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2024-03-31-accounts

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 2024

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

Contents

OFFICERS AND PROFESSIONAL ADVISORS ................................................................................................................................ 3 TRUSTEES’ REPORT ................................................................................................................................................................... 4 INDEPENDENT AUDITOR’S REPORT ........................................................................................................................................ 15 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ........................................................................................................ 19 CHARITY STATEMENT OF FINANCIAL ACTIVITIES .................................................................................................................... 20 CONSOLIDATED BALANCE SHEET ............................................................................................................................................ 21 CHARITY BALANCE SHEET ....................................................................................................................................................... 22 CONSOLIDATED CASH FLOW STATEMENT .............................................................................................................................. 23 NOTES TO THE FINANCIAL STATEMENTS ................................................................................................................................ 24

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

OFFICERS AND PROFESSIONAL ADVISORS

The Trustees who served during the year and subsequently were: TRUSTEES

J. Grierson (Chair)

P. Ashton (Resigned 21-11-23)

J. Crawshaw (Appointed 19-09-23)

A. Dean

S. Daubeney (Resigned 21-11-23)

N. Fowler (Appointed 21-11-23)

S. Furlong

A. Justine (Appointed 21-11-23)

A. Kirkby

D. Lamb (Appointed 21-11-23)

M. Lowe

A. Malik (Resigned 02-05-23)

D. Myers

K. Nesbitt

R. Newport (Appointed 21-11-23)

S. Orr (Resigned 21-11-23)

A. Scott

D. Willcocks (Resigned 21-11-23)

COMPANY SECRETARY

P. Lambert (Resigned 30-06-24)

D. Bryan (Appointed 30-06-24)

PRINCIPAL OFFICERS – KEY MANAGEMENT PERSONNEL

K. Blacker -Chief Executive

P. Lambert – Head of Strategy, Finance and Corporate Services (Resigned 31-05-24) D. Bryan -Chief Finance Officer and Director of Corporate Services (Appointed 10-06-24)

REGISTERED OFFICE

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

INDEPENDENT AUDITORS

BHP LLP Rievaulx House, 1 St Marys Ct York, YO24 1AH

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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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

TRUSTEES’ REPORT

Chair’s Foreword

Introduction

In my final full year as Chair of Trustees for York Museums Trust it gives me great pleasure to present the 202324 annual report and accounts. It has been a privilege to work with trustees, staff, volunteers and our many partners to ensure that our collections and places are at the heart of York’s and North Yorkshire’s rich cultural life.

Our Chief Executive, Kathryn Blacker completed her first year at York Museums trust. Under her leadership Kathryn has built a strong and effective working relationship with stakeholders both regionally and nationally. Over the past twelve months we have started to reshape our Senior Leadership Team and worked with staff, volunteers and stakeholders to introduce a vision, update our mission and redefine our business priorities. In the latter part of the financial year, we were also awarded external funding support to enable us to develop a new masterplan. This plan will help us to thrive in the long-term and deliver on our vision to connect and inspire people with the stories, history and culture of the city and North Yorkshire through our collections, activities, museums, gallery and gardens.

As with many other cultural organisations across the UK the effects of a complex economic situation with rising supply costs and a squeeze on the cost of living have been felt by everyone. An additional challenge for York Museums Trust was the discovery of RAAC (reinforced autoclaved aerated concrete) in the roof of the Female Prison at York Castle Museum which highlighted the complexities involved in caring for an historic estate. Significant parts of the museum were closed between September and early December, whilst we dealt with the issue, and this impacted on both visitor numbers and operations. Thanks to the agility and responsiveness of our staff, contractors, and volunteers, we reopened Kirkgate, the popular recreated Victorian Street, on 8 December, complete with our festive offering.

During the year we welcomed 406,000 visitors to our museums and galleries and over a million people enjoyed our gardens. Better than expected ticket yields and tight cost controls have helped us to manage our end of year outturn. We welcomed Arts Council England’s announcement for the extension of its NPO funding support from 2026 until March 2027. This additional year of funding will help us to plan for and deliver on our activities.

In February 2024 we made the decision to revert to our pre-pandemic position of charging for York Art Gallery’s entry with continued free entry for York resident children, refugees and those on benefits. A diverse and innovative programme of exhibitions and events attracted a loyal following of over 121,000 visitors. Supported by local and national partnerships our programme delivered the British Library’s touring exhibition, ‘Marvellous & Mischievous: Literature’s Young Rebels’ and ‘Bloom’, an exhibition which brought together botanical art from the gallery’s collection and extended its footprint into the Museum Gardens with a trail. In the autumn we delivered a ‘Season of Drawing’, which encompassed the British Museum’s touring exhibition ‘Drawing Attention: emerging artists in dialogue’ with work from up-and-coming artists sitting alongside works from the British Museum’s collection. The season included a new drawing commission created by Ugonna Hosten titled ‘chi; Altarpieces, Liturgy & Devotion’, a display of works created by participants in our Teenage Art School, and a generous and welcoming drawing studio space for visitors to create, learn and share.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Chair’s Foreword (continued)

As part of our commitment to supporting York’s status as a UNESCO Creative City of Media Arts, we bookended the year at York Art Gallery with Aesthetica Art Prize 2023 and 2024 exhibitions. We were also delighted to partner with York Bid and the talented Double Take Productions, who brought the front of the gallery to life during February with a vibrant digital art and music projection which showcased our collections and the city’s culture for free to 35,000 spectators.

In York Museum Gardens we continue to work on increasing our biodiversity and supporting sustainability. We bedded in a new planting scheme for a riverside walk with plants which can cope with flooding and introduced a new bird feeding station and wildlife area. We animated the gardens with a pilot play offer for young families which was supported by City of York Council, hosted the popular York Proms, an outdoor cinema, and a silent disco, as well as delivering a summer Roman Festival. Once again, we welcomed the hugely popular wire sculptures which make up York Bid’s ‘Ghosts in the Garden’ and a character from Visit York’s Spring family ‘Snook Trail’.

In the centre of the gardens sits the Yorkshire Museum, one of the oldest purpose-built museums in the UK, with collections of national and international significance. Over the course of the year, we launched two new exhibitions. ‘Mary Anning Rocks!’, a family-friendly new display opened in July which celebrated the inspiring story of the renowned palaeontologist and drew on our own collections from Yorkshire’s Jurassic coast. In collaboration with University of York we developed a temporary exhibition, ‘Star Carr: life after the ice’, which opened in March. The display showcases remarkable and unique objects dating back 11,000 years from Star Carr, a site of outstanding archaeological importance which is sometimes referred to as the ‘Stonehenge of the Mesolithic’.

York Museums Trust is committed to expressing Arts Council England’s "Let’s Create” strategy by deepening our role with the local communities we serve to encourage both creativity and participation. As part of this work York Castle Museum presented a community exhibition developed with York Travellers Trust which celebrated the rich history of the Gypsy and Traveller Communities in York. The display created by the communities highlighted their connections to the city. We also completed our second Heritage Hunters project partnering with Explore Library, the Groves Association, We Are The Groves and York St John University which supported residents of the area to discover more about their own neighbourhood.

The achievements over the last year reflect the support of trustees, staff, funders, partners, visitors, patrons and donors. We have ended the financial year with an exciting programme of exhibitions and activities to look forward to over the next 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 and to all those trustees who have retired for their support over my time as Chair.

qos Grierson

Signer ID: YCAZ3PDXKQ... James Grierson, Chair Date: 24 September 2024

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ 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 2024, which are also prepared to meet the requirements for a directors and strategic report and financial statements for Companies Act 2006 purposes.

