>**Funds**<br>**£**<br>1,493,138<br>-<br>195,047<br>1,688,185<br>58,743<br>1,746,928<br>**Unrestricted**<br>**Funds**<br>**£**<br>137,184<br>138,839<br>276,023<br>**Group**<br>**Unrestricted**<br>**Funds**<br>**£**<br>93<br>93<br>**Charity**<br>**Unrestricted**<br>**Funds**<br>**£**<br>89<br>89<br>**Unrestricted**<br>**Funds**<br>**£**<br>-<br>-<br>660<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>12,000|**Group**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>38,913<br>38,913<br>-<br>38,913<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**Group**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>**Charity**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Group**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>20,751<br>20,751<br>-<br>20,751<br>**Restricted**<br>**Funds**<br>**£**<br>3,969<br>178<br>4,147<br>**Group**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**Charity**<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>(495)<br>219,826<br>-<br>-<br>-<br>22,617<br>252,052<br>25,256<br>10,000<br>27,500<br>6,200<br>4,000<br>-<br>-|**2022**<br>**£**<br>1,493,138<br>-<br>254,711|
|---|---|---|---|---|---|---|---|
||||||||1,747,849|
||||||||58,743|
||||||||1,806,592|
||||||||**2022**<br>**£**<br>141,153<br>139,017|
||||||||280,170|
||||||||**2022**<br>**£**<br>93|
||||||||93|
||||||||**2022**<br>**£**<br>89|
||||||||89|
||||||||27<br>**2022**<br>**£**<br>(495)<br>219,826<br>660<br>-<br>-<br>22,617<br>252,052<br>25,256<br>10,000<br>27,500<br>6,200<br>4,000<br>-<br>12,000|





## **YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

|Covid Emergency Grant<br>School for Social<br>Entrepreneurs<br>Victoria & Albert Museum|-<br>-<br>-<br>-<br>-<br>-<br>-|-<br>4,500<br>3,200<br>370,386|-<br>100,000<br>-<br>-<br>100,000<br>4,500<br>-<br>-<br>5,500<br>5,500<br>3,200<br>-<br>-<br>-<br>-|
|---|---|---|---|
||||370,386<br>112,660<br>-<br>572,457<br>685,117|



## **NOTE 6** 

## **FUNDING PROVIDED BY CITY OF YORK COUNCIL GROUP AND CHARITY** 

|Core funding<br>Cultural<br>Wellbeing|**Unrestricted**<br>**Funds**<br>**£**<br>306,710<br>-<br>306,710|**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-|**2023**<br>**£**<br>306,710<br>-<br>306,710|**Unrestricted**<br>**Funds**<br>**£**<br>306,710<br>-<br>306,710|**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>2,200<br>2,200|**2022**<br>**£**<br>306,710<br>2,200|
|---|---|---|---|---|---|---|---|---|
|||||||||308,910|



## **NOTE 7** 

## **FUNDING PROVIDED BY ARTS COUNCIL GROUP AND CHARITY** 

|NPO Funding<br>Museum<br>Development<br>Cultural Recovery<br>Fund|**Group**<br>**Unrestricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-|**Group**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-|**Group**<br>**Restricted**<br>**Funds**<br>**£**<br>1,252,632<br>345,219<br>-<br>1,597,851|**2023**<br>**£**<br>1,252,632<br>345,219<br>-<br>1,597,851|**Group**<br>**Unrestricted**<br>**Funds**<br>**£**<br>-<br>-<br>423,226<br>423,226|**Group**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-|**Group**<br>**Restricted**<br>**Funds**<br>**£**<br>1,252,632<br>345,219<br>-<br>1,597,851|**2022**<br>**£**<br>1,252,632<br>345,219<br>423,226<br>2,021,077|
|---|---|---|---|---|---|---|---|---|



## **NOTE 8** 

## **INFORMATION REGARDING TRUSTEES AND EMPLOYEES** 

|**Average number of**<br>**persons employed**<br>**2023**<br>**No.**<br>Curatorial<br>25<br>Education<br>3<br>Gardens<br>5<br>Marketing<br>6<br>Facilities<br>3<br>Visitor Services<br>53<br>Directors and<br>Administrative Staff<br>23<br>Trading Subsidiary<br>11<br>129<br>**Staff Costs During the Year**<br>**2023**<br>**£**<br>Wages and Salaries<br>2,758,594<br>Social Security Costs<br>216,713<br>Pensions Costs<br>1,151,482<br>Staff Costs before<br>pension items<br>4,126,789<br>Included in the above wages & salary costs are the<br>**2023**<br>**£**<br>18,282|**2022**<br>**No.**<br>23<br>3<br>6<br>5<br>3<br>37<br>24<br>9|
|---|---|
||110|
||**2022**<br>**£**<br>2,276,549<br>186,560<br>1,187,407|
||3,650,516|
||following redunda<br>**2022**<br>**£**<br>3,942|



Included in the above wages & salary costs are the following redundancy/Ex Gratia payments: 

The Redundancy & Ex Gratia payment made in 2022-23 was in relation to 1 employee (2021-22:2). 

28 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 (2022: £60,000) in the year was as follows: 

|£60,000 - £70,000<br>£70,001 - £80,000<br>£90,001 - £100,000|**2023**<br>**No.**<br>1<br> -<br> -<br>1|**2022**<br>**No.**<br>-<br>1<br>1|
|---|---|---|
|||2|



The key management personnel of the parent charity and the group comprise of the Chief Executive and the Head of Strategy, Finance and Corporate Services. The total employee benefits (including pension contributions but excluding social security costs) of the key management personnel of the charity and the group were £118,463 (2022: £167,941). The total social security costs of the key management personnel of the charity and group totalled £13,748 (2022: £18,150). 

No Trustee received remuneration or benefits during either year. 2 Trustees claimed expenses of £582 (2022: 2 Trustees claimed £207) in the year. 

## **NOTE 9** 

## **NET INCOME FOR THE YEAR** 

Net income for the year is stated after charging: 

||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Depreciation of|||
|Owned Assets|877,878|885,062|
|Rentals Under|||
|Operating Leases -|||
|Land & Buildings|85,903|93,597|
|Costs of Stock|||
|recognised as|||
|Expenses|221,789|81,643|
|Auditors|||
|Remuneration:|||
|Fees payable for the|||
|audit of the Charity's|||
|Annual Accounts|15,140|13,750|
|Fees payable for the|||
|audit of the Charity's|||
|Subsidiary|5,120|4,650|
|Fees payable to the|||
|Charity's auditor for|||
|other services|2,925|2,800|



