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2021-12-31-accounts

Draft Financial Statements

Charity Registration No. 700792

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK

1988 CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST CONTENTS

Page
Legal and administrative information 1 - 2
Trustee's report 3 - 5
Statement of Trustee's responsibilities 6
Independent examiner's report 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10 - 16

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION

Trustee

The Company of Merchant Adventurers of the City of York

Board Mr A J Barron
Mr J J W Boddy
Mr M C Collins (Resigned 16 April 2021)
Mr P A Guest
Mr T P Marks
Mr P M Shepherd
Dr P A Thake
Mr E F V Waterson (Resigned 16 April 2021)
Dr A Suggett
Dr D J Tomlin
Mr R B Vernon
Mr J D Barstow
Mr F H Brown
Mr S G Davis (Resigned 16 April 2021)
Mr J B Horsley
Mrs E Woods
Mrs R Thompson
Mr R Smyth
Dr R J Shepherd (Deceased 20 February 2021)
Mr A Green (Appointed 16 April 2021)
Mr R Menage (Appointed 16 April 2021)
Mrs J Bartram (Appointed 16 April 2021)
Mr M Vander Weyer (Appointed 16 April 2021)
Charity number 700792
Governor Mr J D Barstow (resigned 16 April 2021)
Mr A J Barron (appointed 16 April 2021)
Honorary Chamberlain Mr J W Machin FCA
Clerk to the Company Brigadier J E Richardson
Key Management Personnel Brigadier J E Richardson
Mrs Nicola Jane Eyre (until May 2021)
Principal address Merchant Adventurers' Hall
Fossgate
York
YO19 9XD
Independent examiner N Clemit ACA, FCCA
JWPCreers LLP
Chartered Accountants
Genesis 5
Church Lane
York
YO10 5DQ

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION

Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Harland & Co 18 St Saviourgate York YO1 2NS Investment advisors Sarasin & Partners LLP 100 St Paul's Churchyard London EC4M 8BU

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustee presents its report and financial statements for the year ended 31 December 2021. The Company of Merchant Adventurers of the City of York is incorporated by a Royal Charter of 1581 from Queen Elizabeth I and is the sole trustee of the registered charity numbered 700792, The York Merchant Adventurers’ 1988 Charitable Trust.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitable Trust's governing document, 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 published in October 2019".

The legal and administrative information page forms part of this report.

Objectives and activities

The primary focus of the Trust remains the promotion of enterprise education in the schools and colleges of York and North Yorkshire.

The Trustee has paid due regard to guidance issued by the Charity Commission in deciding what activities the Charitable Trust should undertake.

Achievements and performance

Young Enterprise Company Programme

The Company ended its support for the Young Enterprise programme in 2021 as it felt that this vehicle had lost momentum with only 3 schools joining the programme in 2020. It was also felt that there was little connection and legacy to the Company from these schools and it is now examining the replacement activity that will focus on legacy and relevance to the City of York.

Achievement Tankard Awards

The Company had to postpone the planned Tankard evening planned for February as COVID-19 restrictions prevented this event taking place. Instead, the Governor has been able to visit several units and award the tankard to the nominated recipient. In 2022 this pattern will continue as advice from the Reserve Forces Cadet Association recommended that minors should not attend indoor events for the time being.

Science and Arts Discovery Lecture

The Company was able to hold both lectures, the Science lecture online with a worldwide audience and an Arts lecture as both a physical and broadcast lecture. This model of a live physical lecture and a recording streamed worldwide will continue.

York College

The pandemic affected our Enterprise Education initiative with York College and no activity has taken place. The Company is to reassess how it delivers Enterprise Education in a more rigorous format seeking to embed tangible legacy from the levels of financial and physical support it offers.

Science Discovery Lecture

The Company’s annual Science Discovery Lecture was held on 16 th March 2021 in conjunction with the University of York. The lecture was titled - Ocean Optimism: Is there really hope for the oceans? By Dr Bryce Stewart. This was a live streamed event with over 500 live participants worldwide.