The financial statements comply with the Charities Act 2011, Companies Act 2006, the Articles of Association, and ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

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 and culture 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:

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).

Our Values

We value curiosity, creativity, generosity, responsibility and being supportive equally and together.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ Report (continued)

Overview of our operating activities

In setting our expectations for the reporting period of 2023/24 we were concerned about the impact of inflation and the cost of living on visitor behaviour. We did not achieve our visitor numbers and expected income for the year, but this was because in September 2023 we discovered that the female prison roof at YCM contained Reinforced

Aerated Concrete (RAAC), which did not conform to the latest updated safety guidance issued by government in March 2023. We had to close the Female Prison for 10 weeks from September to December 2023 whilst we undertook repairs to make the RAAC safe and meet the latest guidance. The Female Prison contains Kirkgate, the Victorian street experience which is the highlight for our YCM visitors. The loss of visitor numbers and revenues had a significant negative impact on our financial outturn and explains why the Trust made a financial loss in the period.

In the longer term we expect our current financial model to be able to cover our operating costs with the help from the grants from ACE and CYC. However, we will not be able to afford to maintain the heritage properties we occupy without substantial capital funding being raised to safeguard and improve these buildings.

Because of our financial position and need to recover our running costs we reintroduced charging for entry at YAG in February 2024. This is a model we had previously used prior to the pandemic. From August 2020 to February 2024 we operated a free general admission to the gallery’s permanent collection and charged for our temporary exhibitions.

In 2023/24 we put on four such exhibitions: Marvellous and Mischievous: Literature’s Young Rebels; Bloom; Drawing Attention: emerging artists in dialogue; and Aesthetica Art Prize 2024.

Our reported visitor numbers for the last three years in the context of reduced numbers because of Covid-19 in 2021/22 are:

York Castle Museum
Yorkshire Museum
York Art Gallery
Total		 2023/24
2022/23
2021/22
209,235
224,557
108,807
75,749
75,866
26,859
121,030
128,849
85,947
406,014
429,272
221,613

Fundraising

We have National Portfolio Organisation (NPO) Funding from Arts Council England (ACE) for the five year period April 2023 to March 2026, providing an annual income of £1.25m each year during this period.

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.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ Report (continued)

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 small financial deficit in 2023/24 because of the uncertainty of visitor numbers and visitor behaviours being different from before the pandemic. During the year following the discovery of RAAC at the Castle Museum we revised this forecast downwards. The financial performance however proved better than predicted and we ended the year making a small financial deficit. The reasons for a better than forecast financial position were:

The net deficit for the year on general unrestricted funds (before transfers between funds) was £54,594 (2023: net deficit of £78,767). The Trustees decided to allocate £134,929 (2023: allocate £47,526) from the general unrestricted fund to designated funds. The net movement in funds for the general unrestricted fund for the year was thus £189,523 (2023: £126,293).

Net movement in funds on designated funds was a decrease of £705,970 (2023: an increase of £1,007,412) and net movement in funds on restricted funds was an increase of £204,201 (2023: a decrease of £43,711).

The Pension Fund has an actuarial gain for the year of £1,904,000 (2023: gain £5,575,000). 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 £186,000.

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 £407,065 held at the end of the year (2023: £202,864).

The unrestricted general funds of the group, excluding fixed assets not represented by matching designated funds, at 31 March 2024 were a surplus of £723,085 (2023: £893,116).

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.

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YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ Report (continued)

Plans for future periods

We have produced a one year business plan for the 2024/25 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.

We are working with the Board, stakeholders and partners on our strategy beyond 2025 to improve our business model which can deal with the future capital needs of the organisation.

Principal Risks and Uncertainties

Risk Management

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.

Funding risk is always significant for YMT. We receive as a National Portfolio Organisation £1.25m per year for the period 2023 to 2026 from Arts Council England. 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 2024/25 its strategy of investing in public programmes, engagement, visitor experience, income generation, fundraising, digital and capital developments in order to mitigate the future financial risks.

Aside from funding, the principle risks and uncertainties identified and recognised on the organisation's risk register include:

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 2024/25 budget the Board looked at a range of scenarios which stress test the robustness of the budget.

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YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ Report (continued)

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 £0.2m. The Board considers future years look equally challenging and have commissioned a review of YMT’s business model to improve its sustainability in the longer term.

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 29 August 2024 for £1m which expires on 31 March 2026.

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.

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. 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. 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

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YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ Report (continued)

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 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.

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YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ Report (continued)

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.

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 discovery of RAAC as well as the continuing cost of living crisis on the Trust is discussed on page 6. The general reserve at 31 March 2024 of £883,799 (2023: £1,073,322) represents approximately two 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.

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YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Trustees’ Report (continued)

The Pension Reserve is shown as £nil as the pension fund at 31 March 2024 is in surplus by £4.7m. 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 £407,065 (2023: £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 BHP to conduct the 2023/24 audit in accordance with section 485 of the Companies Act 2006, on the outcome of a competitive audit tender. BHP succeed our previous auditors Beever and Struthers who completed the 2022/23 audit.

Statement of disclosure to the auditor

In so far as the Trustees are aware:

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:

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.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

Trustees’ Report (continued)

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, which includes the Strategic Report, was approved by the Board and signed on its behalf by:

Signature: qos Grierson Signer ID: YCAZ3PDXKQ... Name: James Grierson, Trustee Date: 24 September 2024

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

Independent Auditor’s Report to the Members of York Museums and Gallery Trust

Opinion

We have audited the financial statements of York Museums and Gallery Trust (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the company statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

Independent Auditor’s Report to the Members of York Museums and Gallery Trust Continued

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and 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 directors’ 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent 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 determine 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 and 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

Independent Auditor’s Report to the Members of York Museums and Gallery Trust Continued

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

For the year ended 31 March 2024

YORK MUSEUMS AND GALLERY TRUST

Independent Auditor’s Report to the Members of York Museums and Gallery Trust Continued

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.

BHP LLP

Signer ID: IPFNE7JEI6... Laura Masheder (Senior Statutory Auditor) For and on behalf of

BHP LLP

Chartered Accountants Statutory Auditors Rievaulx House 1 St Mary’s Court Blossom Street York YO24 1AH

Date: 25/09/2024 GMT

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating income and expenditure account)

