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2022-12-31-accounts

Charity registration number 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 2022

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

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 The Company of Merchant Adventurers of the City of York
Board of Trustee Mr A J Barron
Mr J J W Boddy (Resigned 8 April 2022)
Mr P A Guest (Resigned 8 April 2022)
Mr T P Marks
Mr P M Shepherd
Dr P A Thake
Dr A Suggett
Dr D J Tomlin
Mr R B Vernon (Resigned 8 April 2022)
Mr J D Barstow
Mr F H Brown (Resigned 8 April 2022)
Mr J B Horsley
Mrs E Woods
Mrs R Thompson
Mr R Smyth
Mr A Green
Mr R Menage
Mrs J Bartram
Mr M Vander Weyer
Mrs J Murray (Appointed 8 April 2022)
Mr R A Shaw (Appointed 8 April 2022)
Mr W J Derby (Appointed 8 April 2022)
Mr N D Sampson (Appointed 8 April 2022)
Charity number 700792
Governor Mr A J Barron (Resigned 8 April 2022)
Dr D J Tomlin (Appointed 8 April 2022)
Honorary Chamberlain Mr J W Machin FCA
Clerk to the Company Brigadier J E Richardson
Key Management Personnel Brigadier J E Richardson
Rebecca Francis - Charity Executive (appointed September 2022)
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

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

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

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustee presents its report and financial statements for the year ended 31 December 2022. 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

Achievement Tankard Awards

The Company had to postpone the planned Tankard evening planned for February 2022 as although Covid restrictions were not in place sufficient concern of the circulation of a new variant and the presence of unvaccinated youths and young adults caused some anxiety of attendance. In discussion with the Reserve Forces Cadet Association and Military units a double presentation covering 2021 and 2022 will be held in February 2023.

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. In 2023 a third lecture of Business and Enterprise will be added to the lecture series. This is a shared funded programme in conjunction with the University of York

Enterprise Education

Planning for a re-launch of Enterprise education activities took place in 2022 with the appointment of a Charity Executive on a 2.5 day per week basis. This has enabled the planning and preparation of two new education activities:

Merchant Adventurers' Experience for 8-11 year old primary school children of York who will visit the Hall and use as a primary learning resource to study topics of history, commerce, medicine and social studies. Seven York schools are committed to a half day visit programme which is fully funded by the 1988 Charitable Trust. There is potential to cater for 20 such visits per year.

Merchant Adventurers' Enterprise Partnership for secondary school pupils of York. This will be delivered in partnership with the already established Independent State School Partnership of York. The Enterprise Partnership will deliver a bespoke business and commerce extra-curricular programme with Company Members acting as advisors and mentors along side formal teaching in both school and industry settings. All recruitment and course writing has been completed to be delivered in the Summer Term of 2023. Expecting success, this programme will be repeated each year fully funded by the 1988 Charitable Trust.

Business Achievement and Recognition

The Company has pledged and agreed an annual faculty prize to be awarded to the best Business student in the year enrolled at York St John University. This Merchant Adventurers Business Award is a cash award of £500 fully funded by the 1988 Charitable Trust and awarded at Graduation by the Governor to the successful student.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

York Mystery Plays

The Company produced a ‘Waggon Play’ for the York Mystery Play festival. This is a play copyright owned by the Company entitled ‘Day of Judgement’ which was performed on consecutive weekends at the end of June 2022 and a special performance for the Company in the Hall on Monday 27[th] June. The production fees were funded by the 1988 Charitable Trust.

Science Discovery Lecture

The Company’s annual Science Discovery Lecture was held on 21[st] March 2022 in conjunction with the University of York. The lecture was titled – Innovation towards a Bio diverse Yorkshire by Professor Charlie Jeffery, Vice Chancellor of the University and Professor Ian Graham of Bio Yorkshire. This was a live streamed event with over 500 live participants worldwide and a free to view recording which continues to be watched worldwide.

Arts Discovery Lecture

The Company’s annual Arts Discovery Lecture was held on 16[th] November 2022 in conjunction with the University of York. The lecture was titled – Proving the Earth is Round by Professor Helen Smith, of the University of York. A live audience of 120 attended the Hall with a recorded web streaming event receiving over 500 world wide views.

