**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<br>14|





**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 

1 



**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** 

2 



**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: 

- provide an annual donation to The Chapter of York for the restoration and preservation of the fabric of York Minster; and 

- Provide immediate and substantial financial assistance to The  Chapter of York in the event of  catastrophic damage to York Minster, whether by fire or any other cause.  The immediate  requirement  in  the  event  of  such  a  disaster  cannot  be  estimated, but  past experience shows that it could be substantial. 

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. 

3 



**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: 

|<br><br><br>|Funds restricted by donation<br>£538,379|
|---|---|
||Endowed capital Funds (including the HLF glass 20 year endowment)<br>£2,973,948|
||_Funds incorporating free reserves:_|
||<br>Funds designated to specifc purposes<br>£1,700,264|
||Unrestricted funds (including Disaster reserve)<br>£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. 


4 



**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. 


5 



## **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:**_ 

- A collapse in investments. 

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. 

- 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: 

- Select suitable accounting policies and then apply them consistently; 

- Observe the methods and principles in the Charities SORP 2019 (FRS 102); 

- Make judgements and estimates that are reasonable and prudent; 

- State  whether  applicable  accounting  standards  have  been  followed,  subject  to  any material departures disclosed and explained in the financial statements; and 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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** 

6 



**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: 

- there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the auditor is unaware; and 

- we have each taken all steps that are obliged to be taken in order to make ourselves aware  of  any  relevant  audit  information  and  to  establish  that  the  charity’s  auditor  is aware of that information. 

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** 

7 



## **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: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2020, and of its incoming resources and application of resources, 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 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 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: 

- the information given in the financial statements is inconsistent in any material respect with the Trustee’s Report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **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 

8 



## **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. 

9 



**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: 

- income recognition and in particular the risk that income is recognised in the wrong reporting period; and 

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: 

- identifying  and  testing  high  risk  journal  entries  through  vouching  the  entries  to  supporting documentation; 

- assessing significant accounting estimates for bias; and 

- testing the recognition of income and in particular that it was appropriately recognised or deferred. 

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 

10 



## **York Minster Fund** 

## **Statement of Financial Activities for the year ended 31 December 2020** 

||**Note**|**Restricted**<br>**Funds**|**Endowment**<br>**Funds**|**Designated**<br>**Funds**|**Unrestricted**<br>**Funds**|**Total**<br>**Funds**<br>**2020**|**Total Funds**<br>**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<br>gains on investments|**8**|6,875|145,112|-|664,232|816,219|1,371,288|
|**Net income/**<br>**(expenditure)**||(183,685)|215,154|(1,046,571)|1,259,800|244,698|2,168,532|
|Transfers between funds|**11,**<br>**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,**<br>**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. 

11 



## **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** 

12 



## **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. 

13 



## **York Minster Fund** 

## **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. 

14 



## **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** 

15 



## **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)** 

16 



## **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<br>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** 

17 



## **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.**<br>**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<br>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. 

18 



## **York Minster Fund** 

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

## **5. Support costs** 

|**5.**<br>**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** 

19 



## **York Minster Fund** 

## **7. Tangible fixed assets** 

|**7.**<br>**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** 

20 



## **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**<br>**£**|**2019**<br>**£**|
|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)** 

21 



## **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** 

22 



## **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<br>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<br>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 

23 



## **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**<br>**Funds**|**Restricted**<br>**Heritage**<br>**Endowment**<br>**Funds**|**Designated**<br>**Funds**|**Unrestricted**<br>**Funds**|**Total**<br>**Funds**<br>**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/**<br>**(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|



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