## **NOTE 10** 

## **ANALYSIS OF TOTAL EXPENDITURE GROUP AND CHARITY** 

|**Activity**<br>Curatorial<br>Education<br>Exhibitions and<br>Events<br>Gardens<br>Marketing<br>Premises<br>Visitor Services<br>Admissions<br>Museum<br>Development|**Activities**<br>**Undertaken**<br>**Directly 2023**<br>**£**<br>899,000<br>147,716<br>409,717<br>271,755<br>461,678<br>1,700,150<br>1,271,276<br>418<br>400,142<br>5,561,852|**Support**<br>**Costs 2023**<br>**£**<br>435,532<br>49,017<br>1,017<br>169,389<br>302,699<br>263,441<br>1,183,458<br>391<br>-<br>2,404,944|**Total 2023**<br>**£**<br>1,334,532<br>196,733<br>410,734<br>441,144<br>764,377<br>1,963,591<br>2,454,734<br>809<br>400,142<br>7,966,796|**Activities**<br>**Undertaken**<br>**Directly**<br>**2022**<br>**£**<br>1,021,714<br>90,867<br>380,741<br>243,765<br>394,287<br>1,287,636<br>727,409<br>1,060<br>354,453<br>4,501,933|**Support**<br>**Costs 2022**<br>**£**<br>548,942<br>56,482<br>-<br>191,668<br>310,843<br>312,111<br>890,116<br>1,298<br>-<br>2,311,460|**Total 2022**<br>**£**<br>1,570,656<br>147,349<br>380,741<br>435,433<br>705,130<br>1,599,747<br>1,617,525<br>2,358<br>354,453|
|---|---|---|---|---|---|---|
|||||||6,813,393|



29 



**YORK MUSEUMS AND GALLERY TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

|**NOTE 11**<br>**ANALYSIS OF SUPPORT COSTS**<br>**GROUP AND CHARITY**<br>For the year ended 31 March 2023<br>Finance and Professional Fees<br>IT Costs<br>Staffing and HR<br>Senior Management<br>Admin Costs<br>Cleaning and Hygiene<br>Other Costs<br>Governance Costs<br>For the year ended 31 March 2022<br>Finance and Professional Fees<br>IT Costs<br>Staffing and HR<br>Senior Management<br>Admin Costs<br>Cleaning and Hygiene<br>Other Costs<br>Governance Costs|Curatorial<br>Education<br>Exhibitions<br>and Events<br>Gardens<br>Marketing<br>Facilities<br>Visitor<br>Services<br>Admissions<br>Total<br>98,150<br>11,046<br>229<br>38,173<br>68,215<br>59,368<br>266,699<br>88<br>**541,968**<br>63,251<br>7,119<br>148<br>24,600<br>43,960<br>38,259<br>171,870<br>57<br>**349,263**<br>185,380<br>20,864<br>433<br>72,099<br>128,841<br>112,131<br>503,727<br>166<br>**1,023,640**<br>54,799<br>6,167<br>128<br>21,313<br>38,086<br>33,146<br>148,905<br>49<br>**302,594**<br>22,140<br>2,492<br>52<br>8,611<br>15,388<br>13,392<br>60,160<br>20<br>**122,254**<br>1,433<br>161<br>3<br>557<br>996<br>867<br>3,893<br>1<br>**7,912**<br>5,341<br>601<br>12<br>2,077<br>3,712<br>3,231<br>14,514<br>5<br>**29,494**<br>5,038<br>567<br>12<br>1,959<br>3,501<br>3,047<br>13,690<br>5<br>**27,819**|
|---|---|
||435,532<br>49,017<br>1,017<br>169,389<br>302,699<br>263,441<br>1,183,458<br>391<br>**2,404,944**|
||Curatorial<br>Education<br>Exhibitions<br>and Events<br>Gardens<br>Marketing<br>Facilities<br>Visitor<br>Services<br>Admissions<br>Total<br>97,911<br>10,074<br>-<br>34,187<br>55,443<br>55,669<br>158,764<br>231<br>**412,278**<br>79,578<br>8,188<br>-<br>27,785<br>45,062<br>45,245<br>129,037<br>188<br>**335,083**<br>247,612<br>25,478<br>-<br>86,456<br>140,212<br>140,784<br>401,506<br>585<br>**1,042,632**<br>81,608<br>8,397<br>-<br>28,494<br>46,211<br>46,400<br>132,328<br>193<br>**343,630**<br>25,053<br>2,578<br>-<br>8,748<br>14,187<br>14,245<br>40,624<br>59<br>**105,494**<br>1,762<br>181<br>-<br>615<br>998<br>1,002<br>2,857<br>4<br>**7,419**<br>8,680<br>893<br>-<br>3,031<br>4,915<br>4,935<br>14,075<br>22<br>**36,552**<br>6,738<br>693<br>-<br>2,352<br>3,815<br>3,831<br>10,925<br>16<br>**28,371**|
||548,942<br>56,482<br>-<br>191,668<br>310,843<br>312,111<br>890,116<br>1,298<br>**2,311,460**|



The basis of allocation for all expenditure is as a percentage of salary expenditure. 

30 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

|**NOTE 12**<br>**TAXATION**<br>In respect of York Museums and Enterprises only:<br>United Kingdom corporation tax at 19% (2021: 19%) on the<br>profits of the trading subsidiary|**2023**<br>**£**<br>-|**2022**<br>**£**<br>-|
|---|---|---|



The standard rate of tax for the year, based on the UK standard rate of corporation tax is 20% (2022: 20%). The actual tax charge for the current year differs from the standard rate for the following reasons. 

|Profit on ordinary activities after charitable donation<br>Tax on profit on ordinary activities at the standard rate<br>Expenses not deductible for tax purposes<br>capital allowances in excess of depreciation<br>Movement in short-term timing differences<br>Total current tax charge for the year|**2023**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-|**2022**<br>**£**<br>-|
|---|---|---|
|||-<br>-<br>-<br>-|
|||-|



The charitable activities of York Museums and Gallery Trust are exempt from taxation under Chapter 3 of Part II of the Corporation Tax Act 2010. The profit from the taxable trading activities of the subsidiary are gifted to the parent under a deed of covenant. 

## **NOTE 13 TANGIBLE FIXED ASSETS** 

|**Displays**<br>Group & Charity<br>**£**<br>**Cost**<br>At 1st April 2022<br>1,159,291<br>Additions<br>-<br>Disposals<br>(147,177)<br>Transfers<br>-<br>At 31st March 2023<br>1,012,113<br>**Accumulated depreciation**<br>At 1st April 2022<br>1,090,599<br>Charge for year<br>68,692<br>Disposals<br>(147,177)<br>At 31st March 2023<br>1,012,113<br>**Net book value**<br>As at 31st March<br>2023<br>-<br>As at 1st April 2022<br>68,692|**Displays**<br>**£**<br>1,159,291<br>-<br>(147,177)<br>-|**Property**<br>**£**<br>10,672,268<br>-<br>-<br>-|**Vehicles**<br>**and Other**<br>**Equipment**<br>**£**<br>893,123<br>36,021<br>(389,381)<br>-|**Total**<br>**£**<br>12,724,682<br>36,021<br>(536,558)<br>-|
|---|---|---|---|---|
||1,012,113|10,672,268|539,763|12,224,145|
|||6,277,145<br>779,818<br>-<br>7,056,963<br>3,615,305<br>4,395,123|826,540<br>29,368<br>(389,381)<br>466,527<br>73,236<br>66,583|8,194,284<br>877,878<br>(536,558)|
|||||8,535,604|
|||||3,688,541|
|||||4,530,398|



