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2020-12-31-accounts

Charity Number: 252157

York Minster Fund

Annual Report and Financial Statements For the year ended 31 December 2020

York Minster Fund

Contents

Page
Charity Information........................................................................................................1
Trustee’s Report.............................................................................................................2
Independent Auditor’s Report........................................................................................8
Statement of Financial Activities..................................................................................11
Balance Sheet.............................................................................................................. 12
Statement of Cash Flows ............................................................................................13
Notes to the Financial Statements
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York Minster Fund

Charity Information

Charity name: York Minster Fund Charity number: 252157

Charity registration England and Wales

Principal address: Church House Ogleforth York YO1 7JN

Trustee

York Minster Fund Limited is the sole Trustee.

Members of the Board of York Minster Fund Limited during the year were:

Mr R Shaw (Chairman) Mr T S Rymer (resigned 26 February 2020) Rt Revd Dr J H Frost Mr C J C Legard Mrs J R Lister Mr C York Mrs A L Consett Mr S W Upright Dr M A Clarke Mr A Horsley (Appointed 9 December 2020) Mr N Lane Fox (Appointed 9 December 2020) Mrs T E J Clifford (Appointed 9 December 2020) Mr D G Lis (Appointed 9 December 2020) Mrs S Beckett (Appointed 9 December 2020)

Key Management Personnel Mr N P Sanderson - Fund Director Mrs D E Terry - Fundraising manager Mrs K L Powell - Fundraising manager Mrs H V Carberry - Fund administrator Bankers HSBC Bank plc 13 Parliament Street York YO1 8XS Investment Adviser Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU Independent Auditor Garbutt & Elliott Audit Limited Triune Court Monks Cross Drive York YO32 9GZ Solicitors Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG

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York Minster Fund

Trustee’s Report for the year ended 31 December 2020

The Corporate Trustee presents its report and the financial statements of the charity for the year ended 31 December 2020.

The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Reference and administrative details

The Charity Information on page 1 forms part of this report.

Objectives, activities and achievements for the public benefit

York Minster Fund was established in 1967 to raise money for the restoration of the Central Tower of the Minster which was then in danger of collapse. There is a considerable broad range of expertise on the Board of Trustees of York Minster Fund Limited. The Fund responds to requests from The Chapter of York for support, principally (though not exclusively) for work of conservation and restoration of the fabric of York Minster and it also works to support its fundraising ambitions. The objects also specify that the fund should hold a “disaster” reserve to support the Minster in case of a significant increase in costs of repairing and restoring the fabric of the Minster due to an unforeseen emergency.

The Trustees (Trustees are those individuals who are Directors of the Corporate Trustee York Minster Fund Limited) confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Fund’s aims and objectives and in planning future activities and setting the grant-making policy for the year.

Review of activities

Income

With fundraising difficulties caused by the Covid crisis and the consequent cancellation of events, income from events reduced significantly to only £9,250 from £130,470 in the previous year. However, due to the generosity of our donors, income from donations and grants increased to £583,637 from £487,708. Two significant grants made up the majority of this income. The key areas for fundraising continue to be our 20-year Glass Preservation Fund and the restoration of the South Quire and St Cuthbert window, although 2020 also saw an increase in our fundraising for Music and the restoration of the Grand Organ. The Fund also continued to fundraise for its work with apprentices and research and development within the restoration teams.

2020 also saw the YMF team take on increased responsibilities as lead fundraiser for the Chapter of York, making several applications on its behalf for emergency and recovery funds to mitigate the dramatic loss of income the Chapter has experienced, particularly in visitor revenues, throughout the Covid lockdowns and restrictions.

Legacies continued to be an important source of revenue for the Fund, contributing £587,720 of income in 2020, which is significantly down from £1,554,842 in 2019 but well above the 5-year average. This is notoriously difficult income to predict however we continue to promote the giving of legacies for our ongoing work and to support The Chapter of York.

Investment Performance

2020 represented a real rollercoaster of a year for the Fund’s investments, having experienced strong gains coming into the year following a rally in markets at the end of 2019, followed by the onset of the Covid crisis which saw a drop in the value of investments as the country went into lockdown. However, following the easing of restrictions and with the thematic investment approach taken by our asset managers Sarasin Partners, we have seen a significant rebound in investments. This has led to net gains in investments of £816,219 for the year. Investment income also saw a strong performance in the year increasing from £400,151 to £475,732, however following discussions with the asset manager we believe it is prudent to plan for a decline in this income in 2021.

Combining all the above elements, the Fund’s income (excluding investment gains) decreased from £2,573,171 in 2019 to £1,656,339 in 2020, with Legacies representing the main reason for the decline.

Trustee’s Report for the year ended 31 December 2020

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York Minster Fund

Review of activities (continued)

Costs

The support costs of running the Fund in the year were well controlled and decreased from £272,880 to £234,496. The Fund therefore achieved its target that the cost of running the fund should be less than the income from investments, and therefore every penny donated to the Fund was available for use on our work of supporting The Chapter of York and The York Glaziers’ Trust in maintaining and developing the fabric and work of York Minster.

Despite the difficulties of lockdown, the Fund continued to produce regular newsletters each carrying a gift aid envelope and informing existing donors of our work, prompting them to consider making a regular donation by standing order or to join one of the Patron’s schemes, allowing a further deepening of the relationship between donors and the work we do. The Fund also continues to run regular campaigns to encourage legacies. The Fund also applies to appropriate charities and institutions for grants to support specific activities.

