**REGISTERED CHARITY NUMBER: 229067**
## **REPORT OF THE TRUSTEE AND**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 JUNE 2022**
## **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 2022**
||**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 22|
|**Detailed Statement of Financial Activities**|23 to 24|
**THE COMPANY OF MERCHANT TAYLORS**
**REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2022**
The Trustee presents its report together with the financial statements of the charity for the period ended 30 June 2022. 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 (York Merchant Taylors’ Service Company Limited), 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 2022**
## **ACHIEVEMENT AND PERFORMANCE**
## The Company in the City of York
Probably the most significant event during the 2021/22 year was the returning to a near normal operating situation given the Covid Pandemic over the previous eighteen months or so. This was slow and cautious at first given the natural nervousness and some continuing constraints but by the end of the year events and meetings were going in full swing. This meant a great deal in confraternity to our members and also to the City of York and its visitors as we were able to allow them back in to see and to enjoy the benefits of the use of the Hall.
The pressures on the Service Company which had been considerable were eased to some extent though the Company still had to help with loans to overcome the cash flow problems that would otherwise have arisen. The Hall Manager was key in this return to normal providing a calm and consistent approach to all customers and even stepping in on occasions to help with cleaning when the contractors let us down. She is to be much thanked. The outcome at the end of the year was that the Service Company was at a close to break even position having met all its management fee requirements and interest payments on loans to the Company. An encouraging emergence from the trying times.
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. The programme of maintenance and renewal was continued. We also took what felt like a brave step of removing the longstanding policy of carpeting the hall revealing a high quality oak floor which has been prepared for use. So far there have been very few complaints but many plaudits particularly from users. Our thanks go to the Hall Steward who has contributed significantly to this programme.
Our charitable activities funded by money endowed to the Charitable Fund and members' contributions, focuses on supporting young people to develop their interests, skills and careers in art, crafts and the performing arts. In 2021/22 our grants totalled some £14,980 and included: York College, 2 Signal Regiment, York Music Hub, YFCC, York Theatre Royal, Jorvik Radio and York Mystery Plays.
## Company events
While there was some early disruption to the usual events early in the year, to the disappointment of some members, by the year end we were back to our normal programme of events. The Martinmas Feast, the Livery Dinner and notably the 2022 Charter Day event were all well attended and enjoyed by both members and our guests.
## Membership
The Company is very sad to record the deaths of Stuart Briggs, who died shortly after becoming a retired member, and Ken Dixon who had been a member for 40 years.
We welcomed three new members on Charter Day and a further three will be inducted at the first opportunity in the new year.
-2-
**THE COMPANY OF MERCHANT TAYLORS**
## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2022**
## Staff
During the year our Clerk resigned and we lost a very capable senior member of staff and were sorry to see her go. However, one of our members stepped into the breach and with help from the two other staff and other members adding a helping hand operations were continued successfully. We are very grateful for the extra work put in by all of them until the new Clerk started in July.
## OUTLOOK
We moved into 2022/23 with a great deal of optimism. We were operating under what felt like normal conditions, forward bookings were encouraging and the coming year seemed bright. The early months, however, have seen an energy crisis resulting in shortages and hugely higher prices, general inflation going to levels not seen for many years, increased and increasing rates of interest and a major change to economic policy. This has resulted in us having to review budgets and operations with no real clarity of the boundaries we might see. However, we remain optimistic. The Company has been here for hundreds of years and we expect to be for many hundreds more.
## **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 2022. The overall surplus on operations (unrestricted, restricted and endowed funds) was some £45k of which some £30k was on unrestricted funds. However, the write down of values of our investments of some £37k (similar to the increase in value the previous year) left us with a relatively modest surplus of £8k.
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 2022**
## **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 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 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 229067
## **Principal address**
The Merchant Taylors Hall Aldwark York YO1 7BX
## **TRUSTEE**
The trustee is the Company of Merchant Taylors.
The Company is administered by a Court of Assistants:
|A Black|- Master|
|---|---|
|A Dixon|- Immediate Past Master|
|D Godderidge|- Clerk (in attendance)|
|H Howley|- Chancellor (in attendance)|
|B Crux|- Senior Warden|
|C Wesley|- Junior Warden|
|R Dixon|- Past Master Warden|
|T Kettlewell|- Past Master Warden|
|S Hobbs|- Searcher|
|J Rowan|- Searcher|
|N Dennison|- Searcher|
|M Burn|- Searcher|
|J Short|- 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|
|J Leach|- 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 16[th] February 2023 and signed on its behalf by:
A Black - 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 2022.
