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2020-12-31-accounts

Charity Registration No. 222279

YORK CHILDREN'S TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

YORK CHILDREN'S TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Miss L J Hill
Mr W M Sessions
Mr P Watson
Mr K Hayton
Mr A Ward
Mrs K Pickard
Mrs K Lamb
Mr J Corden
Dr M Harran
Mrs A Clark
Mrs M Soper
Mrs L Kerr
Ms Y Bent
Mr S Flatley
Charity number 222279
Principal address 12 Stone Rings Close
Harrogate
HG2 9HZ
Independent examiner David Walker FCA
124 Acomb Road
Holgate
York
YO24 4EY

YORK CHILDREN'S TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 19

YORK CHILDREN'S TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's deed, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The trust's charitable objects are the relief of needy children and needy young persons under 25 years of age, including advancement of the education of such children and young persons, living within a 20 mile radius of York.

The trustees consider the charity to be a Public Benefit Entity.

The objectives for the year have remained unchanged.

The trust aims to achieve its objectives by distributing the majority of its investment income and donations received in the form of grants to individuals requiring assistance and institutions and organisations involved in child and/or youth work and programmes.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

A total of 92 (2019- 130) grants were made during the year, to schools, special schools, groups, local authorities, care trusts, charities and individuals.

The trustees consider applications for grants on merit and relevance to the trusts objects. Grants are made under the general guidance of Educational, Social and Medical, Travel, and Fostering Talents and Children's Groups.

With the exception of the trustees the operation of the charity it is not dependent on the services of volunteers.

Achievements and performance

The trustees have continued to achieve the objects of the charity through their grant making policies.

The investment portfolio produced income of £88172 which was a yield on cost of 4.72% (2019- £113998 6.45%) which was in line with the budgeted target.

Financial review

The investment portfolio has decreased in value during the year by £53,964 a fall of 1.83% (2019 increase of £361,793 13.94%) The market value of the trust's investments has decreased during the year by £12,063 a fall of 0.43% (2019 increase of £317,207 12.44%) Losses were crystallised on disposals in the year of £41,902 (2019 profits of £44,585)

The total value of the investments at 31 December 2020 amounted to £2,807,053 (2019 £2,778,920). The portfolio managers also had £78,261 (2019 £166,564) held in cash to reinvest in the portfolio.

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to twelve month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised.

YORK CHILDREN'S TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The investment policy is to adopt a medium risk strategy based on maximising income and, within this strategy, the trustees historically set a 4% income target based on the market value of the portfolio. This was changed with effect from 15th November 2017 to become a monetary target for income of £102,000 per annum. Due to the current situation with regards to the coronvirus pandemic it has been decided that there will be no income targets set for the coming year.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in

place to mitigate exposure to the major risks.

The trustees will continue to distribute the majority of the trust's total income in the form of grants to applicants who satisfy the criteria as stated in the object clause of the trust deed.

Outlook for 2021

The Trustees are aware that the current covid-19 pandemic is having an impact on the UK economy and as a result is effecting its main income generating assets.

The finance committee at its meeting of 8th April 2020 reviewed the current investment valuations and adjusted both their income expectations from the investments and the budget set for grants in 2020 and will continue to monitor these aspects throughout 2021 so that the trust's expenditure will match the income that it is likely to receive.

Although this is disappointing neither the reduced valuations nor the anticipated fall in income will affect the ability of the Trust to continue its operations and to achieve its objectives. Although these reductions may inevitably restrict the activities of the Trust until its income returns to its previous levels.

The Trustees consider liquidity not to be a current issue due to the speed that funds can be converted into cash.

The Trustees, through the finance committee, will continue to monitor the situation via their regular Committee meetings, currently been undertaken via Zoom to adhere to the current social distancing requirements.

Structure, governance and management

The trust is unincorporated and is a registered charity established by a charitable trust deed on 13th April 1976 as amended on the 8th August 1993 by a resolution passed under the provisions of section 44 of the charities act 1992 . The Trust was established by the amalgamation of 5 existing charities, those being St Stephen's Orphanage, Blue Coat Boys' and Grey Coat Girls' Schools, The William Richard Beckwith Fund, The Charity of the Reverend A A R Gill and The Mathew Rymer Girls Education Fund.

