REGISTERED CHARITY NUMBER: 229067
REPORT OF THE TRUSTEE AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
FOR
THE COMPANY OF MERCHANT TAYLORS
UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW
THE COMPANY OF MERCHANT TAYLORS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
| Page | |
|---|---|
| Report of the Trustee | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 19 |
| Detailed Statement of Financial Activities | 20 to 21 |
THE COMPANY OF MERCHANT TAYLORS
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021
The Trustee presents its report together with the financial statements of the charity for the period ended 30 June 2021. The Trustee has adopted the provisions of 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 the Republic of Ireland (FRS 102). (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Under the terms of its Trust Deed the objectives of the Company are firstly the maintenance, upkeep and repair of the Company's Hall premises, almshouse and documents and secondly, in or towards such other purposes for the benefit of poor and deserving persons of the said City of York and its suburbs as are charitable.
The Court of Assistants is aware of the guidance published by the Charity Commission on Public Benefit and the guidance is taken into account when it reviews the objectives and activities of the Company of Merchant Taylors to ensure they continue to reflect the charity's aims. The Hall is used as a meeting place for the members of the Company where they conduct the business of the Company in pursuance of the objectives as referred to above. The Hall and its facilities are available to the public for weddings, dinners, conferences and other events. In addition, the Hall is opened for public view, at no charge, on a number of occasions during the year.
The Company, through its service company, has contracts with a list of Preferred Caterers to provide the catering for these activities. Surpluses arising in the service company from the use of the Hall and facilities by the caterer are donated to the Company as a charity. The Court of Assistants, aided by the Fabric Committee, has established a regular maintenance programme for the upkeep of the Hall.
The Company has established a separate fund to provide financial support to deserving and needy young people pursuant to their advancement, encouragement and, skill development in the fields of art, craftsmanship and music.
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THE COMPANY OF MERCHANT TAYLORS
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021
ACHIEVEMENT AND PERFORMANCE
The Company in the City of York
The most significant event in the year was the Coronavirus Pandemic which started with lockdowns and other social constraints just before the Company's year started and effectively ended just after the end of the year. The consequences were that the Company could not open the Hall during the year and income to the Service Company effectively ceased for the full year.
Just before the beginning of the year the Court of Assistants set up a 'COBR' operating committee which met by-weekly using 'Zoom' and monitored the security of the hall, fabric and financial situation during the year. Every opportunity was taken to conserve cash and take advantage of various Government and local government support schemes. In the event, the Company was able to maintain employees salaries at the full level though it received reimbursement from the furlough scheme at various levels. One employee was made redundant as a consequence of the reduced employment needs.
The pressures on the Service Company were considerable and the Company increased the loan to the Service Company to £55,000 (2020 £15,637) recognising the need for it in future operations. It was encouraging to note the number of hirers who rebooked events for the following year and those that booked for new events when circumstances changed. As we moved into 21/22 we see that events are recovering and forward bookings were encouraging but the recent Omicron variant concerns have had a noticeable effect..
One of the Company's key objectives is the maintenance of the Hall and gardens - one of the more important Scheduled Monuments in the City - to a suitable standard so that it is available for use and enjoyment by others as an important part of the City's rich heritage and for future generations. While we constrained spending generally during the year it was important that the boiler was replaced as the old one was beginning to fail. The cost of £18,000 had to be borne in a very difficult year. We also undertook a full review of work needed on the hall and small jobs, that normally would be difficult to complete with a fully operating Hall, were undertaken.
Our charitable activities funded by money endowed to the Charitable Fund and members' contributions, focus on supporting young people develop their interests, skills and careers in art, crafts and the performing arts. In 2020/21 our grant totalled some £10,000 and included:
a donation to the York Music Hub
support for the Saturday Art and Design Club and the Media Arts Club at York College
the continued support of students at York College with bursaries and prizes for achievement.
Company events
The constraints brought about by the Coronavirus Pandemic meant that there were virtually no Company events in the year. The Charter Day formalities in June 2020 were held online and all other similar events were either cancelled or held as Zoom meetings. However, the conviviality of the membership was not to be held in check and a couple of online dinners were held, notably the very enjoyable International Women's Day Dinner, and there were a number of at home wine tastings brought together with the help of Zoom.
