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2022-12-31-accounts

Charity registration number 222279

YORK CHILDREN'S TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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
Ms K Bradley
Charity number 222279
Principal address 12 Stone Rings Close
Harrogate
HG2 9HZ
Independent examiner David Walker FCA
124 Acomb Road
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 - 17

YORK CHILDREN'S TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

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)" (effective 1 January 2019).

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 110 (2021 - 122) 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 £105075 which was a yield on cost of 4.43% (2021- £108210 5.49%) which was in line with the budgeted target.

Financial review

The investment portfolio has decreased in value during the year by £263,341 a fall of 8.46% (2021 increase of £305,632 10.89%) The market value of the trust's investments has decreased during the year by £246,204 a fall of 7.91% (2021 increase of £268,946 9.58%) Losses were crystallised on disposals in the year of £44,986 (2021 profit of £13,939)

The total value of the investments at 31 December 2022 amounted to £2,849,345 (2021 £3,112,686). The portfolio managers also had £8,410 (2021 £45,812) held in cash to reinvest in the portfolio.

The trustees' had £32,046 cash in the bank at 31 December 2022 (2021 £38,163)

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.

At the year end the trust had unrestricted funds totalling £98,799 (2021 - £110,722) and endowment funds totalling £2,782,159 (2021 - £3,076,970),

YORK CHILDREN'S TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 situation with regards to the coronvirus pandemic it has been decided that there would 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 2023

The Trustees are aware that the BREXIT combined with the continuing global uncertainty due to the Ukrainian conflict is having an impact on the UK economy and as a result is affecting its main income generating assets.

The finance committee at its meeting of 19th April 2023 reviewed the current investment valuations and adjusted both their income expectations from the investments and the budget set for grants in 2023, and will continue to monitor these aspects throughout 2023 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. 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.

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 Dr M Harran Mrs A Clark Mrs M Soper Mrs L Kerr Ms Y Bent Mr S Flatley (Resigned 16 November 2022) Ms K Bradley

YORK CHILDREN'S TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 chair, 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 Chair

Date: .............................................

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 2022.

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 York YO24 4EY

Dated: .........................

YORK CHILDREN'S TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Endowment
funds
funds
2022
2022
Notes
£
£
Income from:
Investment Portfolio
3
106,339
-
Expenditure on:
Portfolio management
4
9,500
9,500
Charitable activities
5
102,883
-
Total expenditure
112,383
9,500
Net gains/(losses) on
investments
9
(5,879)
(285,311)
Net movement in funds
(11,923)
(294,811)
Fund balances at 1 January
2022
110,722
3,076,970
Fund balances at 31
December 2022
98,799
2,782,159		 Total Unrestricted Endowment
funds
funds
2022
2021
2021
£
£
£
106,339
108,862
-
19,000
9,489
9,703
102,883
95,381
-
121,883
104,870
9,703
(291,190)
3,690
279,197
(306,734)
7,682
269,494
3,187,692
103,040
2,807,476
2,880,958
110,722
3,076,970		 Total
2021
£
108,862
19,192
95,381
114,573
282,887
277,176
2,910,516
3,187,692

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 2022

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		 2022
£
£
-
2,849,345
2,849,345
40,456
(8,843)
31,613
2,880,958
2,782,159
98,799
2,880,958		 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		 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
3,112,783
74,909
3,187,692
3,076,970
110,722
3,187,692

The financial statements were approved by the Trustees on .........................

.............................. .............................. Mr P Watson Mrs K Pickard Treasurer Chair

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 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.

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.

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

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).

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.

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

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.

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 is 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.

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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

Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
105,075
108,210
1,264
652
106,339
108,862		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
105,075
108,210
1,264
652
106,339
108,862		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
105,075
108,210
1,264
652
106,339
108,862
Income from investment portfolio
Interest receivable
108,862
Portfolio management
Unrestricted Endowment
funds
funds
general
2022
2022
£
£
Brewin Dolphin
Investment portfolio
management and dealing
costs
9,500
9,500
9,500
9,500		 Total
Unrestricted
Endowment
funds
funds
general
2022
2021
2021
£
£
£
19,000
9,489
9,703
19,000
9,489
9,703		 Total
2021
£
19,192
19,192

4 Portfolio management

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Grants payable

Educational
Social and
Medical
Travel and
Fostering
Talents
Children's
Groups
£
£
£
£
Grants to institutions (24 grants):
Other
10,970
2,500
-
32,613
Grants to individuals (86
grants)
-
31,130
400
-
10,970
33,630
400
32,613		 Total
£
46,083
31,530
77,613		 2021
£
45,863
25,647
71,510