Note
INCOME FROM:
Charitable Activities
Income from charitable activities
2
Funding provided by City of York Council
6
Funding provided by Arts Council England
7
Donations, Legacies and General Grants
Donations and legacies
3
Other grants receivable
5
Other Trading Activities
Income generated by subsidiary
13
Investments
Interest receivable
4
TOTAL INCOME
EXPENDITURE ON:
Raising Funds
Costs incurred by subsidiary
13
Charitable expenditure
Charitable expenditure
10
Total charitable expenditure
TOTAL EXPENDITURE
Net gains on Investments
Net (expenditure) before taxation
Taxation charge
Net (expenditure) after taxation
Other recognised gains/(losses):
Actuarial gain on defined benefit scheme
24
Transfer between funds
20,21
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Fund balance brought forward
Net movement in the year
Fund balance carried forward		 General
Funds
2024
£
3,212,644
306,710
-
355,022
-
1,385,573
23,086
5,283,035
1,043,909
4,293,720
4,293,720
5,337,629
-
(54,594)
-
(54,594)
-
(134,929)
(189,523)
1,073,322
(189,523)
883,799		 Designated
Funds
2024
£
6,983
-
-
20,000
-
-
-
26,983
-
1,086,238
1,086,238
1,086,238
-
(1,059,255)
-
(1,059,255)
186,000
167,285
(705,970)
3,884,334
(705,970)
3,178,364		 Restricted
Funds
2024
£
66,765
-
1,597,851
42,250
473,410
-
-
2,180,276
-
1,943,719
1,943,719
1,943,719
-
236,557
-
236,557
-
(32,356)
204,201
202,864
204,201
407,065		 Total Funds
2024
£
3,286,392
306,710
1,597,851
417,272
473,410
1,385,573
23,086
7,490,294
1,043,909
7,323,677
7,323,677
8,367,586
-
(877,292)
-
(877,292)
186,000
-
(691,292)
5,160,520
(691,292)
4,469,228		 Total funds
2023
£
3,276,074
306,710
1,597,851
327,873
370,386
1,231,423
1,940
7,112,257
980,052
7,966,796
7,966,796
8,946,848
-
(1,834,591)
-
(1,834,591)
2,672,000
-
837,409
4,323,112
837,408
5,160,520

The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. A fully detailed Statement of Financial Activities for the year ended 31 March 2023 is shown in note 28.The notes on pages 24 to 44 form part of the accounts.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

CHARITY STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating income and expenditure account) For the year ended 31 March 2024

Note
INCOME FROM:
Charitable Activities
Income from charitable activities
2
Funding provided by City of York Council
6
Funding provided by Arts Council England
7
Donations, Legacies and General Grants
Donations and legacies
3
Other grants receivable
5
Investments
Interest receivable
4
TOTAL INCOME
EXPENDITURE ON:
Charitable expenditure
Charitable expenditure
10
Total charitable expenditure
TOTAL EXPENDITURE
Net gains on Investments
Net (expenditure) before taxation
Taxation charge
Net (expenditure) after taxation
Other recognised gains/(losses):
Actuarial gain on defined benefit scheme
24
Transfer between funds
20,21
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Fund balance brought forward
Net movement in the year
Fund balance carried forward		 General
Funds
2024
£
3,556,271
306,710
-
355,022
-
21,123
4,239,126
4,293,720
4,293,720
4,293,720
-
(54,594)
-
(54,594)
-
(134,929)
(189,523)
1,073,296
(189,523)
883,773		 Designated
Funds
2024
£
6,983
-
-
20,000
-
-
26,983
1,086,238
1,086,238
1,086,238
-
(1,059,255)
-
(1,059,255)
186,000
167,285
(705,970)
3,884,334
(705,970)
3,178,364		 Restricted
Funds
2024
£
66,765
-
1,597,851
42,250
473,410
-
2,180,276
1,943,719
1,943,719
1,943,719
-
236,557
-
236,557
-
(32,356)
204,201
202,864
204,201
407,065		 Total Funds
2024
£
3,630,019
306,710
1,597,851
417,272
473,410
21,123
6,446,385
7,323,677
7,323,677
7,323,677
-
(877,292)
-
(877,291)
186,000
-
(691,292)
5,160,494
(691,292)
4,469,202		 Total funds
2023
£
3,527,880
306,710
1,597,851
327,873
370,386
1,506
6,132,206
7,966,796
7,966,796
7,966,796
-
(1,834,590)
-
(1,834,590)
2,672,000
-
837,410
4,323,084
837,410
5,160,494

The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. A fully detailed Statement of Financial Activities for the year ended 31 March 2023 is shown in note 28. The notes on pages 24 to 44 form part of the accounts.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2024

BALANCE SHEET - Consolidated

Note 2024 2023
£ £
FIXED ASSETS
Tangible fixed assets 12 3,170,069 3,688,541
3,170,069 3,688,541
CURRENT ASSETS
Stock 14 139,934 96,148
Debtors 15 904,205 751,620
Cash at bank and in hand 16 1,925,035 2,099,292
2,969,174 2,947,060
CREDITORS: falling due <1 year 17 (1,609,522) (1,401,755)
NET CURRENT ASSETS 1,359,652 1,545,305
TOTAL ASSETS LESS CURRENT LIABILITIES 4,529,721 5,233,846
CREDITORS: falling due >1 year 18 (60,493) (73,326)
NET ASSETS EXCLUDING PENSION LIABILITY 4,469,228 5,160,520
Defined benefit pension scheme liability 24 - -
NET ASSETS 4,469,228 5,160,520
FUNDS
Unrestricted Funds
General unrestricted funds 20 883,799 1,073,322
Designated Funds 20
Pension Fund - -
Programme Funds 2,189 2,189
Strategic Fund 50,983 24,500
Infrastructure Fund 115,839 349,311
Property Fund 3,009,353 3,508,334
Total Designated Funds 3,178,364 3,884,334
Restricted Funds 21 407,065 202,864
4,469,228 5,160,520

The notes on pages 24 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 24[th] September 2024 and were signed on its behalf by:

Signed: qos Grierson

Signer ID: YCAZ3PDXKQ...

Name:_James Grierson, Trustee

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

CHARITY STATEMENT OF FINANCIAL POSITION

As at 31 March 2024

BALANCE SHEET - CHARITY

BALANCE SHEET - CHARITY
As Restated
Note 2024 2023
£ £
FIXED ASSETS
Tangible fixed assets 12 3,154,377 3,668,777
Investments 13 1 1
3,154,378 3,668,778
CURRENT ASSETS
Stock 14 - -
Debtors 15 1,043,260 1,376,598
Cash at bank and in hand 16 1,629,608 1,306,738
2,672,868 2,683,336
CREDITORS: falling due <1 year 17 (1,358,044) (1,191,622)
NET CURRENT ASSETS 1,314,824 1,491,714
TOTAL ASSETS LESS CURRENT LIABILITIES 4,469,202 5,160,494
NET ASSETS EXCLUDING PENSION LIABILITY 4,469,202 5,160,494
Defined benefit pension scheme liability 24 - -
NET ASSETS 4,469,202 5,160,494
FUNDS
Unrestricted Funds
General unrestricted funds 20 883,773 1,073,296
Designated Funds 20
Pension Fund - -
Programme Funds 2,189 2,189
Strategic Reserve 50,983 24,500
Infrastructure Fund 115,839 349,311
Property Fund 3,009,353 3,508,334
Total Designated Funds 3,178,364 3,884,334
Restricted Funds 21 407,065 202,864
4,469,202 5,160,494

The notes on pages 24 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 24[th] September 2024 and were signed on its behalf by:

Signed:

Signer ID: YCAZ3PDXKQ...

Name:_James Grierson, Trustee

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST For the year ended 31 March 2024

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 March 2024

Net (expenditure) after taxation
Interest Receivable
Depreciation
Pension scheme current service costs
Contributions paid
(Increase) in stocks
(Increase) in Debtors
Increase in Creditors
Net Cash Inflow from Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest Receivable
Purchase of tangible fixed assets
Net cash (used in) financing activties
(Decrease)/ increase in cash and cash
equivalents
Cash and cash equivalents at the start of
the year
Cash and cash equivalents at the end of
the year
25		 2024
£
(877,292)
(23,088)
824,619
511,000
(325,000)
(43,786)
(152,585)
164,620
78,487
2024
£
23,088
(275,834)
(252,746)
(174,256)
2,099,291
1,925,035		 2023
£
(1,834,592)
(1,940)
877,878
1,152,000
(323,000)
(19,236)
(21,956)
185,208
14,362
2023
£
1,940
(36,020)
(34,080)
(19,720)
2,119,012
2,099,292

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

For the year ended 31 March 2024

NOTES TO THE FINANCIAL STATEMENTS

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. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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:

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 2024/25 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 2024/25.

