**Charity registration number 222279**
## **YORK CHILDREN'S TRUST**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 - 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 2023**_
The trustees present their annual report and financial statements for the year ended 31 December 2023.
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.
## _Strategies for achieving aims and objectives_
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.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
## _Activities_
A total of 81 (2022 - 110) grants were made during the year, to schools, special schools, groups, local authorities, care trusts, charities and individuals.
## _Grant making policy_
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.
## _Volunteers_
With the exception of the trustees the operation of the charity it is not dependent on the services of volunteers.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The trustees have continued to achieve the objects of the charity through their grant making policies.
## _Investment performance_
The investment portfolio produced income of £110387 which was a yield on cost of 4.56% (2022- £105075 4.43%) which was in line with the budgeted target.
## **Financial review**
The investment portfolio has increased in value during the year by £70,713 a rise of 2.48% (2022 decrease of £263,341 8.46%) The market value of the trust's investments has increased during the year by £81,433 a rise of 2.86% (2022 decrease of £246,204 7.91%) Profits were crystallised on disposals in the year of £16,430 (2022 losses of £44,986)
The total value of the investments at 31 December 2023 amounted to £2,920,058 (2022 £2,849,345). The portfolio managers also had £35,289 (2022 £8,410) held in cash to reinvest in the portfolio.
The trustees' had £28,862 cash in the bank at 31 December 2023 (2022 £32,046)
- 1 -
## **YORK CHILDREN'S TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## _Reserves policy_
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 £100,432 (2022 - £98,799) and endowment funds totalling £ 2861651 (2022 - £ 2782159 ),
## _Investment policy_
The investment policy is to adopt a medium risk strategy based on maximising income, whilst having a view to ethical investments 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.
## _Major risks_
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 2024**
The Trustees are aware that Brexit combined with the global uncertainty, due to the continuing Ukrainian conflict and unrest in the middle east, 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 May 2024 reviewed the current investment valuations and adjusted both their income expectations from the investments and the budget set for grants in 2024, and will continue to monitor these aspects throughout 2024 so that the trust's expenditure will match the income that it is likely to receive.
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 (No. 222279) 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 trust's principal address is c/o 12 Stone Rings Close, Harrogate. HG2 9HZ.
- 2 -
## **YORK CHILDREN'S TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
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 Ms K Bradley
## _Recruitment and appointment of trustees_
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.
## _Organisational structure_
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.
## _Other matters_
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.
## _Relationship with related parties_
The trust has no relationships with third parties, although City of York Council receives continuous funding for various children's schemes.
- 3 -
## **YORK CHILDREN'S TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees' report was approved by the Board of Trustees.
Mrs K Pickard
## **Chair**
1 May 2024
- 4 -
## **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 2023.
## **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
- 2 the financial statements do not accord with those records; or
- 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 York YO24 4EY
Dated: 1 May 2024
- 5 -
## **YORK CHILDREN'S TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Investments
**3**
112,076
-
**Expenditure on:**
Raising funds
**4**
296
18,753
Charitable activities
**6**
109,764
-
Total expenditure
110,060
18,753
Net gains/(losses) on
investments
**10**
(383)
98,245
**Net income/(expenditure) and**
**movement in funds**
1,633
79,492
**Reconciliation of funds:**
Fund balances at 1 January
2023
98,799
2,782,159
**Fund balances at 31**
**December 2023**
100,432
2,861,651|**Total**
**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
112,076
106,339
-
19,049
9,500
9,500
109,764
102,883
-
128,813
112,383
9,500
97,862
(5,879)
(285,311)
81,125
(11,923)
(294,811)
2,880,958
110,722
3,076,970
2,962,083
98,799
2,782,159|**Total**
**2022**
**£**
106,339
19,000
102,883
121,883
(291,190)
(306,734)
3,187,692
2,880,958|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 6 -
## **YORK CHILDREN'S TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**12**
Investments
**13**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds - general
**15**
**Income funds**
Unrestricted funds|**2023**
**£**
**£**
524
2,920,057
2,920,581
52,291
(10,789)
41,502
2,962,083
2,861,651
100,432
2,962,083|**2022**
**£**
**£**
-
2,849,345
2,849,345
40,456
(8,843)
31,613
2,880,958
2,782,159
98,799
2,880,958|**2022**
**£**
**£**
-
2,849,345
2,849,345
40,456
(8,843)
31,613
2,880,958
2,782,159
98,799
2,880,958|
|---|---|---|---|
||||2,849,345
31,613|
||||2,880,958|
||||2,782,159
98,799|
||||2,880,958|
The financial statements were approved by the Trustees on 1 May 2024
Mr P Watson **Treasurer**
Mrs K Pickard **Chair**
- 7 -
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **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 or grantors 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.
