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2024-12-31-accounts

REGISTERED CHARITY NUMBER:224208

Beverley Minster Old Fund

Financial Statements

31 December 2024

SD-0220431-1-6

Beverley Minster Old Fund

Contents of the Financial Statements for the year ended 31st December 2024

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21

Beverley Minster Old Fund

Report of the Trustees for the year ended 31st December 2024

HISTORY

In 1579 Queen Elizabeth 1 made an endowment for the maintenance of the Minster Church of Beverley known as "Queen Elizabeth's Church Endowment" which subsequently became known as "Old Minster Fund". In an Act of Parliament of the year 1806, 46 Geo.III, c. 140 the Fund is referred to as the "Beverley Minster Old Fund at Beverley". The fund was recognised by the Board of Charity Commissioners for England and Wales in August 1882 and subsequently the charity became known as the Beverley Minster Old Fund (registered Charity No 224208).

On that date Charity Commissioners established a Scheme for the appointment of Trustees, which scheme was verified by the commissioners on 25th July, 1983.

On 10th March, 1998 the Charity Commissioners for England and Wales granted to the Trustees of the Beverley Minster Old Fund a Certificate of Incorporation of the Trustees as a body corporate as "The Trustees of the Charity of the Beverley Minster Old Fund" and the property (land, cash, stocks and other investments) is vested in the name of the incorporated body.

Since the date of the endowment it has been the practice for works of repair, restoration and maintenance of the fabric of the Minster to be funded and carried out by the Trustees of the Beverley Minster Old Fund. Work is carried out with the consent and approval of the Parochial Church Council. It is customary each year for the Beverley Minster Parochial Church Council to delegate to the Trustees of the Charity of the Beverley Minster Old Fund its powers and responsibilities in respect of the repair and maintenance of Beverley Minster.

At the Parochial Church Council meeting, it was agreed to delegate powers and responsibilities to the Beverley Minster Old Fund.

OBJECTIVES AND ACTIVITIES

Activities, Achievements and Public benefit

The object of the Charity is to repair, restore and maintain the fabric of Beverley Minster. The Trustees have considered the Charity Commission's guidance on public benefit and are of the opinion that this is fulfilled by the Charity's continued support of an establishment for the advancement of religion.

Investment Policy Statement

The Finance Committee, acting in accordance with the Terms of Reference agreed with the Trustees, is responsible for the investment of funds.

Quoted investments are managed by Tyndall Stockbrokers Limited to a medium risk and medium capital growth/income mandate. The funds with stockbrokers at 31st December 2024 totalled £5,089,362 (2023: £4,873,601) which generated an income of £248,938 in 2024 (2023: £230,449), being a return of 4.9% (2023: 4.7%).

Strategy is based on a 60% ordinary share and 40% fixed interest plus cash split. The investment manager's performance is monitored against relevant indices (being FTSE 100 and FTA Government All Stocks) half yearly when complete portfolio valuations and analyses are provided.

The cash on deposit with CCLA has increased to £140,000 at 31st December 2024 (2023: £40,000).

As part of its investment policy the Finance Committee recognises the guidelines issued by the Church of England Advisory Group on ethical matters.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

As described above the charity is controlled by its governing document, a deed of trust, amended by a scheme dated 25th July, 1983.

Page 1

Beverley Minster Old Fund

Report of the Trustees

for the year ended 31st December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

By decision of the bodies and persons listed below.

When new trustees are appointed they are briefed on their legal obligations under Charity Law, the activities of the Trustees and their decision making processes, the fund's strategy and performance.

During the briefing they will meet other Trustees, the Treasurer and Clerk.

Names of the Charity's Custodians

The Charity's investments are held electronically by Raymond James Investment Services Limited as nominees.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

224208

Principal address

c/o Office F1 Beverley Enterprise Centre Beck View Road Beverley East Yorkshire HU17 0JT

Page 2

Beverley Minster Old Fund

Report of the Trustees for the year ended 31st December 2024

Trustees

It is the aim of the Charity to have 12 appointed trustees at any one time. This is made up as below:

Ex-Officio Trustees:

The Mayor of Beverley: - Cllr. Mrs L. Johnson - to May 2023 - Cllr. Mr. T Astell - from May 2023

Representative Trustees:

Appointed by His Grace the Lord Archbishop of York: - Mr N. McKechnie

Appointed by the Archdeacon of the East Riding of the County of York:

Appointed by the Dean and Chapter of the Cathedral of York: - Mr. C. T. Lightowler (Finance Committee Chairperson)

Appointed by the two Assistant Curates of the Minster Church of Beverley and by the Church Wardens of the Parishes of St. John and St. Martin, Beverley:

Appointed by the Vicar and Church Wardens of the Parishes of St. Mary and St. Nicholas, Beverley:

Cooptative Trustees:

The Finance Committee is made up of the Chairperson of the Finance Committee and two further trustees from the above list (during the year Mr. R. Barton and Mr. N. McKechnie). The Finance Committee generally meets twice per annum and is responsible for administering investments and setting future budgets.

Trustees meet four times per annum to discuss matters arising in respect of the maintenance of the fabric of the Minster. In addition to the trustees, meetings are attended by the Minster Surveyor and the Minster Treasurer who each present quarterly reports to the trustees.

Auditors

Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA

Page 3

Beverley Minster Old Fund

Report of the Trustees for the year ended 31st December 2024

REFERENCE AND ADMINISTRATIVE DETAILS Advisers Bankers:

Bankers: National Westminster Bank plc, 60 Market Place, Beverley. HU17 8AH Investment managers: Tyndall Investment Management, 5-8 The Sanctuary, London SW1P 3JS Minster's Architect: Andy Burrell Architecture Limited 169 Western Road Haywards Heath West Sussex, RH16 3LH Surveyor to the Minster: Simon Delaney, Kingfisher Court, Plaxton Bridge, Woodmansey, Beverley, HU17 0RT Treasurer and Clerk to the Trustees: Rebecca Dymond, Office F1, Beverley Enterprise Centre, Beck View Road, Beverley, HU17 0JT

RESERVES POLICY

The Charity Commission authorised the balance on capital account at 31st December, 1994 to be divided £977,457 as permanent endowment and £259,466 as expendable endowment funds.

Including realised and unrealised gains/losses the permanent endowment totals £2,428,982 at 31st December 2024 (2023: £2,343,040).

As major legacies to the Charity are unpredictable from year to year the Trustees regard the expendable endowment fund as being available to cover the cost of significant and sometimes unexpected renovations. It is also held for the purpose of earning income to be spent on essential annual maintenance.

Income has decreased during the year due to no legacies or grants being received. In the prior year, the charity received two significant legacies totalling £453,960 and a grant of £23,777. Expenditure has however increased due to the programme of essential maintenance and the commencement of restoration projects on the roof of the minster. Income of £313,117 (2023: £774,560) and expenditure of £354,872 (2023: £190,234) generated a deficit before investment losses of £41,755 (2023: surplus £584,326).

It is the policy of the Trustees to maintain free reserves of the Charity at a level which equates to approximately six months' expenditure. The trustees consider free reserves to be unrestricted reserves not committed to long term investment. This level of free reserves would provide sufficient funds to cover the cost of generating funds, charitable expenditure, support costs and management and administration. Total free reserves at 31 December 2024 are £171,941 which slightly exceeds the target of six months' committed expenditure.

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 4

Beverley Minster Old Fund

Report of the Trustees

for the year ended 31st December 2024

TRUSTEES' RESPONSIBILITY STATEMENT - continued

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. 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.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. A J Needler - Trustee

Page 5

Report of the Independent Auditors to the Trustees of Beverley Minster Old Fund

Opinion

We have audited the financial statements of Beverley Minster Old Fund (the 'charity') for the year ended 31st December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' 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 trustees' 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

Report of the Independent Auditors to the Trustees of Beverley Minster Old Fund

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine 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 trustees are 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 7

Report of the Independent Auditors to the Trustees of Beverley Minster Old Fund

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, 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 trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA

Date: .............................................