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 2025/26 and 2026/27. The financial guarantee given by CYC that extends to March 2026 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 13.

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.

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

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, 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.

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 : 20% per annum Vehicles and other equipment : 10% - 24% per annum Including: IT equipment : 36% per annum Fixtures and Fittings : 20% per annum

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

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 instrument. 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.

Funds accounting

Funds held by the charity are either:

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Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

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 2024 identified an accounting surplus of £4.7m (2023: £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.

Useful economic lives of tangible assets

Depreciation policies have been set according to experience of the useful lives of the assets in each category and are reviewed annually.

Support costs

Support costs are allocated across the activities of the museums. Support costs are allocated on a basis consistent with salary expenditure.

27

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

NOTE 2

INCOME FROM CHARITABLE ACTIVITIES

Admission Income
Museums and
Galleries Exhibition
Tax Relief
Miscellaneous
Consolidated
Gift Aided Donation
from Subsidiary
Management
Charge
Charity		 Group
Unrestricted
Funds
£
2,834,317
181,930
196,397
3,212,644
288,052
55,575
3,556,271		 Group
Designated
Funds
£
-
-
6,983
6,983
-
-
6,983		 Group
Restricted
Funds
£
-
-
66,765
66,765
-
-
66,765		 2024
£
2,834,317
181,930
270,145
3,286,392
288,052
55,575
3,630,019		 Group
Unrestricted
Funds
£
2,878,560
187,562
165,619
3,231,741
251,806
-
3,483,547		 Group
Designated
Funds
£
-
-
18,051
18,051
-
-
18,051		 Group
Restricted
Funds
£
-
-
26,281
26,281
-
-
26,281		 2023
£
2,878,560
187,562
209,951
3,276,073
251,806
-
3,527,879

NOTE 3 DONATIONS AND LEGACIES GROUP AND CHARITY

GROUP AND CHARITY
Gift Aid Donations
Donations and
Legacies
NOTE 4
GROUP
INTEREST RECEIVABLE
Bank interest
CHARITY
INTEREST RECEIVABLE
Bank interest
NOTE 5
GRANTS RECEIVABLE
GROUP AND CHARITY		 Unrestricted
Funds
£
300,648
54,374
355,022
Group
Unrestricted
Funds
£
23,086
23,086
Charity
Unrestricted
Funds
£
21,123
21,123		 Designated
Funds
£
-
20,000
20,000
Group
Designated
Funds
£
-
-
Charity
Designated
Funds
£
-
-		 Restricted
Funds
£
750
41,500
42,250
Group
Restricted
Funds
£
-
-
Charity
Restricted
Funds
£
-
-		 2024
£
301,398
115,874
417,272
2024
£
23,086
23,086
2024
£
21,123
21,123		 Unrestricted
Funds
£
282,695
43,428
326,123
Group
Unrestricted
Funds
£
1,940
1,940
Charity
Unrestricted
Funds
£
1,506
1,506		 Designated
Funds
£
-
-
-
Group
Designated
Funds
£
-
-
Charity
Designated
Funds
£
-
-		 Restricted
Funds
£
-
1,750
1,750
Group
Restricted
Funds
£
-
-
Charity
Restricted
Funds
£
-
-		 2023
£
282,695
45,178
327,873
2023
£
1,940
1,940
2023
£
1,506
1,506
Art Fund
British Museum (PAS)
Cultural Wellbeing
City of York Council
Craft Potters Charitable
Trust
Headley Trust
Museums Association
Pilgrim Trust
Ruffer Art Fund
School for Social
Entrepreneurs
Shears Foundation
The American Art Fund
Time Odyssey
University of Leeds
Victoria & Albert Museum
Yorkshire Philosophical
Society		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
-
-
395,801
-
-
45,692
-
-
15,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,000
-
-
-
-
-
-
-
-
5,500
-
-
-
-
-
1,417
-
-
-
-
-
-
-
-
-
-
473,410		 2024
£
395,801
45,692
15,000
-
-
-
-
10,000
-
-
5,500
-
1,417
-
-
-
473,410		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
2023
£
£
£
£
-
-
299,448
299,448
-
-
38,892
38,892
-
-
-
-
-
-
1,500
1,500
-
-
1,000
1,000
-
-
9,619
9,619
-
-
2,000
2,000
-
-
-
-
-
-
(495)
(495)
-
-
4,500
4,500
-
-
-
-
-
-
9,222
9,222
-
-
-
-
-
-
750
750
-
-
3,200
3,200
-
-
750
750
-
-
370,386
370,386

28

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

NOTE 6

FUNDING PROVIDED BY CITY OF YORK COUNCIL

GROUP AND CHARITY

Unrestricted
Funds
£
Core funding
306,710
306,710
NOTE 7
FUNDING PROVIDED BY ARTS COUNCIL
GROUP AND CHARITY
Group
Unrestricted
Funds
£
NPO Funding
-
Museum Development
-
-		 Designated
Funds
£
-
-
Group
Designated
Funds
£
-
-
-		 Restricted
Funds
£
-
-
Group
Restricted
Funds
£
1,252,632
345,219
1,597,851		 2024
£
306,710
306,710
2024
£
1,252,632
345,219
1,597,851		 Unrestricted
Funds
£
306,710
306,710
Group
Unrestricted
Funds
£
-
-
-		 Designated
Funds
£
-
-
Group
Designated
Funds
£
-
-
-		 Restricted
Funds
£
-
-
Group
Restricted
Funds
£
1,252,632
345,219
1,597,851		 2023
£
306,710
306,710
2023
£
1,252,632
345,219
1,597,851

NOTE 8

INFORMATION REGARDING TRUSTEES AND EMPLOYEES

Average number of
persons employed 2024 2023
No. No.
Curatorial 27 25
Education 5 3
Gardens 6 5
Marketing 6 6
Facilities 3 3
Visitor Services 61 53
Directors and
Administrative Staff 21 23
Trading Subsidiary 13 11
142 129
Staff Costs During the Year
2024 2023
£ £
Wages and Salaries 3,048,253 2,758,594
Social Security Costs 250,350 216,713
3,298,603 2,975,307
Defined benefit
pension scheme
costs 515,368 1,105,482
Pension scheme
finance costs (7,000) 46,000
3,806,971 4,126,789
Included in the above wages & salary costs are the following redund
2024 2023
£ £
2,402 18,282

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

The Redundancy & Ex Gratia payment made in 2023-24 was in relation to 1 employee (2022-23:1).

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 (2023: £60,000) in the year was as follows:

£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000		 2024
No.
1
-
-
1
2		 2023
No.
1
-
-
-
1

29

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

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 £159,165 (2023: £125,963). The total social security costs of the key management personnel of the charity and group totalled £17,520 (2023: £13,748).

No Trustee received remuneration or benefits during either year. 2 Trustees claimed expenses of £2,513 (2023: 2 Trustees claimed £582) in the year.