Grants

The Trustee’s policy is to seek to make annual donations to The Chapter of York for the restoration and preservation of the fabric of York Minster and, where possible, to provide additional assistance for specific projects. All grants are approved in accordance with agreed authorisation limits delegated by the Trustee.

With the onset of the Covid crisis it became very clear that the Chapter of York would experience a significant reduction in income. This was projected to be up to £5.2m. This could have potentially threatened the Chapter’s ability to maintain its restoration projects and meet its contractual obligations in this area. The Trustee of the Fund saw this as exactly the kind of crisis for which the Fund’s “disaster reserve” was established and therefore stepped in and offered to increase the grants to underwrite the restoration projects in 2020 and in subsequent years until the Chapter’s business model and visitor numbers had recovered.

This led to a significant increase in Grants to Chapter and York Glaziers Trust from £1,330,499 in 2019 to £1,946,768 in 2020. The restrictions and lockdowns also meant that the progress on several projects was slowed and so the balance of expenditure between projects changed. The main outcome of this was the increased grant made to cover the finalisation of the restoration of the organ, a task which could continue despite lockdowns with social distancing.

The key projects funded in 2020 were:

20-year Glass project £304,060
South Quire Aisle and St Cuthbert’s window £454,334
Apprentices £114,179
Organ and Music £1,036,102

Reserves policy

The Trustee has decided that the Fund's reserves must be adequate to:

In the light of these requirements, the Trustee believes that the present level of reserves is adequate to enable the fund to continue to meet its planned obligations, even if there were a sudden unforeseen reduction in income or an event that led to a significant increase in support required from YMF.

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York Minster Fund

Trustee’s Report for the year ended 31 December 2020

Reserves policy (continued)

Following the commitment to support Chapter in 2021, the Trustee decided to designate sufficient funds for the expected expenditure. Following this designation the funds reserves are as follows:




Funds restricted by donation
£538,379
Endowed capital Funds (including the HLF glass 20 year endowment)
£2,973,948
Funds incorporating free reserves:

Funds designated to specifc purposes
£1,700,264
Unrestricted funds (including Disaster reserve)
£10,312,974

At the year end free reserves were £12,013,237 (2019: £11,800,008).

The combination of income, expenditure, investment gains and reserves has meant the total Fund value increased in the year from £15,280,867 in 2019 to £15,525,565 in 2020.

Investment policy

The Trustee considers that the most appropriate policy for investing funds is to hold a balanced portfolio of investments. The stock market’s volatility in 2020 has made the management of investments challenging, however the charity employs a long-term investment strategy and the Trustee remains of the view that a mixed portfolio of equities, bonds, cash and other investments, weighted according to the appetite for investment risk, remains appropriate. To achieve this, the Fund employs Sarasin & Partners LLP as its asset manager.

Plans for future periods

York Minster Fund continues to meet its purposes by providing support for the restoration and repair of the fabric of York Minster.

Currently, these include two main projects:

The first is to restore the area above the South Quire Aisle, where the stonework on the south side of the quire, particularly above the Zouche Chapel, is fragile as a result of poor quality 19th Century repairs. This is a multi-year project, run in several phases and the cost will run into several millions of pounds. The focus of this project now and for the next several years will be on the stonework and glass of St Cuthbert’s transept.

Secondly, the Fund is committed to support the 20-year protection and restoration project aimed at fitting state of the art protective glazing systems on the unprotected historic windows of the Minster. This ongoing project aims to finish between three and four windows each year, and the entire project will likely take years to complete.

The Fund is also committed to maintaining the skills required to fulfil restoration work and does this through its ongoing support of apprenticeships in both the York Minster stone yard and The York Glaziers’ Trust. This work is supplemented by our research and development project. The aim of this project is to benchmark the methods and technology used by both the Minster works department and The York Glaziers’ Trust and introduce, where appropriate, new technology which will both support and enhance the traditional conservation skills for which York Minster is so rightly famous.

Long term sustainability

The Covid Crisis and ensuing loss of income has highlighted the vulnerability of the Chapter of York’s revenue to fluctuations in tourism and visitor numbers. This has led to significant challenges and sadly to the closure of the Minster School and a significant reduction in the Chapter’s headcount. The Trustees of the Fund are now working with Chapter to support their efforts, specifically in completing the neighbourhood master plan, with a view to building alternative revenue sources and so secure a more sustainable and less vulnerable business model. This cements the Fund’s role of lead fundraiser and also means that the Fund continues to support the wider work across the Minster when external fundraising is required.

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York Minster Fund

Trustee’s Report for the year ended 31 December 2020

Fundraising

Section 162A of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. Such amounts are presented in our financial statements within “Donations and legacies” which includes donations from individual supporters, corporate donations and legacies.

In relation to the above, we confirm that all solicitations are managed internally, without the involvement of commercial participators, professional fundraisers or third parties. The day-to-day management of all income generated is delegated to the executive staff team who act under authority delegated by the Trustee’s Board of Directors.

The charity is voluntarily bound to be regulated by the Fundraising Regulator and pays the appropriate levy. The charity complies with the Code of Fundraising Practice set out by the Fundraising Regulator. We have received no complaints in relation to our fundraising activity for the year under review.

