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2024-06-30-accounts

REGISTERED CHARITY NUMBER: 229067

REPORT OF THE TRUSTEE AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

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 2024

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 21
Detailed Statement of Financial Activities 22 to 23

THE COMPANY OF MERCHANT TAYLORS

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024

The Trustee presents its report together with the financial statements of the charity for the period ended 30 June 2024. 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 2024

ACHIEVEMENT AND PERFORMANCE

The Company in the City of York

Perhaps the most significant achievement in the year has been the continued recovery of the trading activities carried out through our wholly owned subsidiary, the York Merchant Taylors Service Company. Turnover has increased by half as much again as the previous year and is also well above what was seen as a ‘stretch’ budget at the time it was set. This has not only improved our situation financially but has also has contributed significantly to our objective of enabling more people to view our wonderful Hall. Our forecasts indicate this growth will not only be held but further increase in the coming years. A great deal of credit for this must go to the guidance and hard work of the Business Development Committee and a new member of staff who is responsible for this area of activity.

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. While actual spending has been lower than expectation, as time to get permissions to do work on a listed building can be tortuous and tedious, areas for repair have been identified and/or improved and will be pursued in the coming years. Underspending in the current year has been quantified and will be earmarked in reserves for use in the coming year.

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 2023/24 our grants totalled some £15,599. Activities have included supporting both the York College National Saturday Club and York Music Hub, the latter enhancing music skills of a good number of talented musicians who otherwise would not be able to get such tuition. Working with York Consortium of Conservation and Craftmanship we have been able to identify and help two stained glass artists/conservators with funding towards equipment. Individual grants have seen funding in support of a young entertainer in their preparation for the Edinburgh Fringe and book packs for state schools in York as part of York Book Awards 2024. We have continued to give grants/awards for fashion design and to craftsmen in the traditional crafts such as stonemasons and glaziers.

We have for the last two years entertained the small Ukrainian Community, essentially of refugees in York, to celebrate Vyshyvanka Day (national day). We were joined by the Civic Party of York and had a most enjoyable and quite emotional day recognising the hardship they were having and stoicism they exhibited. In what we hope will be the relatively short term we will probably continue such an occasion.

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 introduced International Women’s Day dinner and notably the 2024 Charter Day event were all well attended and enjoyed by both members and our guests. In addition the Company held a number of other less formal events.

Membership

The Company is very sad to record the death of His Honour Nigel Fricker, who had been a Member since 1988 and of John Russell, a member since 1993 and Master in 2012.

We have continued our drive to recruit new members during the year and our membership continues to be at a higher level than for many years with an increasing number and proportion of women members. We have also introduced a new category of membership for craftsmen from the traditional trades to encourage interest in the Company.

-2-

THE COMPANY OF MERCHANT TAYLORS

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024

ACHIEVEMENT AND PERFORMANCE - continued

Staff

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. We continue to improve our processes to reduce time taken and cost of operating, involving both members and staff. Increasing activity, development and upkeep have necessitated increasing the hours needed from our staff which they have accepted.

OUTLOOK

We moved into 2023/24 with a great deal of optimism. That optimism was justified with the growth in our hospitality operations far exceeding our expectations. That optimism continues into 2024/25 where we have set ourselves ‘stretch’ budgets again but have some greater security from the financial reserves we have further enhanced last year. Also we are developing plans for further enhancement of our operations, meeting our objectives and the involvement of our membership.

The Company has been here for hundreds of years and we expect to be for many hundreds more.

-3-

THE COMPANY OF MERCHANT TAYLORS

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024

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. It is timely to recognise Patrick Curran’s diligence in looking after the Company’s insurance arrangements for the last 20 years.

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 2024. The overall surplus on operations (unrestricted, restricted and endowed funds) was some 19k with unrestricted funds improved by £19k. However, the change of values of our investments of some £22k means we have £41k to add to our reserves.

It is noted that the intercompany debt owed by the Service Company to the Charity has dropped from some £80k at the end of June 2023 to £38k at end of June 2024. It is expected this will be reduced further by the end of the June 2025.

