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2021-12-31-accounts

Charity Number: 252157

York Minster Fund

Annual Report and Financial Statements For the year ended 31 December 2021

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 ..................................................................... 14

York Minster Fund

Charity Information

Charity name: York Minster Fund Charity number: 252157 Charity registration England and Wales Principal address: 8-9 Minster Yard York YO1 7HH

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)

Rt Revd Dr J H Frost (Resigned 19 January 2022) 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 Mr N L Fox Mrs T E J Clifford Mr D G Lis Mrs S Beckett Mr M D Smith (Appointed 19 January 2022)

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 Azets Audit Services 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 2021

The Corporate Trustee presents its report and the financial statements of the charity for the year ended 31 December 2021.

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 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 the work of conservation and restoration of the fabric of York Minster; 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 and financial review

Income

For a second year running Covid 19 restricted the capacity for fundraising activities and although the Minster reopened in May, numbers at events were restricted for the whole year. Despite these difficulties, fundraising income did grow slightly from £9,250 in 2020 to £12,832 in 2021. Income from donations and grants also held up reasonably well at £528,652 compared to £583,637 in 2020, this year also seeing the completion of the National Heritage Lottery Fund’s Glass endowment programme. The key areas for fundraising in the year continued to be our 20-year Glass Preservation Fund and the restoration of the South Quire aisle and St Cuthbert window.

2021 also saw the beginning of the campaign for the Centre of excellence for heritage skills. Support for this multiyear project, to make York Minster a global leader in heritage restoration technology, forms part of the Fund’s support to make the Chapter more financially robust, an objective at the heart of the York Minster Neighbourhood plan. It will complement the Fund’s continued work to support apprentices and research and development within the restoration teams.

Legacies continued to be an absolutely key source of revenue for the Fund, contributing £1,667,079 of income in 2021, this was largely as a result of a single legacy of over £1.2mil. 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

2021 saw a slightly less volatile picture in the investment markets with Investment income holding up well at £478,758, and net gains in investments of £1,096,183 for the year.

Combining all the above elements, the Fund’s income (excluding investment gains) increased from £1,656,339 in 2020 to £2,687,321 in 2021, with Legacies representing the main reason for the growth.

2

York Minster Fund

Trustee’s Report for the year ended 31 December 2021

Costs

The support costs of running the Fund in the year continued to be well controlled and decreased slightly from £234,496 to £223,182. The Fund therefore continued to achieve 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 in 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 Covid restrictions, the Fund continued to produce regular newsletters each quarter, 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 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. The Trustee recognised that this could have potentially threatened the Chapter’s ability to maintain its restoration projects and meet its contractual obligations in this area. The Trustees 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. This same support has been offered in 2021, although due to an improved financial performance within Chapter the same level of funding was not required. Therefore, grants committed to Chapter and York Glaziers Trust reduced from £1,946,768 in 2020 to £1,626,327 in 2021.

The key projects funded in 2021 were:

The key projects funded in 2021 were:
20-year Glass project £520,544
South Quire Aisle and St Cuthbert’s window £356,186
Apprentices and project management £147,429
Centre of excellence and Neighbourhood plan fees £461,636

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.

3

York Minster Fund

Trustee’s Report for the year ended 31 December 2021

Reserves policy (continued)

Following the commitment to support Chapter in 2022, the Trustee decided to designate sufficient funds for the expected expenditure. Following this designation, the funds reserves are as follows:

At the year-end free reserves (inc. designated funds) were £13,668,346 (2021 £12,013,238).

The combination of income, expenditure, investment gains and reserves has meant the total Fund value increased in the year from £15,525,565 in 2020 to £17,344,184.

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 over the last couple of years 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 over the last year and for the next several years, will continue to be on the stonework and glass of St Cuthbert’s transept.

Second, 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 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 highlighted the vulnerability of the Chapter of York’s revenue to fluctuations in tourism and visitor numbers. This led to significant challenges and sadly in 2020 to the closure of the Minster School and a significant reduction in the Chapter’s headcount. Through 2021 the Trustees of the Fund have worked with Chapter to support their efforts, specifically in completing the neighbourhood plan for the precinct, to building alternative revenue sources and so secure a more sustainable and less vulnerable business model. Going forward the key area of the Funds support will be on the development and delivery of the Minster’s Centre of Excellence for Heritage Skills. This will incorporate many of the fruits of the research and development programme, with the latest technology and management techniques driving both productivity and sustainability. 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 2021

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 staff

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 2021

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.

