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2023-06-30-accounts

REGISTERED CHARITY NUMBER: 229067

REPORT OF THE TRUSTEE AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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 2023

Page
Report of the Trustee 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 20
Detailed Statement of Financial Activities 21 to 22

THE COMPANY OF MERCHANT TAYLORS

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2023

The Trustee presents its report together with the financial statements of the charity for the period ended 30 June 2023. 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 2023

ACHIEVEMENT AND PERFORMANCE

The Company in the City of York

The 22/23 year saw us back to normal as far as events and involvement with the City following the extended period of effects of the Covid pandemic. Our events had a new one added following the experiment a year earlier with the full introduction of a dinner recognising International Women's Day. Both the experiment and event this year were very successful and it is now an established event going forward. Our open days when residents and visitors to York can visit and see the Hall and learn of our history and modern day activities within the community are well attended to the extent that visitor numbers continue to grow each year.

The Service Company has had a more difficult time than was anticipated at the start of the year with a significant drop in events being booked which associated with the difficult economic conditions resulting in lower spending by users has seen turnover falling compared to the previous year. As this became evident during the year action was taken and changes made to operations at the beginning of the following year to rectify this problem. As this report is being written there are indications these changes are having the desired 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. The process of annual inspection to identify problems (inevitable in a very old building), to have those corrected and also to improve the hall has continued. Improvements have included additional insulation and enhanced audio, WiFi and CCTV. Our thanks go to the Hall Steward who has contributed significantly to this programme and for undertaking the important Health and Safety aspects of the Hall.

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 2022/23 our grants totalled some £16,328. Activities have included the Saturday Arts Club, support with the York Music Hub enhancing music skills with a good number of talented musicians who otherwise would not be able to get such tuition and helping craftspeople in association with York Consortium of Conservation and Craftsmanship.

Company events

As mentioned above the Company is now holding its usual programme of events following the traditions over many centuries of the Guild. The Martinmas Feast, the Livery Dinner, the newly introduce International Women's Day Dinner and notably the 2023 Charter Day event were all well attended and enjoyed by both members and our guests. We were pleased to entertain the recently growing Ukrainian community in York during May. The Ukrainians entertained our members and themselves with songs and dances and a very enjoyable occasion had by all.

Membership

We had a drive to recruit new members during the year and membership is now at 105, the highest number for many years. The drive will continue with a focus on recruiting a higher proportion of women.

We regret to report that Geoff Brown, a long standing member died in September 2022.

Staff

The new Clerk started just after the beginning of this financial year and has had a very busy time both getting used to our operations and challenging how we do things which has resulted in us making changes to improve our efficiency. All this takes time but we have a sense that processes are improving.

Our thanks go to all our staff for their hard work and contribution to keeping us operating. They are the consistent vehicle on which we rely for our continuity.

-2-

THE COMPANY OF MERCHANT TAYLORS

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2023

OUTLOOK

We moved into 2023/24 with a great deal of optimism. While we have made changes to our hospitality operations and change always brings difficulties and the wider economic situation has seen inflation and highest levels for about 40 or 50 years with accompanying increases in interest rates we are more than coping with all this. Further we are developing plans that should further enhance the hall and looking at extending our contacts with and for the local community. We have the highest membership for a very long time and this in itself is increasing enthusiasm and desire to be involved. 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 2023. The overall deficit on operations (unrestricted, restricted and endowed funds) was some £8,121 with unrestricted funds at about break even. However, the change of values of our investments of some £3k left us with a relatively modest deficit of £5k.

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.

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 (building), 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 100 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.

-3-

THE COMPANY OF MERCHANT TAYLORS

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2023

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 Taylor of the City of York (incorporated by Royal Charter) The Company is administered by a Court of Assistants:

B Crux - Master
A Black - Immediate Past Master
D Godderidge - Clerk (in attendance)
H P Howley - Chancellor (in attendance)
C Wesley - Senior Warden
S Parker - Junior Warden
P Lester - 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 Burley - Chairman Fabric Committee (Co-opted)
R Wallington - Chairman Charitable Activities Committee (Co-opted)
D Miller - 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 14 March 2024 and signed on its behalf by:

B Crux - Master

-4-

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 2023.