## **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.
John Richard Hall BA FCA Walter Dawson & Son Lawrence House James Nicolson Link Clifton Moor York North Yorkshire YO30 4WG
Date: 25 April 2023
-6-
## **THE COMPANY OF MERCHANT TAYLORS**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022**
|Unrestricted
funds
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
**71,976**
Other trading activities
2
**20,326**
Investment income
3
**15,006**
**Total**
**107,308**
**EXPENDITURE ON**
Raising funds
**11,338**
**Charitable activities**
4
Guild Activities
**67,040**
Grants, donations
**-**
**Total**
**78,378**
Net gains/(losses) on
investments
**(9,709) **
**NET**
**INCOME/(EXPENDITURE)**
**19,221**
**RECONCILIATION OF**
**FUNDS**
**Total funds brought**
**forward**
**244,130**
**TOTAL FUNDS**
**CARRIED FORWARD**
**263,351 **|Restricted
Endowment
funds
funds
£
£
**6,822**
**20,375**
**-**
**-**
**448**
**2,296**
**7,270**
**22,671**
**-**
**-**
**-**
**-**
**14,570**
**-**
**14,570**
**-**
**(3,252)**
**(23,658) **
**(10,552)**
**(987)**
**53,584**
**185,021**
**43,032 **
**184,034 **|**2022**
**Total**
**funds**
**£**
**99,173**
**20,326**
**17,750**
**137,249**
**11,338**
**67,040**
**14,570**
**92,948**
**(36,619) **
**7,682**
**482,735**
**490,417**|2021
Total
funds
£
44,001
37,439
18,408|
|---|---|---|---|
||||99,848|
||||11,878
76,650
10,098|
||||98,626|
||||41,149|
||||42,371
440,364|
||||482,735|
The notes form part of these financial statements
-7-
## **THE COMPANY OF MERCHANT TAYLORS**
## **BALANCE SHEET 30 JUNE 2022**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
10
**21,371**
Investments
11
**102,942**
**124,313**
**CURRENT ASSETS**
Stocks
12
**2,610**
Debtors
13
**107,514**
Cash at bank
**39,957**
**150,081**
**CREDITORS**
Amounts falling due within
one year
14
**(11,043)**
**NET CURRENT ASSETS**
**139,038**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**263,351**
**NET ASSETS**
**263,351 **
**FUNDS**
15
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Restricted
Endowment
funds
funds
£
£
**-**
**-**
**32,394 **
**162,032 **
**32,394**
**162,032**
**-**
**-**
**2,188**
**225**
**8,450**
**21,777**
**10,638**
**22,002**
**-**
**-**
**10,638**
**22,002 **
**43,032**
**184,034**
**43,032 **
**184,034 **|**2022**
**Total**
**funds**
**£**
**21,371**
**297,368**
**318,739**
**2,610**
**109,927**
**70,184 **
**182,721**
**(11,043)**
**171,678**
**490,417**
**490,417**
**263,351**
**43,032**
**184,034 **
**490,417**|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|
|---|---|---|---|
The financial statements were approved by the order of the Trustee and authorised for issue on 16[th] February 2023 and were signed on its behalf by:
A Black - Master
G Millar - Chairman 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 2022**
## **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 York Merchant Taylors’ Service Company Limited, 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.
continued...
-9-
**THE COMPANY OF MERCHANT TAYLORS**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Expenditure**
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 on page 12.
The Company is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
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.
continued...
-10-
**THE COMPANY OF MERCHANT TAYLORS**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **1. ACCOUNTING POLICIES - continued**
## **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, both realised and unrealised, during the year is shown in the charity's SOFA. As described in the Report of the Trustee, the charity has adopted a total returns approach to its endowment investments.
Unquoted investments are included at cost.
## **Investment Property**
Investment property is carried at fair value. Revaluation surpluses are recognised in the SOFA.
## **2. OTHER TRADING ACTIVITIES**
|
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Car parking
**8,685**
**-**
**-**
Sale of commemorative
items
**10**
**-**
**-**
Cost recharges to
Trading Subsidiary
**6,000**
**-**
**-**
Government Grant
**5,631 **
**-**
**-**
**20,326**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**8,685**
**10**
**6,000**
**5,631 **
**20,326**|2021
Total
funds
£
10,260
51
-
27,128
37,439|
|---|---|---|
The trading activities of the Charity are carried out by York 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 £4,001 (2021: £19,199) from City of York Council and £1,630 (2021: £7,929) of monies claimed under the government Job Retention Scheme.
continued...
