2022-01-31-accounts

Registered number: 00486282 Charity number: 229336

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

YORK CIVIC TRUST

(A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details of the Company, its Trustees and advisers	1 - 2
Trustees' report	3 - 13
Independent auditor's report on the financial statements	14 - 17
Consolidated statement of financial activities	18 - 19
Consolidated balance sheet	20 - 21
Company balance sheet	22 - 23
Consolidated statement of cash flows	24
Notes to the financial statements	25 - 53

(A company limited by guarantee)

YORK CIVIC TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2022

Trustees	Andrew Scott CBE,President
	Stephen Lusty,Chair
	WendyBundy
	Verna Campbell
	Helen Dobson
	Katherine Giles
	Elizabeth Heaps
	Stephen Lewis
	AnthonyMay
	John Vincent
	Richard Watson
	Christopher Webb
Company registered number 00486282 Charity registered number 229336 Registered office Fairfax House Castlegate York YO1 9RN Chief Executive and Company Secretary Andrew Morrison Independent auditor BHP LLP Chartered Accountants Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH Bankers HSBC Bank plc 13 Parliament Street York YO1 8XS Solicitors Harland & Co 18 St Saviourgate York YO1 8NS

Page 1

YORK CIVIC TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

Investment advisors

Budge and Company Limited 103 Station Parade Harrogate HG1 1HB

Page 2

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JANUARY 2022

The Trustees present their annual report together with the audited financial statements of the charitable company for the year 1 February 2021 to 31 January 2022. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published in October 2019.

Since the group and the charitable company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The Trust has sixteen objectives: these are contained in paragraph 3 of our Memorandum and Articles of Association. Our activities in pursuance of these objectives may be summarised as:

1. To preserve, protect and advise on the historic fabric of York

2. To publish, promote and educate the public

3. To encourage and participate in cultural activities

4. To provide advocacy in areas of concern to York

5. To make grants which support the Trust's objects

6. To raise and pay funds in furtherance of the objects

7. To cooperate with others who have similar objects

8. To operate the historic house museum - Fairfax House

Achievements and performance

a. Main achievements of the Trust

The work of York Civic Trust is encapsulated in our vision Promoting Heritage and Shaping Tomorrow. Whilst the impact and activities of the Civic Trust were partly inhibited by the COVID health crisis the work of the Civic Trust continued to grow and develop. The Trustees are committed to York Civic Trust recovering from the situation created by the health crisis and using the opportunities created by it to strengthen the organisation’s relationship with our supporters, stakeholders and audiences and focussing on playing a key role in creating a sustainable and resilient city.

During 2021, the Board of Trustees undertook a review of the strategic priorities for the next business period 2022-2025 resulting in the Trustees agreeing five new strategic priorities:

• a. Engage with audiences under 35, widen our reach with other communities, and create advocates for York environment

• b. Raise interaction with a re-defined notion of York heritage

• c. Facilitate a coalition focused on climate change to create a resilient York

• d. Promote a conducive environment for sustainable economic development

• e. Encourage the development of a vision for the City of York

Page 3

(A company limited by guarantee)

YORK CIVIC TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

Achievements and performance (continued)

Considering the new strategic priorities for the Civic Trust the Trustees undertook a review of the skillsets and experience that the Board members possess. The Board of Trustees approved the recommendations of the review, under the leadership of Trustee Elizabeth Heaps, to undertake to openly recruit to the three existing vacancies on the Board: a Design Architect/Urban Planner, a representative from the Independent Small and Medium Business Sector and a practitioner from within the secondary/tertiary education sector to act as a champion for the under-35 demographic. The Enterprise Committee was delegated the responsibility for creating a programme over 2022 to advertise and recruit to these vacancies.

The Board of Trustees reviewed and prioritised the activities of the Trust for the future through the lens of the new strategic priorities in order to be able to effectively deliver and achieve these new ambitions. Planning and development of these new priorities began across the Civic Trust. The Trustees created a new task and finish group to develop a vision for the City of York.

The Civic Trust’s Museum – Fairfax House - was able to open its doors to the public on 17 May 2021 after 19 weeks of enforced closure due to the national lockdown. The museum reopened with an innovative visitor experience – Reunited: Lifting the Lockdown with the Georgians. A Civic Trust team of staff and volunteers led by Sarah Burnage researched, designed and installed throughout the house interactive displays that created links between the experiences and desires of audiences emerging out of the 2021 pandemic with the same experiences and desires of people who survived the smallpox pandemics of the mid-18th century. The immediacy of the interpretation created strong emotional responses amongst visitors and volunteers and created accessible routes into historic house visiting for a changing audience profile - dominated by first time visitors. Reviews of Fairfax House throughout the run of Reunited: Lifting the Lockdown with Georgians were consistently high. A Season for Giving was reinstated for the 2021 Christmas period. This proved a success in terms of visitor experience and reviews. The House also hosted a Christmas Visit York members’ event for businesses in the hospitality and leisure industry.

The very positive audience and volunteer reaction to creating a link between the issues of the 18th century and the 21st century will be embedded in future interpretation within the house starting with If Walls Could Talk: The True Story of Ann Fairfax which will open in May 2022.

Whilst other venues in York did not feel confident to open with a seven-day operation it was decided that Fairfax House was able to do so. This proved to be a successful decision as Fairfax House was able to absorb visitors on Mondays and Tuesdays when other museums were closed. This resulted in a changing visitor profile with many more first time and nonhistoric house visitors coming to the museum. Annualised visitor numbers were on par with those recorded in 2019 whilst for some weeks 2021 visitor numbers exceeded those of 2019.

York Civic Trust’s members’ events programme cautiously resumed in June 2021 with a series of outdoor walks and talks exploring the historic centre of York. Seven events were held between June and September with 170 York Civic Trust members attending. Each event, which took place outdoors, was limited to 25 bookable places and each participant used a sterilised personal audio headset in order to provide a covid-safe environment. Each event was fully sold-out with Civic Trust members requesting further events to be added to the calendar. The Autumn/Winter indoor lecture programme was postponed due to concerns over covid-safety. The Events working group bolstered by the desire of York Civic Trust members to attend outdoor events has planned a more extensive programme for 2022 and 2023. It may be possible to host an in-person Winter lecture programme in the coming year.

Page 4

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

Achievements and performance (continued)

With the loosening of restrictions and after a secure risk assessment the Civic Trust’s Education Committee felt confident that they could hold the Secondary School Public Speaking competition in November 2021. Nine public and private secondary schools participated in the event at the Merchant Adventurers Hall in front of an audience of over 60 people with Archbishop Holgate’s School taking the trophy.

York Civic Trust’s plaque programme resumed in July 2021 with a celebration of the life and influence of JB Morrell and an unveiling of his blue plaque in the courtyard of Fairfax House in front of a small, invited audience. The plaque will be installed on a building on Burton Stone Lane in 2022. The plaques working group met several times over the year to develop a new process for nominating people to be celebrated through a blue plaque and expanding celebration events with a view to widening the engagement and reach of the Civic Trust’s Plaques programme. A University of York cultural heritage management student was engaged to assist with this work. This new process will be implemented in 2022.