Structure, governance and management

Governing document

York Minster Fund was established under a Trust Deed dated 3 April 1967, as amended by subsequent Deeds of Variation. The principal object of the Fund is to support any such charitable purposes connected with York Minster, primarily as it relates to the conservation of the fabric, as the Trustee may determine.

Recruitment and appointment of Directors (Trustees) of York Minster Fund Limited

York Minster Fund Limited, a company limited by Guarantee incorporated in England and Wales under registration number 07570312 , was appointed as the sole Trustee on 22 March 2011. The Directors of York Minster Fund Limited are termed Trustees under its Articles of Association. Trustees may appoint any number of additional Trustees and will ensure that the Dean of York will be a Trustee. The minimum number of Trustees is seven. Trustees serve for an initial period of five years which may be extended by a further two years in exceptional circumstances. They may subsequently be reappointed after a five year period has elapsed. No Trustee may serve for more than two five year terms. The Fund seeks to recruit people with specialised fundraising or financial skills, who also have strong local connections.

Organisation

York Minster Fund Limited is the sole Trustee. Its Board of Directors (Trustees), which meets regularly, administers the charity. The fund Director is appointed by the Trustees to manage the day-to-day operations of the charity. At their meetings, the Board agrees the broad strategy and areas of activity for the Fund, including consideration of fundraising projects, grant making, investment, reserves, risk management and performance.

Trustees’ induction and training

New Trustees are provided with an induction pack which includes minutes, accounts, constitution, risk assessment and a copy of the Charity Commission publication, “The Essential Trustee: What You Need To Know”. This is then followed by a meeting with the Chairman, prior to the first board meeting. Trustees are very conscious of the obligations of corporate governance rules and these are regularly discussed at board meetings. From time to time, Trustees are reminded of their duties via the circulation of appropriate Charity Commission guidelines. Trustees are encouraged to attend training courses appropriate to the running of the charity.

Pay policy for senior staf

The salary of the fund Director and management team is reviewed annually and the costs of fundraising are managed to be less than the income yield from investments, therefore ensuring that all funds raised through donations go to the work of the charity.

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York Minster Fund

Trustee’s Report for the year ended 31 December 2020

Risk management

The Board has paid particular attention to a range of risks faced by the charity and has implemented measures to reduce or mitigate these risks.

Key risks identified are:

Which is mitigated by:

  1. Holding a diversified investment portfolio, using professional qualified investment advisers.

  2. Separation of committed financial requirements into secure cash funds.

  3. Limiting commitments annually to ability to fund at the beginning of the year and segregating those funds.

  4. Diversified investments strategy.

  5. Overcommitting to projects.

Which is mitigated by limiting commitments annually to ability to fund at the beginning of the year and segregating those funds.

Statement of Trustee’s accounting and reporting responsibilities

The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Trustee’s Report for the year ended 31 December 2020

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York Minster Fund

Auditor

Garbutt & Elliott Audit Limited has indicated a willingness to stand for reappointment at the annual general meeting.

Statement as to disclosure of information to the auditor

In so far as the members of the board of the Trustee are aware, at the time of approving the Trustee’s Annual Report:

This report was approved on 6 May 2021 and signed on its behalf by:

Mr R Shaw (Chairman)

For and on behalf of the Trustee

Independent Auditor’s Report to the Trustee of York Minster Fund

Opinion

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York Minster Fund

We have audited the financial statements of York Minster Fund for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, 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:

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 Trustee’s 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 charity’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 Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Trustee’s Report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Independent Auditor’s Report to the Trustee of York Minster Fund

Responsibilities of the Trustee

As explained more fully in the Statement of Trustee’s accounting and reporting responsibilities, the Trustee is responsible for the preparation of financial statements which give a true and fair view, and

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York Minster Fund

for such internal control as the Trustee determines 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 Trustee is responsible for assessing the charity’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 Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

These procedures did not identify any potentially material actual or suspected non-compliance. To identify risks of material misstatement due to fraud we considered the opportunities and incentives and pressures that may exist within the charity to commit fraud. Our risk assessment procedures included: enquiry of trustees and other management to understand the high level policies and procedures in place to prevent and detect fraud, reading Board minutes and considering performance targets and incentive schemes in place for management. We communicated identified fraud risks throughout our team and remained alert to any indications of fraud during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was capable of identifying irregularities, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the trustee and other management, and from inspection of the charity’s regulatory and legal correspondence. We discussed with the Trustee and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance during the audit.

The charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation), pensions legislation, taxation legislation and further laws and regulations that could indirectly affect the financial statements, comprising employment legislation, fundraising regulations and, in the current climate, Covid regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustee and other management and inspection of regulatory and legal correspondence, if any. These procedures did not identify any potentially material actual or suspected non-compliance.

To identify risks of material misstatement due to fraud we considered the opportunities and incentives and pressures that may exist within the charity to commit fraud. Our risk assessment procedures included: enquiry of the Trustee and other management to understand the high level policies and procedures in place to prevent and detect fraud, reading Board minutes and considering performance targets and incentive schemes in place for management. We communicated identified fraud risks throughout our team and remained alert to any indications of fraud during the audit.

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York Minster Fund

Independent Auditor’s Report to the Trustee of York Minster Fund

As a result of these procedures we identified the greatest potential for fraud in the following areas:

subjective accounting estimates.

Both risks arise due to a desire to present stronger results following the cancellation of events during 2020, along with increased levels of charitable expenditure.