Arts Discovery Lecture

The Company’s annual Arts Discovery Lecture was held on 25 th November 2021 in conjunction with the University of York. The lecture was titled - Preserving the Saints of the North - the Conservation of the St Cuthbert Window and its Companions by Professor Sarah Brown, of the University of York and The York Glaziers Trust. A live audience of 120 attended the Hall with a recorded web streaming event receiving over 500 world wide views.

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

The financial results for the year are set out in the accounts. Income from charitable activities was significantly lower than budget due to the postponement of the larger fundraising activities of the Burns' Supper and Race Day. Expenditure was also much lower with only the Discovery Lectures and reduced Tankard awards being held. While normally it is aimed to be a balanced account the success in fundraising at the York Dragon Boat Challenge and a new Charity Golf Day brought in charitable funds. The account ended with just over £20K surplus for the year.

Donations and Legacies

The anonymous donation of £50,000 received in 2018 from a Member of the Company specifically to fund the employment of a parttime Charity Executive has continued. Little was spent as the office holder left during the COVID-19 restricted period and will not be replaced until the strategic direction of this trust is established.

Reserves policy

Noting that the Trust has no forward commitment of funds, the Trustee considers that the 1988 Trust need only maintain a reserve sufficient to have the flexibility to meet on-going demands on its resources together with the possibility of higher expenditure if the occasion warrants. A minimum figure of £50,000 has been set on the reserve.

Current free reserves stand at £178,931 (2020: £144,882).

Investment policy

The Trustee’s policy is to grow the capital value of the investment portfolio and accordingly a low to medium risk strategy is set by the Company’s Investment Committee. The Trust’s investments have been managed by Sarasin & Partners LLP since 2014 and was reviewed in 2021 confirming their continued suitability. There is no immediate, foreseen, requirement for these funds.

Risk management

The Trustee has conducted a review of the major risks to which the charity is exposed. Where significant risks were identified, systems have been established to mitigate those risks. A comprehensive risk register is maintained by the Clerk and the Company’s Officers.

Restricted funds

The Trust has two restricted funds, one of which provides funding for four years for the Trust’s Charity Executive, referred to above, and the second provides funding for the Arts and Science Discovery Lectures.

Plans for future periods

The pandemic, and near cessation of all enterprise education activity, has caused the Trustee to review its effort and commitment to finding other ways to deliver an outcome with a legacy. The Company will develop an additional Enterprise Lecture centred on Business and Enterprise. It will also design and create a ‘Merchant Adventurer Experience’ series of visits for York school children between the ages of 8 and 11. The Trustee has examined further support to the state school sector through a partnership arrangement with the Independent State School Partnership (ISSP) in York and has firm proposals to be launched this year. The Trust is committed to continue its support for the Armed Services through unit reciprocal visits, It will present Tankards, awarding and recognising excellence, at opportunities throughout the year.

Structure, governance and management

The charity was formed by a Deed of Trust dated 9 May 1988. The control and management of the charity is vested in the Governor and Court of Assistants who are elected annually by the Company. The Court of Assistants, which meets four times per year, administers the charity. It is advised by more frequent, regular meetings of the Officers of the Company and the Company’s charity committee. There is a sub-committee of the Court of Assistants advising on investments and a separate audit sub-committee. The clerk is appointed by the Trustee to supervise the day to day operations of the trust.

Appointment of the Court of Assistants

The Court of Assistants consists of 18 members of the Company elected to support the Governor in accordance with the Royal Charter of 1581. These members are elected annually at the Company's Charter Day Court, held in April, and they are the charity trustees of The Company of the Merchant Adventurers of the City of York as defined in the Charities Act 2011.

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Induction and Training

On being invited to stand for election, new members of the Court receive a detailed letter explaining the responsibilities of each elected member and copies of the minutes of meetings held in the previous year. All newly elected members attend a detailed briefing by the Governor of the Company, as Chairman of the Court of Assistants, assisted by the Clerk to the Company, prior to their first meeting.

Financial Management

Monthly management accounts and cash flow forecasts are produced by the Clerk using Xero accounting software. Management accounts and cash flow forecasts are scrutinised monthly by the Honorary Chamberlain and the Company’s Officers and quarterly by the Court of Assistants.

The Trustee's r eport was approved by the Board.

