Charity number: 1158927
THE YORKE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE YORKE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
THE YORKE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
| Trustees | Rodney Slatford OBE |
|---|---|
| Alison Randall (resigned 24 August 2022) | |
| Jennifer Hamilton | |
| Carol Jennings | |
| Brenda Blewett (appointed 18 March 2022) | |
| Malcolm Wearing (appointed 18 March 2022) | |
| Charity registered number 1158927 Principal office Grove Cottage Southgate Fakenham NR21 9PA Accountants Larking Gowen LLP Chartered Accountants Summerhill House 1 Sculthorpe Road Fakenham NR21 9HA |
Page 1
THE YORKE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the charity for the 1 January 2022 to 31 December 2022.
Objectives and activities
a. Policies and objectives
In the furtherance of the CIO's objectives the trustees shall engage in the following activities:
(a) to establish and support one or more centres for the teaching of music including the provision of master classes, workshops, exhibitions, recitals and concerts.
(b) to make awards of scholarships and bursaries to students of music to further their education.
(c) to develop and further existing teaching methods and to introduce or pioneer new teaching methods.
(d) to give support and aid to children and young people, schools, colleges and other charitable educational foundations.
(e) to support such other non-musical activities as will make best use of its buildings, facilities and resources at the discretion of the trustees.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Review of activities
Reflecting the somewhat precarious position of the British music profession, exacerbated to some extent by the lack of Arts Council investment and BBC cuts, Trustees decided not to embark on ambitious projects for the time being. Operatic endeavours that included involvement of the Trust’s community chorus were maintained with Jennifer Hamilton’s excellent production of Strozzi, largely conceived during the pandemic. The production was brought from Trinity Laban Conservatoire of Music and Drama in Greenwich where it was first presented. The performance drew a capacity audience and was greatly appreciated.
Trustees met three times during the year and there was regular informal contact between them. Malcolm Wearing and Brenda Blewett were appointed to strengthen the Trustee base and Alison Randall stood down because of family commitments. Further appointments were discussed for implementation in 2023. Carol Jennings maintained the website and mailing list database throughout the year. Alex Abery continued as bookkeeper and liaised with the accountants Larking Gowen over matters concerning the accounts and the Charity Commission.
Musically, the Trust’s primary focus was the Benefit Concert series. Designed to give a sheltered platform to promising young musicians who had been unable to gain post-Covid performing opportunities, Trustees supported developing young instrumentalists in association with the Royal Over-Seas League, Craxton Trust, and the Purcell School’s Impulse Outreach programme. Concerts, mostly at 15:00 in the Old Chapel, were attended by between 25 and 30 people who enjoyed light refreshments in the Old Norwich Arms afterwards. The series once again attracted generous donations, enabling ticket prices to be held at £12.00. In addition, some experienced professionals gave their services for concerts in support of the scheme.
As in previous years, a double bass prize in the name of the Yorke Trust was awarded to a pupil at the Junior Royal Northern College of Music who subsequently took up a place to study in London.
Use of the premises continued to generate a small but steady stream of income through lettings, musical courses, recordings, holidays and The Reel Fling whose bi-weekly gatherings for Scottish dancing, preceded by a meal, continued to attract an average of 18-25 participants. Sadly the regular bookings for yoga weekends were cancelled because of the tutor’s partner’s terminal cancer diagnosis
Malcolm Wearing kindly made a number of small improvements to the property and certified all electrical fittings for which Trustees expressed gratitude. Having received no invoice for a new oven, after enquiries the supplier accepted the Trust’s SORNed minibus in exchange as the bus was in need of considerable expenditure and it was unlikely to have been of further use to the Trust.
Page 2
THE YORKE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Objectives and activities (continued)
Trustees are aware that the former Sunday School Room needs re-organising and the disposal of surplus bulky items of scenery requires a working party. Hopefully a project for the New Year. Jennifer Hamilton reorganised and assessed the Trust’s extensive theatrical wardrobe, much of which was discarded in the process.
The structural problems on the roadside hip of the Old Norwich Arms continued to be monitored and builders sought for quotes, albeit no further remedial progress was achieved during the year.
Bookings, piano tuning and garden maintenance have been overseen by Sue Cutler and whilst in need of some refurbishment, the property still presents good value for users. The keyboard collection was maintained throughout the year by the Trust’s regular technician Andrew Lofthouse. Sadly he was diagnosed with a serious medical problem but promised to continue his work for as long as he was able.
In conclusion, Trustees look forward to continuing their work developing high quality music education in the community. I am personally grateful for the generous sponsorship received and thank all those who have helped keep the organisation running through yet another challenging year.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity, at a level which roughly equates to at least one years normal expenditure.
The charity's total funds at the year end were £664,956 (2021: £664,714). Of these funds £645,000 (2021: £645,000) were restricted and £19,956 (2021: £19,714) were unrestricted.
