**Charity number: 1158927** ## **THE YORKE TRUST** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **THE YORKE TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 4| |**Accountants report**|5| |**Statement of financial activities**|6| |**Balance sheet**|7| |**Notes to the financial statements**|8 - 16| **THE YORKE TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023** |**Trustees**|Rodney Slatford OBE| |---|---| ||Jennifer Hamilton| ||Carol Jennings| ||Brenda Blewett| ||Malcolm Wearing| ||Alison Cox OBE (appointed 1 August 2023)| |**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 2023** The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2023 to 31 December 2023. ## **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 on last year’s Trustees’ Report which lamented the precarious position of the British music profession, it is disheartening to relate that the year ended 31 December 2023 saw little improvement. The national press was full of articles about widespread underfunding in the sector, with the realities of Brexit effectively putting an end to professional touring opportunities in Europe. Now, more than ever, Trustees are acutely aware of the importance of maintaining a high quality live musical profile in the region and will do their utmost to ensure this comes about. Trustees met formally once during the year, regular contact between them being maintained both in person and electronically. The Young Musicians Benefit Concert series formed the main artistic focus of activities, six Sunday afternoon events continuing to draw a supportive audience and attracting donations. Scottish reeling took place on thirteen evenings. There were three extended musical residencies and a number of private lets, all of which produced sufficient income to maintain viability. The property was deep-cleaned and minor repairs put in hand. Trustees reflected on the need for more break-out facilities when planning for the future. Considerable time was devoted to planning celebrations of the Trust’s 40th anniversary and the Chairman’s 80th birthday in July next year. Two fund-raising concerts, one at Houghton Hall, by invitation of the Trust’s Patron Lord Cholmondeley, and the other in South Creake, give a unique opportunity to raise funds for a muchneeded refurbishment of the estate. Jim Fergusson was approached to become a Trustee and Honorary Treasurer, being both local and having had a professional career in finance. Alex Abery was re-appointed book-keeper; Sue Cutler continued as administrative assistant. Carol Jennings once again continued to keep the website up to date and Larking Gowen were re-appointed accountants. Throughout the year valuable musical links were maintained with the Royal Over-Seas League, Craxton Trust, Purcell School Impulse Outreach Programme, Yehudi Menuhin School and the Worshipful Company of Musicians. Will Duerden was awarded the Yorke Trust Double Bass Prize at the prestigious Royal Over-Seas League International Chamber Music Competition. A student of Caroline Emery at the Yehudi Menuhin School and Royal College of Music, Will already enjoys an international career, having been tutored as an indirect result of the Trust’s pioneering Mini-Bass Project. The annual double bass award for a promising bass player at the Junior Royal Northern College of Music was once again awarded to a young person who took up a place to study in London. The year ended in anticipation of the 2024 celebrations and Trustees look forward to continue to develop high- Page 2 **THE YORKE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Objectives and activities (continued)** quality music education in the community. ## **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 £660,336 (2022: £664,956). Of these funds £645,000 (2022: £645,000) were restricted and £15,336 (2022: £19,956) were unrestricted. Free reserves, which compromise unrestricted funds not represented by fixed assets were £6,661 (2022 - £10,891). ## **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. ## **d. Financial risk management** The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Page 3 THE YORKE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees. responsibilitles The Trustees are responsible for prepaTing the Trustees. repNI and the financial ststements in aC￿rdan￿ applieAble law and United Kingdom AC￿Unti[￿j Stsndards (United lfjngdom Genernlty A￿pted AccL)unling Pr3cbcel. The law applicat￿e to charities in England & Wales requires the Trustees to prepare financial stslemenls for each financial year vthich give a true and fair view of the state of affairs of the charity and of its incoming resources artd application of resour￿, induding its income arml expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting polioes and then apply them consistendy- observe the meth(>ls and prinuples of the Charities SORP IFRS 1021." make judgments and accounting estimates thal are reasonatrAe and prudent stste whether applicable UK Accounting Standards {FRS 102) have been followed, subject to ary material departu￿ disdosed and explainpAJ in the financÉal slalements," prepare the financial stalements on the going c4)ncérn bass unle&s it is inappropriate to presume that the chafjty wll continue in business. The Trustees are reswnstble for keeping adequate accounting recorcls that a￿ sufficient to show and explain the Charity's transactions and disdose wth reasonaNe a¢¢uracy at any lirne the finanaal po&tion of the ¢harity and enable them to ensure that the finanaal ststements wmply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 ar)d the provisions of the Constitution. They are also responsible for safeguarding the assets of the charity and he￿e for taking reasonable steps for the prevention al￿ detection of fraud and other i￿egUlarities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Rodney Slafford O Date-. Page 4 ## **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 2023 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 2023 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: 24.10.2024 **THE YORKE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** |**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**
**2023**
**£**
**5,033**
**3,313**
**9,767**
**78**
**18,191**
**22,811**
**22,811**
**(4,620)**
**19,956**
**(4,620)**
**15,336**|**Restricted**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**645,000**
**-**
**645,000**|**Total**
**funds**
**2023**
**£**
**5,033**
**3,313**
**9,767**
**78**
**18,191**
**22,811**
**22,811**
**(4,620)**
**664,956**
**(4,620)**
**660,336**|_Total_
_funds_