Page 8

Beverley Minster Old Fund

Statement of Financial Activities for the year ended 31st December 2024

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
33,543
Other trading activities
3
18,123
Investment income
4
261,451
Total
313,117
EXPENDITURE ON
Raising funds
6,662
Charitable activities
5
Maintenance of Beverley
Minster
286,361
Total
293,023
Net gains/(losses) on
investments
27,057
NET
INCOME/(EXPENDITURE)
47,151
Other recognised
gains/(losses)
Gains on revaluation of fixed
assets
-
Net movement in funds
47,151
RECONCILIATION OF
FUNDS
Total funds brought forward
2,992,364
TOTAL FUNDS CARRIED
FORWARD
3,039,515		 Restricted
funds
£
-
-
-
-
-
57,514
57,514
-
(57,514)
-
(57,514)
270,000
212,486		 Endowment
fund
£
-
-
-
-
4,334
-
4,334
(110,679)
(115,013)
200,955
85,942
2,343,040
2,428,982		 2024
Total
funds
£
33,543
18,123
261,451
313,117
10,996
343,875
354,871
(83,622)
(125,376)
200,955
75,579
5,605,404
5,680,983		 2023
Total
funds
£
526,117
16,403
232,040
774,560
6,590
183,644
190,234
(121,482)
462,844
-
462,844
5,142,560
5,605,404

The notes form part of these financial statements

Page 9

Beverley Minster Old Fund

Balance Sheet 31st December 2024

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Investments
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 2024
£
288,001
5,089,362
5,377,363
111,839
140,000
143,219
395,058
(91,438)
303,620
5,680,983
5,680,983
3,039,515
212,486
2,428,982
5,680,983		 2023
£
89,045
4,873,603
4,962,648
31,248
40,000
578,001
649,249
(6,493)
642,756
5,605,404
5,605,404
2,992,364
270,000
2,343,040
5,605,404

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. A J Needler - Trustee

............................................. N McKechnie - Trustee

The notes form part of these financial statements

Page 10

Beverley Minster Old Fund

Cash Flow Statement

for the year ended 31st December 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Investment capital introduced
Current asset investments purchased
Income retained in investment portfolio
Interest received
Dividends received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2024
£
(285,856)
(285,856)
(300,000)
(100,000)
(10,377)
12,513
248,938
(148,926)
(434,782)
578,001
143,219		 2023
£
323,014
323,014
(34,081)
-
-
1,591
230,449
197,959
520,973
57,028
578,001

The notes form part of these financial statements

Page 11

Beverley Minster Old Fund

Notes to the Cash Flow Statement

for the year ended 31st December 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2024 2023
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (125,376) 462,844
Adjustments for:
Depreciation charges 2,000 1,456
Losses on investments 83,622 121,482
Interest received (12,513) (1,591)
Dividends received (248,938) (230,449)
Investment fees paid through portfolio 10,996 6,590
(Increase)/decrease in debtors (80,591) 20,549
Increase/(decrease) in creditors 84,944 (57,867)
Net cash (used in)/provided by operations (285,856) 323,014
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank 578,001 (434,782) 143,219
578,001 (434,782) 143,219
Liquid resources
Deposits included in cash - - -
Current asset investments 40,000 100,000 140,000
40,000 100,000 140,000
Total 618,001 (334,782) 283,219

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 12

Beverley Minster Old Fund

Notes to the Financial Statements for the year ended 31st December 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income recognition

Income is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of income are as follows:

Donations and grants

Income from donations, government and other grants, whether capital or revenue, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Investment income

Income from listed investments is recognised as the charity's right to receive payment is established.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Allocation and apportionment of costs

Support costs have been allocated between administration and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice such as costs related to bookkeeping and statutory audit.

There has been no apportionment of costs.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property (land) - not provided Freehold property (buildings) - 2% on cost Plant and machinery - 20% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Page 13

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued for the year ended 31st December 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used, at the discretion of the trustees, in accordance with the charitable objectives.

Restricted funds can only be used for particular purposes within the objects of the charity.

Endowment funds represent those assets that must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of financial activities if the shares are publicly traded, using the closing quoted middle price, or their value can otherwise be measured reliably.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities allocated to the appropriate heading.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of financial activities unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2. DONATIONS AND LEGACIES

Donations
Legacies
Grants
Grants received, included in the above, are as follows:
Sanctuary project		 2024
£
33,543
-
-
33,543
2024
£
-		 2023
£
38,580
463,960
23,577		 2023
£
38,580
463,960
23,577
526,117
2023
£
23,577