Work continued on auditing and improving the storage conditions of YCT’s collections, museum objects, archives and photographic collections. The recommendations of the 2020 AIM Collections Audit Grant to provide professional expertise in how best to preserve, protect and make more accessible our rich collections began to be implemented.

During the year, York Civic Trust took advantage of the Government’s COVID Job Retention Scheme for those members of staff who could not work from home during periods of restriction.

In July 2021 the restructuring of the Civic Trust staff was completed in order to provide a new staff team that met the needs of the organisation and to deliver the Trustees’ strategic priorities. The restructuring did not entail a reduction of staff or hours. During 2021, Martha Morley and Margarita Markaki left the employment of York Civic Trust to take up a full-time position elsewhere and to return to Greece respectively. Stephanie Ward and Henrietta Kirkpatrick-Glice joined the Civic Trust.

Work with York Conservation Trust continued to develop with regards to the conservation and maintenance of Fairfax House. The Quinquennial Inspection was completed though work on the proposed conservation management plan was put on hold until 2022.

With the limitations placed on the Civic Trust as it followed government restrictions and consideration for the health and safety of the York Civic Trust’s volunteers, especially those from an older demographic, the opportunities for volunteering were greatly reduced. Even so, York Civic Trust has benefitted from over 25,000 hours of volunteer support over the financial year.

York Civic Trust’s partnership with the University of York through the Heritage Planning Studio delivered 21,000 volunteer hours (equivalent to 10 FTE posts). 2020 alumni and current members of the Heritage Planning Studio were invited to apply for the role of Planning Assistant with the Civic Trust. The Trustees’ agreed the creation of this new post resourced by the Michael Bearpark Fund to provide the next step on the career development for post-graduates of the Heritage Planning Studio.

Trustees gave over 600 hours in formal meetings and double as many hours again in terms of work between meetings. Museum Volunteers gave 1,500 hours to deliver the museum’s limited visitor experience and allow the museum to open. The 13 representatives of associated organisations gave over 400 volunteer hours to the Civic Trust’s Transport Advisory Group.

Training was provided by York Civic Trust staff to the Heritage Planning Studio and Museum volunteers.

Page 5

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

Achievements and performance (continued)

Acting as lead partner alongside the University of York, York Explore Library & Archive, City of York Council, Yorkshire Architectural & York Archaeological Society, and York Oral History Society, the Civic Trust successfully launched its twoyear heritage and commemorative project called Raids Over York in August 2020. By using the 80th anniversaries of the 11-individual air-raids on the city between August 1940 and December 1942, this project aims to engage with York’s local communities to encourage them to explore and better understand remaining heritage associated with the raids in the city. Despite having to postpone many of its public events due to COVID, the project has continued as a digital enterprise, with a detailed interactive digital map of the raids was launched in Spring 2021. To date, over 100 members of the public have contacted the project and 10,000s of people have engaged with it via social media.

York Civic Trust’s reputation and influence within the city has developed along several paths - planning and development, transport and cultural tourism.

Through the work of the Trust’s planning committee and Heritage Planning Studio more than 150 individual planning applications were critically appraised and comments submitted to City of York Council for 57 of these. Developers and their clients continued to seek design and development advice from York Civic Trust on the most significant developments in the city – Northern House/Roman Quarter, Barnitts, Bootham Park Hospital and York’s Castle Gateway project.

The Chair of Trustees continued to represent the Civic Trust on the York Central Partnership Strategic Board to sit alongside – City of York Council, Network Rail, Homes England, Make-it York and the Science Museum Group in overseeing the strategic development of this key element in York’s future. York Civic Trust’s Chief Executive joined the York Central Design Review Panel alongside Allies and Morrison; Gustafson, Bowman, Porter; City of York Council, the Science Museum Group, Make it York and York Minster. Representation on these two key bodies within the York Central structure gives York Civic Trust a strong position to influence the development of York Central in the future.

Following an invitation from City of York Council, York Civic Trust’s Transport Advisory Group provided significant independent voluntary advice in reviewing the Council’s Local Transport Plan 3 and making recommendations for the development of Local Transport Plan 4 with an expectation that this would lead to the publication of a draft of the plan in 2021. The council’s timetable slipped to such an extent that the Trustees agreed to publish a Civic Trust Transport Strategy for York in early 2022 to promote discussion and debate around the key issues affecting the city.

York Civic Trust continued to develop and deepen its partnership with the University of York. York Civic Trust joined a partnership led by the City of York Council and the University of York in applying for a grant of £475,000 from the UK Government's Communities Renewal Fund for the Street Life Project. After significant delays the project proposal was approved in November 2021 with work to begin in February 2022. The StreetLife project will explore how heritage and culture can be utilised to reimagine the future for highstreets.

Working with the Departments of History and Archaeology applications were sought for a Combined Doctoral Award exploring decolonising York’s heritage narratives. An international field applied and Daria Lynch was successful in being awarded opportunity to take up the funded place on the programme.

Cultural tourism is seen as a key component of the city’s economic recovery and York Civic Trust joined a City of York Council taskforce in 2020, along with Make-it York, York Minster, York Museums Trust, National Railway Museum and York Archaeological Trust, in developing a cultural tourism recovery strategy for the city.

Page 6

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

Achievements and performance (continued)

York Civic Trust has worked with its tenants at Peasholme House and 74/74a Petergate across the year to support them to reopen their businesses. York Associates repaid the rent in arrears that was owed to the Civic Trust from the rent holidays given in 2020 in return for a deferral of a quarter’s rent in 2021. The tenants of 74/74a Petergate have begun to repay the rent arrears from the rent holidays given in 2020.

York Civic Trust has continued to adapt its business model and operational environment swiftly and with purpose to the COVID crisis. The successful demonstration of this adaptability has created a more flexible culture within the Civic Trust. This has been well received by audiences both new and traditional.

The experience of the financial year 2021-2022 has continued to be one of adaptability and change.

b. Public benefit

The Trustees review the performance, aims and objectives of the Trust every year. In carrying out the review, the Trustees refer to the Charity Commission's guidance on public benefit to ensure all activities meet the guidance. The preceding detail of achievements demonstrates how the Trust has carried out its activities for the public benefit during the year. An illustrated and fuller account of our activities is published in September in our Annual Report and Heritage Review. This is distributed to all members, is available in hard copy from our offices and is available to download from our website yorkcivictrust.co.uk.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the group and parent charitable company have adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Results for the year

The net expenditure of the Trust, before changes in the market value of investments, was £29,420 for the year to 31 January 2022 (2021: £41,803). This net expenditure comprised £7,186 (2021: £44,820) of unrestricted funds and £22,234 (2021: net income of £3,017) of restricted funds.

