**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
- The Archdeacon of the East Riding of the County of York: - The Venerable A. Broom
- The Vicar of Beverley Minster: - The Reverend J. Baker
## **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:
- Mr. M. Whitehead (resigned 16.01.25)
- Mr. N Dean (appointed 16.01.25)
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:
- Ms. S. Robson
- Mr. P. Collins
Appointed by the Vicar and Church Wardens of the Parishes of St. Mary and St. Nicholas, Beverley:
- Mrs. D. Thomas (Chairperson to 31.12.2024)
**Cooptative Trustees:**
- Mr. R. Barton
- Mr. A. Needler (Chairperson from 01.01.2025) - Mr. S. Carr
- Mr. M. Piper (appointed 30.07.2025)
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
- 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31st December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
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:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- 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.
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