As required by auditing standards we also identified and addressed the risk of management override of controls.

We performed the following procedures to address the risks of fraud identified:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustee 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 charity and the charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Sidebottom Senior Statutory Auditor

7 May 2021

Garbutt & Elliott Audit Limited

Chartered Accountants

Statutory Auditor

Triune Court Monks Cross Drive York YO32 9GZ

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York Minster Fund

Statement of Financial Activities for the year ended 31 December 2020

Note Restricted
Funds		 Endowment
Funds		 Designated
Funds		 Unrestricted
Funds		 Total
Funds
2020		 Total Funds
2019
£ £ £ £ £ £
Income from:
Donations and legacies 2 106,689 1,753 - 652,407 760,849 1,810,025
Fundraising 2 - - - 9,250 9,250 130,470
Grants and Trusts 2 303,200 - - 107,308 410,508 232,525
Investments 2 3,879 83,721 - 388,132 475,732 400,151
Total income 413,768 85,474 - 1,157,097 1,656,339 2,573,171
Expenditure on:
Raising funds 3 839 - 627 106,098 107,564 218,760
Charitable activities 4 603,489 15,432 1,045,944 455,431 2,120,296 1,557,167
Total expenditure 604,328 15,432 1,046,571 561,529 2,227,860 1,775,927
Net (expenditure)/income
before other recognised (190,560) 70,042 (1,046,571) 595,568 (571,521) 797,244
gains
Realised and unrealised
gains on investments		 8 6,875 145,112 - 664,232 816,219 1,371,288
Net income/
(expenditure)		 (183,685) 215,154 (1,046,571) 1,259,800 244,698 2,168,532
Transfers between funds 11,
12		 (120,816) 120,816 2,515,025 (2,515,025) - -
Net movement in funds (304,501) 335,970 1,468,454 (1,255,225) 244,698 2,168,532
Funds brought forward 842,880 2,637,978 231,810 11,568,199 15,280,867 13,112,335
Funds carried forward 11,
12		 538,379 2,973,948 1,700,264 10,312,974 15,525,565 15,280,867

Analysis of the previous year by fund is summarised in note 17 to these financial statements.

The Statement of Financial Activities includes all gains and losses recognised in the year.

All the charity’s operations are classed as continuing.

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York Minster Fund

Balance Sheet as at 31 December 2020

2020 2019
Note £ £
Fixed assets
Tangible assets 7 1 1
Investments 8 14,785,173 14,240,804
14,785,174 14,240,805
Current assets
Debtors 9 491,582 710,974
Cash at bank and in hand 465,661 647,945
Total current assets 957,243 1,358,919
Current liabilities
Creditors: amounts fallingdue within oneyear 10 (216,852) (318,857)
Net current assets 740,391 1,040,062
Net assets 15,525,565 15,280,867
Funds of the charity:
Unrestricted funds
Unrestricted funds 10,312,974 11,568,199
Designated funds 11 1,700,264 231,810
12,013,238 11,800,009
Restricted funds
Restricted income funds 12 538,379 842,880
Restricted endowment funds 12 2,973,948 2,637,978
3,512,327 3,480,858
Total funds 13 15,525,565 15,280,867

Approved by the Trustee on 6 May 2021 and signed on its behalf by:

Mr R Shaw (Chairman) For and on behalf of the Trustee

The notes on pages 14 to 26 form part of these financial statements.

Statement of Cash Flows for the year ended 31 December 2020

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York Minster Fund

2020 2019
£ £
Cash generated by (used in) operating activities (see below) (929,866) 89,644
Cash fows from investing activities:
Investment income 475,732 400,151
Purchase of investments (970,917) (15,834,461)
Proceeds from sale of investments/transfer into cash from
investments 1,242,767 14,297,521
Cash generated by / (used by) by investing activities 747,582 (1,136,789)
Increase (decrease) in cash and cash equivalents in the year (182,284) (1,047,145)
Cash and cash equivalents at the beginning of the year 647,945 1,695,090
Total cash and cash equivalents at end of the year 465,661 647,945

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

2020 2019
£ £
Net movement in funds 244,698 2,168,532
Adjustments for:
Investment income (475,732) (400,151)
Losses/(gains) on revaluation of investments (816,219) (1,371,288)
Decrease / (increase) in debtors 219,392 (388,160)
(Decrease) / increase in creditors (102,005) 80,711
Net cash used in operating activities (929,866) 89,644

Analysis of cash and cash equivalents

2020 2019
£ £
Cash at bank and in hand 167,212 647,945
Cash held by brokers 298,449 -
465,661 647,945

As at 31 December 2020 the investment portfolio included cash pending investment of £Nil.

The charity had no debt in the year.

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Notes to the Financial Statements for the year ended 31 December 2020

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Charity information

York Minster Fund is a charitable trust registered with the Charity Commission in England and Wales under registered number 252157. The registered office is Church House, Ogleforth, York, YO1 7JN.

Accounting convention

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“Charities SORP (FRS 102)”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Charities SORP (FRS 102) (effective January 2019) rather than Accounting and Reporting by Charities: Statement of Recommended Practice 2005, which has since been withdrawn.

York Minster Fund meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £1.

Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The Trustee has at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Whilst fundraising has been significantly impacted by the COVID-19 virus, the charity has considerable cash and investment reserves, sufficient to meet its immediate requirements and as a grant making charity the ability to reduce grants awarded in the future. Thus the Trustee has continued to adopt the going concern basis of accounting in preparing the financial statements.

Income

All income, including donations and legacies, is recognised once the charity has entitlement to the income, it is certain that the income will be received and the monetary value can be measured with sufficient reliability.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the Estate has been finalised and notification has been made by the executor(s) that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy in whole or part, is only considered probable when the amount can be measured reliably and where the charity is not aware of any potential challenge to the estate.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably; this is normally upon notification of interest paid or payable.

Dividend and interest income from investment funds is included when receivable and the amount can be measured reliably; this is normally upon notification of dividends and interest paid or payable.

On receipt, donated goods and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the goods, services or facilities; a corresponding amount is recognised as expenditure in the period of receipt. Where the item is unique in nature and no reliable estimate can be made the value of such items has not been recognised in these financial statements.

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York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2020

1. Accounting policies (continued)

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is allocated to the particular activity where the cost relates directly to that activity.

Costs of raising funds are those costs directly attributable to managing the investment portfolio and fundraising and publicity costs.

Support costs and governance costs which cannot be directly attributed to particular headings have been allocated to activities on a basis consistent with use of the resources.

Grants

Grants payable are payments made to third parties in the furtherance of the objectives of the charity.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. Grants are accounted for where either the Trustee has agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the charity.

Fund accounting

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustee.

Designated funds are unrestricted funds set aside by the charity for specific future purposes or projects.

Restricted income funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the funder.

Restricted endowment funds comprise restricted donations, unrestricted funds of the charity and matched funding received from the Heritage Lottery Fund which are to be invested in a 20 year expendable endowment, The Heritage Lottery Fund Heritage Endowments Fund.

Staf costs

The costs of short term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period.

Pensions

York Minster Fund makes contributions to a multi employer defined contribution scheme. The assets of the scheme are held separately from those of the charity. Contributions are paid to approved funds and are charged as expenditure in the year in which they accrue.

Tangible fixed assets and depreciation

Tangible fixed assets costing more than £500 are capitalised at cost.

Depreciation is calculated to write off the cost of fixed assets over their expected useful lives. The rates and methods used are as follows:

Office equipment - 25% straight line

Notes to the Financial Statements

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York Minster Fund

for the year ended 31 December 2020

1. Accounting policies (continued)

Investments

Investments are stated at market value at the balance sheet date.

Investments at the balance sheet date denominated in a foreign currency are translated using the closing exchange rate at that date.

The investment portfolio, see note 8, is held to generate returns and gains for the group and accordingly is designated as fair value through profit and loss (“FVTPL”). Under this designation the portfolio is re-valued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the Statement of Financial Activities.

Amounts held in respect of The Heritage Lottery Fund Heritage Endowments Fund are held in investments which follow the same investment policy as all other investment assets held by the Fund.

For the purposes of the statement of cash flows, the short term cash deposits held for reinvestment within investments have been treated as investments.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments in accordance with Section 11 of FRS 102. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.

The Trust does not acquire put options, derivatives or other complex financial instruments.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity held for working capital.

Debtors

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the charity has a present obligation resulting from 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 or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial liabilities are derecognised when, and only when, obligations are discharged, cancelled or they expire. Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Notes to the Financial Statements for the year ended 31 December 2020

1. Accounting policies (continued)

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York Minster Fund

Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the members of the board of the Trustee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The members of the board of the Trustee have judged that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

2. Income

2020
Current Year Restricted Endowment Unrestricted Total
£ £ £ £
Donations 106,689 1,753 64,687 173,129
Legacies - - 587,720 587,720
Total donations and legacies 106,689 1,753 652,407 760,849
Fundraising - - 9,250 9,250
Grants and Trusts 303,200 - 107,308 410,508
Investment income 3,879 83,721 388,132 475,732
Total income 413,768 85,474 1,157,097 1,656,339
2019
Prior Year 2019 Restricted Endowment Unrestricted funds
£ £ £ £
Donations 184,969 25,946 44,268 255,183
Legacies - - 1,554,842 1,554,842
Total donations and legacies 184,969 25,946 1,599,110 1,810,025
Fundraising – Northern Lights
Revisited		 - 130,470 - 130,470
Grants and Trusts 126,700 105,825 - 232,525
Investment income 14,807 40,492 344,852 400,151
Total income 326,476 302,733 1,943,962 2,573,171
Unrestricted grants and trusts income includes Coronavirus Job Retention Scheme grants of £1,128.