The market value of investments increased by £331,662 (2021: decreased by £104,032) over the 12 months, of which listed investments increased by £351,662 (2021: decrease of £374,032) and investment property decreased by £20,000 (2021: increase of £270,000). Net assets total £7,440,260 (2021: £7,138,018) at the end of the year.

The Board of Trustees welcomed the fact the capital value of the investments had increased - returning to pre-Covid levels. The Trustees were satisfied with final net expenditure position, produced at the end of a challenging year.

Page 7

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

c. Reserves policy

As at 31 January 2022 the Trust had total funds of £7,440,260 (2021: £7,138,018), of which £5,712,814 (2021: £5,389,640) were unrestricted and £1,727,446 (2021: £1,748,378) were restricted. Details of the funds held are shown in notes 23 and 24 to the financial statements.

The reserves provide the Trust with financial stability and the means to meet its charitable objectives for the foreseeable future. During the year the Board of Trustees adopted a new Reserves Policy to be reviewed after 6 months to increase the level of the organisation’s liquid funds to £275,000 at all times, equivalent to approximately six months operating costs.

The level of free reserves at 31 January 2022 amounted to £1,268,117 (2021: £980,878).

The Board of Trustees has maintained a higher level of free reserves than the minimum level set within their approved policy over the year to ensure that any operating deficit or unknown external risks do not put the organisation in financial jeopardy. The Trustees reviewed their reserves policy and the level of free reserves over the year and were content that the policy met the needs of the organisation. The Trustees have agreed to carefully increase expenditure from the charity’s free reserves over the coming years.

d. Investments policy

The key aim of the investment portfolio is to achieve capital growth in excess of the retail price index over the longer term whilst providing as high a level of income as possible. The level of income generated is monitored by the Trust, in conjunction with the investment advisers, to ensure that the returns generated are adequate for the Trust's operational needs, with particular attention being paid to short term cash flow requirements.

In order to meet these aims, the Trustees favour an overall strategy of investing mainly in equities, predominantly in the UK, although it is accepted that in current market conditions some diversification into global markets is sensible. The Trustees' preference is that investments are held in a portfolio of collective investment funds for two reasons. Firstly, this provides a greater range of underlying stocks than could be achieved with a directly invested portfolio, thus mitigating the level of investment risk. Secondly, this approach delegates the responsibility for specific stock selection to the managers of the collective investment funds, thus placing distance between the Trustees and the companies in which the investments are made.

The managers of the collective investment funds have absolute discretion to manage the composition of the investments held within the funds. The Trustees do not wish to adopt an exclusionary policy but would seek to dispose of funds which were known to contain individual investments which were perceived by the Trustees to conflict with the Trust's objectives. We take the advice of our investment managers on appropriate benchmarks to measure performance of our funds.

The Trustees delegate investment decisions to the Chief Executive and Company Secretary, overseen by the Enterprise Committee. The Chief Executive and Company Secretary has arranged for the investment portfolio to be managed on an advisory basis by Budge and Company Limited as investment advisers to the Trust.

During the year ended 31 January 2022, the investment portfolio generated income of 3.6% (2021: 3.9%).

Page 8

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

e. Fundraising policy

York Civic Trust does not employ any external consultants, fundraising specialists, or professional fundraiser to raise funds, and does not employ any dedicated staff to raise funds.

As a charity regulated by the Charity Commission and the Fundraising Regulator, we strive to achieve the highest standards in all our fundraising communications and will continue to do this, referring to all the relevant professional and statutory bodies as guidance and regulation develops.

Developing positive long-term relationships with all our members, donors and supporters is an important strategic objective.

In the period up to 31 January 2022, we received no complaints about our fundraising activities.

We welcome feedback from members, donors, supporters and others who are approached for funds as this is always taken seriously and serves to develop and improve our activities.

Everyone we contact always has the opportunity to remove themselves from future communications and we are committed to adhering to these choices, recognising the need to protect vulnerable people and carefully monitoring the content and frequency of our approaches to individuals.

We seek to improve our internal systems continuously to reflect the highest standards, working towards the need for individuals to have given their specific consent to receive information around particular activities.

Structure, governance and management

a. Governing document

York Civic Trust was incorporated as a Company Limited by Guarantee and not having a share capital on 12 September 1950 (company number 486282). A number of changes to the Memorandum and Articles of Association were made on 6 October 2004. The Trust was registered as a Charity with the Charity Commission on 17 April 1964 (charity number 229336).

The Trustees set the strategic and policy direction of the Trust, while day to day management functions are the responsibility of the Chief Executive.

Page 9

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

Under the Articles of Association the maximum number of Trustees is fifteen and the minimum is six. The term of office is normally for three years. (Each year, one third of the members retire by rotation.) The Enterprise Committee, whose responsibilities include governance and nominations, periodically audits the skills and experience represented on the Board of Trustees and makes recommendations for new Trustees. The appointments are made by the membership at an Annual General Meeting.

Within weeks of appointment we deliver a programme of induction for new Trustees, including the identification of training needs.

In line with the requirements of the Civic Trust’s Memorandum and Articles, Helen Dobson was confirmed at the Annual General Meeting in October 2021 as a Trustee. Six existing Trustees - Verna Campbell, Kate Giles, Elizabeth Heaps, Stephen Lusty, John Vincent and Richard Watson successfully offered themselves for re-election at the Annual General Meeting. Helen Dobson and John Vincent were appointed as Directors of Fairfax House York Enterprises Limited. Andrew Morrison was appointed as Company Secretary of Fairfax House York Enterprises Limited.

c. Key management personnel

The Trustees consider the Board of Trustees itself and the Chief Executive as the key management personnel of the Trust responsible for directing, controlling and operating the Trust's activities. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 31 to the accounts. Trustees and Senior Management are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust's policy withdraw from decisions if a conflict of interest arises. The pay of the Chief Executive is reviewed annually by the Enterprise Committee. The remuneration is benchmarked with Trusts of a similar size and activity.

d. Organisational structure and decision making

The Board of Trustees meets eight or more times a year and has established a number of committees which take responsibility for the following:

Education Engagement Environment Enterprise

Each committee meets at least three times a year, and makes recommendations to the Board.

An annual "Away Day" looks in detail at longer term strategic issues: this is the meeting which decides the contents of the Trust's Strategic Plan.

Page 10

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

Structure, governance and management (continued)

e. Risk management

The Trustees have a risk management strategy which comprises:

• 1) maintaining an organisational Risk Register (of which the Trustees receive an update at each Board meeting on the risks of high significance and their mitigation);

• 2) an annual review of the principal risks and uncertainties for the Trust (based on the strategic priorities agreed by the Trustees);

• 3) the establishment of policies, systems and procedures to mitigate those risks identified in that review; and 4) the implementation of procedures designed to minimise or manage any potential impact on the Trust should those risks materialise.