31 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **TANGIBLE FIXED ASSETS** 

|**Displays**<br>Charity<br>**£**<br>**Cost**<br>At 1st April 2022<br>1,159,291<br>Additions<br>-<br>Disposals<br>(147,177)<br>At 31st March 2023<br>1,012,113<br>**Accumulated depreciation**<br>At 1st April 2022<br>1,090,599<br>Charge for year<br>68,692<br>Disposals<br>(147,177)<br>At 31st March 2023<br>1,012,113<br>**Net book value**<br>At 31st March 2023<br>-<br>At 1st April 2022<br>68,692|**Displays**<br>Charity<br>**£**<br>**Cost**<br>At 1st April 2022<br>1,159,291<br>Additions<br>-<br>Disposals<br>(147,177)<br>At 31st March 2023<br>1,012,113<br>**Accumulated depreciation**<br>At 1st April 2022<br>1,090,599<br>Charge for year<br>68,692<br>Disposals<br>(147,177)<br>At 31st March 2023<br>1,012,113<br>**Net book value**<br>At 31st March 2023<br>-<br>At 1st April 2022<br>68,692|**Property**<br>**£**<br>10,672,268<br>-<br>-<br>10,672,268<br>6,277,145<br>779,818<br>-|**Vehicles**<br>**and Other**<br>**Equipment**<br>**£**<br>771,531<br>15,705<br>(358,922)<br>428,314<br>704,948<br>28,815<br>(358,922)<br>374,842<br>53,473<br>66,583|**Total**<br>**£**<br>12,603,090<br>15,705<br>(506,099)|
|---|---|---|---|---|
|||||12,618,795|
|||||8,072,692<br>877,326<br>(506,099)|
||1,012,113|7,056,963||8,443,919|
||-<br>68,692|3,615,305<br>4,395,123||3,668,777|
|||||4,530,398|



All tangible assets owned by the Charity were used for charitable purposes. 

During 2022-23 a review of the assets took place and resulted in some fully depreciated and unused/ disposed of assets with a value of £536,558 being removed from the register and shown above as disposals. 

The split of freehold property and leasehold property improvements net book value as at 31 March 2023 is: 

Freehold property £380,675 (2022: £402,845); leasehold property improvements £3,234,630 (2022: £4,060,971). The City of York Council has granted the charity a 25 year lease, at a peppercorn rental, over the land and buildings comprising the York Museums and Art Gallery activities. 

Leasehold property improvements to the Art Gallery have been funded by grants from Arts Council England and the agreement carries various covenants, the key one being that the Art Gallery property may only be used for the purposes of an Art Gallery. The charity has granted Arts Council England first legal charge in respect of the leasehold property known as the City Art Gallery and Archive, in the event that the covenants are not complied with. 

32 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **NOTE 14** 

## **INVESTMENTS HELD AS FIXED ASSETS** 

The charity owns 100% of the ordinary share capital of York Museums and Enterprises Limited (Company registration no. 04466798), a company registered in England and Wales. The investment in the subsidiary is £1 (2022: £1) 

The registered address of York Museums and Enterprises Limited is: St Mary’s Lodge, Marygate, York, YO30 7DR 

The income and expenditure of York Museums and Enterprises Limited for the year ended 31 March 2023 is summarised below: 

|Turnover<br>Cost of Sales<br>Gross Profit<br>Other Operating<br>Income<br>Administrative Expenses<br>Operating Profit<br>Interest Receivable<br>and Similar Income<br>Profit on ordinary<br>activities before tax<br>Taxation<br>Profit after tax<br>Gift aid distribution<br>Profit Retained for the<br>Financial Year<br>The aggregate of the<br>assets, liabilities and<br>funds was:<br>Assets<br>Liabilities<br>Represented by:<br>Called Up Share<br>Capital<br>Profit & Loss account|**2023**<br>**£**<br>1,213,423<br>(461,904)<br>751,519<br>18,000<br>(518,148)<br>251,371<br>434<br>251,805<br>-<br>251,805<br>(251,805)<br>-<br>**2023**<br>1,061,180<br>1,061,146<br>2,122,326<br>1<br>33<br>34|**2022**<br>**£**<br>451,945<br>(253,278)|
|---|---|---|
|||198,667<br>148,000<br>(176,904)|
|||169,763<br>4|
|||169,767|
|||-<br>169,767<br>(58,743)|
|||111,024|
|||**2022**<br>1,312,163<br>1,312,129|
|||2,624,292|
|||1<br>33|
|||34|



33 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **NOTE 15 STOCK** 

|**2023**<br>**Group**<br>**£**<br>Goods for resale<br>96,148<br>96,148<br>**NOTE 16**<br>**DEBTORS**<br>**2023**<br>**Group**<br>**£**<br>Trade debtors<br>51,366<br>Amounts owed by subsidiary<br>-<br>Accrued income and<br>other debtors<br>542,722<br>Prepayments<br>107,823<br>VAT recoverable<br>11,213<br>Other Debtors<br>38,496<br>751,620<br>**NOTE 17**<br>**CASH AND CASH EQUIVALENTS**<br>**2023**<br>**Group**<br>**£**<br>Cash at bank and in hand<br>2,099,292<br>**NOTE 18**<br>**CREDITORS: DUE <1 YR**<br>**2023**<br>**Group**<br>**£**<br>Trade creditors<br>800,973<br>Other creditors<br>10,505<br>Amounts owed to subsidiary<br>-<br>Accruals and deferred<br>income<br>590,277<br>1,401,755<br>**NOTE 19**<br>**CREDITORS: DUE >1 YR**<br>**2023**<br>**Group**<br>**£**<br>Deferred Income<br>73,326<br>73,326<br>**NOTE 20**<br>**Deferred Income**<br>Opening Balance<br>Deferred Income Additions during the year<br>Deferred Income Release during the year<br>Closing Balance|**2023**<br>**Charity**<br>**£**<br>-<br>-<br>**2023**<br>**Charity**<br>**£**<br>17,723<br>777,695<br>530,750<br>58,072<br>11,213<br>38,496<br>1,433,949<br>**2023**<br>**Charity**<br>**£**<br>1,306,739<br>**2023**<br>**Charity**<br>**£**<br>776,388<br>841<br>57,351<br>414,393<br>1,248,973<br>**2023**<br>**Charity**<br>**£**<br>-<br>-<br>**2023**<br>**Group**<br>**£**<br>202,475<br>243,364<br>(198,560)<br>247,279|**2022**<br>**Group**<br>**£**<br>76,912<br>76,912<br>**2022**<br>**Group**<br>**£**<br>41,071<br>-<br>527,246<br>110,306<br>12,125<br>38,915<br>729,663<br>**2022**<br>**Group**<br>**£**<br>2,119,012<br>**2022**<br>**Group**<br>**£**<br>805,531<br>20,076<br>-<br>437,730<br>1,263,337<br>**2022**<br>**Group**<br>**£**<br>26,536<br>26,536<br>**2023**<br>**Charity**<br>**£**<br>9,187<br>21,122<br>(7,520)<br>22,789|**2022**<br>**Charity**<br>**£**<br>-<br>-<br>**2022**<br>**Charity**<br>**£**<br>11,279<br>1,039,137<br>526,142<br>56,518<br>12,125<br>38,915<br>1,684,116<br>**2022**<br>**Charity**<br>**£**<br>1,355,418<br>**2022**<br>**Charity**<br>**£**<br>772,949<br>455<br>386,968<br>243,477<br>1,403,849<br>**2022**<br>**Charity**<br>**£**<br>-<br>-<br>**2022**<br>**Group**<br>**£**<br>94,263<br>200,227<br>(92,015)<br>202,475|**2022**<br>**Charity**<br>**£**<br>-<br>9,187<br>-|
|---|---|---|---|---|
|||||9,187|