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, 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 105 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 2024

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:

C Wesley - Master
B Crux - Immediate Past Master
S Parker - Senior Warden
S Hobbs - Junior Warden
P Lester - Past Master Warden
A Warren - Past Master Warden
N Dennison - Searcher
M Burn - Searcher
J Leigh - Searcher
E McNeil - 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
D Godderidge - Clerk (in attendance)
H Howley - Chancellor (in attendance)

Independent Examiner

Torgersens East Suite, Ground Floor Avalon House, St Catherine’s Court Sunderland SR5 3XJ

Approved by order of the trustee on 20 February 2025 and signed on its behalf by:

C Wesley - 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 2024.

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.

Alison Henshaw FCCA

Torgersens Chartered Accountants East Suite, Ground Floor Avalon House, St Catherine’s Court Sunderland SR5 3XJ

Date: 3 March 2025

-6-

THE COMPANY OF MERCHANT TAYLORS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
66,837
Other trading activities
3
16,051
Investment income
4
20,284
Total
103,172
EXPENDITURE ON
Raising funds
5
11,449
Charitable activities
6
Guild Activities
72,310
Grants, donations
-
Total
83,759
Net gains on investments
2,706
NET INCOME/(EXPENDITURE)
22,119
Transfers between funds
17
(2,400)
Net movement in funds
19,719
RECONCILIATION OF FUNDS
Total funds brought forward
268,253
TOTAL FUNDS CARRIED
FORWARD
287,972		 Restricted
Endowment
funds
funds
£
£
7,613
375
-
-
1,737
5,184
9,350
5,559
254
1,327
-
-
13,553
-
13,807
1,327
2,727
16,435
(1,730)
20,667
-
2,400
(1,730)
23,067
27,678
189,377
25,948
212,444		 2024
Total
funds
£
74,825
16,051
27,205
118,081
13,030
72,310
13,553
98,893
21,868
41,056
-
41,056
485,308
526,364		 2023
Total
funds
£
48,666
16,283
23,142
88,091
14,677
65,207
16,328
96,212
3,012
(5,109)
-
(5,109)
490,417
485,308

The notes form part of these financial statements

-7-

THE COMPANY OF MERCHANT TAYLORS

BALANCE SHEET 30 JUNE 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
16,469
Investments
13
107,973
124,442
CURRENT ASSETS
Stocks
14
963
Debtors
15
69,707
Cash at bank
112,573
183,243
CREDITORS
Amounts falling due within one
year
16
(19,713)
NET CURRENT ASSETS
163,530
TOTAL ASSETS LESS CURRENT
LIABILITIES
287,972
NET ASSETS
287,972
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
Endowment
funds
funds
£
£
-
-
15,049
207,292
15,049
207,292
-
-
1,554
150
13,509
5,002
15,063
5,152
(4,164)
-
10,899
5,152
25,948
212,444
25,948
212,444		 2024
Total
funds
£
16,469
330,314
346,783
963
71,411
131,084
203,458
(23,877)
179,581
526,364
526,364
287,972
25,948
212,444
526,364		 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

The financial statements were approved by the Trustee and authorised for issue on 20 February 2025 and were signed on its behalf by:

G Millar – Chair of finance

C Wesley - Master

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 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

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.

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

continued...

-9-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

1. ACCOUNTING POLICIES - continued

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...

-10-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

2. DONATIONS AND LEGACIES

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Annual subscriptions
46,609
-
-
Legacy & donations to
Charity
8,581
6,090
300
Tax recoverable on subs
11,427
-
-
Tax recoverable on
donations
220
1,523
75
66,837
7,613
375
OTHER TRADING ACTIVITIES
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Car parking
10,026
-
-
Sale of commemorative
items
25
-
-
Cost recharges to Trading
Subsidiary
6,000
-
-
16,051
-
-		 2024
Total
funds
£
46,609
14,971
11,427
1,818
74,825
2024
Total
funds
£
10,026
25
6,000
16,051		 2023
Total
funds
£
33,127
6,371
7,929
1,239
48,666
2023
Total
funds
£
10,089
194
6,000
16,283

3. OTHER TRADING ACTIVITIES

The trading activities of the Charity are carried out by the 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 £nil (2023: £nil) from City of York Council and £nil (2023: £nil) of monies claimed under the government Job Retention Scheme.