The implementation of the risk management strategy is overseen, on behalf of the Trustees, by the Enterprise Committee.

The significant risks that affect the Trust and the appropriate mitigation strategies are detailed in the organisation’s risk register as:

Risk: Deteriorating physical condition and security of the heritage assets that the Trust is responsible for - including the interiors of Fairfax House and the Trust’s collections.

Mitigation strategy: Working in collaboration with key partners; York Conservation Trust, Museums Development Yorkshire and Arts Council (England) undertake annual condition audits and assessments and where appropriate undertake remedial action. York Conservation Trust and York Civic Trust will work together to commission a Conservation Management Plan for Fairfax House in 2022 and 2023. This will provide a prioritised development plan for the building and museum.

Risk: Lack of engagement and connection between the Trust and the diverse audiences that are the residents of, or visitors to, the City of York leading to a lack of relevance and reputational damage.

Mitigation strategy: The Trust will produce an Audience Development Plan in order to profile its existing audiences and develop a strategy to engage new audiences. This plan will be developed in collaboration with other stakeholders in the city. The Trustees will regularly monitor progress against the Audience Development Plan and seek advice from partners in the city.

Risk: Lack of engagement with the Trust’s membership resulting in a reduction in members and a reduction in income and influence.

Mitigation strategy: The Trust will regularly survey its members to evaluate engagement and empathy to the Trust’s charitable objects and to ensure that the services that are offered to members are appropriate, attractive and relevant. The Trust will regularly review and develop its communications, digital channels, events and activities to meet, and then exceed, membership expectations. The next membership survey is planned for 2023.

Page 11

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

Structure, governance and management (continued)

Risk: Reputational loss and decreased influence within the on-going development and planning in the City of York especially with regards to the significant large-scale developments – York Central and York Castle Gateway.

Mitigation Strategy: The Trust will maintain, develop and evaluate a strategic engagement plan with key stakeholders and influencers including City of York Council, property developers, conservation bodies and key advisory groups to ensure that its processes and advice are contemporary and relevant. York Civic Trust joined the York Central Strategic Advisory Board in 2020. The Board delegates this responsibility to its Planning sub-committee and its advisory and working groups.

Risk: Failure to comply with sector standards and current legislation.

Mitigation Strategy: The Trust maintains a compliancy register which is reviewed, updated and actioned regularly. Key risks and outcomes are reported through the risk register to the Board’s Enterprise Committee.

Plans for future periods

During 2021 The Trustees reviewed their Vision, Mission and Strategic Priorities. The Trustees reconfirmed their commitment to the vision and mission of the Civic Trust and approved new strategic priorities for 2022 – 2025. These new strategic priorities will inform a forward plan that will cover the business period 2022 – 2025. The Civic Trust’s Vision, Mission and Strategic priorities (2022 – 2025) are:

York Civic Trust’s Vision - ‘Promoting heritage, Shaping tomorrow’

York Civic Trust’s Mission

• Protect and contemporize York’s unique heritage

• Champion our environment and its sustainability

• Encourage the city’s economic development in the line with it character

• Engage with all sectors of the community

Strategic Priorities (2022–2025)

• Engage with audiences under 35, widen our reach with other communities, and create advocates for York environment

• Raise interaction with a re-defined notion of York heritage

• Facilitate a coalition focused on climate change to create a resilient York

• Promote a conducive environment for sustainable economic development

• Encourage the development of a vision for the City of York

Page 12

YORK CIVIC TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent charitable company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the group and the parent charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the parent charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the parent charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.

Approved by order of the members of the board of Trustees and signed on their behalf by:

S.E.Lusty

S.E.Lusty (Jul 4, 2022 10:37 GMT+1) Stephen Lusty (Chair of Trustees) Date: Jul 4, 2022

Page 13

YORK CIVIC TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CIVIC TRUST

Opinion

We have audited the financial statements of York Civic Trust (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 January 2022 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 January 2022 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 14

(A company limited by guarantee)

YORK CIVIC TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CIVIC TRUST (CONTINUED)

Other information

The other information comprises the information included in the trustees' report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustees' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees' report (incorporating the directors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Page 15

(A company limited by guarantee)

YORK CIVIC TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CIVIC TRUST (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the group and parent charitable company through discussions with management and trustees, and from our knowledge and experience of this organisation;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent charitable company, including the Charities Act 2011, Companies Act 2006, data protection, health and safety and employment law;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and trustees;

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group and parent charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Page 16

(A company limited by guarantee)

YORK CIVIC TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CIVIC TRUST (CONTINUED)

To address the risks of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected variances;

• tested journal entries to identify unusual transactions;

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of thef/descrip�on-of-the-auditor%E2%80%99s-responsibili�es-for. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members and its trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body and the charitable company's trustees as a body,, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Jul 5, 2022 14:44 GMT+1)

Jane Marshall (Senior statutory auditor)

for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

Date: Jul 5, 2022

Page 17

YORK CIVIC TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 JANUARY 2022

Note Income from: Donations and legacies 2 Charitable activities: 3 Fairfax House Admissions City Enhancement Fund Grants Events Other trading activities 4 Investments: 5 Investment income . Rental income Other income 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net income/(expenditure) Transfers between funds 23 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 37,444 71,068 - 10,096 2,505 17,857 145,148 68,150 16,779 369,047 26,863 349,370 376,233 (7,186) 331,662 324,476 (1,302) 323,174 5,389,640 323,174 5,712,814	Restricted funds 2022 £ 2,481 - 403 1,115 - - - - - 3,999 - 26,233 26,233 (22,234) - (22,234) 1,302 (20,932) 1,748,378 (20,932) 1,727,446	Total funds 2022 £ 39,925 71,068 403 11,211 2,505 17,857 145,148 68,150 16,779 373,046 26,863 375,603 402,466 (29,420) 331,662 302,242 - 302,242 7,138,018 302,242 7,440,260	Total funds 2021 £ 34,301 12,171 2,313 41,603 25,840 8,704 143,190 80,650 31,342 380,114 16,340 405,577 421,917 (41,803) (104,032) (145,835) - (145,835) 7,283,853 (145,835) 7,138,018

Page 18

YORK CIVIC TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 25 to 53 form part of these financial statements.