-11-
**THE COMPANY OF MERCHANT TAYLORS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **3. INVESTMENT INCOME**
|Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Rents received
**9,480**
**-**
**-**
Wayleaves
**-**
**-**
**-**
Deposit account interest
**44**
**22**
**-**
Brewin Dolphin income
**180**
**426**
**2,296**
Service Co. loan interest
**5,302 **
**-**
**-**
**15,006**
**448**
**2,296**|**2022**
**Total**
**funds**
**£**
**9,480**
**-**
**66**
**2,902**
**5,302 **
**17,750**|2021
Total
funds
£
9,455
48
9
5,547
3,349
18,408|
|---|---|---|
## **4. GRANTS AND DONATIONS**
During the year total grants and donations of £5,050 (2021: £5,010) and £9,520 (2021: £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**
|Clerk
Steward
Chancellor's office
Insurances, licences
Heat, light, rates
Repairs, equipment, furnishing
Telephone
Printing, post, stationery
Travelling and accommodation
Clerk expenses
Depreciation|**2022**
**£**
**13,038**
**16,054**
**908**
**13,407**
**2,011**
**3,395**
**591**
**536**
**358**
**2,039**
**2,915**
**55,252 **|2021
£
13,537
13,651
941
10,826
2,090
22,241
270
741
408
-
2,767|
|---|---|---|
|||67,472|
continued...
-12-
**THE COMPANY OF MERCHANT TAYLORS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **6. SUPPORT COSTS**
|Guild Activities
Support costs, included in the above, are as follows:
Bank charges
Independent examination
Insurance
Guild events and court costs
Clerk
Chancellor's office
Sundries
Legal and Professional fees|Governance
Finance
costs
Totals
£
£
£
**412**
**11,376**
**11,788**
**2022**
2021
Guild
Total
Activities
activities
**£**
£
**412**
228
**740**
750
**885**
616
**1,359**
909
**2,608**
2,707
**2,723**
2,822
**-**
508
**3,061**
638
**11,788**
9,178|
|---|---|
## **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 Members of the Court of Assistants from claims arising from negligent acts, errors or omissions occurring whilst on the charity's business. The annual premium is £885 (2021: £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 2022 nor for the period ended 30 June 2021.
continued...
-13-
**THE COMPANY OF MERCHANT TAYLORS**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **8. STAFF COSTS**
The average monthly number of employees during the year was as follows:
|**2022**
Management and support
**2**
No employees received emoluments in excess of £60,000.
**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
36,269
7,357
375
Other trading activities
37,439
-
-
Investment income
13,558
4,850
-
**Total**
87,266
12,207
375
**EXPENDITURE ON**
Raising funds
11,878
-
-
**Charitable activities**
Guild Activities
76,650
-
-
Grants, donations
-
10,098
-
**Total**
88,528
10,098
-
Net gains on investments
2,250
3,810
35,089
**NET INCOME**
988
5,919
35,464
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
243,142
47,665
149,557
**TOTAL FUNDS CARRIED**
**FORWARD**
244,130
53,584
185,021|2021
2
Total
funds
£
44,001
37,439
18,408|
|---|---|
||99,848|
||11,878
76,650
10,098|
||98,626|
||41,149|
||42,371
440,364|
||482,735|
continued...
-14-
**THE COMPANY OF MERCHANT TAYLORS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
|**10.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 July 2021 and 30 June 2022
**DEPRECIATION**
At 1 July 2021
Charge for year
At 30 June 2022
**NET BOOK VALUE**
At 30 June 2022
At 30 June 2021|Fixtures
and
fittings
£
**121,421**
**97,135**
**2,915**
**100,050**
**21,371**
24,286|
|---|---|
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 (2021 - £nil).
-15-
continued...
**THE COMPANY OF MERCHANT TAYLORS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **11. FIXED ASSET INVESTMENTS**
|Value at 1 July 2021
Additions
Investment redeemed
Net investment income
Gains / losses
Value at 30 June 2022
Investments at market
value comprised:
Freehold investment
property
100% trading subsidiary
Listed Investments
Cash on deposit|Unrestricted
Funds
112,471
-
-
180
(9,709)
102,942
80,560
100
19,924
2,358
102,942|Restricted
Funds
34,309
-
-
426
(2,341)
32,394
-
-
31,411
983
32,394|Endowment
Funds
183,394
-
-
2,296
(23,658)
162,032
-
-
159,184
2,848
162,032|**Total**
**Funds**
**2022**
**330,174**
**-**
**-**
**2,902**
**(35,708) **
**297,368**
**80,560**
**100**
**210,519**
**6,189**
**297,368**|2021
289,025
-
-
-
41,149
330,174
80,560
100
244,660
4,854
330,174|
|---|---|---|---|---|---|
i) The charity owns the whole of the issued share capital of York Merchant Taylors’ Service Company Limited, registered in England & Wales, company number 2844764. The shares are valued at par.