Charter Day 2021 was the first Company event to be held in the Hall since the lockdown and with the normal traditions of the event including welcoming the Civic Party and members of other York Guilds as guests. An afternoon enjoyed by all that were able to attend. We look forward to a normal 21/22.
Membership
The Company is very sad to record the deaths of longstanding members Alan Johnson (Master in 1987), Henry Dean (a long serving and influential Chair of the Charitable Donations Committee) and Nigel Peel (Master in 2002).
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THE COMPANY OF MERCHANT TAYLORS
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021
Nine new members were welcomed into the Company on Charter Day 2020 but none in 2021. The membership stands at 98.
The Company events business
While there have been hardly any events in the year there are clear indications, from forward bookings, that the business will revive in 2021/22 and the Service Company is looking to at least break even in the next year. The Company continues to support the Service Company during these difficult times as it is seen as being income generating and will support the Company in the future.
OUTLOOK
While 2020/21 was a very difficult year the Company is returning, in 2021/22, to more normal operations and looking forward to welcoming visitors, both new and returning, to enjoy our wonderful Hall and fellowship.
FINANCIAL REVIEW
It is the policy of the Company to maintain unrestricted liquid reserves sufficient for the Company to meet the cost of maintaining the Hall and Almshouse together with the costs of management and administration.
The property and other assets of the Company are insured to cover the cost of reconstruction or replacement should this be necessary.
The Endowment funds have been invested, with professional advice, for a balanced return of income and growth without undue risk.
Financial transactions resulting from the conduct of the business of the Company are summarised in the enclosed Financial Accounts for the period ended 30th June 2021.
Following the cessation of business in the Hall in March 2020 as a result of the Covid 19 Crisis the Company considered urgently the position of the reserves and the ability to continue operating. Costs have been cut to a minimum, staff have been furloughed and a bi-weekly meeting, MT COBR, instituted to monitor and manage the situation. The opportunity to take grants and cost relief from Government have been taken and a Bounce Back Loan taken in the Service Company. In addition, the Company has granted loans to the service company to enable it to meet its essential costs and be prepared to reopen as this was considered to be in the best long term interests of the Company.
The Company together with the Service Company has come through 2020/21 with unrestricted liquid reserves reduced but still more than sufficient to meet the criteria set out above. Further it has prepared a budget for the combined operations that indicate there should be a modest surplus in 2021/22 which will further improve the unrestricted reserves
The Court of Assistants (acting as, the Trustee) considers the Company has adequate reserves and future income to ensure it can continue as a going concern.
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THE COMPANY OF MERCHANT TAYLORS
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Company of Merchant Taylors of the City of York (the Company) is a Company having perpetual succession and a common seal incorporated by Royal Charter granted by King Charles II in 1662. It was registered with the Charity Commission on 23rd October 1963 and the Company of Merchant Taylors is the Charity's corporate Trustee. Sparse historical records indicate a progression from the 12th to the 16th Century of individual artisan, 'cissor or taylor' to an association of craft members or 'mystery', (receiving from the City Council Ordinances de Taillours in 1387), with an evolving Court of Master, Wardens, Assistants and Searchers. A merger of the craft with the Guild or Confraternity of St John the Baptist around the first half of the 15th Century and about the time of the building of the Company Hall, a Royal Licence in 1453, led, eventually, to grouping of the Drapers and other clothing crafts, the adoption of the present title, and in 1662, its Royal Charter. The Company continues to be administered through the Court of Assistants whose participants are listed below. Sub-committees provide invaluable support and cover Membership, Business Development, Finance, Fabric, Catering, Charitable and Governance matters. All major decisions are sanctioned at Full Court meetings to which all members are summoned three times each year. Membership is around 98 and admission is by proposal and invitation. The Company is the owner of an ancient Common Hall known as The Merchant Taylors Hall and of an Almshouse attached thereto, situated in Aldwark, York. The Company also owns other parcels of land, situated in and around York. Income is received from the land and from other investments.