Page 19

YORK CIVIC TRUST

(A company limited by guarantee)

REGISTERED NUMBER: 00486282

CONSOLIDATED BALANCE SHEET

AS AT 31 JANUARY 2022

Note Fixed assets Tangible assets 16 Heritage assets 18 Investments 19 Investment property 17 Current assets Stocks 20 Debtors 21 Cash at bank and in hand Creditors: amounts falling due within one year 22 Net current assets Total net assets Charity funds Restricted funds: Restricted funds - Heritage assets 23 Restricted funds 23 Total restricted funds 23 Unrestricted funds Designated funds 23 General funds 23 Revaluation reserve 23 Total unrestricted funds 23 Total funds	15,350 83,960 384,448 483,758 (41,650) 1,348,911 378,535 2,838,287 1,235,672 1,638,855	2022 £ 34 1,605,321 4,042,797 1,350,000 6,998,152 442,108 7,440,260 1,727,446 5,712,814 7,440,260	17,084 71,489 413,551 502,124 (26,343) 1,348,911 399,467 2,782,285 1,300,162 1,307,193	2021 £ 3,759 1,605,321 3,683,157 1,370,000
				6,662,237 475,781
				7,138,018
				1,748,378 5,389,640
				7,138,018

Page 20

YORK CIVIC TRUST

(A company limited by guarantee)

REGISTERED NUMBER: 00486282

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

S.E.Lusty

S.E.Lusty (Jul 4, 2022 10:37 GMT+1)

Stephen Lusty

(Chair of Trustees) Date: Jul 4, 2022

The notes on pages 25 to 53 form part of these financial statements.

Page 21

YORK CIVIC TRUST

(A company limited by guarantee)

REGISTERED NUMBER: 00486282

COMPANY BALANCE SHEET

AS AT 31 JANUARY 2022

Note Fixed assets Tangible assets 16 Heritage assets 18 Investments 19 Investment property 17 Current assets Debtors 21 Cash at bank and in hand Creditors: amounts falling due within one year 22 Net current assets Total net assets Charity funds Restricted funds: Restricted funds - Heritage assets 23 Restricted funds 23 Total restricted funds 23 Unrestricted funds Designated funds 23 General funds 23 Revaluation reserve Total unrestricted funds 23 Total funds	83,960 384,195 468,155 (41,889) 1,348,911 378,535 2,838,287 1,219,850 1,638,855	2022 £ 34 1,605,321 4,042,817 1,350,000 6,998,172 426,266 7,424,438 1,727,446 5,696,992 7,424,438	74,356 411,998 486,354 (25,145) 1,348,911 399,467 2,782,285 1,285,610 1,307,193	2021 £ 3,759 1,605,321 3,683,177 1,370,000
				6,662,257 461,209
				7,123,466
				1,748,378 5,375,088
				7,123,466

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss accounts and related notes. The Company's net movement in funds for the year was £300,972 (2021 - £(141,603)).

Page 22

YORK CIVIC TRUST

(A company limited by guarantee)

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JANUARY 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

S.E.Lusty

S.E.Lusty (Jul 4, 2022 10:37 GMT+1)

Stephen Lusty (Chair of Trustees) Date: Jul 4, 2022

The notes on pages 25 to 53 form part of these financial statements.

Page 23

YORK CIVIC TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2022

Note Cash flows from operating activities Net cash used in operating activities 26 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 27	2022 £ (234,423) 213,298 1,182 (9,160) 205,320 - (29,103) 413,551 384,448	2021 £ (274,740) 223,840 1,071 (9,142) 215,769 - (58,971) 472,522 413,551

The notes on pages 25 to 53 form part of these financial statements

Page 24

(A company limited by guarantee)

YORK CIVIC TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

1. Accounting policies

1.1 Company status

York Civic Trust is a charitable company limited by guarantee incorporated in England and Wales. The members of the company are Trustees named in Reference and Administrative details on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1.

1.2 Basis of preparation of financial statements

York Civic Trust constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

York Civic Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The financial statements are presented in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.3 Going concern

As part of their assessment of the going concern basis of preparation, the trustees have considered the impact of current and recent events on the Company's activities and workforce, as well as the wider economy and on the forecasted income for the year to 31 January 2023. They have also considered the period up to 12 months from the signing of the accounts. The trustees are confident that they have in place plans to deal with any financial losses that may arise.

At the time of approving the financial statements, the trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the trustees continue to adopt the going concern basis in preparing the financial statements.

Page 25

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

1. Accounting policies (continued)

1.4 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Assets given for use by the Trust are recognised as incoming resources when receivable at an estimate of their value.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.

Grants payable are included in the SOFA when approved and agreed with the other organisation. Grants where the beneficiary has not been informed or has to meet conditions before the grant it released are noted as financial commitments.

Support costs are those incurred in connection with compliance with constitutional and statutory requirements and are allocated to general activities.

1.6 Operating leases

Rentals payable under operating leases are charged to the SOFA as incurred over the term of the lease.

1.7 Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s.256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.8 Tangible fixed assets and depreciation

Tangible fixed assets costing more than £5,000 are capitalised and included at cost including any incidental expenses of acquisition.

Investment properties are stated at their estimated open market value.

Page 26

(A company limited by guarantee)

YORK CIVIC TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

1. Accounting policies (continued)

1.8 Tangible fixed assets and depreciation (continued)

Tangible fixed assets are carried at cost, net of depreciation, and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

• Long-term leasehold property 5% straight line - Office equipment 20% straight line

1.9 Heritage assets

Heritage assets purchased since 1983 have been included in the financial statements at the cost of acquisition. Heritage assets gifted since 1997 have been included at the Trustees' best estimate of their value at the time of donation or at a valuation provided by an independent professional valuer. Heritage assets acquired before 1983 were written off in the year of acquisition.

Depreciation is not charged on heritage assets which have an indefinite useful life.

1.10 Listed investments

Listed investments are stated at market value. Realised and unrealised gains or losses are shown in the SOFA.

1.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.14 Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 27

(A company limited by guarantee)

YORK CIVIC TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

1. Accounting policies (continued)

1.15 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.16 Pensions

York Civic Trust contributes to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the charity. Pension costs charged in the SOFA represent the contributions payable by the charity this year.

1.17 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 28

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

1. Accounting policies (continued)

1.19 Critical accounting estimates and areas of judgement

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The following judgements have had the most significant effect on amounts recognised in the financial statements:

Investment property

Investment properties are subject to an external professional valuation every few years. Between the external valuations the trustees assess whether there have been any material changes to the valuation

Page 29

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

2. Income from donations and legacies

Donations Legacies Membership Total 2021	Unrestricted funds 2022 £ 4,247 5,000 28,197 37,444 34,228	Restricted funds 2022 £ 2,481 - - 2,481 73	Total funds 2022 £ 6,728 5,000 28,197 39,925 34,301	Total funds 2021 £ 686 73 33,542
				34,301

3. Income from charitable activities

Fairfax House admissions City Enhancement Fund Grants Cultural and educational activities Total 2022 Total 2021	Unrestricted funds 2022 £ 71,068 - 10,096 2,505 83,669 57,114	Restricted funds 2022 £ - 403 1,115 - 1,518 24,813	Total funds 2022 £ 71,068 403 11,211 2,505 85,187 81,927	Total funds 2021 £ 12,171 2,313 41,603 25,840
				81,927

Page 30

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

4. Income from other trading activities

Income from non charitable trading activities

Shop income Total 2021	Unrestricted funds 2022 £ 17,857 8,704	Total funds 2022 £ 17,857 8,704	Total funds 2021 £ 8,704