Funds held as Custodian Trustee

In 2020-21 York Minster Fund acted as Custodian Trustee for funding for Richard Shephard Music Foundation while the Foundation waited for its own bank account to be opened. The total value of the income received and the total value of the amount paid to the Foundation was £119,915. There was no balance held at the year end.

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.

6

York Minster Fund

Trustee’s Report for the year ended 31 December 2021

Auditor

Azets Audit Services Limited were appointed auditor to the charitable company following their acquisition of the trade of Garbutt & Elliott Audit Limited on 1 December 2021. Azets Audit Services Limited have indicated their 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 24 June 2022 and signed on its behalf by:

Mr R Shaw (Chairman)

For and on behalf of the Trustee

7

York Minster Fund

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

Opinion

We have audited the financial statements of York Minster Fund for the year ended 31 December 2021 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:

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York Minster Fund

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 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 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.

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 and fundraising 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:

Both risks arise due to a potential desire to present results in a differing light to meet management objectives.

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 noncompliance 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

24 June 2022

Azets Audit Services Limited

Triune Court Monks Cross Drive York YO32 9GZ

10

York Minster Fund

Statement of Financial Activities (including income and expenditure account) for the year ended 31 December 2021

Note Restricted
Funds		 Endowment
Funds		 Designated
Funds		 Unrestricted
Funds

Total
Funds
2021		 Total Funds
2020
£ £ £ £ £ £
Income from:
Donations and legacies 2 97,867 250 - 1,756,606 1,854,723 760,849
Fundraising 2 - - - 12,832 12,832 9,250
Grants and Trusts 2 136,500 46,106 - 158,402 341,008 410,508
Investments 2 - 84,812 - 393,946 478,758 475,732
Total income 234,367 131,168 - 2,321,786 2,687,321 1,656,339
Expenditure on:
Raising funds 3 313 - - 98,933 99,246 107,564
Charitable activities 4 1,247,695 51,590 288,534 277,820 1,865,639 2,120,296
Total expenditure 1,248,008 51,590 288,534 376,753 1,964,885 2,227,860
Net (expenditure)/income
before other recognised (1,013,641) 79,578 (288,534) 1,945,033 722,436 (571,521)
gains
Realised and unrealised
gains on investments		 9 - 194,951 - 901,232 1,096,183 816,219
Net income/
(expenditure)		 (1,013,641) 274,529 (288,534) 2,846,265 1,818,619 244,698
Transfers between funds 12,
13		 1,227,453 (324,830) 1,850,067 (2,752,690) - -
Net movement in funds 213,812 (50,301) 1,561,533 93,575 1,818,619 244,698
Funds brought forward 538,379 2,973,948 1,700,264 10,312,974 15,525,565 15,280,867
Funds carried forward 12,
13		 752,191 2,923,647 3,261,797 10,406,549 17,344,184 15,525,565

A comparative Statement of Financial Activities is presented in note 19 to these financial statements.

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

All the charity’s operations are continuing.

11

York Minster Fund

Balance Sheet as at 31 December 2021

2021 2020
Note £ £
Fixed assets
Tangible assets 8 1 1
Investments 9 16,660,629 14,785,173
16,660,630 14,785,174
Current assets
Debtors 10 273,689 491,582
Cash at bank and in hand 1,213,131 465,661
Total current assets 1,486,820 957,243
Current liabilities
Creditors:amountsfalling duewithinone year 11 (803,266) (216,852)
Net current assets 683,554 740,391
Net assets 17,344,184 15,525,565
Funds of the charity:
Unrestricted funds
Unrestricted funds 10,406,549 10,312,974
Designated funds 12 3,261,797 1,700,264
13,668,346 12,013,238
Restricted funds
Restricted income funds 13 752,191 538,379
Restricted endowment funds 13 2,923,647 2,973,948
3,675,838 3,512,327
Total funds 14 17,344,184 15,525,565

The financial statements on pages 11 to 26 were approved by the Trustee on 24 June 2022 and signed on its behalf by:

Mr R Shaw (Chairman)