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: 10 April 2024

-5-

THE COMPANY OF MERCHANT TAYLORS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
46,660
Other trading activities
3
16,283
Investment income
4
17,273
Total
80,216
EXPENDITURE ON
Raising funds
5
12,495
Charitable activities
7
Guild Activities
64,847
Grants, donations
-
Total
77,342
Net gains/(losses) on
investments
2,028
NET INCOME/(EXPENDITURE)
4,902
RECONCILIATION OF FUNDS
Total funds brought forward
263,351
TOTAL FUNDS CARRIED
FORWARD
268,253		 Restricted
Endowment
funds
funds
£
£
1,631
375
-
-
1,231
4,638
2,862
5,013
176
2,006
360
-
16,328
-
16,864
2,006
(1,352)
2,336
(15,354)
5,343
43,032
184,034
27,678
189,377		 2023
Total
funds
£
48,666
16,283
23,142
88,091
14,677
65,207
16,328
96,212
3,012
(5,109)
490,417
485,308		 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

The notes form part of these financial statements

-6-

THE COMPANY OF MERCHANT TAYLORS

BALANCE SHEET 30 JUNE 2023

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
18,456
Investments
13
105,019
123,475
CURRENT ASSETS
Stocks
14
963
Debtors
15
107,774
Cash at bank
49,034
157,771
CREDITORS
Amounts falling due within one
year
16
(12,993)
NET CURRENT ASSETS
144,778
TOTAL ASSETS LESS CURRENT
LIABILITIES
268,253
NET ASSETS
268,253
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
Endowment
funds
funds
£
£
-
-
31,747
167,000
31,747
167,000
-
-
451
150
2,380
22,227
2,831
22,377
(6,900)
-
(4,069)
22,377
27,678
189,377
27,678
189,377		 2023
Total
funds
£
18,456
303,766
322,222
963
108,375
73,641
182,979
(19,893)
163,086
485,308
485,308
268,253
27,678
189,377
485,308		 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

The financial statements were approved by the Trustee and authorised for issue on 14 March 2024 and were signed on its behalf by:

B Crux - Master

G Millar – Chairman of the Finance Committee

The notes form part of these financial statements

-7-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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 13).

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 on page 10.

The Company is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

continued...

-8-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

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

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, both realised and unrealised, during the year is shown in the charity's SOFA. As described in the Trustee report, 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.

continued...

-9-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

2. DONATIONS AND LEGACIES

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Annual subscriptions
33,127
-
-
Legacy & donations to
Charity
4,440
1,631
300
Tax recoverable on subs
7,929
-
-
Tax recoverable on
donations
1,164
-
75
46,660
1,631
375
OTHER TRADING ACTIVITIES
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Car parking
10,089
-
-
Sale of commemorative
items
194
-
-
Cost and management
charges to Trading
Subsidiary
6,000
-
-
Government Grant
-
-
-
16,283
-
-		 2023
Total
funds
£
33,127
6,371
7,929
1,239
48,666
2023
Total
funds
£
10,089
194
6,000
-
16,283		 2022
Total
funds
£
45,470
40,675
10,969
2,059
99,173
2022
Total
funds
£
8,685
10
6,000
5,631
20,326

3. OTHER TRADING ACTIVITIES

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 £nil (2022: £4,001) from City of York Council and £nil (2022: £1630) of monies claimed under the government Job Retention Scheme.

4. INVESTMENT INCOME

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Rents received
10,030
-
-
Deposit account interest
487
350
-
Brewin Dolphin income
311
881
4,638
Service Co. loan interest
6,445
-
-
17,273
1,231
4,638		 2023
Total
funds
£
10,030
837
5,830
6,445
23,142		 2022
Total
funds
£
9,480
66
2,902
5,302
17,750

continued...