NOTE 9

NET INCOME FOR THE YEAR

Net income/(expenditure) for the year is stated after charging:

2024 2023
£ £
Depreciation of
Owned Assets 824,619 877,879
Rentals Under
Operating Leases -
Land and Buildings 89,569 85,903
Auditors
Remuneration:
Fees payable for the
audit of the Charity's
Annual Accounts 15,875 15,140
Fees payable for the
audit of the Charity's
Subsidiary 7,025 5,120
Fees payable to the
Charity's auditor for
other services 3,200 2,925

NOTE 10

ANALYSIS OF TOTAL EXPENDITURE GROUP AND CHARITY

Activity
Curatorial
Education
Exhibitions and
Events
Gardens
Marketing
Premises
Visitor Services
Admissions
Museum
Development		 Activities
Undertaken
Directly 2024
£
638,531
199,346
337,520
301,267
362,056
1,644,120
1,523,471
-
586,965
5,593,276		 Support
Costs 2024
£
289,037
38,266
1,051
128,691
188,949
153,555
930,852
-
-
1,730,401		 Total 2024
£
927,568
237,612
338,571
429,958
551,005
1,797,675
2,454,323
-
586,965
7,323,677		 Activities
Undertaken
Directly
2023
£
899,000
147,716
409,717
271,755
461,678
1,700,150
1,271,276
418
400,142
5,561,852		 Support Costs
2023
£
435,532
49,017
1,017
169,389
302,699
263,441
1,183,458
391
-
2,404,944		 Total 2023
£
1,334,532
196,733
410,734
441,144
764,377
1,963,591
2,454,734
809
400,142
7,966,796

30

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

NOTE 11

ANALYSIS OF SUPPORT COSTS
GROUP AND CHARITY
For the year ended 31 March 2024
Finance and Professional Fees
IT Costs
Staffing and HR
Senior Management
Admin Costs
Cleaning and Hygiene
Other Costs
Governance Costs
For the year ended 31 March 2023
Finance and Professional Fees
IT Costs
Staffing and HR
Senior Management
Admin Costs
Cleaning and Hygiene
Other Costs
Governance Costs		 Curatorial
Education
Exhibitions
and Events
Gardens
Marketing
Facilities
Visitor
Services
Admissions
Total
93,269
12,348
339
41,527
60,972
49,551
300,377
-
558,383
50,813
6,727
185
22,624
33,217
26,995
163,643
-
304,204
63,206
8,368
230
28,142
41,319
33,579
203,557
-
378,401
58,913
7,800
214
26,230
38,512
31,298
189,729
-
352,696
8,084
1,070
29
3,599
5,285
4,295
26,036
-
48,398
1,603
212
6
714
1,048
852
5,164
-
9,599
6,564
869
24
2,923
4,291
3,487
21,141
-
39,299
6,585
872
24
2,932
4,305
3,498
21,205
-
39,421
289,037
38,266
1,051
128,691
188,949
153,555
930,852
-
**1,730,401 **
Curatorial
Education
Exhibitions
and Events
Gardens
Marketing
Facilities
Visitor
Services
Admissions
Total
98,150
11,046
229
38,173
68,215
59,368
266,699
88
541,968
63,251
7,119
148
24,600
43,960
38,259
171,870
57
349,264
185,380
20,864
433
72,099
128,841
112,131
503,727
166
1,023,641
54,799
6,167
128
21,313
38,086
33,146
148,905
49
302,593
22,140
2,492
52
8,611
15,388
13,392
60,160
20
122,255
1,433
161
3
557
996
867
3,893
1
7,911
5,341
601
12
2,077
3,712
3,231
14,514
5
29,493
5,038
567
12
1,959
3,501
3,047
13,690
5
27,819
435,532
49,017
1,017
169,389
302,699
263,441
1,183,458
391
2,404,944

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

31

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

NOTE 12 TANGIBLE FIXED ASSETS

Displays
Group & Charity
£
Cost
At 1st April 2023
1,012,113
Additions
-
Disposals
-
Transfers
-
At 31st March 2024
1,012,113
Accumulated depreciation
At 1st April 2023
1,012,113
Charge for year
-
Disposals
-
At 31st March 2024
1,012,113
Net book value
At 31st March 2024
-
At 1st April 2023
-		 Property
£
10,672,268
231,152
-
-
10,903,420
7,056,963
786,588
-
7,843,551
3,059,869
3,615,305		 Vehicles
and Other
Equipment
£
539,763
74,996
(19,031)
-
595,728
466,528
38,031
(19,031)
485,528
110,200
73,236		 Total
£
12,224,144
306,148
(19,031)
-
12,511,261
8,535,604
824,619
(19,031)
9,341,192
3,170,069
3,688,541

TANGIBLE FIXED ASSETS

Displays
Charity
£
Cost
At 1st April 2023
1,012,113
Additions
-
Disposals
-
At 31st March 2024
1,012,113
Accumulated depreciation
At 1st April 2023
1,012,113
Charge for year
-
Disposals
-
At 31st March 2024
1,012,113
Net book value
At 31st March 2024
-
At 1st April 2023
-		 Property
£
10,672,268
231,152
-
10,903,420
7,056,963
786,588
-
7,843,551
3,059,869
3,615,305		 Vehicles
and Other
Equipment
£
428,314
74,996
(12,211)
491,099
374,842
33,960
(12,211)
396,591
94,508
53,472		 Total
£
12,112,695
306,148
(12,211)
12,406,632
8,443,918
820,548
(12,211)
9,252,255
3,154,377
3,668,777

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

The split of freehold property and leasehold property improvements net book value as at 31 March 2024 is: Freehold property £358,504 (2023: £380,675); leasehold property improvements £2,665,535 (2023: £3,234,630). The City of York Council has granted the charity a 35 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

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

NOTE 13

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 (2023: £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 2024 is summarised below:

Turnover
Cost of Sales
Gross Profit
Other Operating
Income
Administrative Expenses
Management Charge
Operating Profit
Interest Receivable
and Similar Income
Profit on ordinary
activities before tax
Taxation
Profit after tax
Gift aid distribution
Profit Retained for the
Financial Year
The aggregate of the
assets, liabilities and
funds was:
Assets
Liabilities
Represented by:
Called Up Share
Capital
Profit & Loss account		 2024
£
1,367,573
(555,323)
812,250
18,000
(488,586)
(55,575)
286,089
1,963
288,052
-
288,052
(288,052)
-
2024
528,920
(528,886)
34
1
33
34		 As Restated
2023
£
1,213,423
(461,904)
751,519
18,000
(518,148)
-
251,371
434
251,805
-
251,805
(251,805)
-
2023
1,003,830
(1,003,796)
34
1
33
34