34 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **NOTE 21** 

## **MOVEMENT IN UNRESTRICTED FUNDS** 

|**GROUP**<br>General Unrestricted<br>funds<br>**Total General Funds**<br>Designated Pension<br>Fund<br>Designated<br>Programme Funds<br>Designated Strategic<br>Fund<br>Designated<br>Infrastructure Fund<br>Designated Property<br>Fund<br>**Total Designated**<br>**Funds**<br>**Total Unrestricted**<br>**Funds**|**1st April 2022**<br>**£**<br>1,199,615<br>1,199,615<br>(1,843,000)<br>2,189<br>26,065<br>385,095<br>4,306,573<br>2,876,922<br>4,076,537|**Income**<br>**£**<br>5,097,937<br>5,097,937<br>-<br>-<br>18,051<br>-<br>-|**Expenditure**<br>**£**<br>(5,176,704)<br>(5,176,704)<br>(829,000)<br>-<br>(7,500)<br>(30,515)<br>(862,655)|**Other**<br>**Gains and**<br>**(Losses)**<br>**_£_**<br>-<br>-<br>2,672,000<br>-<br>-<br>-<br>-<br>2,672,000<br>2,672,000|**Transfers**<br>**£**<br>(47,526)<br>(47,526)<br>-<br>-<br>(12,116)<br>(5,270)<br>64,417<br>47,031<br>(495)|**31st March**<br>**2023**<br>**£**<br>1,073,322|
|---|---|---|---|---|---|---|
|||||||1,073,322<br>-<br>2,189<br>24,500<br>349,311<br>3,508,334|
|||18,051<br>5,115,988|(1,729,670)<br>(6,906,374)|||3,884,334|
|||||||4,957,656|



## **MOVEMENT IN UNRESTRICTED FUNDS** 

|**CHARITY**<br>General Unrestricted<br>funds<br>**Total General Funds**<br>Designated Pension Fund<br>Designated<br>Programme Funds<br>Designated Strategic<br>Fund<br>Designated<br>Infrastructure Fund<br>Designated Property Fund<br>**Total Designated**<br>**Funds**<br>**Total Unrestricted**<br>**Funds**|**1st April 2022**<br>**£**<br>1,199,587<br>1,199,587<br>(1,843,000)<br>2,189<br>26,065<br>385,095<br>4,306,573<br>2,876,922<br>4,076,509|**Income**<br>**£**<br>4,117,887<br>4,117,887<br>-<br>-<br>18,051<br>-<br>-<br>18,051<br>4,135,938|**Expenditure**<br>**£**<br>(4,196,652)<br>(4,196,652)<br>(829,000)<br>-<br>(7,500)<br>(30,515)<br>(862,655)<br>(1,729,670)<br>(5,926,322)|**Other**<br>**Gains and**<br>**(Losses)**<br>**_£_**<br>-<br>-<br>2,672,000<br>-<br>-<br>-<br>-<br>2,672,000<br>2,672,000|**Transfers**<br>**£**<br>(47,526)<br>(47,526)<br>-<br>-<br>(12,116)<br>(5,270)<br>64,417<br>47,031<br>(495)|**31st March**<br>**2023**<br>**£**<br>1,073,296|
|---|---|---|---|---|---|---|
|||||||1,073,296<br>-<br>2,189<br>24,500<br>349,311<br>3,508,334|
|||||||3,884,334|
|||||||4,957,630|



The £47,526 transfer from the General Fund includes £50,000 which the Trustees have decided to allocate to the designated Infrastructure fund to go towards future capital expenditure. 

35 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **Prior Year Comparison** 

## **MOVEMENT IN UNRESTRICTED FUNDS** 

|**GROUP**<br>General Unrestricted<br>funds<br>**Total General Funds**<br>Designated Pension Fund<br>Designated<br>Programme Funds<br>Designated Strategic<br>Fund<br>Designated<br>Infrastructure Fund<br>Designated Property Fund<br>**Total Designated**<br>**Funds**<br>**Total Unrestricted**<br>**Funds**|**1st April 2021**<br>**£**<br>1,051,098<br>1,051,098<br>(3,391,000)<br>2,189<br>501<br>46,734<br>5,133,998<br>1,792,422<br>2,843,520|**Income**<br>**£**<br>3,335,570<br>3,335,570<br>-<br>-<br>35,564<br>3,349<br>-<br>38,913<br>3,374,483|**Expenditure**<br>**£**<br>(3,181,821)<br>(3,181,821)<br>(893,000)<br>-<br>-<br>(28,985)<br>(863,341)<br>(1,785,326)<br>(4,967,147)|**Other**<br>**Gains and**<br>**(Losses)**<br>**_£_**<br>-<br>-<br>2,441,000<br>-<br>-<br>-<br>2,441,000<br>2,441,000|**Transfers**<br>**£**<br>(5,232)<br>(5,232)<br>-<br>-<br>(10,000)<br>363,997<br>35,916<br>389,913<br>384,681|**31st March**<br>**2022**<br>**£**<br>1,199,615|
|---|---|---|---|---|---|---|
|||||||1,199,615<br>(1,843,000)<br>2,189<br>26,065<br>385,095<br>4,306,573|
|||||||2,876,922|
|||||||4,076,537|