5. Investment income

Rental income Investment income Total 2021	Unrestricted funds 2022 £ 68,150 145,148 213,298 223,840	Total funds 2022 £ 68,150 145,148 213,298 223,840	Total funds 2021 £ 80,650 143,190
			223,840

Page 31

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

6. Other incoming resources

Other income Coronavirus job retention scheme grant income Total 2021	Unrestricted funds 2022 £ 110 16,669 16,779 31,342	Total funds 2022 £ 110 16,669 16,779 31,342	Total funds 2021 £ 420 30,922
			31,342

Page 32

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

7. Costs of raising funds

Fundraising trading expenses

Property expenses Cultural and educational activities Publicity and marketing Total 2021 Other trading expenses Shop purchases Shop staff costs Cost of sales Total 2021	Unrestricted funds 2022 £ 7,558 1,758 2,526 11,842 9,176 Unrestricted funds 2022 £ 8,252 5,769 1,000 15,021 7,164	Total funds 2022 £ 7,558 1,758 2,526 11,842 9,176 Total funds 2022 £ 8,252 5,769 1,000 15,021 7,164	Total funds 2021 £ 5,517 285 3,374
			9,176
			Total funds 2021 £ 5,054 2,110 -
			7,164

Page 33

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

8. Analysis of expenditure on charitable activities

Summary by fund type

Fairfax House expenditure (note 9) City Enhancement Fund (note 10) Grants and projects (note 11) General trust activities (note 12) Total 2021	Unrestricted funds 2022 £ 189,721 8,998 - 150,651 349,370 383,708	Restricted funds 2022 £ 19,570 1,332 2,003 3,328 26,233 21,869	Total funds 2022 £ 209,291 10,330 2,003 153,979 375,603 405,577	Total funds 2021 £ 224,287 2,230 1,422 177,638
				405,577

9. Fairfax House expenditure

Staff costs Staff training and recruitment Insurance House expenditure Office expenses Exhibition costs Rent payable Sundry Total 2021	Unrestricted funds 2022 £ 130,642 1,722 16,162 10,040 1,652 1,454 22,500 5,549 189,721 206,070	Restricted funds 2022 £ 17,285 - - 2,273 - 12 - - 19,570 18,217	Total funds 2022 £ 147,927 1,722 16,162 12,313 1,652 1,466 22,500 5,549 209,291 224,287	Total funds 2021 £ 148,002 581 15,672 13,190 432 20,214 22,500 3,696
				224,287

Page 34

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

10. City Enhancement Fund

Plaques Other projects Staff costs Total 2021	Unrestricted funds 2022 £ - - 8,998 8,998 -	Restricted funds 2022 £ 1,317 15 - 1,332 2,230	Total funds 2022 £ 1,317 15 8,998 10,330 2,230	Total funds 2021 £ 1,426 804 -
				2,230

11. Grants and projects

Local Transport Plan New Light Project Total 2021	Restricted funds 2022 £ 300 1,703 2,003 1,422	Total funds 2022 £ 300 1,703 2,003 1,422	Total funds 2021 £ 972 450
			1,422

Page 35

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

12. General trust activities

Staff Printing, stationery and postage Office costs Sundry expenses Legal and professional fees Depreciation of equipment Support costs Bad debt provision Total 2022 Total 2021	Unrestricted funds 2022 £ 112,997 277 15,248 3,974 1,182 3,725 13,248 - 150,651 177,638	Restricted funds 2022 £ 3,328 - - - - - - - 3,328 -	Total funds 2022 £ 116,325 277 15,248 3,974 1,182 3,725 13,248 - 153,979 177,638	Total funds 2021 £ 130,182 544 13,158 5,317 1,071 9,161 12,582 5,623
				177,638

13. Support costs

Governance costs Audit fee Accountancy services	Unrestricted funds 2022 £ 9,354 3,894 13,248	Total funds 2022 £ 9,354 3,894 13,248	Total funds 2021 £ 8,892 3,690
			12,582

Accountancy fees in relation to the trading subsidiary of £1,434 (2021: £1,350) are included within accountancy services.

Page 36

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

14. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2022 £ 255,063 15,089 8,867 279,019	Group 2021 £ 255,365 15,475 9,454 280,294	Company 2022 £ 249,294 15,089 8,867 273,250	Company 2021 £ 253,255 15,475 9,454
				278,184

Redundancy payments of £509 were made during the year (2021: £nil).

The average number of persons employed by the group and parent charitable company during the year was as follows:

Group	Group	Company	Company
2022	2021	2022	2021
No.	No.	No.	No.
12	14	12	14

No employee received remuneration amounting to more than £60,000 in either year.

The number of key management employees in the year was 1 (2021: 1) and their remuneration including Employers NI and Pension contributions was £69,647 (2021: £69,228).

15. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021: £Nil).

During the year ended 31 January 2022, no Trustee expenses have been incurred (2021: £NIL).

Page 37

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

16. Tangible fixed assets

Group and Company

Cost or valuation At 1 February 2021 At 31 January 2022 Depreciation At 1 February 2021 Charge for the year At 31 January 2022 Net book value At 31 January 2022 At 31 January 2021	Long-term leasehold property £ 10,500 10,500 10,500 - 10,500 - -	Office equipment £ 128,204 128,204 124,445 3,725 128,170 34 3,759	Total £ 138,704
			138,704
			134,945 3,725
			138,670
			34
			3,759

Page 38

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

17. Investment property

Group and Company

Valuation At 1 February 2021 Revaluation At 31 January 2022	Freehold investment property £ 1,370,000 (20,000) 1,350,000

The historic cost of investment property is £249,686 (2021: £249,686).

The properties at 74 Low Petergate and Peasholme House, St Saviour's Place are considered to be investment properties. The properties were last formally valued on 30 October 2012. In the intervening period the Trustees took informal advice as to whether there had been any material movements in the values. A desktop valuation was obtained in relation to the values as at 31 January 2022 by Barry Crux & Co, Chartered Surveyors, on an open market basis in accordance with the guidelines issued by the Royal Institution of Chartered Surveyors.

Page 39

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

18. Heritage assets

Group and Company

Assets recognised at cost

Carrying value at 1 February 2021 Carrying value at 31 January 2022	Heritage assets 2022 £ 1,605,321 1,605,321	Total 2022 £ 1,605,321
		1,605,321

Heritage assets consist of: Included at cost: assets purchased since 1983 Included at valuation: assets donated since 1996

Heritage assets donated before 1996, including the Noel Terry collection of 18th century clocks and furniture, were effectively written off for the accounts purpose in the year of the gift.

Due to the nature of the heritage assets, many of which are effectively irreplaceable, it is therefore not considered that a realistic value can be placed on them for the purposes of the accounts.

The entire collection of heritage assets is insured for around £10.3m.

Most of the heritage assets are on public display in Fairfax House York. Those assets held in storage are occasionally placed on public display, and may be viewed on request.