33

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

NOTE 14

STOCK

2024
Group
£
Goods for resale
139,934
139,934
NOTE 15
DEBTORS
2024
Group
£
Trade debtors
77,879
Amounts owed by subsidiary
-
Accrued income and
other debtors
430,961
Museums and Galleries
Exhibition Tax Relief
185,555
Prepayments
145,091
VAT recoverable
39,179
Other Debtors
25,540
904,205
NOTE 16
CASH AND CASH EQUIVALENTS
2024
Group
£
Cash at bank and in hand
1,925,035
NOTE 17
CREDITORS: DUE <1 YR
2024
Group
£
Trade creditors
1,095,265
Other creditors
30,342
Accruals and deferred
income
483,915
1,609,522
NOTE 18
CREDITORS: DUE >1 YR
2024
Group
£
Deferred Income
60,493
60,493		 2024
Charity
£
-
-
2024
Charity
£
59,565
216,935
418,186
185,555
98,300
39,179
25,540
1,043,260
2024
Charity
£
1,629,608
2024
Charity
£
1,024,131
1,081
332,832
1,358,044
2024
Charity
£
-
-		 2023
Group
£
96,148
96,148
2023
Group
£
51,366
-
355,160
187,562
107,823
11,213
38,496
751,620
2023
Group
£
2,099,292
2023
Group
£
800,973
10,505
590,277
1,401,755
2023
Group
£
73,326
73,326		 2023
Charity
£
-
-
As Restated
2023
Charity
£
17,723
720,344
343,188
187,562
58,072
11,213
38,496
1,376,598
2023
Charity
£
1,306,739
As Restated
2023
Charity
£
776,388
841
414,393
1,191,622
2023
Charity
£
-
-

HSBC Bank has a fixed and floating charge over all the assets in respect of operational facilities in place with the bank, no amounts are due to HSBC at either year end

NOTE 19

Deferred Income

Opening Balance
Deferred Income Additions during the year
Deferred Income Release during the year
Closing Balance		 2024
Group
£
247,279
195,394
(245,031)
197,642		 2024
Charity
£
22,789
9,785
(22,789)
9,785		 2023
Group
£
202,475
243,364
(198,560)
247,279		 2023
Charity
£
9,187
21,122
(7,520)
22,789

The deferred income relates to future events and the Patrons Scheme

34

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

NOTE 20

MOVEMENT IN UNRESTRICTED FUNDS

GROUP
General Unrestricted
funds
Total General Funds
Designated Pension
Fund
Designated
Programme Funds
Designated Strategic
Fund
Designated
Infrastructure Fund
Designated Property
Fund
Total Designated
Funds
Total Unrestricted
Funds		 1st April 2023
£
1,073,322
1,073,322
-
2,189
24,500
349,311
3,508,334
3,884,334
4,957,656		 Income
£
5,283,035
5,283,035
-
-
26,983
-
-		 Expenditure
£
(5,337,629)
(5,337,629)
(186,000)
-
(26,750)
(10,325)
(863,163)		 Other
Gains and
(Losses)
£
-
-
186,000
-
-
-
-
186,000
186,000		 Transfers
£
(134,929)
(134,929)
-
-
26,250
(223,147)
364,182
167,285
32,356		 31st March
2024
£
883,799
883,799
-
2,189
50,983
115,839
3,009,353
26,983
5,310,018		 (1,086,238)
(6,423,867)		 3,178,364
4,062,163

MOVEMENT IN UNRESTRICTED FUNDS

CHARITY
General Unrestricted
funds
Total General Funds
Designated Pension Fund
Designated
Programme Funds
Designated Strategic
Fund
Designated
Infrastructure Fund
Designated Property
Fund
Total Designated
Funds
Total Unrestricted
Funds		 1st April 2023
£
1,073,296
1,073,296
-
2,189
24,500
349,311
3,508,334
3,884,334
4,957,630		 Income
£
4,239,126
4,239,126
-
-
26,983
-
-
26,983
4,266,109		 Expenditure
£
(4,293,720)
(4,293,720)
(186,000)
-
(26,750)
(10,325)
(863,163)
(1,086,238)
(5,379,958)		 Other
Gains and
(Losses)
£
-
-
186,000
-
-
-
-
186,000
186,000		 Transfers
£
(134,929)
(134,929)
-
-
26,250
(223,147)
364,182
167,285
32,356		 31st March
2024
£
883,773
883,773
-
2,189
50,983
115,839
3,009,353
3,178,364
4,062,137

The £134,929 transfer from the General Fund includes £84,785 which the Trustees have allocated towards the Castle RAAC (£58,035) and Estates Masterplan (£26,750) projects, and £50,000 allocated to the designated Infrastructure fund to go towards future capital expenditure.

35

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

Prior Year Comparison

MOVEMENT IN UNRESTRICTED FUNDS

GROUP
General Unrestricted
funds
Total General Funds
Designated Pension Fund
Designated
Programme Funds
Designated Strategic
Fund
Designated
Infrastructure Fund
Designated Property Fund
Total Designated
Funds
Total Unrestricted
Funds		 1st April 2022
£
1,199,615
1,199,615
(1,843,000)
2,189
26,065
385,095
4,306,573
2,876,922
4,076,537		 Income
£
5,097,937
5,097,937
-
-
18,051
-
-
18,051
5,115,988		 Expenditure
£
(5,176,704)
(5,176,704)
(829,000)
-
(7,500)
(30,515)
(862,655)
(1,729,670)
(6,906,374)		 Other
Gains and
(Losses)
£
-
-
2,672,000
-
-
-
-
2,672,000
2,672,000		 Transfers
£
(47,526)
(47,526)
-
-
(12,116)
(5,270)
64,417
47,031
(495)		 31st March
2023
£
1,073,322
1,073,322
-
2,189
24,500
349,310
3,508,335
3,884,334
4,957,656

MOVEMENT IN UNRESTRICTED FUNDS

CHARITY
General Unrestricted
funds
Total General Funds
Designated Pension Fund
Designated
Programme Funds
Designated
Restructure Fund
Designated
Infrastructure Fund
Designated Property Fund
Total Designated
Funds
Total Unrestricted
Funds		 1st April 2022
£
1,199,587
1,199,587
(1,843,000)
2,189
26,065
385,095
4,306,573		 Income
£
4,117,887
4,117,887
-
-
18,051
-
-		 Expenditure
£
(4,196,652)
(4,196,652)
(829,000)
-
(7,500)
(30,515)
(862,655)		 Other
Gains and
(Losses)
£
-
-
2,672,000
-
-
-
-		 Transfers
£
(47,526)
(47,526)
-
-
(12,116)
(5,270)
64,417
47,031
(495)		 31st March
2023
£
1,073,296
1,073,296
-
2,189
24,500
349,310
3,508,335
2,876,922
4,076,509		 18,051
4,135,938		 (1,729,670)
(5,926,322)		 2,672,000
2,672,000		 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.

36

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

NOTE 21

MOVEMENT IN RESTRICTED FUNDS

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

Group and charity
Friends Art Gallery
Ceramics SSN
Bloom
Shears Foundation
Archaeology Archives
Portable Antiquities
Arts Council NPO Funding
MDY Projects
COCA - Restricted
Richard III
Ryedale Hoard
Star Carr
Gardens Restricted
Curatorial Restricted
Children's Play
Cultural Wellbeing
Art Fund
Headley Art Fund
Pilgrim trust
MD Network Grant
TA Redevelopment
Wild Escape MDY
MDUK Art Fund Grants
Other Small Grants
Other Restricted Funds		 1st April 2023
Income
Expenditure
Transfers
31st Mar 2024
£
£
£
£
£
7,401
35,195
(1,620)
(30,000)
10,976
2,453
-
-
-
2,453
-
5,000
(5,000)
-
-
-
5,500
(5,500)
-
-
37,835
4,340
(14,221)
-
27,954
645
45,692
(45,692)
-
645
-
1,252,632
(1,252,632)
-
-
19,488
383,649
(420,486)
17,677
328
14,795
-
(82)
-
14,713
1,762
-
-
-
1,762
2,935
-
(2,935)
-
-
-
6,750
(6,750)
-
-
16,254
7,600
(3,645)
-
20,209
12,071
11,700
(5,303)
(3,000)
15,468
1,244
-
(1,944)
700
-
56
15,000
-
(56)
15,000
8,035
(4,329)
(100)
-
3,606
5,428
-
-
-
5,428
-
10,000
-
-
10,000
3,216
-
(974)
(2,242)
-
1,517
-
90
-
1,607
16,282
130
(10,171)
-
6,241
-
400,000
(166,478)
(15,435)
218,087
38,496
-
-
-
38,496
12,951
1,417
(276)
-
14,092
202,864
2,180,276
(1,943,719)
(32,356)
407,065

The £30,000 transfer from the Friends of the Art Gallery fund was a contribution towards new lighting at the Art Gallery and was transferred to the designated infrastructure fund to match the expenditure. £15,435 was transferred to MDY Projects from the MDUK Art Fund to cover the facilitation of the grants by MDY during the year.

