Accounts for the 20/21 Financial Year

Profit and Loss account

Income

As the pandemic spread, MIY’s income halved with the cancellation of the Christmas market being one of the most visible signs of the impact of Covid 19 on Make it York and the life of the city itself. The closure of the Visitor Information Centre during ‘lockdowns’ together with severely reduced income from publications, the Shambles, York Pass sales and other events in the city centre also drastically reduced MIY’s revenues.

Costs

With the help of CJRS grants for furloughed staff, like for like staff costs were reduced by a third and direct costs by almost three quarters, though there was a limit to the extent that indirect and fixed costs could be reduced whilst MIY continued to provide services to its clients and stakeholders throughout the financial year.

Balance Sheet

The losses sustained in 20/21 exhausted MIY’s brought forward reserves and meant that MIY had net liabilities at 31^st March 2021.

Audited Statutory Accounts

MIY’s auditors have commenced their field work and the audited accounts will be submitted for approval to the board in November before being circulated to shareholders and made available to the public.

Results to Date

The gradual easing of lockdown restrictions since Easter combined with continued measures to limit costs resulted in MIY’s first quarter results being significantly better than experienced in 2019, the last ‘normal’ 1^st quarter. Trading has remained buoyant since then and whilst challenges remain, MIY is well on the way to recovery.

Forecast for the 21/22 Financial Year

Whilst major uncertainties regarding MIY’s operating environment exist, if the broader economic trends continue to be as buoyant as they have been since the easing of restrictions, MIY is expected to generate significantly more cash as a result of its activity in 21/22 than was previously anticipated, though it is still forecast to have a modest negative cash balance for a short period towards the end of the financial year.

This could be eliminated by drawing on the loan facility provided by City of York Council; however, MIY staff continue to explore options whereby the operating results can be improved even further and the need to use the facility avoided, though we mustn’t understate how important the other support from CYC has been to MIY’s survival, not just the continuation of its core funding and other financial assistance, but also in the support and advice of CYC’s officers and members.