As an Accredited Museum with the Arts Council, the policy for the acquisition, procurement, management and disposal of heritage assets compiles with the required standard for accreditation. The assets are recorded on a computer based collection management system, backed up by a paper based record.

Five year financial summary of heritage asset transactions:

Group and Company

	2022	2021	2020	2019	2018
	£	£	£	£	£
Additions
Heritage assets - at cost	-	-	3,300	8,450	300,000
Disposals
Heritage assets	-	-	(12,000)	-	-

Page 40

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

19. Fixed asset investments

Group Cost or valuation At 1 February 2021 Additions Disposals Revaluations At 31 January 2022 Company Cost or valuation At 1 February 2021 Additions Disposals Revaluations At 31 January 2022	Investments in subsidiary companies £ 20 - - - 20	Listed investments £ 3,683,157 9,160 (1,182) 351,662 4,042,797	Listed investments £ 3,683,157 9,160 (1,182) 351,662 4,042,797 Total £ 3,683,177 9,160 (1,182) 351,662 4,042,817

This historical cost of listed investments as at 31 January 2022 was £3,476,282 (2021: £3,477,470).

Investment management fees are deducted by the individual fund managers from the value of the assets held in each fund. The total fees in the year amounted to £28,344 (2021: £26,311).

All fixed asset investments are held in the UK.

Page 41

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name	Company	Registered office or principal place	Principal activity
	number	of business
Fairfax House York	04490278	Fairfax House, Castlegate, York, YO1	Retail
Enterprises Limited		9RN

Holding Included in consolidation

100% Yes

The financial results of the subsidiary for the year were:

Name	Income	Expenditure	Profit/(Loss)	Net assets
	£	£	for the year	£
			£
Fairfax House York	17,857	(16,452)	1,402	15,842
Enterprises Limited

20. Stocks

Finished goods and goods for resale £nil of stock is held by the company (2021: £nil)	Group 2022 £ 15,350	Group 2021 £ 17,084

Page 42

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

21. Debtors

Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2022 £ 11,964 - 35,439 36,557 83,960	Group 2021 £ 14,948 - 34,274 22,267 71,489	Company 2022 £ 11,964 - 35,439 36,557 83,960	Company 2021 £ 14,948 3,867 33,274 22,267
				74,356

22. Creditors: Amounts falling due within one year

Trade creditors Amounts owed to group undertakings Other taxation and social security Accruals and deferred income Deferred income at 1 February 2021 Resources deferred during the year Amounts released from previous periods	Group 2022 £ 6,979 - 5,361 29,310 41,650	Group 2021 £ 166 - 5,880 20,297 26,343	Company 2022 £ 5,901 2,733 5,361 27,894 41,889 Group 2022 £ 4,337 7,920 - 12,257	Company 2021 £ 318 - 5,880 18,947
				25,145
				Group 2021 £ 4,337 4,337 (4,337)
				4,337

Deferred income relates to rental income received in advance and amounts received in advance of projects being undertaken or work completed.

Page 43

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

23. Statement of funds

Statement of funds
Statement of funds - current year Balance at 1 February 2021 £ Unrestricted funds Designated funds Fairfax House fund 2,716,952 City Enhancement fund 65,333 Mark Jones Legacy fund - IT Refresh fund - 2,782,285 General funds General funds 1,285,610 Non-charitable trading funds 14,552 Revaluation reserve 1,307,193 2,607,355 Total Unrestricted funds 5,389,640	Income £ - - - - - 351,190 17,857 - 369,047 369,047	Expenditure £ - (8,998) - - (8,998) (350,648) (16,587) - (367,235) (376,233)	Transfers in/out £ - - 5,000 60,000 65,000 (66,302) - - (66,302) (1,302)	Gains/ (Losses) £ - - - - - - - 331,662 331,662 331,662	Balance at 31 January 2022 £ 2,716,952 56,335 5,000 60,000
Unrestricted funds Designated funds Fairfax House fund City Enhancement fund Mark Jones Legacy fund IT Refresh fund General funds General funds Non-charitable trading funds Revaluation reserve Total Unrestricted funds
					2,838,287
					1,219,850 15,822 1,638,855
					2,874,527
					5,712,814

Page 44

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

23. Statement of funds (continued)

Heritage Assets Collection funds John Butler fund Grinling Gibbons George II Candlestand Restricted funds Fairfax House Appeal fund M Bearpark fund M R Richardson City Enhancement fund Other Restricted funds Transport Grant V Irish Legacy New Light Appeal Arts Council - Characters of Home Total Restricted funds Total of funds	Balance at 1 February 2021 £ 797,437 244,000 298,304 9,170 1,348,911 139,284 61,602 68,157 63,262 17,796 9,028 30,000 3,555 6,783 399,467 1,748,378 7,138,018	Income £ - - - - - 499 - - 403 3,097 - - - - 3,999 3,999 373,046	Expenditure £ - - - - - (17,285) (3,328) - (1,332) (2,273) (300) - (1,703) (12) (26,233) (26,233) (402,466)	Transfers in/out £ - - - - - - - - - 1,302 - - - - 1,302 1,302 -	Gains/ (Losses) £ - - - - - - - - - - - - - - - - 331,662	Balance at 31 January 2022 £ 797,437 244,000 298,304 9,170
						1,348,911
						122,498 58,274 68,157 62,333 19,922 8,728 30,000 1,852 6,771
						378,535
						1,727,446
						7,440,260

Page 45

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

23. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Fairfax House fund City Enhancement fund General funds General funds Non-charitable trading funds Revaluation reserve Total Unrestricted funds	Balance at 1 February 2020 £ 2,716,952 60,578 2,777,530 1,326,198 18,784 1,411,225 2,756,207 5,533,737	Income £ - - - 346,524 8,704 - 355,228 355,228	Expenditure £ - - - (387,112) (12,936) - (400,048) (400,048)	Transfers in/out £ - 4,755 4,755 - - - - 4,755	Gains/ (Losses) £ - - - - - (104,032) (104,032) (104,032)	Balance at 31 January 2021 £ 2,716,952 65,333
						2,782,285
						1,285,610 14,552 1,307,193
						2,607,355
						5,389,640

Page 46

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

23. Statement of funds (continued)

Heritage Assets Collection funds John Butler fund Grinling Gibbons George II Candlestand Restricted funds Fairfax House Appeal fund M Bearpark fund M R Richardson City Enhancement fund Clifton Green fund Other Restricted funds Transport Grant V Irish Legacy New Light Appeal Arts Council - Characters of Home Total Restricted funds Total of funds	Balance at 1 February 2020 £ 797,437 244,000 298,304 9,170 1,348,911 139,284 61,602 68,084 63,179 4,755 22,796 7,500 30,000 4,005 - 401,205 1,750,116 7,283,853	Income £ - - - - - - - 73 2,313 - (5,000) 2,500 - - 25,000 24,886 24,886 380,114	Expenditure £ - - - - - - - - (2,230) - - (972) - (450) (18,217) (21,869) (21,869) (421,917)	Transfers in/out £ - - - - - - - - - (4,755) - - - - - (4,755) (4,755) -	Gains/ (Losses) £ - - - - - - - - - - - - - - - - - (104,032)	Balance at 31 January 2021 £ 797,437 244,000 298,304 9,170
						1,348,911
						139,284 61,602 68,157 63,262 - 17,796 9,028 30,000 3,555 6,783
						399,467
						1,748,378
						7,138,018

Page 47

(A company limited by guarantee)

YORK CIVIC TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

Description of funds

Restricted Funds

Collection funds are grants received for the Fairfax House collection.

