**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|| - 1 - **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 - 2 - **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. - 3 - **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. - 4 - **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: ......................... - 5 - **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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustee is responsible for keeping 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. - 6 - **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: - 1 accounting records were not kept in respect of the Charitable Trust as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 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: ......................... - 7 - ## **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. - 8 - ## **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** - 9 - **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. - 10 - ## **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| - 11 - **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| - 12 - ## **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| - 13 - **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| - 14 - **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. - 15 - ## **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. - 16 -