For and on behalf of the Trustee

12

York Minster Fund

Statement of Cash Flows for the year ended 31 December 2021

2021 2020
£ £
Cash generated from operating activities(see below) 1,047,985 (929,866)
Cash flows from investing activities:
Investment income 478,758 475,732
Purchase of investments (1,289,239) (970,917)
Proceeds from sale of investments 509,966 1,242,767
Cash (used by)/generated from investing activities (300,515) 747,582
Increase/(decrease) in cash and cash equivalents in the year 747,470 (182,284)
Cash and cash equivalents at the beginningof the year 465,661 647,945
Total cash and cash equivalents at end of the year 1,213,131 465,661

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

2021 2020
£ £
Net movement in funds 1,818,619 244,698
Adjustments for:
Investment income (478,758) (475,732)
(Gains) on revaluation of investments (1,096,183) (816,219)
Decrease in debtors 217,893 219,392
Increase/(decrease) in creditors 586,414 (102,005)
Net cash used in operating activities 1,047,985 (929,866)

Analysis of cash and cash equivalents

2021 2020
£ £
Cash at bank and in hand 472,469 167,212
Cash held by brokers 740,662 298,449
1,213,131 465,661

The charity had no debt in the year.

13

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

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: 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.

Grants, including government grants, are recognised in full in the statement of financial activities in the period in which they are receivable.

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York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

1. Accounting policies (continued)

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.

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.

Staff 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

15

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

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 9, is held to generate returns and gains for the Fund and accordingly is designated as fair value through profit and loss (“FVTPL”). Under this designation the portfolio is revalued 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, 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.

Custodian Funds

Funds held by the charity as a custodian trustee are excluded from the income and expenditure of the charity and any balance held recognised as a liability within the financial statements

16

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

1. Accounting policies (continued)

Taxation

York Minster Fund is a registered Charity and as such is a Charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the Charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising.

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

2021
Current Year Restricted Endowment Unrestricted Total
£ £ £ £
Donations 73,272 250 114,122 187,644
Legacies 24,595 - 1,642,484 1,667,079
Total donations and legacies 97,867 250 1,756,606 1,854,723
Fundraising - - 12,832 12,832
Grants and Trusts 136,500 46,106 158,402 341,008
Investment income - 84,812 393,946 478,758
Total income 234,367 131,168 2,321,786 2,687,321

Unrestricted grants and trusts income includes Coronavirus Job Retention Scheme grants of £17,302 (2020 - £1,128).

2020
Prior 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

17

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

3. Expenditure on raising funds

2021
Current Year Restricted Total
Restricted Endowment Designated Unrestricted funds
£ £ £ £
Fundraising and publicity 313 - -
16,106		 16,419
Support costs – staff costs - - -
82,525		 82,525
Events costs - - -
302		 302
313 - -
98,933		 99,246
2020
Prior Year Restricted Total
Restricted Endowment Designated Unrestricted funds
£ £ £ £
Fundraising and publicity 839 - 627
15,055		 16,521
Support costs – staff costs - - -
82,615		 82,615
Events costs - - -
8,428		 8,428
839 - 627
106,098		 107,564

4. Expenditure on charitable activities

Grant Direct cost Support 2021
Current Year funding of charitable costs Total
of activities activity (Note 5) Funds
£ £ £ £
Grants to The Chapter of York 1,576,698 - - 1,576,698
Grants to The York Glaziers’ Trust 49,629 - 49,629
Heritage Lottery Fund Endowments Fund 45,000 6,590 - 51,590
Other costs - 47,065 140,657 187,722
1,671,327 53,655 140,657 1,856,639
Grant Direct cost Support 2020
Prior 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

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 2021

5. Support costs

.
Support costs
2021 2020
£ £
Auditor’s remuneration 5,340 5,040
Legal and professional 14,344 12,073
Staff costs(Note 6) 190,969 201,671
IT costs - 4,069
Office expenses 10,188 7,734
Catering 1,146 326
Insurance 837 936
Training - 2,129
Travel 147 127
Sundry 211 -
Bank charges - 391
223,182 234,496
Analysed as follows:
Expenditure on raising funds(Note 3) 82,525 82,615
Expenditure on charitable activity(Note 4) 140,657 151,881
223,182 234,496

Legal and professional incudes VAT exclusive fees of £8,630 (2020: £9,087) in respect of non-audit services provided by the auditor.