Financial review

Total income in the year was £44,114 (2021: £32,177). Of this £753 (2021: £450) was restricted. Expenditure in the year totalled £36,464 (2021: 8,520), resulting in a surplus of £7,650 (2021: 23,657). After investment losses of £12,513 (2021: £6,677 gain) the result for the year is a loss of £4,863 (2021: surplus of £30,334).

Fundraising events during the year included a small Race meeting attendance, Dragon Boat racing and a small charity golf event. Events hosted by the charity included the Discovery lectures and Mystery Plays.

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. This year £6.5K was spent with available funds remaining to support the post for 1.5 years. A new legacy has been reported which will be distributed, in part, to sustain this post for a further 2 years.

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 £181,415 (2021:£178,931).

Investment policy

The Trustee's policy is to create a return from a balance of income and capital growth which it achieves from a portfolio of investments with a overall medium risk profile. The performance of the Investment Manager and the risk profile of the investments is overseen by the 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.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Plans for future periods

The Company has used the hiatus caused by cessation of events through Covid to re-design its enterprise education initiatives. The Company will deliver an additional Enterprise Lecture centred on Business and Enterprise. It will deliver a ‘Merchant Adventurer Experience’ series of visits for York school children between the ages of 8 and 11. The Company will deliver The Merchant Adventurers' Enterprise Partnership for secondary school pupils of York. The Company will deliver a faculty prize for Business to York St John University. The Trust is committed to continue its support for the Armed Services and will present Tankards covering all fallow years at its next Prize Giving evening on 9[th] February 2023.

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 20 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.

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 report was approved by the Trustee on 13 March 2023 and signed on behalf of the Trustee.

Dr D J Tomlin Governor

Mr J W Machin Chamberlain

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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.

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 (The Charitable Trust) for the year ended 31 December 2022.

Responsibilities and basis of report

As the Trustee of The 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: 16 March 2023

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 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income
Donations and legacies
2
16,516
250
Other trading activities
3
23,860
503
Investments
4
2,985
-
Total income
43,361
753
Expenditure
Raising funds
5
24,780
-
Charitable activities
6
3,584
8,100
Total expenditure
28,364
8,100
Net income/(expenditure) for the
year
14,997
(7,347)
Other recognised gains and losses
Other gains or losses
10
(12,513)
-
Net movement in funds
2,484
(7,347)
Fund balances at 1 January
2022
178,931
41,223
Fund balances at 31
December 2022
181,415
33,876		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
16,766
21,637
450
24,363
7,352
-
2,985
2,738
-
44,114
31,727
450
24,780
3,932
-
11,684
423
4,165
36,464
4,355
4,165
7,650
27,372
(3,715)
(12,513)
6,677
-
(4,863)
34,049
(3,715)
220,154
144,882
44,938
215,291
178,931
41,223		 Total
2021
£
22,087
7,352
2,738
32,177
3,932
4,588
8,520
23,657
6,677
30,334
189,820
220,154

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

All income and expenditure is derived from continuing activities.

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

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Investments
11
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
13
Unrestricted funds		 2022
£
127,934
(3,541)		 £
90,898
124,393
215,291
33,876
181,415
215,291		 2021
£
121,949
(2,604)		 £
100,809
119,345
220,154
41,223
178,931
220,154

The financial statements were approved by the Trustee on 13 March 2023 and signed on behalf of the Trustee.

Dr D J Tomlin Mr J W Machin Trustee Chamberlain

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

FOR THE YEAR ENDED 31 DECEMBER 2022

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 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.

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 2022

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.

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.