Free reserves, which compromise unrestricted funds not represented by fixed assets were £10,890 (2021 - £10,258).
Structure, governance and management
a. Constitution
The Yorke Trust is a registered as a Charitable Incorporated Organisation (CIO) charity number 1158927. The charity is governed under a Constitution dated 21 October 2014.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Constitution.
Apart from the first charity trustees, every trustee must be appointed by a resolution of the trustees. In selecting individuals for appointment as charity trustee, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
c. Organisational structure and decision-making policies
The board of trustees is the principal decision making body of the charity.
Page 3
THE YORKE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure, govemance and management leontinued) d. Financial risk managemènt The Trustees have assessed the major risks to vthich the Charity is exposed, in partiCur those related to the 0ratIonS and finances of the charity. are salisfwj that systems and prCedureS are in place to mitigate exposure to the major risks. Statement of Trustees. re$ponslbllltles The Trustees are respongble for preparing the Trustees, reFK)rt and the finanual s¢alements in accordance with applicable law and United Kingdom Accounting Standards {United lfjngdom Generally ACpted Accounting Practice). The law applicatde lo charities in England & Wales requi$ the Trustees lo prepare financial stslemenls for each financial which give a Irue and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, induding ils income and expenditure. for that period. In preparing these financial slalements, the Trustees are required to.. select suitable accounting policies and then apply them conystentjy: observe the methods and princieS of the Charities SORP IFRS 1021.. make judgments and accL)unting estimates that are reasonable and pnjdenl; slate whether applicable UK Accounting Stsndards IFRS 102} have been followed, subject to any material departures disclosed and explained in the financial slatemenls", prepare Ihe financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in busines The Trustees are pOnble for keeping adequate accounting records that a sufficjent to show and explain the charity's transactions and disdose wth reasonable accuracy al any time the financial po&tion of the charity and enable them lo ensure that the finanual statements comply wth the Charities Act 2011, the Charity {Accounts and Reports) RegLJlations 2008 and Ihe provi%ons of the Conslituts"on. They are also responsible for safeguarding the as8els of the charity and hen for laking asOnable steps for Ihe pVentIOn and detection of fraL¢d arKJ other irregularities. Approved by order of the members of the board of Trustees and %gned on their behalf by.. Rodney Slatford O Date.. Page 4
THE YORKE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations and legacies 2 Charitable activities 3 Investments 4 Other income Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 6,308 3,406 12,863 19 22,596 22,354 22,354 242 19,714 242 19,956 |
Restricted funds 2022 £ - - - - - - - - 645,000 - 645,000 |
Total funds 2022 £ 6,308 3,406 12,863 19 22,596 22,354 22,354 242 664,714 242 664,956 |
Total funds 2021 £ 12,388 2,289 11,206 502 |
|---|---|---|---|---|
| 26,385 | ||||
| 18,246 | ||||
| 18,246 | ||||
| 8,139 | ||||
| 656,575 8,139 |
||||
| 664,714 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
THE YORKE TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2027 Note Fixed assets Tangible assets 654,066 654,456 654.066 654.456 Current assets Debtors Cash al bank and in hand 917 13,954 3,635 12,454 14.871 16,089 Creditors.. amounts falling due within one year 13,981) (5.831) Net current assets I liabilitiès 10,890 10,258 Total assets less current liabilFties 664,956 664, 714 Total net assets 664.956 664, 714 Charity funds Restricted funds.. Restricted funds 10 645.000 645,000 Total restricted funds Unrestricted funds 10 645,1100 19.956 645,000 19. 774 10 Total funds 664,956 664,714 The financial ststements Ere approved and authorised for i&8ue by the Trustees and &gned on their behalf by.. Rodney Slatfor Trustee Dale.. OBE The notes on pages 7 10 15 fomi part of these financial statements. Page 6
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Yorke Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The trustees have considered the charity’s position at the time of signing the financial statements.
Looking ahead, the trustees anticipate a good range of lettings and musical events in the coming year.