6. Staff costs

2021 2020
£ £
Salaries 154,699 163,833
Social security costs 15,844 16,575
Pension costs 20,426 21,263
190,969 201,671
One employee was paid more than £80k but less than £90k (2020: one employee was paid more than One employee was paid more than £80k but less than £90k (2020: one employee was paid more than One employee was paid more than £80k but less than £90k (2020: one employee was paid more than
£80k but less than £90k).
2021 2020
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 £169,381 (2020: £169,489).

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).

7. Net movements in funds

.
Net movements in funds
2021 2020
£ £
Is stated after charging:
Auditor’s remuneration - Audit 4,450 4,200
Auditor’s remuneration for other services 8,630 9,087

19

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

8. Tangible fixed assets

Office equipment
£
Cost:
At 1 January 2021 9,097
Additions -
As at 31 December 2021 9,097
Depreciation:
At 1 January 2021 9,096
Charge for the year -
At 31 December 2021 9,096
Net book value
At 31 December 2021 1
At 31 December 2020 1

9. Investments

2021 2020
£ £
Market value as at 1 January 2021 14,785,173 14,240,804
Additions at cost 1,289,239 970,917
Disposal proceeds (509,966) -
Transfer of cash to current assets - (1,242,767)
Realised and unrealisedgains 1,096,183 816,219
Market value as at 31 December 2021 16,660,629 14,785,173
Historical cost as atyear end 13,391,066 13,538,627

Cash held with brokers has been recognised in current assets as it represents investment yield which will be applied for charitable purpose rather than cash pending investment.

10. Debtors

2021 2020
£ £
Accrued grant income - 200,000
Other debtors andprepayments 273,689 291,582
273,689 491,582

Other debtors and prepayments includes accrued unrestricted legacy income of £219,924 (2020: £206,212). At 31 December 2021 the charity had entitlement to 1 (2020: 2) legacies where a reliable estimate of their value cannot be made and accordingly no amounts have been recognised in respect of these legacies.

20

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

11. Creditors

1. Creditors
2021 2020
£ £
Trade creditors - 99,954
Other creditors and accruals 774,766 116,898
Deferred income 28,500 -
803,266 216,852
Reconciliation of grants payable
Commitments brought forward 86,976 229,966
Grants committed in the year 1,671,327 1,946,768
Grants paid during the year (1,028,872) (2,089,758)
Commitments carried forward 729,431 86,976

Deferred income relates to events income in advance.

12. Designated funds

For the year ended
31 December 2021		 Balance as at
1 January 2021		 Income Expenditure Transfers Balance as at 31
December 2021
£ £ £
£		 £
Centre of Excellence - - - 2,300,000 2,300,000
R&D Project 50,000 - (42,397)
42,397		 50,000
South Quire Aisle 327,337 - -
(241,910)		 85,427
St Cuthbert Window 90,259 - -
116,980		 207,239
20 Year Glass 630,635 - -
(377,198)		 253,437
Masterplan 400,000 - (178,710)
-		 221,290
Queen Elizabeth Statue 90,000 - -
(60,000)		 30,000
Apprentice support 92,033 - (49,629)
45,000		 87,404
YMF Music - - -
7,000		 7,000
Funds under £20,000 20,000 - (17,798)
17,798		 20,000
1,700,264 - (288,534) 1,850,067 3,261,797
For the year ended
31 December 2020		 Balance as at
1 January 2020		 Income Expenditure Transfers Balance as at 31
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

21

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

12.Designated funds (continued)

Coming out of the Neighbourhood precinct plan and building on the results of the Research and Development project, the Centre of Excellence in Heritage Skills is a multiyear project to deliver world leading facilities and technology to secure the long term sustainability of the restoration of York Minster and its stone yard. It is expected that the project will cost in the region of £5mil.

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 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 in the South Quire of the Minster, 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) 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 (see also restricted funds) 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 system. This ongoing project aims to complete 3 or 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 projects agreed in principle by the Trustee to fund in the next financial year.

The transfers out of designated funds at year end represent expenditure on projects funded in part by restricted funds, where expenditure has exceeded restricted funds available such that a transfer from the designated fund is required to bring the restricted fund back to £Nil.