The trustees who served during the year and up to the date of signature of the financial statements were: Miss L J Hill

Mr W M Sessions Mr P Watson Mr K Hayton Mr A Ward Mrs K Pickard Mrs K Lamb Mr J Corden Dr M Harran Mrs A Clark Mrs M Soper Mrs L Kerr Ms Y Bent Mr S Flatley

YORK CHILDREN'S TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Mrs D Moores (Resigned 28 May 2020) Mr R W Miers (Resigned 22 July 2020)

Appointment of trustees is governed by the trust deed. The body of trustees is to consist of 16 members, of which 5 must be members of the Church of England. Originally 12 trustees were appointed and were entitled to hold office for life. The original trustees were responsible for appointing 4 more trustees. Appointed trustees serve for a 5 year period, after which they can be re-appointed.

Mrs R Wilson, who has retired from her role as trustee, was one of the original trustees and therefore retains the right to be a trustee for her lifetime.

The trustees have complied with the duty imposed upon them by Section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission. They have also have had regard to the Charity Commission's guidance on public benefit.

The trustees meet on a quarterly basis to administer the affairs of the charity, including the awarding of grants to achieve the charity's objects. A finance sub-commitee has regular meetings with the charity's stockbrokers. Day to day operational matters are dealt with by the treasurer and the trust's administrator. The Finance Committee have been granted the power to approve urgent grants, outside the normal trustees' meetings, up to a value of £500.

The trustees have an obligation to meet at least 4 times a year. A quorum is deemed to occur when 6 trustees are present. Every matter is determined by a majority vote, of which the chairman has the casting vote. Trustees who miss all the meetings in any 12 month period will cease to be a trustee.

The trust deed directs that surplus cash not needed for immediate working purposes shall be invested in the name of the official custodian, but investment is now controlled by the Trustees Act following divestment by the official custodian.

The trustees have engaged Brewin Dolphin as investment advisors.

The trust has no relationships with third parties, although City of York Council receives continuous funding for various children's schemes.

The trustees' report was approved by the Board of Trustees.

Mrs K Pickard

Trustee Dated: 28 April 2021

YORK CHILDREN'S TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF YORK CHILDREN'S TRUST

I report to the trustees on my examination of the financial statements of York Children's Trust (the trust) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

David Walker FCA

124 Acomb Road Holgate York YO24 4EY

Dated: 28 April 2021

YORK CHILDREN'S TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Endowment
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
-
-
Investment Portfolio
4
88,373
-
Total income
88,373
-
Expenditure on:
Portfolio management
5
8,445
8,445
Charitable activities
6
74,430
-
Total resources
expended
82,875
8,445
Net gains/(losses) on
investments
10
(1,818)
(52,146)
Net movement in funds
3,680
(60,591)
Fund balances at 1
January 2020
99,360
2,868,067
Fund balances at 31
December 2020
103,040
2,807,476		 Total Unrestricted Endowment
funds
funds
2020
2019
2019
£
£
£
-
27
-
88,373
114,238
-
88,373
114,265
-
16,890
9,584
9,585
74,430
112,314
-
91,320
121,898
9,585
(53,964)
5,635
356,158
(56,911)
(1,998)
346,573
2,967,427
101,358
2,521,494
2,910,516
99,360
2,868,067		 Total
2019
£
27
114,238
114,265
19,169
112,314
131,483
361,793
344,575
2,622,852
2,967,427

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

YORK CHILDREN'S TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
14
Income funds
Unrestricted funds		 2020
£
£
275
2,807,054
2,807,329
112,057
(8,870)
103,187
2,910,516
2,807,476
103,040
2,910,516		 2019
£
£
492
2,778,920
2,779,412
195,979
(7,964)
188,015
2,967,427
2,868,067
99,360
2,967,427		 2019
£
£
492
2,778,920
2,779,412
195,979
(7,964)
188,015
2,967,427
2,868,067
99,360
2,967,427
2,779,412
188,015
2,967,427
2,868,067
99,360
2,967,427

The financial statements were approved by the Trustees on 28 April 2021

Mr P Watson Trustee

Mrs K Pickard Trustee

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

The trust is unincorporated and is a registered charity established by a charitable trust deed on 13th April 1976 as amended on the 8th August 1993 by a resolution passed under the provisions of section 44 of the charities act 1992 . The Trust was established by the amalgamation of 5 existing charities, those being St Stephen's Orphanage, Blue Coat Boys' and Grey Coat Girls' Schools, The William Richard Beckwith Fund, The Charity of the Reverend A A R Gill and The Mathew Rymer Girls Education Fund.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's deed, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The trust constitutes a public benefit entity as defined by FRS 102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

Income from investments is recognised when receivable.