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

2022 2021
1st Easingwold Scout Group 996
Argos 3,097 2,859
Big Futures Foundation 6,984
Calverts Carpets 6,122 4,504
City Of York Council 4,264 4,197
Community Furniture Store (York) Ltd 1,677 1,970
Currys 1,277
D J Pagliaro 2,580
Ebor Academy Trust 7,379 3,805
Explore York Libraries 2,000 5,003
Home Start York 5,000 4,000
Mrs V Broadhead 1,392
NYMTC 4,200
Orchard Farm Ltd 1,375
Pathfinder Multi Academy 1,342 2,807
Rainbow Playgroup 1,073
S & S Stone 871
SASH 1,008 1,180
South Bank MAT 1,350 1,765
The Island 2,925 2,772
The Sick Children's Trust 2,000
V-Trak 2,091
Wilberforce Trust 2,000
York Carers Centre 3,500 4,550
York Sea Cadets 1,500

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Support costs

Support
costs
Governance
costs
£
£
Staff costs
15,816
3,955
Depreciation
78
19
Printing & Copying
80
-
Telecommunications
811
42
Bank Charges
81
-
Accountancy
-
2,138
Examination fee
-
2,250
16,866
8,404
Analysed between
Charitable activities
16,866
8,404		 2022
Support
costs
Governance
costs
£
£
£
19,771
14,859
3,715
97
181
45
80
-
-
853
610
32
81
91
5
2,138
-
2,083
2,250
-
2,250
25,270
15,741
8,130
25,270
15,741
8,130		 2021
£
18,574
226
-
642
96
2,083
2,250
23,871
23,871

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year (2021 - nil).

No trustee expenses have been incurred (2021 - nil).

8 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Administration 1 1
Employment costs 2022 2021
£ £
Wages and salaries 19,771 18,574

There were no employees whose annual remuneration was more than £60,000.

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Net gains/(losses) on investments

Unrestricted Endowment
Total
Unrestricted
Endowment
funds
funds
funds
funds
general
general
2022
2022
2022
2021
2021
£
£
£
£
£
Revaluation of
investments
(5,960)
(240,244)
(246,204)
3,773
265,175
Gain/(loss) on sale of
investments
81
(45,067)
(44,986)
(83)
14,022
(5,879)
(285,311)
(291,190)
3,690
279,197		 Total
2021
£
268,948
13,939
282,887

10 Tangible fixed assets

Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2022 3,822
At 31 December 2022 3,822
Depreciation and impairment
At 1 January 2022 3,725
Depreciation charged in the year 97
At 31 December 2022 3,822
Carrying amount
At 31 December 2021 97
Other
Total		 investments £ 96,297 3,112,686 51,834 1,057,749 (4,390) (246,204) (526)
(44,986)		 -
-		 (37,828)(1,029,900 ) ) 105,387 2,849,345 105,387 2,849,345 96,297 3,112,686
Property Funds 110,885 1,916 (30,621) - - - 82,180 82,180 110,885
Absolute Return 136,308 71,079 (13,765) - 4,412 - 198,034 198,034 136,308
Global Funds £ 940,257 38,651 (95,337) (32,921) (25,493) (443,896) 381,261 381,261 940,257
Listed Equities £ 1,372,785 675,571 (38,818) (2,064) 25,493 (359,294) 1,673,673 1,673,673 1,372,785
Listed Bonds £ 456,154 218,698 (63,273) (9,475) (4,412) (188,882) 408,810 408,810 456,154
Cost or valuation At 1 January 2022 Additions Valuation changes Profit (Loss) on disposals Reallocation Disposals At 31 December 2022 Carrying amount At 31 December 2022 At 31 December 2021

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2022
£
212
8,631
8,843		 2021
£
256
8,810
9,066

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 2021
generated
charges
unrestricted
gains and
1 January 2022
generated
charges
unrestricted
gains and
31 December		 losses
losses
2022		 £
£
£
£
£
£
£
£
£
£
£		 Permanent endowments York Children's Trust Permanent Endowment
2,807,476
106,540
(9,703)
(106,540)
279,197
3,076,970
103,572
(9,500)
(103,572)
(285,311)
2,782,159		 2,807,476
106,540
(9,703)
(106,540)
279,197
3,076,970
103,572
(9,500)
(103,572)
(285,311)
2,782,159		 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.
13

YORK CHILDREN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2022
2022
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
-
-
Investments
74,241
2,775,104
Current assets/(liabilities)
24,558
7,055
98,799
2,782,159		 Total
Unrestricted
funds
Endowment
funds
2022
2021
2021
£
£
£
-
97
-
2,849,345
66,298
3,046,388
31,613
44,327
30,582
2,880,958
110,722
3,076,970		 Total
2021
£
97
3,112,686
74,909
3,187,692

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 (2021- 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.