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THE COMPANY OF MERCHANT TAYLORS
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 229067
Principal address
The Merchant Taylors Hall Aldwark York YO1 7BX
TRUSTEE
The Company is administered by a Court of Assistants:
A J DIxon - Master J D L Leach - Immediate Past Master J Wright - Clerk (in attendance) H P Howley - Chancellor (in attendance) A Black - Senior Warden B Crux - Junior Warden R Dixon - Past Master Warden T Kettlewell - Past Master Warden M Matravers - Searcher P Moody - Searcher J Rowan - Searcher S Hobbs - Searcher A Grace - Chairman Membership Committee (Co-opted) S Calder - Chairman Catering Committee (Co-opted) G Millar - Chairman Finance Committee (Co-opted) J Vincent - Chairman Fabric Committee (Co-opted) R Wallington - Chairman Charitable Activities Committee (Co-opted) T Dryland - Chairman Business Development Group (Co-opted) A Boyce - Hon Architect L Rickatson - Hon Solicitor
Independent Examiner
Walter Dawson & Son Lawrence House James Nicolson Link Clifton Moor York North Yorkshire YO30 4WG
Approved by order of the trustee on 12 April 2022 and signed on its behalf by:
A J Dixon - Master
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE COMPANY OF MERCHANT TAYLORS
Independent examiner's report to the trustee of The Company of Merchant Taylors
I report to the charity trustee on my examination of the accounts of The Company of Merchant Taylors (the Trust) for the year ended 30 June 2021.
Responsibilities and basis of report
As the charity trustee of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
Graham David Atkinson BA FCA Walter Dawson & Son Lawrence House James Nicolson Link Clifton Moor York North Yorkshire YO30 4WG
Date: 27 April 2022
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THE COMPANY OF MERCHANT TAYLORS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 36,269 Other trading activities 2 37,439 Investment income 3 13,558 Total 87,266 EXPENDITURE ON Raising funds 11,878 Charitable activities 4 Guild Activities 76,034 Governance Costs 616 Grants, donations - Total 88,528 Net gains/(losses) on investments 2,250 NET INCOME/(EXPENDITURE) 988 RECONCILIATION OF FUNDS Total funds brought forward 243,142 TOTAL FUNDS CARRIED FORWARD 244,130 |
Period 25/6/19 Year ended to 30/6/21 30/6/20 Restricted Endowment Total Total funds fund funds funds £ £ £ £ 7,357 375 44,001 39,984 - - 37,439 27,987 4,850 - 18,408 16,410 12,207 375 99,848 84,381 - - 11,878 11,945 - - 76,034 63,205 - - 616 - 10,098 - 10,098 9,600 10,098 - 98,626 84,750 3,810 35,089 41,149 (29,284) 5,919 35,464 42,371 (29,653) 47,665 149,557 440,364 470,017 53,584 185,021 482,735 440,364 |
|---|---|
The notes form part of these financial statements
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THE COMPANY OF MERCHANT TAYLORS
BALANCE SHEET 30 JUNE 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 10 24,286 Investments 11 112,471 136,757 CURRENT ASSETS Stocks 12 2,610 Debtors 13 81,049 Cash at bank 35,789 119,448 CREDITORS Amounts falling due within one year 14 (12,075) NET CURRENT ASSETS 107,373 TOTAL ASSETS LESS CURRENT LIABILITIES 244,130 NET ASSETS 244,130 FUNDS 15 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Restricted Endowment funds fund £ £ - - 34,309 183,394 34,309 183,394 - - 3,429 225 15,846 1,402 19,275 1,627 - - 19,275 1,627 53,584 185,021 53,584 185,021 |
2021 Total funds £ 24,286 330,174 354,460 2,610 84,703 53,037 140,350 (12,075) 128,275 482,735 482,735 244,130 53,584 185,021 482,735 |
2020 Total funds £ 26,605 289,025 315,630 2,610 65,435 71,330 139,375 (14,641) 124,734 440,364 440,364 243,142 47,665 149,557 440,364 |
|---|---|---|---|
The financial statements were approved by the order of the Trustee and authorised for issue on 12 April 2022 and were signed on its behalf by:
A J Dixon - Master
G Millar – Chairman of Finance Committee
The notes form part of these financial statements
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements have been prepared for The Company of Merchant Taylors as an individual charity and have not been consolidated with its trading subsidiary. The Company of Merchant Taylors has a controlling interest in The Merchant Taylors Service Company, its trading subsidiary (see note 11).