## **MOVEMENT IN UNRESTRICTED FUNDS** 

|**CHARITY**<br>General Unrestricted<br>funds<br>**Total General Funds**<br>Designated Pension Fund<br>Designated<br>Programme Funds<br>Designated<br>Restructure Fund<br>Designated<br>Infrastructure Fund<br>Designated Property Fund<br>**Total Designated**<br>**Funds**<br>**Total Unrestricted**<br>**Funds**|**1st April 2021**<br>**£**<br>1,162,093<br>1,162,093<br>(3,391,000)<br>2,189<br>501<br>46,734<br>5,133,998|**Income**<br>**£**<br>2,794,365<br>2,794,365<br>-<br>-<br>35,564<br>3,349<br>-|**Expenditure**<br>**£**<br>(2,751,639)<br>(2,751,639)<br>(893,000)<br>-<br>-<br>(28,985)<br>(863,341)|**Other**<br>**Gains and**<br>**(Losses)**<br>**_£_**<br>-<br>-<br>2,441,000<br>-<br>-<br>-<br>-|**Transfers**<br>**£**<br>(5,232)<br>(5,232)<br>-<br>-<br>(10,000)<br>363,997<br>35,916<br>389,913<br>384,681|**31st March**<br>**2022**<br>**£**<br>1,199,587|
|---|---|---|---|---|---|---|
|||||||1,199,587<br>(1,843,000)<br>2,189<br>26,065<br>385,095<br>4,306,573|
||1,792,422<br>2,954,515|38,913<br>2,833,278|(1,785,326)<br>(4,536,965)|2,441,000<br>2,441,000||2,876,922|
|||||||4,076,509|



In 2018-19 the Charity was given a restricted fund for the Castle Transformation project from CYC. To help match costs this was enhanced by a transfer from the general fund. On completion of the project the CYC funding had been fully spent and the remainder has been transferred back to the designated infrastructure fund in 2021-22. 

36 



**YORK MUSEUMS AND GALLERY TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **NOTE 22 MOVEMENT IN RESTRICTED FUNDS** 

Restricted funds comprise grants and donations given towards expenditure on the Trust's charitable aims 

|**Group and charity**<br>Friends Art Gallery<br>Ceramics SSN<br>Body Vessel Clay<br>Archaeology Archives<br>Portable Antiquities<br>Arts Council NPO Funding<br>MDY Projects<br>COCA - Restricted<br>Richard III<br>Ryedale Hoard<br>Gardens Restricted<br>Curatorial Restricted<br>Children's Play<br>Cultural Wellbeing<br>Art Fund<br>Headley Art Fund<br>MD Network Grant<br>TA Redevelopment<br>Wild Escape MDY<br>Capital works fund<br>Other Small Grants<br>Other Restricted Funds|**1st April 2022**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**31st Mar 2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>7,401<br>-<br>-<br>-<br>7,401<br>2,203<br>-<br>250<br>-<br>2,453<br>-<br>3,200<br>(3,200)<br>-<br>-<br>38,477<br>3,850<br>(4,493)<br>-<br>37,835<br>-<br>38,892<br>(38,247)<br>-<br>645<br>-<br>1,252,632<br>(1,252,632)<br>-<br>-<br>51,349<br>354,282<br>(400,142)<br>14,000<br>19,488<br>13,951<br>1,000<br>(156)<br>-<br>14,795<br>1,762<br>-<br>-<br>-<br>1,762<br>-<br>9,221<br>(6,286)<br>-<br>2,935<br>14,639<br>5,500<br>(3,885)<br>-<br>16,254<br>11,003<br>12,750<br>(11,682)<br>-<br>12,071<br>-<br>1,500<br>(256)<br>-<br>1,244<br>569<br>-<br>(513)<br>-<br>56<br>21,532<br>-<br>(13,497)<br>-<br>8,035<br>21,442<br>-<br>(16,014)<br>-<br>5,428<br>2,242<br>200,000<br>(185,026)<br>(14,000)<br>3,216<br>4,531<br>500<br>(3,514)<br>-<br>1,517<br>-<br>96,819<br>(80,537)<br>-<br>16,282<br>1<br>-<br>-<br>(1)<br>-<br>38,496<br>-<br>-<br>-<br>38,496<br>16,977<br>16,122<br>(20,645)<br>496<br>12,951|
|---|---|
||246,575<br>1,996,268<br>(2,040,475)<br>495<br>202,864|



## **Purpose of Restricted Funds** 

Friends Art Gallery are funds given by the Friends of York Art Gallery for acquisitions and conservation at the Art Gallery Ceramics SSN fund is used to host a Symposium for the Subject Specialist Network funding from ACE 

Body Vessel Clay were restricted funds received towards an acquisition for the Body Vessel Clay Exhibition Archaeology Archives fund is to receive archaeological finds 

Portable Antiquities is funding the salary of the British Museum’s PAS representative 

Arts Council. Year 1 funding of a 3 year grant as part of the National Portfolio Organisation (NPO) programme 

MDY Projects fund is for the Museum Development Yorkshire funding from Art Council England which is administered by York Museums Trust COCA comprises donations towards the interpretation and delivery of the Centre of Ceramic Arts projects 

Richard III fund is to produce a Richard III exhibition 

Ryedale Hoard. Income received towards the interpretation/ running costs of the Ryedale Hoard Exhibition Gardens Restricted comprises of recharges specifically for the repairs and maintenance of the Museum Gardens 

Curatorial Restricted comprises various grants and donations for collections development 

Children’s Play. A Grant allocated from the Guildhall Ward Committee to provide city-centre outdoor play tools for families and children to use in Museum Gardens 

Cultural Wellbeing is a grant received from CYC for cultural wellbeing activities Art Fund provided support for the Curator of Archaeology in the “Collecting Award Project” Headley Art Fund is a grant received from the Art Fund to support the Unwrapping York’s Stories project at the Castle Museum MD Network Grant fund is for supporting museums and galleries via Museum Development Network 

TA Redevelopment are funds received from the Yorkshire Philosophical Society for repairs and improvements to the Tempest Anderson Hall Wild Escape. Funding from the Art Fund distributed by Museum Development Yorkshire to enable museums and arts organisations in the north of England to provide activity for schools and families, celebrating the diversity of British wildlife through heritage and art 

The Capital Works Fund is for repair, maintenance and improvement works 

Other small grants and restricted funds are from various sources and have been restricted for specific purposes as requested by the funder/donor 

37 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **Prior Year Comparison** 