Page 14

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued

for the year ended 31st December 2024

3.
OTHER TRADING ACTIVITIES
2024
£
Guided tour income and other income
18,123
4.
INVESTMENT INCOME
2024
£
Listed investments
248,938
Interest receivable
12,513
261,451
5.
CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 6)
note 7)
£
£
Maintenance of Beverley Minster
280,853
63,022
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2024
£
Staff costs
73,558
Administrative expenses
15,604
Routine maintenance costs
57,514
Professional fees
268
Project maintenance costs
66,232
Architect and surveyor fees
67,677
280,853
7.
SUPPORT COSTS
Governance
Administration
costs
£
£
Maintenance of Beverley Minster
47,573
15,449		 2023
£
16,403
2023
£
230,449
1,591		 2023
£
16,403
232,040
Totals
£
343,875
2023
£
67,924
15,641
26,708
-
-
26,215
136,488
Totals
£
63,022

Page 15

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued for the year ended 31st December 2024

7. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Administration

2024
Maintenance
of
Beverley
Minster
£
Rates and water
1,050
Insurance
13,282
Light and heat
17,113
Telephone
1,954
Sundries
12,174
Depreciation of tangible and heritage
assets
2,000
47,573
Governance costs
2024
Maintenance
of
Beverley
Minster
£
Auditors' remuneration
5,323
Trustee liability insurance
526
Bookkeeping costs
9,600
15,449		 2023
Total
activities
£
410
14,230
7,586
1,511
7,979
1,456
33,172
2023
Total
activities
£
4,500
684
8,800
13,984

Governance costs

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration for the year ended 31st December 2024 nor for the year ended 31st December 2023. The charity paid a premium for trustees' liability insurance of £562 (2023: £684).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023.

Page 16

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued

for the year ended 31st December 2024

9. STAFF COSTS

2024
£
Wages and salaries
68,210
Social security costs
3,701
Other pension costs
1,647
73,558
The average monthly number of employees during the year was as follows:
2024
Maintenance of Beverley Minster
2
No employees received emoluments in excess of £60,000.
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
fund
funds
fund
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
232,540
293,577
-
Other trading activities
16,403
-
-
Investment income
232,040
-
-
Total
480,983
293,577
-
EXPENDITURE ON
Raising funds
3,659
-
2,931
Charitable activities
Maintenance of Beverley Minster
158,611
23,577
1,456
Total
162,270
23,577
4,387
Net gains/(losses) on investments
(64,698)
-
(56,784)
NET INCOME/(EXPENDITURE)
254,015
270,000
(61,171)
RECONCILIATION OF FUNDS
Total funds brought forward
2,738,349
-
2,404,211
TOTAL FUNDS CARRIED FORWARD
2,992,364
270,000
2,343,040

Page 17

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued

for the year ended 31st December 2024

11. TANGIBLE FIXED ASSETS

Freehold
property
£
COST OR VALUATION
At 1st January 2024
97,779
Revaluations
192,221
At 31st December 2024
290,000
DEPRECIATION
At 1st January 2024
8,735
Charge for year
2,000
Revaluation adjustments
(8,735)
At 31st December 2024
2,000
NET BOOK VALUE
At 31st December 2024
288,000
At 31st December 2023
89,044
Cost or valuation at 31st December 2024 is represented by:
Freehold
property
£
Valuation in 2024
290,000
Cost
-
290,000
12.
FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1st January 2024
4,528,181
Additions
674,355
Disposals
(198,306)
Revaluations
(83,622)
Management fees
-
Additional capital invested
-
At 31st December 2024
4,920,608
NET BOOK VALUE
At 31st December 2024
4,920,608
At 31st December 2023
4,528,181		 Plant and
machinery
£
5,811
-
5,811
5,810
-
-
5,810
1
1
Plant and
machinery
£
-
5,811
5,811
Cash and
settlements
pending
£
345,422
(674,355)
198,306
-
(10,996)
310,377
168,754
168,754
345,422		 Totals
£
103,590
192,221
295,811
14,545
2,000
(8,735)
7,810
288,001
89,045
Totals
£
290,000
5,811
295,811
Totals
£
4,873,603
-
-
(83,622)
(10,996)
310,377
5,089,362
5,089,362
4,873,603

Included in above are £512,051 (2023: £559,644) of investments that are invested outside the UK.