_2022_
_£_
_6,308_
_3,406_
_12,863_
_19_| |---|---|---|---|---| |||||_22,596_| |||||_22,354_| |||||_22,354_| |||||_242_| |||||_664,714_
_242_| |||||_664,956_| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 16 form part of these financial statements. Page 6 THE YORKE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible 3ssets 653.675 654,065 653.675 654,065 Current assets Debtors Cash at bank and in hand 917 13,955 10.489 14,872 Creditors-. amounts falling due within one year 10 (3,8281 (3.981) Net current assets I liabilities 6.661 10,891 Total assets less ¢urrent liabilities 660,336 664,956 Total net assets 660,336 664,956 Charityfunds Restricted funds.. Restricted funds 645,000 645.000 Total restricted funds Unrestricted funds 645,000 15,336 645,000 79,956 Total funds 660,336 664,956 The finanaal statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Rodney Slatford OB TNstee Date.. The notes on pages 8 to 16 fomi part of these financial slatements. Page 7 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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 8 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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 9 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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 10 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **2. Income from donations and legacies** |**Unrestricted**
**funds**
**2023**
**£**
Donations
5,033
_Unrestricted_
_funds_
_2022_
_£_
Donations
_6,308_|**Total**
**funds**
**2023**
**£**
**5,033**| |---|---| ||_Total_
_funds_
_2022_
_£_
_6,308_| ## **3. Income from charitable activities** |**Unrestricted**
**funds**
**2023**
**£**
Concert and course income
3,313
_Unrestricted_
_funds_
_2022_
_£_
Concert and course income
_3,406_|**Total**
**funds**
**2023**
**£**
**3,313**| |---|---| ||_Total_
_funds_
_2022_
_£_
_3,406_| Page 11 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **4. Investment income** |**Unrestricted**
**funds**
**2023**
**£**
Property income
9,767
_Unrestricted_
_funds_
_2022_
_£_
Property income
_12,863_
**Analysis of expenditure by activities**
**Activities**
**undertaken**
**directly**
**2023**
**£**
Direct costs
22,811
_Activities_
_undertaken_
_directly_
_2022_
_£_
Direct costs
_22,354_|**Total**
**funds**
**2023**
**£**
**9,767**| |---|---| ||_Total_
_funds_
_2022_
_£_
_12,863_| ||**Total**
**funds**
**2023**
**£**
**22,811**| ||_Total_
_funds_
_2022_
_£_
_22,354_| ## **5. Analysis of expenditure by activities** Page 12 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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
Bank charges
Accountancy
Bookkeeping and administrative costs|**Total**
**funds**
**2023**
**£**
**2,732**
**4,091**
**662**
**3,843**
**3,568**
**100**
**1,578**
**179**
**110**
**-**
**390**
**1**
**2,892**
**2,665**
**22,811**|_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_| ## **6. Related party transactions** Except for the transactions described in note 7 there were no other related party transactions. ## **7. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ . During the year ended 31 December 2023, expenses totalling _£_ NIL were reimbursed or paid directly to 2 Trustee _(2022 - £367 to 2 Trustees)_ . Included in expenses was £2,400 (2022: £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 13 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **8. Tangible fixed assets** |**Freehold**
**property**
**Plant and**
**machinery**
**£**
**£**
**Cost or valuation**
At 1 January 2023
**645,000**
**1,424**
At 31 December 2023
**645,000**
**1,424**
**Depreciation**
At 1 January 2023
**-**
**1,311**
Charge for the year
**-**
**56**
At 31 December 2023
**-**
**1,367**
**Net book value**
At 31 December 2023
**645,000**
**57**
_At 31 December 2022_
_645,000_
_113_
**Debtors**
Trade debtors
Prepayments and accrued income
**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**
**1,337**
**334**
**1,671**
**8,618**
_8,952_
**2023**
**£**
**680**
**366**
**1,046**
**2023**
**£**
**44**
**3,784**
**3,828**|**Total**
**£**
**656,890**| |---|---|---|---| ||||**656,890**| ||||**2,825**
**390**| ||||**3,215**| ||||**653,675**| ||||_654,065_| ||||_2022_
_£_
_794_
_123_
_917_
_2022_
_£_
_550_
_3,431_
_3,981_| ## **9. Debtors** ## **10. Creditors: Amounts falling due within one year** Page 14 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **11. Statement of funds** ## **Statement of funds - current year** |**Balance at 1**
**January**
**2023**
**£**
**Unrestricted funds**
General Funds
**19,956**
**Restricted funds**
Property
**645,000**
**Total of funds**
**664,956**
The property fund represents the charity's property.
**Statement of funds - prior year**
_Balance at_
_1 January_
_2022_
_£_
**Unrestricted funds**
General Funds
_19,713_
**Restricted funds**
Property
_645,000_
**Total of funds**
_664,713_|**Income**
**£**
**Expenditure**
**£**
**18,191**
**(22,811)**
**-**
**-**
**18,191**
**(22,811)**
_Income_
_£_
_Expenditure_
_£_
_22,597_
_(22,354)_
_-_
_-_
_22,597_
_(22,354)_|**Balance at**
**31**
**December**
**2023**
**£**
**15,336**| |---|---|---| |||**645,000**| |||**660,336**| |||_Balance at_
_31_
_December_
_2022_
_£_
_19,956_| |||_645,000_| |||_664,956_| Page 15 **THE YORKE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **12. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
8,675
Current assets
10,489
Creditors due within one year
(3,828)
**Total**
15,336
**Analysis of net assets between funds - prior year**
_Unrestricted_
_funds_
_2022_
_£_
Tangible fixed assets
_9,065_
Current assets
_14,872_
Creditors due within one year
_(3,981)_
**Total**
_19,956_|**Restricted**
**funds**
**2023**
**£**
645,000
-
-
645,000
_Restricted_
_funds_
_2022_
_£_
_645,000_
_-_
_-_
_645,000_|**Total**
**funds**
**2023**
**£**
**653,675**
**10,489**
**(3,828)**
**660,336**
_Total_
_funds_
_2022_
_£_
_654,065_
_14,872_
_(3,981)_
_664,956_| |---|---|---| Page 16