.............................. .............................. Mr A J Barron Mr J W Machin Governor Chamberlain Date: ......................... Date: .........................

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST STATEMENT OF TRUSTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustee is responsible for preparing the Trustee's 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 Charitable Trust and of the incoming resources and application of resources of the Charitable Trust for that year.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Trust and enable it 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. It is also responsible for safeguarding the assets of the Charitable Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEE OF THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK

I report to the Trustee on my examination of the financial statements of The Company of Merchant Adventurers of the City of York ( T he Charitable Trust) for the year ended 31 December 2021.

Responsibilities and basis of report

As t he Trustee of T he Charitable Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charitable Trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

N Clemit ACA, FCCA

JWPCreers LLP

Chartered Accountants Genesis 5

Church Lane

York YO10 5DQ

Dated: .........................

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income
Donations and legacies
2
21,637
450
Other trading activities
3
7,352
-
Investments
4
2,738
-
Total income
31,727
450
Expenditure
Raising funds
5
3,932
-
Charitable activities
6
423
4,165
Total expenditure
4,355
4,165
Net income/(expenditure)
before transfers
27,372
(3,715)
Gross transfers between
funds
-
-
Net income/(expenditure) for the
year
27,372
(3,715)
Other recognised gains and losses
Other gains or losses
10
6,677
-
Net movement in funds
34,049
(3,715)
Fund balances at 1 January
2021
144,882
44,938
Fund balances at 31
December 2021
178,931
41,223		 Total
Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
22,087
13,001
770
7,352
748
-
2,738
3,072
-
32,177
16,821
770
3,932
1,200
-
4,588
12,408
9,228
8,520
13,608
9,228
23,657
3,213
(8,458)
-
-
-
23,657
3,213
(8,458)
6,677
5,499
-
30,334
8,712
(8,458)
189,820
136,170
53,396
220,154
144,882
44,938		 Total
2020
£
13,771
748
3,072
17,591
1,200
21,636
22,836
(5,245)
-
(5,245)
5,499
254
189,566
189,820

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

All income and expenditure is derived from continuing activities.

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
15
Unrestricted funds
The financial statements were approved by the Trustee on .......................		 2021
£
-
121,949
121,949
(2,604)
..		 £
100,809
119,345
220,154
41,223
178,931
220,154		 2020
£
534
104,190
104,724
(6,419)		 £
91,515
98,305
189,820
44,938
144,882
189,820

.............................. Mr A J Barron Trustee

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The Company of Merchant Adventurers of the City of York is a charity registered with the Charity Commission for England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charitable Trust's governing document, 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)". The Charitable Trust is a Public Benefit Entity as defined by FRS 102.

The Charitable Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the Charitable Trust.

The financial statements have been prepared under the historical cost convention with fixed asset investments remeasured at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustee has a reasonable expectation that the Charitable Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustee continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustee in furtherance of it's charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

All income is included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Where a funder specifies that income must be used in future accounting periods it is carried forward as deferred income.

1.5 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 includes any VAT.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource.

1.6 Fixed asset investments

Listed investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the period.

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks .

Financial instruments

The Trust’s financial assets and financial liabilities are initially recognised at transaction value and subsequently measured at their year-end value.

1.8 Financial instruments

The Charitable Trust 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.

Financial instruments are recognised in the Charitable Trust's balance sheet when the Charitable Trust becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs . Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price . Financial liabilities classified as payable within one year are not amortised.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
4,380
-
Donations made by
individuals and corporations
6,822
450
Member s' donations
10,435
-
21,637
450		 Total
Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
4,380
-
-
7,272
750
770
10,435
12,251
-
22,087
13,001
770		 Total
2020
£
-
1,520
12,251
13,771

3 Other trading activities

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising events 7,352 748

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

4 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Equity investment income 2,617 2,618
Interest receivable 121 454
2,738 3,072
5 Raising funds
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising events 3,932 1,200
3,932 1,200
6 Charitable activities
Charitable Charitable
Expenditure Expenditure
2021 2020
£ £
Advancement of education 3,808 20,856
Share of governance costs (see note 7) 780 780
4,588 21,636
Analysis by fund
Unrestricted funds 423 12,408
Restricted funds 4,165 9,228
4,588 21,636

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7 Support costs

Support
Independent examiner's fee
Analysed between
Charitable activities		 2021
costs
Governance
costs
£
£
-
780
-
780
-
780		 2020
2021
Support costs
Governance
costs
£
£
£
780
-
780
780
-
780
780
-
780		 2020
£
780
780
780

8 Trustee

No member of the Court of Assistants or any person connected with it received any remuneration or reimbursement of expenses during the year.

