**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. -1- **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). -2- **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. -3- **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. -4- **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 -5- **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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 -6- **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 -7- ## **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 -8- **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... -9- **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... -10- **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... -11- **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... -12- **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... -13- **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... -14- **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... -15- **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... -17- **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... -18- **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. -19- **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-