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred by the trust.

In accordance with the objects of the charity grants are made available to various bodies and individuals for the assistance of needy children and young persons under 25 years of age. The grants are accounted for when they are paid or when the trustees consider that the charity has a constructive obligation to make a grant and this has been communicated to the beneficiary. Grants made of £1,000 or more are considered to be material.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

2 Critical accounting estimates and judgements

In the application of the trust’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Total Unrestricted
funds
2020 2019
£ £
Donations and gifts - 27

4 Investment Portfolio

Unrestricted Unrestricted
funds
funds
2020
2019
£
£
88,172
113,998
201
240
88,373
114,238		 Unrestricted Unrestricted
funds
funds
2020
2019
£
£
88,172
113,998
201
240
88,373
114,238		 Unrestricted Unrestricted
funds
funds
2020
2019
£
£
88,172
113,998
201
240
88,373
114,238
Income from investment portfolio
Interest receivable
114,238
Portfolio management
Unrestricted Endowment
funds
funds
general
2020
2020
£
£
Brewin Dolphin
Investment portfolio
management and
dealing costs
8,445
8,445
8,445
8,445		 Total Unrestricted Endowment
funds
funds
general
2020
2019
2019
£
£
£
16,890
9,584
9,585
16,890
9,584
9,585		 Total
2019
£
19,169
19,169

5 Portfolio management

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

6 Grants payable

Educational
Social and
Medical
Travel and
Fostering
Talents
Children's
Groups
£
£
£
£
Grants to institutions (12 grants):
Other
-
4,500
-
23,783
Grants to individuals (80
grants)
-
20,396
1,418
-
-
24,896
1,418
23,783		 Total
£
28,283
21,814
50,097		 2019
£
50,560
38,970
89,530

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

(Continued)

Material grants were made to, or through the following institutions :

2020 2019
1st Easingwold Scout Group 1,832 5,000
AO 1,732
Argos 1,693 3,088
Biomation 2,220
Blind Options 1,141
Burton Green Primary School 1,000
Calverts Carpets 3,663 3,099
City Of York Council 4,500 3,650
Community Furniture Store (York) Ltd 2,898 1,495
Computer Recyclers Ltd 1,014 1,627
Copmanthorpe Scout Group 1,000
Door 84 1,000 1,597
Ebor Academy Trust 7,683
Henshaws Society 1,687
Home Start York 4,000 2,500
John Lewis 1,324
Knavesmire Primary School 1,200
Koplin Violins York 3,500
Ocean Youth Trust North 3,000
Pathfinder Multi Academy 2,060
SASH 2,255
SNAPPY 5,000
South Bank MAT 1,540
Sun & Moon Play Therapy 960
Sunrise Medical Ltd 2,265
The Island 12,200 5,000
The Sick Children's Trust 1,000
York Carers Centre 3,595
York Family Mediation Service 3,000
Material grants were also made to the following individuals :
Katie Pannet 2,784
Laura Dalby 2,623
Imogen Heaven 1,200

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

7
Support costs
Support
costs
Governance
costs
£
£
Staff costs
14,741
3,685
Depreciation
174
43
Printing & Copying
162
9
Stationery & computer
accessories
-
-
Postage
-
-
Telecommunications
757
40
Travelling expenses
44
5
Bank Charges
57
3
Accountancy
-
2,363
Examination fee
-
2,250
15,935
8,398
Analysed between
Charitable activities
15,935
8,398		 2020
Support
costs
Governance
costs
£
£
£
18,426
14,395
3,599
217
190
47
171
472
25
-
36
2
-
68
4
797
536
30
49
226
12
60
57
3
2,363
-
832
2,250
-
2,250
24,333
15,980
6,804
24,333
15,980
6,804		 2019
£
17,994
237
497
38
72
566
238
60
832
2,250
22,784
22,784

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year (2019 - nil).

No trustee expenses have been incurred (2019 - nil).