Page 18

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued

for the year ended 31st December 2024

12. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31st December 2024 is represented by:

Cash and
Listed
settlements
investments
pending
£
£
Valuation in 2024
4,920,608
-
Cost
-
168,754
4,920,608
168,754
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade debtors
658
Other debtors
80,807
VAT
10,792
Prepayments and accrued income
19,582
111,839
14.
CURRENT ASSET INVESTMENTS
2024
£
Deposit account
140,000
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade creditors
5,784
Taxation and social security
-
Other creditors
85,654
91,438
16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
Unrestricted
Restricted
Endowment
Total
fund
funds
fund
funds
£
£
£
£
Fixed assets
-
-
288,001
288,001
Investments
2,867,574
-
2,221,788
5,089,362
Current assets
182,572
212,486
-
395,058
Current liabilities
(10,631)
-
(80,807)
(91,438)
3,039,515
212,486
2,428,982
5,680,983		 Cash and
Listed
settlements
investments
pending
£
£
Valuation in 2024
4,920,608
-
Cost
-
168,754
4,920,608
168,754
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade debtors
658
Other debtors
80,807
VAT
10,792
Prepayments and accrued income
19,582
111,839
14.
CURRENT ASSET INVESTMENTS
2024
£
Deposit account
140,000
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade creditors
5,784
Taxation and social security
-
Other creditors
85,654
91,438
16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
Unrestricted
Restricted
Endowment
Total
fund
funds
fund
funds
£
£
£
£
Fixed assets
-
-
288,001
288,001
Investments
2,867,574
-
2,221,788
5,089,362
Current assets
182,572
212,486
-
395,058
Current liabilities
(10,631)
-
(80,807)
(91,438)
3,039,515
212,486
2,428,982
5,680,983		 Totals
£
4,920,608
168,754
5,089,362
2023
£
2,146
1,912
4,565
22,625
31,248
2023
£
40,000
2023
£
1,054
599
4,840
6,493
2023
Total
funds
£
89,045
4,873,603
649,249
(6,493)
5,605,404		 Totals
£
4,920,608
168,754
5,089,362
2023
£
2,146
1,912
4,565
22,625
31,248
2023
£
40,000
2023
£
1,054
599
4,840
6,493
2023
Total
funds
£
89,045
4,873,603
649,249
(6,493)
5,605,404

Page 19

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued

for the year ended 31st December 2024

17. MOVEMENT IN FUNDS

At 1.1.24
£
Unrestricted funds
General fund
2,992,364
Restricted funds
Minster Restoration Fund
270,000
Endowment funds
Permanent Endowment
2,343,040
TOTAL FUNDS
5,605,404
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
313,117
(293,023)
Restricted funds
Minster Restoration Fund
-
(57,514)
Endowment funds
Permanent Endowment
-
(4,334)
TOTAL FUNDS
313,117
(354,871)
Comparatives for movement in funds
At 1.1.23
£
Unrestricted funds
General fund
2,738,349
Restricted funds
Minster Restoration Fund
-
Endowment funds
Permanent Endowment
2,404,211
TOTAL FUNDS
5,142,560		 Net
movement
in funds
£
47,151
(57,514)
85,942
75,579
Gains and
losses
£
27,057
-
90,276
117,333
Net
movement
in funds
£
254,015
270,000
(61,171)
462,844		 At
31.12.24
£
3,039,515
212,486
2,428,982
5,680,983
Movement
in funds
£
47,151
(57,514)
85,942
75,579
At
31.12.23
£
2,992,364
270,000
2,343,040
5,605,404

Page 20

continued...

Beverley Minster Old Fund

Notes to the Financial Statements - continued for the year ended 31st December 2024

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Minster Restoration Fund
Sanctuary Project
Endowment funds
Permanent Endowment
TOTAL FUNDS		 Incoming
resources
£
480,983
270,000
23,577
293,577
-
774,560		 Resources
expended
£
(162,270)
-
(23,577)
(23,577)
(4,387)
(190,234)		 Gains and
Movement
losses
in funds
£
£
(64,698)
254,015
-
270,000
-
-
-
270,000
(56,784)
(61,171)
(121,482)
462,844

The Charity has both Permanent Endowment Funds and Unrestricted (Expendable Endowment) Funds whose purpose is to generate income for the maintenance and reparation of Beverley Minster.

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2024.

Page 21