-10-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

5. RAISING FUNDS

Raising donations and legacies

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Clerk
9,620
-
-
Staff costs
966
-
-
10,586
-
-
Other trading activities
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Purchases
1,647
-
-
Investment management costs
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Support costs (note 8)
262
176
2,006
Aggregate amounts
12,495
176
2,006		 2023
Total
funds
£
9,620
966
10,586
2023
Total
funds
£
1,647
2023
Total
funds
£
2,444
14,677		 2022
Total
funds
£
10,430
908
11,338
2022
Total
funds
£
-
2022
Total
funds
£
-
11,338

Other trading activities

Investment management costs

6. GRANTS AND DONATIONS

During the year total grants and donations of £3,834 (2022: £5,050) and £12,494 (2022: £9,520) were made to individuals and institutions, respectively. These donations were made from the restricted charitable fund (note 15).

continued...

-11-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

7. DIRECT COSTS OF CHARITABLE ACTIVITIES (GUILD ACTIVITIES)

Clerk
Steward
Chancellor's office
Insurances, licences
Heat, light, rates
Repairs, equipment, furnishing
Telephone
Printing, post, stationery
Travelling and accommodation
Clerk expenses
Depreciation
Support costs (note 8)		 2023
£
14,500
14,995
966
12,348
2,108
7,307
161
54
351
369
2,915
9,133
65,207		 2022
£
13,038
16,054
908
13,407
2,011
3,395
591
536
358
2,039
2,915
11,788
67,040

8. SUPPORT COSTS

SUPPORT COSTS
Governance
Finance costs Totals
£ £ £
Investment management costs - 2,444 2,444
Guild Activities 287 8,846 9,133
287 11,290 11,577
Support costs, included in the above, are as follows:
2023 2022
Investment
management Guild Total Total
costs Activities activities activities
£ £ £ £
Bank charges - 287 287 412
Independent examination - 744 744 740
Insurance - 927 927 885
Guild events and court costs - 1,236 1,236 1,359
Clerk - 2,780 2,780 2,608
Chancellor's office - 2,898 2,898 2,723
Sundries - 261 261 -
Legal and Professional fees 2,444 - 2,444 3,061
2,444 9,133 11,577 11,788

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 2023

9. TRUSTEE 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 the Court of Assistants from claims arising from negligent acts, errors or omissions occurring whilst on the charity's business. The annual premium is £927 (2022: £885).

Trustee expenses

No expenses were paid to the trustee nor to the members of the Court of Assistants for the year ended 30 June 2023 nor for the period ended 30 June 2022.

10. STAFF COSTS

The average monthly number of employees during the year was as follows:

Management and support 2023
2		 2022
2

No employees received emoluments in excess of £60,000.

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
71,976
Other trading activities
20,326
Investment income
15,006
Total
107,308
EXPENDITURE ON
Raising funds
11,338
Charitable activities
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		 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

continued...

-13-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

12.
TANGIBLE FIXED ASSETS
COST
At 1 July 2022 and 30 June 2023
DEPRECIATION
At 1 July 2022
Charge for year
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Fixtures
and
fittings
£
121,421
100,050
2,915
102,965
18,456
21,371

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 (2022 - £nil).

continued...

-14-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

13. FIXED ASSET INVESTMENTS

Value at 1 July 2022
Additions
Investment redeemed
Net investment income
Gains / losses
Value at 30 June 2023
Investments at market
value comprised:
Freehold investment
property
100% trading subsidiary
Listed Investments
Cash on deposit		 Unrestricted
Funds
102,942
-
-
49
2,028
105,019
80,560
100
21,951
2,408
105,019		 Restricted
Funds
32,394
-
-
705
(1,352)
31,747
-
-

29,686
2,061
31,747		 Endowment
Funds
162,032
-
-
2,632
2,336
167,000
-
-
162,217
4,783
167,000		 Total
Funds
2023
297,368
-
-
3,386
3,012
303,766
80,560
100
213,854
9,252
303,766		 2022
330,174
-
-
2,902
(35,708)
297,368
80,560
100
210,519
6,189
297,368

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.

The Merchant Taylors Service Company Limited had turnover of £52,721 (2022: £65,006), gross profit of £26,335 (2022: gross profit of £36,053) and a loss before tax and gift aid of £7,413 in the year ended 30 June 2023 (2022: loss of £539). At 30 June 2023 the company had negative reserves of £54,033 (2022: £46,620).

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.

14. STOCKS

STOCKS
2023 2022
£ £
Valuation 963 2,610

continued...