Going concern
The financial statements have been prepared on a going concern basis as the trustee believes that no material uncertainties exist. The trustee has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Income
All incoming resources are included in the Statement of Financial Activities when the charity becomes entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of donations and legacies and is included in full in the Statement of Financial Activities when receivable.
The value of services provided by volunteers has not been included in these accounts.
Investment income is included when receivable.
Incoming resources from car parking and other activities are accounted for when the right to consideration accrues.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred:
Guild activities comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accounts fees and costs linked to the strategic management of the charity.
Costs of generating voluntary income comprise the costs associated with the voluntary income.
All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis or on an estimated basis as set out in note 5 and 6.
The Company is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES - continued
Expenditure
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 10% straight line and 5% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds comprise those funds which the trustee is free to use in accordance with the charitable objects.
Designated Funds are unrestricted funds earmarked by the trustee for particular purposes.
Restricted Funds are funds used for specific purposes as laid down by the donors.
Endowment funds - these are funds held on trust as a capital fund.
Heritage assets
The charity's principal fixed assets are the Merchant Taylors Hall, a guildhall dating from 1415 and an almshouse at Aldwark, York. Neither the historical cost nor improvements to freehold land and buildings are capitalised because these heritage assets are historic, inalienable and form part of the assets of the company held in perpetuity. The company also owns artefacts relevant to its customs and traditions for which no original cost or market value is recorded.
The original cost of the assets and improvements thereto is not available. The users of the accounts are principally the members of the Company. The trustee considers the cost of carrying out a professional valuation to include these assets at a value in the accounts to be considerable compared to the limited additional benefit derived by the users of the accounts.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Investments
Quoted investments are included at market value at the balance sheet date. The gain or loss in the market value of investments during the year is shown in the charity’s SOFA.
Unquoted investments are included at cost.
Investment Property
Investment property is carried at fair value. Revaluation surpluses are recognised in the SOFA.
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||||||
|---|---|---|---|---|---|---|
| Period | ||||||
| 25/6/19 | ||||||
| Year ended | to | |||||
| 30/6/21 | 30/6/20 | |||||
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| £ | £ | £ | £ | £ | ||
| Car parking | 10,260 | - | - | 10,260 | 11,846 | |
| Sale of commemorative | ||||||
| items | 51 | - | - | 51 | - | |
| Government grants | 27,128 | - | - | 27,128 | 11,641 | |
| Cost recharges to Trading | ||||||
| Subsidiary | - | - | - | - | 4,500 | |
| 37,439 | - | - | 37,439 | 27,987 |
The trading activities of the Charity are carried out by the Merchant Taylors Service Company Limited which donates its surplus profits to the Charity each year.
Government grants relate to Covid-19 government support funds to £19,199 (2020: £10,000) from City of York Council and £7,929 (2020: £1,641) of monies claimed under the government Job Retention Scheme.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||||||
|---|---|---|---|---|---|---|
| Period | ||||||
| 25/6/19 | ||||||
| Year ended | to | |||||
| 30/6/21 | 30/6/20 | |||||
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| £ | £ | £ | £ | £ | ||
| Rents received | 9,455 | - | - | 9,455 | 9,180 | |
| Wayleaves | 48 | - | - | 48 | 48 | |
| Deposit account interest | 7 | 2 | - | 9 | 770 | |
| Brewin Dolphin income | 699 | 4,848 | - | 5,547 | 6,412 | |
| Trading subsidiary loan | ||||||
| interest | 3,349 | - | - | 3,349 | - | |
| 13,558 | 4,850 | - | 18,408 | 16,410 |
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
4. SUPPORT COSTS
During the year total grants and donations of £5,010 and £5,088 were made to individuals and institutions, respectively. These donations were made from the restricted charitable fund (note 15).