4. INVESTMENT INCOME

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Rents received
10,163
-
-
Deposit account interest
1,793
908
-
Brewin Dolphin income
443
829
5,184
Service Co. loan interest
7,885
-
-
20,284
1,737
5,184		 2024
Total
funds
£
10,163
2,701
6,456
7,885
27,205		 2023
Total
funds
£
10,030
837
5,830
6,445
23,142

continued...

-11-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

5. RAISING FUNDS

Raising donations and legacies

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Clerk
10,178
-
-
Staff costs
1,076
-
-
11,254
-
-
Other trading activities
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Purchases
-
-
-
Investment management costs
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Support costs (note 8)
195
254
1,327
Aggregate amounts
11,449
254
1,327		 2024
Total
funds
£
10,178
1,076
11,254
2024
Total
funds
£
-
2024
Total
funds
£
1,776
13,030		 2023
Total
funds
£
9,620
966
10,586
2023
Total
funds
£
1,647
2023
Total
funds
£
2,444
14,677

Other trading activities

Investment management costs

6. GRANTS AND DONATIONS

During the year total grants and donations of £4,806 (2023: £3,834) and £8,747 (2023: £12,493) were made to individuals and institutions, respectively. These donations were made from the restricted charitable fund (note 15).

continued...

-12-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

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)		 2024
£
17,369
20,384
1,076
12,646
-
7,332
303
83
919
115
2,937
9,146
72,310		 2023
£
14,500
14,995
966
12,348
2,108
7,307
161
54
351
369
2,915
11,788
65,207

8. SUPPORT COSTS

SUPPORT COSTS
Governance
Finance costs Totals
£ £ £
Investment management costs - 1,776 1,776
Guild Activities 405 8,741 9,146
405 10,517 10,922
Support costs, included in the above, are as follows:
2024 2023
Investment
management Guild Total Total
costs Activities activities activities
£ £ £ £
Bank charges - 405 405 287
Independent examination - 800 800 744
Insurance - 788 788 927
Guild events and court costs - 1,016 1,016 1,236
Clerk - 2,908 2,908 2,780
Chancellor's office - 3,229 3,229 2,898
Sundries - - - 261
Legal and Professional fees 1,776 - 1,776 2,444
1,776 9,146 10,922 11,577

Support costs, included in the above, are as follows:

continued...

-13-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

9. 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 the 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 £788 (2023: £927).

Trustee’s expenses

No expenses were paid to the trustee nor to the members of the Court of Assistants for the year ended 30 June 2024 nor for the period ended 30 June 2023.

10. STAFF COSTS

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

11.

Management and support
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
46,660
Other trading activities
16,283
Investment income
17,273
Total
80,216
EXPENDITURE ON
Raising funds
12,495
Charitable activities
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		 2024
2
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		 2023
2
Total
funds
£
48,666
16,283
23,142
88,091
14,677
65,207
16,328
96,212
3,012
(5,109)
490,417

continued...

-14-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
TOTAL FUNDS CARRIED FORWARD
268,253
27,678
189,377
12.
TANGIBLE FIXED ASSETS
COST
At 1 July 2023
Additions
At 30 June 2024
DEPRECIATION
At 1 July 2023
Charge for year
At 30 June 2024
NET BOOK VALUE
At 30 June 2024
At 30 June 2023		 Total
funds
£
485,308
Fixtures
and
fittings
£
121,421
950
122,371
102,965
2,937
105,902
16,469
18,456		 Total
funds
£
485,308

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 (2023 - £nil).

continued...

-15-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

13. FIXED ASSET INVESTMENTS

Value at 1 July 2023
Additions
Transfers
Net investment income
Gains / losses
Value at 30 June 2024
Investments at market
value comprised:
Freehold investment
property
100% trading subsidiary
Listed Investments
Cash on deposit		 Unrestricted
Funds
105,019
-
-
248
2,706
107,973
80,560
100
26,297
1,016
107,973		 Restricted
Funds
31,747
-
(20,000)
575
2,727		 Endowment
Funds
167,000
-
20,000
3,857
16,435

207,292
-
-
203,501
3,791
207,292		 Total
Funds
2024
303,766
-
-
4,680
21,868
330,314
80,560
100
244,563
5,091
330,314		 2023
297,368
-
-
3,386
3,012
15,049 303,766
-
-
14,765
284
15,049		 80,560
100
213,854
9,252
303,766

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 £78,543 (2023: £52,721), gross profit of £29,153 (2023: gross profit of £26,335) and a loss before tax and gift aid of £1,735 in the year ended 30 June 2024 (2023: loss of £7,413). At 30 June 2024 the company had negative reserves of £55,168 (2023: £54,033).