Restricted funds comprise grants and donations given towards expenditure on the Trust's charitable aims 

|**Group and charity**<br>Friends Art Gallery<br>Ceramics SSN<br>Bouts (Restricted)<br>Gainsborough<br>Archaeology Archives<br>Portable Antiquities<br>Arts Council NPO Funding<br>MDY Projects<br>COCA - Restricted<br>Richard III<br>Gardens Restricted<br>Curatorial Restricted<br>Cultural Wellbeing<br>Art Fund<br>Headley Art Fund<br>Capital Works Fund<br>MD Network Grant<br>TA Redevelopment<br>HMRC CJRS<br>Castle 2022<br>Other Small Grants<br>Other Restricted Funds|**1st April 2021**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**31st Mar 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>8,301<br>9,850<br>(10,750)<br>-<br>7,401<br>15,235<br>-<br>(13,032)<br>-<br>2,203<br>-<br>(12,749)<br>-<br>12,749<br>-<br>-<br>45,000<br>(46,042)<br>1,042<br>20,921<br>27,350<br>(9,793)<br>-<br>38,477<br>-<br>22,617<br>(22,617)<br>-<br>-<br>-<br>1,252,632<br>(1,252,632)<br>-<br>-<br>46,083<br>347,719<br>(354,453)<br>12,000<br>51,349<br>25,442<br>4,575<br>(16,066)<br>-<br>13,951<br>8,244<br>1,762<br>(8,244)<br>-<br>1,762<br>6,952<br>9,763<br>(2,076)<br>-<br>14,639<br>11,764<br>-<br>(761)<br>-<br>11,003<br>-<br>2,200<br>(1,631)<br>-<br>569<br>-<br>43,064<br>(25,258)<br>3,726<br>21,532<br>-<br>27,500<br>(6,058)<br>-<br>21,442<br>412,108<br>-<br>-<br>(412,107)<br>1<br>26,339<br>175,000<br>(187,097)<br>(12,000)<br>2,242<br>-<br>13,700<br>(9,169)<br>-<br>4,531<br>-<br>25,257<br>(25,257)<br>-<br>-<br>-<br>-<br>(10,875)<br>10,875<br>-<br>42,500<br>-<br>(4,004)<br>-<br>38,496<br>15,118<br>273,439<br>(270,614)<br>(967)<br>16,977|
|---|---|
||639,006<br>2,268,678<br>(2,276,428)<br>(384,681)<br>246,575|



## **NOTE 23** 

## **ANALYSIS OF ASSETS & LIABILITIES BETWEEN FUNDS** 

|**Group**<br>Tangible Fixed Assets<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities<br>Pension asset/Liability<br>As 31st March 2023<br>As 31st March 2022<br>**Charity**<br>Tangible Fixed Assets<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities<br>Pension Liability<br>As 31st March 2023<br>As 31st March 2022|**General Funds**<br>**£**<br>180,206<br>2,520,090<br>(1,553,648)<br>(73,326)<br>-<br>1,073,322<br>1,199,615<br>**General Funds**<br>**£**<br>160,443<br>2,313,717<br>(1,400,864)<br>-<br>-<br>1,073,296<br>1,199,587|**Designated**<br>**Funds**<br>**£**<br>3,508,335<br>375,999<br>-<br>-<br>3,884,334<br>2,876,922<br>**Designated**<br>**Funds**<br>**£**<br>3,508,335<br>375,999<br>-<br>-<br>3,884,334<br>2,876,922|**Restricted**<br>**Funds**<br>**£**<br>-<br>50,971<br>151,893<br>-<br>-<br>202,864<br>246,575<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>50,971<br>151,893<br>-<br>-<br>202,864<br>246,575|**Total Funds**<br>**£**<br>3,688,541<br>2,947,060<br>(1,401,755)<br>(73,326)<br>-|
|---|---|---|---|---|
|||||5,160,520|
||||||
|||||4,323,112|
|||||**Total Funds**<br>**£**<br>3,668,778<br>2,740,688<br>(1,248,973)<br>-<br>-|
|||||5,160,494|
||||||
|||||4,323,084|



38 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **Prior Year Comparison** 

## **ANALYSIS OF ASSETS & LIABILITIES BETWEEN FUNDS** 

|**Group**<br>Tangible Fixed Assets<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities<br>Pension Liability<br>As 31st March 2022<br>As 31st March 2021<br>**Charity**<br>Tangible Fixed Assets<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities<br>Pension Liability<br>As 31st March 2022<br>As 31st March 2021|**General Funds**<br>**£**<br>296,185<br>2,309,407<br>(1,379,441)<br>(26,536)<br>-<br>1,199,615<br>1,051,098<br>**General Funds**<br>**£**<br>296,186<br>2,423,354<br>(1,519,953)<br>-<br>-<br>1,199,587<br>1,162,093|**Designated**<br>**Funds**<br>**£**<br>4,234,213<br>478,504<br>7,205<br>-<br>(1,843,000)<br>2,876,922<br>1,792,422<br>**Designated**<br>**Funds**<br>**£**<br>4,234,213<br>478,504<br>7,205<br>-<br>(1,843,000)<br>2,876,922<br>1,792,422|**Restricted**<br>**Funds**<br>**£**<br>-<br>137,676<br>108,899<br>-<br>-<br>246,575<br>639,006<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>137,676<br>108,899<br>-<br>-<br>246,575<br>639,006|**Total Funds**<br>**£**<br>4,530,398<br>2,925,588<br>(1,263,337)<br>(26,536)<br>(1,843,000)|
|---|---|---|---|---|
|||||4,323,112|
||||||
|||||3,482,526|
|||||**Total Funds**<br>**£**<br>4,530,399<br>3,039,534<br>(1,403,849)<br>-<br>(1,843,000)|
|||||4,323,084|
||||||
|||||3,593,521|



The designated property fund relates to the net book value of assets purchased using restricted funds. 

## **NOTE 24 COMMITMENTS** 

The group and charity had future minimum lease payments under non-cancellable operating leases as follows: 

## **Group and charity Operating Lease Commitments** 

|Leases which expire<br>Within one year<br>Two and five years<br>Six and ten years|**2023**<br>**Land &**<br>**Buildings**<br>**£**<br>56,163<br>28,783<br>-<br>84,946|<br>**Other**<br>**£**<br>1,585<br>6,340<br>1,978<br>9,903|**2022**<br>**Land &**<br>**Buildings**<br>**Other**<br>**£**<br>**£**<br>89,750<br>792<br>288,496<br>198<br>47,500<br>425,746<br>990|
|---|---|---|---|



## **NOTE 25 PENSION SCHEME** 

The Group contributes to the North Yorkshire Pension Fund.  The scheme is a defined benefit scheme for the benefit of the employees. The assets of the scheme are fully administered by North Yorkshire County Council in a fund independent from that of the Group.  The last full actuarial valuation of this scheme was carried out by a qualified independent actuary as at 31 March 2022 and updated on an approximate basis to 31 March 2023. 

The plan has a gross accounting surplus at the reporting date of £2.9m. In line with FRS 102 requirements York Museums and Gallery Trust has recognised as an asset on the balance sheet to the extent that it is able to recover the surplus, either through reduced contributions in the future, or through refunds from the plan.  The scheme’s actuary has confirmed that they can demonstrate no economic benefit arising to York Museums and Gallery Trust from an ‘asset ceiling’ calculation comparing the present value of future service costs to the present value of future contributions. The actuary has also confirmed that any refunds from the plan are contingent on future events.   Accordingly, York Museums and Gallery Trust has not recognised the pension asset position, restricting the surplus to £nil, and reducing actuarial gains by the same amount. 

The contributions made by the employer over the financial year have been £323,000 (2022 - £306,000). 