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
| DIRECT COSTS OF CHARITABLE ACTIVITIES | ||
|---|---|---|
| Period | ||
| 25/6/19 | ||
| Year ended | to | |
| 30/6/21 | 30/6/20 | |
| £ | £ | |
| Clerk | 13,537 | 13,007 |
| Steward | 13,651 | 13,561 |
| Chancellor's office | 941 | 1,077 |
| Insurances, licences | 10,826 | 15,307 |
| Heat, light, rates | 2,090 | 1,221 |
| Repairs, equipment, furnishing | 22,241 | 2,651 |
| Telephone | 270 | 678 |
| Printing, post, stationery | 741 | 1,537 |
| Travelling and accommodation | 408 | 1,023 |
| Depreciation | 2,767 | 3,064 |
| 67,472 | 53,126 |
6. SUPPORT COSTS
| SUPPORT COSTS | ||||||
|---|---|---|---|---|---|---|
| Governance | ||||||
| Finance | costs | Totals | ||||
| £ | £ | £ | ||||
| Guild Activities | 228 | 8,334 | 8,562 | |||
| Governance Costs | - | 616 | 616 | |||
| 228 | 8,950 | 9,178 | ||||
| Support costs, included in the above, are as follows: | ||||||
| Period | ||||||
| 25/6/19 | ||||||
| Year ended | to | |||||
| 30/6/21 | 30/6/20 | |||||
| Guild | Governance | Total | Total | |||
| Activities | Costs | activities | activities | |||
| £ | £ | £ | £ | |||
| Bank charges | 228 | - | 228 | 148 | ||
| Independent examination | 750 | - | 750 | 600 | ||
| Insurance | - | 616 | 616 | 616 | ||
| Guild events and court costs | 909 | - | 909 | 1,063 | ||
| Clerk | 2,707 | - | 2,707 | 2,601 | ||
| Chancellor's office | 2,822 | - | 2,822 | 3,232 | ||
| Sundries | 508 | - | 508 | 103 | ||
| Carried forward | 7,924 | 616 | 8,540 | 8,363 |
Support costs, included in the above, are as follows:
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
6. SUPPORT COSTS - continued
| SUPPORT COSTS - continued | |||||
|---|---|---|---|---|---|
| Period | |||||
| 25/6/19 | |||||
| Year ended | to | ||||
| 30/6/21 | 30/6/20 | ||||
| Guild | Governance | Total | Total | ||
| Activities | Costs | activities | activities | ||
| £ | £ | £ | £ | ||
| Brought forward | 7,924 | 616 | 8,540 | 8,363 | |
| Legal and Professional fees | 638 | - | 638 | 1,716 | |
| 8,562 | 616 | 9,178 | 10,079 |
7. TRUSTEE’S REMUNERATION AND BENEFITS
No remuneration or other benefits are paid to the trustee or members of the Court of Assistants.
In accordance with normal commercial practice the charity has purchased insurance to protect the trustee and Court of Assistants from claims arising from negligent acts, errors or omissions occurring whilst on the charity's business. The annual premium is £616 (2020: £616).
Trustees' expenses
No expenses were paid to the trustee nor to the members of the Court of Assistants for the year ended 30 June 2021 nor for the period ended 30 June 2020.
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Period | ||
|---|---|---|
| 25/6/19 | ||
| Year ended | to | |
| 30/6/21 | 30/6/20 | |
| Management and support | 2 | 2 |
No employees received emoluments in excess of £60,000.
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 30,894 Other trading activities 27,987 Investment income 10,874 Total 69,755 EXPENDITURE ON Raising funds 11,945 Charitable activities Guild Activities 63,205 Grants, donations - Total 75,150 Net gains/(losses) on investments (3,379) NET INCOME/(EXPENDITURE) (8,774) RECONCILIATION OF FUNDS Total funds brought forward 251,916 TOTAL FUNDS CARRIED FORWARD 243,142 |
Restricted Endowment funds fund £ £ 8,715 375 - - 5,536 - 14,251 375 - - - - 9,600 - 9,600 - (2,597) (23,308) 2,054 (22,933) 45,611 172,490 47,665 149,557 |
Total funds £ 39,984 27,987 16,410 84,381 11,945 63,205 9,600 84,750 (29,284) (29,653) 470,017 440,364 |
|---|---|---|
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
10. TANGIBLE FIXED ASSETS
| COST At 1 July 2020 Additions At 30 June 2021 DEPRECIATION At 1 July 2020 Charge for year At 30 June 2021 NET BOOK VALUE At 30 June 2021 At 30 June 2020 |
Fixtures and fittings £ 120,865 556 121,421 94,260 2,875 97,135 24,286 26,605 |
|---|---|
Freehold property, other historic assets and artefacts of the company are not capitalised as disclosed in note 1. Improvements not capitalised during the year amounted to £nil (2020 - £nil).