The John Butler fund represents the glass collection given to the Trust by John Butler.

Grinling Gibbons funds have been used for the purchase of the Grinling Gibbons panel. Any excess funds will be spent on costs relating to exhibiting the panel.

George II Candlestand was acquired in 2019. The acquisition was supported by the Noel G. Terry Charitable Trust, Art Fund and the Arts Council England/V&A Purchase Grant Fund raising the total purchase cost of £8,450, plus some additional funding to restore the stands.

The Fairfax House Appeal fund has been created to secure the long term future of Fairfax House.

The M Bearpark fund has been established to assist in the maintenance and restoration of properties in the City of York.

The M R Richardson fund is for projects such as the provision of daffodils on the City of York walls or flowers around the city.

The City Enhancement fund represents sums received for general and specific projects for maintaining the public realm in the City of York, and also the income and expenditure on the book "York: Changing the Face of the City by Sir Ron Cooke together with donations for the publishing costs.

Transport Grant is for the production of a public consultation and report to inform York’s Local Transport Plan.

V Irish Legacy is a bequest left specifically to Fairfax House.

New Light Appeal is funds raised to change the lighting in Fairfax House to restore the feel of candle lighting within the house.

The Arts Council - Characters of Home fund represents sums received and spent for a production that took place in Fairfax House.

The Clifton Green fund provides a resource for the maintenance of the green and its appurtenances.

Other restricted funds represent other small restricted funds for specific purposes.

It was found that interest received on the Boothman Smallwood legacy, included within other restricted funds, had been treated as unrestricted income in previous years, rather than restricted. A transfer of £1,302 has been made in the year to rectify this ensuring that the balance carried forward on the restricted fund is correct.

Page 48

(A company limited by guarantee)

YORK CIVIC TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

Unrestricted Funds

Designated funds are those that have been set aside out of unrestricted funds by the trustees for specific purposes.

The Fairfax House fund was established to assure the long term future of Fairfax House.

The City Enhancement fund provides grants towards maintaining the appearance of the public realm in the City of York.

The Mark Jones Legacy fund is a Designated Fund for the general work of York Civic Trust to be recorded in the name of Mark W Jones.

The IT Refresh fund is a Designated Fund for the purposes of reviewing and upgrading the Civic Trust's internal IT infrastructure, business critical software and public digital presence.

The Revaluation reserve represents the difference between the market value of the investments and investment properties at 31 January 2022 and their cost.

24. Summary of funds

Summary of funds - current year

Designated funds General funds Heritage assets Restricted funds	Balance at 1 February 2021 £ 2,782,285 2,607,355 1,348,911 399,467 7,138,018	Income £ - 369,047 - 3,999 373,046	Expenditure £ (8,998) (367,235) - (26,233) (402,466)	Transfers in/out £ 65,000 (66,302) - 1,302 -	Gains/ (Losses) £ - 331,662 - - 331,662	Balance at 31 January 2022 £ 2,838,287 2,874,527 1,348,911 378,535
						7,440,260

Page 49

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

24. Summary of funds (continued)

Summary of funds - prior year

Designated funds General funds Heritage assets Restricted funds	Balance at 1 February 2020 £ 2,777,530 2,756,207 1,348,911 401,205 7,283,853	Income £ - 355,228 - 24,886 380,114	Expenditure £ - (400,048) - (21,869) (421,917)	Transfers in/out £ 4,755 - - (4,755) -	Gains/ (Losses) £ - (104,032) - - (104,032)	Balance at 31 January 2021 £ 2,782,285 2,607,355 1,348,911 399,467
						7,138,018

25. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Fixed asset investments Investment property Heritage assets Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 34 3,664,262 1,350,000 256,410 483,758 (41,650) 5,712,814	Heritage assets 2022 £ - - - 1,348,911 - - 1,348,911	Restricted funds 2022 £ - 378,535 - - - - 378,535	Total funds 2022 £ 34 4,042,797 1,350,000 1,605,321 483,758 (41,650)
				7,440,260

Page 50

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

25. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Investment property Heritage assets Current assets Creditors due within one year Total	Unrestricted funds 2021 £ 67 3,287,382 1,370,000 256,410 502,124 (26,343) 5,389,640	Heritage assets 2021 £ - - - 1,348,911 - - 1,348,911	Restricted funds 2021 £ 3,692 395,775 - - - - 399,467	Total funds 2021 £ 3,759 3,683,157 1,370,000 1,605,321 502,124 (26,343) 7,138,018

26. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges (Gains)/losses on investments Dividends, interests and rents from investments Decrease in stocks (Increase) in debtors Increase / (decrease) in creditors Net cash used in operating activities	Group 2022 £ 302,242 3,725 (331,662) (213,298) 1,734 (12,471) 15,307 (234,423)	Group 2021 £ (145,835) 9,161 104,032 (223,840) 885 (14,091) (5,052) (274,740)

Page 51

YORK CIVIC TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

27. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	Group 2022 £ 384,448 384,448	Group 2021 £ 413,551
		413,551

28. Analysis of changes in net debt

Cash at bank and in hand	At 1 February 2021 £ 413,551 413,551	Cash flows £ (29,103) (29,103)	At 31 January 2022 £ 384,448
			384,448

Page 52

(A company limited by guarantee)

YORK CIVIC TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

29. Pension commitments

The charity operates a defined contribution pension plan for its employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The amount recognised as an expense in the period was £8,867 (2021: £9,454). Contributions totaling £1,523 (2021: £nil) were payable to the fund at the balance sheet date and are included in creditors.

30. Operating lease commitments

At 31 January 2022 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	Group 2022 £ 22,500 90,000 1,816,875 1,929,375	Group 2021 £ 22,500 90,000 1,839,375
		1,951,875

31. Related party transactions

Fairfax House York Enterprises Limited is a wholly owned subsidiary of York Civic Trust. Some of the trustees are also directors of the company. During the year the charity recharged wage costs of £5,769 (2021: £2,110) to the subsidiary company. At the year end, amounts owed to Fairfax House York Enterprises Limited were £2,733 (2021: amounts owed by Fairfax House York Enterprises Limited were £3,867).

Page 53