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 Bloom. £5,000 donation towards the Bloom Exhibition

Shears Foundation awarded a grant towards the Teenage Art School project

Archaeology Archives fund is to receive archaeological finds

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

Arts Council. Year 2 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 Star Carr -a donations received towards the Star Carr 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 Pilgrim Trust - £10,000 grant towards conserving and sharing the Oulston Roman Villa mosaic

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 MDUK Art Fund Grant – funds towards the Museum Development UK Grants programme 2023-25

37

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

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

Prior Year Comparison

Group and charity
Friends Art Gallery
Ceramics SSN
Body Vessel Clay
Archaeology Archives
Portable Antiquities
Arts Council NPO Funding
MDY Projects
COCA - Restricted
Richard III
Ryedale Hoard
Gardens Restricted
Curatorial Restricted
Children's Play
Cultural Wellbeing
Art Fund
Headley Art Fund
MD Network Grant
TA Redevelopment
Wild Escape MDY
Capital works fund
Other Small Grants
Other Restricted Funds		 1st April 2022
Income
Expenditure
Transfers
31st Mar 2023
£
£
£
£
£
7,401
-
-
-
7,401
2,203
-
250
-
2,453
-
3,200
(3,200)
-
-
38,477
3,850
(4,493)
-
37,834
0
38,892
(38,247)
-
645
-
1,252,632
(1,252,632)
-
-
51,349
354,282
(400,142)
14,000
19,489
13,951
1,000
(156)
-
14,795
1,762
-
-
-
1,762
-
9,221
(6,286)
-
2,935
14,639
5,500
(3,885)
-
16,254
11,003
12,750
(11,682)
-
12,071
-
1,500
(256)
-
1,244
569
-
(513)
-
56
21,532
-
(13,497)
-
8,035
21,442
-
(16,014)
-
5,428
2,242
200,000
(185,026)
(14,000)
3,216
4,531
500
(3,514)
-
1,517
-
96,819
(80,537)
-
16,282
1
-
0
(1)
-
38,496
-
0
-
38,496
16,977
16,122
(20,644)
496
12,951
246,575
1,996,268
(2,040,474)
495
202,864

NOTE 22

ANALYSIS OF ASSETS & LIABILITIES BETWEEN FUNDS

Group
Tangible Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Pension asset/Liability
As 31st March 2024
As 31st March 2023
Charity
Tangible Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Pension Liability
As 31st March 2024
As 31st March 2023		 General Funds
£
160,714
2,393,100
(1,609,522)
(60,493)
-
883,799
1,073,322
General Funds
£
145,023
2,096,794
(1,358,044)
-
-
883,773
1,073,296		 Designated
Funds
£
3,009,355
169,009
-
-
3,178,364
3,884,334
Designated
Funds
£
3,009,355
169,009
-
-
3,178,364
3,884,334		 Restricted
Funds
£
-
407,065
-
-
-
407,065
202,864
Restricted
Funds
£
-
407,065
-
-
-
407,065
202,864		 Total Funds
£
3,170,069
2,969,174
(1,609,522)
(60,493)
-
4,469,228
5,160,520
Total Funds
£
3,154,378
2,672,868
(1,358,044)
-
-
4,469,202
5,160,494

38

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

Prior Year Comparison

ANALYSIS OF ASSETS & LIABILITIES BETWEEN FUNDS

Group
Tangible Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Pension Liability
As 31st March 2023
As 31st March 2022
Charity
Tangible Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Pension Liability
As 31st March 2023
As 31st March 2022		 General Funds
£
180,206
2,520,090
(1,553,648)
(73,326)
-
1,073,322
1,199,615
General Funds
£
160,444
2,256,366
(1,343,514)
-
-
1,073,296
1,199,587		 Designated
Funds
£
3,508,335
375,999
-
-
3,884,334
2,876,922
Designated
Funds
£
3,508,335
375,999
-
-
3,884,334
2,876,922		 Restricted
Funds
£
-
50,971
151,893
-
-
202,864
246,575
Restricted
Funds
£
-
50,971
151,893
-
-
202,864
246,575		 Total Funds
£
3,688,541
2,947,060
(1,401,755)
(73,326)
-
5,160,520
4,323,112
Total Funds
£
3,668,779
2,683,336
(1,191,621)
-
-
5,160,494
4,323,084

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

NOTE 23

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
Within one year
Two and five years
Six and ten years		 2024
Land &
Buildings
£
89,750
282,096
-
371,846
Other
£
1,585
6,340
396
8,321		 2023
Land &
Buildings
Other
£
£
89,750
1,585
333,563
6,340
38,283
1,978
461,596
9,903

NOTE 24

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 2024.

The plan has a gross accounting surplus at the reporting date of £4.7m (22-23 £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 £325,000 (2023 - £323,000).

39

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

Assumptions

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

2024 2023
Financial:
Rate of increase in salaries 3.85% 3.95%
Pension in payment increases 2.60% 2.70%
Discount rate 4.80% 4.70%
Inflation assumption 2.60% 2.70%
2024 2023
Years Years
Life expectancy:
Male future pensioner aged 65 in 20 years' time 23.0 23.5
Female future pensioner aged 65 in 20 years' time 25.6 26.0
Male current pensioner aged 65 22.1 22.6
Female current pensioner aged 65 24.6 25.0
The amounts recognised in the statement of financial position are as follows:
2024 2023
£'000 £'000
Present value of scheme liabilities (16,894) (16,647)
Fair value of scheme assets 21,651 19,550
Surplus not recognised (4,757) (2,903)
Surplus/ (Deficit) in the scheme - -
The assets in the scheme and the expected rate or return were:
Fair value Fair value
2024 2023
£'000 £'000
Equities 10,218 10,186
Government Bonds 2,663 2,150
Other bonds 1,581 1,408
Property 1,321 1,251
Multi Asset Credit 1,126 1,036
Cash Asset Credit 1,018 274
Other 3,724 3,245
Total fair value of assets 21,651 19,550
Actuarial value of liability (16,894) (16,647)
Surplus not recognised (4,757) (2,903)
Net pension surplus/ (deficit) - -
Movement in the deficit during the year were as follows:
2024 2023
£'000 £'000
Deficit in scheme at 1 April - (1,843)
Movement in the year: - -
Current service costs (516) (1,106)
Past service cost (2) -
Settlement cost - -
Net (loss) on assets 7 (46)
Contributions 325 323
Actuarial gain/(loss) 1,904 5,575
Surplus not recognised (1,718) (2,903)
Surplus/ (Deficit) in the scheme at 31 March - -