Notes to the Financial Statements for the year ended 31 December 2020

3. Expenditure on raising funds

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York Minster Fund

2020
Current Year Restricted Total
Restricted Endowment **Designated ** Unrestricted funds
£ £ £ £
Fundraising and publicity 839 - 627 15,055 16,521
Support costs – staf costs - - - 82,615 82,615
Events costs - - - 8,428 8,428
839 - 627 106,098 107,564
2019
Prior Year 2019 Restricted Total
Restricted Endowment **Designated ** Unrestricted funds
£ £ £ £ £
Fundraising and publicity 1,066 - - 13,516 13,516
Support costs – staf costs - - - 81,347 81,347
Events costs - - - 81,658 81,658
Investment manager fees 237 7,021 - 33,915 41,173
1,303 7,021 - 210,436 218,760
4.
Expenditure on charitable activities
Grant Direct cost Support 2020
Current Year funding of charitable costs Total
of activities activity (Note 5) Funds
£ £ £ £
Grants to The Chapter of York 1,929,640 - - 1,929,640
Grants to The York Glaziers’ Trust 17,128 - - 17,128
Heritage Lottery Fund Endowments Fund - 11,128 4,304 15,432
Other costs - 10,519 147,577 158,096
1,946,768 21,647 151,881 2,120,296
Grant Direct cost Support 2019
Prior Year 2019 funding of charitable costs Total
of activities activity (Note 5) Funds
£ £ £ £
Grants to The Chapter of York 1,225,620 - - 1,225,620
Grants to The York Glaziers’ Trust 104,879 - - 104,879
The Heritage Lottery Fund Heritage
Endowments Fund		 - - 36,312 36,312
Other costs - 35,135 155,221 190,356
1,330,499 35,135 191,533 1,557,167

All grants are paid to institutions to fund the conservation and restoration of the fabric of York Minster.

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York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2020

5. Support costs

5.
Support costs
2020 2019
£ £
Auditor’s remuneration 5,040 4,320
Legal and professional 12,073 58,228
Staf costs(Note 6) 201,671 184,790
IT costs 4,069 333
Ofce expenses 7,734 13,704
Catering 326 2,172
Insurance 936 963
Training 2,129 -
Travel 127 1,824
Sundry - 6,023
Bank charges 391 523
234,496 272,880
Analysed as follows:
Expenditure on raising funds(Note 3) 82,615 81,347
Expenditure on charitable activity (Note 4) 151,881 191,533
234,496 272,880

Legal and professional incudes VAT exclusive fees of £9,087 (2019: £9,141) in respect of non-audit services provided by the auditor.

6. Staf costs

2020 2019
£ £
Salaries 163,833 150,578
Social security costs 16,575 15,785
Pension costs 21,263 18,427
201,671 184,790

One employee was paid more than £80k but less than £90k (2019: one employee).

2020 2019
Average number of employees 5 5

The total employee benefits of the key management personnel of the charity, who are defined on page 1 of the financial statements, was £169,489 (2019: £148,266).

York Minster Fund Limited is the sole Trustee. No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any Trustee or to a person or persons known to be connected with any of them (2020: £Nil). No reimbursement of expenses has been made or is due to be made to any of the Trustees in respect of the year (2020: £Nil).

Notes to the Financial Statements for the year ended 31 December 2020

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York Minster Fund

7. Tangible fixed assets

7.
Tangible fxed assets
Ofce equipment
£
Cost:
At 1 January 2020 9,097
Additions -
As at 31 December 2020 9,097
Depreciation:
At 1 January 2020 9,096
Charge for theyear -
At 31 December 2020 9,096
Net book value
At 31 December 2020 1
At 31 December 2019 1

8. Investments

2020 2019
£ £
Market value as at 1 January 2020 14,240,804 11,332,576
Additions at cost 970,917 15,834,461
Disposal proceeds - (14,297,521)
Transfer of cash to current assets (1,242,767) -
Realised and unrealisedgains/losses 816,219 1,371,288
Market value as at 31 December 2020 14,785,173 14,240,804
Historical cost as at year end 13,538,627 12,567,710

In the previous year investments included listed investments of £12,998,037 and cash pending investment of £1,242,767. In the current year £14,785,173 relates to listed investments, cash has been recognised in current assets as it represents investment yield which will be applied for charitable purpose rather than cash pending investment.

9. Debtors

2020 2019
£ £
Accrued grant income 200,000 155,370
Other debtors and prepayments 291,582 555,604
491,582 710,974

Other debtors and prepayments includes accrued unrestricted legacy income of £206,212 (2019: £390,000). At 31 December 2020 the charity had entitlement to 2 (2019: 1) legacies where a reliable estimate of their value cannot be made accordingly no amounts have been recognised in respect of these legacies.

Notes to the Financial Statements for the year ended 31 December 2020

10. Creditors

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York Minster Fund

2020 2019
£ £
Trade creditors 99,954 55,073
Other creditors and accruals 116,898 263,784
216,852 318,857
Other creditors and accruals include grants payable of £86,976 (2019: £229,966).
Reconciliation of grants payable 2020
£		 2019
£
Commitments brought forward 229,966 140,675
Grants committed in the year 1,946,768 1,330,499
Grants paid during the year (2,089,758) (1,241,208)
Commitments carried forward 86,976 229,966

11. Designated funds

For the year ended Balance as at Balance as at 31
31 December 2020 1 January 2020 Income Expenditure Transfers December 2020
£ £ £ £ £
R&D Project 26,775 - (12,238) 35,463 50,000
Organ fund 205,035 - (934,127) 729,092 -
South Quire Aisle - - (100,206) 427,543 327,337
St Cuthbert Window - - - 90,259 90,259
20 Year Glass - - - 630,635 630,635
Masterplan - - - 400,000 400,000
Queen Elizabeth Statue - - - 90,000 90,000
Apprentice support - - - 92,033 92,033
Funds under £20,000 - - - 20,000 20,000
231,810 - (1,046,571) 2,515,025 1,700,264
For the year ended Balance as at Balance as at 31
31 December 2019 1 January 2019 Income Expenditure Transfers December 2019
£ £ £ £ £
R&D Project 26,775 - (88,900) 88,900 26,775
Organ fund - - - 205,035 205,035
26,775 (88,900) 293,935 231,810

Notes to the Financial Statements for the year ended 31 December 2020

11.Designated funds (continued)

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York Minster Fund

The research and development project, which began in 2018, is to benchmark the methods and technology used by both the York Minster works department and The York Glaziers’ Trust and introduce, where appropriate, new technology which will both support and enhance the traditional conservation skills for which York Minster is so rightly famous.

