Charity Registration No. 222279
YORK CHILDREN'S TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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 | ||
| Dr M Harran | ||
| Mrs A Clark | ||
| Mrs M Soper | ||
| Mrs L Kerr | ||
| Ms Y Bent | ||
| Mr S Flatley | ||
| Ms K Bradley | (Appointed 21 July 2021) | |
| 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 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 18 |
YORK CHILDREN'S TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
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 112 (2020- 92 ) 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 £108210 which was a yield on cost of 5.49 % (2020- £88172 4.72 %) which was in line with the budgeted target.
Financial review
The investment portfolio has increased in value during the year by £305,632 a rise of 10.89% (2020 de crease of £ 28,133 1.01%) The market value of the trust's investment s has in creased during the year by £268,946 a rise of 9.58% (2020 de crease of £ 12,063 0.43%) Profits were crystallised on disposals in the year of £13,939 (2020 losses of £ 41,902)
The total value of the investments at 31 December 2021 amounted to £ 3,112,686 (2020 £ 2,807,054 ). The portfolio managers also had £45,812 (2020 £ 78,261) held in cash to reinvest in the portfolio.
The trustees' had £38,163 cash in the bank at 31 December 2021 (2020 £33,795 )
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.
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YORK CHILDREN'S TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The investment policy is to adopt a medium risk strategy based on maximi s ing 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 situation with regards to the coronvirus pandemic it has been decided that there will be no income targets set for the 2021 and 2022 years.
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.
Plans for future periods
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 202 2
The Trustees are aware that the covid-19 pandemic combined with the global uncertainty due to the Ukrainian conflict 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 13 th April 202 2 reviewed the current investment valuations and adjusted both their income expectations from the investments and the budget set for grants in 202 2 and will continue to monitor these aspects throughout 2022 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 c ommittee meetings .
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.
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YORK CHILDREN'S TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 (Resigned 28 April 2021) Dr M Harran Mrs A Clark Mrs M Soper Mrs L Kerr Ms Y Bent Mr S Flatley Ms K Bradley (Appointed 21 July 2021)
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 offic i al custodian, but investment is now controlled by the Trustees Act following divestment by the offic i al 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.
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YORK CHILDREN'S TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
The trustees' r eport was approved by the Board of Trustees.
Mrs K Pickard
Trustee
13 April 2022
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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 2021.
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:
-
1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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: 13 April 2022
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YORK CHILDREN'S TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Endowment funds funds 2021 2021 Notes £ £ Income from: Investment Portfolio 3 108,862 - Expenditure on: Portfolio management 4 9,489 9,703 Charitable activities 5 95,381 - Total resources expended 104,870 9,703 Net gains/(losses) on investments 9 3,690 279,197 Net movement in funds 7,682 269,494 Fund balances at 1 January 2021 103,040 2,807,476 Fund balances at 31 December 2021 110,722 3,076,970 |
Total Unrestricted Endowment funds funds 2021 2020 2020 £ £ £ 108,862 88,373 - 19,192 8,445 8,445 95,381 74,430 - 114,573 82,875 8,445 282,887 (1,818) (52,146) 277,176 3,680 (60,591) 2,910,516 99,360 2,868,067 3,187,692 103,040 2,807,476 |
Total 2020 £ 88,373 16,890 74,430 91,320 (53,964) (56,911) 2,967,427 2,910,516 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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YORK CHILDREN'S TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Tangible assets 10 Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Capital funds Endowment funds - general 13 Income funds Unrestricted funds |
2021 £ £ 97 3,112,686 3,112,783 83,975 (9,066) 74,909 3,187,692 3,076,970 110,722 3,187,692 |
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 |
|---|---|---|
The financial statements were approved by the Trustees on 13 April 2022
Mr P Watson Trustee
Mrs K Pickard Trustee
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 a mounts 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.
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 the statement of financial activities .
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 ) .
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 p aymen ts 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.
Provisions are recognised when the trust has a legal or constructive present obligation as a result of a past event, it is probable that the trust will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value , the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.