39 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **Assumptions** 

The assets of the Scheme have been taken at market value and the liabilities have been calculated using the following principal actuarial assumptions: 

||**2023**|**2022**|
|---|---|---|
|**Financial:**|||
|Rate of increase in salaries|3.95%|4.15%|
|Pension in payment increases|2.70%|2.90%|
|Discount rate|4.70%|2.70%|
|Inflation assumption|2.70%|2.90%|
||**2023**|**2022**|
||**Years**|**Years**|
|**Life expectancy:**|||
|Male future pensioner aged 65 in 20 years' time|23.5|23.5|
|Female future pensioner aged 65 in 20 years' time|26.0|25.7|
|Male current pensioner aged 65|22.6|21.8|
|Female current pensioner aged 65|25.0|23.8|
|**The amounts recognised in the statement of financial**|**position are as follows:**||
||**2023**|**2022**|
||**£'000**|**£'000**|
|Present value of scheme liabilities|(16,647)|(23,608)|
|Fair value of scheme assets|19,550|21,765|
|Surplus not recognised|(2,903)|-|
|Surplus/ (Deficit) in the scheme|-|(1,843)|



## **The assets in the scheme and the expected rate or return were:** 

|Equities<br>Government Bonds<br>Other bonds<br>Property<br>Multi Asset Credit<br>Cash Asset Credit<br>Other<br>Total fair value of assets<br>Actuarial value of liability<br>Surplus not recognised<br>Net pension surplus/ (deficit)|**Fair value**<br>**2023**<br>**£'000**<br>10,186<br>2,150<br>1,408<br>1,251<br>1,036<br>274<br>3,245<br>19,550<br>(16,647)<br>(2,903)|**Fair value**<br>**2022**<br>**£'000**<br>12,123<br>3,657<br>1,676<br>1,611<br>-<br>239<br>2,459|
|---|---|---|
|||21,765<br>(23,608)<br>-|
||-|(1,843)|



**Movement in the deficit during the year were as follows:** 

|Deficit in scheme at 1 April<br>Movement in the year:<br>Current service costs<br>Past service cost<br>Settlement cost<br>Net (loss) on assets<br>Contributions<br>Actuarial gain/(loss)<br>Surplus not recognised<br>Surplus/ (Deficit) in the scheme at 31 March|**2023**<br>**£'000**<br>(1,843)<br>-<br>(1,106)<br>-<br>-<br>(46)<br>323<br>5,575<br>(2,903)<br>-|**2022**<br>**£'000**<br>(3,391)<br>-<br>(1,121)<br>(10)<br>-<br>(68)<br>306<br>2,441<br>-|
|---|---|---|
|||(1,843)|



40 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

**Analysis of the amount charged to net finance charge for the year under FRS102 in relation to the scheme:** 

|**2023**<br>**£'000**<br>Expected return on pension scheme assets<br>-<br>Interest on pension scheme liabilities<br>46<br>Net finance loss<br>46<br>**The amount recognised in the income and expenditure account are:**<br>**2023**<br>**£'000**<br>Current service costs<br>1,106<br>Past service costs<br>-<br>Interest cost<br>46<br>Expected return on scheme assets<br>-<br>Total charge to income and expenditure account<br>1,152|**2022**<br>**£'000**<br>-<br>68|
|---|---|
||68|
||**2022**<br>**£'000**<br>1,121<br>10<br>68<br>-|
||1,199|



## **The amount recognised in the statement of financial activities are as follows:** 

|Amount recognised during the period<br>Gain adjusted as fund surplus not recognised<br>Cumulative amount recognised|**2023**<br>**2022**<br>**£'000**<br>**£'000**<br>5,575<br>2,441<br>(2,903)<br>-|
|---|---|
||2,672<br>2,441|



## **Asset and liability reconciliation** 

|**Reconciliation of assets**|**2023**||**2022**||
|---|---|---|---|---|
||**£'000**||**£'000**||
|Assets at the start of the year|21,765||21,467||
|Expected return on plan assets|589||452||
|Actuarial (loss)/gain on assets|(2,895)||(226)||
|Employer contributions|323||306||
|Member contributions|160||144||
|Benefits Paid|(392)||(378)||
|Settlements|-||-||
|Assets at the end of the year|19,550||21,765||
|Actual return on plan assets|(2,306)||226||
|**Reconciliation of liabilities**||**2023**||**2022**|
|||**£'000**||**£'000**|
|Liabilities at the start of the year||23,608||24,858|
|Current service costs||1,106||1,121|
|Past service costs||-||10|
|Interest on pension liabilities||635||520|
|Employee contributions||160||144|
|Actuarial (gains)/losses due to changes in financial assumptions||(10,306)||-|
|Actuarial (gains)/losses due to changes in demographic|||||
|assumptions||180||-|
|Actuarial (gains)/losses due to liability experience||1,656||-|
|Actuarial loss/(gain) on liabilities||-||(2,667)|
|Benefits paid||(392)||(378)|
|Settlements||-||-|
|Liabilities at the end of the year||16,647||23,608|



41 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

**The history of experience adjustments is as follows:** 

|Scheme liabilities<br>Scheme assets<br>Experience adjustments on scheme liabilities<br>Percentage of scheme liabilities<br>Experience adjustments on scheme assets<br>Percentage of scheme assets|**2023**<br>**£'000**<br>(16,647)<br>19,550<br>2,903<br>(8,470)<br>50.9%<br>(2,895)<br>-14.8%|**2022**<br>**£'000**<br>(23,608)<br>21,765<br>(1,843)<br>(2,667)<br>11.3%<br>(226)<br>-1.0%|**2021**<br>**£'000**<br>(24,858)<br>21,467<br>(3,391)<br>5,121<br>7.0%<br>4,511<br>-2.7%|**2020**<br>**£'000**<br>(18,653)<br>16,513<br>(2,140)<br>(1,298)<br>-0.2%<br>(453)<br>5.5%|**2019**<br>**£'000**<br>(18,516)<br>16,153<br>(2,363)<br>42<br>-0.2%<br>892<br>4.8%|**2018**<br>**£'000**<br>(17,026)<br>14,516|
|---|---|---|---|---|---|---|
|||||||(2,510)|
|||||||85<br>-0.5%<br>695<br>4.8%|



## **NOTE 26 FINANCIAL INSTRUMENTS** 

|**2023**<br>**Group**<br>**£**<br>**Financial Assets**<br>Financial asset that<br>are debt instruments<br>measured at<br>amortised costs<br>2,731,879<br>**Financial liabilities**<br>Financial liabilities<br>measured at<br>amortised costs<br>1,218,138<br>**NOTE 27**<br>**NET DEBT RECONCILLIATION**<br>**1st April 2022**<br>**£**<br>Cash at bank and in hand<br>2,119,012<br>Net Debt<br>2,119,012|**2022**<br>**Group**<br>**£**<br>2,754,106<br>1,067,776<br>**Cash Flows**<br>**£**<br>(19,720)<br>(19,720)|**31st Mar**<br>**2023**<br>**£**<br>2,099,292|
|---|---|---|
|||2,099,292|



## **NOTE 28 RELATED PARTY TRANSACTIONS** 

During the year, the Trust conducted the following transactions with its subsidiary, York Museums and Enterprises Limited. 