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
2024 2023
£ £
Valuation 963 963

continued...

-16-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

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
Net
movement
At 1/7/23
in funds
£
£
Unrestricted funds
General fund
253,893
22,119
Designated Platinum fund
14,360
-
268,253
22,119
Restricted funds
Charitable fund
26,538
(7,980)
Fabric fund
1,140
-
Roof Fund
-
6,250
27,678
(1,730)
Endowment funds
Charitable fund
169,377
20,646
Platinum endowment fund
20,000
21
189,377
20,667
TOTAL FUNDS
485,308
41,056

continued...

-17-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Charitable fund
Roof Fund
Endowment funds
Charitable fund
Platinum endowment fund
TOTAL FUNDS		 Incoming
resources
£
103,172
3,100
6,250
9,350
5,559
-
5,559
118,081		 Resources
expended
£
(83,759)
(13,807)
-
(13,807)
(1,327)
-
(1,327)
(98,893)		 Gains and
Movement
losses
in funds
£
£
2,706
22,119
2,727
(7,980)
-
6,250
2,727
(1,730)
16,414
20,646
21
21
16,435
20,667
21,868
41,056

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		 Net
movement
At 1/7/22
in funds
£
£
250,226
2,089
13,125
2,813
263,351
4,902
42,032
(15,494)
1,000
140
43,032
(15,354)
164,034
5,343
20,000
-
184,034
5,343
490,417
(5,109)		 Transfers
between
funds
£
1,578
(1,578)
-
-
-
-
-
-
-
-		 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...

-18-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

17. MOVEMENT IN FUNDS - continued

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 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)

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.

Restricted roof fund

Donations and income received for the restricted roof fund are funds that are to be used to recover the roof of the hall when required.

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

These funds are held on trust as a capital fund. The income generated from this endowment fund is available to cover costs of maintaining and improving the hall and its facilities.

During the year the court of assistants transferred £2,400 from the general fund to the Platinum endowment fund.

Designated platinum fund

The company raised funds to carry out priority works in the Hall and grounds.

continued...

-19-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

17. MOVEMENT IN FUNDS - continued

During the year the court of assistants undesignated £3,458 to cover costs of maintaining and improving the hall and its facilities.

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
£
120,831
-
120,831
375
-
-
-
-
375
-
375
121,206
-
121,206		 Unapplied
total
return
£
-
48,546
48,546
-
-
-
3,857
16,414
20,271
-
20,271
-
68,817
68,817		 Total
Endowment
charitable
fund
£
120,831
48,546
169,377
375
-
-
3,857
16,414
20,646
-
20,646
121,206
68,817
190,023

continued...

-20-

THE COMPANY OF MERCHANT TAYLORS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

18. RELATED PARTY DISCLOSURES

The balance due to the Charity from its trading subsidiary, at the year end, was £37,891 (2023: £79,701).

There were no other related party transactions for the year ended 30 June 2024.

-21-

THE COMPANY OF MERCHANT TAYLORS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

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 recharges to Trading Subsidiary
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
Heat, light, rates
Carried forward		 2024
£
46,609
14,971
11,427
1,818
74,825
10,026
25
6,000
16,051
10,163
2,701
6,456
7,885
27,205
118,081
10,178
1,076
11,254
-
17,369
20,384
1,076
12,646
-
51,475		 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
2,108
44,917

This page does not form part of the statutory financial statements

-22-

THE COMPANY OF MERCHANT TAYLORS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Charitable activities
Brought forward
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/(expenditure) before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on investment property
Net income/(expenditure)		 2024
£
51,475
7,332
303
83
919
115
2,937
8,747
4,806
76,717
405
800
788
1,016
2,908
3,229
-
1,776
10,517
98,893
19,188
21,868
41,056		 2023
£
44,917
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)

This page does not form part of the statutory financial statements

-23-