- 8 -
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **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 Computers 4 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.
- 9 -
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **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.
- 10 -
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **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 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Income from investment portfolio|110,387|105,075|
|Interest receivable|1,689|1,264|
||112,076|106,339|
## **4 Portfolio management**
|**Unrestricted Endowment**
**funds**
**funds**
**general**
**2023**
**2023**
**£**
**£**
Brewin Dolphin
Investment portfolio
management and dealing
costs
296
18,753
296
18,753|**Total**
Unrestricted
Endowment
funds
funds
general
**2023**
2022
2022
**£**
£
£
19,049
9,500
9,500
19,049
9,500
9,500|Total
2022
£
19,000|
|---|---|---|
|||19,000|
- 11 -
||**Total**|||**2022**|**£**||77,613||16,866|8,404|102,883|||102,883|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Children's**|**Groups**||**2022**|**£**||32,613||1,855|2,101|36,569|||36,569|
||**Travel and**|**Fostering**|**Talent**|**2022**|**£**||400||169|2,101|2,670|||2,670|
||**Social and**|**Medical**||**2022**|**£**||33,630||13,324|2,101|49,055|||49,055|
||**Educational**|||**2022**|**£**||10,970||1,518|2,101|14,589|||14,589|
||**Total**|||**2023**|**£**||81,930||17,820|10,014|109,764|||109,764|
||**Children's**|**Groups**||**2023**|**£**||48,779||2,138|3,338|54,255|||54,255|
||**Social and**|**Medical**||**2023**|**£**||20,397||13,722|3,338|37,457|||37,457|
|**Expenditure on charitable activities**|**Educational**|||**2023**|**£**|**Direct costs**|Grant funding of activities (see note 6)
12,754|**Share of support and governance costs (see note 7)**|Support
1,960|Governance
3,338|18,052||**Analysis by fund**|Unrestricted funds
18,052|
|**5**|||||||||||||||
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **6 Grants payable**
|**Educational**
**Social and**
**Medical**
**Travel and**
**Fostering**
**Talents**
**Children's**
**Groups**
**£**
**£**
**£**
**£**
Grants to institutions (23 grants):
Other
12,754
3,750
-
48,779
Grants to individuals (58
grants)
-
16,647
-
-
12,754
20,397
-
48,779|**Total**
**£**
65,283
16,647
81,930|**2022**
**£**
46,083
31,530|
|---|---|---|
|||77,613|
## **Material grants were made to, or through the following institutions :**
||**2023**|**2022**|
|---|---|---|
|Argos|**2,001**|3,097|
|Calverts Carpets|**5,684**|6,122|
|City Of York Council|**4,954**|4,264|
|Community Furniture Store (York) Ltd|**1,170**|1,677|
|Door 84|**8,700**||
|Ebor Academy Trust|**2,220**|7,379|
|Explore York Libraries|**975**|2,000|
|Forest School Fund|**5,000**||
|Home Start York|**5,000**|5,000|
|Orchard Farm Ltd|**877**|1375|
|Pathfinder Multi Academy|**1,087**|1,342|
|Ryedale Special Families|**15,000**||
|Sand Hutton & Warthill Schools|**1,200**||
|Sing & Sign Maestros|**1,800**||
|Smirthwaite|**1,199**||
|Specialised Orthotic Services|**1,079**||
|Tang Hall Primary School|**2,052**||
|The Island NI|**12,200**|2,925|
|York Carers Centre|**3,900**|3,500|
-
- 13 -
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **7 Support costs allocated to activities**
|**Educational**
**2023**
**£**
Staff costs
17,006
Depreciation
175
Printing, Copying & Postage
-
Telecommmunications
384
Travel
195
Bank Charges
60
Governance
10,014
27,834
**2023**
**Governance costs comprise:**
**£**
Staff costs
4,250
Depreciation
-
Accountancy
2,919
Examination
2,750
Printing, Copying & Postage
-
Telecommunications
95
10,014|**Total**
**2022**
**£**
15,816
78
80
755
56
81
8,404|
|---|---|
||25,270|
||**2022**
**£**
3,955
19
2,138
2,250
42
-|
||8,404|
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year (2022 - nil).
No trustee expenses have been incurred (2022 - nil).
## **9 Employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Administration|1|1|
|**Employment costs**|**2023**|**2022**|
||**£**|**£**|
|Wages and salaries|21,256|19,771|
- 14 -
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **9 Employees**
## **(Continued)**
There were no employees whose annual remuneration was more than £60,000.