11. FIXED ASSET INVESTMENTS
| Value at 1 July 2020 Additions Investment redeemed Realised gains/(losses) Unrealised gains/(losses) Value at 30 June 2021 Investments at market value comprised: Freehold investment property 100% trading subsidiary Listed Investments Cash on deposit |
Unrestricted Funds 110,221 - - - 2,250 112,471 80,560 100 31,138 673 112,471 |
Restricted Funds 30,499 - - - 3,810 34,309 - - 33,894 415 34,309 |
Endowment Funds 148,305 - - - 35,089 183,394 - - 182,161 3,766 183,394 |
Total Funds 2021 289,025 - - - 41,149 330,174 80,560 100 247,193 4,854 330,174 |
2020 318,309 - - - (29,284) 289,025 80,560 100 206,984 1,381 289,025 |
|---|---|---|---|---|---|
i) The charity owns the whole of the issued share capital of The Merchant Taylors Service Company Limited, registered in England & Wales, company number 2844764. The shares are valued at par.
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
11. FIXED ASSET INVESTMENTS - continued
The Merchant Taylors Service Company Limited had turnover of £401 (2020: £51,046), gross (loss) of (£16,335) (2020: gross profit of £23,281) and a (loss) before tax and gift aid of (£29,888) in the year ended 30 June 2021 (2020: (£16,293)). At 30 June 2021 the company had negative reserves of (£46,081) (2020: (£16,193)).
ii) Freehold investment property was valued in September 2011 by R E F Stephenson MRICS FAAV at £80,000. Other freehold interests were valued at £560.
iii) Listed investments are managed by Brewin Dolphin.
12. STOCKS
| Valuation 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts due from trading subsidiary Prepayments and accrued income Other debtors 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security |
2021 £ 2,610 2021 £ 20,277 61,673 2,557 196 84,703 2021 £ 11,585 490 12,075 |
2020 £ 2,610 2020 £ 27,256 27,606 - 10,573 |
|---|---|---|
| 65,435 | ||
| 2020 £ 13,821 820 |
||
| 14,641 |
continued...
-16-
THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund Major fabric repair fund Restricted funds Charitable fund Fabric fund Endowment funds Charitable fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Restricted funds Charitable fund Endowment funds Charitable fund TOTAL FUNDS |
At 1/7/20 £ 203,142 40,000 243,142 46,665 1,000 47,665 149,557 440,364 as follows: Incoming resources £ 87,266 12,207 375 99,848 |
Net movement in funds £ 988 - 988 5,919 - 5,919 35,464 42,371 Resources expended £ (88,528) (10,098) - (98,626) |
Transfers between At funds 30/6/21 £ £ 40,000 244,130 (40,000) - - 244,130 - 52,584 - 1,000 - 53,584 - 185,021 - 482,735 Gains and Movement losses in funds £ £ 2,250 988 3,810 5,919 35,089 35,464 41,149 42,371 |
|---|---|---|---|
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Major fabric repair fund Restricted funds Charitable fund Fabric fund Endowment funds Charitable fund TOTAL FUNDS |
At 25/6/19 £ 211,916 40,000 251,916 45,611 - 45,611 172,490 470,017 |
Net movement in funds £ (8,774) - (8,774) 1,054 1,000 2,054 (22,933) (29,653) |
At 30/6/20 £ 203,142 40,000 243,142 46,665 1,000 47,665 149,557 440,364 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 69,755 | (75,150) | (3,379) | (8,774) |
| Restricted funds | ||||
| Charitable fund | 13,251 | (9,600) | (2,597) | 1,054 |
| Fabric fund | 1,000 | - | - | 1,000 |
| 14,251 | (9,600) | (2,597) | 2,054 | |
| Endowment funds | ||||
| Charitable fund | 375 | - | (23,308) | (22,933) |
| TOTAL FUNDS | 84,381 | (84,750) | (29,284) | (29,653) |
Restricted charitable fund
Donations and income received for the restricted charitable fund are to fund grants to individuals and institutions to provide financial support to advance and develop skills in the fields of art, craftsmanship and music.