Based on this, the trustees have concluded that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of approval of these financial statements. They therefore continue to adopt the going concern basis in preparing the financial statements.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 7
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting policies (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Freehold property is not depreciated, otherwise depreciation is provided on the following basis:
Plant and machinery - 17% Fixtures and fittings - 10% Musical instruments - 2%
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 8
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting policies (continued)
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 6,308 Unrestricted funds 2021 £ Donations 12,388 |
Total funds 2022 £ 6,308 |
|---|---|
| Total funds 2021 £ 12,388 |
3. Income from charitable activities
| Unrestricted funds 2022 £ Concert and course income 3,406 Unrestricted funds 2021 £ Concert and course income 2,289 |
Total funds 2022 £ 3,406 |
|---|---|
| Total funds 2021 £ 2,289 |
Page 10
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
4. Investment income
| Unrestricted funds 2022 £ Property income 12,863 Unrestricted funds 2021 £ Property income 11,206 Analysis of expenditure by activities Activities undertaken directly 2022 £ Direct costs 22,354 Activities undertaken directly 2021 £ Direct costs 18,246 |
Total funds 2022 £ 12,863 |
|---|---|
| Total funds 2021 £ 11,206 |
|
| Total funds 2022 £ 22,354 |
|
| Total funds 2021 £ 18,246 |
5. Analysis of expenditure by activities
Page 11
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Concert and course expenses Heat, light & rates Telephone Repairs and renewals Insurance and licences Travel Cleaning Postage Advertising Sundry costs Depreciation Accountancy Bookkeeping and administrative costs |
Total funds 2022 £ 2,262 5,058 534 2,187 3,182 366 1,887 13 188 150 390 2,448 3,689 22,354 |
Total funds 2021 £ 2,122 2,383 313 3,298 2,660 228 876 20 - 20 429 2,070 3,827 |
|---|---|---|
| 18,246 |
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 December 2022, expenses totalling £ 367 were reimbursed or paid directly to 2 Trustee (2021 - £1,067 to 1 Trustee) . Included in expenses was £2,400 (2021: £2,400) that was paid to Rodney Slatford OBE for office provisions and administrative services and for the use of his home as a venue.
Page 12
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Tangible fixed assets
| Freehold property Plant and machinery £ £ Cost or valuation At 1 January 2022 645,000 1,424 At 31 December 2022 645,000 1,424 Depreciation At 1 January 2022 - 1,255 Charge for the year - 56 At 31 December 2022 - 1,311 Net book value At 31 December 2022 645,000 113 At 31 December 2021 645,000 169 8. Debtors Trade debtors Prepayments and accrued income 9. Creditors: Amounts falling due within one year Trade creditors Accruals and deferred income |
Fixtures and fittings £ 177 177 177 - 177 - - |
Musical instruments £ 10,289 10,289 1,002 335 1,337 8,952 9,287 2022 £ 794 123 917 2022 £ 550 3,431 3,981 |
Total £ 656,890 |
|---|---|---|---|
| 656,890 | |||
| 2,434 391 |
|||
| 2,825 | |||
| 654,065 | |||
| 654,456 | |||
| 2021 £ 3,281 354 3,635 2021 £ 3,609 2,222 5,831 |
Page 13
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
10. Statement of funds
Statement of funds - current year
| Balance at 1 January 2022 £ Unrestricted funds General Funds 19,714 Restricted funds Property 645,000 Total of funds 664,714 The property fund represents the charity's property. Statement of funds - prior year Balance at 1 January 2021 £ Unrestricted funds General Funds 11,575 Restricted funds Property 645,000 Total of funds 656,575 |
Income £ Expenditure £ 22,596 (22,354) - - 22,596 (22,354) Income £ Expenditure £ 28,785 (20,646) - - 28,785 (20,646) |
Balance at 31 December 2022 £ 19,956 |
|---|---|---|
| 645,000 | ||
| 664,956 | ||
| Balance at 31 December 2021 £ 19,714 |
||
| 645,000 | ||
| 664,714 |
Page 14
THE YORKE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Tangible fixed assets 9,065 Current assets 14,872 Creditors due within one year (3,981) Total 19,956 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Tangible fixed assets 9,456 Current assets 16,089 Creditors due within one year (5,831) Total 19,714 |
Restricted funds 2022 £ 645,000 - - 645,000 Restricted funds 2021 £ 645,000 - - 645,000 |
Total funds 2022 £ 654,065 14,872 (3,981) 664,956 Total funds 2021 £ 654,456 16,089 (5,831) 664,714 |
|---|---|---|
12. Related party transactions
Except for the transactions described in note 6 there were no other related party transactions.
Page 15
THE YORKE TRUST CIO ACCOUNTANTS’ REPORT
In accordance with the engagement letter dated 9 October 2023, we have prepared for your approval the financial information of The Yorke Trust CIO for the year 31 December 2022 which comprises the Statement of Financial Activities, Statement of Assets & Liabilities, Accounting policies and the related notes, from the accounting records and information and explanations you have given to us.
As a member firm of the Institute of Charted Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made to the Charity’s Board of Trustees, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial information that we have been engaged to compile, report to the Charity’s Board of Trustees that we have done so, and state those matters that we have agreed to state to you in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s Board of Trustees, as a body, for our work, or for this report.
You have approved the financial information for the year 31 December 2022 and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.
For and on behalf of Larking Gowen LLP Chartered Accountants Summerhill House Sculthorpe Road Fakenham Norfolk NR21 9HA
Date: 18.10.2023