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

Expected return on pension scheme assets
Interest on pension scheme liabilities
Net finance loss		 2024
£'000
-
(7)
(7)		 2023
£'000
-
46
46

40

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

The amount recognised in the income and expenditure account are:

Current service costs
Past service costs
Net Interest cost
Expected return on scheme assets
Total charge to income and expenditure account		 2024
£'000
516
2
(7)
-
511		 2023
£'000
1,106
-
46
-
1,152

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

Amount recognised during the period
Gain adjusted as fund surplus not recognised
Cumulative amount recognised		 2024
2023
£'000
£'000
1,904
5,575
(1,718)
(2,903)
186
2,672

Asset and liability reconciliation

Reconciliation of assets
2024
£'000
Assets at the start of the year
19,550
Expected return on plan assets
920
Actuarial (loss)/gain on assets
1,128
Employer contributions
325
Member contributions
187
Benefits Paid
(459)
Settlements
-
Assets at the end of the year
21,651
Actual return on plan assets
2,048
Reconciliation of liabilities
Liabilities at the start of the year
Current service costs
Past service costs
Interest on pension liabilities
Employee contributions
Actuarial (gains)/losses due to changes in financial assumptions
Actuarial (gains)/losses due to changes in demographic
assumptions
Actuarial (gains)/losses due to liability experience
Actuarial loss/(gain) on liabilities
Benefits paid
Settlements
Liabilities at the end of the year
Net pension scheme asset not recognised		 Reconciliation of assets
2024
£'000
Assets at the start of the year
19,550
Expected return on plan assets
920
Actuarial (loss)/gain on assets
1,128
Employer contributions
325
Member contributions
187
Benefits Paid
(459)
Settlements
-
Assets at the end of the year
21,651
Actual return on plan assets
2,048
Reconciliation of liabilities
Liabilities at the start of the year
Current service costs
Past service costs
Interest on pension liabilities
Employee contributions
Actuarial (gains)/losses due to changes in financial assumptions
Actuarial (gains)/losses due to changes in demographic
assumptions
Actuarial (gains)/losses due to liability experience
Actuarial loss/(gain) on liabilities
Benefits paid
Settlements
Liabilities at the end of the year
Net pension scheme asset not recognised		 2023
£'000
21,765
589
(2,895)
323
160
(392)
-
19,550
(2,306)
2024
2023
£'000
£'000
16,647
23,608
516
1,106
2
-
777
635
187
160
(675)
(10,306)
(255)
180
154
1,656
-
-
(459)
(392)
-
-
16,894
16,647
4,757
2,903		 2023
£'000
21,765
589
(2,895)
323
160
(392)
-
19,550
(2,306)
2024
2023
£'000
£'000
16,647
23,608
516
1,106
2
-
777
635
187
160
(675)
(10,306)
(255)
180
154
1,656
-
-
(459)
(392)
-
-
16,894
16,647
4,757
2,903
2024
£'000
16,647
516
2
777
187
(675)
(255)
154
-
(459)
-
16,894
4,757
16,647
2,903

Net Interest costs include £136,000 in respect of the unrecognised scheme asset brought forward

41

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

The history of experience adjustments is as follows:

Scheme liabilities
Scheme assets
Experience adjustments on scheme liabilities
Percentage of scheme liabilities
Experience adjustments on scheme assets
Percentage of scheme assets
NOTE 25
NET DEBT RECONCILLIATION
1st April 2023
£
Cash at bank and in hand
2,099,292
Net Debt
2,099,292		 Cash Flows
£
(174,257)		 2024
£'000
(16,894)
21,651
4,757
(776)
4.6%
1,128
5.2%
31st Mar
2024
£
1,925,035		 2023
£'000
(16,647)
19,550
2,903
(8,470)
50.9%
(2,895)
-14.8%		 2022
£'000
(23,608)
21,765
(1,843)
(2,667)
11.3%
(226)
-1.0%		 2021
£'000
(24,858)
21,467
(3,391)
5,121
7.0%
4,511
-2.7%		 2020
£'000
(18,653)
16,513
(2,140)
(1,298)
-0.2%
(453)
5.5%		 2019
£'000
(18,516)
16,153
(2,363)
42
-0.2%
892
4.8%
(174,257) 1,925,035

The Charitable Group has no debt in the current or previous year.

NOTE 26

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 £55,575 (2023: £10,500).

The subsidiary, York Museums and Enterprises Limited, made a gift aid donation under a deed of covenant to the Trust of £288,052 in the year ended 31 March 2024 (2023: £251,805).

At 31 March 2024, York Museums and Enterprises Limited owed £216,935 to the Trust (2023: £720,344).

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 2024.

During the year Trustees have donated £7,636 to the Trust via the Patrons Scheme (2023: £3,402).

NOTE 27

PRIOR PERIOD ADJUSTMENT

Amounts owed to the subsidiary in the prior year of £57,351 have been offset against the debtor balance. This has resulted in a reduction of the debtors and creditors of £57,351 in the company balance sheet. There was no impact to the consolidated balance sheet as at 31 March 2023, and no impact to the consolidated and company statement of financial activities for the year end 31 March 2023.

42

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 March 2024

NOTE 28

2022-23 Consolidated Statement of Financial Activities

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

43

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7

YORK MUSEUMS AND GALLERY TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024

2022-23 Charity Statement of Financial Activities

INCOME FROM:
Charitable Activities
Income from charitable activities
Funding provided by City of York Council
Funding provided by Arts Council England
Donations, Legacies and General Grants
Donations and legacies
Other grants receivable
Investments
Interest receivable
TOTAL INCOME
EXPENDITURE ON:
Charitable expenditure
Charitable expenditure
Total charitable expenditure
TOTAL EXPENDITURE
Net gains on Investments
Net income/(expenditure) before taxation
Taxation charge
Net income/(expenditure) after taxation
Other recognised gains/(losses):
Actuarial (loss)/gain on defined benefit scheme
Transfer between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Fund balance brought forward
Net movement in the year
Fund balance carried forward		 General
Funds
2023
£
3,483,548
306,710
-
326,123
-
1,506
4,117,887
4,196,652
4,196,652
4,196,652
-
(78,765)
-
(78,765)
-
(47,526)
(126,291)
1,199,587
(126,291)
1,073,296		 Designated
Funds
2023
£
18,051
-
-
-
-
-
18,051
1,729,670
1,729,670
1,729,670
-
(1,711,619)
-
(1,711,619)
2,672,000
47,031
1,007,412
2,876,922
1,007,412
3,884,334		 Restricted
Funds
2023
£
26,281
-
1,597,851
1,750
370,386
-
1,996,268
2,040,474
2,040,474
2,040,474
-
(44,206)
-
(44,206)
-
495
(43,711)
246,575
(43,711)
202,864		 Total
Funds
2023
£
3,527,880
306,710
1,597,851
327,873
370,386
1,506
6,132,206
7,966,796
7,966,796
7,966,796
-
(1,834,590)
-
(1,834,590)
2,672,000
-
837,410
4,323,084
837,410
5,160,494

44

Document ID: ec67f20e6e9908d486e0cb93d463a67252e71b65a1b44a8d6862a4e905e4b1e7