9 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total 1 1
Wages and salaries 3,296 7,590
Social security costs 340 224
Other pension costs 50 113
3,686 7,927

The total paid to key management personnel during the year was £3,686 (2020: £7,927 ).

There were no employees whose annual remuneration was £60,000 or more.

10 Other gains or losses

Other gains or losses
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Gain on investment assets 6,677 5,499

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

11 Fixed asset investments

Listed
investments
Cash held in
fund
£
£
Valuation
At 1 January 2021
89,581
1,934
Additions
3,892
(3,892)
Gains on investment assets
6,677
-
Investment income
-
2,617
At 31 December 2021
100,150
659
Carrying amount
At 31 December 2021
100,150
659
At 31 December 2020
89,581
1,934		 Total
£
91,515
-
6,677
2,617
100,809
100,809
91,515

The investments consist of listed accumulation units in common investment funds specifically for charities. Income is reinvested without payment of tax.

Historical cost at 31 December 2021 was £70,311 (2020: £67,694).

Investments at fair value comprise:
Fixed Income
UK Equities
Global Equities
Property
Alternative Investments
Liquid Assets
12
Debtors
Amounts falling due within one year:
Other debtors
13
Creditors: amounts falling due within one year		 2021
£
9,266
20,284
52,572
4,081
10,186
4,420
100,809
2021
£
-		 2020
£
12,129
17,306
46,346
2,266
7,237
6,231
91,515
2020
£
534
Note
Deferred income
14
Other creditors
Accruals		 2021
£
-
1,825
779
2,604		 2020
£
3,000
-
3,419
6,419

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

14 Deferred income

Balance brought forward
Release in year
At 31 December 2021		 2021
£
3,000
(3,000)
-		 2020
£
6,190
(3,190)
3,000

Deferred income relates to advance receipts for events and tankards. Due to the coronavirus pandemic monies collected for cancelled events have been deferred for future events.

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Income Expenditure Transfers Balance at
1 January 2021 31 December
2021
£ £ £ £ £
Lecture fund 2,266 450 (479) - 2,237
Charity Executive fund 42,672 - (3,686) - 38,986
44,938 450 (4,165) - 41,223
Movement in funds
Balance at Income Expenditure Transfers Balance at
1 January 2020 31 December
2020
£ £ £ £ £
Lecture fund 2,797 770 (1,301) - 2,266
Charity Executive fund 50,599 - (7,927) - 42,672
53,396 770 (9,228) - 44,938

The Lecture fund relates to donations made to help in meeting the costs of the annual Science Discovery and Arts Lectures.

The Charity Executive fund relates to a donation towards the salary of a charity executive.

Draft Financial Statements THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

16 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31 December 2021 are represented by:
Investments
100,809
-
Current assets/(liabilities)
78,122
41,223
178,931
41,223
Unrestricted
funds
Restricted
funds
2020
2020
£
£
Fund balances at 31 December 2020 are represented by:
Investments
91,515
-
Current assets/(liabilities)
53,367
44,938
144,882
44,938		 Total
2021
£
100,809
119,345
220,154
Total
2020
£
91,515
98,305
189,820

17 Controlling party

The Charitable Trust is under the control of The Company of Merchant Adventurers of the City of York, as detailed on page 1.

18 Related party transactions

During the year an administration charge of £456 (2020: £1,200) was paid to the 1944 Charitable Trust. The 1944 Charitable Trust is also under the control of The Company of Merchant Adventurers of the City of York.

At the year end £1,825 was due to the 1944 Charitable Trust. (2020: £196 was due from the 1944 Charitable Trust).

Members of the Court of Assistants pay an annual donation but no additional donations in 2021 (2020: £nil) to the 1988 Charitable Trust in the year.