Restricted fabric fund
Donations and income received for the restricted fabric fund are funds that are to be used to maintain the hall and grounds.
continued...
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THE COMPANY OF MERCHANT TAYLORS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
15. MOVEMENT IN FUNDS - continued
Endowment charitable fund
These funds are held on trust as a capital fund. The income arising from the endowment funds after meeting the costs of administering the funds is available for distribution within the objects of the restricted charitable fund.
Unrestricted - Major fabric repair fund
£40,000 was designated in 2018 for future Hall repair costs. Due to the effects of Covid-19 the Court of Assistants decided that the (designated) Major fabric repair fund should be undesignated and transferred back to general funds.
16. RELATED PARTY DISCLOSURES
The balance due to the Charity from its trading subsidiary, at the year end, was £61,673 (2020: £27,606).
There were no other related party transactions for the year ended 30 June 2021.
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THE COMPANY OF MERCHANT TAYLORS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| Period | ||
|---|---|---|
| 25/6/19 | ||
| Year ended | to | |
| 30/6/21 | 30/6/20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Admission fees | 300 | 1,350 |
| Annual subscriptions | 28,490 | 20,885 |
| Legacy & donations to Charity | 7,157 | 10,972 |
| Tax recoverable on subs | 7,198 | 6,777 |
| Tax recoverable on donations | 856 | - |
| 44,001 | 39,984 | |
| Other trading activities | ||
| Car parking | 10,260 | 11,846 |
| Sale of commemorative items | 51 | - |
| Government grants | 27,128 | 11,641 |
| Cost recharges to Trading Subsidiary | - | 4,500 |
| 37,439 | 27,987 | |
| Investment income | ||
| Rents received | 9,455 | 9,180 |
| Wayleaves | 48 | 48 |
| Deposit account interest | 9 | 770 |
| Brewin Dolphin income | 5,547 | 6,412 |
| Trading subsidiary loan interest | 3,349 | - |
| 18,408 | 16,410 | |
| Total incoming resources | 99,848 | 84,381 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Clerk | 10,829 | 10,406 |
| Chancellor | 941 | 1,077 |
| Postage and stationery | - | 284 |
| Depreciation of tangible fixed assets | 108 | 178 |
| 11,878 | 11,945 | |
| Charitable activities | ||
| Clerk | 13,537 | 13,007 |
| Carried forward | 13,537 | 13,007 |
This page does not form part of the statutory financial statements
-20-
THE COMPANY OF MERCHANT TAYLORS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| Period | ||
|---|---|---|
| 25/6/19 | ||
| Year ended | to | |
| 30/6/21 | 30/6/20 | |
| £ | £ | |
| Charitable activities | ||
| Brought forward | 13,537 | 13,007 |
| Steward | 13,651 | 13,561 |
| Chancellor's office | 941 | 1,077 |
| Insurances, licences | 10,826 | 15,307 |
| Heat, light, rates | 2,090 | 1,221 |
| Repairs, equipment, furnishing | 22,241 | 2,651 |
| Telephone | 270 | 678 |
| Printing, post, stationery | 741 | 1,537 |
| Travelling and accommodation | 408 | 1,023 |
| Depreciation | 2,767 | 3,064 |
| Grants to institutions | 5,088 | 9,300 |
| Grants to individuals | 5,010 | 300 |
| 77,570 | 62,726 | |
| Support costs | ||
| Finance | ||
| Bank charges | 228 | 148 |
| Governance costs | ||
| Independent examination | 750 | 600 |
| Insurance | 616 | 616 |
| Guild events and court costs | 909 | 1,063 |
| Clerk | 2,707 | 2,601 |
| Chancellor's office | 2,822 | 3,232 |
| Sundries | 508 | 103 |
| Legal and Professional fees | 638 | 1,716 |
| 8,950 | 9,931 | |
| Total resources expended | 98,626 | 84,750 |
| Net income/(expenditure) before gains and | ||
| losses | 1,222 | (369) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on investment property | 41,149 | (29,284) |
| Net income/(expenditure) | 42,371 | (29,653) |
This page does not form part of the statutory financial statements
-21-