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 Creditors and provisions
Creditors 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.
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 Investment Portfolio
| Income from investment portfolio Interest receivable Portfolio management Unrestricted Endowment funds funds general 2021 2021 £ £ Brewin Dolphin Investment portfolio management and dealing costs 9,489 9,703 9,489 9,703 |
UnrestrictedUnrestricted funds funds 2021 2020 £ £ 108,210 88,172 652 201 108,862 88,373 TotalUnrestricted Endowment Total funds funds general 2021 2020 2020 2020 £ £ £ £ 19,192 8,445 8,445 16,890 19,192 8,445 8,445 16,890 |
|---|---|
4 Portfolio management
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
5 Grants payable
| Educational Social and Medical Travel and Fostering Talents Children's Groups £ £ £ £ Grants to institutions (31 grants): Other 12,220 3,000 - 30,643 Grants to individuals (81 grants) - 25,647 - - 12,220 28,647 - 30,643 |
Total £ 45,863 25,647 71,510 |
2020 £ 28,283 21,814 50,097 |
|---|---|---|
| Material grants were made to, or through the following institutions : | Material grants were made to, or through the following institutions : | Material grants were made to, or through the following institutions : | |
|---|---|---|---|
| 2021 | 2020 | ||
| 1st Easingwold Scout Group | 1,832 | ||
| AO Retail Ltd | 1,372 | 1,732 | |
| Argos | 2,859 | 1,693 | |
| Biomation | 2,220 | ||
| Bright Beginnings Nursery | 1,410 | ||
| Calverts Carpets | 4,504 | 3,663 | |
| City Of York Council | 4,197 | 4,500 | |
| Community Furniture Store (York) Ltd | 1,970 | 2,898 | |
| Computer Recyclers Ltd | 1,014 | ||
| Copmanthorpe Scout Group | 1,000 | ||
| Door 84 | 3,000 | 1,000 | |
| Ebor Academy Trust | 3,805 | ||
| Explore York Libraries | 5,003 | ||
| Home Start York | 4,000 | 4,000 | |
| Hope Learning Trust | 1,248 | ||
| Kids Out UK | 1,400 | ||
| Lord Deramore's School | 2,000 | ||
| Martin House Income | 2,530 | ||
| Pathfinder Multi Academy | 2,807 | ||
| Restore York Ltd | 1,000 | ||
| SASH | 1,180 | ||
| Smirthwaite | 1,597 | ||
| South Bank MAT | 1,765 | ||
| The Island | 2,772 | 12,200 | |
| WK&N Playing Field Assoc | 1,500 | ||
| York Carers Centre | 4,550 | ||
| York Rescue Boat | 2,000 |
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
6 Support costs
| Support costs Governance costs £ £ Staff costs 14,859 3,715 Depreciation 181 45 Printing & Copying - - Telecommunications 610 32 Travelling expenses - - Bank Charges 91 5 Accountancy - 2,083 Examination fee - 2,250 15,741 8,130 Analysed between Charitable activities 15,741 8,130 |
2021 Support costs Governance costs £ £ £ 18,574 14,741 3,685 226 174 43 - 162 9 642 757 40 - 44 5 96 57 3 2,083 - 2,363 2,250 - 2,250 23,871 15,935 8,398 23,871 15,935 8,398 |
2020 £ 18,426 217 171 797 49 60 2,363 2,250 24,333 24,333 |
|---|---|---|
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year (2020 - nil) .
No trustee expenses have been incurred (2020 - nil).
8 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Administration | 1 | 1 |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 18,574 | 18,426 |
There were no employees whose annual remuneration was more than £60,000.