-15-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

15.
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
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
17.
MOVEMENT IN FUNDS
At 1/7/22
£
Unrestricted funds
General fund
250,226
Designated Platinum fund
13,125
263,351
Restricted funds
Charitable fund
42,032
Fabric fund
1,000
43,032
Endowment funds
Charitable fund
164,034
Platinum endowment fund
20,000
184,034
TOTAL FUNDS
490,417		 Net
movement
in funds
£
2,089
2,813
4,902
(15,494)
140
(15,354)
5,343
-
5,343
(5,109)		 2023
£
1,380
24,701
24,726
2,568
53,375
55,000
108,375
2023
£
19,893
Transfers
between
funds
£
1,578
(1,578)
-
-
-
-
-
-
-
-		 2022
£
-
24,694
29,701
532
54,927
55,000
109,927
2022
£
11,043
At
30/6/23
£
253,893
14,360
268,253
26,538
1,140
27,678
169,377
20,000
189,377
485,308

continued...

-16-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

17. MOVEMENT IN FUNDS - continued

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 77,403 (77,342) 2,028 2,089
Designated Platinum fund 2,813 - - 2,813
80,216 (77,342) 2,028 4,902
Restricted funds
Charitable fund 2,362 (16,504) (1,352) (15,494)
Fabric fund 500 (360) - 140
2,862 (16,864) (1,352) (15,354)
Endowment funds
Charitable fund 5,013 (2,006) 2,336 5,343
TOTAL FUNDS 88,091 (96,212) 3,012 (5,109)

Comparatives for 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

continued...

-17-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

17. MOVEMENT IN FUNDS - continued

Comparative 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

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

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 17.

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 is fundraising to raise funds to carry out priority works in the Hall and grounds.

During the year the court of assistants undesignated £1,578 to cover costs of maintaining and improving the hall and its facilities.

continued...

-18-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

17. MOVEMENT IN FUNDS - continued

Endowment funds invested on a total return basis

The Endowment charitable funds adopted 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
£
120,456
-
120,456
375
-
-
-
-
375
-
375
120,831
-
120,831		 Unapplied
total
return
£
-
43,578
43,578
-
-
-
2,632
2,336
4,968
-
4,968
-
48,546
48,546		 Total
Endowment
charitable
fund
£
120,456
43,578
164,034
375
-
-
2,632
2,336
5,343
-
5,343
120,831
48,546
169,377

continued...

-19-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

18. RELATED PARTY DISCLOSURES

The balance due to the Charity from its trading subsidiary, at the year end, was £79,701 (2022: £79,694).

There were no other related party transactions for the year ended 30 June 2023.

-20-

THE COMPANY OF MERCHANT TAYLORS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

INCOME AND ENDOWMENTS
Donations and legacies
Annual subscriptions
Legacy & donations to Charity
Tax recoverable on subs
Tax recoverable on donations
Other trading activities
Car parking
Sale of commemorative items
Cost and management charges to Trading Subsidiary
Government Grant
Investment income
Rents received
Deposit account interest
Brewin Dolphin income
Service Co. loan interest
Total incoming resources
EXPENDITURE
Raising donations and legacies
Clerk
Chancellor
Other trading activities
Cost of commemorative items
Charitable activities
Clerk
Steward
Chancellor's office
Insurances, licences
Carried forward		 2023
£
33,127
6,371
7,929
1,239
48,666
10,089
194
6,000
-
16,283
10,030
837
5,830
6,445
23,142
88,091
9,620
966
10,586
1,647
14,500
14,995
966
12,348
42,809		 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
16,054
908
13,407
43,407

This page does not form part of the statutory financial statements

-21-

THE COMPANY OF MERCHANT TAYLORS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

Charitable activities
Brought forward
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 (expenditure)/income before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on investment property
Net (expenditure)/income		 2023
£
42,809
2,108
7,307
161
54
351
369
2,915
12,494
3,834
72,402
287
744
927
1,236
2,780
2,898
261
2,444
11,290
96,212
(8,121)
3,012
(5,109)		 2022
£
43,407
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

This page does not form part of the statutory financial statements

-22-