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:
Administration
Employment costs
Wages and salaries
Other pension costs		 2020
Number
1
2020
£
18,426
-
18,426		 2019
Number
1
2019
£
17,935
59
17,994

There were no employees whose annual remuneration was £60,000 or more. 10 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
general
2020
2020
£
£
Revaluation of
investments
(1,044)
(11,019)
Gain/(loss) on sale of
investments
(774)
(41,127)
(1,818)
(52,146)		 Total Unrestricted Endowment
funds
funds
general
2020
2019
2019
£
£
£
(12,063)
5,635
311,573
(41,901)
-
44,585
(53,964)
5,635
356,158		 Total
2019
£
317,208
44,585
361,793

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

11 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2020 3,773
At 31 December 2020 3,773
Depreciation and impairment
At 1 January 2020 3,281
Depreciation charged in the year 217
At 31 December 2020 3,498
Carrying amount
At 31 December 2020 275
At 31 December 2019 492

Fixed asset investments Listed
Listed
Global
Absolute
Property
Other
Total		 Bonds
Equities
Funds
Return
Funds
Investments		 £
£
£
£
£
£
£		 Cost or valuation At 1 January 2020
413,988
1,462,392
629,293
95,516
120,441
57,290 2,778,920		 Additions
47,985
55,980
154,855
34,990
29,945
29,994
353,749		 Valuation changes
4,857
(145,321)
142,643
1,985
(19,356)
3,130
(12,062)		 Profit (Loss) on disposals
(876)
(29,708)
8,083
-
(19,400)
-
(41,901)		 Re allocation
(15,201)
15,201
-
-
-
-
-		 Disposals
(14,033)
(119,021)
(122,762)
-
(15,836)
- (271,652)		 At 31 December 2020
436,720
1,239,523
812,112
132,491
95,794
90,414 2,807,054		 Carrying amount At 31 December 2020
436,720
1,239,523
812,112
132,491
95,794
90,414 2,807,054		 At 31 December 2019
413,988
1,462,392
629,293
95,516
120,441
57,290 2,778,920		 The investments were valued by the charity's investment advisor, Messrs Brewin Dolphin at mid market prices on 31 December 2020. All the investments are held primarily to provide an investment return for the charity to enable it to achieve its objectives and are all listed investments. If investments held have been purchased out of unrestricted funds prior to 1 January 2009 all gains/losses or revaluation adjustments are treated as being part of endowment fund. The portfolio managers had £76,323 (2019 £164,626) held in cash to reinvest in the portfolio these amounts are accounted for within the total amount of cash at ban current assets.
12

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2020
£
312
8,558
8,870		 2019
£
-
7,964
7,964

Endowment funds Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. Movement in funds
Movement in funds		 Balance at
Income
Portfolio
Income to
Revaluations
Balance at
Income
Portfolio
Income to
Revaluations
Balance at		 1 January 2019
generated
charges
unrestricted
gains and
1 January 2020
generated
charges
unrestricted
gains and
31 December		 losses
losses
2020		 £
£
£
£
£
£
£
£
£
£
£		 Permanent endowments York Children's Trust Permanent Endowment
2,521,494
111,799
(9,585)
(111,799)
356,158
2,868,067
85,993
(8,445)
(85,993)
(52,146)
2,807,476		 2,521,494
111,799
(9,585)
(111,799)
356,158
2,868,067
85,993
(8,445)
(85,993)
(52,146)
2,807,476		 The endowment fund represents the initial funds introduced to form the charity at its inception. The income derived from the fund's investments is to be used to achieve the trust's charitable objects, and is transferred to unrestricted funds as it arises, whilst the capital of the fund is maintained. The fund is therefore held as a permanent endowment.
14

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

15
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2020
2020
£
£
Fund balances at 31
December 2020 are
represented by:
Tangible assets
275
-
Investments
75,902
2,731,152
Current assets/
(liabilities)
26,864
76,323
103,041
2,807,475		 Total
Unrestricted
funds
Endowment
funds
2020
2019
2019
£
£
£
275
492
-
2,807,054
64,076
2,714,844
103,187
34,792
153,223
2,910,516
99,360
2,868,067		 Total
2019
£
492
2,778,920
188,015
2,967,427

The Trustees consider that the charity's funds are sufficient for it to continue its operations for the forseeable future.

16 Related party transactions

There were no disclosable related party transactions during the year (2019- none).

During the year grants were authorised and made to applicants where relationships existed between the applicant and trustees. All relationships and their nature are disclosed prior to meetings and parties are excluded from the decision relating to the granting of monies to the applicants. All awards fell within the objects of the charity.

In addition a number of trustees had knowledge of numerous applicants due to the nature of their professional work outside of the trust. The trustees deemed there to be no conflict of interest in any of these circumstances.