The Minster Organ fund (see also restricted funds) is to restore the Great Organ, work which commenced during 2018, has been completed in 2020.

The South Quire Aisle (see also restricted funds) project is one of the biggest projects planned over the next decade. The project involves work to repair and replace stonework and glass in 11 bays, including the St Cuthbert transept. It is expected that this work will cost £11m and take 11 years to complete.

The St Cuthbert’s window project (see also restricted funds) which is a specific part of the South Quire Aisle project. This phase of the work is to the supporting stonework of the St Cuthbert window and the surrounding transept

The 20 Year Glass project is aimed at the protection and restoration for the unprotected historic windows of the Minster. Conserving each window and fitting a state of the art protective glazing systems. This ongoing project aims to complete between 3 and 4 windows each year.

The Masterplan is the fund’s support for the Chapter of York’s completion of its Neighbourhood plan aimed at developing alternative revenue streams and a less vulnerable, more sustainable business model for the Chapter of York

In 2023 the Queen will celebrate her platinum jubilee. To celebrate this a new statue of her Majesty is being commissioned for the west end of the cathedral and the fund has agreed to underwrite and carry out the fundraising for this statue.

Smaller projects under £20,000 each which have been approved by the Trustee have been aggregated and designated accordingly.

The transfers into designated funds at the year end represent the funds agreed in principal by the Trustee to fund projects in the next financial year.

Notes to the Financial Statements for the year ended 31 December 2020

12. Restricted funds

Gain on

Balance at

Current year

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York Minster Fund

Balance at 31
1 January December
2020 Income Expenditure investments Transfers 2020
£ £ £ £ £ £
Restricted income funds:
South Quire Aisles - 43,426 (43,426) -
Stone Yard Apprentices 197,881 12,500 (114,177) 96,204
Crypt Monitoring 34,154 - - 34,154
Education 21,921 - - 21,921
Library 1,056 - - 1,056
Music 46,401 6,566 (66) 2,521 (44,522) 10,910
Minster Organ 46,938 55,826 (102,764) - -
Choristers 99,429 1,957 - 4,354 (76,294) 29,446
St Cuthberts Window 394,100 260,483 (310,895) - 343,688
Liturgical Worship (legacy) 1,000 1 - - - 1,000
Heritage LotteryFund - 33,000 (33,000) - -
842,880 413,768 (604,328) 6,875 (120,816 538,379
Restricted endowment funds:
The Heritage Lottery Fund
Heritage Endowments Fund		 2,637,978 85,474 (15,432) 145,112 2,853,132
Choristers Endowment - - - - 76,294 76,294
Music - PillingEndowment -- - - - 44,522 44,522
2,637,978 85,474 (15,432) 145,112 120,816 2,973,948

At 31 December 2020 the capital funds of the Pilling Music and Girl Chorister endowments were transferred into restricted endowments. Despite the endowments been expendable they are currently held for income generation and capital growth, income is applied to the restricted income funds and capital growth shall be applied to the endowment funds. This treatment is considered to fairly represent the intention of the Trustee in terms of the application of funds to music and choristers respectively.

Balance at
Balance at 31
Prior Year 2019 1 January Gain on December
2019 Income Expenditure investments Transfers 2019
£ £ £ £ £ £
Restricted income funds:
South Quire Aisle - 84,315 (484,603) 400,288 -
Stone Yard Apprentices 283,133 51,948 (137,200) 197,881
Crypt Monitoring 34,154 - - 34,154
Creation Cycle and Tracery (16,703) - 3,021 - - 13,682 -
Education 21,921 - - 21,921
Library 1,056 - - 1,056
Music 49,188 15,145 (11,388) 6,544 46,401
Minster Organ 38,518 74,906 (66,486) - 46,938
Choristers 92,169 3,141 (166) (4,285) 99,429
St Cuthberts Window 300,100 94,000 - - 394,100
Liturgical Worship (legacy) 1,000 1 - - - 1,000
804,536 326,476 (699,843) 2,259 413,970 842,880
Restricted endowment funds:
The Heritage Lottery Fund
Heritage Endowments Fund		 1,772,246 302,733 (43,324) 153,323 453,000 2,637,978

Notes to the Financial Statements for the year ended 31 December 2020

12.Restricted funds (continued)

Purpose of restricted funds:

The South Quire Aisle project involves work to repair and replace stonework and glass in 11 bays in the South Quire of the Minster. This is an ongoing project to restore the area above the South Quire Aisle, where the stonework on the south side of the quire, particularly above the Zouche Chapel, is fragile as a

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York Minster Fund

result of poor quality 19th Century repairs. This is a multi-year project, and will be run in several phases and will run into several millions of pounds. At the year end expenditure had exceeded restricted funding received, so although the fund balance has cleared to £Nil this project remains ongoing.