York Merchant Taylors’ Service Company Limited had turnover of £65,006 (2021: £401), gross profit of £36,053 (2021: gross loss of £16,335) and a loss before tax and gift aid of £539 in the year ended 30 June 2022 (2021: loss of £29,888)). At 30 June 2022 the company had negative reserves of £46,620 (2021: £46,081).
- 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.
-16-
continued...
**THE COMPANY OF MERCHANT TAYLORS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
|**12.**
**STOCKS**
Valuation
**13.**
**DEBTORS**
Amounts falling due within one year:
Trade debtors
Amounts due from trading
subsidiary
Prepayments and accrued income
Other debtors
Amounts falling due after more than one year:
Amounts due from trading
subsidiary
Aggregate amounts
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Taxation and social security|**2022**
**£**
**2,610**
**2022**
**£**
**-**
**24,694**
**29,701**
**532 **
**54,927**
**55,000**
**109,927**
**2022**
**£**
**11,043**
**-**
**11,043**||2021
£
2,610
2021
£
20,277
61,673
2,557
196
84,703
-
84,703
2021
£
11,585
490
12,075|
|---|---|---|---|
|||||
|||||
|||||
|||||
continued...
-17-
**THE COMPANY OF MERCHANT TAYLORS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **15. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Designated Platinum fund
**Restricted funds**
Charitable fund
Fabric fund
**Endowment funds**
Charitable fund
Platinum endowment fund
**TOTAL FUNDS**|At 1/7/21
£
**244,130**
**-**
**244,130**
**52,584**
**1,000**
**53,584**
**185,021**
**-**
**185,021**
**482,735**|Net
movement
in funds
£
**6,096**
**13,125**
**19,221**
**(10,552)**
**-**
**(10,552)**
**(20,987)**
**20,000**
**(987)**
**7,682**|At
30/6/22
£
**250,226**
**13,125**
**263,351**
**42,032**
**1,000**
**43,032**
**164,034**
**20,000**
**184,034**
**490,417**|
|---|---|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Designated Platinum fund
**Restricted funds**
Charitable fund
**Endowment funds**
Charitable fund
Platinum endowment fund
**TOTAL FUNDS**|Incoming
resources
£
**94,183**
**13,125**
**107,308**
**7,270**
**2,671**
**20,000**
**22,671**
**137,249**|Resources
expended
£
**(78,378)**
**-**
**(78,378)**
**(14,570)**
**-**
**-**
**-**
**(92,948) **|Gains and
Movement
losses
in funds
£
£
**(9,709)**
**6,096**
**-**
**13,125**
**(9,709)**
**19,221**
**(3,252)**
**(10,552)**
**(23,658)**
**(20,987)**
**-**
**20,000**
**(23,658)**
**(987)**
**(36,619) **
**7,682 **|
|---|---|---|---|
continued...
-18-
**THE COMPANY OF MERCHANT TAYLORS**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **15. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|Net
movement
At 1/7/20
in funds
£
£
**Unrestricted funds**
General fund
203,142
988
Major fabric repair fund
40,000
-
243,142
988
**Restricted funds**
Charitable fund
46,665
5,919
Fabric fund
1,000
-
47,665
5,919
**Endowment funds**
Charitable fund
149,557
35,464
**TOTAL FUNDS**
440,364
42,371
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
87,266
(88,528)
**Restricted funds**
Charitable fund
12,207
(10,098)
**Endowment funds**
Charitable fund
375
-
**TOTAL FUNDS**
99,848
(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|
|---|---|
## **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.
continued...
-19-
**THE COMPANY OF MERCHANT TAYLORS**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **15. MOVEMENT IN FUNDS - continued**
## **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
## **Endowment charitable fund**
These funds are held on trust as a capital fund. The income generated from the endowment fund is available for distribution within the objects of the restricted charitable fund.
The charity has adopted the a total return approach to the investment of its permanent endowment from the start of this financial period. Further details are shown in note 11.
## **Platinum endowment fund**
A legacy of £20,000 was received in 2021/22 and is to be invested, only the income derived may be applied to fund charitable objects.