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
## **10 Gains and losses on investments**
|**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2023**
Gains/(losses) arising on:
**£**
**£**
Revaluation of
investments
(514)
81,947
Sale of investments
131
16,298
(383)
98,245|**Total**
**Unrestricted Endowment**
**Total**
**funds**
**funds**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
81,433
(5,960)
(240,244)
(246,204)
16,429
81
(45,067)
(44,986)
97,862
(5,879)
(285,311)
(291,190)|
|---|---|
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **12 Tangible fixed assets**
|**Tangible fixed assets**||
|---|---|
|**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**Cost**
At 1 January 2023
3,822
-
Additions
-
699
At 31 December 2023
3,822
699
**Depreciation and impairment**
At 1 January 2023
3,822
-
Depreciation charged in the year
-
175
At 31 December 2023
3,822
175
**Carrying amount**
At 31 December 2023
-
524|**Total**
**£**
3,822
699|
||4,521|
||3,822
175|
||3,997|
||524|
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||**Other**
**Total**|**investments**|**£**||105,387 2,849,345|27,880
661,495|(12,798)
81,433|-
16,429|-
(688,645)|120,469 2,920,057||120,469 2,920,057||105,387 2,849,345|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Property**|**Funds**|||82,180|-|(5,598)|-|-|76,582||76,582||82,180|
||**Absolute**|**Return**|||198,034|28,598|(4,028)|(590)|(119,118)|102,896||102,896||198,034|
||**Global**|**Funds**|**£**||404,450|166,356|29,535|3,572|(78,757)|525,156||525,156||404,450|
||**Listed**|**Equities**|**£**||1,650,484|102,717|69,124|6,846|(237,430)|1,591,741||1,591,741||1,650,484|
||**Listed**|**Bonds**|**£**||408,810|335,944|5,198|6,601|(253,340)|503,213||503,213||408,810|
|**Fixed asset investments**||||**Cost or valuation**|At 1 January 2023|Additions|Valuation changes|Profit (Loss) on disposals|Disposals|At 31 December 2023|**Carrying amount**|At 31 December 2023||At 31 December 2022|
|**13**|||||||||||||||
## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **14 Creditors: amounts falling due within one year**
|Other taxation and social security
Accruals and deferred income|**2023**
**£**
1,343
9,446
10,789|**2022**
**£**
212
8,631|
|---|---|---|
|||8,843|
## **15 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.
|**At**
**Permanent endowments**
York Children's Trust Permanent Endowment
**Previous year:**
**At**
**Permanent endowments**
York Children's Trust Permanent Endowment|**1 January**
**2023**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
2,782,159
(18,753)
98,245
2,861,651
**1 January**
**2022**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2022**
**£**
**£**
**£**
**£**
3,076,970
(9,500)
(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.
## **16 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At**|**1**|**January**|**Incoming**|**Resources**|**Gains and**|**At 31**|
|---|---|---|---|---|---|---|---|
||||**2023**|**resources**|**expended**|**losses**|**December**|
||||||||**2023**|
||||**£**|**£**|**£**|**£**|**£**|
|General funds|||98,799|112,076|(110,060)|(383)|100,432|
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## **YORK CHILDREN'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**16**|**Unrestricted funds**|||||**(Continued)**|
|---|---|---|---|---|---|---|
||**Previous year:**|**At 1 January**|**Incoming**|**Resources**|**Gains and**|**At 31**|
|||**2022**|**resources**|**expended**|**losses**|**December**|
|||||||**2022**|
|||**£**|**£**|**£**|**£**|**£**|
||General funds|110,722|106,339|(112,383)|(5,879)|98,799|
|**17**|**Analysis of net assets between**|**funds**|||||
|||||**Unrestricted**|**Endowment**|**Total**|
|||||**funds**|**funds**||
|||||**2023**|**2023**|**2023**|
|||||**£**|**£**|**£**|
||**Fund balances at 31 December**|**2023 are represented by:**|||||
||Tangible assets|||524|-|524|
||Investments|||58,406|2,861,651|2,920,057|
||Current assets/(liabilities)|||41,502|-|41,502|
|||||100,432|2,861,651|2,962,083|
|||||**Unrestricted**|**Endowment**|**Total**|
|||||**funds**|**funds**||
|||||**2022**|**2022**|**2022**|
|||||**£**|**£**|**£**|
||**Fund balances at 31 December**|**2022 are represented by:**|||||
||Investments|||74,241|2,775,104|2,849,345|
||Current assets/(liabilities)|||24,558|7,055|31,613|
|||||98,799|2,782,159|2,880,958|
The Trustees consider that the charity's funds are sufficient for it to continue its operations for the forseeable future.
## **18 Related party transactions**
There were no disclosable related party transactions during the year (2022- 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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