The Stone Yard Apprentices fund supports the training of apprentices in both the York Minster stoneyard and The York Glaziers’ Trust which is essential to maintain the specialist skills required to fulfil the restoration work on the Minster.

Crypt Monitoring funds are restricted for use on crypt monitoring at York Minster.

Creation Cycle and Tracery funds are restricted for use on the creation cycle and tracery of the Great East Window to complete its planned restoration program. This project is now complete.

Education funds are to support the work of the learning teams and people development.

Library funds are restricted in use to for costs relating to the Minster library only.

Music funds are restricted in use to support the continued history of music across the Minster. This fund also includes the income generated by the Pilling endowment fund.

The Minster Organ fund (see also designated funds) is to for use on Minsters Organ, work which commenced during 2018 and has been completed in 2020.

The Choristers fund supports the development Choristers .

Specific funding has been received for the St Cuthbert’s window project which is a specific part of the South Quire Aisle project. This phase of the work is to the supporting stonework of the St Cuthbert’s window and the surrounding transept.

The Liturgical worship fund is a specific £1,000 legacy given to support the worship life of the Minster.

Purpose of endowment funds:

The Heritage Lottery Fund Heritage Endowments Fund, a glass Endowment Fund, was established to raise funds towards the establishment of a 20 year capital endowment which will be match funded to a maximum of £1m by the Heritage Lottery Fund and from unrestricted funds of York Minster Fund. The purpose of the fund is to establish an Endowment Fund to secure the preservation, restoration and conservation of the historically important stained glass windows of York Minster.

The Choristers Endowment fund is the capital endowment of the fund held to generate income to support choristers. Income is applied to the restricted choristers fund and is applied to support the choristers of the Minster. Capital and growth are retained in the restricted endowment fund, this endowment is however expendable at the bequest of the Trustee.

The Pilling Music fund is the capital endowment of the fund held to generate income to support music. Income is applied to the restricted music fund and is applied to support the continued history of music across the Minster. Capital and growth are retained in the restricted endowment fund, this endowment is however expendable at the bequest of the Trustee.

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York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2020

13. Analysis of net assets between funds

As at 31 December 2020 Fixed Investments Net current Total
assets assets/
liabilities
£ £ £ £
Unrestricted funds 1 12,063,781 (50,544) 12,013,238
Restricted income funds - 120,816 417,563 538,379
Restricted heritage endowment funds - 2,600,576 373,372 2,973,948
1 14,785,173 740,391 15,525,565
As at 31 December 2019 Fixed Investments Net current Total
assets assets/
liabilities
£ £ £ £
Unrestricted funds 1 11,565,371 234,637 11,800,009
Restricted income funds - 117,825 725,055 842,880
Restricted heritage endowment funds - 2,557,608 80,370 2,637,978
1 14,240,804 1,040,062 15,280,867

14. Pensions

The Fund participates in the Church Workers’ Pension Fund Defined Contribution Scheme. Although called a Defined Contribution Scheme (DCS) it is not a true DCS as it operates on a “with profits deferred annuity basis” which comes under the “hybrid” pension scheme rules. The deferred annuity basis means that the scheme has an element of defined benefit and advice is that it should be treated as such. The assets of the DCS are held separately from those of the employer. The formal valuation at December 2020 showed the DCS in surplus on an ongoing funding basis. York Minster Fund is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the DCS. During the period the charity made contributions of £16,667 (2019: £14,416) into the scheme.

The charity has established that it has an obligation to make annual compensation payments to a former member of staff, for under-funded pension contributions. However, the provision in the accounts cannot be determined until an actuarial valuation is obtained which takes into account the variable factors that have an impact upon determining the liability. During the period the charity made contributions of £4,596 (2019: £4,011) into the scheme.

15. Controlling party

York Minster Fund is controlled by York Minster Fund Limited as sole Corporate Trustee.

16. Related party transactions

There were no transactions between the charity and its Trustee during the year that required disclosing as related party transactions under FRS 102.

Notes to the Financial Statements

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York Minster Fund

for the year ended 31 December 2020

17. Comparative statement of financial activities

Restricted
Funds		 Restricted
Heritage
Endowment
Funds		 Designated
Funds		 Unrestricted
Funds		 Total
Funds
2019
£ £ £ £ £
Income from:
Donations and legacies 184,969 25,946 - 1,599,110 1,810,025
Fundraising - 130,470 - - 130,470
Grants and Trusts 126,700 105,825 - - 232,525
Investments 14,807 40,492 - 344,852 400,151
Total income 326,476 302,733 - 1,943,962 2,573,171
Expenditure on:
Raising funds 1,303 7,021 - 210,436 218,760
Charitable activities 698,540 36,303 88,900 733,424 1,557,167
Total expenditure 699,843 43,324 88,900 943,860 1,775,927
Net (expenditure)/income
before other recognised (373,367) 259,409 (88,900) 1,000,102 797,244
gains and (losses)
Realised and unrealised
(losses)/gains on (2,259) 153,323 - 1,220,224 1,371,288
investments
Net income/
(expenditure)		 (375,626) 412,732 (88,900) 2,220,326 2,168,532
Transfers between funds 413,970 453,000 293,935 (1,160,905) -
Net movement in funds 38,344 865,732 205,035 1,059,421 2,168,532
Funds brought forward 804,536 1,772,246 26,775 10,508,778 13,112,335
Funds carried forward 842,880 2,637,978 231,810 11,568,199 15,280,867

26