The Trust levied a management charge on York Museums and Enterprises Limited amounting to £10,500 (2022: £10,500). 

The subsidiary, York Museums and Enterprises Limited, made a gift aid donation under a deed of covenant to the Trust of £251,805 in the year ended 31 March 2023 (2022: £58,743) 

At 31 March 2023, York Museums and Enterprises Limited owed £720,344 to the Trust (2022: £652,170) 

The amounts owed by the subsidiary comprise of Trust income received in to the subsidiary bank account, and salary and other costs that have been paid from York Museums Trust bank account and have been recharged to the subsidiary. Both were not yet transferred from the York Museums and Enterprises Ltd account as at 31 March 2023 

## **Note 29** 

## **POST BALANCE SHEET EVENT** 

On 26 September 2023 YMT confirmed the existence of RAAC in the roof construction in part of the York Castle Museum (YCM). This has resulted in the partial closure of the site. We are continuing to welcome visitors at YCM and our retail and café concession remain fully open. However our revenues will be impacted and there are inspection and potential remedial work costs. We have informed CYC and we confirm we would be able to draw on their letter of credit if the impact on cash and reserves proves to be significant. 

42 



## **YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **NOTE 30** 

## **2021-22 Consolidated Statement of Financial Activities** 

|**INCOME FROM:**<br>**Charitable Activities**<br>Income from charitable activities<br>Funding provided by City of York Council<br>Funding provided by Arts Council England<br>**Donations, Legacies and General Grants**<br>Donations and legacies<br>Other grants receivable<br>**Other Trading Activities**<br>Income generated from subsidiary<br>**Investments**<br>Interest receivable<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>**Raising Funds**<br>Costs incurred by subsidiary<br>**Charitable expenditure**<br>Charitable expenditure<br>**Total charitable expenditure**<br>**TOTAL EXPENDITURE**<br>Net gains on Investments<br>**Net income/(expenditure) before taxation**<br>Taxation charge<br>**Net income/(expenditure) after taxation**<br>**Other recognised gains/(losses):**<br>Actuarial (loss)/gain on defined benefit scheme<br>Transfer between funds<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Fund balance brought forward<br>Net movement in the year<br>Fund balance carried forward|**General**<br>**Funds**<br>**2022**<br>**£**<br>1,688,185<br>306,710<br>423,226<br>204,751<br>112,660<br>599,945<br>93<br>3,335,570<br>430,182<br>2,751,639<br>2,751,639<br>3,181,821<br>-<br>153,749<br>-<br>153,749<br>-<br>(5,232)<br>**148,516**<br>1,051,098<br>148,517<br>1,199,615|**Designated**<br>**Funds**<br>**2022**<br>**£**<br>38,913<br>-<br>-<br>-<br>-<br>-<br>-<br>38,913<br>-<br>1,785,326<br>1,785,326<br>1,785,326<br>(1,746,413)<br>-<br>(1,746,413)<br>2,441,000<br>389,913<br>**1,084,499**<br>1,792,422<br>1,084,500<br>2,876,922|**Restricted**<br>**Funds**<br>**2022**<br>**£**<br>20,751<br>2,200<br>1,597,851<br>75,419<br>572,457<br>-<br>-<br>2,268,678<br>-<br>2,276,428<br>2,276,428<br>2,276,428<br>(7,750)<br>-<br>(7,750)<br>-<br>(384,681)<br>**(392,431)**<br>639,006<br>(392,431)<br>246,575|**Total**<br>**Funds**<br>**2022**<br>**£**<br>1,747,849<br>308,910<br>2,021,077<br>280,170<br>685,117<br>599,945<br>93|
|---|---|---|---|---|
|||||5,643,161|
|||||430,182<br>6,813,393|
|||||6,813,393|
||||||
|||||7,243,575|
|||||-<br>(1,600,414)<br>-|
|||||(1,600,414)<br>2,441,000<br>(0)|
|||||**840,586**|
|||||3,482,526<br>840,586|
|||||4,323,112|



43 



**YORK MUSEUMS AND GALLERY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** 

## **2021-22 Charity Statement of Financial Activities** 

|**INCOME FROM:**<br>**Charitable Activities**<br>Income from charitable activities<br>Funding provided by City of York Council<br>Funding provided by Arts Council England<br>**Donations, Legacies and General Grants**<br>Donations and legacies<br>Other grants receivable<br>**Investments**<br>Interest receivable<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>**Charitable expenditure**<br>Charitable expenditure<br>**Total charitable expenditure**<br>**TOTAL EXPENDITURE**<br>Net gains on Investments<br>**Net income/(expenditure) before taxation**<br>Taxation charge<br>**Net income/(expenditure) after taxation**<br>**Other recognised gains/(losses):**<br>Actuarial (loss)/gain on defined benefit scheme<br>Transfer between funds<br>**NET MOVEMENT IN FUNDS**<br>RECONCILIATION OF FUNDS:<br>Fund balance brought forward<br>Net movement in the year<br>Fund balance carried forward|**General**<br>**Funds**<br>**2022**<br>**£**<br>1,746,928<br>306,710<br>423,226<br>204,751<br>112,660<br>89<br>2,794,365<br>2,751,639<br>2,751,639<br>2,751,639<br>-<br>42,727<br>-<br>42,727<br>-<br>(5,232)<br>**37,495**<br>1,162,093<br>37,494<br>1,199,587|**Designated**<br>**Funds**<br>**2022**<br>**£**<br>38,913<br>-<br>-<br>-<br>-<br>-<br>38,913<br>1,785,326<br>1,785,326<br>1,785,326<br>-<br>(1,746,413)<br>-<br>(1,746,413)<br>2,441,000<br>389,913<br>**1,084,499**<br>1,792,422<br>1,084,500<br>2,876,922|**Restricted**<br>**Funds**<br>**2022**<br>**£**<br>20,751<br>2,200<br>1,597,851<br>75,419<br>572,457<br>-<br>2,268,678<br>2,276,428<br>2,276,428<br>2,276,428<br>-<br>(7,750)<br>-<br>(7,750)<br>-<br>(384,681)<br>**(392,431)**<br>639,006<br>(392,431)<br>246,575|**Total**<br>**Funds**<br>**2022**<br>**£**<br>1,806,592<br>308,910<br>2,021,077<br>280,170<br>685,117<br>89|
|---|---|---|---|---|
|||||5,101,956|
|||||6,813,393|
|||||6,813,393|
||||||
|||||6,813,393|
|||||-<br>(1,711,437)<br>-|
|||||(1,711,437)<br>2,441,000<br>(0)|
|||||**729,563**|
|||||3,593,521<br>729,563|
|||||4,323,084|



44