1.8 Fixed Assets

All assets costing more than £1,000 are capitalised.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

2 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Donations and gifts 3,666 - 3,666 4,380 - 4,380
Donations made by
individuals and corporations - 250 250 6,822 450 7,272
Members' donations 12,850 - 12,850 10,435 - 10,435
16,516 250 16,766 21,637 450 22,087
Other trading activities
Unrestricted Restricted Total Unrestricted
funds funds funds
2022 2022 2022 2021
£ £ £ £
Fundraising events 23,860 503 24,363 7,352

3 Other trading activities

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 2022

4 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Equity investment income 2,601 2,617
Interest receivable 384 121
2,985 2,738
5 Raising funds
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fundraising events 24,780 3,932
24,780 3,932
6 Charitable activities
Charitable Charitable
Expenditure Expenditure
2022 2021
£ £
Advancement of education 8,221 3,808
Share of support costs (see note 7) 2,623 -
Share of governance costs (see note 7) 840 780
11,684 4,588
Analysis by fund
Unrestricted funds 3,584 423
Restricted funds 8,100 4,165
11,684 4,588

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 2022

7 Support costs

2022
Support costs
Governance
costs
£
£
IT costs
1,423
-
Administration charge from
1944
1,200
-
Independent examiner's fee
-
840
2,623
840
Analysed between
Charitable activities
2,623
840		 2021
2022
Support costs
Governance
costs
£
£
£
1,423
-
-
1,200
-
-
840
-
780
3,463
-
780
3,463
-
780		 2021
£
-
-
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:

2022 2021
Number Number
Total 1 1
Wages and salaries 5,994 3,296
Social security costs 499 340
Other pension costs 55 50
6,548 3,686

The total paid to key management personnel during the year was £6,548 (2021: £3,686 ).

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
2022 2021
£ £
(Loss) / Gain on investment assets (12,513) 6,677

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 2022

11 Fixed asset investments

Listed
investments
Cash held in
fund
£
£
Valuation
At 1 January 2022
100,150
659
Additions
1,924
-
(Losses) on investment assets
(12,513)
-
Investment income
-
678
At 31 December 2022
89,561
1,337
Carrying amount
At 31 December 2022
89,561
1,337
At 31 December 2021
100,150
659		 Total
£
100,809
1,924
(12,513)
678
90,898
90,898
100,809

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 2022 was £72,239 (2021: £70,311).

Investments at fair value comprise:
Fixed Income
UK Equities
Global Equities
Property
Alternative Investments
Liquid Assets
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals		 2022
£
10,851
18,045
42,719
4,115
11,768
3,400
90,898
2022
£
225
2,477
839
3,541		 2021
£
9,266
20,284
52,572
4,081
10,186
4,420
100,809
2021
£
-
1,825
779
2,604

12 Creditors: amounts falling due within one year

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 2022

13 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:

Balance at
1 January
2022
£
Lecture fund
2,237
Charity Executive fund
38,986
41,223
Balance at
1 January
2021
£
Lecture fund
2,266
Charity Executive fund
42,672
44,938		 Movement in funds
Income
Expenditure
Transfers
Balance at
31
December
2022
£
£
£
£
753
(1,552)
-
1,438
-
(6,548)
-
32,438
753
(8,100)
-
33,876
Movement in funds
Income
Expenditure
Transfers
Balance at
31
December
2021
£
£
£
£
450
(479)
-
2,237
-
(3,686)
-
38,986
450
(4,165)
-
41,223		 Movement in funds
Income
Expenditure
Transfers
Balance at
31
December
2022
£
£
£
£
753
(1,552)
-
1,438
-
(6,548)
-
32,438
753
(8,100)
-
33,876
Movement in funds
Income
Expenditure
Transfers
Balance at
31
December
2021
£
£
£
£
450
(479)
-
2,237
-
(3,686)
-
38,986
450
(4,165)
-
41,223
41,223

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.

14 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31 December 2022 are represented by:
Investments
90,898
-
Current assets/(liabilities)
90,517
33,876
181,415
33,876
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		 Total
2022
£
90,898
124,393
215,291
Total
2021
£
100,809
119,345
220,154

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 2022

15 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.

16 Related party transactions

During the year an administration charge of £1,200 (2021: £456) and a wages charge of £6,548 (2021: nil) 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 £2,478 was due to the 1944 Charitable Trust. (2021: £1,825).

Members of the Court of Assistants pay an annual donation but no additional donations in 2022 (2021: £nil) to the 1988 Charitable Trust in the year.