22

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

13.Restricted funds

Balance at 1
Current year January Gain on Balance at
2021 Income Expenditure
investments
Transfers		 31 December
£ £ £ £
£		 2021
Restricted income funds:
South Quire Aisle - 47,597 (359,508) - - 311,911 -
Stone Yard Apprentices 96,204 2,000 (35,725) - - 62,479
Crypt Monitoring 34,154 - - - - 34,154
Education 21,921 - - - - 21,921
Library 1,056 - - - - 1,056
Music 10,910 12,603 (12,715) - 1,264 12,062
Minster Organ - 2,499 - - - 2,499
Choristers 29,446 14,595 - - 2,167 46,208
St Cuthberts Window 343,688 49,073 - - - 392,761
Liturgical Worship (legacy) 1,000 - - - - 1,000
Centre of Excellence - 100,000 (201,634) - 101,634 -
Queen Elizabeth Statue - 6,000 (117,881) - 111,881 -
20 Year Glass - - (520,545) - 698,596 178,051
538,379 234,367 (1,248,008) - 1,227,453 752,191
Restricted endowment funds:
The Heritage Lottery Fund
Heritage Endowments Fund		 2,853,132 127,403 (51,590) 186,296 (321,399) 2,793,842
Choristers Endowment 76,294 2,378 - 5,466 (2,168) 81,970
Music - PillingEndowment 44,522 1,387 - 3,189 (1,263) 47,835
2,973,948 131,168 (51,590) 194,951 (324,830) 2,923,647

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 1 Balance at
Prior year January Gain on 31 December
2020 Income Expenditure
investments		 Transfers 2020
£ £ £
£		 £ £
Restricted income funds:
South Quire Aisle - 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 - - - -
1,000
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

23

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

13.Restricted funds (continued)

Purpose of restricted funds:

The South Quire Aisle, St Cuthbert’s Window, Centre of Excellence, Queen Elizabeth Statue and 20 Year Glass projects have been covered in designated funds.

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.

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 .

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.

In December 2021 The Heritage Lottery Fund Heritage Endowments Fund was formally signed off as completed by HLF. Accordingly, as at 31 December 2021 accumulated income which had been retained in the endowment to date was transferred to a restricted fund to be applied to the 20 year glass project. The balance in the fund as at 31 December 2021 represents the endowed funds held on investment. Moving forward, capital growth will be attributed to the capital endowment and income will be applied to the 20 year glass fund.

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.

24

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

14. Analysis of net assets between funds

As at 31 December 2021
Fixed
assets
Investments
Net current
assets/
(liabilities)
Total
£
£
£
£
Unrestricted funds
1
13,736,982
(68,637)
13,668,346
Restricted income funds
-
-
752,191
752,191
Restricted heritage endowment funds
-
2,923,647
-
2,923,647
1
16,660,629
683,554
17,344,184
As at 31 December 2020
Fixed
assets
Investments
Net current
assets/
(liabilities)
Total
£
£
£
£
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

15. 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 £16,439 (2020: £16,667) 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 £4,288 (2020: £4,596) into the scheme.

16. Controlling party

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

17. Related party transactions

There were no related part transactions to be disclosed in this or the previous financial year.

18. Custodian funds

In 2021 York Minster Fund acted as a Custodian Trustee for Richard Shephard Music Foundation while the Foundation waited for its own bank account to be opened. The total value of the income received and the total value of the amount paid to the Foundation was £119,915. There was no balance held at the year end.

25

York Minster Fund

Notes to the Financial Statements for the year ended 31 December 2021

19. Comparative statement of financial activities

Restricted
Funds		 Endowment
Funds		 Designated
Funds		 Unrestricted
Funds

Total
Funds
2020
£ £ £ £ £
Income from:
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
Investments 3,879 83,721 - 388,132 475,732
Total income 413,768 85,474 - 1,157,097 1,656,339
Expenditure on:
Raising funds 839 - 627 106,098 107,564
Charitable activities 603,489 15,432 1,045,944 455,431 2,120,296
Total expenditure 604,328 15,432 1,046,571 561,529 2,227,860
Net (expenditure)/income
before other recognised (190,560) 70,042 (1,046,571) 595,568 (571,521)
gains
Realised and unrealised
gains on investments		 6,875 145,112 - 664,232 816,219
Net income/
(expenditure)		 (183,685) 215,154 (1,046,571) 1,259,800 244,698
Transfers between funds (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
Funds brought forward 842,880 2,637,978 231,810 11,568,199 15,280,867
Funds carried forward 538,379 2,973,948 1,700,264 10,312,974 15,525,565

26