## **Designated platinum fund**
The company started a fundraising appeal in 2021/22 to raise funds to carry out priority works in the Hall and grounds.
continued...
-20-
**THE COMPANY OF MERCHANT TAYLORS**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **15. MOVEMENT IN FUNDS - continued**
## **Endowment funds invested on a total return basis**
The Endowment charitable fund was moved to a total return basis from 1 July 2021. The summary below shows the breakdown of this fund between the trust for investments (which is the amount of gifts donated or allocated by the charity into the endowment fund) and unapplied total return (which is the cumulative investment return allocated to the endowment fund).
|**At beginning of the reporting period:**
Gift component of the endowment
Unapplied total return
**Total**
**Movements in the reporting period:**
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: dividends and interest
Investment return: realised and unrealised gains and
(losses)
**Total**
Unapplied total return allocated to income in the
reporting period
**Net movements in reporting period**
**At end of reporting period:**
Gift component of the endowment
Unapplied total return
**Total**|**Trust for**
**investment**
**£**
**120,081**
**-**
**120,081 **
**375**
**-**
**-**
**-**
**-**
**375**
**-**
**375**
**120,456**
**-**
**120,456 **|**Unapplied**
**total**
**return**
**£**
**-**
**64,940 **
**64,940 **
**-**
**-**
**-**
**2,296**
**(23,658) **
**(21,362)**
**-**
**(21,362)**
**-**
**43,578 **
**43,578 **|**Total**
**Endowment**
**charitable**
**fund**
**£**
**120,081**
**64,940**
**185,021**
**375**
**-**
**-**
**2,296**
**(23,658) **
**(20,987)**
**-**
**(20,987)**
**120,456**
**43,578**
**164,034 **|
|---|---|---|---|
-21-
**THE COMPANY OF MERCHANT TAYLORS**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022**
## **16. RELATED PARTY DISCLOSURES**
The balance due to the Charity from its trading subsidiary, at the year end, was £79,694 (2021: £61,673).
There were no other related party transactions for the year ended 30 June 2022.
-22-
**THE COMPANY OF MERCHANT TAYLORS**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Admission fees
Annual subscriptions
Legacy & donations to Charity
Tax recoverable on subs
Tax recoverable on donations
**Other trading activities**
Car parking
Sale of commemorative items
Cost recharges to Trading Subsidiary
Government Grant
**Investment income**
Rents received
Wayleaves
Deposit account interest
Brewin Dolphin income
Service Co. loan interest
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Clerk
Chancellor
Depreciation of tangible fixed assets
**Charitable activities**
Clerk
Carried forward|2022
£
**-**
**45,470**
**40,675**
**10,969**
**2,059**
**99,173**
**8,685**
**10**
**6,000**
**5,631**
**20,326**
**9,480**
**-**
**66**
**2,902**
**5,302 **
**17,750**
**137,249**
**10,430**
**908**
**-**
**11,338**
**13,038**
**13,038**|2021
£
300
28,490
7,157
7,198
856
44,001
10,260
51
-
27,128
37,439
9,455
48
9
5,547
3,349
18,408
99,848
10,829
941
108
11,878
13,537
13,537|
|---|---|---|
This page does not form part of the statutory financial statements
-23-
## **THE COMPANY OF MERCHANT TAYLORS**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022**
|**Charitable activities**
Brought forward
Steward
Chancellor's office
Insurances, licences
Heat, light, rates
Repairs, equipment, furnishing
Telephone
Printing, post, stationery
Travelling and accommodation
Clerk expenses
Depreciation
Grants to institutions
Grants to individuals
**Support costs**
**Finance**
Bank charges
**Governance costs**
Independent examination
Insurance
Guild events and court costs
Clerk
Chancellor's office
Sundries
Legal and Professional fees
Total resources expended
**Net income before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on investment
property
**Net income**|2022
£
**13,038**
**16,054**
**908**
**13,407**
**2,011**
**3,395**
**591**
**536**
**358**
**2,039**
**2,915**
**9,520**
**5,050**
**69,822**
**412**
**740**
**885**
**1,359**
**2,608**
**2,723**
**-**
**3,061 **
**11,376**
**92,948**
**44,301**
**(36,619) **
**7,682 **|2021
£
13,537
13,651
941
10,826
2,090
22,241
270
741
408
-
2,767
5,088
5,010
77,570
228
750
616
909
2,707
2,822
508
638
8,950
98,626
1,222
41,149
42,371|
|---|---|---|
This page does not form part of the statutory financial statements
-24-