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
9 Net gains/(losses) on investments
| Unrestricted Endowment funds funds general 2021 2021 £ £ Revaluation of investments 3,773 265,175 Gain/(loss) on sale of investments (83) 14,022 3,690 279,197 |
TotalUnrestricted Endowment funds funds general 2021 2020 2020 £ £ £ 268,948 (1,044) (11,019) 13,939 (774) (41,127) 282,887 (1,818) (52,146) |
Total 2020 £ (12,063) (41,901) (53,964) |
|---|---|---|
10 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Fixtures and fittings | |
| £ | |
| Cost | |
| At 1 January 2021 | 3,773 |
| Additions | 48 |
| At 31 December 2021 | 3,821 |
| Depreciation and impairment | |
| At 1 January 2021 | 3,498 |
| Depreciation charged in the year | 226 |
| At 31 December 2021 | 3,724 |
| Carrying amount | |
| At 31 December 2021 | 97 |
| At 31 December 2020 | 275 |
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
11 Fixed asset investments
| Cost or valuation At 1 January 2021 Additions Valuation changes Profit (Loss) on disposals Disposals At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 |
Listed Bonds £ 436,720 94,341 (9,602) (947) (64,358) 456,154 456,154 436,720 |
Listed Equities £ 1,239,523 185,230 141,715 12,824 (206,507) 1,372,785 1,372,785 1,239,523 |
Global Funds £ 812,112 24,936 103,209 - - 940,257 940,257 812,112 |
Absolute Return £ 132,491 - 3,817 - - 136,308 136,308 132,491 |
Property Funds Other Investments £ £ 95,794 90,414 - - 23,924 5,883 2,062 - (10,895) - 110,885 96,297 110,885 96,297 95,794 90,414 |
Property Funds Other Investments £ £ 95,794 90,414 - - 23,924 5,883 2,062 - (10,895) - 110,885 96,297 110,885 96,297 95,794 90,414 |
Total £ 2,807,054 304,507 268,946 13,939 (281,760) 3,112,686 3,112,686 2,807,054 |
|---|---|---|---|---|---|---|---|
| 96,297 | |||||||
| 96,297 | |||||||
| 90,414 |
The investments were valued by the charity's investment advisor, Messrs Brewin Dolphin at mid market prices on 31 December 2021.
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 the endowment fund.
The portfolio managers had £45,812 (2020 £78,262) held in cash to reinvest in the portfolio these amounts are accounted for within the total amount of cash at bank in current assets.
The original cost of the portfolio is £1, 984 , 596 (2020 £ 1,865,127 )
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
12 Creditors: amounts falling due within one year
| Other taxation and social security Accruals and deferred income |
2021 £ 256 8,810 9,066 |
2020 £ 312 8,558 8,870 |
|---|---|---|
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
13 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.
| Balance at 1 January 2020 £ Permanent endowments York Children's Trust Permanent Endowment 2,868,067 2,868,067 |
In come generated £ 85,993 85,993 |
Movement in funds Portfolio charges Income to unrestricted Revaluations gains and losses Balance at 1 January 2021 £ £ £ £ (8,445) (85,993) (52,146) 2,807,476 (8,445) (85,993) (52,146) 2,807,476 |
In come generated £ 106,540 106,540 |
Movement in funds Portfolio charges Income to unrestricted Revaluations gains and losses Balance at 31 December 2021 £ £ £ £ (9,703) (106,540) 279,197 3,076,970 (9,703) (106,540) 279,197 3,076,970 |
|---|---|---|---|---|
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.
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YORK CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 14 Analysis of net assets between funds Unrestricted funds Endowment funds 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Tangible assets 97 - Investments 66,298 3,046,388 Current assets/ (liabilities) 44,327 30,582 110,722 3,076,970 |
TotalUnrestricted funds Endowment funds 2021 2020 2020 £ £ £ 97 275 - 3,112,686 75,902 2,731,152 74,909 26,864 76,323 3,187,692 103,041 2,807,475 |
Total 2020 £ 275 2,807,054 103,187 2,910,516 |
|---|---|---|
The Trustees consider that the charity's funds are sufficient for it to continue its operations for the forseeable future.
15 Related party transactions
There were no disclosable related party transactions during the year (2020- 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.
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